On-chain data shows that Bitcoin miners may have once again been participating in selling recently, something that could lead to the asset declining.

Bitcoin Miner Reserve Has Been Declining In The Last Two Weeks

As pointed out by an analyst in a CryptoQuant post, the BTC miner reserve has been observing outflows recently. The miner reserve here refers to the total amount of Bitcoin that the miners as a whole are holding in their wallets right now.

When the value of this metric goes up, it means that these chain validators are transferring coins into their addresses currently. This kind of trend can be a sign that the miners are accumulating, and hence, can be bullish for the price of the asset.

On the other hand, the indicator trending down suggests the miners are taking BTC out of their wallets at the moment. Generally, these investors withdraw coins from their reserve for selling-related purposes, so such a trend can have bearish consequences for the cryptocurrencys value.

In the context of the current discussion, the miner reserve itself isnt of interest, but rather its rate of change (ROC) is. This metric keeps track of the percentage changes in the miner reserve over a specific period. Here, the relevant period is the 14-day one.

Now, below is a chart that shows the trend in the 14-day ROC of the Bitcoin miner reserves over the last few months:

As shown in the above graph, the 14-day ROC of the miner reserve had been green last month as Bitcoin had rallied above the $30,000 level. These positive values of the indicator imply that the miner reserve had been rapidly going up.

The timing of these positive ROC values could suggest that the accumulation from the miners might have provided support for the surge in the cryptocurrencys price.

In the first week of this month, though, the metric turned negative, implying that the miner reserve started to decline. The miners look to have continued to withdraw coins from their wallets since then, as the indicators value has remained red.

The Bitcoin price has been struggling in this period, as it hasnt been able to mount up any significant moves. It would appear that this selling...

On-chain data shows the stablecoin exchange deposits have remained low recently. Heres what this may mean for Bitcoin.

Stablecoin Exchange Deposits Stay Low, While Withdrawals Jump

As pointed out by an analyst in a CryptoQuant post, the fact that the stablecoin exchange withdrawals have spiked while deposits have stayed low may be slightly alarming for BTC.

There are two indicators of relevance here: the stablecoin exchange withdrawing transactions and the stablecoin exchange depositing transactions. As their names already imply, these metrics track the total number of withdrawals and deposit transfers, respectively, that investors of the ERC-20 stables are making right now.

Generally, investors seek the safety of these fiat-tied tokens whenever they want to escape the volatility associated with the other assets in the sector. Eventually, when these holders think that the prices are right to jump back into the volatile markets, they swap their stables back for their desired cryptocurrency.

These investors usually make use of centralized exchanges for this purpose. So, when the exchange withdrawing transactions are high, it can be a sign that holders are exchanging coins like Bitcoin for stablecoins right now.

On the other hand, the deposits being high can imply these investors are looking to buy volatile assets using their stables. Naturally, in the former case, Bitcoin and others may feel a bearish effect from the selling, while in the latter case, the prices might see a bullish boost.

Now, here is a chart that shows the trend in the stablecoin exchange withdrawing and depositing transactions over the past couple of years:

As displayed in the above graph, the stablecoin exchange depositing transactions metric has been relatively low for a while now. This would suggest that there may not be enough demand for converting stables into other assets right now.

From the graph, its visible that the last time the indicator spiked was back in March of this year. Following the deposits back then, Bitcoin observed a sharp rebound in its price as the rally saw a revival. The timing of these inflows might mean that it was the buying from these stablecoin holders that had provide...

Celsius, the bankrupt crypto lender, has started selling its non-Bitcoin and non-Ethereum crypto assets, records on July 17 indicate. According to on-chain data from Lookonchain, Celsius has transferred approximately $23.5 million of various cryptocurrencies, including BNB, ZRX, LINK, BONE, and SNX, to FalconX and OKX, respectively.

Different amounts of these tokens were transferred by Celsius, a move that, while it could be positive for creditors, may impact the token valuations of those projects.

Celsius Selling Altcoins 

Lookonchain revealed that Celsius moved $8.5 million worth of LINK, the native currency of Chainlink, a middleware protocol linking on-chain smart contracts to external but verified data. At the same time, it also moved $7.84 million worth of SNX, the native token of Synthetix, a protocol allowing users to trade derivatives called synths, was transferred.

Celsius also went on to move $3 million worth of BNB, the coin behind the sprawling Binance ecosystem, $2.26 million worth of 1INCH, the token aggregator, and $1.9 million worth of ZRX, the token behind one of the first decentralized finance platforms, Ox Protocol.

The bankrupt lender also moved $709,678 worth of FTT, the token behind the collapsed FTX exchange, to FalconX. In response, FalconX has started depositing these tokens to Binance for selling.

The only token moved to a different exchange was BONE, where Celsius moved $235,000 of the meme token to the popular cryptocurrency exchange, OKX.

