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PEPE Whales on Selling Spree as Price Soars 60%

Mark Brennan
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PEPE Whales on Selling Spree as Price Soars 60%

PEPE is facing intense selling pressure, potentially triggered by the 60% uptick in the price of the token.

PEPE is in the spotlight today after its price led to the broader memecoin resurgence. According to data from the crypto analytics platform Lookonchain, the 60% jump comes at a time when 6 wallets sold their PEPE in profitable trades.

Per the Lookonchain analysis, the 6 wallets possibly belonged to two distinct holders.

PEPE Selloff and Accompanying Profits

The current surge in the price of PEPE has pushed the token to 72% in the trailing 7-day period and by more than 92.95% over the past month.

After waiting sufficiently for the price rallies, the 6 wallets sold a combined 1.98 trillion PEPE worth approximately $4.37 million as they took profits. These wallets raked in a total profit of approximately $2 million.

Per the insight, one of the wallets “0xa145” deposited 486.72 billion worth of PEPE valued at $1.04 million to Binance hours before this writing. From this transaction, Lookonchain estimated that the seller secured a profit of $515,000, or a 97% gain.

The remaining 5 wallets, which the analytics platform estimated belonged to the same person, also transferred a total of 1.5 trillion PEPE to Binance. The asset was sold for approximately $3.3 million, netting the whale a total of $1.49 million or 82% profit.

PEPE Price Overview

The broader crypto ecosystem recorded a massive valuation jump triggered by Bitcoin’s surge to $57,000. While the general growth catalyst lies in the sentiments surrounding the spot Bitcoin ETF market, PEPE has built on this hype to chart a massive growth path for itself.

Amidst the volatility that gripped the industry earlier, PEPE’s 24-hour price and market cap gains are now pegged at 38.67% to $0.000002147 and $903,409,481, respectively. Over the past day, PEPE’s price has oscillated from a low of $0.000001439 to $0.00000228 before settling at the current level.

Cardano-based FREN Token Jumps 44% In One Day

Mark Brennan
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Cardano-based FREN Token Jumps 44% In One Day

ADA Peepos (FREN), a meme-based project on Cardano, has surged over 44% in a single day as the market frenzy kicks in.

With the crypto bull market almost in full swing, investors are gradually moving attention to other potentially bullish assets, including meme-based projects, as a way to diversify their holdings.

Cardano-based FREN token is one project that has benefitted from this increased allocation to memecoins, with the token rising over 44% in the past 24 hours.

ADA Peepos (FREN) taps into the iconic green frog meme, which has become an internet culture symbol through the years.

The community thrives on green frog memes, labels each other as FRENs, and drives the common goal of bringing new users into a FRENship to boost the cryptocurrency’s value.

Such efforts have been paying off in recent times, and even more in the past 24 hours. From its daily low of $0.0000077, FREN has risen as high as $0.00001076 and remains within that range at the time of writing. 

FREN TOKEN Price
FREN Chart | CoinGecko

Meanwhile, the sudden jump in the price of FREN has been largely linked to increased activity on the project’s Discord and the ongoing distribution of FREN to newcomers by generous community members. 

Additionally, there has been increased interest in the project’s ADA Peepos NFT. The overall trading volume for the collection now hovers around 1.1 million ADA (approximately  $690,000), with 318 sales in the past 30 days alone.

What Does This Mean for Cardano?

The Cardano blockchain has often been criticized for a lack of on-chain activity and user engagement. Former BitMEX CEO Arthur Hayes recently made a sly remark on how Cardano is barely used compared to its layer-1 competitors.

Hence, the recent surge in the value of FREN, the project’s collection, and increased user interest all bodes well for Cardano. It further backs statistics that show that thousands of projects are being built on the network, and new projects continue to launch daily.

Lastly, increased on-chain activity can positively impact Cardano’s native cryptocurrency, ADA. Users require ADA to pay fees to access Cardano-based applications, including DeFi apps where ADA is the primary asset.

Floki Spikes 28% as Leading Market Maker Pledges $10,000,000 to Purchase Floki Tokens

Sam Wisdom Raphael
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Floki Spikes 28% as Leading Market Maker Pledges $10,000,000 to Purchase Floki Tokens

Floki (FLOKI) has spiked 28% over the past two days amid the market-wide resurgence and a recent disclosure suggesting that a market maker is looking to purchase $10 million worth of the asset.

