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Tag: KuCoin

  • 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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  • Blockchain game developer Crystal Fun raises $5m from KuCoin and others

    Blockchain game developer Crystal Fun raises $5m from KuCoin and others

    KuCoin Ventures has backed blockchain game development firm Crystal Fun in an effort to further decentralize gaming platforms.

    In a press release on Feb. 20, KuCoin‘s investment arm, KuCoin Ventures, said the “strategic investment” underscores its confidence in the potential of “web3 gaming to reshape the entertainment landscape.” In total, Crystal Fun secured $5 million in seed funding, with contributions from Actoz Soft, Waterdrip Capital, ælf Blockchain, and other investors.

    Crystal Fun has developed four blockchain games to date: Endless War, STARFALL2312, Survivor, and OUTER, the latter of which recently completed its initial testing phase. While the specific allocation of the funds remains unclear, it’s understood that the funding will support the company’s efforts to launch games on its proprietary gaming platform throughout the year.

    “This investment aligns with our commitment to fostering innovation in the blockchain space and we are excited to be part of the next evolution in gaming.”

    Lou Yu, head of KuCoin Ventures

    For KuCoin, this appears to be the second deal in February, as earlier this month the venture branch announced another “strategic investment” in Ta-da, a platform that is gathering and verifying data to train artificial intelligence. However, financial details regarding Ta-da’s funding were not disclosed.


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    Denis Omelchenko

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  • Binance: India accounts safe despite Apple store delisting

    Binance: India accounts safe despite Apple store delisting

    Binance, the largest cryptocurrency exchange in terms of daily trading volume, has assured its Indian users regarding the safety and security of their accounts and funds.

    The move follows the delisting of several major crypto service providers from Apple’s app store, including Kucoin and OKX.

    Cupertino, California-based Apple said the decision was made in response to a show-cause notice from India’s Finance Ministry regarding non-compliance with the country’s money laundering laws.

    Binance, which has no official headquarters, claims India has the highest number of crypto users in the world.

    Binance commits to compliance

    Following Apple’s removal of at least three offshore crypto exchanges from its India app store, Binance penned a blog post confirming the situation to its Indian customers.

    The firm clarified that the restriction only affects users trying to access the Indian iOS app store or the Binance website from India.

    Notably, existing users with the Binance app are reported to be unaffected by the restriction.

    The crypto exchange also reaffirms its commitment to adhering to local regulations and maintaining ongoing communication with regulators globally.

    Despite facing challenges, Binance expresses optimism about the potential of the Indian market. The company acknowledges that the current situation is not unique to Binance and underscores its dedication to compliance with local regulations, along with a sustained dialogue with regulators worldwide to ensure the continued availability of its services.

    Earlier this week, Apple delisted Binance, Kucoin, and OKX from its India app store following show-cause notices previously issued by the country’s Finance Ministry to nine virtual digital assets (VDA) service providers. 

    These notices cited non-compliance with anti-money laundering laws, prompting the Financial Intelligence Unit (FIU) to request the Ministry of Electronics and Information Technology (MeitY) to block the websites of these entities.

    The government is reportedly considering further actions, including a potential ban on the Indian operations of overseas cryptocurrency apps like Binance if found guilty under the Prevention of Money Laundering Act (PMLA).

    Meanwhile, the Reserve Bank of India (RBI) maintains a steadfast stance on cryptocurrency, with Governor Shaktikanta Das reiterating last October that there has been no change in their position regarding a crypto ban.

    RBI officials, in December, told Indian newspaper Hindustan Times that treating crypto assets as regulated entities may not have significant upsides.

    They suggest that, at best, they should be treated akin to gambling instruments.

    Despite facing significant regulatory challenges, India surprisingly claimed the top position in Chainalysis’ 2023 Global Crypto Adoption Index. This marks a rebound from the previous year when India had slipped to the fourth spot in Chainalysis’ 2022 adoption index.

    Indian government targets offshore Crypto exchanges

    In December 2023, India’s Ministry of Finance issued compliance show cause notices to nine offshore crypto exchanges, including Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, under the Prevention of Money Laundering Act (PMLA).

    These notices were delivered by India’s Financial Intelligence Unit (FIU), operating under the nation’s Finance Ministry. Simultaneously, the government has initiated steps to block the URLs of these exchanges.

    The warning underscores concerns about the operations of these exchanges not aligning with the provisions of the PMLA.

    The exchanges were granted a specific timeframe to respond to these notices, and the government has urged the IT ministry to block access to their URLs. This development followed earlier FIU notices to the exchanges for their non-compliance with anti-money laundering laws.

    The overarching aim of the Indian government’s actions is to ensure compliance with the country’s regulations and curb unauthorized operations within the crypto space.

    These measures represent a proactive step toward reinforcing regulatory frameworks and maintaining oversight in the rapidly evolving cryptocurrency landscape.


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    Ogwu Osaemezu Emmanuel

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  • KuCoin token surges 32% in 24 hour trading

    KuCoin token surges 32% in 24 hour trading

    KuCoin is back to the top 10 crypto exchanges by trading volume, with the platform ranking sixth with a 24 hour trading volume of $1.21 billion.

    The KuCoin Token (KCS) has emerged as the top gainer among the top 100 cryptocurrencies. The rally comes while the KuCoin crypto exchange registers high trading volume. 

    KCS is up by 32% in the past 24 hours and is trading at $12.91 at the time of writing. The asset’s market cap rose to $1.25 billion, making it the 56th largest cryptocurrency. 

    KCS price, social volume and RSI – Dec. 12 | Source: Santiment

    Data shows that KuCoin Token’s daily trading volume also witnessed a 188% jump, reaching $16.5 million.

    According to data provided by CoinGecko, KuCoin is back to the top 10 crypto exchanges in terms of trading volume with the platform ranking sixth with a 24-hour trading volume of $1.21 billion. 

    CoinGecko reported in late October that KuCoin dropped out of the top 10 exchanges list in Q3 this year. The leading crypto exchange, per CoinGecko, is still Binance with a 43.9% share of the total trading volume. 

    According to data provided by the market intelligence platform Santiment, KuCoin Token’s social volume saw a 108% surge over the past 24 hours. 

    However, KCS’s Relative Strength Index (RSI) hovers above 83, suggesting the possibility of a price pullback, according to Santiment. If KCS’s RSI falls below 65, there could be a good chance of a bullish momentum.

    Moreover, Santiment data shows that KuCoin Token’s price-daily active addresses (DAA) divergence stands above 42%, suggesting a buy signal. When the price DAA divergence falls to the negative side, it could indicate that the asset’s price could be manipulated by whales.


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    Wahid Pessarlay

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