Altcoin
Axelar (AXL) Price Jumps 14% In Recovery To New All-Time High
AXL, the native cryptocurrency of the multichain platform Axelar network which unifies Web3, has witnessed a strong 14% surge in the last 24 hours. As of press time, the Axelar (AXL) price is up by 12.75% trading at $1.21 with a market cap of $781 million. Interestingly, the daily trading volume for AXL has also surged by 76% in the last 24 hours which is currently at $38.5 million.
Axelar (AXL) Price Aiming for New All-Time High
The recent surge in the AXL price over the past 24 hours, brings the altcoin closer to its strong resistance of $1.26. If the AXL price manages to give a decisive breakout above $1.26, it can set the course for a new rally toward its all-time high levels and beyond.
Besides, the Axelar technical chart suggests that traders should prepare for a bullish trend in AXL after a confirmed breakout from the bearish pennant pattern observed in the 12-hour timeframe.
š LONG: #AXLUSDT | $AXL | 12h
Traders should anticipate a bullish trend for AXL following a confirmed bearish pennant breakout in the 12-hour timeframe.
š See more: https://t.co/wfDqnUIcnt pic.twitter.com/7IbaoPvyWg
ā Crypto | #1 Free Signals (@best_analysts) May 2, 2024
During the months of February, the AXL price rallied all the way to $2.36 amid the high staking activity of the AXL tokens. Since January 2024, the number of AXL stakers has more than doubled, increasing from 5,000 monthly stakers to over 10,000.
The total number of unique users staking their AXL tokens has reached 32,100. Over the past 30 days, an average of 56 new stakers per day have joined, totaling 1,800 new users.
In the last 10 days alone, an additional 26 million $AXL tokens have been staked, bringing the total staked amount of AXL to 759 million, which accounts for 66% of the total supply.
With an additional staked 26 million $AXL in the last 10 days, the collective staked amount of AXL has surged to 759 million, constituting 66% of the total supply.
From its launch onwards, the @axelarnetwork has attracted nearly 32.1k unique stakers.
Let’s Dive in š pic.twitter.com/kL5ZiHx3BS
ā Hess (@0xhess) April 27, 2024
On the other hand, thereās a strong demand currently going for asset tokenization with big players like BlackRock exploring this space. Axelar Network announces its mission to link all tokenization protocols with any blockchain, whether private or public, through an interoperability framework. Their infrastructure promises to be programmable, scalable, secure, and transparent end-to-end, ensuring seamless connectivity across diverse blockchain networks.
Axelar will connect all tokenization protocols to any blockchain (private or public), over interoperability infrastructure that is:
šļø Programmable
š Scalable
š Secure
š Transparent end-to-end
š¦¾š https://t.co/UevzKhgtrjā Axelar Network (@axelarnetwork) April 29, 2024
More About the Project
Axelar introduces itself as a platform offering āsecure cross-chain communication for Web3.ā Their initiative centers on furnishing a decentralized network and toolkit tailored for developers of decentralized applications (dApps), facilitating seamless cross-chain communication via a suite of protocols, tools, and APIs.
The core framework of Axelar comprises three key elements: a decentralized network, a software development kit encompassing protocols and APIs, and a series of gateway smart contracts designed for cross-chain linkage.
Operated by a decentralized network of validators, Axelar offers an open invitation for participation, enabling users to contribute, build, or utilize its services. Application developers can engage with a user-friendly API layered atop a permissionless network, which orchestrates message routing and upholds network integrity through a proof-of-stake (PoS) consensus mechanism.
AXL serves as the native token of the Axelar network. Additionally, the protocol supports the cross-chain transfer of various native tokens via their wrapped ERC-20 counterparts, including AVAX (Avalanche), ETH (Ethereum), FTM (Fantom), GLMR (Moonbeam), and MATIC (Polygon).
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.
Several big stories and developments have occurred in the crypto space this week, includingĀ innovations in the Pi Network ecosystem, Grayscale updating its list of investible altcoins, and Donald Trumpās crypto play.
In case you missed these developments, among others, the following is a roundup of what happened in crypto this week.
Pi Network Introduces PiDaoSwap
Pi Network took a key step in decentralized finance (DeFi) this week, revealing the development of PiDaoSwap. This community-driven decentralized exchange (DEX) is designed to counter price manipulation.
PiDaoSwap aims to stabilize Pi Coinās value and enhance trust within its ecosystem by ensuring fair trading mechanisms.
āOnce completed, the Pi price will be reflected at its true value and will no longer be manipulated by current external exchanges,ā Pi Network VietNamesĀ claimed.
Another positive development in the Pi Network ecosystem this week is the integration with Telegramās crypto wallet. This move could provide access to up to one billion users and expand the controversial projectās mainstream adoption.
While this move reflects Pi Networkās growing influence, questions around decentralization and exchange listings continue to loom large. Specifically, the Pi Network remains under scrutiny due to concerns about its centralization, particularly its SuperNodes.
Critics argue that a heavily centralized network undermines the core principles of blockchain technology. Adding to the debate, analysts have pointed out that Pi Networkās absence from major exchanges like Binance and Coinbase stems from concerns over its operational transparency.
Another hot headline this week in crypto wasĀ Trump Mediaās announcement of a partnership with Crypto.com. The collaboration lays the groundwork for launching new ETFs (exchange-traded funds) based on Cronos, Bitcoin, and other assets.Ā
The report inspired a nearly 20% surge in the Cronos (CRO) token, the powering token for the Crypto.com ecosystem. This collaboration added to the list of notable shifts as Trumpās media venture embraces cryptocurrency.
However, blockchain investigator ZachXBT raised concerns about Crypto.comās token manipulation practices, souring sentiment for this partnership. Citing its re-issuance, the blockchain sleuth suggested the exchange may engage in opaque financial maneuvers.
Despite these concerns, Crypto.com emerged unscathed as the US SEC (Securities and Exchange Commission) concluded its investigation without filing any charges.
āThe SECās investigation into Crypto.com has been closed with no action being taken against Crypto.com. I continue to be proud of how this industry and its community have weathered storm after stormā¦ The fact that we not only persevered but became stronger is a testament to our vision and the community supporting it,ā wrote Kris Marszalek, CEO of Crypto.com.
The announcement led to a notable jump in CROās price, reaffirming investor confidence in the exchange despite previous regulatory scrutiny.
BeInCrypto data shows CRO was trading for $0.11 as of this writing, up by over 4% in the last 24 hours.
GameStopās Bitcoin Announcement
GameStop, the once-legendary meme stock, also made headlines this week in crypto. It announced an update to its investment policy, revealing thatĀ it had added Bitcoin as a Treasury Reserve Asset. In the immediate aftermath of this announcement, the companyāsĀ stock prices jumped 12%Ā before profit booking set in.
While this could have been a bullish catalyst, Bitcoinās price remained largely unmoved. Analysts suggest the announcement lacked crucial details to trigger excitement and provoke a significant market reaction.
āThe announcement lacked key details āmost importantly, how much Bitcoin theyāre actually buying. While theyāre sitting on about $4.8 billion in cash, weāve seen no indication of what portion, if any, will be allocated to BTC,ā Mati Greenspan, Founder and CEO of Quantum Economics, told BeInCrypto.Ā
Further, the price impact for BTC was muted, given that Bitcoin payments are becoming more common among retailers.
Grayscale Updates Investment List
Adding to the list of what happened this week in crypto, Grayscale updated its list of investable altcoins for Q2 2025. The institutional crypto asset manager added three new tokens, Maple Finance (SYRUP), Geodnet (GEOD), and Story Protocol (IP), to its top 20 crypto investments.
āā¦We believe the revised Top 20 list may offer more compelling risk-adjusted returns for the coming quarterāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāāā,ā the firm explained.
This move reflects the companyās ongoing strategy to diversify its holdings and identify emerging digital assets with strong growth potential. At the same time, it truncated three altcoins from the same list- Akash Network (AKT), Arweave (AR), andĀ Jupiter (JUP).
Binance Embraces Studio Ghibli Meme Coins Frenzy
Elsewhere, a new meme coin craze emerged this week in crypto, drawing inspiration from the beloved Studio Ghibli brand. Binance Alpha responded to the trend by listing two Ghibli-themed tokens, Ghiblification and GhibliCZ.
These tokens have gained rapid traction as part of a broader wave of AI and pop culture-driven crypto speculation. The Ghibli meme coin phenomenon follows a pattern in previous meme-inspired tokens, where hype and social media engagement drive price action more than actual utility.
While some traders see opportunities for quick gains, others caution against speculative bubbles that could lead to rapid market corrections. Nevertheless, Binanceās involvement reflects how major exchanges capitalize on trending narratives to attract trading volume.
This strategy, which continues to shape the DeFi space, has also drawn criticism as users challenge the listing standards of centralized exchanges (CEXs).
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that ourĀ Terms and Conditions,Ā Privacy Policy, andĀ DisclaimersĀ have been updated.
A new technical analysis on TradingView suggests that Shiba Inuās recent price movements may be echoing a familiar structure from earlier last year, raising the possibility of history repeating itself. The analyst examined Shiba Inuās chart from November 2024 to the present and pointed out a sequence of patterns that also appeared between March and November 2024, patterns that preceded a significant rally.
The analysis outlines a clear path that could lead to a notable price surge towards $0.00003 if these price patterns continue to play out.