The official Floki X account called attention to the pivotal development today, spotlighting an official announcement from the team.

Per the disclosure, DWF Labs, a Web3-focused investment company and leading market maker, will commit a whopping $10 million to buy Floki.

The investment, which represents one of the avenues through which the company aims to support the Floki ecosystem, will be spread across two years, with plans to dispense the amount from the Floki treasury within this period.

According to the press release, the Floki team sees this as a measure through which the token could position itself to leverage the upcoming bull market, as the continuous accumulation trend from the investment would likely help bolster demand and increase buying pressure.

The $10 million investment, which represents up to 2.2% of the total Floki market cap, could procure 216,778,668,978 (216 billion) Floki tokens. A massive demand of this magnitude, though spread across an elongated period, could bode well for the asset.

Notably, Floki’s collaboration with DWF Labs is not a recent endeavor. Both entities disclosed their partnership last May, culminating in the commitment of $5 million from the investment firm to procure Floki tokens. In November 2023, DWF Labs received 120M Floki from the Floki team. 

After sealing the partnership with Floki, DWF Labs has continued supporting the ecosystem through multiple avenues, including facilitating Floki listing on exchanges, publicity, and the recent investment commitment.

Floki Records Price Spike

Meanwhile, the Floki token has leveraged the recent disclosure and the broader market upsurge to record massive gains over the last two days. The asset has increased 28% within this timeframe, making it one of the biggest gainers in the market.

Floki first recorded an intraday gain of 17.89% yesterday, closing the day at a $0.00004329 price. This upsurge was primarily driven by Bitcoin’s (BTC) upward momentum. The disclosure of the investment, which came up today, has compounded the bullish sentiments around Floki.

This resulted in a price spike, as the crypto asset briefly reclaimed the $0.000051 territory, surging to a high of $0.00005107 today before facing resistance. Floki now trades for $0.00004642, with a massive 726% surge in 24-hour trade volume to $231,871,979.

95% of Bitcoin Holders in Profit as BTC Hits $57,416

Abdulkarim Abdulwahab
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95% of Bitcoin Holders in Profit as BTC Hits $57,416

New data from a market intelligence firm has affirmed that nearly all wallets holding Bitcoin are in profit as the asset breaks a new yearly high.`

According to data from market tracking resources, Bitcoin has printed a 10.5% rally in the last 24 hours from a low of $51,238. This rally has seen Bitcoin regain a new multi-year high at $57,416 at the reporting time.

Following this development, the pool of Bitcoin investors holding the asset at a profit has similarly broken a multi-year high. Market intelligence platform IntoTheBlock called attention to this outcome in a recent post on X. 

95% of Bitcoin Wallets Now Profitable

IntoTheBlock noted that 95% of Bitcoin wallets are now profitable. It added that this level of profitable addresses has not been seen since the peak of the 2021 bull market.

Furthermore, data from IntoTheBlock indicates that, technically, no Bitcoin address is currently holding Bitcoin at a loss. The other half of the profitability spectrum, comprising just 5%, represents Bitcoin investors at break-even points, where neither profit nor loss is incurred.

Moreover, the statistics from IntoTheBlock indicate that the majority of Bitcoin investors in profit are long-term holders, with 69% of them having held BTC for more than a year.

In contrast, 24% have held for less than a year, and only 6% have purchased Bitcoin within the last month.

With Bitcoin hovering around $56,866 at press time, the asset is barely a 20% rally to reclaim its 2021 ATH of around $69k.

BTC Open Interest Breaks ATH

Meanwhile, Bitcoin futures open interest has broken an all-time high in the last 24 hours. Per Coinglass data, Bitcoin’s open internet is now $24.78 billion, surpassing the 2021 record of $24.27 billion.

Bitcoin Open interest
Bitcoin Open Interest | Coinglass

Bitcoin ETFs See Record $6.11B flows

Meanwhile, Bitcoin’s continued uptrend since this month has been attributed to inflows to the recently listed U.S. Bitcoin spot exchange-traded funds (ETFs).

Latest statistics indicate that at least $6 billion has followed through U.S. Bitcoin ETF since January 10. On Monday alone, the ETFs saw a net inflow of $520 million, putting the one-week figure significantly at $1.10 billion. 

