🚀 Crypto Frenzy: OKB & FART Skyrocket While ETH Charges Toward All-Time Highs

Crypto markets are throwing another wild party—and Ether's stealing the spotlight. As ETH flirts with record highs, two unlikely altcoins are riding the momentum wave.

### Meme Coins & Major Players Collide

While institutional investors hyperventilate over Ethereum's surge, degenerate traders are making bank on OKB and—wait for it—FART tokens. Nothing says 'healthy market' like a token that literally sounds like a joke.

### The ETH Bull Run Nobody Saw Coming

Ether's price action looks like a SpaceX launch trajectory. Meanwhile, crypto bros are arguing whether this is 'the flippening' or just another pump before the inevitable rug pull. (Spoiler: Wall Street still doesn't get it.)

### Final Thought

When your portfolio's outperformed by a token named after flatulence, maybe it's time to rethink your 'fundamental analysis.' The market's irrational—but at least it's entertaining.

Derivatives Positioning

• Ether's (ETH) price rise is accompanied by fresh capital inflows into CME-listed futures, where open interest in standard contracts sized at 50 ETH has increased to 1.85 million ETH, up from 1.5 million ETH just over a week ago.
• Traders appear to be positioning for an upside as the annualized three-month basis has topped 10%. In bitcoin's (BTC) case, CME basis remains near 7.5%.
• The altcoin market shows no signs of overheating despite ether surging toward record highs. That's evident from perpetual funding rates on offshore exchanges, which remain pinned near annualized 10% for most major tokens.
• Open interest in privacy-focused Monero (XMR) rose to the highest level since December, as the token's price dropped to $245, the lowest since April. The data indicate that traders sold the rally to profit from the price drop.
• On Deribit, ether traders chased calls at strike $5,000 and higher in a sign of bullish market sentiment. ETH calls traded at a premium relative to puts across all tenors. Still, ether's 30-day implied volatility index, ETH DVOL, remained pinned in recent ranges around 70%.
• BTC's implied volatility also remained relatively steady. Flows on the OTC network Paradigm featured demand for higher-strike OTM calls, particularly the $ 160,000 strike.

Token Talk

• OKB surged to a record $142 (+200%) after OKX announced a permanent supply cut to 21M tokens — one of the largest in its history — alongside a “PP upgrade” to its Polygon-powered X Layer chain.
• The upgrade boosts throughput to 5,000 TPS, cuts gas fees to near zero and adds gasless USDT withdrawals.
• OKX will also decommission OKTChain, halting OKT trading on Aug. 13 and converting balances to OKB from Aug. 15.
• Eden Network is shutting down all services, including Eden RPC and Bundles, citing unprofitable competition in the MEV relay and block-building space.
• Starting in 2021 to optimize MEV revenue for miners and validators, Eden saw early success but lost ground post-Merge as the market consolidated around a few operators.
• FARTCOIN rose 17% as whale wallets with $1M+ in holdings increased supply by 2% over 24 hours, while “smart money” addresses boosted holdings by 3%.
• MACD momentum on the daily chart is bullish, with the token eyeing a breakout above $1.74 if buying persists. Key support sits at $0.74 if momentum fades.