Schlagwort: crypto business

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Solana DEX volume dips 20% after co-founder slams meme coins

  • Solana’s DEX volume has lost nearly $700 million since Monday.
  • The downside follows comments from its co-founder criticizing meme tokens and NFTs.
  • The remarks sparked debates, especially since meme cryptos have fueled Solana’s growth.

The latest comments from Solana’s co-founder, Anatoly Yakovenko, left speculative trading enthusiasts shaken.

Meanwhile, the blockchain reflects the impact on the decentralized exchange (DEX) front.

Yakovenko dismissed NFTs and meme coins as assets without intrinsic value in a July 27 X post.

He compared them to a mobile game loot box, which serves speculative individuals.

Meanwhile, the comments dented sentiments as Solana’s DEX volume has seen a 220% decline from Monday’s $3.071 billion to $2.374 billion today.

While sudden dips are not uncommon in the cryptocurrency industry, some participants are connecting the dots.

Meme cryptos have fueled Solana’s growth

It is the irony that grabbed the community’s attention. While meme tokens lack traditional utility, they have been vital in Solana’s latest boom.

Nearly all themed cryptocurrencies that have dominated trends in the past few years launched on the SOL blockchain.

PNUT, WIF, FARTCOIN, and the current PENGU, you can name them.

Furthermore, Solana boasts the largest meme launchpads (Pump.fun and Raydium).

At times when top chains like Ethereum and Cardano were quiet, Solana flourished due to viral meme assets and NFTs.

Moreover, leading Solana DEXs like Jupiter thrived during meme coin seasons.

With these trends, Solana attained a strong community, culture, profits, and growth momentum.

Thus, many equate Yakovenko’s comments to biting the hand that fed their ecosystem.

Solana-based exchanges have experienced substantial slowdowns days following the controversial comments.

Whether the 20% slide is a usual cool-off or a reaction to Yakovenko’s remarks, Solana’s ecosystem took a hit.

The tone might have discouraged some participants, who are likely considering alternative meme launchpads.

For digital assets enthusiasts, meme tokens and NFTs represent culture, accessibility, and creativity in the crypto industry.

Moreover, they lower entry barriers into Web3.

Meme tokens lack value, but drive excitement

Yakovenko’s comments weren’t unfounded. Most meme tokens lack utility beyond attention.

They face criticism since they lack legitimate backing, use cases, and the fact that most creators launch them as speculative plays.

Projects can record staggering surges overnight and crash within minutes.

You probably remember the controversial LIBRA case.

Libra surged to $224 million market capitalization project before crashing within hours, leaving its investors with massive losses.

Its current market cap is $3.94 million.

Hype, not fundamentals, dictates the life cycles of most meme coins.

However, they also work. While themed cryptocurrencies lack substance, they attract attention and excitement in the digital currency markets.

Also, they onboard retailers who want to join the market without navigating complex protocols.

This phenomenon has benefited Solana, putting it in the spotlight during periods when top blockchains felt dormant.

Though Yakovenko’s remarks appear true, they exposed the fragility between market behavior and logic in crypto.

Besides decentralization, the fun side of the blockchain industry remains vital for the sector’s liveliness.

The post Solana DEX volume dips 20% after co-founder slams meme coins appeared first on CoinJournal.

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XRP inflows drop 95% since July spike, while Chaikin data signals possible rally

  • CMF at 0.15 signals tentative bullish inflows.
  • July 11 saw 220 million XRP hit exchanges; inflows muted since.
  • Ascending triangle suggests breakout possible above $3.24.

The XRP price is trading in a narrow band after reaching a monthly high of $3.65 earlier in July. It has since declined by nearly 14% to about $3.09, showing only a modest 5% weekly gain.

XRP price
Source: CoinMarketCap

However, market indicators and blockchain data now point to a potential reversal. Large wallets are showing signs of quiet accumulation, while exchange inflows remain low.

This combination has created an environment where even moderate buying activity could trigger a breakout if the right conditions align.

CMF indicator shows hidden demand building under $3.24

From 20 to 26 July, the Chaikin Money Flow (CMF) indicator showed a higher low, despite the XRP price declining from $3.60 to $3.09.

This bullish divergence suggests that institutional players or large holders have been steadily accumulating XRP during the pullback.

Currently, the CMF hovers around 0.15. For a stronger move to the upside, the indicator would need to rise further and break its previous high, confirming a surge in positive money flow.

