Two Reasons why XRP Rose 15% to $0.8 amid Bitcoin's Decline

XRP has outperformed today's cryptocurrency market, increasing by about 15% in the last 24 hours, contrasting with losses of Bitcoin and Ethereum by 1.4% and 3.8%, respectively.

The digital asset briefly crossed the $0.80 mark, which was caused by a combination of regulatory changes and Ripple's strategic initiatives.

Two events coinciding with the growth of XRP are speculation around the potential resignation of US SEC Chairman Gary Jensler and Ripple's willingness to launch its anticipated RLUSD stablecoin.

SEC Chairman signals possible departure

In a recent address, Jensler reflected on his tenure, emphasizing the SEC's commitment to maintaining the integrity of U.S. financial markets. He cited regulatory achievements under his leadership, including treasury and equity market reforms.

Gensler highlighted the agency's ongoing efforts to enforce legislation in the cryptocurrency sector, noting that cryptocurrency-related cases have accounted for approximately 5-7% of the total number of law enforcement measures since 2018. Gensler emphasized the SEC's position on bitcoin, saying that it is not classified as a security, a position previously shared by former SEC chairman Jay Clayton.

Meanwhile, he stressed regulatory oversight of other digital assets, reiterating the need for clear differences in the market.

In his closing remarks, Gensler suggested a possible departure. He acknowledged the contribution of the SEC staff and expressed gratitude for the time spent in public service. Since his appointment in 2021, Gensler has overseen regulatory modernization initiatives, focusing on the rapidly developing cryptocurrency sector.

Ripple is ready to launch RLUSD

Meanwhile, Ripple's plans to introduce RLUSD, a stablecoin pegged to the US dollar, have also contributed to the recent growth of XRP. The company has processed more than $70 billion in payments using its blockchain technology, and RLUSD is committed to improving its offerings, focusing on speed, security, and cost-effectiveness.

Ripple President Monica Long stressed that RLUSD will meet the growing demand in regions such as the Asia-Pacific region, the EU and Australia. In particular, the stablecoin will be released on the XRP Ledger and Ethereum blockchain, which will provide developers with advanced use cases, especially in decentralized finance (DeFi).

Transparency increases RLUSD readiness

In addition, Ripple intends to launch RLUSD under the New York Trust license after acquiring Standard Custody, which provides a stronger regulatory framework than the Money Transfer License (MTL).

The guidelines of the New York Department of Financial Services (NYDFS) require issuers of stablecoins, including Ripple, to have reserves equal to at least 100% of the value of issued stablecoins backed by low-risk, highly liquid assets. This requirement ensures that RLUSD reserves are managed with strict control and transparency.

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The demand of retail bitcoin investors has reached a 52-month high

CryptoQuant experts reported that the demand of ordinary bitcoin investors is located near the global maximum over the past 52 weeks. Such a metric indicates that there is clear enthusiasm among the bidders. "We cannot intentionally ignore the fact that retail trading has resumed. Given the pronounced dynamics of Dogecoin, high rates and active growth of Bitcoin search queries in various search engines. This can also be seen in the change in retail investor demand over a 30-day period," said CryptoQuant analyst JA Maartunn.

These researchers also point out that retail interest extends not only to bitcoin. It is systematically shifting in favor of other coins. "Our data indicate that users have started to invest more actively in memtokens and cryptocurrencies of the DeFi segment. These categories of digital coins are probably the most popular among users in the current realities," the experts noted.

At the moment, the flagship crypto asset is showing a local pullback after an unsuccessful attempt to overcome the $93,000 mark. Meanwhile, the positive in the altcoin market provoked a sharp increase in refinancing rates. According to Ryze Labs experts, in the near future this may cause a significant spike in volatility in the global market.

"Financing rates have increased sharply, which indicates the return of aggressive leverage. At the same time, many long positions on altcoins attracted more than 50% per annum in terms of financing," Ryze Labs analysts said. Experts stressed that retail interest was more focused on cryptocurrencies from the memtoken niche. At the same time, the listing of PEPE and WIF on the Robinhood exchange has accelerated this trend.

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VanEck устанавливает новую цель по биткоину в $180 тыс., заявляя, что ралли BTC только начинается

Мэтью Сигел, руководитель отдела исследований цифровых активов в VanEck, сохраняет оптимизм в отношении ценовой траектории биткоина, предполагая, что ралли BTC только начинается.

Сигел сделал это утверждение во время интервью на CNBC. В частности, он выразил свое мнение о будущем ценовом движении крупнейшей в мире криптовалюты.

Вчера биткоин преодолел отметку в $90 000, установив исторический максимум (ATH) в $93 434. Биткоин опустился ниже отметки в $90 000 вскоре после ралли, и многие инвесторы предполагают, что восходящий тренд актива может скоро закончиться.

Биткоин только начинается

Однако Сигел считает, что ралли биткоина только начинается, прогнозируя, что ведущий актив достигнет повторных исторических максимумов в течение следующих двух кварталов. Он упомянул, что последние ценовые действия Bitcoin похожи на то, что произошло в рыночном цикле 2020/2021.

Сигель отметил, что цена Bitcoin удвоилась в 2020 году между периодом президентских выборов в США и концом года. По его словам, Bitcoin показал только 6-10%-ную коррекцию за этот период, что он назвал ожидаемым движением.

Аналогичным образом руководитель VanEck отметил, что Bitcoin повторяет свою модель 2020 года, которая началась с всплеска после выборов. Он указал, что Bitcoin уже вырос на 30% после выборов, что подтверждает идею о том, что BTC только начинает.

Факторы, подтверждающие прогноз Сигела

Его уверенность проистекает из уникальных технических индикаторов компании, которые подтверждают, что Bitcoin, как ожидается, продолжит свою бычью полосу.

Он также упомянул о неизбежном изменении настроений правительства по отношению к Bitcoin. По его словам, в кабинете министров под руководством Трампа есть несколько про-биткоин-чиновников, от вице-президента до советника по национальной безопасности.

VanEck устанавливает новую целевую цену биткоина

Следуя бычьему импульсу вокруг биткоина, Сигель прогнозирует, что к концу этого цикла он будет торговаться по $180 000. Он ожидает, что этот прогноз сбудется к следующему году.

Достижение цели в $180 000 требует, чтобы цена биткоина выросла на 97,08% от ее текущего значения в $91 331. Цель в $180 000 является последним прогнозом, который VanEck сделал для крупнейшей в мире криптовалюты.