While OKX caters to retail and institutional investors, FalconX serves institutional investors, offering diverse services, including liquidity provision and risk management. So far, a large tranche of tokens held by Celsius has moved through FalconX.

In late June, Judge Martin Glenn of the Southern District of New York allowed Celsius to start converting all their tokens to either Bitcoin or Ethereum, the two currencies that would be allowed to pay back creditors. All conversions were set to begin on July 1.

Altcoins Taking A Hit

The transfer also comes amid a favorable ruling that saw a US Judge say XRP, one of the major altcoins, is not a security and can be traded like a commodity, just like Bitcoin. However, even though news pumped altcoins, mostly XRP, momentum tapered during the weekend, and most altcoins fell back from last weeks highs.

Related Reading:...

Polkadot (DOT) has enjoyed a successful three-week period, with bullish investors maintaining their position at the forefront despite fluctuations in the market.

In addition, the recent legal victory of Ripple against the US Securities and Exchange Commission triggered a positive response across the entire market, benefiting not only significant cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) but also altcoins in general.

Nevertheless, it is essential to note that Bitcoin and Ether experienced notable downward corrections in the short term after they attempted to surge higher last week. As a result, there might be some selling pressure soon for these leading cryptocurrencies, which could potentially harm the price of DOT.

Given this scenario, how can DOT bulls regain control and overcome a potential market correction?

DOT Price Update: Minor Dip, But Open Interest Improves

The latest update on DOTs price from CoinGecko shows that it currently stands at $5.30. While the cryptocurrency experienced a slight decline of 1.7% over the past 24 hours, it still managed to maintain a seven-day rally of 4.8%. However, a closer analysis of the DOT price report shows some concerning indicators.

According to a report, by mid-June, the Open Interest had significantly diminished compared to its April levels, signaling a bearish sentiment. However, as the month advanced, a reversal in this trend emerged.

Related Reading: Shiba Inu Encounters Familiar Resistance, Prompting Concerns About Bull Run

...

Since the Bitcoin price reached a new yearly high of $31,840 last week, only to invalidate the bullish breakout within a few hours and fall towards $30,000, there has been a strange tranquility in the market. Already since June 23, BTC has been in the trading range between $29,800 and $31,300, with every breakout attempt to the upside and downside having failed within a very short period of time.

However, one of the most prominent technical indicators, the Bollinger Bands, predict that this calm may soon be over. Created by the esteemed trader John Bollinger, these bands provide invaluable insights into market volatility and potential price levels.

Bollinger Bands Predict Big Move For Bitcoin

The Bollinger Bands consist of three distinct lines on a price chart: the middle band, the upper band, and the lower band. The middle band is a simple moving average (SMA) that represents the average price over a specified period. The upper and lower bands are derived from the middle band, with the upper band usually set two standard deviations above the SMA, and the lower band set two standard deviations below it.

The primary purpose of the Bollinger Bands is to measure market volatility. When the price of an asset experiences significant fluctuations, the bands widen, indicating increased volatility. Conversely, during periods of reduced price movement, the bands contract, indicating lower volatility. This contraction is commonly referred to as a squeeze, where the upper and lower bands come closer together, forming a narrowing price channel.

When the Bollinger Bands squeeze, the potential for a significant price movement looms. The squeeze suggests that the market is in a state of temporary equilibrium, akin to a coiled spring ready to release its stored energy. The direction of the breakout determines whether its a bullish or bearish signal.

Up Or Down?

Glassnode, a respected on-chain data provider, highlighted today the current state of the Bitcoin market, noting a remarkably low volatility environment. The 20-day Bollinger Bands are experiencing an extreme squeeze, with a mere 4.2% price range separating the upper and lower bands. This suggests that Bitcoin is currently in a period of limited price movement, making this the quietest Bitcoin market since the lull in early January.

...

XRP is now witnessing a surge in network activity as prominent holders of the cryptocurrency make their moves. 

The latest findings from Lookonchain, a renowned data analytics firm, shed light on the purchase and sale patterns of XRP whales on the Binance Smart Chain (BSC), signaling a potential rise in selling activity within the market.

Ripples triumph over the SEC has undoubtedly injected a fresh wave of confidence into the XRP community. With the regulatory cloud dissipating, investors and holders are now eager to capitalize on the newfound clarity surrounding the tokens status.

As a result, the actions of these notable whales have become a focal point of interest for market observers and enthusiasts alike.

XRP Whales Purchasing Habits Revealed: Insight From Lookonchain

Based on analysis by Lookonchain, the transactional behavior of four influential whales has come to light. Each of these whales demonstrates distinct patterns in their purchasing habits, shedding light on their strategies within the crypto market.

1/ Did whales sell $XRP as the price of $XRP rises?

