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Argentine Senate Passes Reform Creating Cryptocurrency Entities Registry

Argentine Senates Passes Reform Creating Cryptocurrency Entities RegistryThe Argentine Senate passed a law that creates a registry for any institution that offers cryptocurrency services in the country. The CNV, the Argentine securities enforcer, will manage this registry, which also establishes obligations for crypto companies to deliver personal information on their customers and other data to government entities. Argentine Senate Passes Crypto Anti-Money […]

New ICO Green Bitcoin Introduces the Gamified Green Staking and Raises $6M in 2 Weeks

PRESS RELEASE. A new project called Green Bitcoin (GBTC) saw a sudden burst of popularity around the time when the original Bitcoin (BTC) saw its massive price surge. While Bitcoin skyrocketed to an all-time high, Green Bitcoin — currently still in presale — managed to raise $6 million in only two weeks. Green Bitcoin’s presale […]

Profit-Taking Panic, Short-Term Bitcoin Holders Sell Off – What’s Next For BTC?

Recent on-chain data highlighted a significant trend: a wave of profit-taking by investors who have held Bitcoin (BTC) for less than five months. As detailed by CryptoQuant’s latest data, this phenomenon is not just a random market movement but an echo of patterns observed at the zeniths of previous bull markets. Related Reading: Bitcoin Sentiment Cools Off, Price Rebound Soon? Profit-Taking Among Short-Term Bitcoin Holders Signals Market Shift According to CryptoQuant, the Spent Output Profit Ratio (SOPR), a key metric in evaluating the profit and loss of Bitcoin transactions over a specific period, showcases a pronounced uptick indicative of widespread profit realization. This tendency among short-term holders to liquidate their holdings for gains parallels historical market peaks and suggests a critical juncture for Bitcoin. Crypto Dan, a seasoned market analyst, emphasized the significance of this trend, stating, “This movement is something that only happens once every few years,” highlighting the uniqueness and possible consequences of the present market trends. $BTC short-term investors took large profits “In relation to this adjustment, if we look at the SOPR, there was a big movement related to profit realization by short-term holders who held #BTC for less than 5 months.” by @DanCoinInvestor Link 👇https://t.co/RqBtDm81hO — CryptoQuant.com (@cryptoquant_com) March 18, 2024 New Market Forces At Play: ETFs Inflow Set To Rebalance The Equation While the SOPR metric might signal alarm bells reminiscent of past bull market peaks, the crypto landscape is underpinned by factors that could mitigate the traditional outcomes of such profit-taking. Among these is the recent introduction of a BTC spot Exchange-Traded Fund (ETF). This new avenue for Bitcoin investment introduces a complex layer to the market’s dynamics, potentially cushioning any adverse effects of short-term holders’ profit-taking activities. Dan concluded by noting: But considering the BTC spot ETF and potential additional inflows from institutions and individuals, it is difficult to judge it as simply a signal of the peak of a bull market. After a short-term correction period, it’s very likely that we will see a strong further bull in 2024. CoinShares Head of Research, James Butterfill, provides a further layer of analysis, suggesting an imminent “positive demand shock” for Bitcoin. According to Butterfill, the delay in making spot Bitcoin ETFs accessible to the Registered Investment Advisors (RIA) market — a sector managing around $50 trillion in assets — is set to end. With RIAs requiring three months of trading data before including new ETFs in their portfolios, the market is on the cusp of witnessing a substantial influx of new investments into Bitcoin. “If 10% of RIAs chose to invest 1% of their portfolios, this could result in approximately $50 billion in additional inflows,” Butterfill elaborated, highlighting the scale of potential market impact. Moreover, the current supply-demand dynamics within the Bitcoin market are skewed towards increasing demand against decreasing supply. Related Reading: Bitcoin Approaches Risky Territory As Halving Event Draws Near The daily demand for BTC, fueled by the trade of spot BTC ETFs and the average production of new coins, underscores a growing discrepancy that ETF issuers are filling by tapping into the secondary market. This scenario is evidenced by a dramatic decrease in OTC desk coin holdings, a direct consequence of ETF-driven demand, according to Butterfill. Featured image from Unsplash, Chart from TradingView

