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Analyst Says Prepare for All-Time High as Dogecoin Flashes Classic Reversal Pattern

Elendu Benedict
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Analyst Says Prepare for All-Time High as Dogecoin Flashes Classic Reversal Pattern

The bearish trend on the Dogecoin price could be nearing its end, as a top market analyst predicts a reversal to new all-time highs.

Specifically, Dogegod shared the outlook in an August 6 tweet as the cryptocurrency market continues its consolidatory momentum. Despite a 3% price rebound for DOGE in the past 24 hours, the meme coin has retraced 28.5% from its July high of $0.288 and 34.5% year-to-date.

Classic Reversal to New Highs for Dogecoin

However, Dogegod expects an impending price shift for Dogecoin, citing a flashing reversal signal on the daily timeframe. An accompanying chart shows that Dogecoin has just bounced from a crucial support, suggesting a change in momentum.

Dogecoin Analysis/Dogegod

For context, Dogecoin dropped to a low of $0.188 on August 2, spurred by recent price weakness. Notably, the downtrend saw it retest a support level between $0.20 and $0.175.

Remarkably, the support stopped Dogecoin from further price correction on July 15, when it also dropped to $0.188. The momentum from the zone, coupled with a broader market bullish trend, pushed DOGE to July’s high of $0.288. Notably, the high also aligns with the top of an ascending channel, as shown in the analyst’s chart.

Meanwhile, Dogegod suggested that the bounce from the support would endure, ensuring a classic reversal uptrend to a new all-time high. His chart shows a 135.7% uptick, first to $0.4854 before completing an over 258% surge past the current all-time high of $0.7376 to unprecedented prices.

Larger Bottom: Larger Pump for Dogecoin

Interestingly, Dogegod’s bullish analysis aligns with that of TraderTardigrade, who highlights that Dogecoin is currently within a consolidatory phase. His Thursday tweet shows that the meme coin is presently forming a solid base, building momentum for a larger price rally compared to the one seen in November 2024.

An accompanying chart shows that Dogecoin has been ranging within a price zone since late February, with the price making highs and lows. DOGE was in a similar but smaller base between July and early November 2024 before the breakout to December’s high of $0.4846.

Dogecoin Forming Bullish Base/TraderTardigrade

TraderTardigrade expects the same outcome but with a larger pump, due to a larger base. He predicted that the next surge would push Dogecoin to $0.6900, representing a 235% rally from the current market price.

Expert Says XRP Will Soon Make People Say, “Damn, I Wish I Had Some”

Abdulkarim Abdulwahab
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Expert Says XRP Will Soon Make People Say, “Damn, I Wish I Had Some”

XRP ongoing price performance has analysts warning that the days of “cheap XRP” may be coming to an end, and many could soon regret not buying earlier.

With XRP trading at $3, despite being down 5% over the past week, it boasts a 31% gain over the last 30 days. Looking at its one-year performance, XRP is up nearly 500%.

“Damn, I Wish I Had Some”: XRP Chart Could Soon Shock Observers

Amid this performance, XRP community figure “XRPee” recently tweeted that it won’t be long before people look at the XRP chart and regret not having invested earlier.

According to XRPee, that moment of realization may already be creeping in, as XRP’s price now hovers around $3, up significantly from its multi-year consolidation under $1. The recent breakout to $3.66 marked its highest level since the 2018 bull cycle, and many in the community believe this is just the beginning.

XRP Won’t Stay “Cheap” Forever

XRPee’s message aligns with previous warnings from other voices in the space. Last month, analyst John Squire argued that XRP under $5 should be considered a bargain. According to Squire, by 2030, the regret over not accumulating more XRP at current levels could be widespread, as the coin may be worth significantly more by then.

Edoardo Farina has also argued that once XRP truly decouples from Bitcoin and establishes its own macro narrative, the resulting price surge will leave most sidelined investors in disbelief.

Macro strategist Jake Claver shared a similar view. He continues to argue that XRP could be worth well over $1,000 if it fulfills its use cases in settlement infrastructure.

