Altcoin
Can Shiba Inu Price Hit $0.01 Amid Colossal 1 Bln SHIB Token Burn?
Shiba Inu price is much awaited to reach the $0.01 mark, with recent developments igniting optimism toward the monumental feat. Against the backdrop of a staggering 1.1 billion SHIB tokens burn in January and recent ecosystem advancements, market watchers are highly bullish on the dog-themed meme coin. The meme coin’s price currently faces critical resistance at $0.00002, a key barrier to achieving further upside levels.
Shiba Inu Price Brims With Optimism Amid Massive Token Burn
Shiba Inu price’s long-term prospects remain optimistic, primarily attributed to the constant SHIB burns. According to the tracker Shibburn’s statistics, 1.16 billion tokens were burned in the month of January.
This marks a significant 37.52 million coins burnt on average per day. As a result, traders and investors remain bullish on Shiba Inu’s price amid the asset’s reduced supply, mirroring the law of supply and demand.
Weekly Burn Surge Weighs In
Further, the weekly burn rate for the meme coin was up by 2104.39%, highlighting the constant burns dealing a blow to the circulating supply. Notably, 1.13 billion tokens were burnt in the past seven days, aligning with the massive monthly burn.
IS SHIB Price To $0.01 Possible Amid Constant Burns?
At the time of reporting, Shiba Inu price witnessed a drop of nearly 2% and was trading at $0.00001875. Its intraday low and high were $0.00001858 and $0.00001964, respectively. The current price movement confirms the resistance point at $0.00002. Meanwhile, it’s noteworthy that the meme coin briefly topped this level in mid-January. However, the price is currently down 18% MoM.
Nevertheless, a recent SHIB price analysis by CoinGape weighed further optimism in light of the massive burn. Despite the asset’s consolidation, constant supply reduction could aid the token in pushing above $0.00002, even paving the way for a run to $0.01.
However, a $0.01 target remains out of the question for now, as also clarified by the SHIB community’s site. Nevertheless, the meme coin continues to showcase the potential to offer investors remarkable gains.
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.
Crypto Market Today (March 7): Despite U.S. President Donald Trump’s recent announcement about a Bitcoin reserve, BTC price backtracked to a $84K low intraday. Simultaneously, Ethereum (ETH), Solana (SOL), and XRP prices followed by dropping 1-6% in the interim. Meme coins also traded mainly in the red zone on Friday, with the broader sector’s action collectively sparking severe investor concerns despite the latest pro-crypto advancements.
Crypto Market Today: BTC, ETH, SOL, XRP Wane Despite U.S. Crypto Reserve Establishment
The global crypto market lost nearly 4% value today as the market cap shrank to $2.88 trillion despite pro-cryptocurrency advancements in the U.S.
President Donald Trump recently signed an executive order to establish a Bitcoin strategic reserve nationwide. Further, the order also focused on creating a ‘Digital Asset Stockpile’ in the U.S. that consists of crypto other than BTC. However, despite these much-awaited pro-crypto developments, prices today encounter considerable volatility.
BTC Price Hits $84K Low Again
After showcasing a recovery-like trend, BTC price again leaves hope sinking as it fell over 4% to $87,071 at the time of reporting. Besides, CoinMarketCap’s data showed that the coin bottomed at $84,717.68 over the past day. This waning action raised severe concerns, contrary to the strategic U.S. reserve announcement that was expected to bolster the price.
Besides, with $259.24 million in liquidations in the past 24 hours, per Coinglass data, Bitcoin continues to face turbulence. Even BTC futures OI slipped 4.6% today and closed in at $48.48 billion, signaling declining market interest despite favorable developments.
ETH Price Dips 6% Amid Crypto Market Volatility
ETH price cracked by 6% intraday and exchanged hands at $2,146. The coin bottomed and peaked at $2,103.47 and $2,319.40 in the past 24 hours. The second-largest coin by market cap wanes alongside $72.04 million worth of liquidations recorded over the past day. Ethereum’s futures OI also declined by 4.24% to $19.24 billion, rationalizing a downtrend. The coin’s market dominance rested at 9.1% today.
XRP Price Slips 1%
XRP price witnessed a drop of slightly over 1% and is currently sitting at $2.47. The coin hit an intraday low and high of $2.39 and $2.64, respectively. Ripple’s cryptocurrency follows the broader market trend, facing turbulence amid $24.34 million in liquidations recorded over the day. Conversely, the coin’s future prospects remain optimistic amid rising XRP whale accumulations.
SOL Price Loses 5%
SOL price witnessed a 5% downfall in the past 24 hours and closed in at $141. The coin swooped to a $135.72 low and a high of $152.78 intraday. Even Solana registered $21.67 million worth of liquidations, aligning with the tumbling action.
Meme Crypto Market In The Red
Simultaneously, Dogecoin (DOGE) price pulled back nearly 5% and exchanged hands at $0.1967. Shiba Inu (SHIB) price lost over 2% and stood at $0.00001318. Even Pepe Coin (PEPE) price lost 6% and exchanged hands at $0.000006717. Altogether, the meme coin market mirrors broader trends.
Top Gainers In The Crypto Market Today
Some tokens appear to have defied the fading market trend today, entering the green zone.
Movement (MOVE)
Price: $0.4945
24-Hour Gains: +5%
MOVE price soars alongside Donald Trump’s World Liberty Financial’s rising accumulations for the token, per recent Spotonchain X post.
