MOODENG, the Solana-based meme coin, has recently experienced an incredible 700% surge in price over the past week. This jump has positioned it as one of the top-performing tokens, and the growth is expected to continue as the market embraces the meme coin.
With momentum building, MOODENG is well on its way to potentially reaching a new all-time high (ATH).
MOODENG Finds Demand
The surge in MOODENG’s price is driven by organic demand, as indicated by the Open Interest (OI) data. Over the past week, traders have poured $324 million into the meme coin, pushing the OI from $18 million to $342 million. This 1,800% increase in OI suggests a strong market interest, with demand for MOODENG extending beyond its spot market performance.
In the futures market, the strong interest in MOODENG also points to growing optimism around the token. With $324 million flowing into the futures contracts, it’s evident that traders are betting on the meme coin’s success.
Data from Holderscan shows that MOODENG’s holder base has expanded significantly, now reaching 75,000 holders. Interestingly, the distribution of assets among holders with less than $10 worth of the token has surged from 17% to 33% in the last ten days.
This shift indicates that smaller retail investors are now actively buying MOODENG, further boosting its market presence. This growing number of smaller holders suggests that MOODENG is gaining traction among institutional investors and with retail participants who see potential for substantial gains.
MOODENG’s price has shot up by 703% in the past week, currently trading at $0.305, just below the resistance of $0.355. The recent rally has positioned the coin near its ATH, and breaking through the $0.355 resistance could open the door for further price appreciation.
If MOODENG manages to breach the $0.355 barrier and flip it into support, it could surge past its previous ATH of $0.700. The continuation of the bullish trend would likely push the price even higher, solidifying MOODENG’s position as a major meme coin in the market.
However, if MOODENG fails to break through the $0.355 resistance, a decline is possible. In this scenario, the meme coin’s price could fall back to $0.180 or even lower if profit-taking increases among investors. This would invalidate the current bullish outlook and prompt a correction in price.
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to understand why the share price of Cantor Equity Partners Inc. (CEP) is seeing downside pressure while the share price of Strategy’s stock (MSTR) is increasing. CEP is the company behind 21 Capital, a newly established firm imitating Strategy’s Bitcoin model.
Crypto News of the Day: Max Keiser Issues 21 Capital Warning as CEP Shares Sink
Twenty One Capital’s ambitions to become the next major corporate Bitcoin player are under fire. The share price of its holding company, Cantor Equity Partners Inc., is bearing the brunt of overhead pressure.
The CEP stock price is down by over 6% in the last five trading days. Meanwhile, the share price of its market rival, Strategy (formerly MicroStrategy), is up by over 7%.
Headed by James Mallers, Twenty One Capital presented as Strategy’s inadvertent market rival, or peer. It introduced BTC-native metrics like Bitcoin Per Share (BPS), effectively challenging Strategy’s model, where investors have indirect exposure to Bitcoin through MSTR stock.
In a recent US Crypto News publication, Bitcoin pioneer Max Keiser said institutions must “Saylorize” or die. Nevertheless, despite Twenty One Capital extending the “Saylorization” trend, the CEP stock price continues to endure downward pressure while Strategy’s stock price is gaining.
Against this backdrop, investors hoped that hype around Cantor Equity Partners Inc.’s planned SPAC merger could reverse the trend, but this appears to be false hope. Notably, the merger would see CEP stock listed under the new ticker XXI.
“Cantor Equity Partners (CEP) announced a merger with bitcoin treasury company Twenty One Capital in a $3.6 billion merger,” reports indicated.
The announcement propelled shares of the SPAC vehicle, Cantor Equity Partners (CEP), sharply higher, but now momentum is fading.
Investors who hoped for a post-merger rally have watched the stock drift downward toward the mid-$20s over the past five days.
BeInCrypto contacted Max Keiser for insights into why this is happening, with the Bitcoin maxi blaming it on Twenty One Capital’s model mimicking Strategy.
Mimicking Strategy Could Be Detrimental, Max Keiser Says
According to Max Keiser, Twenty One Capital’s attempt to mimic Strategy could prove far riskier and less effective.
