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Tag: HTX

  • Dogecoin Open Interest Crashes 50% From October Highs, Volume Is Worse, What’s Going On?

    Dogecoin (DOGE) is facing a steep market cooldown after weeks of heightened trading activity in early October. Data from CoinGlass shows that both Open Interest (OI) and trading volume for DOGE futures have crashed, indicating a sharp decline in the meme coin’s momentum. The latest figures reveal a significant pullback in derivatives activity and spot market participation, suggesting that traders may be retreating from speculative positions as volatility eases. 

    Dogecoin Open Interest Crashes Over 60%

    Dogecoin’s Open Interest has plunged dramatically from its October highs, reflecting a rapid exodus of leveraged traders from the market. According to CoinGlass, total exchange DOGE futures Open Interest has fallen over 62% from a peak of $5.03 billion on October 7 to $1.88 billion on October 28. This represents a drop to approximately 9.41 billion DOGE, valued at $ 0.20 per token.

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    Despite the decline in Open Interest, Binance, BitMEX, and Bybit continue to lead as the top exchanges with the highest Dogecoin futures activity. Still, the downturn has been widespread across exchanges. Kucoin recorded the largest drop in recent hours at 3.1%, followed closely by Bitget, which saw a 2.27% decline. Over the last 24 hours, Bitunix recorded the steepest drop in Open Interest, down 15.86%, while Crypto.com saw a 7.36% reduction. 

    Source: Chart from Coinglass

    Even Binance, which consistently leads Dogecoin futures trading, has seen a notable pullback. CoinGlass reports that the exchange’s Open Interest peaked at $964.7 million on October 7, marking a monthly high. Since then, it has fallen to $380.29 million (1.9 billion DOGE), representing a staggering 60.6% crash in just over three weeks.

    Dogecoin Sees Even Worse Decline In Volume

    Trading volume for Dogecoin has mirrored the collapse in Open Interest. CoinGlass data shows that Dogecoin’s futures volume heatmap across major crypto exchanges is in the red zone. Total trading volume had spiked to $20.45 billion on October 11, following the devastating crypto flash crash on October 10, but has since plummeted to $5.31 billion as of October 28. This represents a whopping 74% decline.

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    On individual exchanges, Binance’s DOGE trading volume dropped by 9.35% in the past 24 hours, while OKX saw a 13.69% decline. CoinEx recorded the largest volume decrease at 26.1%, followed by Gate.io at 23.94%. Popular exchanges like Bitget, Kucoin, and Bitunix also reported varying declines of 4.96%, 20.37% and 13.16%, respectively, as overall market liquidity thinned. 

    However, a few exchanges bucked the downward trend, recording slight gains. dYdX saw its DOGE volume surge by 167.61%, HTX increased by 49.93%, and Hyperliquid rose by 23.88%. Bybit and MEXC also recorded modest gains of 24.98% and 1.88%, respectively. 

    Alongside its decline in trading volume, CoinGlass notes that Dogecoin’s price performance has slipped. The meme coin is currently trading at $0.20, down 13.19% over the past 30 days and 2.86% in the last 24 hours.

    Dogecoin
    DOGE trading at $0.19 on the 1D chart | Source: DOGEUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

    Scott Matherson

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  • WLFI Token Controversy: Justin Sun Denies Selling Rumors Following Address Blacklist

    Trump-backed DeFi project World Liberty Financial has blacklisted an address linked to Justin Sun after it reportedly transferred some of its WLFI tokens, sparking allegations of market manipulation.

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    World Liberty Financial Blacklists Justin Sun

    On Thursday, World Liberty Financial reportedly blacklisted the Tron founder’s address following his recent movements of his WLFI holdings and multiple online accusations that he was selling.

    According to Arkham data, Sun claimed 600 million WLFI tokens at the Token Generation Event (TGE), valued at $200 million at the time, as 20% of the 100 billion tokens were unlocked.

    The Tron founder was one of the earliest investors in World Liberty Financial in 2024 and was recognized as the top holder of US President Donald Trump’s official memecoin, TRUMP, earlier this year.

    On September 1, he shared his conviction on the token, affirming that WLFI “will be one of the biggest and most important projects in crypto.” He also stated that he had “no plans to sell our unlocked tokens anytime soon. The long-term vision here is too powerful, and I’m fully aligned with the mission.”

    Nonetheless, multiple on-chain analysis platforms revealed that Sun had started to move his unlocked tokens, sparking rumors that he was selling. On-chain data showed that he had sent 4.9 million WLFI to crypto exchange HTX, owned by the Tron Founder, over the past two days.

