Kategorie: Crypto Markets

• BPENGU has raised $2.2M in presale so far, with listing set for September 2.
• BPENGU combines Bitcoin’s value with penguin meme appeal.
• ETH surge, with altcoin season boosting penguin token hype.

Bitcoin Penguins has been generating buzz in the investing community as one of the best altcoins to invest in due to its narrative and its tokenomics.

Bitcoin Penguins (BPENGU) combines two of the most potent forces in crypto: Bitcoin’s “digital gold” narrative and the viral meme power of penguin-themed tokens.

Supporters believe this pairing could create a new growth wave, positioning BPENGU as the next dominant player in the meme coin sector.

The “next PENGU” is here?

Promoters of BPENGU are framing the project as the natural evolution of the penguin meme coin trend.

The pitch is straightforward: take the proven appeal of Pudgy Penguins’ branding and fuse it with the perceived stability and prestige of Bitcoin.

The result is “cute meets cash” or “meme meets money.”

The project’s backstory is rooted in observing PENGU’s rapid ascent and identifying a gap for a Bitcoin-backed version.

The total BPENGU supply is 10 billion tokens, with 55% allocated to presale buyers, 20% for staking, and smaller portions for liquidity, cold storage, NFT giveaways, charity, and the team.

Presale stages last two days each, incentivising rapid participation.

BPENGU’s presale features a 15-stage structure, with token prices rising 5% at each stage. The token’s presale will run till August 27, with the listing date fixed on September 2.

BPENGU’s presale has already shown signs of strong demand, with the token raising $2.2 million so far.

The team has confirmed a decentralised exchange listing for 2 September, just 72 hours after the presale closes.

The launch timing plays into broader market trends. Bitcoin is trading with strong momentum, altcoin sentiment is recovering, and interest in penguin-themed tokens remains high.

Supporters believe these conditions create a favourable setup for BPENGU’s debut.

Ethereum momentum adds to altcoin narrative

The penguin token boom is unfolding against a backdrop of strong price action for Ethereum.

ETH surged past $3,900 on Friday, hitting $3,952 before easing to around $3,909.

The rally has been driven by record institutional inflows into ETH-focused treasuries and exchange-traded funds, alongside large-scale corporate allocations.

SharpLink Gaming recently announced a $200 million stock offering to expand its Ethereum treasury, potentially pushing its holdings above $2 billion.

Fundamental Global has also filed a $5 billion shelf registration with the SEC to build its own ETH reserve.

Public companies collectively hold over 1.74 million ETH, valued at nearly $6.9 billion.

Industry figures, including Ethereum co-founder Vitalik Buterin, have noted the potential benefits of corporate ETH treasuries, while also flagging possible liquidation risks.

The surge in institutional interest in Ethereum provides a supportive macro backdrop for the broader altcoin market, potentially bolstering appetite for high-growth meme projects like BPENGU.

Altcoin season and Penguin token momentum

The BPENGU launch comes as traders debate whether the next phase of the altcoin season is approaching.

In recent months, penguin-themed tokens have been among the strongest performers in this environment.

The roadmap includes ambitious goals: targeting a $50 million fully diluted valuation (FDV) in September, $1 billion FDV by October, and a long-term vision that extends to global brand partnerships and even penguin-themed consumer products.

With Pudgy Penguins setting the stage and Bitcoin Penguins entering with a Bitcoin-powered model, the penguin narrative appears far from over.

 

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• The SEC and Ripple have officially ended their long-running 2020 lawsuit by voluntarily dismissing their appeals.
• The dismissal leaves in place a 2023 ruling that included $125 million in fines for Ripple’s institutional XRP sales.
• XRP’s price jumped 5% to around $3.27 following the news of the case’s conclusion.

The protracted and closely watched legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs has officially come to a close.

In a joint filing on Thursday, the two parties informed the Second Circuit Court of Appeals that they were voluntarily dismissing their respective appeals, bringing an end to a landmark case that has captivated the cryptocurrency industry since it was first filed in 2020.

The joint stipulation, a formal agreement between the two parties, specifies that both the SEC and Ripple will each bear their own legal costs, effectively ending the years-long legal saga.

The lawsuit was originally initiated in 2020 by the SEC under its former Chair, Jay Clayton, who now runs the US Attorney’s Office for the Southern District of New York. The core of the SEC’s case was the allegation that Ripple had violated securities laws through its sale of XRP, the digital token closely associated with the company.