От имени VanEck Сигель установил различные целевые показатели для биткоина. В прошлом месяце он прогнозировал, что к 2050 году биткоин может торговаться по $3 миллиона за токен с годовым темпом роста в 16%.

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In the bitcoin ETF sector, outflows of more than $400 million were recorded for the first time in seven trading days

-- On November 14, the net daily outflow of capital from spot bitcoin ETFs amounted to $400.67 million.
-- Ethereum-ETFs also recorded an outflow of $3.24 million.
-- In both sectors, the positive trend continued for seven consecutive trading days.
On November 14, 2024, the net daily outflow of capital from spot bitcoin ETFs amounted to $400.67 million. $3.24 million was withdrawn from the Ethereum ETF. The positive trend in both sectors continued for seven consecutive trading days, according to SoSo Value.

According to the platform, on November 14, two bitcoin funds received an influx of funds, namely: IBIT — $126.53 million and HODL — $2.50 million. We faced an outflow:

FBTC — $179.16 million;
ARKB — $161.72 million;
BITB — $113.94 million;
GBTC — $69.59 million;
BTC — $5.28 million.

No capital movements were recorded in five ETFs.

Bloomberg Intelligence analyst James Seyffart noted that American spot bitcoin ETFs now own approximately 1.07 million BTC. According to his forecast, this figure is likely to surpass Satoshi Nakamoto's "estimated assets" of 1.1 million BTC in the near future.

In the Ethereum-ETF sector, ETHE and ETHV faced outflows of $21.90 million and $1.14 million, respectively. Capital inflows were recorded by ETHA — $18.87 million and QETH — $929,010.

There was no activity in the Hong Kong sector of spot bitcoin and Ethereum ETFs.

Recall that on November 11, 2024, the net daily inflow of capital into American spot Ethereum ETFs updated the historical maximum, $295.48 million was received by the funds.

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Long positions on bitcoin took precedence over shorts

After the results of the US presidential election became known on November 6, bitcoin (BTC) began an impressive growth, overtaking silver and becoming the eighth largest asset in the world.

These impressive results fueled investor interest, as bitcoin seemed ready to reach the long-awaited $100,000 level. At the same time, capital began to actively flow into the crypto market in order to profit from a timely short position.

For example, in the last 24 hours alone, bitcoin shorts worth about $222 million have been liquidated. As we can see, few traders have decided to take a short position on bitcoin against the background of a price spike. Recent trading reflects a shift towards long positions, in particular, they dominated as of November 12.

On the evening of November 12, the bitcoin price almost returned to the $90,000 level, which means that every upward leap is followed by an extremely short pullback, so opening short positions should be carefully thought out.

Forecasts by various analysts indicate that the price of bitcoin should close the year at a new record high, up to $100,000. In this situation, the longists will win.

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Bit2Me crypto exchange has started serving users from Argentina

The Spanish cryptocurrency exchange Bit2Me has announced that it will offer Argentine investors access to an extensive set of more than three hundred different virtual assets.

The official Bit2Me message says that the company's activities have been approved and comply with the requirements of the National Securities Commission of Argentina (CNV).

"By registering as a virtual asset service provider (VASP) in Argentina, Bit2Me complies with the country's regulatory framework, which allows it to operate transparently and securely," the statement said.

Registered users will have access to staking services, fast cryptocurrency payments using a joint Bit2Me and MasterCard card, as well as exchange operations paired with the Argentine peso.

In addition, Bit2Me plans to launch a 24-hour customer support service and a special educational website that will help users understand blockchain, cryptocurrency trading and finance.

Recall that in 2022, Bit2Me announced the acquisition of 100% shares in Dekalabs, a Spanish developer of reference software for blockchain, cryptocurrencies and Web3.

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Worldcoin has grown by 50+% due to global expansion

The price of Worldcoin (WLD) has increased by 50+% over the past week. This growth is the result of a general upswing in the market and aggressive global expansion of the project. This month alone, he has included more than 40 countries in his network

Due to the general optimism in the market and World's plans to further expand to other countries, the price of Worldcoin may continue to rise in the near future.

World Expansion increases demand for WLD

World is a digital identification project co—founded by Sam Altman from OpenAI. The project uses iris scanning technology. It is expanding its global presence, launching this November in more than 40 countries, including Costa Rica, Poland and Austria. Such rapid expansion has attracted significant attention to the WLD token, contributing to an increase in its price.

The price of Worldcoin has increased by 27% in the last 24 hours, to the highest values since July. The metric of the number of active addresses per day (DAA) reflects significant demand for the asset. At the moment, its value is 137.92%.

This indicator tracks whether the current activity on the network supports the movement of the asset price. Positive values during price growth are a bullish signal that indicates a strong internal impulse. This means that online activity supports the growth of the coin's value. With the participation of more people, the demand for an asset increases, which in turn raises its price.

Moreover, the market sentiment towards WLD is bullish right now. According to Santiment, the weighted value of the indicator is 0.64 at the time of writing. The metric tracks the overall market-to-asset ratio. When it is above zero, discussions on social media are mostly positive. This suggests that market participants expect further price increases.

Growth to a 6-month high is possible

At the time of writing, WLD is trading just above the $2.44 resistance level. Chaikin's growing money flow indicator Chaikin Money Flow (CMF) now stands at 0.22, confirming the high demand for the token.

This metric measures the movements of cash flows entering and exiting an asset. Positive values indicate that buyers are investing capital to maintain price growth. Meanwhile, negative indicators indicate that the initiative is on the side of sellers, and liquidity is leaving the asset.

If the demand for purchase persists, the $2.44 resistance level may turn into a base. This will create conditions for growth to $3.61. Overcoming this mark will send the price to a six-month high of $5.40.

On the other hand, if demand falls and investor sentiment changes to pessimistic, the forecast will be incorrect. In this case, the WLD may fall below $2.44 and try to stabilize around $1.34.

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Why did the price of Ripple (XRP) soar to an 8-month high above $0.7?

The bull market triggered and supported by Donald Trump's victory in the US presidential election on the 24th last week does not seem to have affected Ripple's own token, at least until this morning.

Over the past week, XRP has managed to grow in price a little, but this is nothing compared to the sharp rise in prices for bitcoin, Cardano, Dogecoin, Shiba Inu and many other cryptocurrencies

The situation with XRP, which this week gave way to DOGE in the top 10 digital assets by market capitalization, has changed today: it has significantly increased in price from $ 0.6 to $0.741 (on Bitstamp). This is the highest price that the cryptocurrency has reached in the last eight months.