Lets check the top 4 whales of $XRP on the #BSC. pic.twitter.com/cwkXIcK6s2

Lookonchain (@lookonchain) July 15, 2023

One of the whales, known as 0xf522, has amassed a staggering 25 million XRP, equivalent to $18 million, between April 22 and November 24, 2022. Interestingly, this particular whale has refrained from selling any of their holdings thus far. 

...

A record 592,000 Bitcoin, or roughly $17.8 billion, was accumulated when the coin was trading at $30,200, recent Glassnode data indicates. At this accumulation rate, suggesting possible demand, more entities bought more coins at the second fastest pace in the networks history. This record was only broken when 637,000 BTC were bought at an average price of $16,500.

592,000 Bitcoin Bought At $30,200

The spike in Bitcoin accumulated at this price point preceded the decision by a United States court to rule that XRP, an altcoin issued from the XRP Ledger (XRPL), is a commodity, just like Bitcoin. The ruling on Friday, July 14, was received positively by the crypto community and temporarily lifted prices, sustaining Bitcoin above the psychological $30,000 mark.

According to Glassnode, the Bitcoin Entity-Adjusted Economic Ratio Per Day (ERPD) is a metric designed to assess economic activity within the network, considering the number of entities participating. This metric is calculated by dividing the Network Value to Transactions (NVT) ratio by the entity-adjusted on-chain volume.

In on-chain analysis, the NVT ratio represents the relationship between the market capitalization and the recorded on-chain trading volumes at a specific price point. A higher NVT ratio indicates a greater value than recorded trading volumes.

While the NVT reading can be useful, it can also be misleading if the entities, or clustered addresses, involved in transactions are not accounted for. To correct this error, the ERPD integrates addresses involved at that price point, used in taking account of the market cap. This way, it can be easy to gauge the entities and total coins involved.

Shifting Sentiment?

The surge in Bitcoin ERPD development will also likely impact altcoins. Considering its liquidity and support across the board, Bitcoin sets the tone for other altcoins in crypto. Its performance and transactions can gauge market-wide sentiment, which might, in turn, change how altcoins are perceived in the current market conditions.

Still, some commentators on Twitter were unsure if the metric was a positive development or a position for further price crashes. One believes that most such transactions are conducted by paper hands who buy Bitcoin when the price increases and are set to sell at any moment of negative news....

Shiba Inu (SHIB) has faced a significant challenge in the form of the December 2022 low. This crucial level has proved a formidable barrier for SHIB bulls, thwarting their attempts to increase prices. 

Despite recent upside movements, the resistance at this level has proven to be persistent, creating a precarious situation for the cryptocurrency. 

As the price of SHIB hovers in this area, the question arises: Will the selling pressure overpower the bulls determination and cause a reversal in the price action?

Shiba Inu Faces Bearish Order Block And Potential Liquidity Hunt

SHIB faces a significant challenge as its December 2022 low coincides with a bearish order block (OB) ranging from $0.00000785 to $0.00000824. This particular range, as highlighted in a recent SHIB price report, could serve as a stronghold for bearish sentiment in the market.

Consequently, the possibility of a liquidity hunt in this region cannot be disregarded, potentially leading sellers to extend their gains toward the immediate support level at $0.00000711.

Amid recent market fluctuations, SHIB is currently trading at $0.00000788, based on data by crypto market tracker Coingecko. This reflects a decline of 3.4% over the past 24 hours.

However, despite this short-term setback, SHIB has also notched a seven-day rally of 3.4%, showcasing its inherent resilience and potential for recovery in the long run.

Decrease In SHIB Token Burns: Implications For Supply, Demand

Meanwhile, Shibburn reported a notable decline in the number of tokens burned within the past 24 hours. A mere 1,233,806 SHIB tokens were burned in a single transaction, representing a sharp 91.59% decrease in the daily burn rate and in contrast, the previous week witnessed the burning of nearly 1 billion SHIB tokens.

In the last 7 days, there have been a t...

In the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), the recent order granting in part and denying in part the motion for Summary Judgment by Judge Torres has left many XRP investors eagerly awaiting the next steps. To shed some light on the situation, prominent attorney Jeremy Hogan has shared his thoughts on the matter, offering valuable insights into the potential appeal process with deadlines and its implications for both parties involved.

Ripple Vs. SEC: The Next Possible Deadline

Hogan, a seasoned attorney with experience in appeals, cautions that appeals are typically pursued after a case is completely finished. After the final judgment is entered, either party has 60 days to appeal, says Hogan who emphasized that the Ripple case is not yet finalized, any potential appeal at this stage would be considered an interlocutory appeal.

As far as I can see in the Rules, you have 10 days to notice an interlocutory appeal, states Hogan. Since the Summary Judgment was issued on July 13, an appeal by the SEC or Ripple Labs would have to be filed by July 23 at the latest (or by July 24 if the deadline does not start until the following day). This means that next Monday at the latest it will become public whether one of the parties files an appeal.

