PEPE is stable but bullish, traders flow to Solana meme coins

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10 Feb 2024

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Bitcoin (BTC)
$47,311.00

-0.64%
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Ethereum (ETH)
$2,490.47

-1.11%
Ethereum price
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PEPE is stable but bullish, traders flow to Solana meme coins

February 9, 2024 at 5:15 pm
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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
PepeCoin (PEPE) rallied in 2023, at one time commanding a market cap of $1.8 billion one month after listing on exchanges. But after a long consolidation period, is it finally time for PEPE to rise again?
Considering recent history, its greatest threat may be emerging Solana meme coins.

Analyst bullish On PEPE

FieryTrading on TradingView recently picked out a bullish “inverse head and shoulders” pattern on the PEPE price chart.
This might signal that the token is bottoming up.
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Whales bought $58m worth of AAVE, ETH, ARB, PEPE
PEPE is trading at $0.000000986, but the analyst expects the token to float to $0.0000044 in the long term.
Meanwhile, Ifiok-2sydes observes that PEPE has formed a bullish “cup and handle” pattern, which often precedes a bullish reversal.
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According to the analyst, PEPE might climb to $0.00000309.
However, PEPE, being a token on Ethereum, depends on how ETH performs.
This is a concern considering the migration to Solana, a platform offering fast execution times and lower fees.
SOL is currently outperforming ETH as seen from the SOL/ETH price chart.
In recent weeks, Solana meme coins like Bonk, Dogwifhat, and Myro have been rallying.
As it is, Smog might continue rallying following its airdrop.

Smog surging after airdrop

Airdrops continue to drive activity on Solana.
Smog is up 186% as investors rush for its airdrop. For this reason, Smog now has a market cap of $43 million and could expand in the days ahead.
Per its website, Smog is the “one meme coin to rule them all.”
Smog sets its sights on “incinerating all his foes” with the “greatest airdrop of all time.”
35% of the 1.4 billion total supply is allocated to the airdrop.
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Smog meme coin launches on Solana, surges by over 1,300%
50% is earmarked for marketing, 10% for CEX launches, and 5% for DEX liquidity.
Broken down into three phases, some of the key roadmap targets include 100,000 “chosen warriors,” social mastery, and burn opportunities.
The team announced the airdrop’s launch on Feb. 8.
Following this, SMOG prices spiked to its all-time high of $0.05639.

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BTC adds 8%, Bitcoin Minetrix benefits from rally

February 9, 2024 at 4:00 pm
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Bitcoin (BTC) has defied analysts’ expectations, surging over 8% this week while many were calling for weeks of consolidation. While at it, Bitcoin Minetrix has raised more than $10.5 million in its presale.

Whale accumulation sparks Bitcoin rally

One analyst notes that the current Bitcoin uptick is because of whales accumulating

Meanwhile, Bloomberg Analyst James Seyffart reported net spot Bitcoin ETF inflows of $1.8 billion on Feb. 8, pushing the total assets under management (AUM) to $29 billion.
In a follow-up post, James speculated that Grayscale’s GBTC will see net inflows on Feb. 9, following heavy selling in recent weeks.
Grayscale’s selling has tapered off recently, enabling the positive effects of ETF inflows to bolster price.
These two factors show institutional money is powering the recent surge, likely led by optimism in the broader U.S. stock market.
Market data shows the S&P500 recently broke the 5,000 level for the first time ever. This move benefits a broader spectrum of risk-on assets, including Bitcoin.
Meanwhile, Coinglass data shows that Bitcoin’s open interest-weighted funding rate remains at 0.011%, levels seen below $35K in October 2023.
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This suggests the recent rally is led by spot buying from whales rather than speculative and leveraged trading. Consequently, Bitcoin may be in a solid position for further upside movement, not held down by the risk of mass liquidations.
Analyst Rekt Capital believes that Bitcoin is about to enter its “pre-halving rally” phase.
Based on the analyst’s historical data, this week was supposed to be the last in Bitcoin’s “pre-halving downside” phase, but Rekt Capital notes Bitcoin is attempting to breakout early.
Meanwhile, Michael van de Poppe noted that he is “positively surprised” by Bitcoin’s recent price action.
The analyst then displayed a price chart showcasing Bitcoin’s bullish momentum.
The recent Bitcoin rally has also lifted another project, Bitcoin Minetrix, a cloud mining protocol on Ethereum.