The crypto community was delighted with the rise in the exchange rate, which many expected, and began posting festive tweets with even more impressive forecasts.

The reasons for this jump may be different. On the one hand, XRP may have just been late to the party hosted by Trump and joined it a week late. This seems to be a fairly simple explanation, since the company has not made any statements about it.

However, this may also be due to some speculative rumors circulating around X. One popular author covering financial markets recently wrote that Ripple CEO Brad Garlinghouse followed the lead of Charles Hoskinson of Cardano and actually met with Trump or someone from his future administration to discuss a potential regulatory framework for cryptocurrencies.

Although there was no official statement from Garlinghouse, the author — Zach Rector — posted a tweet in which he indicated that the CEO of Ripple liked his initial publication, which, in his opinion, is sufficient confirmation

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A Chinese citizen confessed to laundering $73 million through cryptocurrencies

Daren Li, a 41-year-old Chinese citizen, pleaded guilty to conspiracy to launder $73 million received from victims of cryptocurrency fraud. The money was converted into USDT stablecoins.

Attorney General Nicole Argentieri said that Daren Li, who has dual citizenship in China, as well as in Saint Kitts and Nevis, used a network of shell companies. Lee acted with accomplices, corresponding with them through encrypted messaging services. In order to hide the sources of funds, Lee instructed accomplices to open accounts in US banks created on behalf of fictitious organizations and track international bank transfers with funds that came to these companies from deceived victims. This illegally obtained money was converted into USDT stablecoins, and then distributed to the cryptocurrency addresses of Lee and his accomplices.

Despite the fact that Lee was outside the United States, this did not prevent law enforcement agencies from bringing him to justice, the prosecutor noted. The man was arrested on April 12 at Hartsfield-Jackson Atlanta International Airport. The court is to sentence the offender on March 3, 2025. He faces a maximum sentence of 20 years in prison.

"We are cooperating with foreign law enforcement agencies to bring to law the crypto fraudsters who violate the rights of Americans, wherever the criminals are. In turn, investors should be skeptical of questionable investments and offers of quick enrichment in order to avoid financial losses," the prosecutor said.

In October, a hacker from the US state of Indiana, who stole more than $37 million in cryptocurrencies from 600 clients, also pleaded guilty to fraud and money laundering. Earlier, the organizer of the Forcount crypto scheme, who stole $8.4 million from Spanish-speaking investors, confessed to fraud.

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PayPal USD starts using LayerZero to enable transfers between Ethereum and Solana

US dollar-linked stablecoin PayPal is now using LayerZero to facilitate transfers between Ethereum and Solana

“The integration eliminates liquidity fragmentation and provides fast, secure and cost-effective transactions for users and businesses alike,” the statement said.

Ethereum's market capitalization has remained relatively flat at around $350 million in recent months, according to PYUSD that Ethereum's market capitalization has remained relatively flat at around $350 million in recent months, according to The Block Data Dashboard. However, according to Dune Analytics, the stackcoin's supply on Solana has shrunk from more than $660 million in August to $186 million.

“We believe PYUSD holders will welcome the flexibility and convenience that LayerZero offers,” said Jose Fernandez da Ponte, PayPal's senior vice president of blockchain, cryptocurrencies and digital currencies, according to a statement released Tuesday.

The statement also said that LayerZero's Omnichain Fungible Token, or OFT, is what now makes transfers between Ethereum and Solana possible. “The OFT stan dart opens up a new level of interoperability for stablecoins,” added LayerZero Labs CEO Brian Pellegrino. “With the power of LayerZero, PYUSD can move seamlessly between Ethereum and Solana, helping holders move their tokens between blockchains to use them the way they want, when they want.”

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Leading analyst says Dogecoin's upward price channel could lift Doge to $18

Leading analyst Ali Martinez predicts Dogecoin could rise 4443% to $18, citing an ascending price channel amid the ongoing hype surrounding DOGE.

Dogecoin (DOGE) continues to attract significant attention as the bullish growth in the cryptocurrency market continues with no signs of slowing down. Dogecoin is up 53% today alone, rising from a low of $0.2846 to a high of $0.4359.

Notably, the king of memes was last seen at these price levels during the previous bull run in 2021.

Just nine days ago, Dogecoin was trading at just $0.1428. Since then, it has risen 205% in less than two weeks. On a monthly timeframe, DOGE is up 330%, rising from $0.1015.

Amid this unexpected turnaround, analysts are claiming that DOGE still has significant upside potential from the recent price action. One such analyst is renowned expert Ali Martinez.

Dogecoin still has the potential to grow by 4443%

In a post on X today, Martinez emphasized that Dogecoin is currently trading in an upward price channel. This channel has two key boundaries: the middle and upper boundary, which can act as resistance levels as the price moves upward.

Martinez noted that if Dogecoin's price tests the middle boundary, it could reach around $2.40. However, if the price rises even higher to the upper boundary of the channel, it could theoretically reach $18.

From Dogecoin's current price of $0.3962, the meme coin would need to rise 506% to reach the lower boundary of this target. However, if the upper bound is taken, it would mean a growth of 4443% from the current value.

Ambitious targets for Dogecoin

This latest bold target from Martinez builds on his earlier analysis where he proposed an even more aggressive upper target for Dogecoin using Fibonacci levels of historical trends.

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3 altcoins to watch out for

November met the expectations of crypto-enthusiasts. Since the beginning of the month, many assets, including bitcoin (BTC), have already managed to renew their highs. But there are still a few altcoins that have records just ahead of them

Here's a look at which altcoins are worth watching during the second week of November.

Aptos (APT)

Opening our list is the altcoin APT. It has gained nearly 40% over the past week and is trading at $11.56 at the time of publication.

The next important step for Aptos is to consolidate above $11.64, which coincides with the 61.8% Fibonacci retracement level. This will strengthen the bullish momentum and attract investors' attention.

dYdX (DYDX).

Another altcoin worthy of note is dYdX. At the time of writing, the token is trading at $1.23. Over the past 24 hours, the asset's exchange rate has slipped slightly by 1.6%. Meanwhile, on a weekly basis, dYdX has soared more than 35%.

In the long term, the cryptocurrency is still moving within the range established in August. A full-fledged bullish trend requires a breakout above the upper boundary of the channel at $1.33. That is why investors are closely watching this price level.

