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Shiba Inu Burn Shoots Over 28,000%, SHIB Price To Pump Ahead?
The Shiba Inu (SHIB) meme-themed cryptocurrency has again stirred optimism among crypto market traders and investors globally. As the dog-themed meme token registered over a whopping 28,000% surge in its burn rate today, market sentiments on SHIB price action ahead have turned highly bullish. Meanwhile, the token also secured a major futures listing on a renowned crypto exchange recently, further solidifying investor optimism across the broader market.
Shiba Inu Burn Rockets Over 28,000% Sparking Market Optimism
According to data facilitated by the tracker Shibbrun on X today, August 30, Shiba Inu’s burn soared a whopping 28,145% in the past 24 hours. This massive surge is primarily attributable to a staggering 96.43 million SHIB burnt over the past day.
Further, the weekly burn rate surge totaled 301% at press time, garnering additional optimism for the token. SHIB community notified on X that 172.99 million tokens were burned in the past seven days.
Simultaneously, the total supply shrank to 589.27 trillion SHIB, with massive burns coming into play. As the top meme coin’s supply takes a hit, market sentiments turn bullish, mirroring the law of supply and demand.
Meanwhile, it’s also worth noting that Shiba Inu secured futures listing on Kraken, one of the top crypto exchanges. This recent listing endeavor enhances the meme token’s investor appeal, offering increased flexibility and accessibility in trading options.
Altogether, the recent developments paint an optimistic scenario for SHIB price action ahead. However, the token trades in the red zone today.
SHIB Price Tumbles Today, Will It Rise?
At press time, SHIB price slipped 0.7% in the past 24 hours to trade at $0.00001393. Its intraday lows and highs were registered as $0.00001389 and $0.00001452, respectively. Today’s waning movement aligns with the broader market movement. Bitcoin and major crypto prices today witnessed a trading session in the red zone.
However, Coinglass data illustrated a 0.44% uptick in Shiba Inu futures OI within the 4-hour time frame. This was accompanied by a 0.06% surge in the 24-hour chart, with the OI resting at $28.44 million as of writing. Nonetheless, the token’s derivatives volume saw a 15.33% decline in value to $44.48 million, sparking speculations among market participants.
Simultaneously, the RSI rested along 45, indicating a neutral stance for the asset. Overall, market stats illustrate that the coin might face short-term volatility, although long-term prospects remain bullish, with the burn chronicles further weighing in.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Solana has once again caught the attention of market participants as it hit a new ATH on Friday. Notably, SOL witnesses a sustained rally against the backdrop of massive whale accumulations. Now, as the crypto is noting a buying pressure amid the bull market, market watchers anticipate further gains in the crypto ahead.
Solana Hits New ATH Amid Massive Whale Buying
According to data by Lookonchain on November 22, whales continue to accumulate Solana amid its upside movement to a new ATH. According to the data, a fresh wallet was recorded accumulating 42,443 SOL, worth $11.14 million, from Binance over the past two days. This accumulation was made by the wallet address “Au1VJ…q8hF8”, per Solscan’s data.
Simultaneously, another massive accumulation recorded over the past day has weighed the scales toward the bullish side of the asset. Lookonchain revealed that a whale bagged 100K SOL, worth $23.86 million, and staked it over the last two days. Notably, Solscan’s data showed this whale address as 7L1HBfMH.., while the whale’s SOL holdings totaled $55.58 million.
Overall, these accumulations, underscoring increased buying pressure on the asset, birthed significant market optimism on future price movements. For context, large-scale investors’ accumulations signaled heightened market confidence in the asset’s potential to offer gains ahead.
Moreover, with the soaring odds of a Solana ETF further weighing in, the current market sentiment for one of the leading crypto by market cap remains highly bullish. A recent CoinGape Media report further revealed that the SEC has now started engaging with the SOL ETF issuers regarding the filed S-1 registration statements. Besides, Bitwise has also filed for Solana ETF recently, further fueling market interest.
Coin Price Gians 8% Breaking ATH
SOL price today witnessed gains worth 8% intraday and was trading at $262.51 at the time of reporting. The coin’s 24-hour low was $237.33, whereas the current price level marked a new ATH. Notably, the weekly chart illustrated a 26% pump for the coin, followed by a monthly upswing of 59%. This bullish movement falls in line with massive buying pressure on the asset, as seen by the abovementioned whale transactions.