To its proponents, XRP’s relevance in Ripple’s payment corridors, its expanding stablecoin plans via RLUSD, and the growing number of tokenized assets on the XRP Ledger (XRPL) all point toward increasing demand-side pressure.

Mainstream Media Spotlights XRP

Also, a prominent U.S. media outlet recently fueled the investment case for XRP. Specifically, on August 2, USA Today called XRP the smartest crypto asset to buy for investors with a $500 budget. It cited the token’s real-world adoption, improving regulatory outlook, and strong fundamentals.

Compared to traditional investments like the S&P 500, where a $500 investment might yield around $50 annually, USA Today noted that XRP offers much higher potential returns, albeit with greater volatility.

Few Believe Before the Breakout

However, despite the growing number of prominent voices highlighting XRP’s favorable outlook, the coin still faces massive criticism.

The XRP community has long dealt with skepticism, especially during years of price stagnation. In 2022, CNBC host Jim Cramer infamously called XRP a “giant con” when it traded at $0.38. Today, it’s up over 790% since that statement.

Community analysts are now warning that XRP could be entering another “disbelief” phase, where the chart could go vertical while some remain on the sidelines, doubting XRP’s legitimacy until it’s too late.

Shiba Inu Eyes 156% Rally After Confirmed Bullish Divergence

Mark Brennan
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Shiba Inu Eyes 156% Rally After Confirmed Bullish Divergence

Shiba Inu may be setting up for a significant upward move after confirming a bullish divergence on the two-day chart. 

Crypto analyst Javon Marks, in a post on X, says SHIB could climb more than 156% from its divergence confirmation level, with a potential target of $0.000032.

Analyst Identifies Bullish Reversal Setup for Shiba Inu 

Javon Marks’ analysis highlights a mismatch between SHIB’s price action and the MACD (Moving Average Convergence Divergence) momentum indicator.

Shiba Inu chart
Shiba Inu chart

While SHIB’s price recorded lower lows over the past year, the MACD indicator formed higher lows. This pattern, known as bullish divergence, typically points to weakening bearish momentum and the possibility of a trend reversal. Marks noted this divergence earlier this year, and the memecoin has since been consolidating near the $0.000017 level.

Shiba Inu is currently trading at $0.00001238, a 2.1% rise in the past day. Despite the modest recent price action, with a 5.2% drop in the past week, underlying indicators hint that SHIB may be building strength for a possible breakout.

Shiba Inu’s Target Set at $0.000032; How High Will It Surge?

According to the chart, the divergence confirmation level, estimated to be near $0.0000125, will lead to a rally up to $0.000032, representing a 156% increase.

Previous Shiba Inu chart
Previous Shiba Inu chart

This target, if achieved, would mark the highest price for SHIB since March 2024, when it traded above $0.000037.

Descending Channel Breakout

Meanwhile, according to crypto analyst Jonathan Carter, Shiba Inu has successfully broken out of a prolonged descending channel on the daily chart, signaling a potential shift in market momentum. 

Jonathan Carters target for SHIB
Jonathan Carter’s target for SHIB

The price is now consolidating near the breakout area, just above the critical support zone between $0.00001050 and $0.00001250, which has historically served as a strong demand region. 

Carter noted that this behavior points to an accumulation phase, where buyers may be positioning for a sustained move higher. If SHIB maintains support and gains bullish traction, Carter outlines key upside targets at $0.00001400, $0.00001750, $0.00002050, and $0.00002500, marking important resistance levels in the path of a potential rally.

Meanwhile, Wyckoff Insider reported that SHIB has closed within a high-volume zone, signaling renewed buyer interest. The analyst noted that if support holds, potential upside targets are $0.000022107 and $0.000039005.

Analyst Joe Swanson also expects a 70% rally toward $0.00002150 if SHIB breaks above the $0.00001715 neckline, supported by continued whale accumulation.

Here’s How High XRP Can Rise If It Touches the “Chasm Line”

Sam Wisdom Raphael
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Here’s How High XRP Can Rise If It Touches the “Chasm Line”

Market expert EGRAG Crypto has suggested that XRP could claim a double-digit price if it touched what he calls the “Chasm line.”

