Altcoin
Shiba Inu Price Eyes Breakout Amid 389M SHIB Token Burn, Here’s All
The Shiba Inu price captured noteworthy investor attention on Saturday, surging 6% in the background of the crypto market recovery. Intriguingly, the price surge comes alongside a whopping 389 million SHIB token burn in February, per recent burn metrics. As an upshot, market watchers anticipate that a breakout for the meme coin looms, with analysts also forecasting the same.
Shiba Inu Price Bullish Amid Massive 389M Burn
As of press time, Shiba Inu price pumped nearly 6% and exchanged hands at $0.00001393. The leading meme coin bottomed and topped at $0.00001301 and $0.00001412 in the past 24 hours. While this bullish action fell in line with the broader crypto market’s recent recovery-like trend, it’s worth taking into account the massive token burn.
According to metrics revealed by the official tracker Shibburn on March 1, a staggering 389.18 million tokens were burnt the previous month, February. This surge in the burn rate indicates that the meme coin’s circulating supply is further shredded.
In turn, market watchers remain bullish about the asset’s future performance, abiding by the law of supply and demand. For context, the burn mechanism sends tokens to a null address, permanently removing them from the supply. As a result, the circulating supply diminished and totaled 584.32 trillion, with the massive burn rate surge constantly dealing blows to it.
How Much SHIB Burnt To Date?
Shibburn’s statistics indicated that a staggering 410.72 trillion coins have been removed from the supply to date. Intraday data revealed that 14 million coins were burnt. As a result, market watchers continue to weigh optimism over Shiba Inu price’s long-term performance.
SHIB ETF Speculations Build Up
On the other hand, SHIB marketing lead Lucie took to X on February 27, stating, “Wen SHIB ETF?” This statement has set off waves of speculations across the broader market as meme coin-backed ETPs have been in the trends lately.
Notably, dog-themed meme crypto Dogecoin has secured a vital milestone in this field. CoinGape reported that Grayscale Investments, CoinShares, and WisdomTree have submitted applications for DOGE ETF approval. The U.S. SEC acknowledged Grayscale’s filing, with approval odds gaining substantial weight in recent days.
This broader development has fueled hope for other meme coin-backed ETFs, such as a potential SHIB ETF. Shiba Inu’s price could substantially leverage this, given the market sees such a feat ahead.
Market Analyst Forecasts Bullish Outlook For SHIB Price If Buyers Step In
Simultaneously, renowned analyst ‘Rose Premium Signals’ posted on X, spotlighting the crucial support of $0.00001461 for SHIB price. As per the analyst, if buyers step in now, the meme coin could see a bullish movement toward the resistance of $0.00002941 and $0.00003738.
Further, the highly bullish target remains $0.00004401, per the analyst. Overall, traders and investors extensively eye the token amid a recovery-like trend and token burns, The constant SHIB burns continue to bolster the crypto’s tokenomics, urging the price to move upwards.
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.
Tether, the developer of USDT, has added 8,888 Bitcoins to its holdings valued at around $735 million at the time of the transaction. This latest market move by the popular stablecoin issuer was reported by Arkham.
In a snapshot offered by Arkham on its official website, it revealed that the stablecoin company withdrew 8,888 Bitcoins from Bitfinex, a leading exchange and Tether’s sister company, on Monday.
Source: Arkham
Tether’s latest transaction pushes its Bitcoin holdings to 92,647, valued at $7.7 billion at current market prices. With this latest boost to its crypto holdings, Tether remains one of the biggest Bitcoin holders in the industry.
Tether Slowly Builds Its Bitcoin Reserve
In the last few weeks, Bitcoin was the among the main agenda of US President Donald Trump for a Strategic Bitcoin Reserve (SBR). But last Monday, Tether made its presence felt by adding more Bitcoins to its already huge crypto reserve.
Tether’s crypto reserve is one of the biggest in the business as it’s used to back up its stablecoin, the USDT. Currently, Tether controls over5 60% of the total stablecoins market, with a market cap of $144 billion, compared to a total of $234 billion valuation for the whole stablecoin industry.
Tether’s latest transaction puts it in the big league, making it the sixth biggest holder of Bitcoin. According to Bitcoin Treasuries, Tether is the second-largest private holder of the asset, below Block.one. But if we zoom out and consider other entities and publicly-traded companies, Strategy (formerly MicroStrategy), and the top spot Bitcoin ETFs issuers beat Tether’s holdings.
Commitment To Invest In Bitcoin
Tether’s latest Bitcoin acquisition reflects the company’s commitment to Bitcoin. Interestingly, the company pledged to use a part of its net profit to buy additional Bitcoins. The company committed last May 2023, and stated that it will use 14% of its net profits to buy additional Bitcoins.
Tether’s most recent Bitcoin purchase was 8,404, which was made last December, which pushed its holdings to 83,759.