“There’s a big difference between a company with a Bitcoin treasury strategy and a Bitcoin strategy company,” Keiser told BeInCrypto.
Keiser says Strategy is leveraging its heft as a company with lots of Bitcoin, harnessing volatility to buy more BTC. However, Cantor Equity Partners Inc. or Twenty One Capital does not meet that standard.
“CEP is a company that is looking to buy lots of Bitcoin, which is very volatile. I question if they can effectively harness that volatility like Strategy does,” he added.
Twenty One Capital is the third-largest corporate Bitcoin holder after Strategy and Bitcoin mining firm MARA Holdings. Data on Bitcoin Treasuries shows Strategy holds 568,840 BTC, while MARA holds 48,237 Bitcoin tokens.
Meanwhile, after Tether acquired 4,812.2 Bitcoin (now held in an escrow wallet as Twenty One Capital prepares to complete a SPAC merger with Cantor Equity Partners), Twenty One Capital holds 36,312 Bitcoin tokens.
Corporate Bitcoin holders by portfolio size. Source: Bitcoin Treasuries.
In the interview with BeInCrypto, Keiser articulated that trying to copy Strategy’s model without the infrastructure, discipline, or scale puts 21 Capital in a precarious position.
“A Bitcoin strategy company is inherently riskier, with no clear path to be as competitive as Strategy in leveraging market volatility to capture more Bitcoin,” he stated.
Further, despite the surge in interest from investors hoping to jump on what appeared to be the “next big BTC play, Keiser believes the long-term winner is already clear.
“Ultimately, the big winner will continue to be Strategy, with dozens of knock-offs trying to catch them, failing to generate the same returns, but increasing demand for Bitcoin substantially. That ends up benefiting STRATEGY proportionately more than the knock-offs, with less risk,” he concluded.
This aligns with a sentiment from Steven Lubka, the Head of Swan Private Wealth. As BeInCrypto noted in one of the US Crypto News publications, Lubka said the inadvertent competition between Twenty One Capital and Strategy will ultimately bode well for Strategy.
“Ironically, someone throwing the gauntlet at Microstrategy, ‘we want to become the most successful company in Bitcoin, ‘ Only makes Microstrategy more valuable,” Lubka remarked.
Charts of the Day
Strategy’s MSTR stock price performance. Source: Google Finance
This chart shows Strategy Inc.’s stock price rose by $28.61 or 7.28% over the past five days, closing at $421.61 on May 14.
Cantor Equity Partners (CEP) stock price performance. Source: Google Finance
This chart shows a 5-day decline in Cantor Equity Partners Inc.’s stock price, down by 6.22% since May 7. CEP closed at $29.84 on Tuesday and is attempting a slight pre-market recovery.
Byte-Sized Alpha
Here’s a summary of more US crypto news to follow today:
Meme coins are continuing to observe bullishness in a market which is cooling down following the recent rise. Leading the joke tokens was ConstitutionDAO as it posted a 56% rise.
BeInCrypto has analysed two more such meme coins for investors to watch and the direction in which they are heading.
PEOPLE price surged 56% today, making it one of the top-performing tokens. Trading at $0.035, PEOPLE is working to secure $0.031 as a critical support level. This rise highlights increased investor interest and could signal more positive movement if the support level holds strong in the coming days.
Securing $0.031 as support is essential for the meme coin to maintain its bullish momentum. If the token can successfully hold above this level, it has the potential to continue rising. The next target would be $0.041, which could attract more buying pressure and strengthen its position in the market.
If PEOPLE fails to secure $0.031 as support, the altcoin may experience a decline. Increased selling pressure or profit-taking could drive the price lower, possibly reaching $0.023. Such a drop would invalidate the current bullish outlook, affecting investor sentiment and potentially leading to further losses.
BOME resurfaced this week, showing impressive growth with a 25% rise in the last 24 hours. The meme coin is currently trading at $0.0028 and is facing a key resistance at $0.0033. The price action suggests potential for further upward movement, but this resistance could hinder continued gains.
Despite the recent surge, BOME’s bullish momentum seems to be losing strength. The token appears to be consolidating between $0.0033 and $0.0023, which could limit price movement in the short term. A lack of buying pressure could stall its rally, causing it to remain in this range for now.