His latest market analysis comes as XRP struggles to recover and hold above the $3 psychological mark. Notably, after reaching a new yearly top of $3.66 last month, XRP slumped considerably, dropping to $2.7 this month, as it relinquished the $3 region.

However, XRP appears to be recovering above $3, as the bulls fight to maintain this region. Amid this struggle, EGRAG is already projecting where the XRP price could head when a full-blown recovery takes effect. In a recent analysis, he introduced what he calls “The Chasm,” an ascending trendline that has acted as major resistance for XRP price since 2014.

Instances Where XRP Tested the Chasm Trendline

Data from EGRAG’s monthly chart shows that this trendline has often impeded XRP’s growth prospects, and a break above it typically leads to higher price levels. Notably, the market felt the impact of the line’s resistance in each of the last two cycles, with varying reactions to it.

Specifically, during the 2017/2018 cycle, which EGRAG calls Cycle 1, XRP first rallied to a $0.3988 peak by May 2017, representing a new all-time high at the time. However, this $0.3988 peak coincided with the resistance at the “Chasm,” leading to a sharp correction and then a consolidation phase.

XRP Chasm Trendline EGRAG Crypto
XRP Chasm Trendline EGRAG Crypto

After spending six months in the consolidation phase, XRP recovered to again test the resistance at the Chasm. Interestingly, this second attempt was successful, as XRP broke above the Chasm trendline, rising 2,000% to a new all-time high of around $3.31 in January 2018.

Meanwhile, during the 2020/2021 cycle, which EGRAG labels Cycle 2, XRP made a similar effort to breach the Chasm line. However, it only made one attempt, hitting a resistance point of $1.96 in April 2021, which coincided with the trendline. This marked a 420% increase, with XRP unable to break further.

Could XRP Breach the Trendline This Time?

Today, XRP is again eyeing a retest of the Chasm trendline, and EGRAG has identified two possible outcomes in what he calls Cycle 3.

According to the market analyst, if XRP mirrors the 2021 attempt, and only “touches” the Chasm trendline, its price would jump 420% to a new all-time high of $11. Notably, this would mark the worst-case scenario where XRP fails to breach the resistance at the Chasm line.

However, if XRP follows the 2017/2018 attempt instead, EGRAG’s chart suggests its price could rise by 2,000% to a more audacious peak of $37. This would mark the best-case scenario, where XRP not just touches but also breaches the Chasm trendline like it did in 2017.

Meanwhile, speaking on XRP’s current market position, analyst Chart Nerd also presented a bullish scenario, suggesting XRP recently broke above a bull flag and could be eyeing a target of around $15. According to him, with XRP trading for $3, its breakout support sits at $2.6. Once it confirms this support, the next immediate target is $8.

Here’s Shiba Inu Price as Expert Predicts SHIB Market Cap to Reach $45B in 2025

Elendu Benedict
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Here’s Shiba Inu Price as Expert Predicts SHIB Market Cap to Reach $45B in 2025

Shiba Inu could reach greater heights this year, as an expert has predicted a market cap growth to a historically unprecedented valuation.

Amid its recent downward price trend, Shiba Inu has lost its place in the top 20 crypto ranking by market cap. With its 5.7% correction in the past seven days and over 20% in the last two weeks, SHIB has dropped to a market cap of $7.3 billion and the 22nd spot.

Remarkably, Shiba Inu is not alone in this downtrend; it is mirroring a broader market price shift. Bitcoin is down 3.3% in the past seven days, while XRP is struggling to hold the $3 price mark.

Bullish Price Expectations for Shiba Inu

However, optimism has persisted among the Shiba Inu community. Most recently, crypto influencer Jake Gagain predicted that Shiba Inu would attain a $45 billion market cap this year.

Notably, Shiba Inu surpassed Dogecoin for the first time in October 2021 when it reached a market cap of $39.3 billion. Shiba Inu peaked around the range a few days later, meaning it never reached $45 billion.

Shiba Inu Market Cap Prediction Jake Gagain
Shiba Inu Market Cap Prediction | Jake Gagain on X

As a result, Gagain’s prediction would mark a new market cap peak for Shiba Inu, taking its price with it. From its current valuation of $7.3 billion, this would see SHIB add a value of $37.7 billion, representing an impressive 516% or 5.3x uptick.

