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Paris Saint-Germain’s fan token is one of several issued for sports clubs by the crypto company Socios.
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PSG Fan Token Jumps 25% as Football Club Triumphs Over Barcelona
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Cat-Themed Memecoin Surges 14.9% After Major Exchange Listing And Whale Frenzy
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Memecoins have been the most popular narrative of Q1 2024, with dog-inspired tokens leading the pack. However, one memecoin has been jumping on the roofs and assuring everybody hears it meow.
Cat in a dogs world (MEW) is a new player in the memecoin market, having been out for less than a month. In this short time, the token has left its clowder behind and joined the high ranks of the top ten memecoins by market capitalization.`
From The Roofs To The Ocean
The memecoin started remarkably, with a 267.54% growth during its first week. However, MEW is not immune to the crypto market dynamics, as its rally has slowed down with the corrections of Q2.
During the latest Bitcoin correction, MEW experienced a price drop of over 52%, going from trading at $0.00402 to as low as $0.00189 over the weekend, as seen in the chart below. A whale didn’t miss the chance to profit from the dip and bought 479.6 million MEW on Sunday.
MEW's perfomance followed Bitcoin's movements closely during the price correction. Source: Coingecko
According to Lookonchain data, a whale withdrew 10,438 SOL, worth around $1.54 million, from Binance to buy MEW. The whale bought the cat-themed token at an average price of $0.0032, doubling its investment in 48 hours.
At the time of this writing, the whale’s holdings are worth $3.12 million, and it has made over $1.56 million in profits. Moreover, after the first whale transaction, the token’s price began to recover from the drop, surging over 119% from its lowest point during the weekend as Monday started.
Major Exchange Listing Boosts The Memecoin
MEW continued its upward trajectory after being listed on one of the largest crypto exchanges by volume. On Monday, OKX announced the listing of popular token dogwifhat (WIF) and cat in a dogs world.
After the announcement, the cat-themed memecoin’s price surged 38.22% before retracing to the support zone of $0.00450 as the day closed. Nonetheless, MEW stole WIF’s hat, as the dog-themed sensation registered a 15.2% drop in the last 24 hours.
New Spot Listing 📢 $MEW @Mewsworld and $WIF @dogwifcoin will be listed on #OKX!
▶ Deposits: OPEN 🟢
📈 $MEW Spot trading: 8:00 am Apr 15 (UTC)
📈 $WIF Spot trading: 9:00 am Apr 15 (UTC)More: https://t.co/zCnI8TDmnQ pic.twitter.com/OJffIqMGAt
— OKX (@okx) April 15, 2024
The popularity of feline-inspired tokens has increased throughout 2024’s Q1. Several cat memecoins launches offered massive gains to investors during the first days of Q2. Despite many of those gains being driven by the Solana memecoin frenzy, it appears that MEW holds stronger than others among the clowder.
As Tuesday started, the token began to soar again, skyrocketing 21.3% in just one hour. MEW’s market activity also rose 17.7% in the past day, with a daily trading volume of $227.6 million.
Similarly, the token has become a hot topic, according to CoinMarketCap data. In an X post, the crypto data platform revealed that MEW was third as the most mentioned token in its CMC community.
Cat in a dogs world is trading at $0.00634 at writing time, jumping 14.9% from yesterday’s price. Despite being 38.3% down from its all-time high (ATH) of $0.00971, MEW registers a 60% surge in the weekly timeframe.
MEW's performance in the three-day chart. Source: MEWUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Spot Bitcoin ETF Hype Dies Down, Normalcy Sets In
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“Many banks, endowments, and pension funds worldwide are only now beginning their due diligence processes before considering strategic allocations to BTC through newly launched ETFs,” Kerbage continued. “As these large financial institutions make decisions over the coming months, it is likely that inflows will increase once again, potentially reaching new milestones for what has been one of the most successful ETF launches in US history.”
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Bitcoin Long-Term Holders Slow Down After 700,000 BTC Selloff, Reversal Sign?
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On-chain data shows the Bitcoin long-term holder selling pressure has been running out recently after an extended selloff from the group.
Bitcoin Long-Term Holders Have Sold Huge In Past 4 Months
As analyst James Van Straten explained in a post on X, the long-term holders have massively reduced distribution during the last ten days. The “long-term holders” (LTHs) here refer to the Bitcoin investors carrying their coins since more than 155 days ago.
The LTHs comprise one of the two main divisions of the BTC sector, with the other cohort known as the “short-term holders” (STHs). The STHs are naturally the investors who bought within the past 155 days.
Statistically, the longer an investor holds onto their coins, the less likely they become to sell at any point. As such, the LTHs represent the more committed part of the BTC market.