Bitcoin Minetrix presale hits $10.5 million

With the ongoing Bitcoin rally, analyst Kaleo noted, “betting on BTC narratives seems like a no-brainer play here.”
Currently, one of the top upcoming Bitcoin narratives is decentralized cloud mining.
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Bitcoin mining is complex, with many moving parts and upfront costs. This is why cloud mining was invented. But this comes with its own issues, mainly relating to scams and exploitation.
However, Bitcoin Minetrix offers a convenient solution to both problems, enabling effortless, secure, and transparent cloud mining.
The project is launching on Ethereum, offering unparalleled accessibility and transparency.
It works by users staking BTCMTX in exchange for Bitcoin mining credits.
They can then burn these credits for Bitcoin cloud mining power.
Another benefit to this project is BTCMTX’s central utility in the ecosystem.
Since users require it for staking, there will be a natural demand stream that helps absorb any sell pressure on the market.
BTCMTX is currently trading at $0.0133. Presale buyers can also stake their tokens immediately for a 64% APY.
You might also like: Chainlink likely to soar past $20, Bitcoin Minetrix posts gains
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Bitcoin heads to $50k as miners cut selling pressure

By Ibrahim Ajibade
February 9, 2024 at 3:50 pm
Edited by Anthony Patrick
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BTC price climbed above $47,661 on Feb. 9, with the much-anticipated fourth Bitcoin halving event now 70 days away, more bullish action could follow.
Vital on-chain data trends suggest Bitcoin miners and strategic investors shifting focus to the forthcoming halving event could be behind the recent BTC price upswing.
Can the bulls capitalize on the momentum boost to reclaim $50,000?

Bitcoin miners have cut down selling pressure by 25%

On Feb. 9, Bitcoin price hit a daily timeframe peak of $47,661. Per Coinmarketcap, this is the highest the pioneer cryptocurrency has traded since the market euphoria that heralded the BTC ETF approval verdict on Jan. 11.
The recent price uptick is being attributed to deepening institutional adoption and Bitcoin miners and making bullish bets ahead of the next halving event.
Now, 70 days away, Bitcoin’s 4th halving event will occur when the number of blocks reaches 840,000 in April 2024, cutting reward issues to miners from 6.25 to 3.125 BTC per block mined.
Historically, miners on proof-of-work networks like Litecoin (LTC) and Dogecoin (DOGE) often make strategic efforts to accumulate reserves when a halving date draws close. This phenomenon appears to have reared its head on the Bitcoin network in recent weeks.
CryptoQuant’s miner-to-exchange chart monitors the daily count of transactions involving miners depositing coins into exchanges and trading platforms, essentially serving as a proxy for measuring real-time changes in the miners’ selling pressure.
The chart below shows that transactions from recognized miners to exchange-hosted wallets have declined by 25%, from 278 to 208, between Feb. 2 and Feb. 8.
Bitcoin (BTC) Price vs. Miner to Exchange transactions | Source: CryptoQuant
When miners cut down on their selling pressure as observed above, it impacts the asset price positively. Firstly, it reduces the number of newly mined tokens, diluting market supply. And more importantly, it signals the miners’ confidence in the asset’s short-term price prospects. Both of these factors could influence other stakeholders to take on a bullish disposition as well.
A closer look at the chart shows that the miners have reduced the spate of exchange deposits since Oct. 24, when it reached a monthly peak of 489, miner-to-exchange transactions.
Unsurprisingly, this steady decline in the miners’ selling trend between October 2023 to February 2024 has coincided with a double-digit Bitcoin price rally to a peak of around $48,000.
With this bullish pattern still in play, Bitcoin holders can expect further price upswing in the next 70 days as the halving approaches.

BTC price prediction: Breaking $48,500 could catalyze larger gains

The on-chain data trends analyzed above show that the looming halving event has put BTC price on an upward trajectory. In terms of short-term price action, Bitcoin faces significant resistance at the $48,500 territory.
IntoTheBlock’s global in/out of the money (GIOM) data groups all existing BTC holders by their historical entry prices. Currently, it shows that 717,040 addresses acquired 193,130 BTC at the maximum price of $48,335.
Considering that this is the largest cluster of holders above the 20% boundary of the current prices, BTC could face a significant challenge once price approaches $48,500.
However, a decisive breakout above that key resistance level could open the doors to a milestone upswing above $50,000 for the first time since 2021.
Bitcoin (BTC) Price Forecast | Source: IntoTheBlock
Conversely, the bears could negate this optimistic prediction if Bitcoin price dips below $40,000. However, as seen above, the 3.06 million addresses acquired 1.4 million BTC at a minimum price of $42,672.
To avoid slipping into losses, those investors could make frantic purchases to cover their positions, and possibly, trigger an instant rebound.
Read more: Bitcoin mining reaches new all-time high of 54% renewable use
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Ronin rallies by over 50%, Galaxy Fox presale approaching $4m

February 9, 2024 at 2:30 pm
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Ronin (RON) is up 51% in the last 30 days. Investors are also watching Galaxy Fox (GFOX), whose presale is ongoing.

