PEPE Vs GME: Which Meme Coin is Close to $1?

PEPE and GME have become the most preferred meme coins after their continuous gains and increasing demand in the market. But is PEPE really superior to GME?

Meme coins have officially taken
over the crypto market with continuous gains and profits over the
last few weeks. The gains are so high
that no other cryptocurrency can beat the growth of meme coins, including
Bitcoin. At the time of writing, the meme industry has grown to $60.5 Billion in market capitalization and
offers $ 11 billion of transaction volume alone. More importantly, PEPE
and GME were the top contributors to
creating hype about meme cryptocurrencies with their impressive
profits. So, in PEPE vs. GME, which one
is the meme king, or will hit the $1
first? Let us discuss that in this blog.

PEPE Price Analysis.

PEPE has made history after creating multiple all-time high records within two months. It has been on every investor's portfolio because of its huge profit potential as the token has presented many profitable opportunities, making a hundred times in profit for their investors. PEPE price is at $0.00001222 after setting a new all-time high record of $0.00001274 two hours ago.

With the ongoing price surge, PEPE is ranked 24th on CoinmarketCap for its market cap of $5.14B and trading volume of $3.71B, which is up by 423%. Moreover, the token is still bullish, so the price may rise even higher if the trend continues.

GME Price Analysis.

GME or Gamestop, is a newly launched Solana meme coin that has made huge gains recently. After its launch in February 2024, GME peaked at a high of $0.01352 before entering a downtrend. However, the price rose multiple folds earlier, creating an all- time high record of $0.0219 just a week ago. As for now, the Gamestop price has declined to $0.0219 after a 21% fall in the last 24 hours only. Moreover, its market cap and trading volume are down to $39,312,853 and $69,485,972.

What's interesting about GME is that it was launched with a comparatively lower supply for a meme coin.

#MemeWatch2024

Solana's Shiba Inu Goes Big: BONK Reaches $2 Billion Milestone.

In an exciting development within the cryptocurrency market, Bonk (BONK), the dog-themed meme coin built on the Solana blockchain, has surged by over 35% in price, pushing its market value to an impressive $2 billion.

This meteoric rise highlights the growing appeal of meme coins and their significant impact on the broader cryptocurrency market.

Bonk, inspired by the success of other dog coins like Dogecoin (DOGE) and Shiba Inu (SHIB), quickly gained traction after its launch on the Solana blockchain.

According to CoinMarketCap data, BONK's market capitalization is now $2.04 billion, placing it as the 55th largest cryptocurrency by market cap.

The broader cryptocurrency market has been experiencing positive sentiment, with major coins like Bitcoin (BTC) and Ethereum (ETH) showing strength. This overall bullish trend has spilled over to altcoins and meme coins, including BONK.

Crypto prices increased on signs of progress toward U.S. approval of exchange-traded funds investing directly in Ethereum, reversing a more negative outlook last week. The market rise is reminiscent of the investor excitement that preceded the launch of Bitcoin ETFs.

Santiment, an on-chain analytics firm, highlights BONK's spectacular price gain, citing the enthusiasm surrounding Ethereum's first-place ETF as a driver for one of crypto's top five days of 2024.

At the time of writing, BONK was up 28% in the past 24 hours to $0.00003217, and up 38% in the last seven days. BONK has been steadily rising since May 13 after reaching a low of $0.0000214. The rise culminated in highs of $0.0000345 in today's trading session. BONK's 24-hour trading volume is up 280% to $1.34 billion.

According to Kaiko, meme tokens have shown resilience after trade volumes reached multiyear highs of $71 billion in mid-March. Trade volume for meme coins remains robust, with weekly volume increasing by more than 200% year to date.

#MemeWatch2024

SpaceX Hits Major Milestone, Community
Expects DOGE to the Moon.

Tech centibillionaire Elon Musk has announced a major new milestone achieved by one of his largest and oldest companies - SpaceX.

The community on the X platform, which also belongs to him, responded immediately, congratulating the hard working CEO. Among them were also crypto-themed accounts that made allegations about SpaceX's crypto holdings going up in the future.

"SpaceX's crypto clearly going to moon".

In his tweet, the innovative entrepreneur, Musk, sent congratulations to the SpaceX team on its major new record – three million customers in 99 countries on the planet. Musk also extended his gratitude to SpaceX customers for buying Starlink.

Recently, as was announced by Elon Musk, this space-internet connection became available in Indonesia. Musk paid a visit to Bali as part of the promotion campaign.

Crypto user @XRPcryptowolf tweeted that he expects crypto held by SpaceX to go to moon. It is widely known that SpaceX holds Bitcoin and Dogecoin. As of March 1, SpaceX and Tesla together hold $1.3 billion worth of Bitcoin, with more than half a million U.S. dollars in profits after the bull run that took place back then. As for DOGE, this is is the only cryptocurrency both SpaceX and Tesla accept for their merchandise in online shops.

Elon Musk makes "Black Mirror" warning.

Earlier today, Musk commented on the recent Al innovation presented by the Microsoft Corporation to the public. It is a new feature added to the Copilot + PC, named "Recall."

The new feature will create photographic memories for users, Microsoft CEO Satya Nadella claims. It will take screenshots of all user activity on a PC and then process it with Al. Users will be able to search through this archive later on, according to the idea.

Elon Musk responded, saying that this really looks like "a Black Mirror" episode - a popular TV series about possible dystopian futures and the dominating role of technologies. Musk tweeted that he will certainly switch this feature off.

#MemeWatch2024

Dogecoin (DOGE) Skyrockets 150% in Volume Amid Bullish Momentum.

Dogecoin (DOGE) has seen a huge surge in trading volume, propelled by a bullish trend on the broader cryptocurrency market. The trading volume for DOGE spiked by an impressive 151.93%, reaching $2.06 billion, reflecting renewed investor interest and activity surrounding the meme-inspired cryptocurrency.

Simultaneously, Dogecoin's market capitalization has increased by 9.05% to $23.73 billion, solidifying its position as the eighth largest coin by market cap and the largest meme coin on the market. The rise in market cap indicates a significant inflow of capital into DOGE, driven by market optimism and positive sentiment.

Interestingly, data from CoinGlass
indicates that Open Interest in Dogecoin
has also surged by 18.63%, currently
standing at $970.77 million. Open Interest
represents the total number of outstanding
derivatives contracts, providing insights
into market participants' sentiment and
potential future price movements.

Dogecoin price goes bullish.

As of the latest trading data, DOGE is priced at $0.1649, marking an increase of 8.45% over the last 24 hours. In terms of technical indicators, the Relative Strength Index (RSI) for the meme coin stands at 56.83. RSI measures the magnitude of recent price changes to evaluate overbought or oversold conditions on a particular asset.

A value above 50 generally indicates bullish momentum, suggesting that DOGE is currently experiencing moderate buying interest. Meanwhile, the Moving Average Convergence Divergence (MACD) for DOGE is at 0.0009. MACD is a trend- following momentum indicator that shows the relationship between two moving averages of a coin's price.

A positive MACD value suggests that the bullish momentum is strengthening, potentially signaling a further price increase. Overall, the recent surge in Dogecoin's trading volume, coupled with increases in market cap and open interest, shows growing investor confidence.

#MemeWatch2024

Shibarium on Verge of Major Record as Transactions Shoot up 209%.

Shibarium, the layer-2 scaling solution associated with the Shiba Inu (SHIB) ecosystem, is reacting positively to the new uptrend on the market. Over a period of seven days, the total transaction count on Shibarium jumped from 6,000 on May 14 to 18,560 as of May 20. This jump accounts for over a 209% surge.

Shibarium is a unique blockchain protocol with a thriving community around it. For weeks, the Shibarium transaction count stayed relatively flat, however, the tides shifted when the Shiba Inu team launched the Shibarium hard fork on the mainnet. This marked a turnaround for the Ethereum L2 protocol.

With the transaction boom, Shibarium is now eyeing breaking the 420 million total transaction record. While the timeline to achieve this is currently uncertain, Shibarium has the right catalyst to help it drive its position to a new level overall.

Following the launch of the Shibarium hard fork, the Shiba Inu team also transitioned the ecosystem's pioneering decentralized exchange (DEX), ShibaSwap, to Shibarium. ShibaSwap to Shibarium marked a paradigm shift for the ecosystem as the DEX hosts transactions with the capacity to change the overall outlook of the meme coin project.

The benefit is already showing up with a corresponding impact on the price. At the time of writing, Shiba Inu is changing hands for $0.00002568, up by 6.88% in 24 hours to mimic the general upshoot in the broader market. As a token associated with the Ethereum ecosystem, SHIB might benefit from the prospective launch of a spot ETH ETF product by the United States Securities and Exchange Commission (SEC).

The odds of approval of this product at the
time were less than 25%; however,
Bloomberg ETF analysts raised their odds to a massive 75%, setting the market on a
bullish rampage. If approved, the price of
ETH might show further bullish strength, with a likely ruboff on Shiba Inu.

#MemeWatch2024

SHIB Price Prediction for May 21.

SHIB/USD.

The price of SHIB has increased by 6.45% over the last 24 hours.

On the hourly chart, the rate of SHIB is closer to the local support than to the resistance. If buyers loser the interim level of $0.00002540, the drop may continue to the $0.000025 zone soon.

On the bigger time frame, buyers could not keep the growth going after yesterday's bullish closure.

If the candle closes far from the $0.000026 mark, there is a chance to see a correction to $0.000025.

From the midterm point of view, it is too early to make any predictions. However, if the weekly bar closes above $0.000026 and with no long wick, the upward move may continue to the resistance level of $0.00002820.

SHIB is trading at $0.00002623 at press time.

#MemeWatch2024

$70,000 Bitcoin (BTC) and $3,600 Ethereum (ETH) Push Liquidations to $260 Million.

The enormous surge of Ethereum's price
was not the most expected event,
especially given the potential approval of
the Ethereum ETF. However, with the most recent news, we might see it sooner than expected. As sentiment flipped from
bearish to bullish, more than $250 million worth of shorts were liquidated in less than 24 hours.

On the technical front, Bitcoin's recent move has broken through key resistance levels, sending a strong signal to the market. The daily chart shows Bitcoin successfully surpassing the $67,000 mark, which acted as a significant resistance. This breakthrough has set the stage for Bitcoin to aim for the $70,000 level, a milestone that could solidify its position in bullish territory.

Ethereum's chart reveals a similar story. The cryptocurrency has managed to break past its 50-day and 200-day moving averages, indicating a strong upward momentum. The volume of trading has also seen a notable increase, suggesting growing investor interest and confidence in Ethereum's future prospects.

The impact of these price movements on the broader market has been profound. According to data, more than $250 million worth of short positions were liquidated as traders rushed to cover their positions amid the bullish trend. This massive liquidation has added further fuel to the rally, pushing prices even higher.

Interestingly, the liquidation data shows that the majority of these liquidations were short positions as, prior, to the Ethereum ETF news, the majority of the market was heavily inclined toward bearish sentiment.

The chart provided indicates that in the
past 24 hours alone, $328.73 million were
liquidated, with $267.06 million coming from short positions. In its current state,
the market may in fact gain momentum and
enter the second phase of 2024's bullrun.

Nearly $250 Million Bitcoin Transfer Stuns Major US Exchange.