The market’s reaction to the news of the dismissal was swift and positive. The price of XRP jumped 5% following Thursday’s filing, trading at around $3.27 as of press time.

A look back at a contentious and consequential case

The path to this final dismissal has been a winding one. The legal battle had seen both sides claim partial victories. In a pivotal 2023 ruling, a district judge found that Ripple had indeed violated securities laws in its direct sales of XRP to institutional traders.

However, in a major win for Ripple and the broader crypto industry, the judge also ruled that Ripple’s programmatic sales of XRP to retail traders through exchanges did not constitute the sale of securities.

Following this split decision, the SEC filed an appeal in 2024, challenging the part of the ruling that favored Ripple. Ripple, in turn, cross-appealed to maintain its legal arguments in the case.

However, the tide began to turn earlier this year. Ripple CEO Brad Garlinghouse announced in June that both parties had agreed to drop their respective appeals.

This decision effectively leaves District Judge Analisa Torres’s original penalties in place.

These penalties, which were tied to her finding that Ripple had violated securities laws in its sales to institutional investors, included $125 million in fines and a permanent injunction against any further violations of the law by the company.

The parties had previously attempted to negotiate these penalties down, but multiple attempts were reportedly rejected by Judge Torres due to procedural and other concerns.

A shifting regulatory landscape under new leadership

The move to pause and ultimately dismiss the appeals also comes amidst a broader shift in the US regulatory landscape for cryptocurrencies.

This shift has occurred since President Donald Trump retook office and installed new leadership at the SEC.

Under this new leadership, the agency has reportedly dropped over a dozen cases and investigations into various crypto companies in the last few months, signaling a potentially more industry-friendly approach.

The formal conclusion of the long-running Ripple case is now being seen by many as another clear sign of this new regulatory chapter.

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• Whales have dumped $1.9B in XRP, sparking fears of a 30% price crash.
• SEC ruling and ETF news could trigger a major price reversal.
• XRP must hold $2.65 or risk falling toward $2 support.

XRP price is down 15.7% from its recently set all-time high, slipping from $3.65 to around $3.07, as heavy whale sell-offs and looming regulatory developments send ripples through the market.

Despite holding above $3, the broader sentiment remains fragile, with analysts warning of a potential 30% drop if support levels give way.

As investors await a critical US SEC decision that could redefine XRP’s regulatory status, large holders are quietly exiting the market in volumes not seen since the last major correction earlier this year.

The timing of these outflows, combined with weakening momentum indicators and fading volume, has traders on edge.

Whales offload billions as fear returns

Over the past month, XRP whales have unloaded more than 640 million tokens, worth approximately $1.91 billion, according to on-chain data analysed by The Enigma Trader on CryptoQuant.

These outflows, most of which occurred while XRP traded between $2.28 and $3.54, have raised serious concerns among market observers.

Notably, this pattern of distribution during price rallies mirrors earlier activity in January and February, when a similar sell-off preceded a sharp correction.

This time, however, there is a broader structural weakness across altcoins, with XRP increasingly showing signs of fatigue.

Santiment data also shows $6 billion in XRP was dumped by whales since the July 18 peak.

Even Ripple co-founder Chris Larsen reportedly sold $26 million worth of XRP in July, adding to concerns that insiders and early holders are taking profits ahead of potential downside.

XRP momentum stalls, support levels under pressure

While the XRP price recently managed to push above the $3 mark, rising from $2.91 to $3.08 before closing at $3.07 at press time on August 7, technical momentum remains flat.

Buying pressure came largely from Korean exchanges, especially Upbit, which processed over $95 million in XRP trades within one day.

However, despite the short-term surge, the token failed to hold above $3.02, with volume quickly fading.

Currently, the $2.98 level serves as immediate support. If this level fails, the next critical floor lies at $2.65.

Analysts warn that a sustained breakdown below this support could trigger a fall to $2.06, a key mean-reversion point aligned with XRP’s 50-week EMA.

Adding to bearish concerns, XRP’s relative strength index (RSI) has been printing lower highs since January, even as the price reached new peaks.

This bearish divergence typically signals weakening momentum and has historically preceded sharp pullbacks.

SEC decision and ETF hopes bring volatility

Much of the current uncertainty also stems from the upcoming SEC decision regarding Ripple’s appeal withdrawal.