Artificial Superintelligence Alliance (FET)

Rounding out our top 3 is the AI token FET. Over the past seven days, its rate has soared by 32%, bringing the altcoin to the $1.50 mark, where it sits at the time of writing.

On the wave of growth, the cryptocurrency rose above the critical $1.40 level. Now the next significant mark will be the resistance at $1.71. If this barrier is successfully broken, FET will be able to get to $2.00, which will confirm a strong bullish outlook.

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The market has liquidated about $660 million in the last 24 hours

In the last 24 hours, the volume of liquidations on centralized crypto exchanges reached $659 million, and affected 200.72 thousand traders. The leader in terms of the amount of closed positions was Binance with $265 million (40.21% of the total volume), which once again emphasizes the dominant influence of this platform on the cryptocurrency market. OKX and Bybit also performed strongly with $178 million (27.01%) and $132 million (20.03%) respectively.

Liquidations on HTX totaled $66.7 million, giving the exchange 10.12% of the total. CoinEx and Bitfinex recorded much smaller amounts - $12.9 million and $3.2 million, taking up 1.96% and 0.49% of the share, respectively. The main liquidated assets were Bitcoin ($166 million), Ethereum ($96.9 million), Dogecoin ($69.8 million) and Solana ($29.3 million).

Analysts point out that such a large volume of liquidations is due to the current market uncertainty and sharp price movements. Bitcoin, for example, continues to be in the spotlight, with its liquidations dominating the overall pattern. Ethereum and Dogecoin also account for a significant share, indicating traders' preference to use them in risky, highly leveraged strategies.

Many experts warn that such a strategy becomes extremely dangerous against the background of market volatility and growth of BTC quotes. Risk management and careful analysis of market movements are becoming essential tools for traders. Such spikes in liquidations have happened before and serve as a reminder that the market can move unpredictably.

Liquidations are mostly related to long positions and not only cause financial losses to traders, but also create cascading effects in the market, amplifying price fluctuations. Thus, momentum remains an important indicator to track the state of the cryptocurrency market and potential changes in the near future.

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Bitcoin has overtaken silver in the capitalization ranking

Bitcoin has surpassed silver in the ranking of the most expensive assets by market capitalization. The cryptocurrency managed to pull ahead amid a wave of growth triggered by Donald Trump's victory in the US presidential election

As of the time of writing the review, BTC is trading at $88,114 and the coin's market capitalization has reached $1.744 trillion. At the same time, silver is trading at $30.64 with a market capitalization of $1.725 trillion.

Why bitcoin is growing

The crypto market went into growth in anticipation of the realization of Trump's promises. The politician plans to support the development of the crypto market. One of his initiatives involves the formation of a bitcoin reserve in the United States. Earlier, the editorial staff of BeInCrypto wrote that there are indirect signs of the beginning of the project.

Another factor in the growth of the crypto market was the movement of the U.S. Federal Reserve on the path of reducing the key interest rate. The changes increase the investment attractiveness of high-risk assets such as bitcoin.

Also, the behavior of the crypto market could be influenced by the delayed halving effect. The event halves the cryptocurrency's mining rate, leading to shortages over time. The change, as the history of observations shows, pushes the coin's exchange rate upwards.

BTC has outperformed silver

At the beginning of the growth wave, bitcoin managed to overtake Mark Zuckerberg's Meta, recognized as extremist in the Russian Federation, in the ranking of the most capitalized assets. Now BTC has overtaken silver as well, securing the eighth position in the overall standings. Earlier, bitcoin was already ahead of the precious metal at the moment amid the growth in the spring of 2024.

Next in line is UAE-based oil company Saudi Aramco. At the time of writing the review, BTC is only slightly behind it in capitalization.

At the same time, BTC is inferior to Tesla shares in terms of growth rates. Securities of the electric car manufacturer rose by 8.96% over the day, compared to 7.98% for bitcoin. Recall, the founder of Tesla Ilon Musk actively supports Donald Trump. Largely for this reason, against the background of the victory of the politician, the company's shares began to grow.

Continued growth may help bitcoin to climb higher in the ranking of the most capitalized assets. At the same time, BTC is still a long way from the leader, gold. Capitalization of precious metal, which investors traditionally use to protect savings from inflation, is $17.615 trillion, which is 10 times higher than the result of bitcoin. To get close to gold, the value of each of the 19.78 million BTC mined would have to exceed $890,000.

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Funds inflows on Binance exceeded $5 billion in November

According to statistics provided by DeFiLlama, Binance, which is the world's leading blockchain ecosystem and the largest cryptocurrency exchange in terms of trading volume and number of users, saw a billion dollars in inflows for two consecutive weeks.

This brings the total net inflows for November to more than $5 billion. This is five times more than the net fund inflows of the second largest platform. This exceptional expansion of Binance, which occurred at a time when market demand is growing and interest in digital assets continues to increase, further strengthens Binance's position as the preferred trading platform.

Following the results of the U.S. presidential election on Wednesday, November 6, Binance attracted more than 13 million visitors in a single day. This coincided with increased attention to the platform. As a result of this trend, the volume of user assets on Binance reached $130 billion, as confirmed by DefiLlama data. This is the largest volume of user assets on Binance since the company began disclosing reserves two years ago. In addition, CryptoQuant reported that Binance's reserve percentage, which shows the proportion of reserves held on Binance compared to the exchange's total reserves, increased to 25% this month, up 4% from 21% in November 2023. These significant gains reinforce users' unwavering faith in Binance as a platform to safely manage and protect their digital assets.

The recent surge in user activity also reflects larger market trends, with the price of bitcoin (BTC) up more than 20% since November 5 and the price of ether (ETH) up 30%. The price fluctuations underscore the importance of digital assets as an integral element of today's financial landscape.

Richard Tan, CEO of Binance, shared:

"This period of consecutive record-breaking performance, billions of dollars in inflows to Binance and an increase in our reserve percentage underscores the strength and resilience of Binance, which has been chosen by nearly 240 million users. It also reflects the growing acceptance and development of digital assets in the global financial industry."

The CEO added:

"The increased focus on cryptocurrencies during major political events, such as the US presidential election, also underscores the increasingly important role that cryptocurrencies are playing in shaping the future of finance and politics. Truly, we are experiencing a golden era of cryptocurrencies as their potential is realized and recognized around the world."