Galaxy Fox likely to rally

The Galaxy Fox presale has been successful, raising over $3 million. Supporters expect more gains in the weeks ahead.
Galaxy Fox has several features that make it attractive to potential investors, including deflationary properties and a play-to-earn (P2E) mechanism for its web3 game.
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Additionally, users can earn financial incentives through staking mechanisms, collecting NFTs, and obtaining digital items.
Supporters believe GFOX can outperform other meme coins like BONK and SNEK.

Ronin is surging

According to trackers, RON is up by over 50% in the last 30 days.
Although prices corrected, experts expect a sharp recovery due to Sky Mavis’s in-game season launch and rising NFT sales on Axie Infinity.
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Analysts predict RON to break above $3.

Conclusion

Investors are showing interest in RON and GFOX. The Galaxy Fox presale has raised over $3 million, closing in on $4 million.
Read more: Solana traders looking at Galaxy Fox in ongoing presale
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“Our team is addressing the short-term disruptions and working to bring our sites back to full strength. We expect hash rate to improve over the next few weeks.”
Marathon Digital CEO Fred Thiel

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Marathon’s positive response to Bitcoin’s price hike is mirrored by other crypto-related companies’ performance. For example, Canaan Technology (CAN) saw a 20% increase to $1.54, Bitdeer (BTDR) rose 16.6% to $8.25, Coinbase (COIN) climbed 8.6% to $132.5, and MicroStrategy (MSTR) jumped 15.7% to $587, according to Google Finance.
The enthusiasm surrounding Bitcoin’s price surge is further fueled by significant trading volumes observed in spot Bitcoin exchange-traded funds, surpassing $1 billion recently, with BlackRock and Fidelity leading the charge, crypto.news reported earlier.
Additionally, expectations of potential rate cuts by the Federal Reserve later this year, as suggested by comments from Boston Fed President Susan Collins and Cleveland Fed President Loretta Mester, appear to be contributing to the market’s buoyancy and cryptocurrency’s investment appeal.
Read more: Bitcoin miner Argo Blockchain shares plunge 8% following production decrease
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Bitcoin and Solana lead in inflows, NuggetRush set for gains

February 9, 2024 at 11:39 am
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There have been outflows from Grayscale’s GBTC in the past few weeks. However, there has been a recent increase in crypto investments, with over $708 million put into various assets.
The top two assets with the highest liquidity are Solana and Bitcoin. Additionally, the crypto community is showing interest in NuggetRush. Over 171 million NUGX has been traded in the past few weeks before launch.

Bitcoin leads inflows

CoinShares notes that inflows into crypto funds have exceeded the outflows from Grayscale’s GBTC for the first time in weeks.
In the past week, crypto funds saw net inflows of $708 million, mainly driven by Bitcoin, which accounted for 99% of total inflows.
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These inflows have helped stabilize Bitcoin’s price to range between $42,500 and $43,500 in the past week.
On the other hand, investors have been taking profits, resulting in outflows of over $926 million from GBTC.

NuggetRush hit record sale in presale

NuggetRush is generating interest among the crypto community as Bitcoin sentiment improves.
Due to its unique gaming platform, the platform has sold over 171 million NUGX.
The game is set in a virtual world based on the gold rush era, where players can mine for gold and other precious metals using NFT avatars.
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It also allows collaborating with other players to raise their chances of winning and exchange rewards for real money, gold, and NUGX.
As part of the game, certain rewards are also provided to support miners in less developed countries.

Investors flock back to Solana

A CoinShares report notes that Solana-based products have received $13 million in the past week, surpassing Ethereum and Avalanche.
This inflow could boost SOL prices in the coming weeks. If the trend continues, the coin may reach $120.

Conclusion

Investors are showing more interest in crypto products lately, which could increase asset prices across the market. Some popular assets like BTC and SOL may see gains, further increasing the profile of NuggetRush, a project increasingly being monitored.
Read more: Bitcoin bulls target $50k, NuggetRush and Bonk vie for dominance
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