The agency is expected to deliberate on the matter this week, with a broader ruling likely by mid-August.

If the SEC formally recognises XRP as a non-security under US law, it could eliminate a longstanding regulatory risk.

However, until that ruling is finalised, market participants remain cautious. A favourable outcome could revive bullish momentum, but any delay or ambiguity may intensify current selling pressure.

Meanwhile, international developments offer a glimmer of hope. Japan’s SBI Holdings recently filed for a Bitcoin-XRP ETF, signalling renewed institutional interest.

Reports suggest corporates are exploring up to $1 billion in XRP allocations for treasury diversification, which could add significant demand if market conditions stabilise.

Eyes on $3.05 as key XRP price breakout level

Despite the bearish overhang, derivatives data show traders are positioning for a potential breakout.

According to Coinglass, bullish bets on XRP perpetual contracts currently outnumber shorts nearly 2-to-1, far more aggressive than positioning seen in Bitcoin or Ethereum markets.

Options traders, too, are focused on the $3.20 strike for contracts expiring in late August, suggesting expectations of a rebound if key levels hold.

However, without renewed accumulation from whales — at least 5 million XRP per day, according to analysts — the market may continue to struggle.

Until then, the $3.05 level remains the next test. A clean break above it could open a path to $3.14 and $3.25, especially if the SEC decision or ETF momentum breaks in XRP’s favour.

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• Cardano launches NIGHT airdrop to 30M wallets across 8 blockchains.
• Treasury vote and CBCA course boost Cardano’s ecosystem growth.
• Cardano’s ADA eyes breakout as it retests key resistance zone $0.74–$0.76.

Cardano (ADA) is riding a wave of renewed investor interest following the highly anticipated launch of the Midnight Network’s NIGHT token airdrop.

The toke airdrop, described by many as one of the most ambitious token distributions in the crypto space, has reignited bullish momentum within the Cardano ecosystem.

With strong fundamentals, favourable technical setups, and growing community engagement, ADA may now be on the verge of a significant breakout.

NIGHT airdrop ignites ecosystem excitement

The Midnight Network, Cardano’s privacy-focused sidechain, officially launched the NIGHT token airdrop — known as the “Glacier Drop” — on August 5.

The drop targets up to 30 million wallets across eight major blockchain ecosystems, including Ethereum, Bitcoin, and Solana.

However, Cardano wallets received the lion’s share, with 50% of the total allocation reserved for ADA holders.

This strategic move not only reinforces Cardano’s dominance in the airdrop but also rewards long-term supporters.

Eligibility was based on a snapshot taken on July 11, targeting wallets with at least $100 in native assets.

Over 23,000 redemptions, totalling more than 470 million NIGHT tokens, were processed within the first few days — an early sign of high user engagement.

Despite some technical glitches involving Ledger wallet signatures and destination address issues, the overall process has been praised for its smooth user experience.

Midnight’s phased distribution strategy, including a thawing period and a scavenger phase, aims to reduce speculative dumping and support steady adoption.

Cardano (ADA) price breakout from descending triangle

While the airdrop has drawn significant attention, the technical charts for Cardano (ADA) have quietly become increasingly bullish.

Technical analysis points to a successful breakout from a long-standing descending triangle, followed by a textbook retest at the $0.72 level.

This level now serves as a critical support zone. Cardano’s ability to hold above it suggests that the rally may be structurally sound.

Currently, ADA is retesting a key resistance area between $0.74 and $0.76. Multiple analysts agree that a break above this zone could open the door to $0.84, a crucial breakout point.

If ADA clears this level with volume, momentum could quickly push the price toward $1.00, and potentially $1.30 in the coming months.

Some market analysts, including CryptoBullet and Ali Martinez, have identified $1.35 as a potential liquidity target.

The long-term bullish scenario sees ADA extending toward $1.60 if broader market sentiment improves and key resistance levels are decisively broken.

Community governance adds more fuel

While technicals and airdrops have grabbed attention, Cardano’s recent developments in community governance have also helped boost investor sentiment.

The community recently approved its first-ever treasury funding proposal, greenlighting Input Output Engineering’s plan for core upgrades.

The approval marked a historic shift, enabling decentralised decision-making for future ecosystem development.

Additionally, Cardano has ramped up its global education initiatives. On August 6, it launched the CBCA blockchain certification course in Portuguese, targeting Brazil’s rapidly growing crypto market.