While the cryptocurrency sector is constantly evolving and engaging in topical discussions, Binance continues to offer a secure, transparent and comprehensive ecosystem to its customers around the world.

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Sentiment: Memcoins have surpassed Bitcoin in popularity

Analysts of the Santiment platform reported that memcoins like Peanut the Squirrel (PNUT), Pepe (PEPE) and Dogecoin (DOGE) have surpassed bitcoin in popularity. Experts measured popularity by the number of mentions on social networks.

Now PNUT, PEPE, DOGE, as well as Memecoin (MEME), Peanut (NUX) and 8-BitCoin (COIN) are among the most popular memcoins on the market, stated in the Sentiment. According to analysts, bitcoin ranks seventh in terms of the degree of discussion on social networks.

The trading volume on the meme coin market reached $58.9 billion, and the market capitalization exceeded $119 billion. In the medium term, interest in such virtual coins will remain at a high level, experts are sure.

Memcoin PNUT has shown a sharp rally over the past week and is trading at around $1.69 with a market capitalization of $1.68 billion, showing an increase of 2925.65% over the past month.

PEPE has performed well, rising by 95.77% in the last 30 days, unlike DOGE, which has fallen by 7.9% in the last 24 hours and by 50.87% from a historical high of $0.7376.

Earlier, Binance Research platform specialists presented the results of a study according to which, since 2022, the share of memcoins in the altcoin market has increased from 4% to 11%. Investors are showing more and more interest in this class of digital assets, experts say.

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Dogecoin investors' class action lawsuit against Ilon Musk has been withdrawn

A group of Dogecoin investors have withdrawn their class action lawsuit against billionaire Ilon Musk. The crypto-enthusiasts originally went to court claiming that the Tesla CEO manipulated the market value of DOGE back in 2021. Another complaint was dismissed in August. However, Ilon Musk himself investors filed motions and appeals. The trial began in the summer of 2021.

At that time, Dogecoin rose sharply in value, reaching a historic extreme. The billionaire at that time often published tweets where Dogecoin appeared. It is possible that this largely contributed to the rise in its value from $0.1 to $0.7.

“Investors accused Musk of actively publishing posts on Twitter. He also appeared on the Saturday Night Live program on NBC. By doing so, he tried to tie the trading activity of the trades to his public activity,” Reuters reported. At that time, Ilon Musk actively talked about the fact that Dogecoin could become a kind of standard for the global financial system. He also reported that he would send the DOGE coin to the moon.

It is worth noting that Ilon Musk recently took the position of head in the new Department of Government Efficiency. This initiative is aimed at implementing a large-scale reform outside the US government.

It is also worth noting that since November 5, Dogecoin continues to show very active growth dynamics. Recently, among all cryptocurrencies from the top 10 by capitalization, it is the main memcoin that has added the most in value.

Ilon Musk was not only accused of public activity that was focused on the DOGE price plumping. Several investors also alleged that he engaged in active insider trading. At one point, he sold off previously purchased tokens, making a profit of at least $120 million. However, the courts did not find facts that would prove such a thing.

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How the expiration of $4 billion options will affect BTC and ETH

A large number of options for Bitcoin (BTC) and Ethereum (ETH) totaling more than $4 billion expire today

We are looking at how expiration will affect the price dynamics of the two largest cryptocurrencies by capitalization.

Analysts say the options market is highly polarized

According to Deribit, on November 15, 38,623 bitcoin options contracts will expire. The total amount of these contracts is $3.4 billion.

The maximum pain point is at around $80 thousand. The put and call ratio is 0.85.

189,662 Ethereum options contracts worth $581 million are also expiring today. The maximum pain point of these contracts is $3,000, and the put—to-call ratio is 0.91.

In options trading, the maximum pain point means the level of the asset price at which option holders incur the greatest losses. The put and call ratio is a comparison of the number of options for lowering the value with options for increasing. The latter indicator helps to understand which sentiment dominates the market.

The put and call ratio below 1 signals that traders are betting on further growth in bitcoin and Ethereum quotes.

Most investors are confident that by the end of the year, the value of BTC will reach $ 100 thousand. However, there are two more major option expirations ahead of the market, which can significantly affect the dynamics of cryptocurrencies and affect their trajectory in 2025.

"Looking at the options market, you can see a clear polarization, as well as a strong fragmentation in trading: some large traders tend to open long positions, while a larger number of market participants are currently on the short side," the Greeks.live analysts shared.

Against the background of expiration, there may be increased volatility in the market. Therefore, traders should be very careful.

According to CoinGecko, at the time of writing, bitcoin is trading at $88,294, having dropped by 1.7% over the past day. At the same time, the price of Ethereum has decreased by 3.9% and now stands at $3,069.

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Memcoin Rally: Segment assets soared in price amid Bitcoin Surge

-- On November 13, bitcoin updated its historical maximum.
-- The crypto market as a whole reacted positively.
-- There is a rally in the memcoin sector, most positions have been marked by positive dynamics.
-- Assets such as Pepe Coin, Dogecoin and Peanut the Squirrel have grown significantly.

On November 13, 2024, bitcoin re-updated the historical maximum at a level above $91,000. This has led to the growth of other crypto assets. The memcoin sector should be singled out separately, where the price of some tokens has increased by tens of percent.

Of the top 10 assets by capitalization, only Neiro (NEIRO) shows a slight drawdown on the daily chart. The average increase in all positions is about 39%.

The Pepe Coin token (PEPE) has updated the historical maximum at $0.0000199.

Dogecoin (DOGE), the largest memcoin by capitalization, is also showing positive dynamics. The value of the asset returned to the level above $0.41, breaking through $0.43 at the moment.

Earlier, we reported that Elon Musk will head the Department of Public Efficiency (DOGE), which could also affect the price of memcoin.

We also note that we have collected expert opinions on the growth of bitcoin and, as a result, the market as a whole in one material.

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The cryptocurrency market is in a State of "extreme Greed"

On November 12, the crypto market's fear and greed index reached 80 points, indicating an "extreme degree of greed."

The index last reached 80 points on April 9, 2024, shortly before bitcoin adjusted by 18% over the next three weeks. Then, in early April, the flagship cryptocurrency fell from above $69,135 to $56,500 on May 1.

Despite the potential signal of a correction, most analysts are optimistic about the future of bitcoin. After the flagship cryptocurrency approached the $90,000 mark, experts expect further growth of the asset to $100,000 this year. This is also believed by users of the Polymarket DeFi forecasting platform, who estimate this probability at 62%.

