- Bitcoin, Ethereum and XRP dip under key support levels at $60,000, $2,600 and $0.60 respectively.
- Tron ecosystem’s meme launchpad SunPump generates over $1.1 million in revenue within twelve days of its launch.
- Tron network daily revenue reached a record high of $26.83 million on Tuesday, per DeFiLlama data.
Bitcoin, Ethereum and XRP updates
- Bitcoin, Ethereum and XRP are trading under important support levels at $60,000, $2,600 and $0.60 early on Wednesday.
- The three cryptocurrencies erased gains from the start of the week as traders shift their attention to other categories of crypto like Artificial Intelligence (AI) and Tron’s ecosystem meme coins launched on the SunPump.
- Sunpump generated over $1.31 million in revenue within twelve days of its launch, according to data from Dune Analytics.
Sunpump revenue from token launch
- The Tron network hit a key milestone with record high daily revenue of $26.83 million on Tuesday. This can be attributed to the on-chain activity coming from the SunPump launchpad.
Tron protocol revenue
Chart of the day
TRX/USDT daily chart
TRON (TRX) trades at $0.1639 at the time of writing. The token rallied nearly 1.36% on Wednesday, alongside a rise in on-chain activity, extending the gains seen earlier this week. The Relative Strength Index (RSI) reads 84.19 at the time of writing, well in the overbought region, generating a sell signal as there are increasing chances of a pullback.
If a correction occurs, TRX could find support at $0.1436.
Market updates
- K33 Research data shows that, since the beginning of the year, Pump users have launched 1,829,747 meme coins.
- Mt.Gox transferred 12,000 Bitcoin (worth approximately $710 million) to a new wallet address, according to on-chain data.
Mt.Gox BTC transfer
- A SUNDOG (newly launched meme coin on Sunpump) trader turned $1,690 investment of 104.33 million tokens to $20 million within six days, per Arkham Intel data.
This trader turned $1.69K of SUNDOG into $20 MILLION in 6 days
— Arkham (@ArkhamIntel) August 20, 2024
TT4S5 was one of the earliest SUNDOG buyers & purchased 104.33M tokens for $1.69K.
They currently hold $19.52M of SUNDOG across 7 addresses, and also sent $1.08M SUNDOG to exchanges - for a total profit of $20.60M. pic.twitter.com/ny9HW7qP8R
Industry updates
- Tether launched USD Tether on Layer 1 Aptos blockchain to improve crypto access and reduce transaction costs for users.
- Bankrupt crypto firm Terraform Labs’ Chapter 11 bankruptcy hearing has been scheduled for September 19.
- Tether announces plan to develop UAE Dirham-pegged stablecoin.
Tether to Develop UAE Dirham-Pegged Stablecoin
— Tether (@Tether_to) August 21, 2024
Read more:https://t.co/dkiDAI0y15
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.