Altcoin
Shiba Inu’s Price Tanks 4% Amid 100B SHIB Moved To Coinbase, What’s Next?
Against the backdrop of a price correction experienced by Shiba Inu over the past week, the meme coin continued a downside momentum today, May 13, piquing significant investor attention. Amid this slumping price action, a whale was noted to be moving a whopping 100 billion SHIB to Coinbase, one of the globally leading CEXs.
This phenomenon has incited a whirlpool of speculations on the dog-themed meme coin’s future price movements. Besides, despite the Shiba crypto community’s recent token-burning chronicles and upgrades for the SHIB ecosystem, the meme coin’s continued sinking price trajectory has fueled bearish thoughts among investors.
100 Bln SHIB Moved To Coinbase: What’s The Scoop?
According to data from the on-chain tracker ‘The Data Nerd,’ the whale address 0x462 made a deposit of 100 billion SHIB to Coinbase today. It’s important to note that this doesn’t necessarily indicate a sell transaction. However, given the current plunge in SHIB’s price, speculations about the implications of this transfer persist.
Meanwhile, data further illustrates that these tokens were accumulated at an average entry price of $0.00002408. If sold now, the whale will reportedly suffer a loss of $178K.
Upon further investigation, it was found that this address had no other token holdings in his wallet. Whereas a couple of its past transactions revolved around SHIB.
Coming in tandem with Shiba Inu’s slumping movement, this crypto transfer to the Coinbase exchange wallet has ignited speculation over a continued price dip as the whale might sell the tokens moved to Coinbase, flagging loss of confidence in SHIB’s potential to offer future gains.
Also Read: XRP Price Slips Below $0.5 As Whale Offloads 30M XRP, What’s Next?
Shiba Inu Price Sinks, More Pain Ahead?
Whereas, while writing, SHIB’s price cracked 3.84% in the past 24 hours and is currently trading at $0.00002173. The meme coin’s market cap fell 3.76% to $12.81 billion, whereas the 24-hour trading volume rose 23.14% to $222.01 million.
Coinglass data pointed out a 1.68% decrease in SHIB’s open interest, reaching $57.99 million, followed by a derivatives volume upswing of 46.46% to $84.39 million.
Illustrating heightened trading activity with reduced investor interest in the asset, the abovementioned data underscores Shiba Inu’s current market volatility. In the interim, the RSI rested at 38, flagging some selling pressure on the token.
With technicals also showing a selling sentiment for the asset, further dips in the short term might be expected. However, gazing in on long-term prospects, a post-BTC halving could bring about a price rally in Shiba Inu, further coupled with bullish aspects such as continued token burns and ecosystem developments.
Also Read: Crypto Prices Today May 13: Bitcoin At $60K, Ethereum Plunges Amid Bear Market
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.
Chainlink whales have taken the crypto market by storm, accumulating colossal amounts of LINK amid a weekly correction taken by the token. In a post shared by the renowned crypto market analyst Ali Martinez today, July 8, it was pointed out that whales bagged a staggering 6.2 million LINK over the past week.
This on-chain data has glimmered significant optimism on the crypto’s future price run. Here’s a brief report on the data and why it adds a bullish tint to LINK.
Whales Sack $76M Worth Coins
According to data spotlighted by Ali Martinez, Chainlink whales took action to hoard over 6.2 million LINK, worth $76.88 million, in the past seven days. LINK’s weekly chart illustrated a 9.71% fall at press time, with price dipping as low as $11.17 in the past seven days, per CoinMarketCap’s data.
This waning price action appears to have urged a potential buy-the-dip strategy among crypto market whales, driving the abovementioned accumulation. Usual market sentiments convey optimism for the crypto, hinting at large-scale investors’ confidence in the asset’s potential to pump ahead.
Meanwhile, recent data by Santiment highlighted that LINK’s 30-day MVRV rested at 11.1%, hinting that the asset is an opportunity zone. For context, the lower the MVRV, the more undervalued an asset, paving the path for buyers to enter the LINK market and pump the coin.
Also, despite the weekly dip in price, LINK has regained an upward momentum today, aligning with the accumulations and MVRV.
Also Read: XRP Whale Moves 37M Tokens As Lawyer Reveals Ripple Vs SEC Timeline
LINK Price Soars
At press time, the LINK price showed a 4.71% upswing in the past 24 hours and is currently resting at $13.44. The token’s 24-hour slumps and peaks were $11.83 and $13.44, underlining the presence of turbulency in tandem with broader market trends.
Nonetheless, Coinglass data spotlighted a market uptrend for Chainlink, as its Futures OI and derivatives volume surged remarkably. LINK’s OI jumped 5.60% to 157.16 million, whereas the derivatives volume surged 56.70% to $423.68 million. This data indicated increased investor interest in the asset and increased derivatives market activity.
However, the RSI rested along the 46 mark, hinting at broader asset neutrality. This hints at an uncertain movement for the token ahead, although on-chain data has projected a ray of optimism on the coin’s long-term prospects.
CoinGape Media’s recent price analysis hinted that Chainlink (LINK) price might even be poised to hit $20 amid bullish support gained by on-chain factors.
Also Read: German Govt Moves 1000 Bitcoin To Coinbase & Other Addresses
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.
With all eyes on a spot Ethereum ETF approval for listing and trading by the U.S. SEC, experts predict high odds of approval this month. Crypto financial services firm Matrixport believes the Securities and Exchange Commission might approve Ether ETF by this week as the deadline for issuers to submit amended S-1 filings is Monday.
Ethereum ETF Approval Likely This Week
In a new update on July 8, Matrixport reported that the SEC will likely approve Ether ETF this week. The United States will have an exchange-traded fund tracking the spot price of Ethereum.