If broader market conditions remain positive, BOME may break through the $0.0033 resistance. This could trigger a further rally, pushing the price toward $0.0040. Such a move would invalidate the bearish outlook and attract more investors, strengthening its position in the market.
ELON is currently trading at $0.0000001757, just below the resistance level of $0.0000001781. The meme coin is tracking broader market trends, but it is showing positive signs with a growing number of holders. As of now, the total number of ELON holders stands at 162,419, indicating increasing investor interest.
ELON has demonstrated strong performance in the past, earning its place as a reliable token. To reach its target of $0.0000002075, the coin needs to flip the $0.0000001781 resistance into support. Securing this level would pave the way for further upward movement and attract more investors to the token.
If ELON fails to secure $0.0000001781 in support, it may experience a reversal. A drop below $0.0000001627 could lead to a further decline, potentially reaching $0.0000001402. This would invalidate the current bullish thesis and shift market sentiment away from the meme coin.
The Pi Foundation today announced the launch of Pi Network Ventures, a $100 million development initiative aimed at investing in startups and businesses that drive Pi adoption and utility.
The fund will be split between Pi tokens and US dollars, sourced from 10% of the PI supply allocated for foundation reserves.
Pi Network’s $100 Million Venture to Improve Utility
The initiative comes shortly after Pi Network’s Open Network launch, which enabled external connectivity. Pi Network Ventures will support early-stage to Series B companies that integrate Pi into products, services, or business processes. Investments will focus on sectors beyond crypto, including AI, fintech, ecommerce, embedded payments, and consumer applications.
Unlike typical blockchain venture funds, Pi Network Ventures plans to operate with Silicon Valley-style sourcing, selection, and vetting processes. Most investments will be made directly in Pi tokens rather than fiat, aligning incentives with Pi’s ecosystem growth.
The Pi Foundation emphasized that the fund’s goal is to accelerate real-world use cases of Pi and strengthen network effects among its tens of millions of KYC-verified users. The $100M is not guaranteed to be fully deployed and will be invested over time depending on the quality and number of applicants.
This marks a major development step as Pi seeks broader real-world integration and decentralized utility expansion.
SUI price maintains its bullish structure, with price consolidating near key resistance at $4.50.
Recent developments like Phantom integration, NFT partnerships, and institutional inflows signal growing adoption.
Technical analysis shows bullish EMA alignment, but RSI near 68 hints at potential consolidation.
On-chain metrics such as $2.18B TVL and $11B+ monthly DEX volume reflect record activity and sustained DeFi momentum.
SUI is consolidating near $4, following a brief intraday pullback on May 13, while maintaining bullish structure overall.
SUI Coin has surged 75% over the past month, reclaiming $4 for the first time since February. Backed by record on-chain metrics and strong technicals, the altcoin holds a bullish structure as traders eye a breakout toward the $5.30 ATH.
Catalysts Behind SUI’s Momentum
Phantom Wallet Integration (May 13): The popular multichain wallet added support for the Sui Network, allowing users to seamlessly swap assets between Sui, Ethereum, Solana, and Base. This expanded access and simplified token purchases directly from the wallet, enhancing user adoption and activity across the ecosystem.
Axelar Bridge Launch (May 8): Axelar integrated Sui via its Interchain Token Service (ITS), enabling native assets to be bridged to and from other major blockchains. This boosted Sui’s DeFi composability, allowing protocols to tap into external liquidity while remaining native to the Sui chain.
Upcoming Sui Odyssey Event (May 17): The fifth edition of “The Great Sui Odyssey” will take place in Vietnam, spotlighting new developments in AI, DeFi, and gaming — all of which could act as forward-looking catalysts for continued growth.
On-Chain Data Confirms Explosive Growth in SUI Ecosystem
TVL grew from ~$1.8B in early April to $2.183B by May 14. The stablecoin market cap stands near $919M with inflows up 39.5%. If it crosses $1B, price could trend toward $4.50 under current dynamics.
