Crypto whales have transferred nearly 200 million coins during XRP’s sustained breach over the $0.52 price mark, creating a stir in the cryptocurrency world.
Whale activity has once again increased significantly, attracting significant investor interest, against the backdrop of XRP’s sustained position above the $0.52 price level. Based on market-available on-chain statistics, little more than 218 million coins have been shuffled in the last twenty-four hours.
The information shows a trend of whales buying and selling, which has led to predictions that XRP may rise in the near future. This is a thorough account on the evolution of this.
Whale alert: 193 Mln coins shuffled
The on-chain transaction tracker Whale Alert provided the data, which shows that in the last 24 hours, whales transferred an incredible 218.06 million coins together. A total of 50.25 million XRP was said to have been bagged by two whales from Binance, while the remaining whales offloaded sizable sums of the same to various CEXs.
Significantly, the data shows that 167.81 million XRP were offloaded to Bitstamp, Bitso, and Coinbase exchanges. The buildup during the previous day has been further damaged by the dumps.
It’s also important to note that XRP whales who purchased tokens from Binance have reportedly been doing the same thing in the past, indicating growing confidence in the asset’s future growth.
Meanwhile, it seems like XRP has absorbed the market’s supply pressure. Further fueling rumors is the fact that the significant increase in whale activity comes after XRP ETF excitement in the industry as a whole.
Check Out the Latest Prices, Charts, and Data of XRP/USDT
XRP price slips
The XRP cryptocurrency had a 0.14% decline as of this writing following a strong trading session that ended the previous day in the positive. in $0.5248, the token is in its current resting place; its 24-hour low and high are $0.5223 and $0.5272, respectively.
According to Coinglass statistics, XRP’s futures open interest (OI) has been steadily rising over the past several days, closing at $666.79 million. Still, the volume of derivatives fell 19.76% to $657.42 million. This has thus given rise to conflicting opinions on XRP’s prospects in the larger cryptocurrency market.
The RSI also added weight to the conjectures, indicating that the asset is neither overbought nor oversold. Still, the cryptocurrency supported by Rupple Labs is still making ripples in the market.
Bitcoin miner Riot Platforms acquires 12% stake in Bitfarms
Despite pressure from Kerrisdale Capital to short the firm, Riot Platforms, a cryptocurrency mining company based in Colorado, has purchased a 12% share in Bitfarms, a competitor.
Riot Platforms, a bitcoin mining firm, said in a press statement on June 5 that it has purchased 1,460,278 common shares of Bitfarms, making up around 12% of the beneficial ownership. The newest acquisition, according to the business, cost Riot more than $3.5 million at $2.45 a share.
Riot said that it will convene a special meeting of Bitfarms’ shareholders after the purchase. Riot intends to bring up “several well-qualified and independent directors” and their track record of bad corporate governance when nominating candidates to the Bitfarms board at this meeting.
Riot’s shares fell as much as 9% to $8.84 as a result of Kerrisdale Capital’s recent disclosure of a short position in the company. Riot cited operational concerns and problems with its equipment purchased from China as reasons for the decision. However, according to Google Finance statistics, Riot’s share price increased to $9.65 when the company announced that it was purchasing more Bitfarms shares.
Riot disclosed a $950 million buyout proposal for Bitfarms around the end of May, citing the founders’ noncompliance with the best interests of all shareholders. Riot says the Bitfarms board rejected their proposal, which it had first made in private in late April, without really debating it.
Riot’s offer, Bitfarms stated, “significantly undervalues” its growth possibilities. The business further stated that Riot failed to reply to a special committee’s request for “customary confidentiality and non-solicitation protections.”
Vitalik Buterin does not support celebrity memecoins
Vitalik Buterin, the creator of Ethereum, voiced his displeasure with the current practice of celebrities releasing tokens.
Celebrities and Key Opinion Leaders (KOLs) from all sectors have been flocking to launch their own tokens in the market in recent days. Making use of the resource.The popularity of the fun platform makes it easy for influencers to create tokens, which they can then “shill” on their widely followed social media platforms. me.
The boost in token price brought “fresh money” to KOLs thanks to the fomo and fan support. However, this results in “gullible” users.turn “liquid” yet make no money.
Naturally, the community is against this tendency all the time, and most recently, Ethereum’s inventor, Vitalik Buterin, issued a warning.
I’m feeling quite unhappy about with “this cycle’s celebrity experimentation” so far.
“Financialization as a means toward an end”, I can respect if the end is worthy (healthcare, open source software, art, etc). Financialization *as the final product*, 🤮
Ashton and Mila’s…
— vitalik.eth (@VitalikButerin) June 5, 2024
Buterin cited the 2021 Ethereum NFT collection Stoner Cats by Ashton Kutcher and Mila Kunis as an example of a celebrity making a physical product in the cryptocurrency world. Even if the project fails, the SEC was suedDespite being accused of marketing unregistered securities, Stoner Cats continued to use its NFT characters in an animated film.
One of the project’s active backers is Vitalik Buterin. Additionally, he said, “memecoin has more utility than people think,” which seemed to be in favor of memecoin’s advancement.
Memes are still a good place for those who prefer advancing their own interests above fostering a sense of community, though. Almost half a million tokens, primarily memecoins, were distributed on Solana in May. The majority of them simply result in losses for investors, while a select handful manage to “shine”.
That’s why Buterin’s critique of celebrity-released memes makes perfect sense. Additionally, he provided the following standards for assessing celebrity tokens:
A quick summary of features that a celebrity crypto project needs to have for me to be more willing to respect it:
1. Have some kind of public-good goal that it’s serving, other than enriching the celebrity and early adopters. Realistically, either an art project or the…
— vitalik.eth (@VitalikButerin) June 5, 2024