At the same time, the current leverage ratio on crypto exchanges has already reached 0.217, which was a record high since October 2023, according to CryptoQuant data.

The increased financing rates and bullish bias in options indicate that both retail and institutional investors are seeking additional profits, and many of them are using their positions with leverage," said Shunet Jan, head of derivatives at Bybit exchange.

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How much will the Dogecoin rate grow thanks to Elon Musk?

Many traders trading meme tokens are concerned about the question of how much Dogecoin (DOGE) will rise in price due to the "Mask effect".

On November 13, newly elected US President Donald Trump announced that Elon Musk and businessman Vivek Ramaswamy will head the Department for Improving Government Efficiency, which will be abbreviated as D.O.G.E. As a rule, mentioning Dogecoin in the context of Musk causes a pump in the coin market, for which Ilona was jokingly nicknamed the Father of Dogecoin. There is an opinion that the cryptocurrency exchange rate will rise significantly when the department, which will be headed by Elon, will often flash in the news.

Trump's election victory triggered the start of a powerful bullish rally in the Dogecoin market, during which the digital asset has already risen in price by 165%. However, on November 12, after reaching a peak at $ 0.44 on the Coinbase exchange, the price of the cryptocurrency began to adjust and fell to $ 0.37. The downward movement has not stopped, even despite the appointment of Musk as head of the D.O.G.E.

The Dogecoin rate did not grow at the expense of speculators. According to Santiment employees, over the past four weeks, the number of crypto wallets storing less than 100,000 DOGE worth $ 37,800 at the current exchange rate has increased by 74,885, while the number of crypto vaults under the control of whales and sharks, on the contrary, has decreased by 350. Given these facts, it can be assumed that Dogecoin became more expensive due to capital inflows from private investors.

If people continue to actively invest in DOGE, then the bullish trend in the cryptocurrency market will resume, and its value will update the historical maximum reached in June 2021 at $0.487.

Most likely, the dynamics of the Dogecoin exchange rate will correspond to fluctuations in the bitcoin price. In this case, the value of the coin can be adjusted to the upward trend line, which runs around $ 0.27. Starting from this barrier, the price of the token will rush up and reach at least $0.62, the mark at which the Fibonacci extension level of 1.272 from the previous price maximum is located.

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During the day, $1.07 billion was liquidated on the cryptocurrency market

In the last 24 hours, the bitcoin (BTC) exchange rate has made an impressive leap, jumping by 8% and setting a new historical high at around $ 90,000. At the same time, a wave of liquidations totaling more than $1.07 billion followed. It is noteworthy that both long and short positions were closed, while the 1st accounted for about 52.24% of the total volume, which is about $ 559 million, and the 2nd - 45.56%, or about $487 million.

The highest volume of liquidations was recorded on Binance — $420 million. It is followed by OKX with $276 million and Bybit with $213 million. HTX and CoinEx close the list with $120 million and $27 million, respectively. The massive liquidation indicates that many traders were not prepared for such sharp spikes in the price of BTC, which led to significant losses for those who held positions with high leverage.

Analysts believe that this situation may indicate a growing interest in bitcoin from major players. Liquidations often fuel activity, as traders are forced to exit unprofitable positions, which causes additional fluctuations. In addition, mass liquidations can contribute to a short-term reduction in volatility, as the amount of borrowed funds decreases.

Experts note that volatility can attract new investors to the market, who see bitcoin not only as a speculative tool, but also as an asset for long-term investments. Such movements also intensify discussions about the role of BTC as "digital gold" and a "safe haven" for capital in an unstable global economy.

The current situation shows that interest in cryptocurrencies continues to grow, and increased liquidity creates conditions for larger-scale movements in the market. In the future, this may push the BTC exchange rate to new records if demand is supported by both retail investors and institutional participants.

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Italy Reduces Proposed Tax Increase on Cryptocurrencies to 28%

The Italian government has taken steps to reduce the proposed capital gains tax on cryptocurrencies from an initial 42% to 28%. The League, one of Prime Minister Georgia Meloni's partners in the ruling coalition, has proposed an amendment in this regard.

This was due to concerns that a higher tax could scare investors away from the fast-growing Italian digital asset market. The amendment, supported by the administration of Prime Minister Meloni, is expected to attract both crypto investors and companies in Italy. This is a League amendment.

The initial plan to raise taxes by 42%, proposed in the October draft budget, was aimed at increasing revenues as part of the economic plan for 2025. However, the high tax rate introduced has raised concerns about Italy's competitiveness in the global cryptocurrency market.

Industry representatives said that the 42% tax rate could negatively affect Italy's attractiveness for businesses related to cryptocurrencies, including blockchain, digital asset trading and investments. They argue that a lower rate will help Italy maintain its attractiveness to both local and foreign investors. It will also contribute to the growth of the financial innovation sector in the country.

Taking into account the proposed amendment, the tax rate of 28% will help Italy get closer to the current rate of 26%, thereby reducing tax pressure on crypto investors. This tax policy is currently awaiting government approval, and it is expected to be approved soon. If the amendment is approved, investors in cryptocurrencies in Italy will receive a clear and possibly favorable set of rules.

Another coalition partner, Forward Italy, has also put forward another amendment to completely eliminate the tax increase. The proposal also aims to eliminate the current capital gains tax exemption for income not exceeding $2,120.

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Keith's Investment in ACT Brings in Millions after Binance Listing

A well-known crypto miner recently invested heavily in the ACT token, spending a staggering $5.6 million to purchase 17.1 million ACT tokens worth $9.4 million at a price of $0.33 per token.

This major acquisition followed the announcement by Binance, one of the largest cryptocurrency exchanges, of the listing of ACT. The acquisition by Whaler allowed him to become the largest individual token holder, strategically positioning himself in the ACT ecosystem and potentially influencing future market trends.

Whaling: The whale spent $5.6 million to purchase 17.1 million ACT ($9.4 million) at a price of $0.33 after Binance announced the listing of ACT.

Keith became the largest individual holder of ACT with an unrealized profit of $3.8 million!

But keith lost $590,000 trading ACT earlier.

According to Lookonchain, the investment was likely influenced by Binance's announcement of a token listing, which has historically led to higher prices for newly issued assets. The purchase by kit was made on time, which allowed him to benefit from the increase in token prices. After Binance's announcement, trading activity on ACT increased and prices increased significantly, which allowed the whale to make an unrealized profit of approximately $3.8 million.