Shiba Inu Price If Market Cap Reaches $45B

Meanwhile, Shiba Inu currently stands at $0.00001240 with a circulating supply of 589.24 trillion. If its market cap increases from $7.3 billion to $45 billion, its price would rally with it to $0.00007636.

From $0.00001240, this uptick to $0.00007636 will culminate in a 516% rally. It would also take Shiba Inu to prices last seen since 2021, when it peaked at $0.00008845. Notably, from the lows of $0.00001004 in June, the rally to $0.00007636 would represent a 660% price appreciation.

Interestingly, the Shiba Inu to $0.000070+ outlook aligns with a parallel prediction from analyst Hunters Company. He envisioned the price mark in a TradingView analysis, citing a bounce from a crucial support area.

Market Cap Outlook for Other Memecoins

Meanwhile, Gagain also predicted where other prominent meme coins would reach by the end of 2025. For context, he projected Dogecoin at $87 billion, Pepe at $32 billion, and PENGU at $25 billion.

Other notable outlooks include BONK to $18 billion and BRETT to $12.5 billion. He was more bullish on SPX, noting it would “flip the stock market,” and bearish on WIF, claiming it would go to zero.

Hoskinson Says Midnight Will Debut as Largest Cardano Native Token

Lele Jima
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Hoskinson Says Midnight Will Debut as Largest Cardano Native Token

Input | Output CEO and founder Charles Hoskinson confirmed that Midnight will be instrumental in propelling Cardano to the next level. 

Following the launch of Midnight’s Glacier Drop portal, Hoskinson has expressed his enthusiasm about the privacy blockchain. 

During a recent livestream, he highlighted the importance of building projects like Midnight to help elevate Cardano to the next level. 

NIGHT to Become the Biggest Native Token on Cardano 

He reiterated that Midnight will launch on the Cardano network. At launch, Hoskinson expects Midnight’s utility token, NIGHT, to become the largest, most traded, and highest volume Cardano native token (CNT). 

According to Midnight’s whitepaper, NIGHT has a total supply of 24 billion tokens. Given its distribution model—which involves allocating 100% of its supply to users of eight blockchain ecosystems—NIGHT is poised to attract adoption beyond the Cardano community.

In Hoskinson’s view, this anticipated adoption could drive NIGHT’s trading volume and visibility more than other Cardano Native Tokens. By extension, that level of activity could showcase Cardano’s security, scalability, and performance under enormous demands. 

Team is Excited About Midnight 

Furthermore, Hoskinson noted that the team’s excitement hinges on the fact that Midnight will not only build the Cardano ecosystem but live on the platform. 

When a project like Midnight succeeds, it captures the attention of users and developers who might also be interested in the project’s base network, Cardano. 

For context, Hoskinson has been heavily involved with the Midnight project since its introduction in November 2022. The project has been under development ever since. Nonetheless, Midnight has attracted strong institutional attention, with Hoskinson disclosing its partnership with over 100 ventures. 

In the meantime, the Midnight Foundation has yet to announce the official date for its mainnet launch. Despite this, the project has made significant progress towards its launch, including opening the Glacier Drop claim portal, allowing eligible users across eight blockchains to claim their NIGHT tokens. 

Over 23K Users Claim 470M NIGHT 

Since the portal opened on August 5, more than 20,000 eligible wallets have claimed NIGHT. Hoskinson disclosed that 23,182 wallets have claimed 470 million NIGHT as of 03:09 (UTC) today. 

The number of claims recorded so far is significantly lower than the nearly 34 million wallets eligible for the airdrop. This low participation likely stems from the issues Trezor and Ledger users are encountering when trying to claim their tokens. 

The Midnight Foundation team is currently working on a fix to address the issue before the Glacier Drop portal closes on October 4, 2025. 

Tom Lee Believes Ethereum Could Reach $16,000

Mark Brennan
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Tom Lee Believes Ethereum Could Reach $16,000

Fundstrat’s Tom Lee acknowledges research suggesting Ethereum may reach its record high if it returns to the 2017 price ratio against Bitcoin. 

