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Optimism (OP) Breaks ATH with 100% Holders Now In Profit

Mark Brennan
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Optimism (OP) Breaks ATH with 100% Holders Now In Profit

The ongoing bull rally in the crypto ecosystem has pushed the price of Optimism (OP) to an All-Time High (ATH) of $4.53 with 100% of holders now in profit.

While memecoins have become the biggest beneficiaries of the price rally fueled by Bitcoin (BTC), Ethereum L2s are also not left behind. Of these, Optimism’s impressive rally has helped push the token from a low of $1.06 in the past year to a new $4.53 ATH.

With OP breaching the ATH, it is now in the price discovery region with the cliff hard to predict.

OP Joins the 100% Profitability Club

Per data from the crypto analytics platform IntoTheBlock (ITB), the 1.06 million OP addresses have entered profit. The last batch of holders to enter profitability equates to 15,400 addresses that acquired a total of 3.11 million OP between $3.95 and $4.01.

At the start of the month, the story was different. The profitability as of March 1 was pegged at 981.07K addresses or 92.73%. At the time 22.4K addresses or 2.1% were witnessing losses, with a total of 54.73K addresses or 5.17% at break-even price.

The unprecedented rally has added Optimism to the 100% profitability club. Other digital currencies in this league include Bitcoin (BTC), Mantle (MNT), and Starknet (STRK).

Optimism in the L2 Scene

Besides the price outlook, Optimism is also thriving as an Ethereum-based Layer-2 protocol. Powered by the Optimistic Rollups stack, Optimism has also served as the major tech behind newer highly performant protocols like Coinbase-backed Base.

Amidst this boom, OP’s price and market cap are now up by 11.35% to $4.35 and $4,376,871,386 as trading volume jumps 173.11% to $844,734,811.

VeChain on Track to Explode 3,545% to $1.8: Analyst

Abdulkarim Abdulwahab
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VeChain on Track to Explode 3,545% to $1.8: Analyst

While VeChain (VET) traded in the red in the past few hours, canceling last week’s gains, a renowned market watcher believes the asset remains on track to $1.8.

VeChain bulls appear to be running out of steam as VET battles bearish volatility over the past 24 hours, causing it to sink below the $0.5 threshold. VET has crashed 6% to a low of $0.04784, but its seven-day bullish trajectory still holds up with a positive gain.

While VeChain’s performance slightly lags behind the broader bullish trend in the market, prominent EGRAG remains confident about its performance. EGRAG firmly believes that VET would set investors free from financial shackles.

First Short-term Target for VET

In his latest assessment, the analyst charted a path for VET to breach the $1 threshold and beyond. While VeChain hovers around $0.04937 at press time, EGRAG asserted that the next short-term target for the asset is $0.11, which requires a 122.8% increase.

Meanwhile, EGRAG emphasized that upon reaching the $0.11 milestone, there may be a pullback where the asset falls below this threshold. Nonetheless, he believes such a pattern paves the way for even more astronomical gains.

Path Set to $1.8

Specifically, the analyst has set $0.5 as his next target after after the correction from $0.11. This price level would be unprecedented, considering VeChain’s all-time high currently stands at $0.2782, attained three years ago.

Furthermore, according to EGRAG’s chart, there might not be a substantial correction for VET following its attainment of $0.5. The analyst envisions a smoother path toward the $1 milestone from that juncture.

He proposes minimum target points between $1.236 and $1.618.  However, his most ambitious target for VeChain in this bull market is $1.8. This point represents a staggering 3,545% rally from VET’s current price.

Notably, the analyst’s chart indicates that these targets beyond $1 are achievable around 2025, which is expected to be the peak point of this bull season.

Besides, prominent analysts like Ali Martinez have set a similar target for VET this season. In particular, Martinez has forecasted that VET could reach $0.7 by November. However, he noted the possibility of price corrections by June before the rally to $0.7.

Bitcoin Whales Amass 4,177 BTC Despite $68K High

Mark Brennan
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Bitcoin Whales Amass 4,177 BTC Despite $68K High

Large Bitcoin holders continue to build their position even as BTC nears an all-time high.

The price of Bitcoin is now whiskers away from the previous $68,790 high reached in 2021. Yet, according to on-chain data, many of the cryptocurrency’s biggest holders are still accumulating more tokens.