Simultaneously, Coinglass data indicated that the coin’s futures OI surged 15% to $6.01 billion. Moreover, the derivatives volume noted a 61% uptick to $19.03 billion. Overall, this stat indicated a burgeoning market interest in the asset, further paving an optimistic path for future price movements.
Also, a recent Solana price analysis by CoinGape Media pointed out that the coin eyes a $5,000 price target as it has already noted a significant surge from its 2023 lows. Crypto market watchers continue to monitor the token for further price action shifts in light of the abovementioned statistics.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Dogecoin hash rate has spiked sharply, reaching new all-time highs. This bullish development reflects increasing network activity and miner participation. The surge also aligns with the recent positive shift in Dogecoin’s momentum, which favorable market conditions and sentiment have bolstered.
Dogecoin Hashrate Reaches New ATH
Dogecoin mining activity is experiencing a major upsurge, as its hash rate recently hit a new ATH. This impressive milestone indicates strong network security and growing miner confidence in Dogecoin.
Crypto analyst Master Kenobi announced this bullish development in an X (formerly Twitter) post on November 20. The analyst revealed that over time, DOGE mining activity could become more profitable, more stable and less taxing for miners than Bitcoin mining.
Master Kenobi’s analysis is especially notable due to Bitcoin’s cyclic halving events, which occur every four years and cut the rewards of miners in half. The Bitcoin halving also decreases the rate at which new coins are available, thus reducing its supply while also resulting in lesser profits for Bitcoin miners.
Without halving events like Bitcoin, Master Kenobi reveals that Dogecoin offers more predictable rewards and facilitates long-term stability for miners. Moreover, this stability can potentially boost the meme coin’s value and strengthen its network security, thereby improving trust in its ecosystem.
The Dogecoin hash rate is calculated based on the number of calculations performed per second to solve a hash on the blockchain. At the time of the ATH, DOGE’s hash rate was at 1.5 PH/s. However now its hash rate has increased slightly to 1.52 PH/s.
Interestingly, the spike in Dogecoin’s hash rate to new ATHs comes as the meme coin records a surge in momentum. Over the past few weeks, Dogecoin has experienced triple-digit gains, recording a price increase of more than 169% just this month. CoinMarkeCap’s data also shows that the price of the meme coin is currently trading at $0.385.
This price surge has caught the attention of the crypto market, and with the increase in hash rate, Dogecoin is steadily solidifying its position as the number one meme coin in the crypto market.
DOGE Mining Vs. Bitcoin Mining
In his X post, Master Kenobi reveals that Dogecoin and Bitcoin operate on fundamentally different networks. Each cryptocurrency uses distinct hashing algorithms, making mining compatibility between both ecosystems virtually impossible.
While DOGE operates on the Scrypt algorithm, which is optimized for a different class of Application-Specific Integrated Circuits (ASICs), Bitcoin, on the other hand, relies on the SHA-256 algorithm, which requires ASICs specifically designed for its type of hashing.
This notable distinction prevents miners from switching between networks, bolstering the independence of each blockchain network. Additionally, the difference in hashing algorithms ensures no overlap in hardware utility and prevents the risk of a network being compromised by others’ mining resources. This ultimately improves security for both the Dogecoin and Bitcoin ecosystems.
Featured image created with Dall.E, chart from Tradingview.com
The crypto prices today have primarily continued on an upward trajectory, showcasing strong market momentum. Bitcoin (BTC) has reached a significant milestone, touching $99,000 for the first time. Ethereum (ETH) and Solana (SOL) have also surged by 9% and 12%, while XRP has climbed by an impressive 25%. The global crypto market cap has jumped by 6%, to $3.26 trillion, with total trading volume skyrocketing 41% in the past 24 hours to $251 billion.
Let’s dive deeper into the top cryptocurrencies by market cap and their price movements on November 22.
Crypto Prices Today: Bullish BTC, ETH, SOL & XRP Sentiment
The overall crypto market appears bullish as Bitcoin (BTC) touched $99K for the first time. Ethereum (ETH) prices shot up by 9%, while most major cryptocurrencies have gained in the past 24 hours. XRP surged 25%, fueled by news of Gary Gensler stepping down as US SEC Chair in January 2025.
