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OKX adds support for new USDC spot trading pairs

  • OKX has introduced support for multiple USDC spot trading pairs
  • They include ZK, LITH, ZERO, ZRO, XNO, ONDO and LQTY

Crypto exchange OKX has announced spot trading support for multiple tokens against the stablecoin USDC.

According to an announcement, OKX has added USDC trading pairs for ZK, LITH, ZERO, ZRO, XNO, ONDO and LQTY among other tokens. Trading for these USDC pairs will begin on August 29, 2024, with tokens added between 6am and 8:30 am UTC.

“To support the growth of the USDC ecosystem and meet our users’ diverse trading needs, OKX is introducing the following USDC trading pairs in our spot trading between 6:00 am and 8:30 am UTC on August 29, 2024: CFG/USDC, XNO/USDC, LITH/USDC, ZK/USDC, LQTY/USDC, ZERO/USDC, ZRO/USDC, ONDO/USDC and G/USDC,” OKX notified its users.

ZKsync, Ondo and LayerZero are among the notable altcoin addition to the USDC spot trading market on OKX. Earlier this month, the exchange added USDC trading pairs for Basic Attention Token, Balancer, Moonriver, Ampleforth Governance, wrapped Bitcoin and Alchemix among others.

The exchange also recently added USDC, USDT, Bitcoin and Ethereum trading pairs against the Australian dollar (AUD).

USDC stablecoin

USDC is a US dollar-pegged stablecoin redeemable 1:1 for USD and has its reserves custody with leading financial institutions.

According to USDC issuer Circle, the stablecoin’s current circulating supply is $34.6 billion, while reserves stand at $34.8 billion.

In terms of reserves, there’s $4.2 billion in cash and $30.6 billion in the Circle Reserve Fund, a SEC-registered US government money market fund. The reserve fund’s portfolio includes short-dated US Treasuries, overnight US Treasury repurchase agreements as well as cash.

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Litecoin shrimps capitulate as LTC declines

  • Litecoin price hovers around $63 with the altcoin down over 5% in the past week and 11% over the last 30 days.
  • According to CoinGecko, LTC has fallen 84% since hitting its all-time high above $410 in May 2021.
  • The downtrend that has seen one of the earliest cryptocurrencies slide out of the top 10 by market cap now has small wallet holders selling as price nears a crucial support area.

Market intelligence and on-chain analytics platform Santiment has highlighted a dip in Litecoin shrimp holders – wallet addresses with less than 1 LTC. These wallets have sold-off over 45,200 LTC, but analysts say this could be a “turnaround.”

“Litecoin has not been lighting social forums on fire with its market value dropping -36% since its April 1st peak. A sudden liquidation of 45.2K net 0.1-1 LTC wallets indicate that small traders are finally capitulating out of the OG crypto asset. Small fish impatiently ‘jumping ship’ is often a turnaround sign for an asset to begin turning bullish once again,” Santiment analysts wrote on X.

76% of Litecoin wallets in loss

In the past few months, the selling has coincided with price dipping from above $110 in early April. After bouncing from lows of $56 following the crypto crash on August 5, Litecoin is back below $64 and near the major support zone around $60.

Per IntoTheBlock, the In/Out of the Money indicator is largely bearish. About 76% of addresses are in loss at current price and only 18% are in profit. Notably, 22% of addresses have held LTC for less than a year and could be part of the capitulating small holders. 

However, 78% of wallets have held the altcoin for more than a year.

Litecoin price chart

0n the daily chart, both the RSI and MACD indicators suggest bears might push Litecoin price lower.

Litecoin price chart. Source: TradingView

The price is below the 50-day SMA, which could act as the primary resistance level around $66. On the other hand, further weakness could see LTC seek the demand reload zone around $55.

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Poodlana price rejoins the ongoing crypto rebound

Poodlana token rose for the second consecutive day as Bitcoin and other cryptocurrencies bounced back. It jumped to a high of $0.029, up by over 20% from its lowest point on Thursday this week. It has also soared by over 90% from the lowest point on Aug. 20.

Federal Reserve rate cut hopes

The main catalyst for the Poodlana rally was the ongoing crypto comeback. Bitcoin, the biggest crypto in the industry, surged to $64,260, its highest point in weeks and much higher than this month’s low of $49,000.

Other cryptocurrencies like Ethereum, Solana, Ripple, and Toncoin rose sharply. The other notable gainers were the likes of Sunpepe, Pepe, Dogwifhat, and Book of Meme.

This rally happened as investors cheered the upcoming Federal Reserve pivot as the US economy weakness continues. The most recent data showed that the manufacturing sector continued contracting in August.

Worse, the Fed has been relying on faulty jobs numbers to make its decision. A report released this week showed that the number of jobs created by the economy in the 12 months to March were 818k lower than the reported ones. That was the worst revision in over a decade. 

Therefore, in a statement last Friday, Jerome Powell hinted that the Fed would start cutting interest rates in September. The market also expects that the bank will deliver more rate cuts later this year to prevent a hard landing.

Cryptocurrencies and other risky assets do well when the Fed is cutting interest rates. A good example of this is what happened in 2020 as the Fed slashed interest rates to deal with the Covid-19. Bitcoin’s surge led to the birth of meme coins like Shiba Inu and Floki.

At the time, Bitcoin cut rates to zero, which helped to push Bitcoin to a high of $69,000. It then started falling when inflation started rising, leading to expectations that the bank would slash rates. 

The coins are also rising after Robert Kennedy dropped out of the presidential race and endorsed Donald Trump. This endorsement means that Trump could attract some of Kennedy’s voters. 

Poodlana to regain momentum

Analysts believe that Poodlana, a new Solana meme coin that raised millions of dollars has room to do well despite the recent turbulence.

They point to the performance of other meme coins that have moved from nowhere to become sensations. 

Some of the most notable tokens are Dogwifhat, Bonk, Pepe, and Floki, which have accumulated over $1.5 billion in market cap.

Indeed, data shows that meme coins are now valued at over $47 billion, making them more valuable than companies like General Mills, Electronic Arts, Kroger, Gartner, and Super Micro Computer. 

Therefore, because of Poodlana’s popularity during its token sale, there are chances that it will regain momentum in the coming months as investors rotate to risky assets.

Poodlana’s goal is to become the biggest animal-themed coin in the world. Analysts believe that it can rival the success of the likes of Dogecoin, Shiba Inu, and Dogwifhat. Learn more about Poodlana here.

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