In the past seven days, large Bitcoin holders or whale addresses have added 4,177 BTC (approximately $279 million) to their positions. These purchases have come amid Bitcoin’s jump from around $62,000 to $68,000, indicating that investors still favor higher prices in the coming months.

 

While it is difficult to unmask the entities buying the coins, a portion of the reported increase may include those from recently approved Bitcoin ETFs. On Monday, the ETFs recorded an inflow of $562 million, helping boost Bitcoin’s price to the latest market figures. 

Whales Go Against the Norm as Bitcoin Aims for New Record

The latest development involving Bitcoin whales notably goes against the norms, as such investors typically accumulate BTC at its lows and exit the market at higher price levels. Nonetheless, a continued accumulation near Bitcoin’s all-time high reflects a changing landscape as BTC attempts a new record.

The leading cryptocurrency usually breaks its previous all-time high after its pre-programmed four-year halving event. However, the advent of the Bitcoin ETFs and the influx of institutional capital has put BTC on the cusp of reaching a new high before the halving next month.

If Bitcoin breaks the record, many analysts anticipate that prices could go much higher, more than doubling its previous high in the past market cycle. Some of the most bullish predictions tip Bitcoin to cross $100,000 for the first time, with others forecasting prices as high as $500,000 within the next 18 months.

XRP Removal from NY Greenlist: Top Attorney Looks to Sue NYDFS

Sam Wisdom Raphael
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XRP Removal from NY Greenlist: Top Attorney Looks to Sue NYDFS

A prominent pro-crypto lawyer has commented on removing XRP from the New York Department of Financial Services (NYDFS) greenlist, disclosing plans to take legal action against the NYDFS.

James “MetaLawMan” Murphy, a U.S.-based legal expert, remains committed to transparency around the NYDFS’ removal of XRP from its Greenlist last year. The Virginia-based attorney has disclosed plans to sue the NYDFS for refusing to clarify the reason behind XRP’s removal.

In a recent post on X, Murphy revealed that the NYDFS has failed to provide any information surrounding the decision to delist XRP from the Greenlist last September. According to the lawyer, the agency has not released any documents in response to his FOIL request.

The Crypto Basic reported in January that Murphy filed a Freedom of Information Law (FOIL) request with the NYDFS, seeking transparency on the reason behind the New York regulator’s decision to remove XRP from the Greenlist.

Now, nearly two months after the report, Murphy claims the agency has refused the request for information. According to him, he has appealed the decision from the NYDFS. However, the attorney believes this appeal would also be futile, resulting in a rejection in two weeks or less.

Nonetheless, Murphy already has his next step planned out. He revealed that following the rejection of the appeal, he would charge the NYDFS in a court in New York, looking to compel the agency to clarify why it removed XRP from its Greenlist despite the token attaining legal clarity.

XRP Journey to Legal Clarity

Recall that Judge Analisa Torres declared XRP a non-security in her pivotal ruling in the Ripple vs. SEC case last July. Judge Torres ruled that XRP is not a security despite confirming that Ripple sold the asset in unregistered security offerings to institutional investors.

The decision triggered euphoria within the XRP community, as it would help bolster legal and regulatory clarity for the asset. However, two months after the ruling, the NYDFS removed XRP from its Greenlist alongside other assets in September 2023, bringing the total number of regulated assets to eight.

For the uninitiated, the Greenlist is a list of virtual currencies approved for custody by licensed entities in New York. The removal of XRP means that licensed entities in New York would no longer be able to custody or offer services related to the asset without obtaining separate approval. 

Such removal is typically due to regulatory concerns, asset status changes, or other factors that the NYDFS deems relevant to consumer protection and financial stability. However, the New York regulator has failed to specify the reason behind XRP’s removal.

Shiba Inu Price Glitch Takes SHIB to 55% Dump from $0.000044 to $0.00002 on Coinbase

Sam Wisdom Raphael
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Shiba Inu Price Glitch Takes SHIB to 55% Dump from $0.000044 to $0.00002 on Coinbase

The Shiba Inu price experienced a glitch on America’s largest exchange Coinbase amid a bout of selloffs, leading to a momentary 55% slump from $0.000044 to $0.00002.

