Latest news with #CoinGlass
Yahoo
a day ago
- Business
- Yahoo
PEPE Dips Slightly as Market Cools, but Outperforms Broader Memecoin Sector
PEPE fell around 2% in the last 24-hour period as part of a broader 5% sell-off that started amid a crypto market slowdown and a wave of high-volume selling. The price slid from $0.000014268 to $0.000013568 during the session, with 349 billion tokens offloaded during the move, according to CoinDesk Research's technical analysis data model. The meme-inspired cryptocurrency briefly rallied to a session high of $0.000014713, supported by 11.7 trillion tokens traded in a single surge. But the attempt fizzled, encountering stiff resistance and triggering a swift reversal. The sharp move led to more than $4 million in liquidations, per CoinGlass data. That session high now stands as a firm technical ceiling, reinforcing trader doubts about near-term upside. Relative post volume on social media is up more than 23% compared to its 24-hour average, according to data from TheTie, suggesting growing interest. Support came in near $0.000013618, where buyers showed interest during earlier dips. While the token briefly moved below that level, it has since recovered to surpass it. Meanwhile, Nansen data shows that even as the top 100 addresses holding PEPE on Ethereum have increased their holdings by 0.11%, exchange wallets added 0.24% in the last 24 hours, showing a growing supply on the market. Despite the drop, PEPE is slightly outperforming the wider memecoin space. The CoinDesk Memecoin Index (CDMEME) saw a 2.4% drop in the last 24 hours, compared to PEPE's near 2% drop. Over the past month, PEPE is up nearly 55% compared to CDMEME's 41.7% rise. The frog-themed token has been outperforming after forming a golden cross pattern earlier this month. Crypto analyst Lark Davis on social media flagged a potential breakout target at $0.0000155. Technical Analysis Overview Trading volume spiked to 11.72 trillion tokens during a breakout attempt, signaling widespread market participation. Strong rejection at $0.000014713 now serves as a critical ceiling for further upside. Consistent buyer activity formed a key support near $0.000013618 A sharp deterioration began with 230.19 billion tokens sold in a concentrated period. Massive offloading occurred in successive waves of 237.67 billion, 329.19 billion, and finally 349.11 billion tokens. Activity dwindled to near-zero then, signaling trader fatigue and lack of conviction for recovery. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
ETH's ‘Most Hated' Rally Could Trigger $331M in Liquidations Near $4K, Says Analyst
Ether's summer surge has ignited fierce debate among market analysts, with many pointing to mounting short positions and shifting capital flows as key drivers behind the rally. The world's second-largest cryptocurrency is now trading near $3,755, up nearly 5.7% in the past 24 hours and more than 25% over the past week, according to CoinDesk Data. ETH holders have welcomed the rally, and some analysts believe it could accelerate further if a short squeeze forces bearish traders to close their positions. '$ETH is the most hated rally right now,' posted Crypto Banter on X, referring to the unusually high level of bearish positioning in the market. According to the CoinGlass data cited by the analyst, approximately $331 million worth of short positions could be liquidated if ether hits the psychologically significant $4,000 level. That liquidation cascade would likely accelerate price momentum in a classic feedback loop. Others see ether's outperformance as a clear sign of shifting market dynamics. Pentoshi, a well-followed trader on X, pointed to the steepest weekly drop in BTC dominance in four years as evidence of capital rotating into ETH. 'Enjoy the next few weeks,' the pseudonymous analyst wrote, adding that ether's current trajectory resembles a 'melt up' — a term used to describe rapid price increases driven more by fear of missing out (FOMO) than fundamentals. Pentoshi also noted a new structural tailwind: the emergence of ETH treasury strategy companies, which are aggressively accumulating ether on their balance sheets. 'Now we have ETH treasury companies that are only a month old and into buying, competing to get 1% of the supply each,' he said. While not naming names, this likely refers to publicly traded firms like Bitmine Immersion Technologies and SharpLink Gaming, whose large-scale ETH acquisitions have drawn increasing attention. Adding to the chorus, crypto analyst Benjamin Cowen highlighted that altcoins continue to underperform relative to ether. 'Alt/BTC pairs go up but they are lagging ETH/BTC,' he posted, suggesting that ether is capturing a disproportionate share of market flows. Cowen argued that ETH now carries lower relative risk than other altcoins and is behaving similarly to how Bitcoin did during previous cycles.