Leading the charge in this inflow include BlackRock’s IBIT, Fidelity, Ark Invest, and Bitcwise. While these prominent asset managers register positive inflows, Grayscale has continued to see negative flows.

Expert Shows XRP Dominance Has Fallen From 31.6% to 1.48% in 7 Years

Mark Brennan
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Expert Shows XRP Dominance Has Fallen From 31.6% to 1.48% in 7 Years

The dominance of XRP in the crypto market has declined from a high of 31.6% to 1.48% in the past seven years.

Benjamin Cowen, a Bitcoin proponent and founder of Into The Cryptoverse, shared a major observation on the declining dominance of XRP in comparison to the surge BTC has recorded.

Crypto Dominance is the percentage weighting of a coin’s market capitalization when compared to the broader market. The larger the market cap, the higher the dominance of the crypto asset.

Cowen Spooks XRP Community

In his post on X, Cowen revealed that XRP’s dominance has fallen drastically from 2017 to date. Specifically, he noted that compared to the 31.6% dominance, XRP now commands only 1.48% of market dominance.

In contrast, Bitcoin recorded a dominance of 67.14% in early April 2021. However, at the moment, the firstborn crypto’s dominance is now pegged at 51.9%.

While this marks a drop as well, Bitcoin maintaining over 50% dominance is a positive omen for the asset in a market that now features relatively far more innovative projects.

The recent uptick in the price of Bitcoin has contributed to the growth in the coin’s dominance. The token soared to $57,249.84 yesterday, as the impact of the spot Bitcoin ETF market now weighs on sentiments.

Other Altcoins Dominance Figures

Cowen’s comments came as a likely reaction from some Bitcoin critics who believed the dominance of the top asset class was lower than expected.

Bitcoin’s dominance is not static above the 50% level, rather, data shows it dropped to a low of 39.61% as of November 27, 2022.

Meanwhile, Ethereum (ETH) currently boasts 17.26%, Binance Coin (BNB) comes in at 2.88%, and USDT at 4.95%. While Solana (SOL) holds a 2.32% dominance, other altcoins assume the remaining 20.51% dominance.

Here’s Why XRP Could Face Massive Volatility in March

Mark Brennan
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Here’s Why XRP Could Face Massive Volatility in March

Amid XRP’s struggle to keep up with the broader bullish trend in the crypto market, history points to further volatility ahead.

The price of XRP has gained 4.8% in the past 24 hours as the cryptocurrency rides a wave of bullish trends in the crypto market. The increase means the asset boasts a mild 5% gain on the monthly chart and could end February in the green.

Nonetheless, investors can expect increased volatility in the price of XRP in the coming month. If history is anything to go by, March has proven to be a productive month for XRP investors in the past three years.

Trading data shows that the cryptocurrency gained 37%, 4%, and 43% in March for the past three consecutive years. This impressive return adds to XRP’s historical average return of 21% in the month of March, which may encourage investors to pile in on the asset.

However, further data hints that it may not be an entirely smooth ride. The typical four-year cycle for the crypto market shows that XRP does not have impressive returns in the March of a halving year.

Instead, the cryptocurrency typically posts negative returns, as has been the case in the past halving years. For instance, XRP posted negative returns of 6.70% and 23% during the March 2016 and 2020 halving years.

XRP Monthly Returns
XRP Monthly Returns | Crypto Rank

It is noteworthy to mention that the -23% return in March was largely fueled by a broad market sell-off attributed to the COVID-19 pandemic. For many market participants, March 12, 2020, remains an unforgettable date as Bitcoin slumped as low as $4,000, losing 50% of its value in the space of two days. XRP hit a record low of $0.175 during the same month.

Bullish Market Favors XRP Rise in March

While data from the previous halving years indicate an XRP decline, the impressive returns over the past three years could strongly move prices in favor of the bulls. Additionally, the overall bullish state of the crypto market makes it less likely that the cryptocurrency will drop significantly in the coming month.

However, the crypto market has most times proven unpredictable. XRP bulls will have to match the broader market momentum to ensure the March streak continues. Otherwise, things may get pretty ugly, dampening hopes of XRP seeing a $1 value before the end of the year.