But an interlocutory appeal is rarely granted and generally requires compelling reasons, such as the release of significant information that could impact the case. However, Hogan points out that Judge Torres did not certify her ruling for immediate review, indicating that an interlocutory appeal might not be granted in this scenario. This suggests that the SEC and Ripple would need to wait for a final judgment before pursuing an appeal. Hogan believes that both parties might ultimately choose not to appeal for various reasons.

According to the lawyer, the SEC might hesitate to appeal because, even if successful, it could potentially jeopardize their overall case. Winning the appeal would retract some unfavorable aspects of the trial-level case. However, if the SEC were to lose at the appellate level, it could set a precedent that all courts in the 2nd DCA (Second District Court of Appeals) would have to follow, amplifying the impact of their loss.

On the other hand, Hogan believes that Ripple may opt not to appeal if it can afford to pay the fine and if the rulings effect on its business, particularly the aspect concerning the On-Demand Liquidity (ODL) feature, is manageable. These factors, combined with the fact that Ripple secured a favorable outcome in the ruling, might dissuade them from pursuing an appeal.

When considering the potential...

The value and popularity of TerraUSD Classic, or USTC, the algorithmic stablecoin of the Terra Classic (LUNC) ecosystem, have skyrocketed recently.

Today, the stablecoin makes a surprise rally, sparking a great deal of interest among investors and cryptocurrency aficionados.

The sharp growth in USTC could be an indication of a sharp rise in demand and emphasizes the markets rising confidence in this stablecoin.

Data from crypto market tracker Coingecko shows USTC trading at $0.0186, notching a 24-hour increase in value of 21.4%. In the last seven days, the stablecoin registered an impressive 58% rally, causing its trading volume to balloon to a solid 409%.

USTC Organic Growth Pushes Stablecoin Up

Despite the fact that the causes of this upswing are yet unknown, the recent spike in USTCs value shows organic growth.

Organic growth refers to the increase in value of USTC that occurs naturally, without the influence of external factors or artificial means.

It suggests that the growth is the result of the companys internal operations, strategies, and market dynamics, rather than being driven by external factors such as acquisitions, mergers, or financial manipulations.

After it was de-pegged more than a year ago, USTC saw a huge price decline. Since USTC is a stablecoin with a 1:1 tie to the USD, its price should always be $1.

The stablecoin has since traded at lower prices, reaching a 52-week high of $0.06 during that time. There are signs, nevertheless, that USTC could revisit the $1 level and recoup its worth.

The TerraUSD Classic de-pegging caused major difficulties for the larger digital currency ecosystem, and its effects are still being felt today.

A few Web3.0 firms with exposure to its parent company Terraform Labs went out of business in addition to the more than 99% decline in price of its linked cryptocurrency, Terra Classic.

Th...

SNX, the native token of the Synthetix Network, has been on the rise, gaining more than 35% in the past week. The cryptocurrency continues to exhibit strong bullish momentum, having registered a positive market performance over the past few weeks.

SNXs recent price surge has been linked to the positive sentiment surrounding the Synthetix network. A few days ago, the protocol announced its plan to release a new decentralized exchange (DEX).

Synthetix Token Tallies 35% In One Week Price Overview

The cryptocurrency market experienced a jolt of positivity after the long-running battle between payments and technology firm Ripple the company behind XRP and the United States Securities and Exchange Commission (SEC) came to a positive conclusion on Thursday. US District Judge Annalisa Torres delivered a landmark judgment declaring the XRP token as non-security, thereby granting a decisive triumph for Ripple.

However, unlike other cryptocurrencies, the price of SNX barely reacted to this piece of news. The tokens value increased by a mere 5% following the announcement of the courts decision.

SNX did experience a surge of its own the following day. On Friday, July 14, the tokens price jumped by nearly 40%, touching the $3 level before retracing back to $2.5.

As of this writing, the Synthetix token is valued at $2.82, with an 8% price increase in the last 24 hours. With a market cap of $903.4 million, SNX ranks as the 47th-biggest cryptocurrency, according to CoinGecko data.

The recent increase in SNXs price is believed to have been triggered by the announcement of a new Synthetix trading product. In a blogpost released on Friday, the protocols founder Kain Warwick unveiled plans to introduce a new derivatives front-end called Infinex.

What Is Infinex?

Infinex is a new derivatives front-end to the decentralized trading infrastructure of Synthetix. The exchange is expected to be an improvement on the already-existing Kwenta, Synthetixs derivatives decentralized exchange on Optimism.

According to Kain Warwick, Infinex will remove the impediments to the growth of Synthetixs decentralized trading ecosystem. Firstly, it will address the inconvenience of acquiring sUSD, Synthetixs stablecoin, to begin trading on Kwenta. Also, it will eliminate the need to sign every action on th...

