Altcoin
Shiba Inu Burn Rate Shoots Up 1500%, Can SHIB Price Recover After Bloodbath?
Shiba Inu burn rate has once again surged 1500%, offering some support to the meme coin despite the ongoing market volatility. On Wednesday, April 9, burn data suggested that roughly 34 million coins were removed from the token’s circulating supply. In turn, crypto market watchers speculate whether a SHIB price recovery to previous highs is even possible amid broader uncertain trends.
Notably, the renowned dog-themed meme coin has erased over 50% of its value since the beginning of this year to date. TradingView data shows that the meme crypto’s price slammed from a $0.00002 level to a $0.00001 level since January.
Here’s Why The Latest Shiba Inu Burn Data Sparks Optimism
Official tracker Shibburn’s data revealed that 34.21 million Shiba Inu tokens were burnt in the past 24 hours. As an upshot, the SHIB burn rate surged 1538% intraday.
Notably, crypto market participants eye this event as a bullish price dynamic. Economic principles reveal that the price braces for a bullish impact should the supply take a severe hit. Following this principle, traders and investors are expecting a recovery-like price trajectory ahead.
Simultaneously, the total number of coins removed from the meme crypto’s circulating supply to date totals 410.73 trillion tokens. Besides, 584.36 trillion tokens still remain in circulation.
Meanwhile, SHIB burn metrics indicated that the wallet address “0x541f60e5576” was responsible for the lion’s share that caused today’s burn rate upswing. This address single-handedly burnt 17.13 million tokens, per the burn data.
Can SHIB Price Recover? Top Analyst Stays Bullish Despite Volatility
The recent Shiba Inu burn rate surge has failed to fuel a price pump as the meme coin traded down over 5% intraday, resting at $0.00001093. Notably, the price fell from a high of $0.00001143 in the past 24 hours, raising market concerns. Traders and investors are left scratching their heads as the price wanes despite bullish support due to the burn.
Also, the weekly and monthly price charts show a dip of 10% and 12%, respectively. This broader waning price action is primarily attributable to the market facing macro heat due to Donald Trump’s tariffs and trade war tensions. Nevertheless, a top analyst has retained his bullish stance for the token.
Crypto analyst Javon Marks revealed that SHIB token’s price has a potential for a +550% upside movement, although it remains vital for the broader market to digest current tensions. The analyst has been asserting for a couple of months that a $0.000081 target remains unchanged for the meme coin. This bullish prediction has turned heads market-wide, although a recovery for such a feat to occur remains vital.
The chances of a price recovery to previous highs primarily depend on the abovementioned factors, such as constant Shiba Inu burns and macro support to risk assets. As of now, traders and investors continue to keep the meme coin on their radars, expecting a price action shift in tandem with broader trends.
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.
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