Bitcoin Whales Enter Full Accumulation Mode: Here’s How Much BTC They Pulled From Exchanges

The Bitcoin price movement last week revealed a series of ups and downs, from starting the week at a new all-time high of  $73,780 to crashing 12% in the days after to reach below $65,000. Crypto data analysts have spotted massive amounts of Bitcoin being withdrawn from major exchanges during the period of uncertainty, indicating that large investors anticipate further price appreciation.  According to a social media post by crypto analyst Ali Martinez, the total BTC balance on crypto exchanges fell by over 21,400 in the past week, with the creation of 13 new whales, each holding over 1,000 BTC. BTC Withdrawal From Exchanges Bitcoin crossed over $73,700 last week to register a new all-time high but has struggled to gain a footing above the price level. Interestingly, it would seem the new all-time high sparked a wave of profit-taking from some investors. However, on-chain and exchange data indicate Bitcoin is still undergoing a bullish sentiment from some investors, particularly large investors.  Related Reading: XRP Records Massive 80% Surge In Trading Volume – Can Price Reach A New ATH? Crypto analyst Ali Martinez noted this bull accumulation pattern in a post on his social media platform X. According to a Glassnode chart shared by the analyst, the total amount of BTC on exchanges has been on a free-fall since the middle of January. Notably, the total BTC balance saw a brief increase in the first few days of March before resuming a free-fall on March 5. In the past week alone, 21,401 BTC were moved off crypto exchanges.  As the #Bitcoin bull run momentarily pauses, it’s noteworthy that 21,401 #BTC have been moved off crypto exchanges over the past week, and the network has welcomed 13 new whales, each holding over 1,000 $BTC. pic.twitter.com/oSXaKBR4Z1 — Ali (@ali_charts) March 16, 2024 Similarly, the crypto analytics platform IntoTheBlock noted this outflow pattern during the week. According to ITB, BTC withdrawal from crypto exchanges reached its highest point this year on March 15. Interestingly, $750 million worth of Bitcoin was withdrawn on this day, the highest since May 2023. Over $750m $BTC was withdrawn from exchanges yesterday, the highest since May 2023. The majority of these withdrawals originate from Bitfinex ($524m) and Kraken ($130m) pic.twitter.com/8d3eIJROhv — IntoTheBlock (@intotheblock) March 15, 2024 What Does This Mean For Bitcoin? The Bitcoin ecosystem has witnessed serious money on the move since the beginning of the year, leading to a strong price surge for the cryptocurrency. However, this rally has since slowed down to spark a price correction, with market sentiment reaching the most negative sentiment toward BTC since December 2023. Bitcoin is currently trading at $68,201, down by 3.44% in the past seven days.  Related Reading: Crypto Pundit Says God Candle Is Imminent For This Solana-Based Meme Coin After such a strong surge in price, it’s normal for the momentum to slow down as the market consolidates and decides on the next move. While momentum has slowed, the overall trend for Bitcoin remains bullish. Judging by the massive amounts of Bitcoin pulled from exchanges recently, it looks like whales are gearing up for a continued rally. Bitcoin is now showing signs of a rally, and is now up by 5% in the past 24 hours.  BTC price crashes as trading week opens | Source: BTCUSD on Tradingview.com Featured image from Business Today, chart from Tradingview.com

$100K to $150K — Traders Target Six-Figure Heights With Long-Dated Bitcoin Call Options

$100K to $150K — Traders Target Six-Figure Heights With Long-Dated Bitcoin Call OptionsRecent data reveals a significant uptick in open interest for bitcoin futures and options across various trading platforms in recent weeks. On Monday, insights from QCP Capital indicated a notable interest in long-term September and December bitcoin calls, aiming for the lofty six-figure price brackets. Confidence Soars With Bets on Bitcoin Exceeding $100K Just last […]

Arbitrum Whales Are HODLing; Why Are ARB Prices Tanking?

While the recent unlocking of ARB triggered fears of a sell-off, Lookonchain data suggests a different story. On March 18, the analytics platform showed that a mere 58 million ARB, representing only a tiny portion of the 1.1 billion tokens unlocked on March 16, were sent to exchanges by just 11 large-scale investors, commonly called “whales.” Are Whales Bullish On ARB?  This transfer indicates that despite some profit-taking, other whales are HODLing on to their ARB, reflecting continued confidence in the project’s future.  On March 16, Arbitrum sent 1.1 billion ARB to investors, team members, and advisors in a “Cliff Unlock.” Analysts describe a “Cliff Unlock” as a situation in which all allocated tokens for that event are released simultaneously. Related Reading: Bitcoin Sentiment Cools Off, Price Rebound Soon? Arbitrum chose to release all tokens at once. 673.5 million were sent to advisors and the team. Meanwhile, the remainder, 438.25 million, was sent to investors. The unlocking event, as expected, was a source of concern that some receivers would choose to sell in the secondary market.  As expected, ARB prices have decreased, reflecting the general sentiment across the crypto market board. So far, ARB is down 24% from March 2024 highs. However, what’s clear is that the uptrend remains, and buyers remain in charge despite the selling pressure. Based purely on price action, ARB bulls have a chance if prices are above the $1.6 to $1.65 support zone. Conversely, any upswing above this level might drive prices to the upper end of the range at around $2.20. Further upswings will continue the sharp expansion from October 2023. At the time of writing, ARB is up 125% from Q4 2023 lows. Arbitrum To Benefit From Dencun, Cementing Its Layer-2 Dominance Lookonchain data shows that only a few tokens were sent to exchanges less than a week after the unlocking event, suggesting investors and whales are bullish about the project.  L2Beat data shows that Arbitrum, a layer-2 scaling solution for Ethereum, is the largest in that category by total value locked (TVL). By March 18, Arbitrum managed $14.7 billion worth of assets, nearly 2X that of Optimism. While ARB is under pressure, the broader Ethereum and crypto community remains bullish. Last week, the “Dencun” update was released to the mainnet.  Related Reading: Bitcoin Approaches Risky Territory As Halving Event Draws Near This update is significant as it further slashes transaction fees, making layer-2s, including Arbitrum, more attractive for users. This upgrade is especially appealing to developers and users seeking to enjoy the high on-chain activity on Ethereum without struggling with high gas fees and low scalability. As Layer-2 solutions find adoption, Arbitrum could benefit from this influx. Feature image from Canva, chart from TradingView

Arbitrum Token Sell-Off: Whales Transfer $58M To Exchanges Following Unlock, ARB Price Reacts

On Saturday, March 16, the Layer 2 protocol Arbitrum (ARB) unlocked 1.1 billion ARB tokens as part of its 2024 roadmap. This event led to a significant decline in the native token’s value, with losses of up to 18% reported over the past week.  In the past 24 hours, more whales have been sending ARB tokens to exchanges for selling, indicating a potential further drop in the protocol’s prices. This token unlocking marks the beginning of a four-year phased process, releasing a specific number of tokens every four weeks until 2027. 11 Whales Dump $58 Million Worth Of ARB Tokens Following the massive unlocking of ARB tokens, analysis firm Lookonchain revealed that 11 whales deposited 34 million ARB tokens (equivalent to $58 million) into exchanges.  Additionally, on-chain data provider “The Data Nerd” noted that trading firm Wintermute has been continuously depositing ARB tokens for the past 48 hours, potentially for selling purposes.  The data provider notes that digital asset trading firm Wintermute now holds only 7.22 million ARB tokens worth $12.35 million, indicating that they have already deposited or sold $18.12 million worth of ARB over the past few days. Related Reading: Solana Market Cap Set To Skyrocket 1,000%, Says Crypto Fund CEO The ARB token has been on a 29% downtrend since reaching its all-time high (ATH) of $2.39 on June 12, 2024. Following the unlock event, ARB traded as high as $1.96 but dipped to $1.61 within 48 hours.  The token has managed to reclaim the $1.68 level despite being in the red zone over the past 24 hours if the price drops further, ARB’s potential support walls are identified at $1.56, $1.46, and potentially as low as $1.32. Arbitrum Post-Unlock Journey  NewsBTC reported that there has been only one previous unlock event for ARB tokens. On the first day after the unlock, ARB experienced a 3% increase, indicating positive market sentiment and initial demand.  However, the token’s price gradually declined, reaching a low of -21% approximately 21 days after the unlock event. Interestingly, around the 25-day mark, the price began significantly recovering, surging by 19% above the unlock-day level.  These patterns suggest that while Arbitrum may face initial downward pressure post-unlock, there is potential for recovery and positive price movement in the following weeks. Related Reading: SOL Price Crosses $200 Milestone, What’s Next For Solana? The future trajectory of ARB’s price action remains uncertain despite experiencing a 15% drop from its first unlock day. Drawing from the past unlock event, if historical patterns hold, there may be a further 6% decrease, aligning with the previous 21% drop observed 25 days after the first Arbitrum unlock event.  This hypothetical scenario would place Arbitrum at $1.57, indicating a favorable mid-term uptrend structure. However, it is crucial to note that past patterns do not guarantee identical outcomes in current price trading. Nevertheless, analyzing historical data can provide valuable insights and help understand and assess potential price movements. Featured image from Shutterstock, chart from TradingView.com

Solana’s Decentralized Exchange Platforms Eclipse Ethereum in Daily Trading Volume, Surpassing $2.8 Billion

Solana’s Decentralized Exchange Platforms Eclipse Ethereum in Daily Trading Volume, Surpassing $2.8 BillionThis week, SOL’s value has seen a significant increase, elevating its decentralized exchange (dex) platforms and propelling the layer one (L1) blockchain to a leading position in 24-hour dex trading volume. Solana’s dex platforms have amassed $2.802 billion in trade volume over the past day, outperforming Ethereum’s dex platforms, which have recorded $2.03 billion in […]

Solana Memecoin Presale Gone Wrong: Creator Accidentally Burns $10M, Whale Makes Huge Profit

A new Solana-based memecoin launched today, becoming the talk of the town, and whales have noticed it. However, the reasons behind this might be different from what everybody expects. Since its launch, Slerf (SLERF), the newest Solana-based project, has been trending for all the wrong reasons. The project successfully raised $10 million during its presale and saw most of the token supply burned by accident. Related Reading: Solana Market Cap Set To Skyrocket 1,000%, Says Crypto Fund CEO Solana Memecoin Launch Sees Millions Gone Just a few hours ago, the Slerf creator and the presale investors were full of excitement and expectation as the token’s launch approached. Everything appeared normal as the project’s X account announced it had successfully burned $10.8 million worth of SLERF. For context, the project’s website states that the “slerfnomics” included a total supply yet to be determined, with 50% of the tokens to be sent into the Liquidity Pool (LP) and 50% for the presale participant’s airdrop. Additionally, the tokens in the LP would be burned at launch, and ownership would be revoked. The project’s “slerfnomics”. Source: Slerft.wtf However, investors seemed confused about the amount burned and where the airdrop tokens would come from. Before realizing their mistake, the creator explained that the airdrop to the presale participants wasn’t done before the burn because “it was the safest way.” The community quickly realized that something had gone wrong, as it seemed the project’s team had no tokens left for the airdrop. The creator realized the mistake shortly after and announced it on X while apologizing. “Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop,” the post read. He further explained that the mistake was a “simple mindless misclick” while burning the LP. It was further explained that after the first attempt to burn the tokens failed, the creator checked the Sol incinerator and couldn’t see the LP tokens. As a result, he decided to clean the wallet of the “shitcoins” sent there. This action accidentally burned the presale token’s supply alongside the other tokens. The mistake proved irreversible as the minting authority had already been revoked. Neither the creator nor the developers could access the burned tokens or mint new ones for the presale participants. From Sloths To Whales: Millions Made In 12 Minutes Whales took the opportunity to profit big on this Solana-based memecoin drama, as reported by Lookonchain. The blockchain research platform revealed that a whale wallet with over $32 million worth of SOL spent $606,000 (3,024 SOL) to buy 1.7 million SLERF. This wallet had never bought any tokens, and its newly acquired SLERF accounted for $1.5 million in unrealized profits a couple of hours ago. Unbelievable!😱 This guy made ~$3.02M in just 12 minutes by trading $SLERF! He spent 9,894 $SOL($1.98M) to buy 69.74M $SLERF immediately after opening trading. Then sold it for 25,001 $SOL($5M) within 12 minutes. Making 15,107 $SOL($3.02M) in just 12 minutes!… pic.twitter.com/KyKkefVdKj — Lookonchain (@lookonchain) March 18, 2024 A different whale wallet spent 9,894 SOL (worth $1.98 million) to buy almost 70 million SLERF immediately after opening trading. In 12 minutes, the trader sold the memecoin for 25,001 SOL (worth around $5 million) and made over $3 million in profit. However, these transactions raised the alarms of the presale investor and the community. Doubts of the “accidental burn of tokens” being much more than a mistake are high, as replies to the post suggest.  Many users believe these movements to be from “insiders” and not “lucky people.” – you aped 100 sol to $slerf presale – its midnight and you have to step into the wage-cage monday morning so you go to bed – you wake up & casually check on how the launch went – you see its at 1 billion, and think to yourself.. holy shit i must be up 7 figs – you figure out… pic.twitter.com/QhqrrSu4sG — ponzisaur (@ponzisaur) March 18, 2024 The Slerf creator guaranteed it was an honest mistake during an X Space session. He also stated his principal concern was to make things right for those who saw their investment vanish. Moreover, he committed to finding a way to refund the presale participants. As of this writing, Slerf is live on X Space, asking the community for suggestions on how to repay them. The SLERF pumped to $1.24 after its launch, over 43.4% in an hour. The token’s price has decreased by over 52%, trading at $0.59 at writing time. Related Reading: SOL Price Crosses $200 Milestone, What’s Next For Solana? SOL is trading a $206.92. Source: SOLUSDT on TradingView.com Featured image from Unsplash.com, Chart from TradingView.com

Predicting Bitcoin’s Bull Run Values: Plan B’s S2F Model and Ledn CIO’s $92,000 Target 

Predicting Bitcoin's Bull Run Values: Plan B's S2F Model and Ledn CIO's $92,000 Target As bitcoin hovers around the $67,000 mark on March 18, 2024, there’s still widespread speculation about the potential for its price to climb even higher. The analyst Plan B continues to shed light on his well-known stock-to-flow (S2F) model, which suggests that “exponential growth” is expected to “continue.” Plan B: ‘S2F = Exponential Growth’ The […]

Dogecoin and Shiba Inu Pumping Again as Dogecoin20 ICO Nears 2M

The original meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) are enjoying a rebound, with both cryptos rising over 10% since yesterday. This bullish price action has caught the interest of retail investors and suggests that the meme coin hype cycle is far from over. Meanwhile, the buzz around Dogecoin20’s (DOGE20) ICO is building rapidly […]

Standard Chartered Predicts Bitcoin At $150,000, ETH At $8,000 By Year-End

Standard Chartered’s latest research notes offer a very bullish outlook for the major digital assets, Bitcoin (BTC) and Ethereum (ETH), by the end of 2024 and beyond. The bank’s analysts project Bitcoin could reach $150,000, while Ethereum could hit the $8,000 mark. These projections come amidst a backdrop of significant developments in the crypto space, including the launch of Bitcoin spot Exchange-Traded Funds (ETFs) and Ethereum’s recent Dencun upgrade. Bitcoin’s Path To $150,000 The bank’s research delves deep into the factors propelling Bitcoin’s potential surge to $150,000 by year-end. Central to this projection is the influence of Bitcoin spot ETFs, which, since their launch on January 11, have seen rapid inflows exceeding increases in open interest. Related Reading: Analyst Expects Bitcoin Price Correction To Persist, Targets $57,000 Support According to the bank, this suggests a more robust and sustainable positioning for Bitcoin, distinct from previous speculative peaks. “Rapid inflows to the new Bitcoin (BTC) spot ETFs have dominated […] Most of the inflows are likely to be sticky pension-type flows,” Geoff Kendrick and Suki Cooper elucidate, highlighting the newfound stability in Bitcoin investment trends. Three pivotal analyses form the cornerstone of Standard Chartered’s Bitcoin valuation: Gold Analogy: Drawing parallels with the gold market’s response to the introduction of US gold ETFs, the bank estimates Bitcoin could rise to the $200,000 level, marking a 4.3x increase from its pre-ETF price. Two-Asset Optimization: By optimizing a portfolio with 80% gold and 20% Bitcoin at current gold prices, the analysis suggests a Bitcoin level around $190,000. ETF Inflows Correlation: Linear extrapolation based on the correlation between ETF inflows and Bitcoin price points to a possible $250,000 level, assuming total ETF inflows around the bank’s midpoint estimate of $75 billion. Standard Chartered notes that these three measures suggest “that $200,000 is the ‘correct’ end-2025 price level for BTC, […] and that it is likely to be the new midpoint for a sideways trading range at that time.” Related Reading: Bernstein Analysts Convinced Bitcoin Is Headed For $150,000, Here’s Why Further the research notes that an “overshoot to $250,000 is likely at some point in 2025 if ETF inflows continue apace and/or reserve managers buy BTC.” Previously, the bank only predicted a Bitcoin price of $100,000 by the end of 2024. Ethereum’s Road To $8,000 Ethereum’s expected climb to $8,000 by the end of 2024 is anchored in two transformative developments: the Dencun upgrade and the expected approval of ETH spot ETFs. The recent Dencun upgrade, by significantly lowering transaction costs on layer 2 blockchains, enhances Ethereum’s competitive edge. “Ethereum (ETH) has just undergone the ‘Dencun’ upgrade, which dramatically lowers the cost of transactions […] making ETH more competitive,” the research notes. The forecast also hinges on the anticipation of US SEC approval for ETH ETFs by May 23, a decision poised to catalyze substantial inflows into Ethereum. Drawing from the Bitcoin ETF experience, Standard Chartered expects similar enthusiasm for Ethereum, with projected inflows of 2.39-9.15 million ETH (equivalent to roughly $15-45 billion). This substantial capital infusion is seen as a crucial lever for Ethereum’s price surge. “We expect significant ETF-driven inflows to ETH […] This could drive ETH to the $8,000 level by end-2024,” the bank elaborates, underscoring the parallel potential for growth akin to Bitcoin’s trajectory. The Prognosis For 2025 And Beyond Looking further ahead, Standard Chartered ventures into the terrain of 2025 predictions, where the bank sees the ETH-to-BTC price ratio ascending back to the 7% level, a hallmark of the 2021-22 period. This adjustment forecasts an Ethereum price of $14,000 by the end of 2025, given the projected Bitcoin level of $200,000. Such a scenario underscores the bank’s optimism about the enduring value proposition and growth potential of these leading digital assets in the medium term. At press time, BTC traded at $68,401. Featured image created with DALL·E, chart from TradingView.com

Shiba Inu Open Interest Suffers 40% Crash, What Does This Mean For Price?

The Shiba Inu open interest has hit a snag after a particularly good run. The open interest had risen quickly alongside the price of the meme coin, which climbed close to its previous all-time high earlier in March. However, the cryptocurrency has been unable to maintain this uptrend, leading to a significant drop in the open interest. Shiba Inu Open Interest Sees Over 40% Decline According to data from Coinglass, the Shiba Inu open interest had hit a new two-year high on March 6 when its price crossed over the $0.000032 threshold. Since then, however, it has been on a decline, seeing a near-constant decline each day since. Related Reading: Bernstein Analysts Convinced Bitcoin Is Headed For $150,000, Here’s Why By Monday, March 18, the Shiba Inu open interest had dropped from its $135 million all-time high to just $80 million. This decline translates to an over 40% decrease in the space of two weeks. At the same time, the price of the meme coin has followed the same trend and has dropped from its yearly highs above $0.00004 to $0.000028 at the time of writing. Now, the open interest for any cryptocurrency is important because it serves as a measure of the total interest in that asset at any given time. It basically shows the total number of all futures and/or options contracts for a particular asset. So in this case, it shows the amount of money invested in SHIB derivative products at any time. Given this, an increase in the open interest can be bullish for a cryptocurrency such as Shiba Inu, while a decrease can be bearish. This is because, the lower the open interest, the less money is being put into that particular asset, thereby decreasing the demand. So this could negatively affect the price. Will SHIB Price Continue To Decline? As seen historically, a decline in open interest has often coincided with a decline in price. As such, the present decline being experienced by Shiba Inu could spell bad news for its price going forward. The effect is already being felt with the price of SHIB dropping significantly over the weekend, although it has started to recover as the new week opens up. Related Reading: Crypto Pundit Says God Candle Is Imminent For This Solana-Based Meme Coin To get an idea of where the price might be headed next, we can take a look at the last time that the Shiba Inu open interest was this high, back in 2021. The open interest had reached its current all-time high in October 2021, but after peaking, both the open interest and the SHIB price would suffer tremendously. Over the course of the next few months, the SHIB price would fall more than 50%, following the same trend as the open interest. If this trend were to continue this time around, then the SHIB price may be headed for a price crash. However, 2021 marked the end of the bull market, while the current bull cycle is only in the beginning stages. In this case, there is more demand, which would mean there is more of a cushion to mitigate a price crash. SHIB price drops to $0.00002783 | Source: SHIBUSDT on Tradingview.com Featured image from Bitcoin News, chart from Tradingview.com