Matrixport expects swift progress similar to May when the SEC suddenly asked spot Ethereum ETF issuers to revise their applications. After 19b-4 filings by issuers, the SEC instantly approved them in the next three days. The S-1 applications were probably delayed due to the July 4 holiday and the long weekend.
CoinGape reported that the SEC delayed Ethereum ETF launch with a few comments, pushing the S-1 deadline to July 8. ETFstore President Nate Geraci said the last round of S-1 revisions was quite “light” and believes Ethereum ETFs will start trading in the next two weeks.
BlackRock, Fidelity, Grayscale, Hashdex, VanEck, and Invesco are anticipated to submit S-1 filing to the U.S. Securities and Exchange Commission (SEC).
Also Read: EtherFi Foundation Buys ETHFI, Passes Major Staking Proposal On Ethereum Mainnet
ETH Price To Witness Massive Rally?
Matrixport predicts a recovery in Ethereum price to $3,400 after the approval by SEC. The company forecasting a nearly 12% sharp jump based on analysis that ETH price rallied 20% after the SEC approved 19-b filings.
Whereas, $725 billion asset manager Bernstein earlier gave a long-term ETH price target of $6,600. The firm reported that ETH will reach this price after spot Ethereum ETFs approval by the SEC. Notably, the estimate is based on a 75% rally in Bitcoin products in January following weeks of ETFs approval. Bernstein analysts expect a similar price action for Ethereum.
ETH price rose 2% in the past 24 hours, with the price currently trading at $3,068. The 24-hour low and high are $2,826 and $3,090, respectively. Furthermore, the trading volume has increased further by 57% in the last 24 hours, indicating a rise in interest among traders.
Also Read: XRP Whale Moves 37M Tokens As Lawyer Reveals Ripple Vs SEC Timeline
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 is showing signs of a strong recovery, buoyed by substantial whale accumulation and renewed investor confidence. Having dipped below $0.41 recently, XRP has rebounded to around $0.44, reflecting a positive shift in sentiment.
Meanwhile, this resurgence is driven by notable market movements, including a significant purchase by a whale and speculation surrounding Ripple’s ongoing legal battle with the U.S. SEC.
Whale Accumulation Sparks Market Optimism
The crypto community has been abuzz with reports of a massive XRP accumulation by a whale identified as “rPz2q…N4iNf.” According to Whale Alert, this whale acquired 300 million coins from Binance, worth approximately $130.13 million. Such significant purchases often signal confidence in a crypto asset, potentially indicating expectations of future price increases.
Meanwhile, this whale activity comes amid broader market turbulence, where recent crashes have created buying opportunities for investors. Pro-XRP lawyer Bill Morgan recently stated that he has increased his XRP holdings during the price dip.
Besides, Morgan also mentioned his plans to accumulate more if prices decline further, highlighting a bullish outlook among XRP enthusiasts. In addition, the ongoing legal saga between Ripple and the U.S. SEC has added another layer of intrigue.
The anticipation of Ripple soon achieving a favorable outcome has fueled speculation and optimism among investors. Historical patterns suggest that positive legal developments have previously led to robust gains for XRP.
Having said that, investors are now closely watching for any signs that could signal the conclusion of this high-profile case, potentially driving further price recovery.
Also Read: Solana Outperforms Ethereum Amid $441M Money Inflow Into Crypto
XRP Price Soars
The Ripple vs. SEC case continues to be a focal point for the XRP community. Anticipation around the possible conclusion of this legal battle by July has heightened market interest.
On the other hand, the XRP enthusiasts argue that the crypto has reached a price floor, suggesting it is poised for a rally. Bill Morgan noted that favorable rulings in the past have significantly boosted XRP’s price, and a similar outcome in the current case could yield comparable results.
The market’s attention is also on Judge Torres, who previously issued a ruling that positively impacted XRP holders. A favorable decision for Ripple could potentially replicate those gains, boosting investor sentiment and driving the price higher.
During writing, XRP price soared past the $0.44 mark with an increase of 1.55%. The crypto has touched a low of $0.4047 in the last 24 hours. Furthermore, its trading volume rocketed 86% from yesterday to $1.33 billion.
Besides, CoinGlass data showed that XRP Futures Open Interest recovered from yesterday, potentially indicating that the market is regaining confidence towards the crypto.
Also Read: Ronin Network Adds PHPC Stablecoin, Boosting Filipino Crypto Adoption
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.
Chainlink Whales Bag Over 6.2M Coins Amid LINK Weekly Correction, Rebound Ahead?
Aptos (APT) Sees Surge in Market Volatility: Price Impact
Matrixport Reveals Ethereum ETF Launch Timeline, Bernstein Targets ETH To $6,600
Altcoins Topped, But Meme Coins Set to Soar: Here’s Why
Bitcoin, Crypto Struggles As Fear & Greed Index Falls To FTX Crash Levels
XRP Eyes Recovery Amid Massive Accumulation, What’s Next?
New And Upcoming NFT Projects
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
TON Foundation’s Plan to Onboard 500 Million Users
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
New And Upcoming NFT Projects
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
TON Foundation’s Plan to Onboard 500 Million Users
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
-
NFT4 weeks agoNew And Upcoming NFT Projects
-
Blockchain2 months agoHong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Market3 weeks ago
TON Foundation’s Plan to Onboard 500 Million Users
-
Regulation2 months agoCFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
Altcoin3 weeks ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Regulation2 months agoTerraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
-
Market4 weeks agoAvalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
Altcoin3 weeks ago2.52 Million Altcoins Are Ruining Crypto’s Future
✓ Share: