• Jupiter, at press time, was trading at a demand zone, but buying pressure was lethargic
• Further losses can be anticipated as the price moves towards the next key liquidity zone

Jupiter [JUP] crypto seems to be in a tough spot in the market. The token’s price has dropped by 26% in two weeks, with the trading volume falling by 18% in the last 24 hours alone – A sign of bearish market sentiment.

The Solana [SOL] liquidity aggregator has not attracted many buyers recently, even though the token was trading at an attractive demand zone. Will the bulls halt the sellers, or should we expect a deeper drop?

The 78.6% retracement level might not hold

The market structure on the daily chart was bearish once more. Jupiter appeared to form a range that extended between $0.736 and $0.913, but the last few days of trading have taken it below the lows.

The $0.69-$0.78 zone was a demand zone since April and has been tested multiple times. A daily session close beneath the 78.6% Fibonacci retracement level at $0.76 has also happened many times.

A drop below the lows of 5 August at $0.658 would be a sign that $0.47 is the next price target. The OBV has also declined slowly over the past six weeks to show a lack of buying pressure. Finally, the daily RSI reflected bearish momentum with a reading of 40.

Bullish reversal potential for Jupiter under the retracement level

Once the 78.6% level is beaten, the 100% retracement level is usually the next target. AMBCrypto noticed that in Jupiter’s case, it might not play out in this case.

---

Realistic or not, here’s JUP’s market cap in BTC’s terms

---

This, because a large pool of liquidity has built up at $0.6 over the past three months. A drop to this zone to collect the liquidity would likely be followed by a swift price rebound for JUP.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

The makers of W-Coin, a Telegram-based tap-to-earn game, opted to let players decide on one of three major blockchain networks to mint its token on. And as announced Wednesday, players overwhelmingly picked the network of choice for the Telegram space, The Open Network (TON).

The Open Network dominated the player poll, according to a message in the official W-Coin Telegram channel, securing 68% of the votes with over 8.8 million players supporting the network. Solana finished second with 24% of the vote, with Ethereum last with 8% of votes.

While Solana and Ethereum are much more established networks with substantially more value locked up in their ecosystems, TON has become closely aligned with Telegram and will host the tokens of several other prominent games built on the messaging platform.

TON was originally created by Telegram, but now operates independently via community developers after Telegram abandoned it in 2020 amid regulatory scrutiny. Over the past year, Telegram has started to embrace and integrate TON, including paying channel owners a share of ad revenue in crypto and launching an in-app currency linked to TON.

All of that has come amid a rise in Telegram mini apps built around cryptocurrency—most notably tap-to-earn games like Notcoin and the upcoming Hamster Kombat. Notcoin’s TON token NOT is still this year’s biggest gaming token launch, reaching a peak market cap of nearly $3 billion, though it has fallen substantially since.

Hamster Kombat has amassed more than 300 million players to date and will launch its HMSTR token on TON on September 26. Other notable Telegram games that are planning to launch tokens on TON in the coming weeks include Rocky Rabbit and X Empire.

It’s still unknown when W-Coin plans to launch its WCOIN token. The game, which has amassed nearly 20 million players to date per in-game statistics, recently added a “W-AI” game mode that lets players invest in upgrading a fictional trading bot that generates passive income.

The pattern of crypto investors reallocating their portfolios has become increasingly common, especially as major coins show minimal gains. Recent market shifts have seen prominent holders shedding significant portions of their holdings in established cryptocurrencies like Solana, redirecting funds toward new and promising tokens. One such investor, managing an $11 million portfolio, has made headlines by selling off part of their assets as Solana faces a price dip, channeling the proceeds into the rising star, MoonTaurus (MNTR), a meme coin catching the attention of Shiba Inu enthusiasts.

Solana’s Struggles Amid Market Movements

Solana (SOL) has seen a significant dip in its value, recently dropping below $150 to trade at $144.78. Despite raising $12 million in a funding round led by Polychain Capital to enhance its restaking network, Solana’s price continues to face downward pressure. The price is now trading below its key 50-day and 200-day Simple Moving Averages (SMAs), reinforcing the bearish trend. The Relative Strength Index (RSI) also indicates that Solana is edging towards the oversold territory, a signal of intense selling pressure that could push prices lower.

As Solana struggles, investors are eyeing opportunities elsewhere, anticipating a forthcoming altseason where newer, high-potential coins like MoonTaurus (MNTR) could outperform.

Shiba Inu’s Mixed Signals

Meanwhile, Shiba Inu (SHIB), another major player in the meme coin market, is sending mixed signals to investors. After a modest 0.5% uptick, SHIB is poised on a precarious edge. The token recently saw a price increase from $0.00001 to $0.000014, a 30% rise, but technical indicators suggest a potential bearish reversal. The Average Directional Index (ADX) slope suggests that sellers still dominate, making a drop to the $0.00001 level a distinct possibility. However, growing on-chain activity and a falling wedge pattern hint at a possible breakout, which could see SHIB prices soaring if the bulls regain control.

Despite these uncertain prospects, some investors are looking beyond SHIB, driven by the allure of MoonTaurus (MNTR), which has shown remarkable growth and financial promise in its early stages.

MoonTaurus (MNTR): The New Investor Favorite

MoonTaurus (MNTR) has quickly emerged as a token of interest, particularly among investors who have historically backed meme coins like Shiba Inu. The token recently moved into the second phase of its presale, with the price surging by 100% to $0.01. This price jump reflects increasing investor demand, and with Phase 2 now 10% sold out, MoonTaurus has already raised over $400,000, building on the $300,000 secured during Phase 1.

What sets MoonTaurus apart from many other meme coins is its financial potential. Unlike coins facing inflationary pressures or oversized token supplies, MoonTaurus offers a more controlled and strategic approach, appealing to investors looking for substantial returns. Those who buy into the presale at the current price of $0.01 are positioned to gain a 700% profit at launch, with the token expected to hit $0.07. The fact that Phase 1 sold out so quickly underscores the market’s confidence in MoonTaurus, suggesting that the token could grow significantly once it officially launches.

As Solana’s price falters and Shiba Inu faces potential volatility, investors are increasingly turning to newer opportunities like MoonTaurus (MNTR). The shift in capital from established tokens to emerging ones signals a broader trend in the crypto market, where the search for higher returns drives investment decisions. MoonTaurus, with its impressive presale performance and strong investor backing, stands out as a potential leader in the meme coin market, giving Shiba Inu bulls something to watch closely. With Phase 2 already underway and predictions of significant post-launch gains, MoonTaurus offers a compelling opportunity for those looking to capitalize on the next big move in the crypto market.

Website: https://moontaurus.com/
Linktree: https://linktr.ee/moontaurus

Is Donald Trump looking to endear himself further to the $2.5 trillion crypto industry with the launch of a new crypto token called “Trump Coin”?

That’s the buzz, according to crypto industry participants, as Trump ramps up his campaign for the November presidential election. Industry experts are trying to figure out the origins of a so-called meme token registered on the Solana blockchain platform under the symbol “DJT” and the moniker “Trump Coin.”

DJT, of course, is the stock symbol of Donald Trump’s social media platform called Truth Social. The stock itself has been a meme stock favorite since going public in March, with shares of DJT trading as high as $79.38. The stock currently trades around $35.

Ticker	Security	Last	Change	Change %
DJT	TRUMP MEDIA & TECHNOLOGY GROUP CORP	34.72	-2.33	-6.29%

TRUMP BACKS BITCOIN AS DEFENSE AGAINST FOREIGN ADVERSARIES, CENTRALIZED DIGITAL CURRENCY

Like meme stocks, meme tokens are inspired by extraneous factors such as internet trends and pop culture references. Although some of the most famous meme coins, like Dogecoin and Shiba Inu, were originally created as a joke, their popularity and cult-like followings have accelerated the total meme coin market cap to a staggering $50 billion.

By launching on the Solana blockchain, Trump Coin will join the ranks of other popular Solana-based meme coin projects like “Dogwifhat,” a token associated with a meme of a dog wearing a pink knitted hat; “Jeo Boden,” a satirical cartoon of President Biden; and “Mother Iggy,” a meme coin launched last month by Australian rapper Iggy Azalea.

According to blockchain explorer SolScan, the token began trading on Solana this evening with the market cap currently sitting at $73 million. 

FOX Business could not confirm if the token is directly or indirectly affiliated with Trump, but sources in the industry say people affiliated with the former president have been planning to launch a digital coin for at least two months.

A spokesperson for the Trump campaign didn’t return requests for comment. A spokesperson for Truth Social also didn’t return calls for comment.

When asked for comment on the Trump Coin launch, former GOP presidential candidate and adviser to President Trump, Vivek Ramaswamy, directed FOX Business to the Trump campaign but had this to say: “I’m glad President Trump and his campaign are leaning into crypto, including accepting it – he’s ahead of the curve. Embracing crypto will help Trump continue to bring libertarians and your not-typical Republicans into the fold – it’s a winning issue.”

Trump Coin is the latest of a handful of meme coins inspired by political candidates this election cycle. Other nonaffiliated Trump meme tokens are trading in the crypto landscape, including a token trading under the symbol MAGA, his “Make America Great Again” slogan with a cartoon of Trump and an American flag in the background.

TRUMP BECAME COUNTRY’S ‘FIRST CRYPTO PRESIDENT’ DURING FIRST YEAR IN OFFICE, FORMER CFTC REGULATOR SAYS

“MAGA” coin, which operates under the ticker TRUMP, is currently the most popular political meme coin, trading at just over $9 with a market cap of over $400 million. The price of the token dropped on the news of the launch of Trump Coin. 

Another Trump-inspired meme coin trades under the letters TROG; it accompanies a cartoon of a frog wearing a MAGA hat. Much smaller in comparison to MAGA, it has a market cap of $7.38 million and also fell on the news of the Trump Coin launch.

Neither MAGA nor TROG are affiliated with Trump, his various business ventures nor his 2024 presidential campaign directly. However, according to blockchain research firm Arkham Intelligence, the former president owns a substantial number of MAGA and TROG tokens, which he was gifted by the token creator. Trump, himself, is hardly a crypto bro, but he has tapped into the industry as a potential source of voters as the November elections near.

Around 52 million Americans have used crypto, according to a Coinbase study, and they are becoming increasingly politically active as they work to elect crypto-friendly politicians to congressional positions. One such candidate is John Deaton, a crypto lawyer who’s currently running as a Republican to unseat Massachusetts Democrat Sen. Elizabeth Warren, who is prominently anti-crypto.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Trump is worth an estimated $6 billion, but according to Arkham Intelligence, he now has a crypto portfolio worth around $6 million that he accumulated from various sources, including his own NFT collection and his holdings in MAGA coin and TROG coin.

The crypto vote could be pivotal in the coming presidential election, some analysts say. Many industry participants regard themselves as single-issue voters, meaning they will vote solely based on which candidate they think is the most crypto-friendly, regardless of their other political views, industry participants tell FOX Business. Trump is targeting those voters with the help of some of his advisers, including Ramaswamy, an entrepreneur and crypto enthusiast who has been advising Trump on digital asset policy.

Washington D.C, April 23, 2024 (GLOBE NEWSWIRE) — TransBoden, a new Solana memecoin, has officially launched $BodenX by means of a token fair launch on the Solana Blockchain. Along with a commitment to fairness, transparency, and security, TransBoden introduces a transgender iteration of the beloved Jeo Boden meme that has quickly captured the endearing spirit and frenzied imagination of crypto enthusiasts.

TransBoden performed a fair launch with no presale and no tokens reserved for private teams, kols, or individuals. By releasing 100% of the $BodenX supply to the community, TransBoden went all-in on its commitment to equal opportunity, trust, and integrity.

To further instill confidence into early adopters, memecoin enthusiasts, and freedom activists alike, TransBoden locked its liquidity, a practice that safeguards against any rug pull activities which are seen far too often in the crypto space. TransBoden’s fair tokenomics not only reinforce the reliability and stability of $BODENX but also solidify its esteemed position in the competitive landscape of crypto memecoins.

The combination of a fair launch, straightforward tokenomics, memecoin simplicity, and locked liquidity sets TransBoden apart in the cryptocurrency space. As of writing, there is approximately $150,000 of locked liquidity, ensuring traders have ample ability to trade in and out $BodenX with pairs such as $SOL and $USDT on decentralized exchanges such as Jupiter DEX.

$BodenX offers an attractive 1000x opportunity when compared to its counterpart Joe Boden. $BodenX sits at just $0.45 million USD market cap compared to the recently touched $500 million market cap of $Boden meme token as of Tuesday, April 23 2024. BodenX reach an impressive $1.9 million in its first 24 hours of trading before finding stability shortly after the fair launch had concluded at around .0045 USD.

For more information about TransBoden and to join the community, visit www.transboden.com.

