Dima 🎩🐹
@chevapchevapovic
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Maneki, Moo Deng, and Sundog have surged between 40% and 55% over the past 24 hours as meme coins dominate crypto trading following Donald Trump’s victory in the U.S. presidential election for a second term.
Bitcoin jumping to a new all-time high above $76k to reach a new peak for the second day in a row has bulls rearing to go. The surge also saw 11k new Bitcoin millionaires emerge.
However, meme coins have shown the largest gains among the top 500 coins by market cap, drawing significant attention.
Maneki, the Solana-based cat-themed meme coin, leads with over $55% in gains at the time of writing. The Maneki token, off a recent top sports deal, has seen its price reach a three-month high above $0.009. The meme coin traded at lows of $0.006 earlier in the day.
Another meme coin to outpace the rest of the top 500 coins is Moo Deng, the meme coin on Solana based on the viral baby Hippo Moodeng. Over the past few months, MOODENG has skyrocketed to new highs amid catalysts such as Binance futures listing. 1 reply
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Binance is prioritizing Thailand as a key market in its mission to reach one billion users, with crypto-friendly regulations seen as a driving factor.
Cryptocurrency exchange Binance is betting big on Thailand as it aims to bring crypto mainstream worldwide, spotlighting the country’s regulatory openness, The Bangkok Post reports, citing Binance chief marketing officer Rachel Conlan.
Per Conlan, Thailand ranks among Binance’s top 20 markets worldwide, with local crypto penetration estimated at 12%, double the global average of 6%. She also praised Thailand for taking a “pioneering approach to crypto” and working to establish regulations and a framework “in the right way.”
Binance, which gained 60 million users in the past six months, attributes its growth to increased institutional adoption and positive developments like ETF approvals, Conlan said, noting the exchange sees a 20% global adoption rate as mainstream, a milestone it aims to reach within three years. 3 replies
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Toncoin’s price continued its strong sell-off on Monday as most tap-to-earn tokens on its network crashed and burn volume retreated.
Toncoin retreated to $4.90, down 41% from its highest point this year. It has also fallen nearly 30% since Aug. 24, when its founder Pavel Durov was arrested in France.
The sell-off coincided with mixed news about its ecosystem. On the positive side, stablecoin volume in the ecosystem has soared to over $1 billion for the first time.
Most of these coins are Tether, the industry’s largest stablecoin. An increase in stablecoins is a sign that the network is gaining traction among users, as they are the primary currencies used in the blockchain industry.
Toncoin’s price has, therefore, dropped due to several weak metrics in the ecosystem. For example, data from TonStat shows that the daily number of TON tokens burned has sharply declined in recent days, standing at 6,373, much lower than the year-to-date high of over 32,000. 3 replies
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Ethereum price has remained under pressure as exchange reserves rise, ETF inflows stall, and its market share in decentralized finance declines.
Ethereum was trading at $2,550 on Friday, Nov. 1, down by 37% from its highest level this year. In contrast, Bitcoin is just 4.7% below its all-time high.
Ether faces several challenges. Data from CryptoQuant shows that the volume of tokens in exchanges has been increasing in recent months, suggesting that some holders have started selling. Among those reportedly selling are the Ethereum Foundation and Vitalik Buterin.
Second, spot Ethereum ETFs are seeing sluggish demand from investors. According to Sosovalue, cumulative outflows stand at $480 million, while Bitcoin ETFs have seen over $24 billion in inflows.
Ethereum has also lost market share in the decentralized exchange sector to Solana . Data shows that Solana DEX platforms like Raydium and Orca handled $51 billion in volume in October, surpassing Ethereum’s $42 billion. 2 replies
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Cryptocurrencies and stocks remained on edge after the U.S. released weak nonfarm payroll data, pointing to a potentially dovish Federal Reserve.
Bitcoin pulled back from around $72,500 to the $70,000 level while Ethereum is now down more than 3% over the past 24 hours to $2,500. The total market cap of all coins dropped to $2.45 trillion, while the crypto fear and greed index moved from the greed zone of 65 to 57.
American stock index futures responded positively, with the Dow Jones, S&P 500, and Nasdaq 100 indices gaining 230, 33, and 130 points, respectively.
According to the Bureau of Labor Statistics, the United States economy added only 12,000 jobs in October, a significant drop from the 223,000 added in September.
The bureau attributed the low job additions to recent hurricanes in the U.S. and strikes at major employers like Boeing. Manufacturing payrolls dropped by 46,000, while government payrolls rose by 40,000. 2 replies
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Bitcoin price pulled back slightly after nearly retesting its all-time high of $73,800 on Oct. 29.
Bitcoin trading at $71,800 as crypto analysts predicted an eventual bullish breakout in the coming days.
In an X post, Mando CT, a crypto trader with over 600,000 followers on X and 300,000 on YouTube, predicted that the bull run was gaining momentum. He also noted that bullish sentiments in the crypto industry were “loud and clear.”
Other analysts have expressed optimism that the coin will continue its strong bull run. In an X post, Peter Brandt, a popular trader, noted that the coin was nearing a breakout, which would be confirmed if the price moves above the key resistance point at $76,000.
Meanwhile, Bitcoin’s rally has been accompanied by rising futures open interest, reaching $44 billion, the highest level on record. Additionally, the crypto fear and greed index has jumped to 67, indicating a “greed” sentiment.
Seasonality is also in Bitcoin’s favor. 2 replies
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Polygon’s price rebounded slightly on Tuesday as the crypto fear and greed index moved back into the greed zone.
Polygon (POL), one of the top layer-2 networks, rose to a high of $0.3340, marking a 10% increase from its lowest level this month. It remains 25% below its September peak, when it transitioned from MATIC to POL.
Polygon’s recovery coincided with improved on-chain data. According to PolygonScan, the network’s transaction volume rose to 3.1 million on Monday, a significant increase from the September low of 2.3 million.
Additional data revealed that the number of unique addresses on the network climbed to 470 million, marking an increase of 190,000 from the previous day. Polygon PoS chain utilization also rose slightly to 49%.
Polygon has become a key player in the blockchain industry, largely due to Polymarket, a platform that has gained popularity as a prediction market. Data shows that the largest prediction market on the network holds over $2.6 billion in assets. 1 reply
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