The prediction came during a CNBC interview on Bitmine’s increasing ETH accumulation. Fundstrat’s Tom Lee cited internal research suggesting Ethereum’s value could quadruple and reach $16,000 if it returns to its 2017 price ratio against Bitcoin. 

Analyst Ties Ethereum Price to Historic Ratio

Tom Lee referred to a new presentation by Sean Farrell, Fundstrat’s head of digital asset strategy. Farrell’s analysis suggests Ethereum could reach $16,000 if it regains its 2017 ETH/BTC ratio peak of 0.14. While Tom Lee mentioned that this peak was in 2021, it actually occurred in 2017.

Notably, data from TradingView reveals that the ETH/BTC pair peaked at around 0.08 in 2021. Meanwhile, the pair reached 0.14 in June 2017. With Bitcoin trading near $114,569, a return to the 0.14 ratio would represent a sharp increase in Ethereum’s market value to around $16,000.

Lee also noted Ethereum’s investment story is more compelling today than it was five years ago. Just yesterday, he named Ethereum his top bet over Bitcoin for the next decade, citing its 2017-like momentum and growing role in tokenization. 

He called it the “biggest macro trade,” highlighting Wall Street’s shift toward stablecoins and BlackRock’s BUIDL launch on Ethereum as signs of rising institutional adoption.

Meanwhile, the $16,000 forecast isn’t the first bold prediction from the BitMine Chairman. He had earlier predicted Ethereum could hit $60,000, citing research comparing ETH’s role in finance to Wall Street’s infrastructure. Ethereum’s dominance in stablecoins, with a market share of over 60%, and its rising use in tokenization reinforce BitMine’s bullish outlook. 

Bitmine’s Accumulation Strategy Could Lead to an Ethereum Surge 

The CNBC host noted that Strategy influences Bitcoin’s price through aggressive buying. With Bitmine now accumulating Ethereum, she questioned if the same strategy could affect ETH’s price trajectory.

For context, Strategy is the public company with the largest number of Bitcoins in its portfolio. The company holds 628,791 BTC valued at $72 billion. Meanwhile, BitMine holds the largest Ethereum portfolio, currently 833,137 tokens valued at $3 billion. 

Will Ethereum Reach $16,000?

Following the forecast, prominent analyst Crypto Patel supported this bullish outlook, showing ETH currently consolidating within a massive ascending triangle that began forming after its peak in 2021. 

Ethereum to $16000
Ethereum to $16000

The chart highlights a breakout structure similar to previous cycles, particularly the 325% rally that followed Ethereum’s last breakout, propelling the price to $4,878 in November 2021. If this pattern repeats, a 323% surge from current levels near $3,666 would propel ETH toward the $16,000 target zone.

This bullish setup gains even more weight when looking at Ethereum price action in 2017. Ethereum skyrocketed from under $7.98 in January 2017 to over $407 in June 2017, marking a life-changing rally of over 5,000% surge.  This surge increased till it reached $1,428 in 2018.

Crypto Patel noted that with on-chain activity at all-time highs and optimism growing around Ethereum spot ETFs, Ethereum seems poised for a defining rally that could reshape its role in the crypto market.

Notably, VanEck’s July crypto recap suggests Ethereum could eventually surpass Bitcoin as a store of value. While Bitcoin still leads due to its fixed supply and monetary policy, institutional interest in Ethereum is rising, driven by staking and DeFi opportunities. 

Here’s What’s Keeping XRP To Remain below $3

Abdulkarim Abdulwahab
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0
Here’s What’s Keeping XRP To Remain below $3

XRP continues to trade below the $3 mark despite strong fundamentals and growing adoption.

This has prompted renewed discussion within the community, with claims that the market price does not reflect XRP’s real-world utility. Versan Aljarrah, founder of Black Swan Capitalist, took to X to share his perspective on the matter. He suggests that the issue isn’t a lack of demand, but rather market suppression.