    Sun reportedly transferred 50 million tokens, worth $9.12 million, to a new wallet on Thursday morning, “likely to be deposited into HTX.” Meanwhile, Wu Blockchain noted that over the past 32 hours, HTX address “HTX 48” transferred approximately 60,000,000 WLFI tokens to Binance deposit address 0xf387D7…29FcB5.

    Sun Denies WLFI Selling Accusations

    Following the $9 million move, “World Liberty Financial’s controlling address 0x407F…5178 called the guardianSetBlacklistStatus function on the WLFI Token contract, blacklisting the address 0x5AB2…DA74, which is associated with Justin Sun,” Wu Blockchain explained.

    WLFI’s controlling address blacklists Justin Sun-linked address. Source: Wu Blockchain on X

    The action froze Sun’s unlocked and 2.4 billion locked WLFI tokens. Tron’s founder responded to the accusations on X, stating that his address just conducted “a few test deposits on exchanges with very low amounts, followed by an address distribution.”

    He added that these tests “did not involve any trading activities and could not have impacted the market in any way,” but did not comment on the blacklist. At the time of writing, World Liberty Financial has not addressed the situation.

    WLFI’s Price Hits New Low

    The news comes as WLFI’s price struggles just three days after launching. Earlier today, the token hit an all-time low (ATL) of $0.16 before bouncing to the $0.18 mark. This performance represents a 20% decline over the past 24 hours and a nearly 45% drop from its all-time high (ATH) of $0.33.

    Market watcher Daan Crypto Trades noted that the cryptocurrency has broken down from a triangle formation, where the price was compressing for the past two days. According to the trader, WLFI saw a “quick acceleration as expected” and “even gave a nice retest before the continuation down.”

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    Meanwhile, analyst Ali Martinez suggested that te bottom might not be in, highlighting that the token now risks a 25%-50% drop after losing the $0.20 area as support.

    WLFI
    WLFI’s performance on the three-day chart. Source: WLFIUSDT on TradingView

    Featured Image from Unsplash.com, Chart from TradingView.com

    Rubmar Garcia

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  • HTX Surpasses Coinbase in Spot Trading Volume for the First Time: Data

    HTX Surpasses Coinbase in Spot Trading Volume for the First Time: Data

    In a shift within the cryptocurrency exchange landscape, HTX has surpassed Coinbase in spot trading volumes for the first time.

    This milestone was announced by Justin Sun, the founder of the TRON blockchain and a global advisor for HTX, via a post on the social media platform X on May 27.

    Sun Declares it’s ‘Just the Beginning’

    Sun outlined the significant milestone, affirming that HTX has surpassed Coinbase in spot trading volume for the first time. He expressed confidence in the trajectory, emphasizing that this achievement marks only the platform’s initial stages of growth.

    Based on CoinGecko data, HTX presently manages around $2.4 billion in daily spot trading volumes, solidifying its position as one of the world’s largest crypto exchanges, trailing only behind Binance, Bybit, OKX, and Gate.io.

    Coinbase, a leading U.S.-based exchange, oversees approximately $2 billion in daily spot trading volumes, placing it behind HTX and Bitrue.

    HTX, formerly known as Huobi, is one of the oldest and largest cryptocurrency exchanges worldwide. In September 2023, the platform rebranded to HTX to celebrate its 10th anniversary.

    Two months ago, HTX made headlines by pledging to donate all Slerf trading revenue on HTX Global. This philanthropic initiative aimed to compensate private sale participants and support Slerf’s trading fee mining on HTX.

    Meanwhile, Justin Sun’s active involvement with HTX has been a topic of discussion in the crypto community. Recently, he disclosed his personal HTX wallet holdings on X. This followed discussions and skepticism about his active use and support of HTX despite his significant role as a global advisor within the company.

    Coinbase’s Legal Challenges

    Coinbase’s decline in exchange volume rankings comes amid the company navigating various legal challenges in the United States.

    In June 2023, the U.S. Securities and Exchange Commission (SEC) filed a securities violation lawsuit against Coinbase. The lawsuit alleges that the firm operates as an unregistered exchange, broker, and clearing agency.

    Despite a motion to dismiss the case being denied in March 2024, Coinbase continues to fight to prove its point. On May 24, the exchange filed a memorandum supporting its interlocutory appeal, seeking to challenge a specific ruling in the ongoing case.

    The U.S. Supreme Court also recently ruled against Coinbase in a dispute related to a $1.2 million Dogecoin sweepstakes from 2021. These legal hurdles have likely impacted the exchange’s trading volumes, providing HTX with an opportunity to rise in the rankings.

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    Wayne Jones

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