The cryptocurrency market is known for its volatility, presenting opportunities and risks for investors. Today, we bring you the latest news on the top gainers and losers in the crypto space.
One notable performer is Tornado Cash (TORN), which recently experienced a significant crash. The decentralized autonomous organization (DAO) managing Tornado Cash’s operations and funds fell victim to an attack by unknown individuals. These attackers exploited a malicious proposal to gain control over the governance contract and TORN tokens, subsequently withdrawing and selling a substantial amount.
It’s important to note that the attack does not directly affect the Tornado Cash protocol, which remains functional for users seeking privacy in their fund transfers. The Tornado Cash community is now working on proposals to reverse the changes made by the attackers. Furthermore, the attackers minted over 1 million torn tokens, valued at more than $4 million.
The repercussions of the Tornado Cash protocol’s situation have extended to Binance, leading the exchange to temporarily pause TORN deposits. This cautious step by Binance reflects its commitment to safeguarding user funds amid concerns about the protocol and the security breach.
As for the Tornado Cash price, it currently stands at $4.41, with a trading volume of $24,795,228 over the past 24 hours. However, the recent attack has caused a significant dip of nearly 35% in its value. Tornado Cash currently holds the #981 rank on CoinMarketCap, with a market cap of $4,851,051.
In contrast to Tornado Cash’s decline, Pepe has shown resilience by securing the second-highest gainer position on Binance USDT pairs. Since its entry into the cryptocurrency market on April 18th, Pepe has gained momentum and value, positioning itself among the top 50 most-traded cryptocurrencies in 2023.
Pepe’s price has experienced a notable bounce, reaching $0.0000017 per PEPE/USD, with a market cap of $675.68 million. The trading volume for Pepe in the last 24 hours has been robust, amounting to $381.84 million. The coin has witnessed a positive increase of over 10% during this period, signaling a bullish sentiment among investors.
From a technical perspective, Pepe coin is finding support around the $0.000001595 level, backed by the 50-day exponential moving average on the hourly timeframe. The price may face some selling pressure, potentially pushing it down to around $0.000001470. However, this level is also expected to provide support, as indicated by the rising 50-day exponential moving average.
While leading indicators still suggest a bearish sentiment, Pepe coin shows signs of overall recovery. Traders should keep a close eye on the $0.000001470 level, as holding above it could trigger a bullish move towards $0.000001805, with potential further upside towards the $0.000002090 level.
In summary, today’s crypto market witnessed a crash in Tornado Cash due to an attack on its governance contract, while Pepe demonstrated resilience and secured a high gainer position. As always, it’s crucial to stay informed and monitor market developments when navigating the dynamic world of cryptocurrencies.