The unrealized profit of the "whale" in the amount of $ 3.8 million demonstrates the potential of strategic investments in the cryptocurrency market. By making a massive purchase after Binance's announcement, the "whale" effectively used the dynamics of the market to its advantage. Although the price of the ACT fluctuated, the purchase time at $0.33 per token suggests that the "whale" expected the price of the token to rise after listing, which is a common trend for recently placed assets on major exchanges.

Despite the recent growth, the history of this "whale" with ACT trading has not been profitable. Previous transactions with ACT resulted in the investor losing $590,000. The reasons for these previous losses are still being investigated, but they could have been caused by price volatility, unforeseen market conditions or incorrect trading strategies. However, this setback did not prevent the whale from returning to the market and doubling its assets in ACT.

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PEPE price hits highest level since May 2024

PEPE price is steadily rising, up almost 60% in the last seven days. The bullish momentum is supported by positive technical indicators, including EMA lines and a healthy RSI level.

However, some signs suggest that while buyers are still in control, the intensity of the uptrend may be starting to wane.

PEPE's Current Trend Still Strong

The PEPE ADX index is currently at 46.13, which is a slight decline from over 50 points just a day ago. This decline suggests that while trend strength remains strong, the intensity of the uptrend may be weakening slightly.

Despite this, the PEPE has been rising steadily, up 59.69% over the past seven days. This suggests that buyers are still in control, but momentum may be starting to slow.

The Average Directional Index (ADX) is a technical indicator that is used to measure the strength of a trend regardless of its direction. ADX values below 20 indicate a weak trend, while values above 25 indicate a strong trend. Since the ADX for PEPE is currently at 46.13, the uptrend remains strong, although the recent drop in ADX indicates that the strength of the trend may be weakening.

This suggests that while PEPE is still showing bullish momentum, investors should look out for signs that the strength of the move may be weakening, which could lead to a period of consolidation.

PEPE is no longer in an overbought phase

The PEPE Relative Strength Index (RSI) is currently at 60.56, down nearly 80 points from just a few days ago. This decline indicates that buying pressure has eased significantly after reaching an overbought condition.

The falling RSI suggests that while positive momentum still remains, it is no longer as strong as it used to be and the risk of an immediate correction has diminished.

As a rule of thumb, an RSI above 70 means that buyers have taken the asset into overbought territory, which could lead to a price correction. On the other hand, an RSI below 30 indicates that sellers have taken the asset into oversold territory, which could create a buying opportunity.

PEPE's RSI is currently at 60.56, which means it is no longer in overbought territory, but is still showing a healthy level of bullish momentum.

PEPE price forecast: highest price since May 2024?

PEPE's EMA lines are currently showing a very strong bullish configuration: the short-term EMAs are above the long-term EMAs, and price is holding firmly above them all.

If the uptrend continues, PEPE could test the next resistance at $0.00001580. If this resistance is overcome, the price could potentially rise to $0.00001726, which would be the highest level since May. This represents a possible upside of 30.85%.

However, if the bullish momentum fades and there is selling pressure, the PEPE price could correct to the support level around $0.00001084.

If this support fails, the price could fall even lower to $0.0000089, which means a potential 32% decline from the current level.

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BlackRock's spot bitcoin-ETF trading volume hits a record $4.5 billion

On November 11, the turnover of BlackRock's iShares Bitcoin Trust ETF reached the highest in history at $4.5 billion, according to Bloomberg analyst Eric Balchunas.

The previous record was $4.14 billion, which preceded the maximum ever inflow of $1.12 billion into the product (the sector as a whole - $1.38 billion)

The expert noted that we can expect a repetition of this situation.

According to Balchunas' calculations, the overall trading volume of bitcoin-related instruments amounted to $38 billion.

“Just a crazy day, it really deserves the name a la ‘Volmageddon ’,” he commented.

The backdrop was the continuation of the first cryptocurrency's rally with a new ATH near $89,000.

On Nov. 11, inflows into spot bitcoin ETFs totaled $357.6 million and trading volume was a record $7.3 billion.

Cumulative inflows since the approval of the BTC-ETF in January increased to $26.2 billion.

Recall, in Bernstein predicted that if Donald Trump wins, bitcoin will reach $80,000-90,000.

Earlier, the specialists of the company called for “as soon as possible” to add crypto-assets to the investment portfolio. They recommended buying a basket of digital assets including BTC, ETH, SOL, OP, ARB, POL, UNI, AAVE and LINK.

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HMSTR has grown ahead of the start of Hamster Kombat's second season

Hamster Kombat's token, HMSTR, has risen 83% over the past week, sparking a wave of excitement among the community

The recent jump in HMSTR's price coincided with hints of the upcoming launch of the second season. This has increased the excitement around the token. An announcement posted on Hamster Kombat's official channel has greatly fueled users' curiosity about the next phase.

Hamster Kombat aims for the stars ...

HMSTR's recent rise coincided with bitcoin rallying to new record highs. Positive trends in the market accounted for HMSTR's intra-week gain of approximately 83%.

On November ninth, the development team announced the suspension of token withdrawals. This decision was part of a strategy to incentivize players who left their HMSTR tokens in the game. According to an official statement, all such players will be rewarded. The move demonstrates a strong commitment to reward long-term holders and fight for their loyalty.

The developers promise that the second season will bring significant changes to the gameplay and tokenomics of the project. Among the planned innovations are the management of a virtual game studio, tools for creating personalized game spaces, a system for hiring team members, community-driven game challenges, and an improved token economy aimed at maintaining their sustainable value.

...But it goes through thorns

Hamster Kombat's path, however, cannot be called easy. After the first airdrop on Sept. 26, the platform faced a number of challenges. These included a drop in active users from 300 million to 49.9 million, community dissatisfaction with the airdrop, accusations of favoritism, and concerns about the fairness of anti-cheat measures.

"The second season of Hamster Kombat won't be a success unless they fix the big mistake that got over 65% of players disqualified. It seems like this was a planned move to get rid of many users after taking advantage of their efforts. Yes, cheaters should be penalized, but their system failed to identify the real cheaters. Many who used key generators are still empowered, while honest players who spent months collecting 100-200 keys were unfairly disqualified,” commented cryptoinfluencer Keyur Rohit.

Despite these difficulties, Hamster Kombat's unique features, such as the Hamster News update, continue to attract users and set the project apart from other Telegram crypto games such as Notcoin, Dogs, and CATS.