In todays news, the prominent stablecoin TrueUSD with the ticker TUSD is now undergoing a management change.  According to a thread this morning by the projects official Twitter handle, Archblock Inc., the current TUSD operator, has begun the transfer of total control of Token to its Asian-based owners, Techteryx Ltd. 

Techteryx Finally Assumes Control Of TrueUSD

Back in December 2020, Techteryx acquired ownership of TUSD but hired Archblock to keep maintaining the stablecoins operations. And for the last two years in which Archblock remained TUSDs operator, Techteryx claims to have been focusing on expanding the tokens foreign use cases in the global markets. 

Related Reading: BUSD Market Cap Plunge Of 80% Raises Concerns Of Impending Collapse

However, Archblock has now commenced the transfer of control yesterday, July 13, marking the end phase of TUSDs international transition. Upon completion, Techteryx will reportedly assume full management of all aspects of the stablecoins operation.

These controls will include mining and redemptions, customer onboarding and compliance, conservation of fiat reserve, and maintenance of banking and fiduciary relationships.

During the transition period, Archblock will continue to support the US-based TUSD users, with Techteryx stepping in with the necessary guidance and further updates. 

Prior to todays news, TUSD has attracted some interest especially following Binances recent moves with the stablecoin. On June 21, the cryptocurrency exchange announced the launch of a TUSD zero-maker fee promotion for spot and margin trading pairs beginning from June 30.

Interestingly, Binance had minted $1 billion worth of TUSD on the Tron network a week before making that announcement becoming the largest holder of the token.

Related Reading: Stablecoin Market Share Dwindles As USDC And BUSD Supply Deplete

At the time of writing,...

The news of Ripples recent partial victory against the SEC after a legal battle spanning almost three years sent a ripple of joy around the entire crypto industry. However, according to a legal expert on Twitter, Lawyer Bryan Jacoutot, the victory might be short-lived as SEC has enough grounds to appeal the decision and drag this thing out for a lot longer.

The SECs Lawsuit Against Ripple Labs

The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that Ripple had conducted an unregistered securities offering worth over $1.3 billion through the sale of XRP. According to the SEC, XRP is a security under federal securities laws. But the court determined on June 13 that the random programmatic sale of XRP to regular investors does not constitute the sale of an unregistered security under Howey. 

However, sales to institutional investors fall under Howey, which is used in the United States to determine whether a transaction qualifies as an investment contract. In this case, the Court found that the buyers couldnt know who was selling them the XRP, unlike the institutional investors who would expect Ripple Labs to use the capital for the betterment of the Ripple ecosystem.

According to Jacoutot, the Courts reasoning is weak and Howey was misapplied in the case. The Court reasoned that regular investors bought XRP fully knowing that it is subject to the general cryptocurrency market trends, especially secondary sales of XRP tokens. However, Jacoutot believes those buying XRP would have also expected to make a profit from the efforts of Ripple Labs.

The attorney also made a case of the Ethereum Foundation, as everyone who took part in the pre-sale of ETH knew they were buying from Ethereum Foundation. When looking at the XRP ruling in a similar manner, this would mean institutional investors of the ETH presale also bought unregistered securities.

What Does The Ruling Mean?

According to Jacoutot, the ruling opens up a few loopholes that can be exploited. In a tweet by attorney Joe Carlasare on Twitter, it explains that the logic of the ruling leaves an opening that can be used to lawfully launch a pyramid scheme. In this case, profits from the programmatic sales to retail investors can be distributed to institutional investors.

Ripple CEO Brad Garlinghouse has...

Cathie Woods investment firm, Ark Invest, has made significant moves in its holdings of Coinbase shares, selling over $50 million worth of shares as the cryptocurrency exchanges stock continues to surge. 

This marked the second time in a week that Ark Invest reduced its stake in Coinbase, reflecting its active management approach amid a backdrop of regulatory developments and industry optimism.

At the same time, Ark Invest has been actively investing in other notable companies, including Meta Platforms and Robinhood. 

Ark Invest Cashes In on Coinbase Rally

Ark Invest, led by Cathie Wood, sold a total of 478,356 shares of Coinbase on Friday, amounting to more than $50 million. The sales were spread across Arks flagship fund, Ark Innovation ETF, which sold 263,247 shares, Ark Next Generation Internet ETF, which sold 93,227 shares, and Ark Fintech Innovation ETF, which offloaded 121,882 shares. 

This decision comes on the heels of Coinbases role as a surveillance-sharing partner for several spot Bitcoin ETF applicants, including industry giants BlackRock and Fidelity. Furthermore, recent legal rulings surrounding the status of the cryptocurrency XRP have added to the overall industry optimism.

However, despite the sales, Ark Invest remains the second-largest owner of Coinbase shares, holding a 6.30% stake. 