Monthly DEX volume peaked at $782M on April 23 — the highest single-day volume in Sui’s history — within a broader monthly surge. As of May 14, the 7-day total sits above $3.98B, up nearly 40% week-over-week and nearly triple April 10’s $253M figure.
Futures open interest surged from ~$600M in early April to $1.86B by May 14 — a yearly high — showing strong leveraged demand across Binance, Bybit, and others.
Sui has consistently maintained over 1.5 million daily active addresses through April and May, peaking at 1.7 million on April 29. On average, 1.2M–1.5M wallets interact daily, with a healthy mix of new and returning users.
SUI/USD Approaches Key Resistance After 140% Rally
SUI price has gained over 140% from its April 13 low of $1.73, reaching $4.20 on May 10 — the first time it reclaimed $4 since January 17, 2025. The rally gained momentum after breaking out of the $2.80–$3.10 consolidation zone on April 23. Notably, this breakout coincided with SUI’s DEX volume all-time high of $782M — confirming the strength behind the price surge.
Price currently trades above all major EMAs, with the 20 EMA (~$3.58) providing near-term dynamic support. The $3.53–$3.85 region is acting as a structural base.
SUI is consolidating between $3.85 and $4.15 — a former January supply zone — with visible buying support on pullbacks.
A daily close above $4.35 would confirm breakout continuation and likely target the $5.30 ATH ( Dec 20, 2024).
RSI is holding near 68.2 — slightly below overbought — suggesting slowing bullish momentum but no breakdown yet.
Key support zones include $3.53 (20 EMA) and $3.10–$3.20 (aligned with 50 EMA and April breakout base).
Can SUI Break $5.30 This Quarter? Metrics Remains Bullish
SUI’s bullish structure is reinforced not just by technical strength, but by fundamental catalysts like Phantom wallet integration, Axelar cross-chain support, and institutional inflows.
SUI’s structure remains bullish, supported by rising volume, strong on-chain data, and active user growth. A close above $4.35 could trigger a breakout in the next 2–3 weeks. If DEX volume returns to April highs, SUI may revisit its $5.30 ATH before the quarter ends. Support at $3.50–$3.85 continues to provide a solid accumulation zone
The post SUI Price Eyes $5.30 ATH, Can On-Chain Strength Drive A Breakout This Quarter? appeared first on Coinpedia Fintech News
Key Highlights SUI price maintains its bullish structure, with price consolidating near key resistance at $4.50. Recent developments like Phantom integration, NFT partnerships, and institutional inflows signal growing adoption. Technical analysis shows bullish EMA alignment, but RSI near 68 hints at potential consolidation. On-chain metrics such as $2.18B TVL and $11B+ monthly DEX volume reflect …
According to a securities filing on Tuesday, Jack Mallers’ newly launched investment vehicle, Twenty One Capital, has acquired 4,812 Bitcointokens worth $458.7 million.
Backed by Tether, Cantor Fitzgerald, and SoftBank, the SPAC-born firm signals a new phase of corporate Bitcoin accumulation
Twenty One Capital Buys 4,812 Bitcoin Worth $458.7 Million
The purchase marks the firm’s first major Bitcoin acquisition since its formation in late April. It signals the start of an aggressive BTC accumulation strategy modeled after Michael Saylor’s Strategy.
The Bitcoin allocation, labeled “Initial PIPE Bitcoin,” was initially acquired by USDT issuer Tether. The stablecoin issuer and majority shareholder of Twenty One Capital. They structured the deal as part of a private investment in public equity (PIPE) transaction using gross proceeds from convertible notes.
Following the business combination that created the publicly traded entity, Tether transferred the BTC to Twenty One Capital for $458.7 million.
The company, trading under the ticker CEP, now holds a staggering $4.05 billion in Bitcoin. This makes it the third-largest corporate holder after Strategy and Marathon Digital. During its formation, they seeded its treasury with $3.6 billion in BTCvia a SPAC merger with Cantor Equity Partners.
“Twenty One Capital isn’t just stacking sats — it’s leading a generational shift in corporate capital allocation…Jack Mallers is taking the Saylor playbook and turning it into an arms race…For corporations to survive, they must mimic the Strategy’s process, they must ‘Saylorize’ or die,” Keiser told BeInCrypto.
