Pi Network Hits 120 Million Downloads, Price Eyes $1

Berachain (BERA) has suffered a steep decline over the past week, shedding 30% of its value as bearish sentiment plagues the general market. 

In the past 24 hours alone, the token has slid another 6%, deepening concerns of further downside. With growing bearish bias against the altcoin, this might be the case in the near term. 

BERA Faces Mounting Downside Risk

Berachain’s sharp decline has triggered a surge in short positions across its futures market. This rise in demand for shorts is evident in its funding rate, which has been negative since the token’s launch on February 6. At press time, this is at -0.11%.

The funding rate is a periodic fee exchanged between long and short traders in perpetual futures contracts to keep prices aligned with the spot market.

A negative funding rate means that short traders are paying long traders, indicating a stronger demand for short positions. 

As with BERA, if an asset experiences an extended period of negative funding rates, it suggests sustained bearish sentiment. It indicates that the token’s traders consistently bet on further price declines. This prolonged negativity could increase BERA’s price volatility and extend its price fall. 

In addition, BERA has noted significant fund outflows from its spot markets over the past few days. Per Coinglass, the altcoin has noted almost $2 million in spot market outflows today alone.

When an asset experiences spot outflows like this, it signals a surge in selling pressure. It indicates a bearish trend as investors reduce exposure or take profits, potentially leading to further price declines.

BERA at a Crossroads—Break Below $6.07 or Rally Toward $7.36?

Berachain trades at $6.14 at press time, resting slightly above support at $6.07. If the bearish bias against the altcoin strengthens, its price could break below this support floor, causing the token to trade at a low of $5.35.

If the bulls fail to defend this level, BERA could slip to its all-time low of $4.74.

On the other hand, if market sentiment improves and BERA’s demand soars, its price could rally to $7.36.

The post Berachain (BERA) 30% Drop Triggers Short-Seller Frenzy: More Losses Ahead? appeared first on BeInCrypto.

Arkham Intelligence has unveiled a new feature allowing users to track the wallets of Key Opinion Leaders (KOLs) on X (formerly Twitter).

This development comes amid a flurry of new meme coins, capitalizing on token launchpads for easy launches.

New Arkham Feature Lets Users Track Influencers’ Token Holdings

The update, announced in a recent post, introduces the “Key Opinion Leader (KOL) Label.” It tracks the wallets of influencers with over 100,000 followers on X.

“Influencers with more than 100K+ followers on Twitter/X are now tagged on Arkham with a new label: Key Opinion Leader,” read the announcement.

This means investors can monitor whether influencers genuinely back the tokens they promote or if their endorsements are merely paid advertising. The move has sparked widespread debate within the crypto community, particularly concerning its impact on influencer-endorsed meme coins.

“Biggest scammer on top! Now everyone can watch your wallets. But they should know y’all have multiple ones,” one user wrote.

The introduction of Arkham’s KOL Label comes amid increasing concerns over the reliability of influencer-backed tokens. A recent report revealed that 76% of influencer-endorsed tokens fail to deliver.

Specifically, their value plummeted by more than 90% within just three months.

As BeInCrypto reported, the research suggested earning up to $399 per promotional tweet, incentivizing certain influencers to prioritize financial gain over credibility.

It also showed that many promoted tokens lack fundamental utility and community engagement, leading to inevitable crashes.

“Influencers with over 200,000 followers tend to have the worst performance. The larger the influencer’s following, the lower the performance of the meme coins they promote,” the report claims.

Similarly, blockchain investigator ZachXBT recently exposed 16 influencer accounts on X that coordinated pump-and-dump schemes, leaving their followers to absorb the losses. This fueled debates about the ethical responsibilities of influencers in crypto markets.

With Arkham’s new tracking feature, investors can now scrutinize whether influencers hold the tokens they endorse. This could provide greater transparency in an industry plagued by misinformation and deceptive marketing tactics.

“Interesting move—transparency meets influence,” a user on X remarked.

The pattern mirrors previous crypto fads, where early investors profit while latecomers bear the brunt of financial losses. Arkham’s new tool could expose questionable practices, distinguishing genuine endorsements from misleading promotions.

By tracking influencers’ wallet activities, users can identify whether influencers hold the tokens they promote, indicating a true conviction. They could also spot red flags, such as influencers dumping tokens shortly after promoting them.

Experts, including Tron founder Justin Sun, emphasize the importance of fundamentals, tokenomics, and risk management for investors within the volatile meme coin market.

“I will check on the real social engagement. Are those likes real, or it’s just general bullshit? Do they have lots of influence, and the people really believe them? Also, I will see the founders, see their material, and see the memes they made and the videos they made. I will see if this is the right video and the right social engagement,” Sun elaborated.

These approaches reflect the importance of caution and due diligence instead of relying solely on influencer endorsement.

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