Altcoin
Shiba Inu Burn Rate Rockets Over 7000%, SHIB Breakout Ahead?
The Shiba Inu burn rate has again fueled substantial market optimism across the crypto landscape, witnessing a whopping 7200% surge on Friday. As over 1 billion tokens were removed from the asset’s circulating supply in the past 24 hours, a bullish market sentiment bubbled the meme-themed asset. Further, with on-chain metrics reflecting strong market support for the crypto, an upshot is that investors eye SHIB price gains ahead despite the current market volatility ahead of the U.S. PCE inflation data release.
Shiba Inu Burn Rate Skyrockets 7200% As Nearly 1Bln Tokens Destroyed
As per the latest data by Shibburn, the Shiba Inu burn rate witnessed a whopping 7240% uptick on January 31. This massive upswing is primarily attributed to the removal of 1.1 billion tokens from the circulating supply.
Notably, the wallet address 0xc7d04.. appears to be responsible for the lion’s share in the intraday burn rate upsurge, sending slightly over 1 billion tokens to a null address. In turn, the SHIB circulating supply at the time of reporting shredded and reached 584.25 trillion tokens. Overall, the massive blow to the asset’s supply has reverberated market optimism, mirroring the law of supply and demand.
Recent Community Advancement Bolsters Market Sentiment
Further, the recent launch of ShibOS remains a hot topic across the Shiba Inu community. The recently introduced blockchain-based platform offers users a smooth Web2 to Web3 transition for various use cases. This chronicle has aided the meme coin in broadening its horizon, thereby attracting further market attention.
Can SHIB Price Breakout Amid Burn Surge?
At the time of reporting, SHIB price traded at $0.00001866, showcasing a highly turbulent intraday movement. The top dog-themed meme coin’s intraday bottom and peak were recorded as $0.0000185 and $0.00001896, respectively.
It’s noteworthy that the token faces a critical resistance at the $0.000019 level. Nevertheless, the massive Shiba Inu burn rate surge has uplifted the market sentiment for the asset despite the broader sideways price movement.
On-Chain Metrics Signal Strong Market Support
Renowned crypto market enthusiast Zach Humphries has posted on X, spotlighting bullish metrics for the meme token. Almost 74% of Shiba Inu holders have held onto their holdings for over a year, underscoring retained market interest in the asset despite price fluctuations.
Further, nearly 47% of holders are making returns on the current price level. However, if these holders decide to sell ahead for profit-booking, volatility in price may be expected moving ahead. Nevertheless, current stats reflect a highly prominent market stand for the meme coin, with the Shiba Inu burn surge injecting additional bullishness on future prospects.
Crypto Market Faces Turbulence As PCE Inflation Data Looms
It’s noteworthy that Shiba Inu’s price action currently aligns with the broader crypto market trend. As the U.S. PCE inflation data for December looms to be released on January 31, Bitcoin and altcoins flux. Nevertheless, the recent SHIB burn data and broader community advancements continue to garner optimism about the token’s long-term prospects, flagging a bullish breakout ahead.
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.
DOGE whales have accumulated over 530 million Dogecoin (DOGE) within the past 72 hours. This surge in whale holdings has coincided with a decline in Dogecoin price, signaling strategic buying at lower levels. Analysts suggest that such accumulation may indicate confidence in the asset’s long-term potential and could drive Dogecoin price to $0.30 if demand persists.
DOGE Whales Accumulate 530M Coins, Dogecoin Price to $0.30?
According to a recent post on X, crypto analyst Ali Martinez reported that large investors have been actively accumulating Dogecoin in the past three days. On-chain data from analytics platform Santiment indicates that DOGE whales have acquired 530 million coins during this period. This accumulation trend suggests that institutional and high-net-worth investors are capitalizing on Dogecoin price dips to strengthen their positions.
Despite a declining trend in recent weeks, analysts see the top meme coin whale activity as a potential precursor to a price recovery. Historically, similar accumulation phases have preceded short-term rebounds, as reduced market supply creates bullish pressure. While some traders remain cautious, expecting further retracement, whale buying reinforces price optimism.
If current demand holds, analysts suggest that Dogecoin price could push toward $0.30 in the coming weeks. However, technical indicators also suggest the potential for another pullback before a sustainable uptrend can be established.
Will Price Retrace to $0.125?
While the recent accumulation by DOGE whales has sparked optimism, some analysts anticipate a price correction before any major recovery. Crypto analyst Dave Hunter, posting on TradingView, projected a retracement to $0.125, describing it as an accumulation zone. His analysis is based on Dogecoin price action, which has struggled to break key resistance levels.
Hunter identified $0.24 as a critical resistance zone where Dogecoin price is expected to react before moving lower. He cautioned that a failure to breach this resistance could trigger further declines, leading to additional selling pressure in the short term. Liquidity sweeps from lower levels could also accelerate downward movement.
Despite this bearish outlook, some traders view the projected retrace as a buying opportunity. Market participants who accumulate near $0.125 may benefit if Dogecoin price rebounds in alignment with historical patterns of whale-driven rallies.
TD Sequential Buy Signal Hints at Reversal
Moreover, the TD Sequential has flashed a buy signal for Dogecoin, suggesting that a price reversal could be on the horizon. According to Ali Martinez, the signal appeared on DOGE’s daily chart after a sequence of nine consecutive downward candles, a formation that historically precedes upward movements.