Project Catalyst: Cardano To Welcome New Cohort of 300 Funded Projects

Mark Brennan
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Project Catalyst: Cardano To Welcome New Cohort of 300 Funded Projects

Proof-of-Stake (PoS) layer-1 blockchain Cardano is set to expand its ecosystem by welcoming a new cohort of 300 funded projects.

In line with its growth initiatives, Cardano has extended an invitation to 300 projects to begin its onboarding process. This move comes after the Project Catalyst Fund 11 Vote, underscoring the flexibility of the protocol to support projects with potential.

The Funded Projects and Ideas

Cardano has earned a name for itself as one of the most developed blockchains in the Web3 world, with its GitHub Commit data attesting to this. The onboarding of the 300 new projects could help deepen its ranking in this regard.

According to the latest update, proposals from Sundae Labs to build a Gummiworm Protocol on Cardano were approved and funded with 100,000 ADA.

The Gummiworm Protocol will help reduce the pressure on Hydra, the dominant scalability solution on the Cardano protocol. The new protocol would serve as an alternative scaling tool for the Cardano ecosystem.

A Food Traceability Proposal on Cardano was also approved after amassing 425 of the total votes cast. The protocol received 100,000 ADA in funding and the team will work to boost the productivity of small farmers with an end-to-end traceability solution.

Other innovative projects also got the backing of the community and were funded with ideas ranging from Cardano-specific enhancements to real-world utilization.

Requirements for Claiming Funds

As is characteristic of the previous Project Catalyst campaigns, the disbursement of the grants is not automatic as the projects are required to tick some boxes in order to bag the funds. 

One of the most important requirements is to secure an approved Statement of Milestones (SoM). This serves as a roadmap for the Proof-of-Achievement (PoA) and helps the Cardano team track the progress of the project overall.

Hackathons are common in the digital currency ecosystem and besides Cardano, other protocols like Ethereum and Solana have their own tailored programs where projects are incubated and unleashed to contribute to general ecosystem growth.

Cardano Founder Uncovers Mystery Behind Cardano’s Success with Sci-Fi Series Westworld

Abdulkarim Abdulwahab
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Cardano Founder Uncovers Mystery Behind Cardano’s Success with Sci-Fi Series Westworld

The founder of Cardano (ADA), Charles Hoskinson, recently explained the mystery behind Cardano’s success by drawing parallels to a scene from a renowned sci-fi series.

Cardano has garnered widespread attention as the eighth-largest cryptocurrency by market cap amid its innovative approach to decentralization and its multifaceted capabilities, including smart contracts and decentralized applications (dApps).

With other blockchain networks offering comparable services, the prevailing inquiries revolve around what distinguishes Cardano from the competition.

Cardano Founder Explains

In addressing such inquiries, Charles Hoskinson drew upon an analogy from the renowned sci-fi series “Westworld.” 

“When I think of the why behind Cardano contrasted with the rest of the industry, I can’t help but recall this scene from Westworld,” Hoskinson remarked.

In particular, Hoskinson referenced a scene featuring Robert Ford, the ingenious architect of Westworld Park, where he elucidated that the park’s allure lies not in providing guests with what they initially seek. Instead, it is about providing subtleties that they would ultimately appreciate.

Moreover, the park mastermind emphasized that guests return because they uncover nuances and elements they had not previously noticed.

Essentially, the Cardano founder alluded to this analogy to argue that the blockchain gained prominence through meticulous efforts to offer fine details and elements that users would genuinely appreciate.

“What we do is subtle, and that’s what makes all the difference,” remarked Hoskinson, emphasizing Cardano’s distinctive philosophy.

Cardano Growth

Notably, Cardano’s growth is underscored by various on-chain metrics. According to the most recent weekly report by the Cardano development team, 160 projects have been launched on the Cardano platform.

In parallel, some 1,327 projects are in various stages of development on Cardano. Additionally, smart contracts on Cardano have reached 34,824, further illustrating the platform’s expanding capabilities and adoption.

Moreover, the count of transactions on the Cardano network has hit 85.8 million. Meanwhile, at press time, ADA trades at $0.6222, with a 7% gain over the past 24 hours.

Cardano Founder Reacts as Ethereum Proponent Slams His Multi-tasking Ability

Mark Brennan
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Cardano Founder Reacts as Ethereum Proponent Slams His Multi-tasking Ability

Cardano (ADA) founder Charles Hoskinson is on the radar today after a top Ethereum proponent subtly slammed his multi-tasking abilities.

