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Ether Leads Bitcoin in Gains as Crypto Market Remains Flat

by Ouess
written by Ouess

As two major crypto conferences, Token 2049 and Solana’s Breakpoint, wrapped up in Singapore, Ether (ETH) outpaced Bitcoin (BTC) in daily gains. However, despite these events, the overall crypto market remains relatively flat. ETH rose 2.6%, trading above $2,600, while BTC saw a smaller gain of 1.2%, trading above $63,700.

Crypto Market Sees Mixed Liquidations

Data from CoinGlass reveals that more short positions than longs were liquidated in the last 12 hours, with $64.23 million in short positions and $54.42 million in longs wiped out. Trading volumes have remained light since last week’s 50 basis points (bps) interest rate cut. Over the past week, BTC has gained 9.5%, while ETH surged over 16%.

Polymarket bettors are anticipating another rate cut but are divided on the scale. Half believe it will be another 50 bps, while the other half expect a 25 bps cut.

Solana Stays Flat After Breakpoint Conference

Solana (SOL), which took center stage at the Breakpoint conference, remains flat, trading above $145. Despite this, the protocol impressed attendees with announcements like Jump Crypto’s validator going live. Market activity around SOL has been minimal following the event.

Pendle Drops After Maelstrom Fund Reduces Position

Pendle, a project backed by Arthur Hayes’ Maelstrom fund, dropped over 6.5%, with traders concerned about Maelstrom reducing its position. Hayes promoted the project at Token 2049, but later explained that the sell-off was to secure liquidity for a “special situation,” teasing future updates on X. Despite the recent dip, Pendle remains up over 24% for the week, according to CoinGecko.

MOTHER Memecoin Gains Amid Casino Launch Announcement

MOTHER, a memecoin promoted by Iggy Azalea, is up 4.5% after she announced plans for a companion casino called Motherland. MOTHER is one of the few celebrity-backed memecoins to retain value, although it primarily trades on decentralized exchanges (DEX). The addition of a casino could complicate its listing on major centralized exchanges due to regulatory hurdles.

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Memecoin

Celebrity Meme Tokens Crash 90% on Solana

by Ouess
written by Ouess

Celebrity meme tokens on the Solana blockchain have suffered a drastic downturn, losing over 90% of their peak value in just one month. These tokens, linked to high-profile figures, highlight extreme market volatility and raise concerns about their long-term viability.

Notable Price Drops

According to data from Jupiter Slorg, 30 meme coins associated with celebrities like Andrew Tate and Soulja Boy were launched on Solana last month. The excitement surrounding these tokens quickly faded, resulting in an average decline of 94% from their all-time highs. Even the best-performing tokens have dropped by more than 70%, with half plummeting by over 99%.

Market Capitalization Impact

The market capitalization of these tokens has been severely impacted. Of the 30 tokens, 22 are now valued at less than $1 million. For example, the token linked to rapper Waka Flocka has lost 99.7% of its peak value and currently has a market cap of just $400,000, despite ongoing promotion on social media.

Broader Market Implications

The rapid decline of these tokens raises questions about the sustainability of celebrity-backed meme coins and the broader implications for celebrity involvement in cryptocurrency markets. Interestingly, only 40% of the celebrities involved have mentioned these tokens on social media in the past week.

Resilience of the Solana Ecosystem

Despite the decline in meme tokens, the broader Solana ecosystem remains resilient. As of today, Solana (SOL) is priced at $168.96 with a 24-hour trading volume of $5 billion. This reflects a 5.12% price decline in the last 24 hours but a 6.20% increase over the past week. SOL has a circulating supply of 460 million and a market cap of $78.5 billion.

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Memecoin

Iggy Azalea Partners with DWF Labs, Boosting MOTHER Token

by Ouess
written by Ouess

Iggy Azalea is diving deeper into the crypto world through a partnership with DWF Labs, as announced in a recent social media post. Although the post on X didn’t provide specifics, it caused the MOTHER token to skyrocket.

Impact on MOTHER Token

Following the announcement, the MOTHER token surged by 50%, reaching over 4 cents. This sharp increase highlights the significant impact of Iggy Azalea’s involvement in the crypto space.

MOTHER 7day chart

MOTHER Token’s Journey

Launched in late May, the MOTHER token initially garnered moderate attention. However, it quickly rose in value, turning early investors into millionaires. Despite its success, many in the crypto community have questioned its legitimacy.

Future Prospects

Last month, Iggy Azalea hinted that MOTHER token holders might soon use their tokens to purchase cell phones and telecom plans from her upcoming telecommunications company. This potential development could further enhance the token’s utility and value.

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