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Cardano Founder Slams Crypto Media for Misleading ‘Charles’ Memecoin Report

Okoya David
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Cardano Founder Slams Crypto Media for Misleading ‘Charles’ Memecoin Report

Cardano founder Charles Hoskinson bashes crypto media for reliance on artificial intelligence, low-quality content, and lack of fact-checking.

The Cardano community is no stranger to memecoins, especially those inspired by the network’s founder Charles Hoskinson. However, a recent memecoin has sparked confusion that has further been complicated by erroneous reporting.

A Tale of Two Charles’

Hoskinson expressed these concerns on Sunday, February 2, citing a report likely to deepen confusion around a recently launched memecoin inspired by and named after the Cardano founder.

The report erroneously claimed that Hoskinson had promised holders of the Official Charles Memecoin (Charles) exclusive content in April 2025 as compensation for losses faced by holders. 

Official Charles Memecoin (Charles) was launched by an unknown community member last week. The project tried to gain traction by sending 90% of the supply to a wallet showcased by Hoskinson on a live stream to try out new features of Lace.

Hoskinson, however, wanting no part in it, promptly permanently removed the allocated tokens, which at their peak were worth over $80 million on paper, from circulation in a separate and lighthearted livestream, where he discouraged users from sending him tokens. 

While this reduced supply can often boost sentiments around an asset, this was a death blow for the memecoin, whose hype was built around Hoskinson’s holdings. As holders dumped, the asset’s diluted market value quickly fell from highs of over $70 million to just below $300,000 at the time of writing.

Despite this outcome and as opposed to the report slammed by Hoskinson, the Cardano founder has no longer had any interaction with the asset or the community around it.

In reality, the X post from Hoskinson promising exclusive content in April, referenced by the erroneous report, was geared toward holders of The CHARLES Media Token (CHARLES).

Unlike the memecoin, CHARLES is a fungible media token created by the Cardano founder and Book.io, with each token representing a 90-minute interview with the developer on the blockchain. 

The news outlet in question, however, appears to have failed to confirm the contract address shared by Hoskinson.

The resulting gaff highlights the need for a greater focus on fact-checking in the crypto media space while exposing the issues that come with the pressure on journalists to break news quickly.

As Ethereum Drops to $2,118, Will Whale Buying Lead to a V-Shaped Recovery Toward $2,900?

Albert Brown
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As Ethereum Drops to $2,118, Will Whale Buying Lead to a V-Shaped Recovery Toward $2,900?

With sellers dominating the Ethereum price trend, is below $2,000 a potential drop point in this market crash?

Amid $2.25 billion in broad market liquidations, Ethereum took a hit of $608.39 million. This massive liquidation led to a nearly 15% drop in Ethereum’s market price over the past 24 hours, with a 24-hour low at $2,118.

Will Ethereum continue its downward trend in this sloping market? Let’s explore.

Ethereum Price Drop Breaks Key Support Levels

On the daily chart, Ethereum’s price action shows three consecutive bearish candles, with the most notable being a nearly 24% drop from a high near $3,437.

BITSTAMP:ETHUSD Chart Image by Trojan69420

The pullback phase also broke below the local support trendline, signaling a bearish breakdown.

Furthermore, Ethereum’s price is stretching the lower Bollinger band as the decline gains momentum. With a triple black crow setup, the DMI indicator shows a significant spike in the VR lines.

As the VI lines maintain a bearish alignment, the surge in momentum is further reflected in the ADX line’s uptick. Together, these technical indicators suggest a sell signal for Ethereum.

Ethereum will likely find potential support near the $2,396 level as the decline continues. On a more optimistic note, this could set the stage for a V-shaped reversal, possibly retesting the broken support trendline at $2,900.

Whales Dumping ETH

As Ethereum undergoes a significant drop, two dormant Ethereum whales have emerged after six years to book profits right before the broader market crash. These whales deposited 135,548 ETH, worth nearly $400 million, to exchanges.

They initially withdrew ETH at just $153.65 in January 2019 from Bitfinex. This trade suggests a staggering return of 1,817%, locking in $378.3 million.