The STHs, on the other hand, are fickle-minded hands who may sell at the first sight of any FUD or profit-taking opportunity. As such, selling from the STHs is usually not that noteworthy. However, Selloffs from the LTHs can be something to watch for, as they rarely occur.
One way to track the behavior of these Bitcoin cohorts is through the total amount of supply they carry in their respective combined wallets. The chart below shows the STH and LTH supply trend over the past year.
How the supplies held by these two cohorts have changed during the past twelve months | Source: @jvs_btc on X
As displayed in the above graph, the supply of Bitcoin LTHs increased through most of 2023. At the same time, the supply of STHs naturally decreased.
Something to note here is that this increase in the LTH supply didn’t mean that these HODLers were buying then. Instead, some STHs bought 155 days ago and have finally held long enough to qualify for the cohort.
Thus, there is a 155-day delay between accumulation and the increase registered in the LTH supply. When it comes to selling, though, no such time lag exists, as the LTHs who transfer coins on the blockchain immediately eject from the group and become part of the STHs.
The chart shows that this trend of the supply of these diamond hands going up flipped this year, and the LTHs have been selling instead. In the past four months, these investors have distributed 700,000 BTC.
This excludes the selloff from Grayscale Bitcoin Trust (GBTC), which has constantly been bleeding coins since the US SEC approved the spot exchange-traded funds (ETFs) in January. These coins had also matured enough to become part of the LTHs.
Recently, as the price has gone through some bearish action, the LTH supply has flatlined, implying that the selling from these HODLers has finally stopped, at least for now. Given this new trend, it now remains to be seen how BTC’s value develops from here.
BTC Price
Following the latest drawdown in Bitcoin, its price has dropped towards the $63,200 level.
Looks like the price of the asset has gone down recently | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, Glassnode.com, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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What Bitcoiners Are Saying About the Upcoming Bitcoin Halving
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The biggest difference between the 2020 halving and the 2024 halving is skyrocketing institutional demand. Prior to the previous halving, institutions were on the sidelines. The market was dominated by retail investors. Since then, the market dynamic has drastically shifted. As one example, MicroStrategy didn’t make its first BTC purchase until August 2020. As of April 2024, the company reportedly holds 214, 246 BTC (roughly $13.625 billion). Of the 21 million bitcoins that will ever exist, around 12.27% currently belong to publicly traded and private companies, ETFs and countries.
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Arkham Releases Top 5 Crypto Rich List – You Won’t Believe How Much Is Inaccessible
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Arkham Intelligence, an industry leader in on-chain data tracking, has released a list of the richest people in crypto according to their wallet balances. This list has been making the rounds in the crypto community due to the top 5 alone being worth billions of dollars. But perhaps, what is more interesting is how much of this money has now been deemed inaccessible.
3 Of The Top 5 Crypto Rich List Lost Forever
Arkham took to X (formerly Twitter) to share the top 10 richest individuals in crypto ranked by the net worth of their wallet holdings. But the most interesting bits actually lay in the list of the top 5 richest individuals, which included the likes of Tron’s Justin Sun and Ethereum’s Vitalik Buterin.
According to the data shared by Arkham, Justin Sun emerged at the top of the list with a wallet balance of $1.1 billion, followed by Rain Lohmus, the Chairman of LHV Bank, whose wallet is worth $793 million. Next in line is Ethereum founder Vitalik Buterin, with a wallet balance of $782 million.
In fourth place is Stefan Thomas, a software engineer whose wallet holds a considerable $452 million. And then last but not least is James Fickel, with a total wallet net worth of $446 million. Altogether, these crypto millionaires and billionaire, hold a total of $3.5 billion. However, not all of this money is available to the owners.
As Arkham notes in its report, two out of these five individuals are no longer able to access their wallets anymore. The first of these two is Rain Lohmus who had invested $75,000 during the Ethereum ICO. Lohmus’s allocation came out to 250,000 ETH, which has appreciated greatly over time. However, he can no longer access the coins.
According to Lohmus, he had lost access to his Ethereum wallet and was unable to find the key to the wallet. Given this, the coins are presumed to be lost forever, but Lohmus has offered a 50-50 split to anyone who can access the wallet and recover the funds.
Another individual whose coins are deemed lost is Stefan Thomas. Thomas is infamous in the crypto space for throwing out a flash drive that held the private keys to a wallet containing over 7,000 BTC over 10 years ago. Since then, Thomas has led efforts to excavate the landfill where he believes his trash was sent to, in an effort to recover the flash drive and recover the coins. However, he has run into various issues, such as the city not allowing him to excavate the dump site.
The other three on the list still have access to their wallets and are still involved in the crypto space to varying degrees.
Total market cap at $2.2 trillion | Source: Crypto Total Market Cap on Tradingview.com
Featured image from Bankrate, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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