Unlike trend-following indicators, CMF evaluates momentum based on price and volume. Its current behaviour indicates inflows are outweighing outflows, but just barely.

The signal remains tentative, not yet strong enough to confirm a breakout.

A decisive CMF shift above 0.20 could be a leading signal for a more aggressive price advance toward the recent high of $3.65.

XRP inflows to exchanges remain low after July 11 spike

On-chain data reveals subdued XRP activity on centralised exchanges, supporting the case for lower near-term sell pressure.

After a one-time spike on 11 July, when over 220 million XRP were deposited onto trading platforms, inflows have remained low.

By 29 July, the daily exchange inflow had dropped to just 9.7 million XRP, even as the price hovered around $3.12.

Low inflows typically suggest that large holders are not preparing to sell. In effect, this reduces available supply, giving any future demand more impact.

This trend, when combined with the rising CMF, points to a potential supply-demand shift in favour of buyers.

XRP charts reveal ascending triangle near key support zone

The 2-day XRP chart shows an ascending triangle pattern forming just below the $3.24 resistance line.

This is a bullish formation where price builds higher lows against a flat top, indicating accumulation pressure.

The structure suggests traders are increasingly willing to buy on dips, reinforcing the likelihood of an upward breakout if resistance is cleared convincingly.

Fibonacci levels place immediate support between $2.95 and $2.99. If XRP holds above this zone and breaks through $3.24, the next potential target is the recent high of $3.65.

A successful breakout above $3.65 would likely push the asset into price discovery, where historical resistance is limited.

However, any close below the $2.95-$2.99 support could invalidate the bullish outlook and force a reassessment.

For now, technical momentum and on-chain flows remain neutral to slightly bullish.

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SUI price outlook: bulls on edge as $173M token unlock looms

  • Sui gained 7% in the past day to $3.94 intraday high.
  • A massive unlock on August 1 sparks fears of potential bearish pressure.
  • Holdings above $0.275 could support imminent breakouts.

Digital currencies saw mild gains on Friday as the global crypto market cap increased by 0.55% the previous 24 hours to $3.9 trillion.

While most alts signal recoveries, SUI led today’s gainers with an over 7% surge to $3.94.

The uptrend has excited enthusiasts who are watching for new breakouts.

Nevertheless, the upcoming $173 million SUI unlock on August 1 has dented investor confidence due to potential selling pressure after the massive token release.

Can the altcoin withstand the bearish storm?

SUI’s August 1 unlock

Token unlocks are usual in the cryptocurrency market, but they often trigger anxiety as they can influence short-term price actions.

Sui’s upcoming unlock isn’t an exception.

According to Tokenomist, Sui will release 44 million tokens, worth around $173 million at current prices, on August 1.

That’s a massive figure, especially considering the prevailing broad market uncertainty and SUI’s market dynamics.

Significant token unlocks flood the markets, possibly introducing substantial selling pressure when recipients offload part of their balances.

In Sui’s case, the $173 million unlock could test its current momentum.

The altcoin trades at $3.95, and participants would now closely watch the ‘reliable’ support barrier at $3.75.

The foothold has previously held strong amid pullbacks.

If SUI holds $3.75 throughout unlock-driven volatility, it would be an optimistic signal.

Healthy performance after token release will indicate impressive demand despite the surge in supply.

Such an outlook would position Sui as a maturing blockchain unbothered by short-term events.

Bulls could hold the line after July’s robust performance

The primary question remains whether buyers can maintain control amidst the supply shock.

The latest uptick to $3.94 has renewed optimism about another breakout.

However, SUI should hold above the support at $3.75 to absorb the upcoming token supply without panic selling.

Meanwhile, SUI heads into August after an impressive monthly performance, which will likely add upside steam.

Sui’s total value locked closed July with a fresh all-time high above $2 billion after stable uptrends since late June.

A surging TVL is crucial since it confirms the chain’s overall financial health, highlighting increased adoption and growth.

It is a key liquidity indicator.

More total value locked makes it easier for individuals to execute trades without substantial price slippages.

Also, SUI’s decentralised exchange (DEX) volume hit record highs of $14.3 billion in July.

SUI’s current price outlook

The altcoin displayed impressive recoveries after hitting a low of $3.69 yesterday.

SUI trades at $3.94 with a 15% uptick in trading volume, demonstrating a possible momentum shift to the upside.

Short-term technical indicators suggest a buyer comeback.

The MACD has just made a bullish crossover with the signal line on the 3H timeframe.