Unlike traditional tech firms that hold BTC on the side, Twenty One Capital is designed to be Bitcoin-native at its core. This entails using equity and convertible debt as vehicles to acquire more BTC. The strategy reflects a broader transformation where companies are no longer “dabbling” in crypto. Instead, they are betting their business models on it.
The move also sharpens competition with entities like Metaplanet, Japan’s self-described “Asian MicroStrategy.” BeInCrypto reported that the firm recently ramped up BTC purchases through bond offerings.
Twenty One Capital’s alignment with powerhouses like Tether, Bitfinex, and Cantor Fitzgerald gives it a unique edge in liquidity, market access, and global infrastructure. This latest purchase goes beyond mimicking Strategy, 21 Capital is challenging it.
As corporate Bitcoin balance sheets gain momentum, Twenty One Capital’s aggressive entry may herald a second wave of institutional FOMO. This time, however, SPACs, sovereign-linked funds, and stablecoin giants drive the FOMO.
Tether-backed Bitcoin investment firm Twenty One Capital has acquired 4,812 BTC valued at $458.7 million, according to a U.S. Securities and Exchange Commission (SEC) filing dated May 13. The transaction is part of a private investment in public equity (PIPE) deal tied to the firm’s ongoing SPAC merger with Cantor Equity Partners.
This buy comes amid Bitcoin price movements suggesting a potential new all-time high, with the asset trading around $103,540 at the time of purchase.
Twenty One Capital Bitcoin Acquisition Linked to SPAC Merger
The purchase was executed by stablecoin issuer Tether, which transferred the BTC to an escrow wallet on May 9. The Bitcoin was later moved to a wallet controlled by Tether, and will be sold to the public entity Twenty One Capital for $458.7 million.
This transfer is part of a PIPE arrangement connected to the company’s SPAC merger with Cantor Equity Partners. Once the merger is finalized, the company will trade under the ticker XXI. Currently, it trades under CEP, and the SPAC is backed by Wall Street firm Cantor Fitzgerald.
The newly acquired BTC increases Twenty One Capital’s total holdings to 36,312 BTC. Of this amount, 31,500 BTC is held on behalf of the company by Cantor Equity Partners, as disclosed in the SEC filing.
Company Positioning and Ownership Structure
Twenty One Capital is led by Jack Mallers, founder of the BTC payments app Strike. The firm has adopted a Bitcoin-focused strategy similar to that of Michael Saylor’s Strategy. In April, the firm told the SEC that it aims to become a “superior vehicle” for capital-efficient BTC exposure.
Tether and its sister company, Bitfinex, are majority owners of the company. Japanese investment group SoftBank has invested $900 million and holds a minority stake. Cantor Fitzgerald is both sponsor and advisor to the merger, and has raised $585 million to fund future BTC purchases.
According to filings, the company’s goal is to reach 42,000 BTC in total holdings upon its public launch. Expected contributions include 23,950 BTC from Tether, 10,500 BTC from SoftBank, and 7,000 BTC from Bitfinex. These will be converted into equity at $10 per share.
Market Reaction and Trading Activity
Shares of Cantor Equity Partners (CEP) experienced high volatility following news of the BTC purchase. On May 2, the share price rose from $10.65 to $59.73, before falling back to $29.84. After the recent filing, the stock gained another 5.2% in after-hours trading.
According to BitcoinTreasuries.net, Twenty One Capital is now the third-largest corporate holder of BTC, behind MicroStrategy (568,840 BTC) and MARA Holdings (48,237 BTC). The firm’s strategy is to measure performance using Bitcoin per share rather than earnings per share.
Other firms are also increasing their exposure with, Japanese firm Metaplanet adding 1,271 BTC for $126.7 million on Monday.
Bitcoin Price Nearing New All-Time High
The purchase by Twenty One Capital coincides with a strong upward trend in Bitcoin’s price, which has surged to around $103,540. This puts the cryptocurrency within range of its previous all-time high. Market analysts are watching closely for a breakout.
