Altcoin
Shiba Inu Burn Rate Rockets 3200%; Is SHIB Price Poised For 50% Rally?
Shiba Inu burn rate again witnessed a 3200% upsurge on Saturday, sparking market optimism despite the broader market volatility. Recent burn metrics indicated that roughly 30 million coins were removed from the crypto’s circulating supply. In response, traders and investors eye a bullish outlook for the meme coin, with market sentiments further uplifted as a top market analyst revealed over 50% gains for SHIB price looms.
Shiba Inu Burn Rate Soars 3200% As 30M Coins Destroyed
The latest data from Shibburn indicated that the Shiba Inu burn rate skyrocketed by 3252% in the past 24 hours. This major upswing is primarily attributed to 29.32 million tokens removed from the token’s circulating supply.
To frame this properly, it’s worth mentioning that the SHIB burn mechanism permanently reduces the asset’s circulating supply by sending coins to a null address. As an upshot, market participants anticipate SHIB price gains amid reduced supply, mirroring the law of supply and demand.
What Is Shiba Inu’s Current Circulating Supply?
As of press time, Shiba Inu’s circulating supply shrank to 584.34 trillion coins, taking a blow via constant burn rate surges. A staggering 410.49 trillion coins have been burned to date, per Shiba Burn statistics.
Furthermore, roughly 76 million coins have been burnt in March just as the first week comes to an end. Crypto market participants anticipate more burns ahead, bolstering SHIB tokenomics further as March reaches a close. The upshot remains that market-wide expectations of a price rally prevail.
Top Analyst Says SHIB Price Rally To $0.000020 Possible
Simultaneously, top market analyst Ali Martinez has recently posted on X, revealing that a $0.000020 price target for SHIB price looms. The meme coin’s price is currently holding above the critical support of $0.000013. A surge in buying pressure amid broader optimistic developments could fuel a price rally to $0.000020, which is up over 50% from the current price level.
However, Shiba Inu price today traded at $0.00001296, down nearly 2% in the past 24 hours. The dog-themed crypto bottomed and peaked at $0.00001295 and $0.00001367 intraday. Traders and investors eagerly await an upswing as the impact of the constant SHIB burn rate surges.
Simultaneously, market-wide speculations of SHIB being included in the U.S. crypto stockpile also persist. Although there is no official confirmation on the matter yet, market sentiments are brimming with optimism amid pro-crypto developments in the U.S.
The recent announcement of a BTC strategic reserve, crypto stockpile, and the conclusion of a White House crypto summit has left the market abuzz. Nevertheless, the crypto market is yet to see a bullish wave in light of optimistic developments unfolding across the broader industry.
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.
Despite the broader market uncertainty brewing lately, crypto traders have managed to make a whopping $666K out of a mere $4.5K investment in just one trade. The latest hot buzz of the crypto market, “Base is for everyone,” is a token that aided these traders in achieving such a phenomenal feat. Although this new token remains scrutinized due to insider trading allegations, market watchers are extensively eyeing it as the Coinbase L2 builder ‘Jesse’ greenlighted it.
Crypto Traders Turn $4.5K Into $666,000 With This Coin
As per the tracker Lookonchain’s data on X, three wallets stacked colossal amounts of the “Base is for everyone” token before it was even posted about. This chronicle has aided these traders in making a staggering $666K profit out of a very thin investment.
The tracker’s data suggested that the wallet address 0x0992 spent $2,370 ETH to buy 256.39 million of the new token. This crypto trader thereby sold all his holdings, making $168K.
Besides, the address 0x5D9D spent $1,577 ETH to 82.86 million of the same token. Thereafter, this trader also sold everything, making $266.
Lastly, data indicated that the trader 0xBD31 spent $1,577 ETH to buy 131.92 million coins. Even this trader made a remarkable $231.8K with his investment. Altogether, the newly launched token, “Base is for everyone,” is the primary catalyst driving the traders’ profits.
However, it’s noteworthy that the chances of making such huge returns amid a broader sluggish market are low. In an upshot, these crypto traders are facing insider trading allegations, with cryptocurrency community members also warning about the token.
“Base Is For Everyone”: A Token That Stole The Spotlight
Intriguingly, Coinbase’s Layer 2 network Base unknowingly set off one of the most epic buzzes in the Web3 industry with one of its recent X posts. The L2 network posted, “Base is for everyone,” followed by another post saying, “just coin it,” with the latter linked to the Zora portal.
Zora is a platform that allows users to mint content as tokens. This chronicle altogether led to the birth of the new coin mentioned above, which is also an ERC-20 token. Although Zora clarified that this token wasn’t official, it was too late to hit the brakes as the market was already abuzz.
However, the buzz became short-lived as the project soon encountered insider trading and rug pull allegations. Dexscreener’s data shows that the token hit a market cap of $21.5 million, subsequently erasing nearly 45% and reaching $11.7 million. Its price currently rests at $0.01148. Nonetheless, three crypto traders managed to make heavy profits despite this volatility.
As a result, insider trading speculations prevail, while the alarming price volatility raises rug-pull speculations. Nevertheless, Coinbase L2 builder, going by the name Jesse, greenlighted the project, reiterating it on his X post.