Shiba Inu (SHIB) investors on Coinbase experienced an anomaly in the price of the token today amid the latest uptrend that has seen it battle the $0.00004 price territory. SHIB began its upward momentum on Feb. 26, soaring from $0.00000968 to the $0.000022 level on March 2 before facing resistance.

The crypto asset resumed the uptrend this week, transcending the $0.00002 territory to close yesterday at $0.00003599 amid a 59.67% intraday gain. SHIB’s bullish momentum spilled into this morning, with the asset rallying to the $0.000044 earlier today.

However, as discussions around a possible push toward $0.0001 emerged, the Shiba Inu price on Coinbase surprisingly collapsed to levels witnessed last weekend. Data from a TradingView chart confirms that SHIB surged to a high of $0.00004575 on Coinbase as of 02:00 (UTC) today.

Nonetheless, following a sell pressure that materialized amid the price top, Shiba Inu started recording massive price slumps. The token eventually collapsed from $0.00004441 to $0.00002000 at 04:00 (UTC) on the leading American exchange, marking a 55% dump.

Shiba Inu Price Crash on Coinbase
Shiba Inu Price Crash on Coinbase

Interestingly, the impact of the selling pressure was felt across all exchanges, but these platforms did not record the magnitude of slump on Coinbase. The Shiba Inu price dropped to $0.3458 on Kraken, and $0.3610 on Binance. Bitstamp also saw a steeper decline to $0.000022, while Gemini recorded a crash to $0.00003950.

Reason Behind the Shiba Inu Crash

Notably, the unprecedented flash crashes on Coinbase and Bitstamp could be attributed to a market depth overwhelmed by a large sell order. As the sell order executed and overwhelmed the market depth, the cryptocurrency’s price dropped to reflect the sell price, causing a flash crash. 

Data confirms that Coinbase commands the second-largest 24-hour trade volume for Shiba Inu, only behind Binance. The exchange accounts for $1.768 billion in SHIB trade volume, representing 12.8% of the global volume, according to CoinMarketCap. 

Shiba Inu Markets CoinMarketCap
Shiba Inu Markets | CoinMarketCap

Coinbase Woes Amid the Bull Run

With this volume, +2% depth on the exchange has increased to $1.233 million. Notably, following the Shiba Inu price crash, SHIB immediately recovered, now trading around $0.00004024 across all exchanges, including Coinbase. No user as of press time has reported any trade issues due the slump.

Interestingly, the leading U.S.-based exchange has been in the news for unfavorable reasons. Last week, the platform crashed amid the Bitcoin (BTC) upsurge, leading to users seeing zero balances. Coinbase crashed again yesterday as BTC spiked to $68,499.

Floki Sets Date for 190B Token Burn in Compliance with DAO Ruling

Mark Brennan
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Floki Sets Date for 190B Token Burn in Compliance with DAO Ruling

The team behind memecoin project Floki has unveiled the date to burn 2% of the token’s circulating supply following the governance approval from the DAO.

Taking to its official X account, the project said it plans to actualize the decision of the Floki DAO to take off a total of 190,918,585,431.84 FLOKI from circulation. Per the update, the burning event is slated for March 9, 2024, at 4 PM UTC.

Burning off a sizable chunk of a token’s supply is a deflationary measure that may help drive price growth, should it be accompanied by sustained demand in the long term. 

The Floki Token Burn Agenda

Following the approval of spot Bitcoin Exchange Traded Funds (ETFs), the digital currency ecosystem is entering a new era of institutional adoption. Memecoins are projected to play a major role in this new era.

To prepare for this future, every memecoin project has been pushing new frontiers to gain more visibility with this Floki token burning being one of such measures. The 190,918,585,431 FLOKI is worth $31,501,567 and the prospects have been stirring a positive move in the price of the asset.

Over the past week, FLOKI has maintained a growth of 195% to $0.0001396 with the market capitalization pegged at $1,336,443,136.

Beyond the general perception of a valuation boost, Floki said the projected burning will help in “ensuring the long-term security and stability of the Floki project.”

Floki Ready to Ride the Bull Wave

As reported earlier by The Crypto Basic, Floki switched its focus last year when it launched the TokenFi platform.

Designed to help the project capture a share of the fast-growing tokenization sector, TokenFi has helped reposition Floki, adding it to the list of memecoins that have more to offer than hype.