A notable Bitcoin (BTC) transfer valued at $231.45 million has recently attracted attention. Thus, Whale Alert reported that an entity identified by the address "bc1qc" executed the transaction, transferring 3,250 BTC to Kraken, a major cryptocurrency exchange in the United States.

The history of the sender's address, "bc1qc," reveals limited information. Its initial transaction occurred in March 2024, receiving 0.002 BTC from another unidentified and now empty wallet. A closer examination of the transaction chain shows a series of exchanges between various unknown addresses over several months.

This recent transaction represents a significant but not overwhelming portion of the wallet's total holdings. Currently, 20,282 BTC, valued at approximately $1.44 billion, remain stored in "bc1qc."

Market participants often view such substantial transfers as potential indicators of a major player preparing to sell their holdings. Transferring Bitcoin to highly liquid platforms like Kraken is a common practice before executing large sales.

However, it has not yet been confirmed whether this transfer will result in an immediate sell-off. The market impact of such a move could be significant given the large volume of Bitcoin involved.

Bitcoin nears all- time high...again.

Despite the substantial transfer, the Bitcoin price has remained stable, continuing to trade above $70,000. This level is just 3.75% below its all-time high, indicating strong market confidence and ongoing interest from both institutional and retail investors.

For now, attention remains on the rest of the large holdings in the wallet and the possible market movements that could follow.

How Did Mog and Pepe Perform?

The heightened chances of spot Ethereum ETF approval greatly impacted various Ethereum-based altcoins, especially memecoins. The cat-inspired Mog (MOG) token, which gained popularity on TikTok, saw a nearly 50% surge, while the frog- themed Pepe (PEPE) climbed more than 20%.

Since their launch in 2023 on Ethereum,
MOG and PEPE have become notable
players in the memecoin market, joining the ranks of Dogecoin (DOGE) and Shiba Inu (SHIB). The burgeoning interest in
these tokens underscores the broader influence of potential ETF approval on the Ethereum ecosystem.

Beyond memecoins, utility altcoins within
the Ethereum network also posted
significant gains. Lido's token (LDO) rose by 15%, and Arbitrum's token (ARB)
increased by 18%. DOGE and SHIB
experienced modest gains approximately 6%, reflecting of the widespread impact of the anticipated ETF approval.

Why Are Memecoins Thriving?

Memecoins often serve as leveraged bets on their underlying blockchains' growth, reacting strongly to news related to the ecosystem. Viro, a core team member of MOG, commented that well-established memes like MOG are considered high-beta assets for Ethereum, attracting investors with substantial price appreciation potential. He indicated that MOG's strong performance relative to PEPE suggests more growth potential, making it an appealing investment in the memecoin market.

#MemeWatch2024

Ethereum (ETH) Contract Holdings Hit Record $14 Billion.

Ethereum (ETH) contract holdings have surpassed $14 billion, reaching a record high. This data, reported by CoinGlass, hig hlights significant contributions from leading exchanges: Binance with $5.54 billion, Bybit with $3.1 billion and OKX with $2 billion. Despite this impressive dollar value, the total ETH contract holdings amount to 3.83 million ETH, which is still below the five million ETH peak seen in 2022.

The surge in ETH contract holdings coincides with a substantial spike in Ethereum's price, which jumped 18.53% in the past 24 hours, reaching $3,676. This price increase for Ethereum has been accompanied by a dramatic rise in 24-hour trading volume, up 247.20%, now standing at $38.73 billion.

Potential Ethereum ETF approval.

This latest surge in ETH's price and contract holdings comes amid heightened speculation about the potential approval of spot Ethereum exchange-traded funds (ETFs) by May 23. This optimism follows months of skepticism regarding the approval of such financial products.

Bloomberg ETF analysts Eric Balchunas and James Seyffart have reported that there has been significant chatter suggesting that the United States Securities and Exchange Commission (SEC) is encouraging applicants to expedite their 19b-4 filings. This has led the analysts to increase their estimated odds of ETF approval from 25% to 75%.