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Despite the old whales selling off their long-term holdings, new whales are purchasing ETH at discounted prices. In the recent crash, a whale known as “seven siblings” spent $111.72 million to acquire ETH.

The whale accumulated 45,047 ETH at an average price of $2,480. As ETH currently trades around $2,600, the whale’s decision to buy against the trend is proving profitable.

Ethereum Open Interest Plunges

The ETH derivative market reflects significant bearish speculations amid the increasing liquidations and whale activity. The ETH open interest is down by 25% to $23.76 billion.

Screenshot 2025 02 03 at 20116 PM
ETH Derivatives

Due to the massive liquidations, the decline in open interest has contributed to a surge in bearish positions. This is reflected in the long-to-short ratio, which now stands at 0.9029.

As bullish support declines, the funding rate has also dropped to 0.0033%, signaling growing selling pressure.

In sum, Ethereum faces intense bearish pressure following a sharp 15% drop and massive liquidations totaling $608.39 million.

The breakdown below key support levels signals a continued downside toward $2,396. However, renewed whale activity and potential lower-level accumulation hint at a possible V-shaped recovery to retest $2,900.

Will Bitcoin Crash Below $90K as Liquidations Top $2B?

Albert Brown
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Will Bitcoin Crash Below $90K as Liquidations Top $2B?

Amid the crypto market crash, will Bitcoin fall below the $90,000 mark as liquidations surpass $2 billion?

With the recent crash, the total crypto market capitalization has dropped to $3.01 trillion. Among the top losers, Bitcoin and Ethereum face significant losses at crucial levels. Bitcoin hit a 24-hour low of $91,530 but has since bounced back to $94,254.

The bearish sentiment remains extremely strong as sellers dominate. The 24-hour liquidations in the crypto market have surged to $2.24 billion, with bulls taking the brunt of the hit—$1.18 billion.

Bitcoin saw liquidations totaling $410.43 million, while Ethereum led with $609.89 million in liquidations.

As top traders are getting liquidated, market volatility has reached its peak. Given these conditions, will Bitcoin break below the $90,000 support level? Let’s analyze.

Bitcoin Analysis Points Downside Risk to $86k

In the daily chart, BTC’s price action registers four consecutive bearish candles. This accounts for a downfall of nearly 12% from the previous day. 

BITSTAMP:BTCUSD Chart Image by Trojan69420

Despite this pullback, BTC remains above the local support trendline. Additionally, the bulls maintain dominance above the lower band of the Supertrend Indicator, indicating minor support at lower levels. However, the intraday pullback of 3.62% has broken below the lower Bollinger band.

This suggests a major shift in BTC’s price trend, signaling a bearish continuation. According to price action analysis, a breakdown of the local support trendline would likely push Bitcoin to the next support level at $86,707.

Funding Rates Crash as Bearish Speculations Surge

With the significant correction in Bitcoin’s price, open interest has dropped to $60.61 billion, a decrease of 5.75%.

With the drop in the open interest, the long-to-short ratio over the past 24 hours has dropped to 0.9253. Following the downfall, the funding rate recently dropped to nearly 0%, reflecting low confidence among the bullish traders. Amid the lower price rejection, the funding rate remains at 0.0006%.

Hence, speculations anticipate further corrections in Bitcoin prices with the overall volatility. 

Screenshot 2025 02 03 at 124904 PM

On-Chain Data Hints at Extended Crash

As the pullback continues, global in-and-out-of-the-money data shows that 13.10% of Bitcoin’s supply has entered the “out-of-the-money” zone. This represents 2.6 million BTC worth $244.05 billion.

Screenshot 2025 02 03 at 124918 PM

Currently, the out-of-the-money zone stretches from $69,360 to $95,879, holding 2.24 million BTC.

If the broader market continues to remain volatile, the lower limit of the current zone hints at a pullback to nearly $70,000.

In a nutshell, Bitcoin’s current price action signals heightened bearish pressure with the risk of breaking below the $90,000 support level. If sellers maintain dominance and the local support trendline fails, BTC could test the next critical level at $86,707.

As Dogecoin Revisits $0.20, Can Historical Trends Help It Recover?