The TD Sequential indicator, often used to identify potential trend reversals, has been a reliable tool in past DOGE price movements. In addition to this signal, Martinez pointed out that an S13 pattern, represented by a green arrow on the chart, reinforces the possibility of a rebound. If this bullish signal holds, Dogecoin price could experience a sharp upward movement from its current levels.
Similarly, a recent CoinGape analysis supported the potential Dogecoin price rally to $3, citing strong whale accumulation and market resilience. According to the analyst, the top meme coin maintains support between $0.19 and $0.16, it will trigger a recovery toward key resistance levels, including $1 and $2, before testing the $3 mark.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
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.
BitBoy’s claim of resurrecting ADA from the dead has drawn “gratitude” from Cardano founder Charles Hoskinson. The outspoken founder took to X to wish BitBoy well in his future endeavors outside the Cardano ecosystem amid a flurry of activity.
Cardano Founder Thanks BitBoy For Saving ADA With A Smirk
Crypto influencer Ben Armstrong aka BitBoy says he single-handedly saved Cardano from extinction with repeated claims that the network was dead. BitBoy made the assertion in a livestream, claiming that his use of reverse psyschology contributed to renewed institutional interest for Cardano.
By claiming that Cardano was dead, BitBoy says institutional investors flooded the ecosystem in a bid to prove him wrong.
“I have singlehandedly saved the ADA project,” said BitBoy on the livestream.
While his claims have triggered reactions, a video from the Cardano founder appeared on X thanking BitBoy for his efforts. Hoskinson, with a smirk, expressed gratitude to the cryptocurrency influencer, hinting at renewed institutional interest in the project.
“We’re very excited and glad that you’ve gotten what you needed to get BitBoy,” said Hoskinson with a glint of sarcasm. “Thank you for the kind words about Cardano.”
Institutional Interest In Cardano Soars In Recent Months
After enduring claims of the network has zero institutional interest for years, institutions are wading into Cardano. Institutional investors are eyeing a potential ADA spot ETF in the coming weeks, sending volumes to new highs.
There are whispers of Hoskinson meeting with a VIP in Florida, triggering speculation for a massive announcement in the offing. The Cardano founder confirmed a trip to Florida “to go do a thing,” leaving community members watching in anticipation.
On-chain analysis reveals a steady accumulation, signaling an ADA bullish run to previous highs. At the moment, ADA is trading at $0.6 with a market capitalization of $22.95 billion as ecosystem activity surges.
Aliyu Pokima
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.
Crypto analyst Egrag Crypto has suggested that the XRP price can still reach as high as $320, providing a bullish outlook for the crypto amid the recent market downtrend. The analyst also hinted at a timeline for when XRP could reach this price target.
Analyst Confirms XRP Price Can Still Reach $320, Provides Timeline
In an X post, Egrag Crypto confirmed that the XRP price can still reach $320. His accompanying chart showed that the crypto could reach this price target between now and 2026. Interestingly, the chart also showed that XRP could even rally further to as high as $800.
The analyst seemed confident that XRP could reach these price targets. He stated that in the next couple of months and years, it won’t make a difference at what price market participants bought the coin. Instead, they would only wish they had bought more.
This bullish outlook for the crypto comes amid the recent crypto market crash, which saw XRP, and other major cryptocurrencies like Bitcoin, Ethereum, and Solana record significant price crashes.
Meanwhile, this prediction is an upgrade from the analyst’s earlier prediction, in which he predicted that the XRP price could rally to as high as $110 between now and next year.
Showing Great Strength Against Bitcoin
In another X post, Egrag Crypto revealed that XRP is showing “incredible” strength against the Bitcoin price right now. He further remarked that the current formation is undeniably super bullish.
In line with this, he affirmed that double digits are written in golden ink for the XRP price. He outlined the Fib 1.272 at $0.000072, Fib 1.414 at $0.000095, Fib 1.618 at $0.00014 and Fib 1.888 at $0.00023 as some of the potential price targets to keep an eye on.
The crypto analyst asserted that all these targets are not just wishful thinking. Instead, according to him, they are plausible, grounded in historical data and align perfectly with the total market cap.
XRP’s Correction Almost Done
In an X post, crypto analyst Dark Defender assured that the XRP price is close to finalizing the ABC correction pattern in the daily time frame, considering the lowest Relative Strength Index (RSI) figures. He added that the RSI is close to the oversold area.
Once the XRP price correction is over, the analyst predicts that the crypto will rally towards $3 on the first wave, before it rallies to the targets between $5 and $8 with the Wave 3 and Wave 5 impulsive moves to the upside.
Dark Defender also revealed the important levels to watch out for as XRP eyes a bullish reversal. He stated that the support levels are $1.88 and $1.91. Meanwhile, the resistance levels are $2.44, $2.99 and $5.85.
Crypto analyst CasiTrades also confirmed that the XRP’s correction is almost done, with the crypto now forming the final wave 5 of C down. She added that the crypto just completed subwave 4, meaning it is now in the last leg lower to finalize this correction.
The crypto analyst also remarked that higher timeframes are confirming bullish divergence, aligning with the theory that this could be the final low before reversal. She also confirmed that selling momentum isn’t as strong as it was a few weeks ago.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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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