The potential approval of spot Ethereum ETFs could have substantial implications for the cryptocurrency market. ETFs are seen as a bridge to institutional investors, providing a more accessible and regulated way to invest in cryptocurrencies. An approval could lead to a significant influx of institutional capital into the Ethereum market, further driving up prices and trading volumes.

The current record high in ETH contract holdings reflects growing confidence among traders and investors in the future of Ethereum. The cryptocurrency's recent performance shows its pivotal role in the broader cryptocurrency ecosystem. As the second-largest coin by market capitalization.

Solana (SOL) Price Crosses $180: What's Coming Next?

Solana is targeting its March target after rising to a month-high of $187. Check out what's coming next for Solana, as a pullback might plunge the altcoin.

After a month of correction, Solana touched the $187 mark today after an impressive surge. At the time of writing, Solana price is $181.47 after a slight decline from earlier. Moreover, its market cap has surged to $81,427,896,263 and trading volume to $4,942,369,073 with 56% gains.

Solana followed the downtrend for a long time, where the prices went as low as $120 at the beginning of May, but it made an active recovery these last few days. It comes as crypto market conditions return to the greed zone per the fear and greed index. Complementing the market growth, Bitcoin and Ethereum are also majorly up to $70,859 and $3650, bringing the bulls to the market.

Still, Solana isn't in its prime as it rose to $202.87 earlier in the March rally and has an all-time high record of $260.06, set two and half years ago. Now, the investors are eyeing a similar surge as of March or even higher because of its high potential and harboring all the popular meme coins on the network.

How High Can Solana Price Next?

Solana surge began on the 15th when
the price was just $150.72 to the earlier
high of $187 after forming support
around $166.The charts seem still
bullish for the altcoin, where the current support lies at $175 and the key resistance at $190. With the
bullish market situation and the
bullish sentiments for the network, the
SOL price might target $188 next. If Solana succeeds in crossing the $188 Solana mark, the prices may go higher to $195 and $200 subsequently.

However, if the price moved lowered and went down the $178 level, the Solana price could fall to a low of $160, a crucial trend reversal zone. Overall, the moving averages indicate a strong buying zone for this altcoin, which can further push the SOL prices.

Ethereum to $100,000: Dogecoin Creator Issues Epic Price Call.

In an extraordinary surge driven by speculation over potential spot Ethereum ETF approval, the value of the main altcoin skyrocketed on May 20, marking its largest single-day increase in market value to date. The cryptocurrency's price surged by over $590 in just 24 hours, pushing its market cap up by more than $70 billion and elevating its price to $3,660, a peak not seen since early April.

This meteoric rise has sent ripples through the crypto community. Notably, Billy Markus, co-creator of Dogecoin and known under the pseudonym Shibetoshi Nakamoto, remarked on the price surge, hinting at a long-term bullish outlook for Ethereum. Markus expressed a wish for ETH to reach $100,000, reflecting a broader sentiment of optimism among crypto enthusiasts.

Markus's reflections also touched on the volatility and unpredictability of the crypto market. He noted the ironic timing of market movements, where personal buying or selling often coincides with immediate shifts in the opposite direction.

Dogecoin ETF next?

This epic price movement comes just days before an anticipated decision on the approval of a spot Ethereum ETF. Initially, top ETF experts estimated the chances of approval to be between 10-25%.

However, recent market sentiment has surged, with current estimates placing the probability at 61%. This heightened expectation has fueled bullish predictions, with many market participants now eyeing $4,000 as the next significant target for Ethereum.

The potential approval of the Ethereum ETF has also sparked speculation about the future of other cryptocurrencies, with Dogecoin emerging as a candidate for similar investment products. As the primary meme cryptocurrency, Dogecoin could see increased institutional interest if Ethereum's ETF gains approval, paving the way for broader acceptance and investment into the crypto market.

