Category: Cryptocurrency News

Pepecoin (PEPE) is now facing a daunting challenge as it experiences a substantial decline from its recent major surge.  Despite an impressive rally of over 50,000% between April 15 and May 5, PEPE has seen its value plummet by more than 60%, with a significant 15% drop occurring in the past week alone.  The sudden decline in Pepecoin’s value has triggered a wave of uncertainty among market participants. Many are now questioning whether this dip is just a temporary setback or a sign of deeper underlying issues. Related Reading: FUD Storm: Top 5 Market Losers In Heightened Uncertainty Pepecoin Price Movement Creates Bearish Sentiment Pepecoin (PEPE) witnessed a breakout in its price yesterday, but the momentum was short-lived as it quickly plummeted by over 30%, establishing a new low. This sharp decline has given rise to a large descending triangle pattern, signaling a potentially bearish outlook for the cryptocurrency. $PEPE PRICE BROKE OUT YESTERDAY BUT DID NOT HOLD. WAITING TO SEE A SUCCESSFUL RETEST TO CONFIRM REVERSAL.#PEPEARMY pic.twitter.com/cdsrLBcTOO — 0x1ee7 (@0x1ee7) June 7, 2023 Currently, PEPE faces a support level at $0.0000010, while resistance is encountered at $0.0000013. As the price approaches the apex of this formation, a crucial point where the triangle converges, PEPE could be poised for a significant movement in the coming days. Total market cap of cryptocurrencies currently at $1.07 trillion on the daily chart at TradingView.com PEPE is currently trading at a price of $0.00000112 via CoinGecko, showing a modest 24-hour rally of 2.7%. However, over the past seven days, the coin has experienced a decline of 12.3%. Source: Coingecko Investors and traders closely monitoring PEPE are advised to exercise caution as the price nears a critical juncture. The impending move from the apex of the descending triangle formation could potentially determine the direction in which the coin will head next. Mixed Signals In Trading Volume Pepecoin presents a mixed picture when considering its trading volume and market capitalization. While the price decline raises concerns, other metrics suggest a more optimistic scenario for the meme-based cryptocurrency. According to CoinMarketCap, PEPE has experienced an increase in trading volume, rising by 27% over the past 24 hours to reach $241 million. This surge in trading activity indicates that there is still considerable interest and engagement from market participants, potentially hinting at underlying support for the coin. Related Reading: Polkadot Metrics Surge With Project Launches – Good News For DOT Price? In addition, PEPE’s market capitalization has shown a slightly bullish trend, with a notable jump of 20.23% to reach $492 million.  However, it is important to note that trading volume and market capitalization do not necessarily guarantee a sustained recovery or an upward price movement for PEPE.  These metrics can be influenced by various factors, including short-term trading activity and speculative interest. Therefore, while they provide some positive indications, they should be interpreted cautiously in the context of PEPE’s bearish bias. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk) Featured image from mvaligursky/DepositPhotos

Zuckerberg highlighted divergent philosophies, with Meta emphasizing a social metaverse while Apple’s device seemed designed for solitary use.

Andrew Kang, a renowned crypto entrepreneur and investor, has revealed via Twitter his choice for the next cryptocurrency that may soon explode in price. Kang is the co-founder of Mechanism Capital, which invests in cryptocurrencies through prop trading, mining, ventures, and secondary markets. In the crypto community, Kang has made a name for himself with his winning trades. On Twitter, Kang now shared his latest crypto find: Radiant Capital (RDNT). The altcoin has a market cap of just $77.3 million, currently ranking #287 among all cryptocurrencies. According to Kang, Radiant Capital has the potential to become the “new king of the money markets,” toppling market leaders Aave and Compound from their thrones with a TVL of $5 trillion and $2 trillion, respectively. According to the investor, Radiant Capital can succeed because it is innovating while the others are treading water. Next Crypto To Explode A La SUSHI? However, with a current TVL of $260 million via Arbitrum and the Binance Smart Chain (BSC), Radiant has a long way to go. The case for Radiant is strong, however, according to Kang: the platform is the first functional cross-chain market maker (borrowing on the X-chain, lending on the Y-chain). Related Reading: UK Financial Conduct Authority Clamps Down on Crypto Marketing Also boosting RDNT’s price could be its upcoming launch on Ethereum and zkSync. Another advantage Radiant Capital has over its competitors, according to Kang, is the potential yield. While Aave & Compound only yield 1-2% on stablecoins, less than treasuries, Radiant can offer much more lucrative rates. “With >$100B stablecoin mkt cap & $10B+ stables once in MMs now idle, this untapped liquidity is a huge opportunity: as 10-40% stablecoin yields from an audited, year-old protocol become known, expect TVL growth,” speculates Kang. The second biggest opportunity according to him are Ethereum and Liquid Staking Derivatives (LSDs) when the mainnet dApp launches. Once that happens, Kang expects Radiant to capture a piece of Compound & Aave’s $4 trillion pie through sustained, incentivized yield. Another argument: with the rise of Layer Zero and zksync, Radiant could be well on its way to becoming a major beneficiary as people use the platform to farm potential airdrops. Related Reading: Coinbase CEO Takes On SEC, Igniting Crypto Community’s Passion for Clarity Also worth noting, according to Kang, is that Radiant has already surpassed Aave, Compound, and even Solana in 90 day revenue. Looking at the 90 day trend, Radiant is the fastest growing protocol in this field. However, the biggest trigger for an explosive rise in the price of the RDNT token could be a vampire attack on the outdated liquidity of existing money markets, a la Sushiswap. Kang writes in his latest tweet today: Sushiswap’s vampire attack on Uniswap was a core factor in it achieving a billion+ TVL and multi billion valuation. Have we seen a successful one since then? What about a vampire attack on money markets? If billions of stables and LSDs are barely earning 1-2% in Aave and Compound, how much would move for 10% yield? 20%? 30%? Kang Buys $1.11 Million In RDNT As Arkham Intel reports, Kang has followed up his words (after the first tweet on Wednesday) with action. Andrew Kang’s on-chain address has begun acquiring RDNT tokens. Initially, the trader bought 3.922 million RDNT for $1.11M. With Andrew Kang @Rewkang‘s thread about Radiant Capital yesterday, his on-chain address has begun acquiring $RDNT tokens. Over the past 24 hours, his address 0xe8c has bought 3.922M $RDNT for $1.11M. This has since increased in value to $1.19M – a gain of ~$80K in under 24h! https://t.co/sZyFJUWchV pic.twitter.com/2HFfLcjsLL — Arkham (@ArkhamIntel) June 8, 2023 However, Kang’s recommendation has not been met with unanimous enthusiasm throughout the crypto community. Some voices think that Kang’s theses are too far-fetched and not strong enough. On the other hand, it should be noted that the “Binance effect” of a listing already happened at the end of March this year. At press time, Radiant Capital (RDNT) traded at $0.2926. Featured image from iStock, chart from TradingView.com

Stablecoin issuer Tether is making a strategic investment in energy production and Bitcoin mining to support El Salvador’s adoption of BTC.

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Just days after buying $21 million of Coinbase shares, ARK Invest CEO Cathie Wood has added another $19.9 million in Block Inc. shares across its ETFs.