Tag: Meme

Pepe Coin Hits Lowest Price Since Binance Listing

by Blockchain News

Pepe Coin (PEPE), deriving its theme from the popular Pepe the Frog meme of the early 2000s, registered a decline in its value today, reflecting the broader Bitcoin downturn.

The Dynamics in Depth

After its Binance debut on May 5, 2023, PEPE surged to its zenith of $0.00000439. This performance was followed by a drop to $0.00000082 by June 15, 2023, a time when Bitcoin also registered a decline to $24,800. Post this drop, PEPE showcased a gradual uptrend, culminating at $0.0000019 by July 13. However, after this July peak, the coin began its descent, following the overall correction observed in Bitcoin. Today’s stats narrate a challenging day for PEPE. Its value experienced an approximately 8% reduction, with a volatile amplitude of 13%, including a swift 10% drop within a solitary minute.

Factors at Play

The entire cryptocurrency market remains fragile, with predictions suggesting Bitcoin could soon dip to $20,000. Pessimistic sentiments may intimidate traders.

The current tumult in the altcoin market can be partially attributed to the reports surrounding the compromise of Ethereum Founder, Vitalik Buterin’s Twitter account. Given that a substantial number of altcoins, Pepe Coin included, have their foundations on the Ethereum blockchain, such events often ripple through the market.

Compounding this uncertainty, as reported by Blockchain.News, social platforms of PePe X, especially its presence on the former Twitter and Telegram, were reportedly breached.

Adding to the mix of concerns are past allegations linked to Pepe Coin. These include potential involvement in scams and insider trading. Furthermore, the unveiling of its previously anonymous founder, who possesses a checkered past with criminal affiliations, has surely impacted investor sentiment.

A Glimpse into Pepe Coin

Token Layout: The colossal total of 420,690,000,000,000 PEPE tokens is structured with 93.1% dedicated to the liquidity pool. This aims to foster trading stability. The residual 6.9% is allocated for CEX listings, a step toward integrating with mainstream trading platforms.

Performance Metrics: Initiated at $0.0000002823 on April 19, 2023, PEPE’s market cap burgeoned to an impressive approximate of $1.6 billion between late April and May 2023.

Procurement Pathways: Potential investors can look toward centralized exchanges like Binance, Kucoin, and Kraken. Decentralized trading platforms like Uniswap also offer PEPE. Regardless of the route, a crypto wallet endowed with Ethereum is mandatory for transactions.

Looking Forward

In the capricious world of cryptocurrencies, Pepe Coin’s future seems intertwined with multifarious determinants. As stakeholders and analysts keep a close watch, the evolving saga of PEPE in this volatile market remains a topic of intrigue.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

Image source: Shutterstock

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Vitalik deluged after asking for the ‘most unhinged’ criticisms about him

by Cointelegraph

Ethereum co-founder Vitalik Buterin asked for, and received in spades, examples of “the craziest and most unhinged criticisms” of him on Twitter and elsewhere.

Buterin’s lighthearted request came in a Jan. 14 tweet in which he shared some of his own favorite criticisms and revealed the Ethereum (ETH) creator’s lighter side. More than 500 people responded in the first fifteen minutes, although most were in support of Buterin. At the time of writing his tweet had over 1,200 comments.

Among the four criticisms Buterin posted was one from a user that said he “Looks like an alien crackhead.”

Vitalik’s father Dmitry recalled a fairly unhinged conspiracy theory that he was actually a Russian secret agent and that Russian President Vladimir Putin was behind the creation of Ethereum.

Vitalik himself brought up how “2 different Reddit trolls!” had compared him to Hitler back in 2017 and shared a screenshot of the comparison in a tweet.

Ethereum was an early example of an initial coin offerings (ICO) in the crypto space and has been one of the most successful with over 778,000% in gains since 2015. But to this day it is criticized for being a “centralized premine.” One user cited an unhinged take frequently seen during the 2017 ICO craze shows the “spider Vitalik ponzi”  and depicts Vitalik as the spider in charge of the Ethereum ponzi web.

Not everything was a criticism, some users took the opportunity to share their favorite memes, including this joke that leans heavily on a pun.

Other users dusted off the classics, including this meme shared in a comment displaying an aged Buterin with a headline from a hypothetical news show reading “Breaking News: Ethereum 2.0 finally ships.” Given how old the meme is, it’s hard to say there isn’t some truth to criticism over the length of time Eth2 is taking to ship. 

Related: Industry players respond to Vitalik Buterin’s thoughts on cross-chain ecosystems

While the Twitter thread was about all the crazy criticisms Buterin has received over the years, most users who responded did so in jest. And ConsenSys alumnus John Lilic pointed out that despite all the criticism of Buterin, both real and comedic, he has ”been working to make the space better since almost day zero.”

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Look out below! Dogecoin risks further downside after a key support is tested

by Cointelegraph

Dogecoin (DOGE) is potentially at risk of losing critical support if the price falls from the ascending channel traded in for the last 53 days. Although technical analysis is not an exact science, a daily close below $0.26 will likely invalidate the current movement.

DOGE/USD price at FTX. Source: TradingView

Aside from the Bitcoin-driven headwinds, which are weighing on DOGE price, this week, the meme token underwent a software upgrade and users were requested to implement version 1.14.5. Two important security patches were involved: “Remote Code Execution in Dogecoin QT” (CVE-2021-3401) and “Sensitive Information Exposure on Unix platforms” (CVE-2019-15947).

The latest release finalized a new minimum fee recommendation, following a previous version’s reduction of relay and mining defaults. Additional changes included Berkley DB and OpenSSL updates and SLIP44 compatibility for the HD wallet deviation path.

Binance exchange faced issues after the upgrade

Even though users and developers did not experience any setbacks from the changes, Binance exchange unexpectedly suspended all Dogecoin network withdrawals on Nov. 11.

@michilumin, a Dogecoin core developer, explained that Binance had pending transactions due to insufficient fees for a couple of years. Despite recommendations by DOGE developers, the exchange failed to redirect those dormant transactions to their own wallets.

As the 1.14.5 upgrade successfully lowered fees, those pending transactions were eventually approved, unbeknownst to Binance.

Curiously, in February, Binance founder CZ expressed concerns about Dogecoin being “centralized” and “abandoned.”

Futures markets could have fueled DOGE’s correction

Surely enough, the Binance withdrawal restriction news could have been behind the recent price weakness down to $0.25. Still, it’s also possible that derivatives markets played an important part because Dogecoin’s open interest was facing a key resistance.

Dogecoin futures aggregate open interest. Source: CoinGlass

Unlike volume data, futures contract open interest provides a better picture of investors’ total risk exposure. Regardless of the trading activity, which can momentarily cede after strong price movements, open interest will remain high as long as players keep their positions afloat.

DOGE/USD price on FTX, log scale. Source: TradingView

Notice how the previous 4 attempts to break the $1 billion futures open interest mark resulted in substantial price corrections. Currently, the indicator stands at $850 million, so the imminent risk seems behind.

However, a 17% positive price move to $0.30 could potentially bring the DOGE derivatives metric back to the feared $1 billion open interest. There’s also the possibility of traders re-opening their leverage positions and inflating the open interest regardless of the price change.

Therefore, the classical chicken and egg problem stands before us: was Binance’s issue the leading cause for the recent crash below the 53-day ascending channel, or was it bound to happen due to excessive leverage positions?

Either way, DOGE traders should keep a close eye on that derivatives indicator to avoid further surprises.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.