#MemeWatch2024

3 Billion XRP in 24 Hours as Price Jumps 6%, Here's What Happened.

The market is in a frenzy today as different indices point to the return of the bull market. Bitcoin soared by more than 7% in a single day to $70,948 at the time of writing and Ethereum outperformed with a 18.46% surge to $3,664.23, while XRP jumped 6.23% to $0.5387.

Three billion XRP shuffle.

With the revived market, XRP has recorded a major jump in several of its key metrics, including trading volume. At the time of writing, the trading volume has jumped by a whopping 121% to $1,660,168,987.

By this count, it means a total of 3,085,815,960 XRP has been traded in the past 24 hours. This number is quite impressive as it shows that XRP has enough liquidity to serve growing market demand across the biggest exchanges. This access to liquidity is important for XRP's price to get to its long-targeted level of around $1.

When demand is boosted and there is XRP liquidity to match it, the market's balance is sustained and price action can take its natural course. XRP has benefited from both whale action and Ripple's escrow intervention in recent times.

All of these factors have contributed to the sustained resilience in the price of the digital currency.

Key market-moving catalyst.

The market was in its long-drawn consolidation phase until the trend shifted yesterday, following news that the approval odds for the spot Ethereum ETF have jumped from 25% to 75%.

Without envisaging this 180-degree turnaround, the United States Securities and Exchange Commission (SEC) has now opened communications with key Ethereum ETF applicants in a move that might lead to the approval of the product.

Notably, the Ethereum ETF sentiment is driving market sentiment, and XRP is positively riding the wave.

After Epic Jump in Bitcoin and Ethereum, Big Bear il Capo Reveals What to Expect Next in Price.

After the last big rise in the cryptocurrency market, il Capo of Crypto, one of the most well-known analysts, talked about what he expects.

Almost all analysts and the market were expecting a rejection decision for Ethereum Spot ETFs, which had a decision deadline of May 23. Prices were suppressed due to this effect.

In a seriously surprising development today, Bloomberg analysts Eric Balchunas and James Seyffart stated in their statement that they received some information and increased the probability of approval of Ethereum Spot ETFs from 25% to 75%. Bloomberg analysts saw confirmation as unlikely, although their previous official estimate was 25%.

Now, there is a great sense of hope in the market and the market is on the rise.

Cryptocurrency analyst il Capo stated in his message that Bitcoin reached its target of between $69,000 and $70,000.

Evaluating Ethereum, the analyst said that the $ 3,300 resistance was broken, which he described as bull confirmation.

il Capo stated that the rise started under the leadership of Ethereum and Solana and shared that he thought most altcoins would follow them.

Ethereum ETF Approval Odds Suddenly Surge. Here's Why.

Bloomberg analysts James Seyffart and Eric Balchunas have increased the odds of spot Ethereum approval to a whopping 75% in what appears to be a last-minute reversal.

According to Balchunas, there is some "chatter" that the SEC might be doing a 180 on this issue (which might be due to political pressure).

Prior to this, the industry consensus appeared to be that these ETFs would be denied due to the lack of engagement between ETF issuers and the SEC. The Bloomberg analysts claimed that the probability of these products being greenlit by the regulator was just 10%. However, former Grayscale CEO Michael Sonnenshein said that he was "optimistic" ahead of the Ethereum ETF approval deadline.

Following the latest developments, Seyffart and Balchunas have now capped the approval odds at 75% until they see possible filing updates.

According to Fox Business reporter Eleanor Terrett, things are currently evolving "in real time."

the SEC is expected to announce its final decision regarding the VanEck ETF proposal on May 23.

The price of Ethereum has now surged over 8% over the past hour alone, touching the $3,400 level. In the meantime, the Bitcoin price is approaching $70,000.

According to GlassGlass data, more than $86 million worth of shorts has been liquidated over the past hour alone.

Bitcoin Bulls Push BTC Price Past $68K. Is $70K Next?