Albert Brown
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As Dogecoin Revisits $0.20, Can Historical Trends Help It Recover?

Despite the sudden crash in Dogecoin, support at lower levels and historical price movements suggest significant upside potential for DOGE holders.

As crypto market valuations drop to $3 trillion, the meme coin segment has seen a massive decline of 17.29%. The meme token market capitalization is now down to $69.36 billion, with Dogecoin (DOGE) experiencing a 16.75% drop.

Dogecoin maintains a market cap of $37 billion, recently hitting price levels of $0.20. Currently, DOGE is trading at $0.2516, with a 24-hour trading volume of $10.712 billion.

Amid growing uncertainty, can the volatile nature of meme coins lead to an extended crash for DOGE?

Strong Support at $0.20 Hints Bullish Reversal in Dogecoin

According to the daily chart, DOGE’s price action reveals three consecutive bearish candles. The most significant one remains the 12.94% drop yesterday to create a bearish engulfing candle.

COINBASE:DOGEUSD Chart Image by Trojan69420

Currently, the intraday candle reveals a significant low price rejection after creating a 24-hour low at $0.20 psychological mark. The intraday pullback currently remains at 5.75%, as DOGE trades below the 200-day EMA line.

However, with the lower price rejection, Dogecoin has sustained a dominance above the 50% Fibonacci level at $0.24799. The sudden increase in bearish pressure in the short term is teasing a potential bearish crossover among the moving averages.

However, the stochastic indicator hints at a bullish comeback as the lower price rejection reveals strong support at lower levels. The stochastic lines give a positive crossover in the oversold region and project a potential comeback as the bearish exhaustion kicks in.

The Fibonacci levels suggest immediate price targets at $0.288 and $0.3565. On the downside, support remains strong at the $0.20 psychological zone.

Dogecoin Historical Data Show Promising Outlook

While the short-term outlook is highly volatile and bearish, the long-term perspective on Dogecoin remains relatively optimistic.

In a recent post on X, trader Tardigrade highlighted the historical pullbacks in Dogecoin. The analyst suggested that this recent pullback could be part of the process DOGE must undergo before experiencing a parabolic rise.

In 2016, Dogecoin experienced a 59.76% pullback, followed by a massive bullish rally of 9,221%. Similarly, the 2020 pullback saw DOGE fall by nearly 56.2%, followed by a bullish surge of 30,693%.

With the ongoing bearish performance, Tardigrade urged, “When in doubt, check the macro chart.”

Essentially, Trader Tardigrade remains optimistic about Dogecoin’s future and projects a bullish comeback, with potential price targets surpassing the $2 psychological milestone.

Here’s How Many XRP Whales Dumped as XRP Fell

Albert Brown
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Here’s How Many XRP Whales Dumped as XRP Fell

On-chain data reveals a significant liquidation by XRP whales amid the sharp price drop in the token over the past 24 hours.

XRP has declined by over 33% today, plunging to a low of $1.95. The token had surged as high as $3.13 only days ago. At the time of writing, XRP is trading at $2.39, marking a slight recovery from the dip.

Meanwhile, analysts have linked the downturn to market-wide factors, including recent developments involving U.S. President Donald Trump. At the same time, the dip coincided with whales massively reducing their XRP holdings.

XRP Whales Dump 130M Tokens

Data from Santiment indicates that large XRP holders, or whales, have offloaded significant amounts of the token during this period. A visual shared by Ali Martinez tracks the activity of whales holding between 10 million and 100 million XRP.

When their holdings dropped sharply, XRP experienced steep price declines. Within 24 hours, whales collectively sold 130 million XRP, suggesting a potential strategy of de-risking or exiting positions amid market uncertainty.

Limited Bullish Interest

Notably, analysis from Coinglass shows that traders in the derivatives market have not displayed a strong interest in pushing XRP’s price back up.

Today, XRP open interest (OI) fell by 36.01% to $3.81 billion, showing that many traders closed their positions rather than opening new ones. Options trading activity also reflected cautious sentiment, with options volume declining by 21.50%, while options open interest rose by 7.91%.