With this added utility and the advances Floki has made in its staking venture, it has solidified the interest and demand for its native token, giving more credence to the 400% surge in the past month.

Bukele Awaits Global Recognition of El Salvador’s Bitcoin Gains

Mark Brennan
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Bukele Awaits Global Recognition of El Salvador’s Bitcoin Gains

El Salvador President Nayib Bukele has continued to taunt international mainstream media in hopes of getting acknowledgment for the country’s Bitcoin (BTC) gains.

Under Nayib Bukele, El Salvador became the first country in the world to officially recognize Bitcoin as a legal tender on September 7, 2021. The move at the time was followed by Bitcoin purchases that triggered backlash from various international organizations, including the World Bank.

Besides bodies like the World Bank and International Monetary Fund, international mainstream media has always been critical of El Salvador’s move, a trend that has slowed following the visible profitability.

Long Wait for Acknowledgment

Historically, international media have been swift in calling out El Salvador when the country’s debt profile looks unpleasant, underscoring how its Bitcoin bet was a wrong move. However, with the tables turning in recent times, there has been deafening silence.

In his latest comment, Nayib Bukele utilized a collage featuring renowned comic actor Rowan Atkinson (Mr. Bean) to convey his anticipation for global recognition of El Salvador’s Bitcoin gains.

Per data from the Nayibtracker platform, the country’s Bitcoin portfolio is now worth $190,906,842.65, up by 57.25% all time. From indications, the El Salvador Bitcoin bet has paid off with a profit now pegged at about $74,885,965, adding the country’s wallet to one of the 99% of holders in profit at the moment.

Time to Brag

El Salvador, alongside MicroStrategy, received intense backlash from Bitcoin critics amid the crypto winter that plunged the price of the coin down to a low of $15,782.2 on November 22, 2022.

With El Salvador exploring investments in Geothermal Bitcoin mining, Nayib Bukele has more lofty ambitions for the cryptocurrency, and with the sustained price rally, it may pay off in the long run.

Cardano Founder Backs John Deaton with Maximum Donation Against Senator Warren

Mark Brennan
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Cardano Founder Backs John Deaton with Maximum Donation Against Senator Warren

Cardano founder Charles Hoskinson has thrown his weight behind John Deaton in the lawyer’s bid to replace crypto-hostile Senator Elizabeth Warren.

In February, crypto-friendly lawyer John Deaton officially announced his candidacy in the upcoming U.S. senatorial elections.

Deaton will come up against the current United States senior Senator for Massachusetts, Elizabeth Warren, who is widely known for her antagonistic stance against the cryptocurrency industry.

John Deaton has enjoined the crypto community for support in the upcoming campaign and has gained the attention of some of the industry’s most influential figures.

In a recent development, Cardano founder Charles Hoskinson revealed he had donated the maximum amount permitted to John Deaton’s campaign.

Charles Hoskinson donated $3,300 to the cause and also rallied other leading figures in the space to back the Senatorial Candidate. He reminded his nearly 980,000 followers on X that the U.S. will benefit from having individuals willing to “take on the establishment against banks writing our laws and destroying the Crypto industry.”

John Deaton Faces Uphill Task in Bid to Replace Elizabeth Warren

John Deaton’s quest to unseat Elizabeth Warren will not be an easy ride. Beyond Elizabeth Warren’s profound influence in the political arena, the current senator is strongly backed by wealthy donors. Her campaign committee raised $15.5 million over the past five years.

Deaton, on his part, is new to the political scene and has only seeded his campaign funding with a $500,000 donation. The crypto-friendly lawyer could rely largely on the crypto industry for requisite funding to mount a serious challenge.

Meanwhile, it is noteworthy that Elizabeth Warren, despite having won her previous two re-election bids, has reportedly indicated fear at the prospect of coming up against John Deaton specifically.

The Senator has rallied her donors for more contributions, especially in the wake of John Deaton’s announcement that he will run for Senate. Warren has secured the seat since Jan. 3, 2013.

Shiba Inu Rushes To Overtake Dogecoin As Kusama Says SHIB Still The DOGE Killer

Mark Brennan
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Shiba Inu Rushes To Overtake Dogecoin As Kusama Says SHIB Still The DOGE Killer

The latest Shiba Inu run has reignited speculation that the younger memecoin will eventually overthrow Dogecoin, as the project’s lead developer fuels the fire.