Pattern Analysis Suggests Shiba Inu May Be Ready For A Big Upside Move
The entire analysis is grounded on the idea that crypto markets are cyclical and exhibit recurring behaviors, crowd psychology, and recognizable chart patterns. Notably, this analysis uses four distinct pattern stages that played out on the Shiba Inu daily candlestick timeframe chart.
The TradingView analyst began by highlighting the completion of a falling wedge pattern in SHIBās price chart, which is a classic bullish reversal setup. The analyst noted that this same structure played out from March 2024 to September 2024, acting as a precursor to a breakout in the weeks that followed.Ā
As of now, Shiba Inu seems to have moved past that initial wedge stage, making way for the second stage, which has been identified as a cup-and-handle pattern. This pattern, which was observed and confirmed recently, also mirrors the meme coinās formation back in August 2024, when a brief consolidation phase eventually gave way to an upward move.
The analyst believes that the chart has now entered what they describe as āStage 3,ā a phase where a W-shaped formation may emerge. Historically, this pattern aligned with a powerful uptrend in September 2024 when SHIB experienced a multi-week rally.
Breakout Could Be Coming Next
Although pattern repetition isnāt guaranteed, the analystās comparison of current and past formations presents an interesting narrative that bullish traders will be interested in. If the final stage plays out as the analyst expects, Shiba Inu could soon form an inverted head-and-shoulders pattern, which is one of the strongest bullish reversal signals in technical analysis. This pattern was last spotted as stage 4 just before a rally that brought the Shiba Inu price above $0.00003 in December 2024.
Based on this four-stage progression, the trader is projecting a 91% rally from here, which could lift SHIB to $0.0000335. At the time of writing, SHIB is trading at $0.00001340, meaning the token is still in the early phase of this anticipated pattern sequence.
However, Shiba Inuās short-term performance has recently shown weakness. Over the past 24 hours, the token has slipped by 7.3%, losing ground after a brief push above the 100-day moving average it had only recently reclaimed a week ago. This dip now sees Shiba Inu retesting that same moving average, which could either act as a springboard for the next upward move or become broken.
Featured image from iStock, chart from Tradingview.com
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A TRUMP crypto whale extended its overall losses to over $15 million as the PolitiFi token crashed roughly 10% this Friday. On-chain metrics indicated that the whale recently sold 743,947 tokens, worth almost $8 million, amid an ongoing price slump. This trade maneuver is what slammed the whaleās total losses to over $15 million with the token.
TRUMP Crypto Whale Dumps Heavily Amid Sluggish Price Action
According to an X post by Lookonchain on March 28, a TRUMP crypto whale sold $7.92 million worth of coins in the past 24 hours. This trade maneuver presented the trader with a severe $3.3 million loss. Meanwhile, itās noteworthy that the selloff occurred at an average price of $10.66.
Further, data suggested that this whale only profited on his first trade with the PolitiFi token. All other trades made subsequently brought losses to a total of $15.7 million.
TRUMP Coin: A Fall From Grace
The U.S. President-themed token gained significant traction across the market promptly after its inception. The PolitiFi token saw its price rise from $8 level to $74 within a week of its launch, securing a prominent spot on crypto tradersā radars.
However, the buzz was short-lived as the TRUMP cryptoās price crashed to a $10 level to date. As of press time, TRUMP price cracked 9% intraday and exchanged hands at $10.35. The PolitiFi token slammed nearly 20% over the past month.
Overall, the broader waning action appears to have prompted the whaleās selloff. Meanwhile, market watchers reflect a cautious approach as the dumps signal a loss of confidence in the assetās future potential.
Can TRUMP Price Recover?
Itās worth mentioning that a recovery to previous highs remains highly questionable, given the current market scenario. Nevertheless, a renowned market analyst has recently conveyed a highly bullish outlook for the coinās future price action.
Analyst Crypto Gems on X revealed that the cryptoās price chart shows a double bottom pattern, whilst the potential for a bullish reversal also persists. The next price target for TRUMP crypto remains at $13, per the analyst. A sustained break above this level could fuel a rally to $18 or even $25.
Nevertheless, a trading session above $50 and near previous highs remains out of the question as the token even slipped from one of the top cryptos by market cap to 45th.
Additionally, a recent TRUMP price prediction by CoinGape revealed that the 3-month bias indicator remains 61% in favor of bears. This stat added to market concerns surrounding the coinās future price prospects.
Nevertheless, as Donald Trump continues to usher pro-crypto movers in the U.S., market watchers anticipate some relief in price movements ahead. Notably, TRUMP price previously rallied 10% in just a day, CoinGape reported last week. However, the token failed to sustain this bullish movement, only adding to investor concerns.
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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