Michaël van de Poppe, a market analyst, noted on X that recent Consumer Price Index (CPI) data showed inflation to be lower than expected. He said, “Inflation is calming down… this would also signal that the FED can lower interest rates.” According to him, this environment could create favorable conditions for the crypto’s next upward move to a new ATH.
Another analyst ColinTCrypto, also referred to the ongoing correlation between BTC and the Global M2 money supply. He pointed out that the current cycle mirrors patterns seen earlier in the year when BTC rose from $76,000 to $105,000 between April 8 and mid-May nearing the all-time high at $109k. He added that Bitcoin is “still right on track with Global M2,” and suggested a breakout above $120,000 could occur by the end of May to set a new all-time high.
India decided to introduce retaliatory measures against Trump tariffs after the US President decided to raise duties on steel and aluminum imports. The announcement comes just as US-China trade deal sees positive development, raising doubts over America’s China plus one policy.
Trump Tariffs: India Doesn’t Give Up to Donald Trump’s Whims
US President Donald Trump has dialed back significantly on the U.S.-China trade war after raising 145% in April. On the other hand, the progress on US-India trade talks seems to hit a barrier as India plans to put tariffs on several products as a retaliatory response to Trump tariffs on US steel and aluminum imports.
In March, the United States introduced a 25% tariff on steel and aluminum imports. As the world’s second-largest crude steel producer, India informed the WTO that these tariffs would impact $7.6 billion worth of Indian exports to the US.
The US-India trade war tensions escalated at a time when the two countries were discussing a Bilateral Trade Agreement (BTA), which is likely to conclude on July 8. This will be just before the 25% Trump tariffs kick in on Indian imports into the US, considering the 90-day grace period.
With President Trump announcing agreements with the UK and China over the past week, India, a key economic partner, waits on the sidelines. On Monday, Trump declared a “total reset” in the US-China Trade deal following the public release of the trade deal details between the two nations.
This could potentially impact India’s competitive edge in attracting global firms willing to relocate from China. This dialing back of Trump tariffs on China undermines the “China Plus One” strategy.
Crypto Market Upside Continues
Amid these broader macro developments, crypto market continues its upside, with Bitcoin price bouncing back 2% to $103,500, after dropping back on Tuesday. Altcoins are staging even greater strength with Ethereum (ETH) leading the pack with 9% gains. Other top altcoins like XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) have gained 4-10% today.
Pepe Coin (PEPE) price trades at $0.00001399 and is down by 3.19% today. This drop coincides with Bitcoin’s intraday pullback, risking a $102k breakdown. With whale transactions spiking 257%, PEPE price top could be in sight. Will this sell signal lead to a 25% crash in the near term?
Slowdown in Bitcoin Warns Market-wide Pullback
At present, Bitcoin price is up by 1.15% at $103,814 today as the struggle continues to overcome the $104k peak. The BTC price at a low-volume zone warns of a pullback to the $102k high-volume zone. If the bitcoin price crashes below the $102k, a potential sustained drop into the $102.6k-$93.1k zone is likely, where BTC could consolidate for weeks. This drop in Bitcoin could influence Pepe Coin and other altcoins.
During consolidation, the downside risk to $93.1k will lead to a broader market correction, especially for highly volatile meme coins. Hence, with a weakening in the market leader, PEPE’s price could witness a pullback in the weeks to come.
Are Whales Selling Off Before an Incoming Crash?
Following a strong bull run last week, a surge in Pepe whale transactions warns of a cycle top coming for PEPE. A surge in whale transactions following a rally typically signals a top formation, while a spike after a correction often translates to potential bottom. Historically, the peaks in whale transaction counts are a bellwether to a potential top formation after a bullish trend, as seen during May, November, and December of 2024.
Transaction Count by Size
Based on IntoTheBlock’s data, the transaction count of more than $1ook in value peaked at 720 on May 12, coinciding with the Pepe Coin’s peak at $0.000015. Generally, the peaks are formed with transactions crossing the 800 mark, signaling profit booking by whales.