According to rumors, the platform will switch its focus from a cryptocurrency exchange simulation to a more expansive gaming ecosystem in its second season. The developers promise to fix past bugs, stabilize tokenomics, improve gameplay and optimize reward distribution. Ahead of the launch of Season 2, these efforts show a shift in focus to community needs and game development.

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Customers of NFT marketplace OpenSea have withdrawn the class action lawsuit

Two users of OpenSea, the largest marketplace for non-fungible tokens, accused the site of trading in unregistered securities. But have now withdrawn the lawsuit.

Plaintiffs Anthony Shnayderman and Itai Bronshtein have voluntarily withdrawn their complaint filed against Ozone Networks, which operates the OpenSea trading platform. The marketplace's customers made the decision after Judge Cecilia Altonaga allowed OpenSea to submit the case to arbitration. This is an alternative dispute resolution process that takes place privately: faster and at the lowest cost than regular litigation.

This implies that a class action lawsuit would not be able to set a precedent that could widely affect the NFT market.

OpenSea said the plaintiffs' clients have agreed to its terms that all claims can be resolved in arbitration. Plaintiffs' attorney Adam Moskowitz explained that the plaintiffs “had no choice but to dismiss the litigation.”

The users sued OpenSea in September, claiming that the NFTs they bought on the platform turned out to be unregistered investment contracts, so they were worthless in the United States due to their “illegal nature.” The plaintiffs mentioned that in August, the U.S. Securities and Exchange Commission (SEC) threatened the platform that it could sue it for digital art trading.

Given that OpenSea could find itself in a tight spot, Schneiderman and Bronstein took advantage of the situation and complained about the platform as well. In the lawsuit, they cited the SEC's successful actions against NFT projects Stoner Cats 2 and Impact Theory, where non-interchangeable tokens were deemed unregistered securities.

Last November, OpenSea was forced to lay off half of its employees, and in January, the platform's co-founder Devin Finzer announced his readiness to sell the company due to declining trading volumes.

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Former Pimco and Millennium executives have created a cryptocurrency consulting business

Two former executives from major US investment management firms Millennium Management and Pacific Investment Management Company (Pimco) are returning to cryptocurrencies amid a massive market rally.

Former Millennium portfolio manager Benoit Bosque and former Pimco executive vice president Michael Bressler have left their positions to form a new cryptocurrency advisory firm, x2B, Bloomberg reported Nov. 11.

Expected to launch in November 2024, x2B will advise crypto projects in sectors such as fundraising, tokenomics and market maker strategy, exchange listing and treasury management.

The co-founders of X2B have left GSR after a bearish cryptocurrency market in 2022

Prior to taking positions at Millennium and Pimco, both Bosk and Bressler spent a couple years in senior roles at crypto-liquidity provider GSR, with Bosk joining in 2022 and Bressler in 2021. They left GSR in 2023 after a significant downturn in the cryptocurrency markets in 2022.

Bressler, who previously spent nearly 14 years at Wall Street giant JPMorgan, said “very few people” at the intersection of traditional high-level finance and digital finance understand the “complex dynamics of token launches.”

He said x2B already has 10 customers, and will charge fees in the form of honoring future project tokens and cash.

Bosk, who spent more than nine years as a crude trader at Goldman Sachs, said the crypto industry would benefit from a “more professional and transparent approach.”

Bosk said x2B plans to seek “greater accountability” from the various market participants and service providers involved in the token launch.

Cryptocurrency consultancy launches amid bitcoin reaching $90,000

Bosk and Bressler's return to cryptocurrency comes amid a massive rally in the cryptocurrency market, with bitcoin (BTC) rising above $80,000 for the first time ever on Nov. 10 and already reaching nearly $90,000 on Nov. 11.

The bullish sentiment towards cryptocurrencies in 2024 has further intensified amid Donald Trump's victory in the U.S. presidential election, as many speculate that the Trump administration will have a positive impact on the growing crypto industry in the U.S. and around the world.

At the time of writing, bitcoin is trading at $88,522 with a rise of 8.61% higher in the last 24 hours. The cryptocurrency is up about 85% since the beginning of the year and is up 30% in the last 30 days, according to CoinMarketCap.

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GIGA's market capitalization fell almost 85% due to a massive sell-off

The market capitalization of the GIGA meme coin fell from $614.76 million to $92.1 million after a massive sell-off. Users suspect it's a “pump and dump,” but one trader claims malware emptied his wallets.

The GIGA market has since mostly recovered to $545 million, but the significant drop has triggered a bearish trend for the meme coin.

The confusion surrounding the temporary collapse of GIGA

According to Solscan, the sharp drop in Gigachad (GIGA) was due to a one-time sell-off that took place earlier today. The meme coin's price has also suffered as it has fallen more than 6% in the past 24 hours.

Meme coins are known to be very volatile, but a drop of this magnitude has led many in the community to suspect something amiss. For example, meme coin speculator 0xRamonos suggested that it was suspicious that a single user could have such a large impact, and this may explain why GIGA only recently listed on major exchanges.

In other words, this promising meme coin could have been part of a pump-and-dump scheme. Such covert tactics are surprisingly common in the meme coin industry, and there have been many prominent examples in recent weeks. However, in this case, one trader claimed to have been the victim of a malware attack and had his wallets hacked:

"Just want to be honest - the massive GIGA sell-off today was due to one of my wallets being emptied using a fake link to increase. It hurts, but I'll be back. I will always be in the game. Please be careful and never click on links from anyone you don't know. Please learn from my mistakes,” the meme coin trader wrote under the nickname ‘Still in the game’ on X (formerly Twitter).

While these claims are unconfirmed, this user has written about GIGA's potential on multiple occasions in the past. In addition, infamous meme coin trader Murad also called him a credible account last month. However, Murad has also participated in his own meme coin pumps and dumps, so that doesn't add to his credibility.

Whoever ran this massive sale was extremely inefficient at making a profit. The sale was for 85 million GIGA tokens, which would have been worth $6 million dollars beforehand. However, they only received $2.09 million dollars for these assets due to the price impact of such a dramatic action. They were transferred to the Jupiter aggregator for Solana token exchange (WSOL) in a wrap.

Despite this event, GIGA's current market capitalization is still higher than it was at the beginning of the month. Nevertheless, this massive sell-off has temporarily eroded confidence in the meme coin as the community remains skeptical.

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