Bitsgap blog

Solana Faces $41M Sell-Off, Toncoin Rallies 10%, Mpeppe Presale Gains Whale Support: News of September 6, 2024

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$41M SOL Sold As Solana (SOL) Struggles To Hold $130, Mpeppe Presale Gains Major Whale Support

Recently, Solana (SOL) has faced significant selling pressure, with $41 million worth of SOL being offloaded by major holders. As Solana (SOL) struggles to maintain its position above $130, a new player in the market, Mpeppe (MPEPE), is gaining traction with strong support from crypto whales during its presale phase

A.I Cryptocurrency Internet Computer (ICP) Takes A Further 10% Hit, Here’s Why

In August 2024, Internet Computer (ICP) partnered with Crypto AI, Europe’s leading AI-focused crypto conference, as a title sponsor. The move was aimed at aligning ICP with the growing intersection of AI and blockchain ahead of the November event in Lisbon, featuring high-profile speakers. However, despite the strategic effort, ICP's market performance remains lackluster, with its price dropping 10% amid investor doubts. In contrast, Mpeppe (MPEPE) is gaining momentum, nearing the end of its third presale stage with over 97% of tokens sold, underscoring its rising appeal in the crypto space.

Arthur Hayes and Peter Brandt Reveal Their Bearish Targets for Bitcoin

In light of these outflows, several industry leaders have voiced a bearish perspective on Bitcoin. Arthur Hayes, co-founder of the BitMEX crypto exchange, openly announced his short position on Bitcoin, targeting a fall below $50,000.

“BTC is heavy, I’m gunning for sub $50,000 this weekend. I took a cheeky short. Pray for my soul, for I am a degen,” Hayes shared on X (formerly Twitter): 

Similarly, veteran trader Peter Brandt suggested that Bitcoin might decline to the $46,000 level.

“This is called an inverted expanding triangle or a megaphone. A test of the lower boundary would be to $46,000 or so. A massive thrust into new all time highs is required to get this bull market back on track for Bitcoin. Selling is stronger than buying in this pattern,” Brandt detailed.

Injective’s INJ Token Surges 14%

Injective launches BlackRock BUIDL Index, boosting access to institutional funds via tokenized financial instruments.

INJ token surged 14% following the BUIDL Index launch, reflecting positive market sentiment toward the announcement.

BUIDL Index allows broader access with low entry points, democratizing retail engagement with tokenized assets.

Toncoin Leads Crypto Market Rebound After Pavel Durov Breaks Silence

Toncoin Leads Crypto Market Rebound

Toncoin (TON) surged nearly 10%, buoyed by Telegram founder Pavel Durov’s first public statement since his August 24 arrest. Positive on-chain metrics, including DAA divergence and rising derivatives activity, are fueling bullish sentiment, with market indicators pointing to a sustained rally. Price predictions now target $5.32 amid growing demand, as TON outperforms other cryptocurrencies in the past 24 hours.