Meme-based cryptocurrencies have become market leaders in the wake of a bullish crypto trend. Most popular memecoins, including Dogecoin and Shiba Inu, have returned triple-digit gains in less than a month as crypto investors become more risk averse.

Amid the jump, long-term debates have re-emerged across various memecoin communities vying for supremacy. Especially among the top largest memecoins, Dogecoin and Shiba Inu, the battle for the top spot is getting heated.

In a recent post on X, Shiba Inu’s pseudonymous lead developer, Shytoshi Kusama, remarked that nothing has changed for the project since its founding. Instead, Shiba Inu “remains the Dogecoin” and will remain committed to that course.

Shiba Inu and Dogecoin Rivalry Reignites

Launched in 2014, Dogecoin is the oldest meme-based cryptocurrency. The coin was created as a joke to mock growing speculation surrounding the cryptocurrency market at the time.

Since then, Dogecoin has maintained its market position, even in recent years when investor appetite for meme-based coins and the related culture has risen significantly. Nonetheless, Dogecoin’s dominance has not been without challenges, especially since the emergence of Shiba Inu in 2020.

Following its launch, Shiba Inu quickly became an investor favorite, gathering a large portion of the market share for memecoins. At its peak in 2021, the cryptocurrency reached a market cap of $43 billion, around 50% of Dogecoin’s peak at $84 billion.

It bears mentioning that SHIB did flip DOGE in market cap in October 2021 when it soared to a valuation of $43.5 billion. At the time, Dogecoin had a market cap of $38 billion. However, Shiba Inu collapsed from this high when it corrected the gains of the 2021 run.

Since then, Shiba Inu has continued to thrive and even more so in the recent crypto market rally. At the time of writing, Shiba Inu has reached a market cap of $23 billion. Dogecoin, on the other hand, sits at $25 billion.

Dogecoin vs Shiba Inu
Dogecoin vs Shiba Inu Market Cap | CoinMarketCap

If and when the market cap flippening happens, Shiba Inu may have achieved its long-stated objective of killing Dogecoin. In the meantime, the rivalry remains healthy, with both assets locked in 9th and 10th place, respectively.

Cardano Founder Says Here is When Alt Season Officially Starts

Mark Brennan
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Cardano Founder Says Here is When Alt Season Officially Starts

Cardano founder Charles Hoskinson has declared that the alt-season will finally emerge when Dogecoin (DOGE) flips ADA.

Not known to speculate on prices, the post from Charles Hoskinson marked a rare acknowledgment of the ongoing shift in the crypto ecosystem. With the price of Bitcoin (BTC) soaring to $68,785.95, a figure close to its All-Time High (ATH) of $68,789.63, many altcoins have started riding the train.

Memecoins like Dogecoin (DOGE) are at the forefront of this revolution after recording a growth of more than 98% in the trailing 7-day period.

Profiling The Hoskinson Declaration

Charles Hoskinson shared his opinion on the likely emergence of the alt-season on X with a meme. The justification for assuming Dogecoin might flip Cardano is based on both coin’s market capitalization.

At the time of writing, Cardano is priced at $0.7586 and boasts a market capitalization of $26,859,093,474. Dogecoin follows closely behind with a price of $0.1773 and a market capitalization of $25,516,053,031.

While the price of Cardano has printed a 3% slump in the past 24 hours, Dogecoin has inked a 9% gain. Should the growth trend between both assets continue, the flipping might eventually be recorded in the short term.

When quizzed by a community member on whether he keeps tabs on the price of assets, Hoskinson insinuated that he does not but typically gets reminded by those who do when the “Doge comes roaring.”

 

The DOGE-SHIB Battle

Besides Bitcoin and Ethereum (ETH), which have maintained their dominance in the industry, nothing stays permanent for the other altcoins in terms of market capitalization, and occasional flipping is recorded in the market.

Riding the current bullish wave is Shiba Inu (SHIB), whose market capitalization now stands at $22,716,018,484 and is currently ranked the 10th largest cryptocurrency.

With a 24-hour growth of 43.95%, some speculate that if the current SHIB rally continues, it might just be on its way to displacing Dogecoin as the world’s most valuable memecoin.

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