Weekend Market Recap: BTC, ETH, PEPE, METIS, and ORDI Updates

Introduction:

In this weekend market recap, we’ll delve into the latest developments surrounding BTC, ETH, PEPE, METIS, and ORDI. These updates shed light on significant transactions, market influences, and emerging opportunities within the cryptocurrency landscape. Read on to gain valuable insights into recent activities and their potential impact on these digital assets.

$METIS and $ETH: PolyNetwork Exploiter’s Sale Impacts $METIS Market

On July 9, the PolyNetwork exploiter executed a sale of 43.27K $METIS for 349.4 $ETH ($652K) on the Ethereum chain over the past 15 hours. This transaction led to a noteworthy 10% decline in the price of $METIS. However, it’s important to note that the exploiter still retains 62,818 $METIS ($961K) and might continue selling, potentially influencing the $METIS weekend market.

$PEPE: Substantial Sale by Prominent Trader Dimethyltryptamine.eth

Also on July 9, Dimethyltryptamine.eth, a prominent crypto trader, conducted a significant sale of 180 billion $PEPE for 149.4 $ETH, equivalent to $279K. This sale leaves approximately 2.07 trillion $PEPE in circulation, amounting to around $3.24M. Dimethyltryptamine.eth initially invested 0.125 $ETH ($251) to acquire 5.9 trillion $PEPE and has since sold a total of 3.83 trillion $PEPE for 2,411 $ETH, resulting in a net profit of approximately $4.5M.

$ETH and $BTC: Smart Trader 0xe28’s Long Positions

Starting July 8, a smart trader identified as 0xe28, boasting a trading profit of $841K, initiated long positions in $ETH and $BTC. These positions have the potential to influence the market prices of these cryptocurrencies, making them worth monitoring for investors and traders alike.

Ordinals (#ORDI) and Bitcoin ($BTC): Noteworthy Bitcoin NFT Protocol Activity

On July 8, Dune Analytics data revealed that the Bitcoin NFT protocol, Ordinals, has minted approximately 15.4 million inscriptions, generating a total fee income of 1813 BTC, equivalent to about $54.975M. This development showcases the ongoing growth and utilization of Bitcoin in the non-fungible token (NFT) space.

Bitcoin ($BTC): Linekong Interactive Group’s Corporate Investment

On July 7, Linekong Interactive Group (08267.HK), a Hong Kong-listed company, announced its acquisition of 44.2812 Bitcoins on the open market. With individual purchases totaling $590K and $650K respectively, this corporate investment has the potential to influence the market value of Bitcoin, underscoring the growing interest from traditional companies.

$ANKR and Flare ($FLR): Ankr’s RPC Service to Incorporate Flare Blockchain

Also on July 7, Ankr revealed its plans to integrate the Flare blockchain into its RPC service. This development is expected to benefit developers seeking to build scalable and data-connected dApps on top of the Flare blockchain, opening new avenues for innovation within the crypto ecosystem.

Bitcoin ($BTC): Matrixport Report Indicates Potential Bull Market

According to a report from Matrixport on July 6, Bitcoin reached a one-year high on June 22, 2023, signaling the end of bear markets and the commencement of a new crypto bull market. Historical analysis reveals that this signal has triggered bull markets in 2013, 2017, and 2021. Based on these past occurrences, there is a 100% probability of Bitcoin experiencing another substantial bull market by the end of 2024, with a projected price target of $125,000 (+310%).

Conclusion:

This weekend market recap highlighted key developments involving BTC, ETH, PEPE, METIS, and ORDI. Notable transactions, market influences, and emerging opportunities were discussed, shedding light on the dynamic nature of the cryptocurrency landscape. Stay informed and monitor these developments to make informed decisions in the ever-evolving world of digital assets.