These indicators suggest a wave of liquidations and position closures, likely linked to the whale sell-off and the recent price drop.

XRP Derivatives Data
XRP Derivatives Data

Data Highlights XRP Market Stress

Liquidation data further underscores the volatility in XRP’s market. In the past 24 hours, total liquidations in XRP from speculators reached $123.23 million. Notably, those betting on XRP up, the long positions, accounted for the largest share at $98.61 million. 

Over a 12-hour period, long liquidations amounted to $71.64 million, significantly outweighing short liquidations. Shorter time frames also saw considerable liquidations, indicating that overleveraged traders faced heavy losses.

Shiba Inu in Macro Wave 3: Analyst Highlights Key Levels SHIB Must Hold Amid 21% Dip

Albert Brown
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Shiba Inu in Macro Wave 3: Analyst Highlights Key Levels SHIB Must Hold Amid 21% Dip

Amid the recent downturn, an analyst has pointed out that Shiba Inu is currently in Macro Wave 3, with support levels ranging from $0.000015 to $0.000016.

Shiba Inu (SHIB) experienced a sharp decline at the start of the week, reflecting broader market trends. The price dropped to an intraday low of $0.000014, marking a significant pullback. As of writing, SHIB has fallen 19.18% in the last 24 hours and 21.16% over the past week.

Despite the downturn, technical analysis suggests key support zones SHIB must maintain before any potential recovery toward its previous all-time high.

Macro Wave 3 in Play For Shiba Inu

An observation shared by Charting Guy on X suggests SHIB remains within a broader bullish structure, according to Elliott Wave Theory. The analysis outlines a five-wave impulse pattern, where the price is currently positioned in Macro Wave 3. 

Typically, this wave is the strongest and longest in the cycle. Although Wave 2 within Macro Wave 3 retraced deeper than initially expected, the price still maintains a bullish outlook within the wave structure.

Per the analyst, key zones for Shiba Inu are between $0.000015 and $0.000016, corresponding to the 0.618-0.786 Fibonacci retracement range. At press time, Shiba Inu has already breached these levels but is attempting to reclaim them.

Meanwhile, the analyst expects SHIB to pump hard from these points. Accordingly, he noted that once SHIB reaches its all-time high, he plans to sell his entire position before the onset of Wave 4.

However, SHIB’s current price remains 83.50% below its all-time high, indicating significant ground to recover before revisiting previous peaks.

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Shiba Inu chart by Charting Guy

Reduced Engagement For Shiba Inu

Elsewhere, on-chain metrics from IntoTheBlock indicate a decline in network activity, which often correlates with price movement.

Shiba Inu Daily Active Addresses
Shiba Inu Daily Active Addresses

Data from the past seven days show a 34.03% decrease in new addresses, a 21.06% drop in active addresses, and a 28.76% decline in zero balance addresses.

These reductions suggest lower participation levels within the SHIB ecosystem, aligning with the current price retracement toward the identified Fibonacci support zone.

Meanwhile, shifts in ownership dynamics present a mixed picture. Whale holdings have decreased by 0.76%, signaling a minor reduction in large-scale investor positions.

Shiba Inu Historical Concentration
Shiba Inu Historical Concentration

Conversely, investor activity has increased by 6.37%, suggesting heightened engagement from mid-sized holders. Retail participation, however, has dropped by 1.99%, indicating a potential cooling interest among smaller investors.

Trump’s Memecoin to Usher in New Crypto Revolution: Cathie Wood

Elendu Benedict
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Trump’s Memecoin to Usher in New Crypto Revolution: Cathie Wood

Amid widespread criticisms of Donald Trump’s newly launched meme coin, Ark Investment’s CEO, Cathie Wood, has insisted that the ploy ushers in a new crypto revolution.

She told Bloomberg in a recent interview that the launch suggested a paradigm shift in the crypto industry as meme coins gain traction. The Bitcoin enthusiast stated that this is one of the “meme coin moments” for crypto as the sector continues to match toe to toe with utility assets.

Wood likened the recent movement to the initial coin offering (ICO) campaign, which was predominant in 2017. During this phase, thousands of crypto assets raised substantial funds by offering pre-mined coins to investors, birthing major projects like the EOS network, Chainlink, and Ethereum.