Looking To The Future With Meta Platforms and Robinhood

While reducing its Coinbase holdings, Ark Invest has also been actively investing in other crypto-adjacent companies. The firm initiated purchases of shares in Meta Platforms (formerly Facebook) and Robinhood. In June, Ark Innovation ETF acquired 69,793 Meta shares, while Ark Fintech Innovation ETF purchased 111,843 shares of Robinhood. 

Additionally, the Ark Next Generation Internet ETF increased its holdings with 12,559 Meta shares and 169,116 Robinhood shares. These strategic investments reflect Ark Invests ongoing strategy to navigate the evolving digital asset market.

Ark Invests decision to trim its Coinbase holdings after significant acquisitions during market volatility and regulatory challenges demonstrates a calculated approach to secure profits amid the stocks impressive rally this year and indicates a calculated effort to secure profits during the stocks rally.

Also, it demonstrates the firms commitment to diversifying its portfolio for long-term growth potential, as evidenced by its investments in Meta Platforms and Robinhood. 

As the crypto market continues to evolve, Ark Invests actions will be closely watched by...

Is Dogecoin (DOGE losing its charm? Despite the impressive price rally in May, recent trends suggest a decline in engagement and investor interest. As the crypto market continues to evolve, concerns are mounting about the broader implications of Dogecoins waning appeal. 

Dogecoins engagement metrics have faltered, leaving some experts wondering if the cryptos allure is wearing off. Market indicators show a decline in trading volume, with fewer transactions taking place compared to previous months. 

Will this once-beloved digital currency be able to regain its momentum, or is its star beginning to fade?

Dogecoin New Addresses Stagnant

The growth of new addresses joining the Dogecoin community has hit a roadblock since May, according to a recent DOGE price report. However, on-chain data analysis reveals that this stagnation in new holders has not adversely affected the weighted sentiment associated with the cryptocurrency.

As of the latest update, DOGEs weighted sentiment stands at -0.645. This metric provides insights into the average sentiment attached to a particular cryptocurrency, taking into account the unique social volume surrounding it.

Interestingly, despite the somewhat negative value, the weighted sentiment has shown improvement from its low point of -1.99 on June 9. This shift suggests that the prevailing defeatist perception during that period has gradually shifted towards a more optimistic outlook.

Social Volume And Holder Count: A Diverging Trend

However, while the weighted sentiment demonstrates a positive trajectory, the coins social volume tells a different story. Instead of aligning with the stagnant number of holders, the social volume of Dogecoin has remained remarkably low since June 9, as per Santiments data.

Social volume measures the number of mentions and discussions...

Polygon (MATIC) has demonstrated a significant price surge in the past week, rising by 27.39%. This bullish momentum has been further reinforced by a 9.38% increase in the last 24 hours. However, in the most recent hour, the price experienced a slight decline of 1.04%. Currently trading at $0.84 per MATIC, the cryptocurrency remains 71.11% below its all-time high of $2.92.

Reasons For The Price Movement

Multiple factors have contributed to the recent price movement of the crypto. Firstly, a favorable court ruling for XRP ripple effect on market sentiment, potentially influencing the performance of other cryptocurrencies like MATIC. The courts determination that XRP is not a security has provided investors reassurance and positively impacted the overall cryptocurrency market.

Related Reading: PEPE Sees Sharp 17% Surge, But Will This Whale Spoil The Party?

Furthermore, the increased activity of decentralized applications (Dapps) on the Polygon Network has significantly driven up demand for MATIC. The networks reputation as a scalable and efficient solution for the Ethereum network has attracted numerous developers and users to build and interact with Dapps on the platform. This heightened interest in the Polygon Network has increased demand for MATIC tokens.

Additionally, the highly anticipated launch of Polygon 2.0 has generated excitement within the community. This proposed upgrade aims to enhance the functionality and scalability of the Polygon Network, allowing for the support of multiple chains without compromising security. If successfully implemented, Polygon 2.0 could further solidify MATICs position as a leading blockchain solution, potentially attracting more investors and driving higher prices.

Expectations For Polygon

Looking ahead, Polygon holds promising prospects for further growth and development. With a total value locked (TVL) of $1 billion on the Polygon Network, the platform has established itself as a prominent second-layer scaling solution for Ethereum. The increasing TVL, which has grown from $878 million in the previous month, indicates...

BNB Chain, the blockchain platform powering the Binance ecosystem, has recently emerged as a formidable force in the crypto world, surpassing its competitors in terms of daily active users. This surge in user engagement has coincided with a surge in the value of the BNB token, which has experienced a steady increase of over 5% within a single week. 

As BNBs daily active users continue to soar, one cant help but question the overall impact of this unprecedented growth. What lies behind BNBs ability to outshine its rivals and attract a growing user base? Is there a hidden catalyst propelling its value upwards? 

Moreover, as these metrics diverge from the norm, skeptics begin to raise valid concerns about the sustainability and potential risks associated with BNBs rise.