The price of Bitcoin, the leading cryptocurrency, surged to a new intraday high of $68,276 earlier today on the Bitstamp exchange.

The cryptocurrency has touched its highest level since Apr. 12 after plunging to as low as $56,500 on May 1 due to stagflation fears.

It is worth noting that ETF flows remain correlated with the price action. Last week, Bitcoin ETFs experienced positive inflows on all five trading weeks, recording total net flows of roughly $950 million.

According to Bitcoin analyst Alessandro Ottaviani, if BlackRock's IBIT and other spot Bitcoin ETFs record more inflows, the Bitcoin price could end up surpassing the $70,000 level in the near future.

Bitcoin's previous attempt to gain a footing above the aforementioned level resulted in a failure. After topping $70,000 and surging as high as $72,756 on Apr. 8, the cryptocurrency ended up crashing as much as 17% within just nine days.

the Bitcoin price recently experienced a substantial rally following the most recent CPI report, which showed cooling US inflation. Bitcoin is expected to benefit from multiple rate cuts this year.

This Monday, the largest cryptocurrency has spiked in tandem with the Nasdaq 100, which is up 0.82%. The correlation between Bitcoin and tech stocks recently hit its highest level in almost a year.

Shiba Inu: 58 Trillion SHIB Sparks Bull-Bear Faceoff.

Dog-themed cryptocurrency Shiba Inu (SHIB) faces a critical juncture in its price action. The market is on high alert as a colossal amount of 58 trillion SHIB becomes the center of a fierce tug-of-war between bullish and bearish forces.

After several days of attempting to surpass the daily SMA 50 barrier at $0.0000247, Shiba Inu succumbed to bears, retreating to lows of $0.00002352 in today's trading session.

At the time of writing, SHIB was down 0.65% in the last 24 hours to $0.000024, suggesting an ongoing battle between bulls and bears.

According to Into TheBlock data, 58.18 trillion SHIB were bought by 57,380 addresses in Shiba Inu's current trading range between $0.000023 and $0.000025 at an average price of $0.000024.

This threshold has emerged as a battleground where the short-term trajectory of SHIB's value might be determined. Bulls, optimistic traders betting on the price increase, are rallying to defend this level, hoping to spark a price increase for SHIB price. On the other side, bears, the pessimists of the market, are pushing back, aiming to drive the price down and capitalize on a potential decline.

The significance of the 58 trillion SHIB threshold cannot be overstated, representing a point of convergence for market forces and investor sentiment. A strong defense of this level by the bulls could signal renewed confidence in the token's potential, suggesting that SHIB could be gearing up for a price increase.

Conversely, if the bears manage to breach this threshold, it could indicate a loss of support for SHIB, potentially leading to a decline in price. Such a scenario would affect the immediate market value of SHIB.

In the event of a price rebound, a successful breach of the daily SMA 50 might be needed to kickstart a fresh uptrend for SHIB price, with targets on $0.000032 or even $0.000045. On the other hand, if bears gain the upper hand, Shiba Inu might persist in its current range with support at $0.000018 and $0.00002.

#MemeWatch2024

Dogecoin (DOGE) Faces Whale Drama as Key Metric Drops 86%.

In the past 24 hours, Dogecoin (DOGE), the most popular meme cryptocurrency, has been witness to worrying on-chain developments. According to data provided by Into TheBlock, there has been a notable decline of almost 86% in the Large Holders Inflow metric. This metric tracks the movement of funds into addresses held by large investors, or whales.

Large Holders Inflow fell from 428.72 million DOGE to 62.63 million DOGE, equating to approximately $9.45 million. Such a decrease indicates a substantial reduction in buying activity among these major stakeholders. Typically, a decrease in this metric suggests a decrease in purchasing activity, as many large holders tend to acquire assets on centralized exchanges before transferring them to cold storage.