Trump Meme’s Only Utility

Notably, President Trump surprised the crypto market after launching his official meme coin on the Solana network on January 17. Expectedly, the TRUMP token surged massively, hitting an all-time high of $77 a few days after its market debut.

However, the token has retraced to around $17, further putting pressure on speculation about the asset’s actual use case. Wood stated that, at the moment, TRUMP’s only confirmed use case is its affiliation with the US president.

Meanwhile, the Ark Invest CEO mentioned that there is speculation that token holders will have a chance to meet with the owner, Trump. Nonetheless, this remains speculative and unconfirmed at the moment.

Focused on the Big Three

Despite noting that the token ushers in a new revolution, Wood passed on buying the official Trump meme token. She stated that Ark Invest has generally avoided the meme sector and would not make exceptions for TRUMP.

Wood stated that the firm focuses only on what it perceives as the top three cryptocurrencies in the sector. Aside from Bitcoin, the pioneering asset’s scarce and assured properties, Ark Investment is big on Ethereum and Solana due to their crucial role in decentralized financial services, which it believes will be massive in the future.

Meanwhile, meme coins seem to be eating deep into the fabric of the digital asset industry despite the widespread concerns about lack of utility. Asset managers Bitwise and Grayscale recently filed for a Dogecoin spot exchange-traded fund (ETF), providing exposure to the leading meme coin by market cap.

Historical Analysis Suggests XRP May Have Reached Generational Bottom Amid Recent Crash

Elendu Benedict
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Historical Analysis Suggests XRP May Have Reached Generational Bottom Amid Recent Crash

An analytical construct suggests XRP may have reached a generational bottom following the asset’s sharp fall, steered by a broader market correction.

The repercussions of a macroeconomic headwind have gripped the crypto market and did not spare even the most bullish assets. The positive momentum from XRP’s highest-ever monthly close was no match for the global market onslaught, ensuring that the third-largest cryptocurrency by market cap capsized immensely.

The XRP Ledger’s native token retraced a staggering 42% from its monthly high of $3.0710, sharply falling to $1.7738 today. However, it has rebounded over 35% from the dip to its current market price at press time.

Moreover, the sell-off saw whales offload over 130 million XRP amid fears of further downsides. Nonetheless, a recent analysis suggests XRP may not see its recent lows again for a long while.

Generational Low for XRP?

Analyst Dom steered the cautious XRP army today with a bold statement following the recent dip. The market speculator argued that the asset’s over 43% correction from its yearly high of $3.3999 may be its next generational bottom.

In the Monday commentary, the analyst stated that XRP has seen similar capitulations in the past, which have marked generational lows for the high-caliber asset.

He pointed to scenarios like XRP’s over 70% crash after the December 2020 Securities and Exchange Commission (SEC) lawsuit against Ripple and the 55% downtrend in February-March 2020 due to the COVID-19 pandemic.

XRP’s Historical Corrections

Meanwhile, notable community member XRPBags shared a similar scenario where XRP saw a comparative decline. In a post, he stated that the 35% drop in 2024 and the recent 36% decline have not matched 2017’s double 60% and 73% corrections.

Notably, both analyses pointed out that XRP rebounded from the dips, posting mouth-watering gains afterward. These disclosures further fuel optimism that the high-ranking crypto asset could repeat history imminently.

Legendary Bounce

Supporting this bullish outlook, XRP community influencer Amonyx has asserted a legendary bounce is on the horizon. He based his assertion on the market’s reaction from this phase eight years ago.

An accompanying chart showing the total 3 market cap (crypto market cap excluding Bitcoin and Ethereum) indicates that the cap bounced from an accumulation zone in late 2017 to a valuation peak of $360 billion.

Tota 3 Market Cap

Currently, the total 3 cap has dropped to around $866 billion, down over 15% from February’s opening of $1.03 trillion. Nonetheless, Amonyx speculates that XRP and other altcoins will see massive rallies, as seen in 2017.

In the meantime, XRP trades at $2.3995, down 6% from the past day.