Yahoo
3 days ago
- Business
- Yahoo
Ethena's ENA Soars 20% as Protocol Sees $750M Inflow Amid Rising Crypto Funding Rates
Ethena's token ENA (ENA) surged on Sunday to its highest price in four months, as the decentralized finance (DeFi) protocol behind the token saw a fresh wave of inflows amid a broader crypto rally. The token, which serves as the governance token for Ethena, advanced roughly 20% during the day to over $0.50, topping that level for the first time since early February, according to CoinDesk data. Ethena is benefiting from the recent surge in crypto prices, generating higher yields for investors. The protocol issues the dollar-pegged USDe, marketed as a "synthetic dollar" with its price anchored at $1. It uses bitcoin (BTC), ether (ETH) and Solana's SOL (SOL)as backing assets, pairing them with an equal value of short perpetual futures positions on exchanges. The strategy generates revenue on its backing derivative assets when the perpetual funding rates are positive and passes on some of the income as yield to investors. Funding rates rose over the past few days after a long spell of near-neutral levels, CoinGlass data shows. The protocol's strategy now pays out almost 10% annualize yield to investors, more than double what money market funds pay out as a risk-free rate. Amid higher yields, the protocol's USDe attracted over $750 million in fresh inflows through the last few days, per DefiLlama data. At $6.09 billion supply, USDe is just shy below its February record supply of $6.1 billion, the project's dashboard shows.
Crypto Insight
4 days ago
- Business
- Crypto Insight
Ether preps record short squeeze as analysis sees $4K ETH price ‘soon'
Key points: Ether is currently forging a short squeeze that stands out in crypto history, says analysis. A 10% price increase would see another $1 billion in liquidated shorts. Shorts should now fuel a $4,000 ETH price rebound. Ether is 'making history' as ETH price gains spark a short squeeze for the record books. Fresh analysis from trading resource The Kobeissi Letter issued Friday now sees ETH/USD hitting $4,000 'soon.' Ether shorts risk punishment as ETH eyes 2025 highs Ether price strength has become one of July's crypto market standouts as altcoins slowly begin following Bitcoin higher. As the largest altcoin by market cap, Ether is punishing short positions at a rate rarely seen before, Kobeissi reports. 'Ethereum is making HISTORY: We are currently witnessing one of the LARGEST short squeezes in crypto history,' it summarized in a dedicated thread on X. 'Ethereum has added +$150 BILLION in market cap since July 1st, days after net SHORT exposure hit record highs.' Data from Cointelegraph Markets Pro and TradingView confirms that ETH/USD gained 20% over the past week alone. Local highs of $3,610 on Bitstamp almost match the year-to-date record seen in early January. Compared to its 2025 low, the pair is up over 150%. Now, Kobeissi not only sees $4,000 coming next, but also continuation of the short squeeze. 'If Ethereum rises another 10%, another $1 billion of shorts will be liquidated,' it calculated alongside data from monitoring resource CoinGlass. 'Furthermore, the fact that many of these shorts are leveraged is adding even more pressure. Ethereum could see $4,000 soon.' Bitcoin dominance drops to March lows Bitcoin meanwhile continues to consolidate below the psychologically significant $120,000 mark. At the same time, capital has been reported as flowing into altcoins as traders eye the potential for quicker returns. Bitcoin's dominance of the overall crypto market cap has halted a multi-year uptrend, falling to 61.4% this week — its lowest value since March. '$BTC.D Has only dropped 4.5% from the local highs and we can already see its impact on alts and ALT/BTC pairs,' popular trader Daan crypto Trades observed on X Friday. Daan Crypto Trades pinned the dominance drop on 'outperformance' from ETH and XRP in particular. 'When the market is eventually looking extremely overheated or shaky, capital will flee back into $BTC & Cash/Stables,' he warned, drawing a comparison to late 2024. Source:
Yahoo
5 days ago
- Business
- Yahoo
Shiba Inu's burn rate soars 900% as trading activity explodes
Shiba Inu's burn rate soars 900% as trading activity explodes originally appeared on TheStreet. Shiba Inu's burn rate has jumped a staggering 869.74% over the past 24 hours, according to Shibburn data, with nearly 5.89 million SHIB tokens permanently removed from circulation. This surge coincides with a massive uptick in trading activity: SHIB derivatives volume rose 25.34% to $586.29 million, while open interest climbed 13.5% to $287.41 million, per CoinGlass. The spike in burn activity suggests growing community efforts to reduce SHIB's circulating supply — now standing at 584.57 trillion tokens, out of a total supply of 589.25 trillion. Since its inception, Shiba Inu has burned over 410 trillion tokens, shrinking its initial 1 quadrillion supply by more than 40%. In crypto, "burning" refers to permanently removing tokens from circulation by sending them to unrecoverable wallet addresses. This deflationary tactic is designed to boost scarcity, theoretically increasing the token's value over time — especially in high-volume trading environments like SHIB's current derivatives boom. Derivatives data further shows increasing bullish sentiment. On OKX, the long/short ratio has climbed to 2.27, signaling more traders are betting on price gains. At the same time, liquidations ('rekt' stats) show more short positions getting wiped out — with $467.84K in long positions liquidated over 24 hours, compared to $269.44K in shorts. At the time of writing, SHIB is up 2% in the last 24 hours, trading at $0.00001479. Shiba Inu's burn rate soars 900% as trading activity explodes first appeared on TheStreet on Jul 18, 2025 This story was originally reported by TheStreet on Jul 18, 2025, where it first appeared.
