KEYTAKEAWAYS
- 10 Top 500 Tokens Drop 50%+, Mostly Meme Coins
- GSR & Amber Group to Market Make USUAL Token
- ETH Foundation: 32 Sales in Past Year
CONTENT
1. 10 OF THE TOP 500 CRYPTO TOKENS HAVE DROPPED OVER 50% IN 30 DAYS, WITH 8 BEING MEME COINS
On December 20, according to CoinMarketCap data, 10 out of the top 500 cryptocurrencies by market capitalization have experienced a decline of more than 50% in the past 30 days. Notably, 8 of these are meme coins. The top losers are as follows:
- ME, -72.88%, priced at $3.07.
- PNUT, -59.75%, priced at $0.6628.
- GOAT, -58.30%, priced at $0.4799.
- DOGE, -56.60%, priced at $0.1015.
- POPCAT, -55.57%, priced at $0.7724.
- CHILLGUY, -53.90%, priced at $0.1811.
- XION, -52.93%, priced at $3.30.
- PONKE, -52.76%, priced at $0.3369.
- NEIRO, -52.11%, priced at $0.0009805.
- HIPPO, -51.50%, priced at $0.009632.
Analysis:
The sharp drop in meme coins, along with other lesser-known altcoins, highlights the extreme volatility of these assets. Meme coins, in particular, are highly susceptible to speculative trading, where price movements are often driven by social media trends, celebrity endorsements, or short-term hype rather than intrinsic value or technological advancements.
For traders, the high volatility of meme coins offers opportunities to capitalize on rapid price fluctuations. However, for long-term investors, this sharp decline serves as a reminder of the risks involved in investing in assets without a solid foundation. Meme coins tend to experience significant swings in value, driven largely by market sentiment and trends, rather than fundamentals.
2. ETHEREUM FOUNDATION SOLD ETH 32 TIMES IN THE PAST YEAR
According to Lookonchain monitoring, after the Ethereum Foundation sold 100 ETH on December 17, the price of ETH has dropped by about 17%. Over the past year, the Ethereum Foundation has made 32 ETH sale transactions, totaling 4,466 ETH (approximately $12.6 million). Notably, 15 of these transactions occurred near market peaks.
Analysis:
The Ethereum Foundation’s regular ETH sales have raised concerns among investors, as it suggests potential pressure on the price of ETH when large amounts of supply enter the market. The foundation’s sale of ETH close to market peaks may signal a strategy to take profits during bullish periods.
While this practice is part of the foundation’s ongoing management of its treasury, it also highlights the potential influence that large holders of ETH can have on the market.
3. GSR MARKETS AND AMBER GROUP BECOME MARKET MAKERS FOR RWA TOKEN USUAL
On December 20, according to Ai Yi’s monitoring, GSR Markets and Amber Group are providing market-making services for the newly launched RWA token, $USUAL.
- Amber Group: Market making quantity is 12 million tokens, with a current holding of 1.6 million tokens (approximately $2.54 million), ranking 12th in terms of holdings.
- GSR Markets: Market making quantity is 8 million tokens, with a current holding of 2.76 million tokens (approximately $4.4 million), ranking 9th in holdings.
Analysis:
The involvement of major market makers like Amber Group and GSR Markets is a strong indicator of the potential growth and market interest in the $USUAL token. These market makers play a crucial role in providing liquidity and stabilizing price movements, especially for newly.
For investors, it’s important to keep an eye on how these major players manage their holdings and if any significant changes in their positions could lead to sudden price fluctuations. Long-term investors should also assess the underlying utility and adoption of the $USUAL token in the real-world assets (RWA) space, as its market success will depend on more than just liquidity provision.
Also read:
CoinRank Crypto Digest: December 16, 2024
CoinRank Crypto Digest: December 17, 2024
CoinRank Crypto Digest: December 18, 2024
CoinRank Crypto Digest: December 19, 2024
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