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Eth Holders Panic as Funds Flock to Rising Dogecoin Rival
Reinout te Brake | 18 Aug 2024 07:18 UTC
Amidst the current market volatility, ethereum holders are facing a period of uncertainty as the $ETH token experiences significant losses compared to its rival, bitcoin. With ethereum's market cap reaching $310 billion, the decrease in value has sparked concern among the community.
At the current price of $2,571, ethereum has dropped by 4% overnight and 16.5% over the past two weeks. In comparison, bitcoin fell by 3% overnight and 9% over the same two-week timeframe, highlighting ethereum's more substantial losses since the recent market-wide crypto crash.
The price chart indicates that $ETH is approximately 26.5% below the $3,500 resistance level that it maintained throughout most of the summer. Historically, $ETH found strong support around the $2,800 mark, but the recent crash caused the token to dip below $2,250, as reflected by the downward trend in the green support line.
Similar to bitcoin, ethereum's performance is closely intertwined with industry developments, political events, and macroeconomic news. Factors such as potential rate cuts by The Fed and the rise of pro-crypto figures like Donald Trump as the 2024 US Republican Presidential candidate could help restore confidence in the crypto market in the months ahead.
This resurgence would particularly benefit the ethereum community, known for hosting a robust ecosystem for blockchain-based activities such as commerce, financial services, and gaming. Nine ethereum ETFs recently debuted on US markets, attracting about $2 billion in total inflows, indicating growing interest from traditional investors in the ethereum space.
Panic Turns To FOMO: PlayDoge Presale
Despite the current apprehension surrounding ethereum's price, many crypto enthusiasts remain optimistic about $ETH's future prospects. As a pioneering project in the web3 space, ethereum is expected to continue its growth trajectory, albeit gradually, as the network enhances its capabilities and expands its range of decentralized applications.
To capitalize on potential future gains, savvy investors are diversifying their portfolios through participation in project presales that offer promising returns. One such project gaining traction is PlayDoge ($PLAY), a DeFi gaming platform that combines the nostalgia of 90s handheld digital pets with incentivized gameplay.
Since its launch in mid-Summer, the PlayDoge ICO has raised $6 million in investments, fueled by endorsements from prominent crypto analysts on YouTube. The platform offers users the opportunity to earncryptorewards by engaging in virtual pet ownership activities and in-game adventures.
PlayDoge operates on the binance Smart Chain (now BNB Chain) and has undergone a security audit by SolidProof, reassuring potential investors about the project's integrity. Participating in the presale is straightforward, as users can purchase $PLAY tokens using BNB, ETH, USDT, or credit cards.
To stay updated on PlayDoge's latest developments, community members can connect through X and telegram. Visit the PlayDoge website to secure presale prices and explore the platform's innovative features.
In an exciting development for cryptocurrency enthusiasts and investors, binance has unveiled its newest project in its Launchpool platform, Toncoin (ton), which emerges as the 56th project to grace this innovative initiative This addition is particularly notable for allowing users the opportunity to farm ton by staking BNB and FDUSD, signifying a new horizon in the crypto farming landscape starting from August 15, spanning a fruitful 20-day period
The world's leading cryptocurrency exchange by trading volume, binance, has strategically positioned Toncoin within its ecosystem, offering an unprecedented opportunity for its users The initiative commenced shortly after the introduction of IO NET (IO), embracing the Layer 1 blockchain initially crafted by the creators behind the widely popular telegram messaging service...
In the ever-evolving landscape of cryptocurrency investments, the exchange-traded funds (ETFs) market has recently witnessed a significant milestone BlackRock's cryptocurrency ETFs have edged past Grayscale's holdings, marking a pivotal moment in the race for digital asset dominance This transition underlines the shifting dynamics within the institutional investment sphere, highlighting BlackRock's ascending trajectory and the increasing appeal of its crypto offerings to investors
BlackRock's crypto ETFs Surpass Grayscale's Holdings
For the first time, BlackRock’s cryptocurrency ETFs, namely the bitcoin ETF (IBIT) and ethereum ETF (ETHA), have surpassed the on-chain holdings of Grayscale’s established funds, which include the Grayscale bitcoin Trust (GBTC) and Grayscale ethereum Trust (ETHE) As per the latest data, BlackRock's ETFs boast a staggering $21...
pepe ($pepe) Leads meme coin Market with 9 5% Crash Overnight
The price of pepe ($pepe), the third largest meme coin on the market and the biggest in the non-Doge category has crashed 9 5% overnight, posting the largest losses among the sector’s big three
At $pepe’s current price of $0 000007301, it’s about 15...