On the other hand, CoinGape reported that crypto traders lost $400 million with another token amid the broader market uncertainty. The Mantra (OM) token price crashed nearly 90% early this week, underscoring the dynamic nature of the crypto realm.
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.
SOL price has surged today, soaring more than 7% as robust Solana Network inflows have fueled market confidence. Besides, it also comes amid a broader crypto market recovery, with Bitcoin and most of the altcoins recording significant gains.
Solana Network Inflows Fuel Market Optimism
A surge in liquidity inflows to the Solana network has sparked optimism among market participants, hinting at a potential SOL price rally ahead. Over the past 30 days, over $120 million has been bridged to Solana from other blockchains, with Ethereum and Arbitrum contributing $41.5 million and $37.3 million, respectively.
Notably, this robust influx of capital signals renewed confidence in the network, reversing recent challenges. Besides, the timing of these inflows coincides with a resurgence in the top Solana memecoin prices, with POPCAT, FARTCOIN, BONK, and WIF posting significant gains.
Although fee generation has slowed, with $46 million in March and $22 million in April so far, the Solana network’s renewed appeal could be a positive indicator for SOL price.
As market sentiment shifts in favor of Solana, investors are eagerly watching for a potential price rally. With increased liquidity and renewed interest, SOL may be poised for a significant price movement.
How’s SOL Price Performing?
Amid the robust Solana network inflow, Solana value today jumped over 6% and exchanged hands at $133.36 after touching a 24-hour high of $135.23. Notably, the price surge is accompanied by a 35% increase in trading volume to $4.59 billion and a 6% rise in Solana Futures Open Interest, indicating positive market sentiment.
Meanwhile, a recent Glassnode analysis showed that Solana’s URPD is going through a major shift in cost basis, forming a major supply cluster at $129.79 with over 32M Solana. This zone is likely to act as support during future drawdowns, reflecting high investor engagement. With $144 as potential resistance and $117 as the lower bound, $129 serves as a key pivot zone.
Considering the recent Solana network inflow and technical analysis, it appears that the SOL price might target the $150 level in the near term. If the support at $129 holds and the resistance at $144 is breached, a rally to $150 could be imminent. Besides, a Solana price prediction also showed that the crypto could reach the $150 level by this month.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
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.
Recent crypto whale metrics surrounding DeFi tokens have garnered immense investor optimism, suggesting that price gains for some coins are imminent despite the ongoing market uncertainty. Whale data on Thursday, April 17, indicated that large-scale investors stacked over $20 million in AAVE and UNI. These accumulations have ignited a bullish market torrent, underscoring buying pressure on the assets despite the broader market slump.
Crypto Whales Stack $20M In DeFi Coins Igniting Optimism
According to the data from Spot On Chain, crypto whales are quietly accumulating DeFi tokens via OTC. As per the data, two fresh wallets recently scooped up a total of $20.11 million worth of the abovementioned tokens.
The wallet address “0x3bb..” bought $4.28 million worth of UNI from Cumberland. Further, the same wallet and the address “0x4f7..” collectively bagged $15.83 million worth of AAVE from the same OTC exchange. These massive accumulations have suggested that price gains lie ahead for the DeFi cryptos.
For context, usual market sentiments remain highly bullish in the wake of such whale accumulations, signaling market confidence and buying pressure on an asset. So, traders and investors anticipate price gains in these DeFi tokens shortly.
How Are The Coins Performing Today?
AAVE price was up by roughly 3.5% at the time of reporting, exchanging hands at $138.81. The DeFi token gained after hitting a bottom of $130.43 over the past day. Notably, this rising action potentially aligns with broader trends and the crypto whales’ significant buying.
Also, Coingape has reported that the token’s community proposed a major AAVE buyback plan and liquidity upgrade the previous month. This upgrade aims to uplift the coin’s market and price dynamics. The whale accumulation, in turn, falls in line with this development.
On the other hand, UNI price was up by roughly 2.5% and traded at $5.27. The DeFi crypto hit a low of $5.05 over the past day.
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.
Bitcoin Price Range-Bound—But a Move Higher May Be Brewing?
How Crypto Traders Made $666K from $4.5K in One Trade?
Bitcoin Whales Withdraw $280 Million: Bullish Signal?
Gary Gensler Explains Why Bitcoin Will Outlast Altcoins
How Rising Solana Network Inflows Could Drive SOL Price to $150?
XRP’s $2.00 Pivot Point—A Launchpad or Breakdown Zone?
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Altcoin22 hours agoMantra (OM) Price Pumps As Founder Reveals Massive Token Burn Plan
-
Altcoin17 hours agoDOGE Whale Moves 478M Coins As Analyst Predicts Dogecoin Price Breakout “Within Hours”
-
Market24 hours agoBNB Burn Reduces Circulating Supply by $916 Million
-
Altcoin19 hours agoAnalyst Reveals Why The Solana Price Can Still Drop To $65
-
Market17 hours agoPi Network Drops10% as Outflows Surge, Death Cross Looms
-
Market23 hours agoMantra’s OM Token Surges 25% After Token Burn Announcement
-
Market15 hours agoBitcoin and Ethereum Now Accepted by Panama City Government
-
Market22 hours agoThis Crypto Security Flaw Could Expose Seed Phrases
✓ Share: