Bitcoin News Today: BlockDAG Auction Surpasses $365.5M as Ethena Rallies 13% and Pepe Hits Critical Support

The ongoing 10 BTC auction launched by BlockDAG has generated significant momentum, drawing attention as the presale surpasses $365.5 million in value. With 24.8 billion tokens sold in batch 29 at $0.0016, the auction incentivizes participation by offering a share of 10 Bitcoin to buyers based on their contribution. Winners will be announced on August 15, with the token’s price set to increase after August 11, eventually reaching a listing price of $0.05 [1]. This potential represents a 3,025% return on investment for early buyers, adding to the project’s appeal among traders seeking high-growth opportunities [1].

Simultaneously, the Ethena (ENA) token has seen a notable price rally, surging 13% to $0.622, despite an upcoming 171.85 million token unlock on August 6. This movement was supported by a 28% rise in trading volume and a 17.47% increase in open interest in derivatives markets [1]. The Buy-Sell Delta also indicated $4.63 million in net buying, reinforcing accumulation activity. Should this trend persist, ENA may target $0.68 to $0.70, but it remains under the scrutiny of market participants ahead of the supply test [1].

In contrast, Pepe (PEPE) continues its downward trajectory, currently trading at $0.00001042 and approaching a critical support level at $0.00001000. The token has formed a series of lower highs, with sellers maintaining control and momentum failing to reverse the decline. Resistance at $0.00001300 and $0.00001500 has remained unchallenged, raising concerns that further weakness may follow if support fails [1].

BlockDAG’s momentum is further supported by its growing ecosystem, which includes over 2.5 million users engaged in mining through the X1 app and $7.7 million in mining hardware sales. The 10 BTC auction mechanism is differentiating the project from speculative altcoins, as it aligns real-time value creation with investor participation [1]. The project’s use of a DAG-based architecture and EVM compatibility is also enhancing developer accessibility, making it a compelling choice for investors seeking long-term utility.

Comparing ENA’s rally and PEPE’s decline with BlockDAG’s auction-driven growth highlights a broader shift in the market. While some assets rely on short-term sentiment, BlockDAG is leveraging a combination of rising token prices, user adoption, and tangible incentives to attract a growing base of early-stage buyers [1]. The project’s ability to generate both financial returns and ecosystem development positions it as a unique player in the current altcoin landscape.

Source: [1] Best Crypto to Invest in Right Now: BlockDAG, Cardano, Solana, and Avalanche (https://coincu.com/pr/123-best-crypto-to-invest-in-right-now-blockdag-cardano-solana-and-avalanche/)