Pepe Coin Price Analysis Warns of Double Top Breakdown
Pepe Coin price jumped 100% from $0.0000075 to $0.000015 between May 6 and May 12. However, the meme coin fails to cross the $0.000015 psychological resistance, resulting in a sideways shift with $0.00001274 as baseline.
The consolidation results in two peaks, hinting at a double top reversal with a 7.42% drop. To complete the bearish pattern, PEPE price must drop to the $0.00001274 neckline and break the short-term support trendline at $0.00001274. A four-hour candlestick close under the $0.00001274 neckline is mandatory for a decisive breakdown. In such a case, the double-bottom pattern forecasts a 25% crash to $0.00001063, calculated by adding the double top’s height to the neckline.
The Relative Strength Index (RSI) line shows bearish divergence as it declines from the overbought zone to the halfway line during PEPE’s uptrend. Furthermore, the MACD and signal lines fall after a negative crossover, suggesting a surge in underlying bearishness.
Pepe Coin price chart
If the Pepe Coin price bounces back to violate the $0.000015 ceiling, the double top pattern will be nullified. According to Fibonacci levels, the 23.60% level overlaps with $0.000015 and targets $0.00001792 as immediate resistance if the trend flips, aligning with the Pepe price prediction.
Is Blind Optimism Behind 72% of Binance Traders Holding PEPE Longs?
Despite the short-term pause in the PEPE price rally, heightened optimism in futures contracts anticipates an uptrend continuation. The Open Interest (OI) at $583 million sustains a near record-high level at $583 million, signalling strong traders’ interest.
PEPE Futures Open Interest (USD)
Additionally, as optimism reaches dangerous levels, 72% of PEPE traders on Binance hold a long position. This surges the Long/Short ratio to 2.57, signalling a strong bullish inclination.
Binance PEPEUSDT Long/Short (Accounts)
Despite the retail optimism, the recent 720 transactions peak bolsters the double top reversal to the $0.00001063 level. Hence, the on-chain and technical signal warns of a potential long-liquidation spike as OI nears $600 million.
WazirX users have been eagerly awaiting the SUM 940 hearing regarding the massive $230 million hack at the Singapore High Court. Held on May 13, the hearing resulted in the court extending the existing moratorium under OA 1284 until June 6, 2025. Reportedly, this moratorium provides WazirX’s parent company, Zettai, with temporary relief from potential legal actions, allowing them to focus on restructuring and recovering user funds.
Notably, WazirX is one of the largest crypto exchanges in India, which faced a staggering $230 million (₹2000 crores) security breach on July 18, 2024. Following the incident, the platform froze over half of its user funds and suspended trading. This move left users uncertain about the fate of their investments and the potential recovery timeline.
According to an X post shared by WaxirX on April 12, 2025, the Singapore court hearing on the exchange’s recovery plan was scheduled on May 13, 2025. Following the hearing, the exchange informed its users about the key outcomes, including the extension of the moratorium until June 6, 2025.
In an official email addressing users, the company revealed that the court hasn’t made any orders regarding SUM 940. However, the court directed WazirX’s parent company, Zettai, to file further affidavits by May 23, 2025.
Significantly, the WazirX hack underscores the crypto industry’s vulnerability to escalating threats and thefts, emphasizing the need for robust security measures. Recently, German authorities seized $38 million in crypto from eXch, a platform linked to the $1.4 billion Bybit hack.
Since the $230M WaxirX hack, the company has been working on a recovery plan and submitted a restructuring proposal to the Singapore court in early 2025. With overwhelming support from users (93.4%), the exchange had plans to reimburse 85% of the funds based on the amount previously frozen.
While the company decided to distribute funds within 10 days of the court approval, the recent hearing has essentially been a shot in the dark for WazirX users.
It is noteworthy that the WazirX development is unfolding in tandem with the crypto community’s anticipation of the XRP lawsuit settlement. While the XRP lawsuit nears a final verdict, the WazirX case still remains uncertain.
Meanwhile, in an update on the hearing, crypto commentator Pushpendra Singh alleged that the crypto exchange attended the hearing without presenting proper evidence. Now, the court has ordered that they submit the necessary proof, meaning that customers might have to wait a while longer to know how soon they can recover their funds.