BNB Chain Surpasses BTC, ETH In Daily Active Users

In the ever-evolving landscape of blockchain technology, BNB Chain has recently achieved a significant milestone, surpassing renowned chains such as Bitcoin (BTC) and Ethereum (ETH) in terms of daily user activity. According to a BNB analysis, the chain secured the second position, solidifying its position as a formidable player in the crypto world.

Token Terminals data also revealed that BNB Chain boasts an impressive count of over 1 million daily active users, a testament to the platforms growing popularity and appeal. This notable achievement is even more remarkable considering the longstanding dominance of Bitcoin and Ethereum, which have traditionally held the top positions in the cryptocurrency market.

The BNB token has also made waves in the market. Currently priced at $248.78, it experienced a slight setback with a 3.5% slump in the past 24 hours. However, the token quickly bounced back with a decent 5.4% increase in the last week.

...

Avalanche (AVAX), the native token of the Avalanche blockchain, has witnessed a notable price surge of 27.39% over the past seven days, capturing the attention of traders and investors. Currently facing strong resistance at the EMA50 daily level, AVAX is showing promising signs of potential bullish momentum. As buyers accumulate AVAX anticipating a breakout, optimism grows within the market.

As of the latest data, Avalanche is trading at $15.45 per AVAX, showcasing impressive price growth within the past week. With a circulating supply of 345,845,505.008 AVAX, the tokens total market capitalization stands at $5,294,894,681.68. Furthermore, AVAX has experienced a substantial surge in trading volume, which has increased by $2,091,996,941.63 in the last 24 hours, marking a significant 381.96% rise. In the past day, approximately $547,703,576.77 worth of AVAX has been traded.

AVAX: Strong Resistance And Accumulation

The EMA50 daily level has emerged as a formidable resistance point for the coin, presenting a considerable challenge for buyers to overcome. However, buyers increasing accumulation of AVAX indicates a positive sentiment and a belief in the tokens potential to breach the resistance level. Traders have noticed similarities between AVAX and other successful cryptocurrencies, drawing comparisons that suggest a potentially significant price surge.

Related Reading: XRP Explodes With 1,300% Surge In Trading Volume As crypto Exchanges Jump On Board

Looking at the technical indicators, its relative strength index is at 65 in the neutral zone between the oversold region of 50 and the overbought region of 75. The Moving Average Convergence/Divergence (MACD) is currently in the buy zone which is a bullish signal. In addition, the histogram bars are green and signal that a bullish trend is ahead and if the bulls persist, the crypto is likely to have a sustained uptrend in the coming days

Growing Investor Interest And Bullish Sentiment

The ongoing accumulation of AVAX demonstrates a growing interest and confidence among investor...

In a long-awaited decision, Judge Torres ruled in favor of XRP in their case against the U.S. Securities and Exchange Commission (SEC) yesterday. The verdict is a positive development for the cryptocurrency industry, particularly with a focus on whether digital assets should be deemed securities in the US.

The ruling is expected to set a precedent for the industry moving forward. It is positive for both altcoins and the wider industry, as the default expectation is that these assets are not deemed securities so long as they are made available to the public. 

This event will likely have wider implications for ongoing legal cases and may help rebuild confidence in the industry for developers and attract more liquidity to the ecosystem.

XRP Defies Expectations With Massive Price Surge And Trading Volume Spike

Following the news, XRP saw a surge in price, reaching as high as $0.93, the highest price since May 2021, and closing at $0.82. 

According to data compiled by the research company CCData, the news led to an influx of trading activity, with XRP trading pairs on centralized exchanges (CEX) recording a total volume of $6.05 billion on the day, an increase of 1351% from the previous day.

The relisting of the asset on other centralized exchanges, including Coinbase, Kraken, and Gemini has also contributed to the spike in volumes. 

The news surrounding the ruling also led to almost 100% daily gains for XRP, with other tokens such as Solana (SOL) and Cardano (ADA), recently deemed securities, seeing significant gains of 35% and 28%, respectively.

Despite the negative backdrop that XRP has faced due to the lawsuit, its market depth liquidity at the 1% level has remained resilient year-to-date (YTD). XRPs 1% bid/ask side depth at Yearly Open was 26.5 million XRP, which saw a variance of 0.41% throughout the year and remained strong at 25.1 million XRP on the 12th of July.

Derivatives Data Shows Positive Sentiment

According to the report, Derivatives data indicate that XRPs positive funding rate remained steady over the past few days, in line with the wider positive market sentiment. 

The lawsuit news generated a significant rise in speculative interest on the bid side, with a $280 million increase in Open Interest, from $635 million to a high of $913 million across exchanges. Moreover, funding rates reached over 0.03% across exchanges, over three times higher than its baseline level of under 0.01% before the announcement.

