Grayscale recently met with the SEC’s crypto task force, urging for approval to allow Ethereum staking through its ETFs. The company emphasized that $61 million in rewards have been missed due to current regulations. Grayscale is requesting an update to its Form 19b-4 filings for the Grayscale Ethereum Trust ETF (ETHE) and Grayscale Ethereum Mini Trust ETF (ETH). If approved, these changes would enable the company to directly earn staking rewards, optimizing potential returns for investors.
Despite the broader market uncertainty brewing lately, crypto traders have managed to make a whopping $666K out of a mere $4.5K investment in just one trade. The latest hot buzz of the crypto market, “Base is for everyone,” is a token that aided these traders in achieving such a phenomenal feat. Although this new token remains scrutinized due to insider trading allegations, market watchers are extensively eyeing it as the Coinbase L2 builder ‘Jesse’ greenlighted it.
Crypto Traders Turn $4.5K Into $666,000 With This Coin
As per the tracker Lookonchain’s data on X, three wallets stacked colossal amounts of the “Base is for everyone” token before it was even posted about. This chronicle has aided these traders in making a staggering $666K profit out of a very thin investment.
The tracker’s data suggested that the wallet address 0x0992 spent $2,370 ETH to buy 256.39 million of the new token. This crypto trader thereby sold all his holdings, making $168K.
Besides, the address 0x5D9D spent $1,577 ETH to 82.86 million of the same token. Thereafter, this trader also sold everything, making $266.
Lastly, data indicated that the trader 0xBD31 spent $1,577 ETH to buy 131.92 million coins. Even this trader made a remarkable $231.8K with his investment. Altogether, the newly launched token, “Base is for everyone,” is the primary catalyst driving the traders’ profits.
However, it’s noteworthy that the chances of making such huge returns amid a broader sluggish market are low. In an upshot, these crypto traders are facing insider trading allegations, with cryptocurrency community members also warning about the token.
“Base Is For Everyone”: A Token That Stole The Spotlight
Intriguingly, Coinbase’s Layer 2 network Base unknowingly set off one of the most epic buzzes in the Web3 industry with one of its recent X posts. The L2 network posted, “Base is for everyone,” followed by another post saying, “just coin it,” with the latter linked to the Zora portal.
Zora is a platform that allows users to mint content as tokens. This chronicle altogether led to the birth of the new coin mentioned above, which is also an ERC-20 token. Although Zora clarified that this token wasn’t official, it was too late to hit the brakes as the market was already abuzz.
However, the buzz became short-lived as the project soon encountered insider trading and rug pull allegations. Dexscreener’s data shows that the token hit a market cap of $21.5 million, subsequently erasing nearly 45% and reaching $11.7 million. Its price currently rests at $0.01148. Nonetheless, three crypto traders managed to make heavy profits despite this volatility.
Source: Dexscreener
As a result, insider trading speculations prevail, while the alarming price volatility raises rug-pull speculations. Nevertheless, Coinbase L2 builder, going by the name Jesse, greenlighted the project, reiterating it on his X post.
On the other hand, CoinGape reported that crypto traders lost $400 million with another token amid the broader market uncertainty. The Mantra (OM) token price crashed nearly 90% early this week, underscoring the dynamic nature of the crypto realm.
The crypto market is showing bullish signs of an imminent altcoin season this week. Meanwhile, several altcoins are going through notable network developments, adding to the optimism.
BeInCrypto has analysed three such altcoins that present the best chances of a rise in the coming week.
Cronos (CRO)
Cronos price is showing signs of sustained growth as anticipation builds for the upcoming POS v6 upgrade on July 28. This significant update will enhance cross-chain compatibility and overall performance.
The development has generated positive sentiment among investors, potentially pushing CRO into a stronger uptrend over the coming weeks.
CRO is currently trading at $0.124 and attempting to secure $0.121 as a reliable support level. A successful bounce could send the altcoin toward $0.133. Notably, the 50-day EMA is nearing a crossover above the 200-day EMA, signaling the possibility of a bullish Golden Cross forming soon.
