Category: Cryptocurrency News

Often roasted for his metaverse tech demos, Zuckerberg appears to have blown away internet users with his latest avatar tech.

Crypto industry concerns after Chinese dev fined 3 year’s salary for using a VPN, largest Ponzi in Hong Kong history, JPEX saga, and more.

Over the last week, the PEPE price has emerged as one of the best performers in the crypto market. This followed a long period of drawdown that dragged the meme coin’s price almost 90% below its June 2023 all-time high. This prolonged bear period coupled with its declining momentum is why the price reversal has caught the market by surprise. Social Discussions Around PEPE Rise To figure out why the PEPE price has been on a rally at a time when the broader crypto market has suffered declines, let’s take a look at the social discussions around the token. In particular, a report from on-chain tracker Santiment shows the social media discussion trends of top meme coins. Related Reading: Factors That Suggest A Recovery For The ADA Price Santiment’s report which was shared on X (formerly Twitter) points out that meme coins have not really been on the radar of traders, except for PEPE. As the chart shows, discussions around the PEPE meme token saw an uptick this week. PEPE sees uptick in discussions | Source: Santiment on X It is the only meme coin whose social media discussions rose during the week with the likes of Dogecoin seeing their own metrics drop to 3-year lows. This uptick could present the reason behind the PEPE price recovery this week. Usually, when investors start getting interested in a coin, they will often talk about it on social media platforms. Depending on whether investors are collectively bullish or bearish, it can cause a swing in the price toward either direction. In this case, the uptick in discussions coincides with the rise in price, suggesting a higher level of bullishness. PEPE Price Rises 16% In One Week PEPE’s double-digit surge this week saw the altcoin hit a local peak of $0.00000075 on Wednesday, resulting in one of its highest levels in September 2023. This rally has since lost momentum but the meme coin continues to maintain a good chunk of its gains. Related Reading: Ethereum Open Interest Barrels Past $5.2 Billion, Is It Time To Buy? The PEPE price is up more than 16% on the weekly chart and enjoying a 92% surge in its daily trading volume over the last 24 hours. This increase in trading volume also shines a light on the rising investor interest, which could suggest a continuation of the rally once the correction finds a bottom. However, with most of the crypto market still deeply in the throes of the bear market, it’s unlikely that the rally would be able to continue for too long, presenting a hindrance. If the coin fails to establish support above $0.00000071, then all of this week’s gains could be wiped out by the time the weekend is over. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Watcher Guru, chart from TradingView.com

Invesco, Bitwise and Valkyrie were also hit with delays by the U.S. Securities and Exchange Commission.

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After sinking roughly 30% from 2023 highs, Ethereum appears to be bouncing off from the pits of the crypto winter. Looking at candlestick arrangements in the daily and weekly charts, the coin has primary support at around $1,500 and is firm, bouncing off with decent trading volume.  At spot rates, ETH is up approximately 3% following positive developments sparked by the increasing adoption of its layer-2 scaling solution and the recent news that VanEck, a player managing billions of assets, is preparing to launch an Ethereum derivatives product. Ethereum Layer-2 Solutions Exploding Taking to X on September 28, Alex Masmej, the founder of Showtime, believes that Ethereum’s layer-2 ecosystem has expanded to such an extent that it no “longer makes sense to build on other platforms.” The development and deployment of Ethereum layer-2 solutions took center stage following network congestion, which forced gas fees to spike to record highs in the last bull run. Developers have responded to the network co-founder Vitalik Buterin’s urging. The expert believes they are quickly constructing and deploying safe, universal platforms that have gained widespread popularity.  Related Reading: Report Reveals Crypto Whale Center With Majority Of Transactions Crossing $1 Million Layer-2 platforms bundle transactions off-chain before confirming them on-chain, allowing for faster and more cost-effective operations while benefiting from the security of Ethereum. As of September 28, there were over 827,000 validators whose job is to confirm transactions and ensure that the network is secure, thanks in part to their geographic distribution.  Most layer-2 solutions use optimistic rollups, including Arbitrum, Base, and OP Mainnet. However, Masmej also said that once ZK rollups, which utilize zero-knowledge proofs to validate transactions without revealing sensitive data, are available, it will end the scalability trilemma, further boosting the capabilities of layer-2 solutions. Related Reading: Research Firm Reveals Its “Altcoin Trading Playbook” In the founder’s assessment, high throughput options, including Solana, will be a hedge. At the same time, Cosmos, which drives blockchain interoperability, will act as a long-term source of inspiration. Meanwhile, Ethereum will continue to flourish as Layer-2 options gain traction. Rising TVL And ETH Complex Products Launching According to l2Beat data, popular solutions like Arbitrum and Base, which offer faster and cheaper processing environments while remaining coupled with Ethereum and enjoying the pioneer network’s fast-move advantage, have larger total value locked (TVL). As of September 28, layer-2 platforms have a TVL of over $10.6 billion, more than Solana’s market cap, which stood at $8 billion, according to CoinMarketCap.  Beyond layer-2 adoption, ETH is being catalyzed by the news that VanEck, a global asset manager, is preparing to introduce its Ethereum futures exchange-traded fund (ETF). Specifically, the VanEck Ethereum Strategy ETF (EFUT) will invest in ETH futures contracts provided by exchanges approved by the Commodity Futures Trading Commission (CFTC). Like the Bitcoin Futures ETF product, which is already being offered, the Ethereum derivative product will allow institutions to gain exposure, boosting liquidity. Feature image from Canva, chart from TradingView