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Analysis: Bitcoin in leverage-driven pump The recent rise in the Bitcoin unit price is the result of a “leverage driven pump.” That’s the view of J.A. Maartunn, an analyst at CryptoQuant. Maartunn outlined on X that over the course of the past 24 hours, $BTC open interest (OI)…

Market sentiment for Solana (SOL) is at the most negative levels seen in a month, according to data gathered by the on-chain intelligence platform Santiment. Investors are expressing more bearish sentiment about the sixth-largest cryptocurrency by market cap; however, Santiment says this may be a signal for an incoming price jump. Solana Sentiment Plunges to Monthly Low The last time SOL investors were this bearish about the cryptocurrency was around January 20, when the asset’s value fell to $232. Since then, the coin has fallen more than 30% to $161, per data from CoinMarketCap. From its January 19 high of $293, SOL has plummeted more than 45%. Solana’s plunge to its three-month low price of $161 triggered frustration among investors and traders, with market participants comparing the asset’s latest performance to a similar pattern seen during the bankrupt crypto exchange FTX collapse in November 2022. Market analysts have attributed SOL’s price dump to the current state of the meme coin sector. Solana is the leading network for creating and minting meme coins, and the blockchain has played a huge role in the execution of several pump-and-dump schemes over the last 30 days. It has come to light that insiders have pulled over $200 million in liquidity from meme coins launched on the Solana network this year alone. As SOL’s price continues to plummet, activities on the network are also declining. CryptoPotato reported earlier this week that Solana’s decentralized exchange (DEX) trading volume fell to $2.61 billion on February 16, a level not seen since mid-December 2024. This metric has been on a downward trajectory for the past five weeks. SOL May Experience a Bounce Although SOL had risen 2% daily at the time of writing to $169, the Solana community is still wary about the asset’s price trajectory in the coming days, especially as market pressures do not appear to be easing up. About 11.2 million SOL, worth over $1.89 billion at current prices, is set to be unlocked and released into the market on March 1, possibly adding to selling pressure on the asset. Regardless, Santiment believes SOL could experience a big bounce in the coming weeks because the market often moves in the opposite direction of the crowd’s expectations. “While discussion rates are extremely high and crowd sentiment is bearish, this is historically a signal that there is a high bounce probability,” the market intelligence firm stated. The post Solana Sentiment Hits Monthly Low: Is a Big Bounce Ahead? appeared first on CryptoPotato.

Dave Portnoy, founder of Barstool Sports, is facing scrutiny for his involvement in multiple meme coin ventures, raising speculation about possible legal consequences as a result. Polymarket , the decentralized information markets & predictions platform, has seen fluctuating odds on a potential Portnoy’ incarceration. Earlier today, the probability stood at 18%, indicating significant market concern. Subsequently, the odds came down 9%, suggesting a reduction in perceived risk. Portnoy has been accused of orchestrating over 15 pump-and-dump schemes, where he allegedly promoted meme coins to inflate their prices before selling off his holdings for profit. The latest one is centered around the GREED meme coin. He launched it on February 18, encouraging his followers to invest. Going against his initial assurances, Portnoy reportedly sold his entire stake, which was 35.79% of the total supply, causing the value to plummet (a 99% crash in the token’s value). By doing so, he earned around $258,000. In the wake of the $GREED collapse, Portnoy launched $GREED2, retaining 26.8% of its total supply. Related: Solana Meme Coin Chaos: Scandals Spark Investor Risk Debate On top of that, Portnoy was reportedly offered over 6 million $LIBRA tokens pre-launch for promotional purposes. However, once he learned he couldn’t disclose this compensation, he returned the tokens. Despite this, Portnoy invested his own funds into $LIBRA, which subsequently collapsed, too, leading to huge financial losses. Adding to the complexity, Portnoy received a $5 million refund from the $LIBRA team after the crash, a gesture not extended to other investors. This preferential treatment has raised questions about his level of involvement and the ethics surrounding the refund. Related: Argentina’s Crypto President in Trouble: Milei Charged Over LIBRA Token Fail Portnoy’s rapid sell-offs and subsequent market crashes have led to allegations of orchestrating pump-and-dump schemes, where a token’s price is artificially inflated before insiders liquidate their holdings for profit. The crypto community’s outcry has intensified, with discussions about potential legal actions against Portnoy for market manipulation and fraud. Portnoy has defended his actions by asserting that he has been forthright about his intentions, emphasizing the speculative nature of meme coins and the inherent risks involved. He has asserted that the pervasive greed within the meme coin ecosystem justifies his actions, suggesting they serve to expose the opportunistic behaviors rampant among traders and influencers. While no formal charges have been filed, this is a developing story with public and market sentiment closely monitoring the developments. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.