Bitcoin (BTC) is back above the $70,000 mark after tumbling for 11 days with high price volatility.
In the past 24 hours, BTC has experienced a 5.4% increase, reaching a trading price of $70,500. Its market capitalization now stands slightly above $1.38 trillion, accompanied by a daily trading volume of $42.7 billion.
CoinGecko data reveals that Bitcoin’s price surge has injected bullish momentum into the global crypto market capitalization, which has seen a 5.4% rise to approximately $2.83 trillion.
Data provided by Santiment indicates a significant uptick in whale transactions involving at least $100,000 worth of BTC, with a surge of 50.7% over the past day. The number of such transactions has increased from 8,233 to 12,404 unique transactions per day.
Furthermore, Bitcoin’s total open interest (OI) has seen a notable increase of $800 million, rising from $11 billion to $11.8 billion over the past day, according to data from Santiment. Such increases in whale activity and open interest often indicate higher price volatility for the asset.
Additionally, data reveals a rise in the number of trades betting on a further price surge for Bitcoin, as indicated by the increase in the total BTC funding rate aggregated from all exchanges, jumping from 0.01% to 0.02%, according to Santiment.
This optimistic sentiment aligns with the upcoming fourth Bitcoin halving, with traders anticipating potential price gains. “Rich Dad, Poor Dad” author Robert Kiyosaki has voiced his belief that Bitcoin’s price could surpass $100,000 by September, expressing plans to acquire 10 more Bitcoins before April.
Despite market conditions being overheated, the Bitcoin Relative Strength Index (RSI) has shown a consistent decline over the past three weeks. Santiment data indicates a decrease in the BTC RSI from 49 to 47 over the past 24 hours. This suggests that Bitcoin is in a favorable condition for a potential price surge.
BOON, a new ERC-20 meme coin unveiled by the Base Baboon team
BOON, an ERC-20 meme coin released by the Base Baboon team, presents a distinctive proposition in the meme coin arena. It capitalizes on the BASE blockchain to deliver deflationary advantages and improved liquidity for investors.
BOON, a digital asset and meme coin on the Base Layer-2 Ethereum network, merges humor, community, and advanced blockchain technology to ensure compatibility with various decentralized applications and exchanges.
Its limited supply fosters scarcity and potential value appreciation, setting it apart from other meme coins. BOON leverages meme culture to engage a wider audience, potentially increasing its popularity and adoption.
What distinguishes BOON is its deflationary nature and innovative liquidity features. Every buy or sell transaction results in the burning of 1% of the token, gradually reducing the total supply. This deflationary mechanism creates scarcity and offers the potential for value appreciation over time.
The BOON tokenomics
The team is positioned to achieve a $1 billion market cap, leveraging its strategic tokenomics, continuous development efforts, and robust marketing strategy.
The total supply of BOON stands at 420,690,000,000, with allocations of 5% to developers, 5% to marketing, and an initial burn of 10%.
Moreover, the coin facilitates fast, low-cost transactions. Upon its launch, Baboon ($BOON) will be accessible on decentralized exchanges (DEXs).
Solana takes the lead in weekly stablecoin transfer volume
Solana has surpassed Ethereum to become the top blockchain in terms of weekly stablecoin transfer volume. According to data from blockchain analytics platform Artemis, Solana recorded a weekly transfer volume for stablecoins amounting to $364.7 billion. This figure exceeded Ethereum’s reported volume of $152.99 billion. Other prominent chains such as Tron and BNB Chain saw volumes of $101.57 billion and $22.75 billion, respectively.
The figure contributes to the overall stablecoin transfer volume for March, which has now reached $804 billion, nearly approaching the $960 billion volume recorded for Solana in February.
Furthermore, the stablecoin transfer volume for March, totaling $804 billion so far, marks a remarkable increase of 3,410% compared to the $11.56 billion volume recorded in March 2023.
Solana currently commands a 42.3% share of the stablecoin market, representing a substantial rise from the 1.9% share it held just a year ago.
Stablecoin activity on Solana began to gain traction in October 2023 and has experienced a steady increase of 1,770% since that time.
While Ethereum has historically been a dominant player in the stablecoin transfer volume space, it has been surpassed by Solana since the start of the year. Ethereum held a market share of over 31% in December 2023 but has since ceded its dominance to Solana. Currently, Ethereum accounts for approximately 27% of the stablecoin transfer volume.
Tron emerges as the third-largest blockchain for stablecoin transfers, with a weekly volume of $101.57 billion and a total volume of $366.5 billion in March so far.
This performance in the Solana network has been fueled by growing interest in memecoins within the ecosystem led by Book of Meme (BOME), Dogwifwhat (WIF), BONK and Slerf.