Additionally, Large Holders Netflow, which provides insight into the position changes of whales and investors holding over 0.1%
of the supply, has seen a significant
decline. Last week, it entered positive
territory at 411.69 million DOGE but has
since fallen to 31.71 million DOGE. This shift in netflow suggests a change in sentiment among large players, potentially indicating
reduced positions or selling.

What about Dogecoin (DOGE) price?

Simultaneously, Dogecoin's price has seen mixed trends over the past day, with a loss of 2.57% recorded yesterday and a further 1.46% decline today. Presently, the cryptocurrency is trading at $0.152 per DOGE.

The implications of the decrease in whale activity on the price of Dogecoin dynamics are worth noting. Historically, the actions of large holders have had a significant impact on market movements. Therefore, the sudden decline in whale activity could lead to increased market volatility or signal changes in sentiment among institutional investors.

#MemeWatch2024

Ripple v. SEC: Day for Final Submission in Remedies Phase Arrives.

As the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) continues, the deadline for the last sealing-related filing in the Remedies Phase has arrived.

This is a huge step forward in a lawsuit that has captured the attention of the crypto community. The case, which began in December 2020, revolves around the SEC's allegations that Ripple conducted an unregistered securities offering through the sale of XRP. Ripple won a victory in July last year, when the court ruled that XRP was not a security in and of itself, but that certain institutional XRP sales constituted unregistered securities offerings.

According to the earlier released joint schedule, on May 20, 2024, both Ripple and SEC and any third parties are expected to file letter briefs in opposition to omnibus letter motions to seal. This marks the last deadline indicated on the joint proposal agreed to by both parties.

Also under the joint proposal, the parties will further be required to file public, redacted versions of all documents within 14 days of the court rulings on the omnibus sealing motions.

As the deadline for the last sealing-related filing in the remedies phase of the Ripple v. SEC lawsuit arrives, the case moves closer to a final resolution.

On March 22, the SEC filed a request for remedies of roughly $2 billion against Ripple for institutional XRP sales with the court. Ripple responded to the SEC's request on April 22, arguing that a penalty of no more than $10 million was justified in this situation. The SEC responded to Ripple's brief on May 6.

In terms of next steps, both Ripple and SEC will await the judge's ruling on the final remedies.

While the exact time frame of the judge's judgment is unknown, Ripple's recent statements indicate that they expect a resolution within the next few months.

Bitcoin and Cardano Skyrocket With 716%
Increase in Fund Flows.

In the latest weekly review of fund flows by CoinShares, digital asset investment products experienced a significant increase in inflows, totaling $932 million. This represents a 716% rise from the previous week's $130 million.

The notable surge followed a lower-than- expected CPI report on Wednesday, with the last three trading days of the week, contributing 89% of total inflows, indicating a renewed link between crypto prices and interest rate expectations.

Bitcoin (BTC) was the primary recipient of
these inflows, underscoring its position as
the leading cryptocurrency on the market. Bitcoin ETFs saw inflows amounting to $942 million over the week.

The absence of significant interest in short positions on BTC suggests a positive
investor outlook. To date, Bitcoin
investment products have accumulated
$13.85 billion in inflows since the beginning of the year.

Cardano soars into spotlight.

Among altcoins, several digital assets also saw notable inflows. Solana, Chainlink and Cardano (ADA) stood out with inflows of $4.9 million, $3.7 million and $1.9 million, respectively.

Cardano's inflows are particularly significant as it saw no inflows the previous week but recorded nearly $2 million this week. This brings the total investment in Cardano ETPs to $10 million for the year, reflecting increased investor interest in this asset.

On the other hand, Ethereum faced challenges with outflows totaling $23 million. This bearish sentiment is tied to uncertainties surrounding the SEC's approval of a spot ETF, causing cautious investor behavior.

With substantial inflows into Bitcoin and Cardano last week, the growing confidence among investors in these digital assets can be confidently asserted.