On the other hand, the funding rate history of XRP shows that speculators trading perpetual contracts have been favoring the upside, with minimal time...

In a significant turn of events, large cryptocurrency exchanges Coinbase, Kraken, Bitstamp, and Gemini announced their decision to relist XRP after a significant legal victory for Ripple against the Securities and Exchange Commission (SEC).

This momentous decision comes as a result of the exchanges reevaluating their previous delisting of XRP, showcasing a renewed confidence in the tokens regulatory standing.  This was brought about by the recent landmark court ruling by Judge Analisa Torres.

Coinbase, Kraken, And Bitstamp Reinstate XRP Trading

Coinbase, a leading cryptocurrency exchange, wasted no time in announcing the resumption of XRP trading following the court ruling. Brian Armstrong, the CEO of Coinbase, expressed the exchanges decision in a tweet, stating:

Coinbase will re-enable trading for XRP (XRP) on the XRP network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset remain available on @Coinbase &  @CoinbaseExch.

The reinstatement of the digital asset on Coinbases platform marks a significant shift in their position after delisting the token in January 2021. Kraken, another prominent exchange, also confirmed its plans to reinstate trading for the cryptocurrency, as Marco Santori, Kraken Legal Officer tweeted stated:

1/ This morning, the Federal Court for the Southern District of New York ruled that XRP is not a security. As such, just a few minutes ago, Kraken re-enabled trading in XRP for US users. 

Bitstamp, an early adopter of XRP, joined the bandwagon, emphasizing its role as a leading liquidity venue for the asset globally as it confirms the return of the token on its exchange for US users. 

Ripples Legal Battle And Market Impact

The court ruling stems from the SECs lawsuit against Ripple, which accused the company of conducting an unregistered securities offering through the sale and distribution of XRP.

Ripple chose to fight the lawsuit, investing substantial resources into the legal proceedings. The outcome of this case carries significant weight for the cryptocurrency industry, as it determines the regulatory oversight faced by digital asset firms.

Although Judge Torres recent summary judgment concluded that while Ripples initial sale of XRP to institutional investors could be classified as a securities offering, the subsequent trading of the tokens on crypto excha...

On-chain data shows a PEPE whale has made a large deposit to Binance, something that could provide an impedance to the meme coins rally.

PEPE Whale Has Deposited $7.2 Million To Binance

According to data from the cryptocurrency transaction tracker service Whale Alert, a massive PEPE transfer has occurred on the Ethereum blockchain during the past day.

The transaction in question involved the movement of 3.94 trillion PEPE, which was worth almost $7.2 million at the time the transfer went through on the network.

Generally, only the whale entities are capable of making such large moves, so its reasonable to assume that a whale investor would have been behind this transfer.

Due to the massive amount of capital involved in transactions of these humongous investors, they can sometimes cause noticeable fluctuations in the price of the asset.

As such, the movements of the whales can be something to watch out for. How such transfers may affect the market, though, depends on the exact intent the investor had behind it.

Here are some additional details regarding the relevant PEPE whale transfer, which may shed some light on what the whale wanted to achieve with the move:

As you can see above, the sending address in the case of this PEPE transfer is an unknown wallet, meaning that its an address unattached to any known centralized platform, making it likely that its the personal wallet of an investor.

The receiving address, on the other hand, looks to be a wallet affiliated with a centralized platform. More specifically, this address is connected to the cryptocurrency exchange Binance.

Transfers like these, where coins move from self-custodial wallets to exchanges are called ...

XRP has observed a massive 67% rally during the past 24 hours. Here are some facts on-chain data reveals about this price surge.

Several Indicators Have Surged Following The XRP Rally

In its latest insight post, the on-chain analytics firm Santiment has looked into the underlying metrics related to XRP as the cryptocurrency has seen an extremely sharp surge during the last day.

This rapid growth in the assets value has come following Ripples victory in court as XRP has been declared not a security. Immediately after the announcement, the coin had managed to rise by around 90%, but in the hours since then, the asset has taken some hit.

Nonetheless, the cryptocurrency has still managed to hold onto the majority of its gains so far, as its still up 67%. This rise has now made the asset the fourth largest in the space in terms of market cap, as it has leapfrogged past BNB.

Following the rally, the social dominance of XRP saw a sharp surge toward the 7.4% mark, as the below chart displays.

Social dominance measures how the discussions on social media related to any given coin (which, in this case, is XRP) compare against the combined amount of talk the top 100 assets by market cap are receiving currently.

At the current value of the metric, 7.4% of all discussions related to these top 100 coins are coming from XRP alone. Such a high amount of interest among social media users is generally a sign of euphoria, which usually leads to a correction in the price. This may explain why the asset has taken a hit since the initial jump.

In terms of whale activity, the network has naturally been active during this surge, as these humongous investors have made a large number of transactions, as shown below.

...