Ton developers adopt Resistance Dog memecoin avatar to support Pavel Durov
The memecoin ‘Resistance Dog’ (REDO), the largest on the Ton blockchain, experienced a significant surge, rising over 140%, after Ton developers adopted it as the official avatar for Toncoin across community channels. This change is part of a broader initiative called the “DigitalResistance” movement, which aims to show solidarity with the movement’s ideals. The new avatar features a white cartoon dog with a hood, replacing the former Ton blockchain logo.
The decision to adopt the ‘Resistance Dog’ avatar followed the arrest of Telegram founder Pavel Durov in France over the weekend. Durov is a key figure in the Ton blockchain, and his arrest is connected to a cybercrime investigation, with accusations involving providing services and tools. Reports also suggest that Telegram has been criticized for its inadequate cooperation with law enforcement regarding content moderation.
In response to these events, the Ton developers announced their support for the DigitalResistance movement by updating Toncoin’s logo and profile pictures on platforms like the official Telegram channel and X account. This symbolic gesture fueled market excitement, driving the price of the Resistance Dog token from $0.35 to a peak of $0.85 on Monday, before stabilizing at around $0.63. The token’s market cap now stands at approximately $65 million, according to Dexscreener data.
The rise of the Resistance Dog memecoin highlights the impact of community-driven initiatives on market sentiment, especially in connection with influential figures like Durov. The token’s rapid price increase reflects the strong response from supporters of both the Ton blockchain and the DigitalResistance movement, despite the legal challenges surrounding Durov’s situation.
Source: The Block
Ethereum whales buy big as ETH bottom approaches
Ethereum whales are accumulating large amounts of Ether (ETH) as analysts predict the cryptocurrency may be approaching its local price bottom. Over the past four days, whales have purchased more than 200,000 ETH, valued at over $540 million, despite ETH’s sluggish price movement, which saw it drop by 4% to $2,627 on August 27. These whale transactions are often seen as a significant indicator of market sentiment due to the large capital involved.
The accumulation by whales continues even as Ether exchange-traded funds (ETFs) in the U.S. experience significant outflows. Since their launch, nine U.S. spot Ether ETFs have collectively seen nearly $500 million in net outflows, with the Grayscale Ethereum Trust ETF responsible for $2.5 billion of this. Investors had anticipated a price surge following the launch of Ether ETFs, similar to Bitcoin’s spot ETFs, which contributed to a price rally in 2021. However, demand for Ether ETFs from traditional investors has been low, with cumulative trading volume reaching only $830 million last week.
Despite the ETF outflows, many analysts believe Ether’s price bottom may be in. Analyst CryptoBullet suggests that as long as ETH stays above the $2,500 support level, a rally could be on the horizon, though short-term consolidation around the $2,500-$2,100 range might be necessary. However, ETH faces resistance at the $2,700 level, which could be influenced by Nvidia’s earnings report on August 28.
Popular analyst Titan of Crypto suggests that a gap on the ETH CME Futures chart could push the price toward $3,000 in the short term, signaling a potential rally. Overall, while there is optimism for a price recovery, key resistance levels and ETF outflows remain obstacles to watch.
Source: Cointelegraph
Nasdaq wants to launch bitcoin index options
Nasdaq is seeking approval from U.S. regulators to launch Bitcoin index options, aiming to provide institutional investors and traders with a new way to hedge risks and extend their buying power. This move, announced on August 27, aligns with the growing demand for more diversified financial instruments related to Bitcoin.
The options would be based on the CME CF Bitcoin Real-Time Index, which tracks Bitcoin futures and options contracts on CME Group’s exchange platform. Options, as financial tools, allow traders to buy or sell assets like stocks or ETFs at a set price on a future date, offering institutions the ability to manage risks more effectively.
The introduction of Bitcoin index options could be a critical step in the broader acceptance and normalization of Bitcoin as an asset class. Matt Hougan, chief investment officer of Bitwise, emphasized the importance of such options in completing the liquidity picture for Bitcoin. He noted that there is currently a gap in the availability of products that can provide institutions with greater flexibility in managing their Bitcoin exposure.
The U.S. Securities and Exchange Commission (SEC) has not yet approved any options related to spot Bitcoin ETFs, including Nasdaq’s application to offer options for BlackRock’s iShares Bitcoin Trust (IBIT) ETF. However, the move by Nasdaq comes as interest in Bitcoin-related financial products is rising.
On August 26, BlackRock’s Bitcoin ETF saw its largest daily net inflow in 35 days, recording $224.1 million, indicating investor confidence amidst a slight BTC price drop. This inflow also contributed to a combined $202.6 million net inflow across 11 U.S. spot Bitcoin ETFs, while other issuers like Bitwise and VanEck saw net outflows.
Overall, the push for Bitcoin index options reflects increasing institutional interest and growing momentum in the development of diverse financial products tied to Bitcoin.
Source: Cointelegraph