$1B USDT Into Reserves
Tether’s latest Bitcoin purchase coincided with the minting of fresh tokens. According to on-chain data, the stablecoin company minted $1 billion in tokens on Tron. Tether CEO Paolo Ardoino has confirmed the minting of a new USDT.
According to Ardoino, the minting of new USDT was authorized, but he insisted that this batch is not yet included in the circulation. They added that the newly minted USDT is now part of their inventory and will be used for future issuance requests. Tether has already minted $8 billion tokens on Tron since the start of the year, and recorded $22 billion worth of USDT minted last year.
Featured image from Pixabay, chart from TradingView
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Crypto expert Egrag Crypto has again predicted that the XRP price could rally to as high as $27. The analyst has also revealed the exact timeline for when the altcoin could record this massive price surge.
Expert Reveals Time For XRP Price To Hit $27
In an X post, Egrag Crypto asserted that the XRP price can hit $27 in 60 days. The expert remarked that historical patterns indicate that the altcoin can reach this target within this timeframe.
Based on this price prediction, XRP could reach this $27 target by June, marking a 1,250% gain for Ripple’s native crypto. The expert’s accompanying chart showed that he was alluding to the 2017 bull run as to why the altcoin could record such a parabolic rally.
In 2017, XRP recorded a historic gain of over 60,000% as it rallied to its current all-time high (ATH) of $3.8 the following year. As such, based on history, a 1,250% increase is nothing for the altcoin.
In the meantime, the XRP price still boasts a bearish outlook thanks to the sentiment in the broader crypto market. As CoinGape reported, Ripple’s coin could drop to the next major support levels at $1.79 and $1.56 if it fails to hold above $2.03.
Decision Time For The Altcoin
In an X post, crypto analyst CasiTrades stated that it is decision time for the XRP price. She noted that the altcoin is showing strength with a bounce right back to the first key test at $2.17. She added that this is the resistance level she wants to see flip into support, as it might be the “most important price of the week.”
The analyst stated that XRP must reclaim this level to build momentum. She added that the $2 level remains a valid target if the $2.17 level rejects. Meanwhile, CasiTrades revealed that $2.70, $3.05, and $3.80 are the major resistance zones once the upward trend is confirmed.
The analyst also mentioned that the XRP price is now fully inside the Fibonacci Time Zone 3, which spans most of April. She affirmed that this is the breakout window market participants have been preparing for and that all signs point to a macro wave.
CasiTrades affirmed that the structure is clean. The RSI divergence has confirmed the bottom, while the subwaves are aligning well with the larger targets. If the next leg pushes XRP back above $2.17 with momentum, she claimed that market participants may finally see obvious signs of Wave 3. Interestingly, the analyst added that if the altcoin clears $2.70 this week, it may break the $1,000 price extension.
For now, investors may remain cautious, especially seeing how XRP fell after the PMI and JOLTS data release earlier today. Donald Trump is also set to announce reciprocal tariffs tomorrow, which could spark a massive price crash.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. 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, a traveler 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.
A recent Binance update has triggered massive liquidations while sending Solana memecoin ACT into a steep correction. At first, pundits blamed market maker Wintermute for the jarring declines but Binance’s update to leverage and margin tiers appears to be the culprit.
Several Altcoins on Binance Suffer Massive Corrections
According to an X post, several altcoins listed on Binance took a major hit, dropping by double-digit percentages. The hardest hit of the lot was Solana memecoin ACT, experiencing a sudden drop of over 50% in 30 minutes.
Other altcoins including DEXE and DF equally recorded steep declines of 23% and 16% respectively in the same window. The price slump left traders scratching their heads but a consensus formed that sizable sell orders were behind the declines.
“The sudden dips were triggered by large sell orders executed in a short time frame, leading to a significant surge in spot trading volume,” said one pundit.
Others turned to market maker Wintermute as the trigger for the selloff. However, Wintermute CEO Evgeny Gaevoy denied responsibility while noting that the market maker reacted “post move.”
The decline comes amid a broader market recovery with several cryptocurrencies including Compound (COMP) gaining 70%.
What Triggered The 50% Decline For Solana Meme Coin
A Binance update on leverage and margin tiers on specific tokens like ACT triggered the massive declines. According to an April 1 announcement, the top exchange has updated the margin tiers of several perpetual contracts, noting that existing positions will be affected.
Following the move, one ACT whale got liquidated for $3.79 million at $0.1877, triggering a broad selloff. Former FTX community manager Benson Sun noted that traders had less than 3 hours to respond to the change, criticizing Binance for the move.
“Before changing the rules, Binance should have evaluated how many positions would be closed,” said Sun. “If there are market makers with large positions, they should have notified them in advance.”
Within hours of MUBARAK’s listing, the memecoin tumbled by 40% with Binance CEO Changpeng Zhao downplaying the impact of a listing on prices. Binance has drawn criticism in recent days following its exclusion of Pi Network from its Vote To List initiative.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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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