Bitcoin Price Today
Bitcoin has gained approximately 5% in the past 24 hours and is currently trading at $98,683. The coin’s intraday low and high were $94,457 and $98,834, respectively. With a market cap of $1.95 trillion and a 24-hour trading volume of $106 billion, BTC holds a market dominance of 59.53%, reflecting its continued strength in the crypto market.
According to Sosovalue, ten Bitcoin ETFs recorded an inflow of $397 million on Thursday, signaling growing institutional interest. However, BlackRock’s IBIT data, which is highly anticipated, is still awaited and could further influence market sentiment.
Ethereum Price Today
Ethereum surged 9% today and is trading at $3,331. Its 24-hour low and high were $3,083 and $3,388, respectively. With a market cap of $400 billion and a trading volume of $52 billion in the past 24 hours, ETH remains the second-largest cryptocurrency by market cap, holding a market dominance of 12.20%.
While ETH ETFs saw an outflow of $9 million, BlackRock’s data is still awaited for further insights. Additionally, ETH co-founder Vitalik Buterin purchased Super Anon (ANON) tokens on Base, highlighting its potential as a revolutionary token in the privacy space.
Solana Price Today
Solana (SOL) is currently trading at $261, marking a 12% increase in the last 24 hours. The crypto prices hits all-time high of $263.70 today. Its intraday low and high were $236 and $263.70, respectively. With a market cap of $122 billion, SOL stands as the fourth-largest cryptocurrency by market cap, showcasing its robust performance.
The 24-hour trading volume for Solana is $11 billion, and it holds a market dominance of 3.74%. As Bitwise submits Solana spot ETF filing, its growing significance in the crypto space reflects increasing investor interest.
XRP Price Today
XRP recorded the biggest jump in the past 24 hours, currently trading at $1.36, marking a 25% surge. Its 24-hour low and high were $1.086 and $1.43, respectively. With a market cap of $78 billion, XRP ranks as the sixth-largest cryptocurrency by market capitalization.
The 24-hour trading volume for XRP stands at $15 billion, with a market dominance of 2.38%. This significant rally highlights growing investor interest, further boosting its position in the crypto market.
Meme Coins Prices Today
Dogecoin (DOGE) witnessed a 6% increase in the past 24 hours, currently trading at $0.3966. Its 24-hour low and high were $0.3767 and $0.3996, respectively. With a market cap of $58 billion and a trading volume of $8.72 billion in the last 24 hours, DOGE continues to show strong market performance.
Similarly, Shiba Inu (SHIB) gained nearly 7%, currently trading at $0.00002502. Other notable meme coins like PEPE, BONK, and WIF also saw impressive gains, ranging from 6% to 13% in the past 24 hours, reflecting strong investor interest in the meme coin sector.
Top Crypto Gainers Prices Today
FTX Token
FTT token jumped by 34% in the past 24 hours, currently trading at $2.68. Its 24-hour low and high were $1.973 and $2.962, respectively, reflecting a strong surge in its price.
XRP
XRP is currently trading at $1.36, reflecting a 25% increase in the past 24 hours. Its 24-hour low and high were $1.086 and $1.43, respectively, showing significant price movement during this period.
Optimism
Optimism (OP) is up by 24% in the last 24 hours, currently trading at $2.03. Its 24-hour low and high were $1.647 and $2.202, respectively, reflecting strong price action during this period.
Top Crypto Losers Prices Today
FLOKI
FLOKI is down by 5% in the last 24 hours, currently trading at $0.0002627. Its 24-hour low and high were $0.0002487 and $0.0002778, respectively, showing a slight decline in price during this period.
Peanut the Squirrel
PNUT price is trading at $1.29, down by 3% in the last 24 hours. Its 24-hour low and high were $0.1185 and $0.153, respectively, with trading volume climbing 31%.
Besides this, the hourly chart of BTC and ETH looks positive, with both showing a 1% increase. This upward movement reflects a strong short-term trend for both cryptocurrencies. The crypto prices is expected to show volatility today amid weekly options expiry.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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