Jupiter Soars by Nearly 100%, Leading This Week’s Crypto Gainers

Jupiter Soars by Nearly 100%, Leading This Week's Crypto GainersOver the past week, bitcoin and ethereum faced declines, while a number of alternative cryptocurrencies enjoyed significant appreciation. Notably, JUP soared by 99.5% against the dollar, with WIF climbing 42% and SOL increasing 37% in the same period. Alternative Crypto Assets Outshine Bitcoin and Ethereum with Double-Digit Growth This Week A plethora of cryptocurrencies, other […]

Shiba Inu Price Soars 10% In Reaction To Explosive 2,367% SHIB Burn Surge

Shiba Inu (SHIB), a prominent Ethereum-based cryptocurrency, witnessed a substantial rally, bolstering the interest of crypto enthusiasts worldwide. The nearly 10% surge in price on Monday has been attributed to a wave of market optimism, coinciding with a significant burn surge revealed by Shibburn, the meme coin’s burn tracker. The recent rally of meme coins can be attributed to various factors. Firstly, the growing market sentiment and excitement surrounding meme coins have attracted investors seeking high-risk, high-reward opportunities. Additionally, the influence of social media platforms, viral marketing, and endorsements from celebrities and influencers have played a significant role in driving up the prices of meme coins. Related Reading: Forget Dogecoin, Shiba Inu Set To Become The Top Dog: Expert Predicts $100 Billion Market Cap Shiba Inu Burn Surge Analysis According to Shibburn’s data, the burn rate for Shiba Inu skyrocketed by a staggering 2,367% over the past 24 hours, resulting in the destruction of a whopping 186 million coins. This surge in burning activity has further heightened market optimism surrounding the meme token, as the Shiba crypto community continues to make remarkable efforts to enhance the SHIB tokenomics. Source: Shibburn The continuous depletion of SHIB’s supply through burning activities has triggered discussions about the dynamics of supply and demand, igniting a hurricane of bullish sentiments for Shiba Inu. Notably, it is the community’s concerted efforts, including significant transfers to a dead wallet, that have primarily contributed to the rise in the burn rate. Shibburn’s insights shed light on two massive transactions by the Shiba crypto community, both involving transfers to a dead wallet. The first transaction saw a transfer of 168 million coins, while the second involved the transfer of 16.68 million SHIB. These actions reflect the community’s determination to bolster the tokenomics of Shiba Inu and have further contributed to the burn surge witnessed recently. Bitcoin price action. Chart: TradingView SHIB Price Climbs Amid Optimism The positive momentum extends beyond burning activity, as Shiba Inu’s price experienced a substantial uptick of 10% over the past 24 hours, reaching a current trading value of $0.0000287. This surge in price has been accompanied by a surge in trading volume by nearly 23% and a market cap increase of 10%, firmly establishing a bullish stance for SHIB. However, it is important to note that the recent correction in Bitcoin’s price led to a temporary dip for Shiba Inu, which reached a low of $0.0000238. Related Reading: Bitcoin Threatens To Retreat To $60,000 As Bulls Seek Solid Ground With the recent upward movement, there is growing optimism that SHIB may breach the $0.00003 mark, potentially paving the way for a recovery trend that could push prices above the previous swing high of $0.000045 and even surpass the $0.00005 milestone. Market observers are particularly encouraged by the burning chronicles of the meme coin, which further contribute to the prevailing market optimism. Featured image from Pexels, chart from TradingView