Moreover, the RSI at 52 suggests neutral sentiments as bulls look to flip the script.

Holding $3.75 amid the looming unlock might support uptrends to the Monday high near $4.35, opening the path to $5.

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ATOM risks dropping below $4 as bearish momentum accelerates

Key takeaways

  • ATOM is up by less than 1% as the bearish momentum accelerates.
  • The coin could drop below $4 soon if the bearish trend continues.

Crypto Market Remains Volatile

The cryptocurrency market has been extremely volatile over the last 24 hours, primarily fueled by the FOMC meeting on Wednesday. The Fed kept its interest rate unchanged, causing a widespread dip in the crypto market.

The news saw ATOM, the native coin of the Cosmos blockchain, temporarily decline to the $4.2 mark. At press time, the price of ATOM stands at $4.49 and risks dropping $4 if the bearish trend grows stronger.

ATOM’s recent poor performance comes despite positive ecosystem developments within the Cosmos ecosystem. Cosmos recently reached 100 live chains and is progressing XRP integration via the Cosmos SDK and IBC.

With multiple supports breaking and sellers firmly in control, the path of least resistance remains downward.

ATOM could drop below $4 soon as sellers remain in control

The ATOM/USD 4-hour chart remains bearish and efficient as sellers remain in control. The technical indicators are also flashing bearish, suggesting a heavy selling pressure on the cryptocurrency.

The RSI of 43 shows that ATOM is within the negative range and could record further losses if the momentum remains unchanged. The MACD lines are also within the bearish zone, indicating selling pressure.

ATOM/USD 4H Chart

If the market conditions persist, ATOM could drop to the $3.9 support level formed earlier this month. An extended bearish run would see ATOM hit the $3.5 level for the first time since June.

However, market conditions remain volatile and could see ATOM rally higher in the near term. If the market conditions turn bullish, ATOM could surge above Monday’s high of $4.88. However, it would need the help of the broader crypto market to surge above the weekly high of $5.3.

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Best crypto presale right now? BPENGU is closing in on the $2M mark

  • BPENGU has all the hallmarks of the best crypto presale to buy right now.
  • Over $1.7 million has already been raised, and early buyers in Stage 1 are now staring at massive gains.
  • Bitcoin Penguins isn’t just riding on meme momentum.

Markets are buzzing again, even if the Fed is still holding back.

While Jerome Powell stopped short of promising a rate cut in September, crypto investors are already looking past macro noise and rotating capital into new opportunities—and few tokens are turning heads quite like Bitcoin Penguins (BPENGU).

With a fixed, rising-price presale model and an exploding community behind it, BPENGU has all the hallmarks of the best crypto presale to buy right now.

Over $1.7 million has already been raised, and early buyers in Stage 1 are now staring at massive gains by the time the final stage closes on August 27.

But that’s just the beginning.

Why Bitcoin Penguins is the presale to beat

The hype is real—and so are the fundamentals.

Bitcoin Penguins isn’t just riding on meme momentum.

Its team has put together a launch plan that solves the biggest issues from past projects, like insider concentration and vague token utility.

Only 3% of the total supply is allocated to team and advisors, leaving the lion’s share for the community, staking, and liquidity.

That means early buyers aren’t just getting in cheap—they’re getting in ahead of what could be the next meme blue-chip.

PENGU has already emerged as a standout performer this cycle, rallying 150% over the past month and cementing its status as a leading meme coin.

Bitcoin Penguins builds on that momentum, merging the viral appeal of penguin-themed tokens with direct integration into the Bitcoin ecosystem—an intersection that remains largely untapped and ripe for exploration.

BPENGU also introduces weekly 1 BTC jackpots for stakers and 100% APY rewards, offering actual financial incentives to hold.

That kind of earning potential is almost unheard of at this stage—and it’s happening just as altseason takes off.

Fed uncertainty, crypto clarity

Jerome Powell may be hesitant to commit to cuts, but the crypto market isn’t waiting around.

With equities chopping sideways and inflation risks still present, investors are increasingly eyeing high-upside plays—and presales are back in favour.

Powell’s remarks on tariffs pushing up consumer prices add more pressure on the Fed to stay higher for longer.

That has historically driven interest into alternative assets, and BPENGU is catching that wave early.

With its September 2 listing approaching fast, and presale momentum building daily, Bitcoin Penguins isn’t just another crypto launch—it’s shaping up to be one of the biggest meme events of the year.

If you’re looking for the best crypto presale to buy now, this might just be it.

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