Sui (SUI)
Price: $2.68
24-Hour Gains: +1%
Sui gains alongside its new collaboration with Trump’s World Liberty Finance. WLFI will include SUI in their strategic token reserve, as revealed by the crypto’s community posted on X.
Jito (JTO)
Price: $2.66
24-Hour Gains: +0.5%
Top Losers In The Crypto Market Today
Other tokens that bore the brunt of a broader market dip are:
Ondo (ONDO)
Price: $1.02
24-Hour Loss: -14%
Sonic (S)
Price: $0.5206
24-Hour Loss: -13%
Cardano (ADA)
Price: $0.8549
24-Hour Loss: -10%
In conclusion, the market sentiment remains uncertain despite the optimistic announcement of a Bitcoin strategic reserve establishment. Traders and investors eagerly await the looming White House crypto summit for further clarity on the market’s future.
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.
XRP whales have shown no signs of slowing down their accumulation spree as they continue to load up coins. Over the last 72 hours, whales have bought over 90 million XRP as the ecosystem braces for an announcement that could send prices on a rally.
XRP Whales Accumulate 90 Million Coins Valued At Nearly $250 Million
Onchain analyst Ali Martinez has identified significant whale activity in XRP’s ecosystem in the build-up to the White House Crypto Summit. In the last three days, XRP whales have purchased over 90 million XRP in a massive accumulation spree.
The total value of the XRP whales’ purchase stands at nearly $250 million, reversing a mass whale dump at the end of February. The recent whale accumulation follows a raft of positive metrics for XRP as investors ready themselves for a rally-inducing bull run.
Apart from the recent purchases, XRP whales have transferred over $5 billion worth of coins between addresses during the week. Furthermore, XRP’s active addresses have surged to 462,000 from lows of 74,589 as the plot thickens.
On the flip side, there are fears that the accumulation may be a classic “pump and dump” ahead of the White House Crypto Summit.
Is Something Big Incoming?
While on-chain indicators are largely positive for XRP, recent fundamentals are pointing to incoming positives for the ecosystem. The inclusion of the coin in the Crypto Strategic Reserve signals regulatory acceptance for the project in Washington.
For now, a potential big announcement will be the dismissal of its long-running case against the US SEC. There have been speculations that a Ripple SEC lawsuit could be next after the Commission agreed to dismiss the Kraken lawsuit
Furthermore, there are whispers that Ripple co-founder Brad Garlinghouse may be tapped for a government appointment. The community is hinging their theories on Garlinghouse’s attendance at Friday’s White House Crypto Summit.
XRP whales and the rest of the community expect the policy discussions at the summit to be largely bullish for the embattled project. At the moment, the crypto is exchanging hands at $2.60, rising by 5% over 24 hours, buoyed by growing optimism.
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.
XRP price is showing strong bullish momentum, with analysts pointing to key resistance levels that could determine its next major move. Recent technical analysis indicates that the Ripple token has successfully broken through its 4-hour resistance level, strengthening the case for a continued rally.
Analysts suggest that the top altcoin must surpass the critical resistance at $3.3999 to confirm further movement beyond the $5 mark.
XRP Price Eyes $5.85 Target as Momentum Builds – Key Levels to Watch
According to Dark Defender, XRP price has broken its 4-hour resistance, indicating an increase in buying pressure. The token must now surpass the key resistance level at $3.3999 to confirm a continuation of the bullish trend. A successful breakout could trigger a rapid price move toward higher levels.
The current support level for the Ripple token is at $2.22. Holding above this point is crucial for maintaining bullish momentum. If the token remains above support and surpasses resistance, analysts predict a price move toward $3.80, followed by a potential surge to $5.85. This scenario would align with a broader breakout pattern in the altcoin market.
Moreover, the Relative Strength Index (RSI) has formed a Golden Cross, a technical pattern that often signals strong upward momentum. This development suggests that XRP price could continue to rise as buying pressure intensifies.
If XRP maintains its bullish structure, the RSI could remain in an optimal range before reaching overbought conditions. This would allow further price gains before a potential pullback.
CasiTrades Analysis: Ripple Token Approaching Resistance
Additionally, analyst CasiTrades has identified a key trading range for XRP price, with support at $2.57 and immediate resistance at $2.70. The token has re-entered its previous consolidation pattern and is testing the upper trendline. A breakout from this range could lead to further gains.
The Fibonacci retracement levels indicate additional support zones at $2.48 and $2.42. If XRP price holds above these levels, the bullish trend remains intact. A confirmed breakout above $2.70 could accelerate price movement toward the next resistance at $3.05. Beyond this level, analysts anticipate XRP to test $3.40, aligning with a broader market uptrend.
Price Breakout Could Lead to an Altcoin Rally
The current market structure suggests that XRP is positioned for a potential breakout, which could contribute to a broader altcoin rally.
Moreover, following the recent inclusion of the Ripple token in the Strategic Reserve, XRP price could rally significantly, fueling bullish momentum in the altcoin space. While some analysts predict a more conservative target between $8 and $320, Crypto Pal’s bullish projection suggests a potential surge to $10,000 or beyond.
Meanwhile, CryptoQuant CEO Ki Young Ju has pointed out that the rising demand for stablecoins could be a key catalyst for an upcoming altcoin season. He argues that Bitcoin dominance is no longer the sole indicator of market shifts, emphasizing that trading volume now serves as a more reliable metric.
At press time, XRP price $2.61, reflecting a 7% increase in the past 24 hours. Despite a drop in 24-hour trading volume to $6.35 billion, its market cap has surged to $151.44 billion.
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.
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