However, broader market shifts could challenge the bullish outlook. If bearish momentum rises, Cronos could lose its current support and drop to $0.108. Such a decline would negate the current positive structure.
Conflux (CFX)
Conflux (CFX) has seen a major rally, becoming one of the top-performing altcoins in recent days. Boosted by the recent Conflux Conference in Shanghai, CFX surged 97.5% in the last 24 hours. The altcoin is now trading at $0.20, drawing investor attention amid heightened momentum and renewed community optimism.
Excitement continues to grow as Conflux gears up for its 3.0 upgrade, scheduled for early August. This major milestone could act as a bullish catalyst. If CFX rebounds from the $0.17 support level, the altcoin may breach $0.24 and potentially rise toward the key psychological mark of $0.30 in the short term.
However, risk remains if investors begin securing profits after the significant gains. A drop below the $0.17 support could drive CFX lower toward $0.11. Such a move would reverse current bullish momentum, causing traders to reassess expectations as bearish sentiment overtakes the altcoin’s rally.
Bitget Token (BGB)
Bitget, a leading crypto exchange, announced a partnership with Pudgy Penguins for a wellness escape in Kuala Lumpur this week.
Although the event isn’t directly crypto-related, such collaborations often pave the way for more impactful partnerships, potentially enhancing brand visibility and investor interest across meme coin and exchange ecosystems.
BGB price could see gains following this news, especially as technical indicators support a bullish outlook. The Parabolic SAR positioned below the candlesticks confirms an active uptrend.
If momentum holds, the altcoin could push past $5.05, helping Bitget’s token recover losses sustained during the May market correction.
However, bearish pressure may still weigh on BGB in the short term. If prices slip below the key support level of $4.83, further losses could drag the token to $4.46. Such a move would invalidate the bullish outlook and indicate weakening investor sentiment despite the positive market developments.
Want more token insights like this? Sign up for BeInCrypto Editor Harsh Notariya’s Daily Crypto Newsletter here.
As Bitcoin gained momentum and marked a new ATH, the other altcoins also began to go parabolic. Some of them are gearing up to trigger a strong breakout, but the XRP price appears to remain restrained from the ongoing bullish trend. The price is closely consolidating below the pivotal resistance, which could point towards a breakout, but careful observation hints that the price rally could be restrictive, as suggested by a couple of on-chain data points.
The XRP price had been tightly consolidating below $1 for over a couple of years and triggered a massive breakout during Q4 2024. This was when the bulls, retail traders and whales all together pushed the price above $2. Since then, the price has remained consolidated between $2 and $3, failing to keep up with the growing market trends. The massive drop in the active addresses hints towards a sudden decrease in the users’ participation.
The drop in the active address hints towards a decrease in the number of traders contacting the network to perform a trade. This also indicates a drop in the volatility, which has kept the levels consolidated and prevented a breakout. On the other hand, Open Interest has also plunged, which was in recovery mode.
This suggests the traders are closing the futures positions either to take profits, cut losses or adjust their overall portfolio exposure. Moreover, some on-chain reports suggest the whales have off-loaded over 60 million XRP in the last 72 hours, which raises concern over the short-term price action.
Will XRP Price Fail to Reach $3?
The XRP price is closely consolidating but the token is accumulating gains between the range of 2018 and 2021 highs. Moreover, it has formed a massive bull flag and hence a breakout from the resistance could push the price into the discovery phase.
The rebound from the lows has not triggered a rebound with the RSI levels, which remain consolidated along the average range. This suggests the rally remains within a decisive phase and hence a rise in the RSI could eventually push the XRP price beyond the consolidated range; else a drop could drag the levels to the support close to $2 or slightly lower.
The post Altcoins Are About to Surge Dramatically—Why Is XRP Price Failing to Go Parabolic? appeared first on Coinpedia Fintech News
As Bitcoin gained momentum and marked a new ATH, the other altcoins also began to go parabolic. Some of them are gearing up to trigger a strong breakout, but the XRP price appears to remain restrained from the ongoing bullish trend. The price is closely consolidating below the pivotal resistance, which could point towards a …