Charles Hoskinson is one of the most prominent figures in Web3.0. As recently highlighted by Pond Coin founder Jeremy Cahen, widely known as Pauly, Charles Hoskinson runs 6 different companies. Cahen sarcastically questioned how he could successfully do a good job with them all.

Known as a staunch critic of the Cardano founder, Cahen said Hoskinson might best be described as a LARP denoting a Live Action Role-Playing Game character. This description suggests that Hoskinson’s endeavors resemble role-playing scenarios more than authentic, real-life interactions.

Charles Hoskinson Gives Nod At The Claims

Pauly went on to call the Cardano Founder the “King of Roadmaps” and a “word salad.” Responding directly to this statement, Charles Hoskinson shared a GIF that shows a man nodding his head to the comments, a gesture of non-chalance to the critic’s comments.

The community read different meanings to the comment from Cahen with most taking it as an insult that it is. Hoskinson has always maintained multiple personalities in the crypto ecosystem, one that has earned him criticisms across the board.

While he is loved by members of the Cardano community, he has been caught up in major brawls with members of both the XRP and Ethereum ecosystems respectively.

For his role in engaging the community with regular updates about Cardano and other associated innovations on the layer-1 network, more people consider Hoskinson a leader at the forefront of the Web3 revolution despite the criticisms from Jeremy Cahen.

Leaders In Crypto: Mix of Adulation and Controversy

The Web3 scene thrives on innovation and leaders in the industry are often considered ingenious for their pioneering work in the space. While many of these leaders get praised for their engagements in the industry, some have stepped out of favor with the community.

The biggest name in this regard is Sam Bankman-Fried (SBF), the co-founder and former CEO of FTX Derivatives Exchange which entered bankruptcy in November 2022. SBF was accused of mismanaging customer funds and he was found guilty in a trial that was well publicized last year. His sentencing is scheduled for next month.

Binance co-founder Changpeng ‘CZ’ Zhao was also charged with flouting US banking rules by the Department of Justice (DOJ). CZ pleaded guilty to the charges with sentencing due in weeks. Surprisingly, he is still respected by members of the crypto ecosystem, including Charles Hoskinson.

Flare (FLR) Hits New All-time High as Market Optimism Grows

Mark Brennan
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Flare (FLR) Hits New All-time High as Market Optimism Grows

The price of Flare (FLR), a token initially distributed to XRP holders, has hit a new all-time high amid a bullish crypto market outlook.

Flare (FLR), the native token of the EVM-based Flare Network, has gained 10% in the past 24 hours. The surge is largely linked to a bullish crypto market uptrend and certain developments within the Flare ecosystem.

Last week, the Flare Network team published landmark news about the project’s tokenomics. The update’s core is that the project’s early investors will double down on Flare by extending token unlock times and investing up to 50% of token sale proceeds into the Flare ecosystem. 

The early investors extended their vesting period from 2024 to the first quarter of 2026. Additionally, they pledged to sell only 0.5% of the total trading volume of the asset and reinvest a significant chunk of proceeds into Flare-based projects.

Investors considered the developments as largely bullish for Flare, with the token gaining 50% in the past seven days. Most recently, FLR rallied 10% over the last 24 hours, eventually claiming a new all-time high since its market debut in January 2023.

Flare Hits New All-time Market High

Within the past 24 hours, Flare hit a new all-time high of $0.053, its highest point since it began trading in the open market. This all-time high is not to be confused with Flare’s pre-market value, which was way higher than $0.079, according to CoinMarketCap data.

FLR All graph coinmarketcap
FLR Chart | CoinMarketCap

Recall that many exchanges, notably Bitrue, listed IOU versions of the Flare token before the asset’s release and airdrop to XRP holders. Hence, the market overvalued FLR tokens prior to its official launch.

However, the Flare Network team and cryptocurrency have otherwise performed impressively since going live. The project has onboarded Google as an infrastructure provider and also built synergies with the Ripple ecosystem.

The Flare cryptocurrency, on its part, has gained 31% in the past year, including a 138% gain in the past month alone. A continuation of the run could see Flare eventually beat its pre-market high in the coming months.

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