“The Market Isn’t Free”: XRP Price Held Back

In his post, Aljarrah argued that XRP’s subdued price isn’t due to insufficient adoption or utility. Instead, he pointed to systemic suppression within the broader market, claiming that if XRP had unrestricted access and were priced based on actual global settlement volume, it would have “repriced long ago.”

According to Aljarrah, under normal, favorable market conditions, XRP could have already exceeded the $3 mark. He emphasized that the market isn’t truly free, and XRP is a prime example of this imbalance.

Notably, many market participants commenting on Aljarrah’s post appear to share his view. X user Nixx Blackwood noted that although XRP’s price action can be frustrating, she sees it as a blessing in disguise, offering more time to accumulate before a potential breakout.

XRP Adoption Quietly Accelerating

Supporting this perspective, X user “SonOfaRichard” outlined several reasons why he believes XRP is undervalued.

He pointed out that XRP consistently handles billions in on-chain volume with negligible transaction fees. Additionally, Ripple’s payment system outperforms legacy systems like SWIFT in terms of speed, cost-efficiency, and 24/7 availability.

He also highlighted live testing of Ripple’s private ledger by central banks and enterprises for use cases such as central bank digital currencies (CBDCs), tokenized treasuries, and real estate transactions. Yet despite this innovation, XRP’s price remains “stagnant.”

In this context, proponents argue that XRP’s ecosystem should have already driven the coin well above $3. Its failure to do so is evidence of artificial price suppression in their view.

XRP’s Strong Performance Despite Market Doubts

Despite ongoing debates, XRP remains one of the best-performing crypto assets over the past year. Currently hovering around $3, it has posted a remarkable 487% gain over the last 12 months. This is four times the performance of Bitcoin during the same period.

Still, XRP enthusiasts maintain that the token should be priced significantly higher, potentially in the double digits. They argue that institutional involvement and regulatory clarity are key factors still missing from the equation.

Awaiting Regulatory Clarity and Institutional Green Light

In his commentary, “SonOfaRichard” suggested that institutional settlement using XRP hasn’t yet been authorized at scale, but that moment is approaching.

He believes that once regulations enable full-scale utility, XRP’s price movement will not be gradual. As he puts it, “suppressed utility doesn’t trickle upward, it will reprice violently.”

Meanwhile, to critics, these hopes of the XRP Army are mere fantasy.

Ripple CTO Invites Caitlin Long to Fact-Based Discussion on XRP, XRPL, and RLUSD

Lele Jima
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Ripple CTO Invites Caitlin Long to Fact-Based Discussion on XRP, XRPL, and RLUSD

Following Caitlin Long’s recent critique, Ripple CTO David Schwartz has proposed a fact-based discussion relating to the XRP Ledger ecosystem. 

For context, during a recent episode of the Gold Goats ‘n Guns podcast, Caitlin Long, the CEO of Custodia Bank, gave a harsh assessment of XRPL, its native token, and Ripple. 

“Banks Don’t Trust XRPL,” Caitlin Says

A major part of Long’s criticism hinges on the XRPL architecture being supposedly centralized. She claimed that banks are suspicious of the network and have stayed away from it. 

The Custodia Bank CEO also suggested that Ripple raised huge funds upfront through an ICO, undermining trust. Meanwhile, Long emphasized that Bitcoin and Ethereum only raised a little money upfront. Moreover, she claimed that the XRPL has not made significant progress over the years. 

Her comments come amid Ripple’s latest push to obtain a National Bank Charter and a Fed master account for its stablecoin RLUSD. Long believes Ripple’s decision to become a regulated financial institution and issue a stablecoin is a tacit admission that the XRP Ledger is never going to replace SWIFT. 

The Custodia Bank CEO speculated that if the U.S. Treasury decides to tokenize T-Bills, it will choose a “mature and permissionless platform” like Ethereum rather than the XRPL. 

Ripple CTO Proposes Discussion with Caitlin  

Meanwhile, members of the XRP community came out to refute Long’s claims. Joining the conversation, Ripple CTO David Schwartz offered to discuss the facts about the company, RLUSD, XRPL, and its native token. 

“I’m available to discuss the facts about Ripple, RLUSD, the XRP Ledger, and XRP,” Schwartz said. 

