Rocket Pool (RPL) is making waves in the crypto world after a dramatic price surge, driven largely by Binance’s recent announcement. The leading cryptocurrency exchange unveiled new RPL contracts on Monday, causing the token’s price to skyrocket by over 28%. This bullish momentum is catching the eyes of traders and investors alike, with Rocket Pool’s total value locked (TVL) surging by 2.5% in the past day alone. Currently, Rocket Pool holds the third spot in TVL rankings with an impressive $2.94 billion, trailing only Lido’s massive $23.04 billion.
1kx Prepares To Cash Out
In the midst of this price rally, investment firm 1kx is gearing up for a significant exit. Data from Spot On Chain reveals that 1kx, an early investor in Rocket Pool, is poised to liquidate a substantial portion of its holdings. The firm originally acquired approximately 500,000 RPL tokens in December 2020 at just $2.56 each. Since August 29, 1kx has deposited nearly 314,000 RPL (worth around $3.7 million) onto Binance, suggesting a strategic move to capitalize on the recent surge.
On-chain data indicates that a wallet linked to 1kx received 200,832 RPL tokens just six days prior to the anticipated sell-off. As of now, this wallet still holds about 315,835 RPL tokens valued at approximately $3.62 million. Despite the current rally, Rocket Pool’s price remains down 25% over the past 60 days but has recently bounced back, trading around $11.60. The token has shown resilience, climbing from a recent low of $9.71 to breach the $12 mark.
Binance’s Impact and Market Reactions
Binance’s new RPLUSDT USD-margined perpetual contract has injected fresh enthusiasm into Rocket Pool’s market. The contract, which allows for up to 75x leverage, has significantly impacted RPL’s trading dynamics. Traders are now eyeing substantial moves, with Binance potentially adjusting leverage, funding fees, and other contract specifications to align with market conditions.
Although RPL’s price has seen a remarkable recovery, it’s still a far cry from its all-time high of $154.73 reached in November 2021. Presently, RPL’s price stands at $11.60, reflecting a 92% drop from its peak. However, the token’s trading volume has surged by an astonishing 1,624%, reaching $50.3 million in the past 24 hours.
Also Read: SEC Shakes Crypto Market: Lido, Rocket Pool, and MetaMask in Crosshairs
Ethereum’s Green Recovery
Adding to the positive sentiment in the crypto space, Ethereum (ETH) has also shown signs of recovery. The largest altcoin by market cap has gained 2.6% in the last 24 hours, trading at an average price of $2,346. This uptick follows a prolonged period of decline, offering a glimmer of hope for ETH investors.
In summary, Rocket Pool’s recent performance highlights a pivotal moment for both the token and its investors. With 1kx looking to capitalize on the surge and Binance’s new contract fueling trading activity, RPL’s journey is one to watch closely. As the crypto market continues to evolve, these developments could signal further volatility and opportunity for savvy traders.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