About TransBoden

TransBoden is a new Solana memecoin that introduces a transgender version of the popular Jeo Boden character, offering a unique and entertaining twist on cryptocurrency culture. With a focus on fairness, transparency, and security, TransBoden has quickly garnered attention and enthusiasm from crypto enthusiasts worldwide ahead of the 2024 US presidential election.

Social Links

Telegram: https://t.me/tboedy

X: https://twitter.com/transboden

Company Details

Brand: TransBoden

Contact: T Boedy

E-mail: info@transboden.com

Website:https://www.transboden.com

SOURCE: TransBoden

Barely a week after its massive debut airdrop, cross-chain protocol Wormhole’s native W token has tumbled off a cliff—plummeting over 50% in value. 

At writing, the price of W has fallen to $0.82. That’s down a stark 50.6% since the token launched last week at $1.66. 

Most of that value has been shed steadily over the last week. W is down only 4.5% in the last 24 hours. 

Announced early last month, Wormhole’s airdrop of a native governance token generated much excitement in DeFi circles, particularly due to the breadth of the offering: as Wormhole allows users to bridge tokens across blockchains, wallets across over 30 networks—including Ethereum, Solana, Avalanche, and Sui—were eligible to collect free W tokens. 

All in all, more than 400,000 unique wallets could have participated in the airdrop, including users of Solana wallet and exchange Backpack and DeFi aggregator Jupiter; holders of NFTs including Mad Lads, yoots, and DeGods; and active participants in the Wormhole Discord. 

When the W token finally launched last week—as a native Solana token that was bridged to other blockchain ecosystems using Wormhole’s own tech—it was met with immediate demand. In the first minutes of the airdrop, more than 37,000 wallets claimed W, according to Flipside, and the token briefly eclipsed a market capitalization of $3 billion. 

At writing, roughly 140,000 wallets have claimed W. 

The token’s early momentum is evaporating, however. W currently has a market cap of $1.47 billion. 

Only 1.8 billion W tokens are currently in initial circulation, but according to the coin’s roadmap, the token supply will ultimately expand to 10 billion.

Edited by Ryan Ozawa.

Airdrop season continues to dominate the crypto industry, and today is no different with the arrival of Tensor’s token launch. The Solana NFT marketplace launched its TNSR token, with more than $200 million worth of tokens up for grabs via airdrop rewards and over $640 million worth of trading volume on the market in the seven hours or so since it launched.

TNSR is currently priced at $1.60 per token, according to data from CoinMarketCap, down 33% from a high of $2.45. Newly launched tokens are typically known for their fluctuating values, so this isn’t unusual.

On the other hand, new tokens sometimes notch varying starting price points depending on the data source you use, since the markets are so volatile at the start. CoinGecko, for example, shows a starting price of $1.19, and reports that the token has spiked 36% since then.

Similar to BLUR on Ethereum, Tensor introduced a rewards initiative, split through seasons 1 to 4, dating back to March 4, when Season 1 dropped. At the end of each season, participants received loot boxes, essential for creating a Tensorian NFT. Holders were rewarded for holding and staking the NFT.

One lucky Tensor user received 712K TNSR tokens, currently worth about $1.15 million worth of tokens, as verified through blockchain explorer Solscan. It’s unclear whether it’s the largest single allocation to a trader.

According to the Tensor team, the TNSR token will be used by the community to manage key parameters of the Tensor protocols, with 55% of its 1 billion supply given to the community. The initial airdrop is 125 million tokens, or 12.5% of the total supply.

Wondering if you’ve got TNSR to claim? You can verify your eligibility or check your allocation on this page here. Then, you will have 180 days to claim on decentralized exchange aggregator Jupiter. Note: United States users are not eligible for the airdrop.

In today’s attention economy, dropping tokens has become a key move for marketplaces and NFT projects to grab engagement and relevance. This strategy has historically shaken up the space. Yet, it’s still unclear how significantly this drop will alter the dynamics within NFT marketplace standings.

Tensor may be leading the news cycle today, but cross-chain rival Magic Eden continues to demonstrate a strong presence across multiple blockchain networks of late. Magic Eden is not only on Solana, but also on Bitcoin through its Ordinals and Runes presence and in the Ethereum ecosystem too. The real puzzle is figuring out how to keep everyone interested once the initial buzz around a token drop fades away.

Edited by Andrew Hayward