With Brazil reporting $7 billion in crypto volume and a 30% market growth last year, the move is viewed as a strategic attempt to onboard new developers and users.

Future course releases in languages like Hindi and Swahili could further expand Cardano’s global footprint.

Can ADA ride the Q4 wave again?

Historically, Cardano has shown a strong tendency to rally in the final quarter of the year.

In both 2023 and 2024, Q4 saw significant price increases for ADA following mid-year consolidations.

Current patterns suggest 2025 may follow a similar path. Seasonality, combined with bullish technical indicators and a major ecosystem event like the NIGHT airdrop, has set the stage for a potential surge.

With momentum quietly building, traders are now closely watching the $0.84 resistance level.

A breakout from this point could validate the multi-month reversal and propel ADA toward its next leg up.

The post Cardano price boost as Midnight’s NIGHT token airdrop goes live appeared first on CoinJournal.

• MemeFi surged 300% after Binance’s futures delisting news.
• A major short squeeze after Binance’s announcement triggered high trading volume and volatility.
• Binance delisting raises doubts about the rally’s sustainability.

MemeFi (MEMEFI), a tap-to-earn crypto project built around Telegram mini-games, has shot up by more than 300% in a matter of hours, pushing it into the list of the top gainers today.

However, doubts are emerging about the long-term viability of the memecoin price action, especially seeing that it comes after Binance announced it will delist the token’s perpetual contracts on August 11.

Why is the MEMEFI price rising?

The dramatic price surge appears to have been triggered by a major short squeeze, following Binance’s decision to delist MEMEFI’s perpetual futures contracts.

As the August 11 deadline approaches, traders are rushing to exit their short positions, creating intense buying pressure that sent the price skyrocketing.

This has forced a wave of short liquidations, reportedly triggering nearly $376 million in trading volume in just one day, propelling MEMEFI to over $0.0063 from levels below $0.002, although it has slightly pulled back to around $0.005026.

Open interest also hit an all-time high of $36.92 million, with the majority of those positions — roughly 54% — being shorts.

As a result, $1.28 million worth of short positions were liquidated on Binance alone, with further liquidations noted on platforms like Huobi.

Binance delisting looms over the rally

Despite the bullish momentum, the looming delisting by Binance has injected a dose of caution into the market.

The exchange confirmed that it will halt trading of MEMEFI and DEFI perpetual futures on August 11 at 09:00 UTC, meaning traders must close any open positions before the deadline or risk forced liquidations.

While spot trading remains unaffected, the end of derivatives trading significantly reduces speculative leverage opportunities.

Binance has warned users that it may adjust contract parameters or stop stabilising the MEMEFI market in the final hours. This warning has contributed to increased volatility and uncertainty.

The delisting decision appears to stem from sustained low trading volumes and reduced demand.

However, the surge in price and interest following the announcement may be too little, too late to change Binance’s course, and traders must now weigh the risks of staying in an asset that is losing major exchange support.

Concerns over MemeFi team’s silence and project fundamentals

Adding to investor unease is the silence from the MemeFi development team.

Until recently, the project’s official communication channels had gone quiet since May.

Only on August 6 did the developers resurface with a teaser for an app upgrade expected at the end of August.

This prolonged silence has raised questions about the team’s commitment to the project.

Although MemeFi boasts over 55 million users and 10 million on-chain wallets, its underlying utility has come under scrutiny.

According to DappRadar, the MemeFi ecosystem has seen negligible user activity in recent months, suggesting that the current rally may be more technical than fundamental.

Crypto analysts have also cautioned that the price spike could be driven more by trading pressure and algorithmic strategies than by genuine investor interest.

The project’s prior history includes extreme volatility, with previous rallies followed by price crashes of over 90%.

MemeFi price forecast: can the momentum last?

With MEMEFI still down more than 80% from its all-time high of $0.01376 in November 2024, the current rally has yet to repair its long-term trajectory.

Although the token is now trading at around $0.005026 and ranks at position 769 by market cap, its price remains highly susceptible to rapid changes due to low market depth and high slippage risks.

The final days leading up to Binance’s delisting may continue to be marked by high volatility.

But without stronger fundamentals or renewed user interest in its Web3 gaming platform, the sustainability of this price action is in question.

For now, while MEMEFI has shown it can still surprise, its future remains deeply uncertain in the shadow of Binance’s exit.

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