Schwartz seeks to address Caitlin Long’s centralized claims while also providing clarity on XRP’s tokenomics. Meanwhile, he called her attention to some basic facts provided by prominent community figure Vet.

 Addressing Misconceptions About XRP and XRPL 

Notably, Vet addressed some misconceptions in Long’s recent critique. First, he emphasized that Ripple never conducted an ICO, noting that the entire 100 billion XRP supply was deposited into a genesis account during the launch of XRPL. 

However, Ethereum launched through an ICO, with initial investors paying Bitcoin in exchange for ETH. 

Contrary to Long’s centralization claims, Vet stressed the XRP Ledger is decentralized, with several individuals running up to 1,000 nodes on the network.

He also said Ripple uses the XRPL and has already launched its stablecoin on the blockchain. Finally, Vet highlighted that the XRP Ledger has made significant progress over the years, enhancing its functionalities via amendments. 

Mickle, another notable voice in the XRP community, also shared a similar sentiment. He pointed out that the XRPL team created the network before XRP was sold and that Ethereum conducted the first ICO in crypto history. 

Despite the community’s pushback, Caitlin’s critique echoes the same views shared by a faction of the crypto community, including Ethereum’s Vitalik Buterin, who believes the XRPL and XRP are centralized. 

Binance-Inspired TST Token Dumps 69% in 15 Minutes

Elendu Benedict
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0
Binance-Inspired TST Token Dumps 69% in 15 Minutes

Test token (TST) lost over 68% of its value in a few minutes amid open interest capitulation, sparking a liquidation frenzy for traders.

The Test token closed yesterday with a 12% gain as the broader crypto market pushed upward slightly. However, things went south quickly today, with the token dumping over 68% in 15 minutes across the market.

Unusual Activity Before Sharp Decline

Notably, top trader “DegenTrading” noticed building momentum on the TST token hours before this crash. He shared that someone opened a position worth $102 million on the token, evidenced in the spike in open interest and trading volume.

Interestingly, this is almost twice the token’s OI, which stood at $65 million, up 55% in the past 24 hours. The trader also shared an increase in the funding rate of the TST token on Bybit, further buttressing the unusual activity.

He also warned of a massive price shift in either direction for TST and advised caution among market users. It didn’t take long before the token started a southbound price push. It reached a high of $0.04960 before dropping approximately 69% in 15 minutes to a low of $0.01547.

However, TST has rebounded considerably from the low, surging 77% to $0.02737 at the time of writing. The token’s market cap is currently down 32% to $25.9 million. Its OI has also dropped 26% to $26.40 million, while trading volume spiked 1,042% to $242.94 million.

Liquidation Frenzy for TST Traders

The price fluctuation did not spare open TST positions, especially longs. Data shows that $4.47 million worth of TST positions were liquidated in the past 12 hours, the third-largest in the crypto market. Only Ethereum ($15.25 million) and Bitcoin ($5.30 million) had more trading value wiped out in the timeframe.

Of the $4.47 million liquidated, 98% of them ($4.41 million) were long positions. This makes sense considering the direction of TST, as the token crashed in a few minutes. Meanwhile, the swift rebound affected $63,230 worth of short positions.

TST Liquidation
TST Liquidation

TST Token and Affiliation with Binance

Notably, the TST token launched on Binance for trading on February 9, after gaining traction due to its supposed affiliation with Binance. Notably, the BNB Chain team created the token during a test video explaining to users how to launch a token on the four.meme platform.

With claims that TST was a Binance-affiliated token growing among market users, the BNB Chain team quickly deleted the video. They also deleted the creator address’s private key, containing 0.13% of the TST token supply, ensuring they held none of it.

Binance’s Changpeng Zhao (CZ) further clarified that TST had no affiliation with Binance in a tweet, but the hype around the token continued. Its listing on Binance, which CZ criticized, further fueled traction, pushing the token to an all-time high of $0.52.

Meanwhile, the token is down over 90% from the ATH at its current price, as the buzz faded quickly. Remarkably, the reason behind the crash this morning remains unknown.

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