Expert Predicts Shiba Inu Price If Dogecoin Hits $1.50 and Pepe Soars to $0.01

Lele Jima
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Renowned expert ‘Investment CEO’ sets an ambitious price target for Shiba Inu if Dogecoin and Pepe soar to unprecedented levels like $1.5 and $0.01, respectively. 

The growing dominance of Bitcoin has negatively impacted the broader crypto market, particularly meme coins.

Analyst Sets New Targets for DOGE and PEPE

Despite the hefty collapse, the analyst is optimistic that these tokens will reach unprecedented levels in the future. The investment CEO outlined ambitious targets for all three meme coins. 

According to the expert, Dogecoin’s price will rise to $1.50, representing a 362.96% surge from the current price of $0.324. 

Also, the expert predicts a target price of $0.01 for the third-biggest meme coin by market cap. With PEPE trading at $0.00001331, it must rise by a whopping 75,031% to reach the projected price. 

Shiba Inu Price If DOGE Reaches $1.5 and Pepe Hits $0.01 

Furthermore, the analyst set an ambitious target of $0.001 for Shiba Inu if DOGE and PEPE reach $1.5 and $0.01, respectively. This move would see Shiba Inu eliminate two zeros from its price.  

Reaching a target of $0.001 requires Shiba Inu to soar 5,210% from its current price of $0.00001883. At this price, Shiba Inu’s market cap will rise to $589.25 billion, up 5,210% from the current value of $11.09 billion. 

To demonstrate the significance of this surge, a portfolio of 100 million SHIB worth $1,883 today will be valued at $100,000 if SHIB hits the $0.001 target. 

Potential Timeline for SHIB’s Surge to $0.001 

Meanwhile, the expert did not set a timeline for when SHIB will reach this target. Nonetheless, other market observers, including Changelly experts, have set different timelines on when the $0.001 target will materialize for SHIB. 

Changelly experts set a timeline of 2033 for the $0.001 target to play out, while top prediction platform Telegaon believes it will be reached by 2035. 

While this prediction looks promising, caution is still needed due to cryptos’ speculative nature. For this prediction to become a reality, several factors must align, including widespread adoption, increased community loyalty, and more SHIB burns. 

Cardano Founder Reacts as OpenAI Co-Founder Promotes “Vibe Coding”

Okoya David
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Cardano Founder Reacts as OpenAI Co-Founder Promotes “Vibe Coding”

Cardano founder Charles Hoskinson reacts to the promotion of “vibe coding” by an OpenAI co-founder.

While the significant breakthroughs in generative artificial intelligence in recent years have sparked excitement, they have also triggered equal levels of concern over humanity’s growing reliance on the tool.

In the latest instance highlighting this, OpenAI co-founder Andrej Karpathy has talked up a concept called “vibe coding,” eliciting several concerned reactions, including from Cardano founder Charles Hoskinson.

“There’s a new kind of coding I call ‘vibe coding,’ where you fully give in to the vibes, embrace exponentials, and forget that the code even exists,” Karpathy wrote in an X post on Monday, February 3.

The computer scientist is referring to a type of coding where all the work, including debugging, is left to a large language learning model.

“I barely touch the keyboard,” Karpathy wrote, adding that he uses AI dictation apps like SuperWhisper to guide the LLM.

Karpathy also admitted to accepting all code changes from the LLM without a second thought. He asserted that the approach has largely worked for him and is helpful in “throwaway” projects.

Reacting to Karpathy’s post, Cardano’s Charles Hoskinson highlighted potential problems this approach could pose, sharing a GIF showcasing the melting face scene from “Raiders of the Lost Ark.”

Expressing similar sentiments, prominent programmer Casey Muratori asserted that the approach was likely going to make code worse.

These views come from a lack of insight into the processes and reasoning behind the AI’s coding decisions. This can make the code difficult to maintain, potentially leading to financial costs.

But while over-reliance on AI in coding likely leads to too many unknowns, developers recently seem to agree that the technology holds potential as a tool to help with the often arduous and frustrating process of debugging by pointing out likely issues with code.

Still, even in this instance, some caution against relying on the AI to fix the code after a likely issue has been spotted.

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