Altcoin
Shiba Inu Burn Rate Rockets 300%, SHIB Price Rebound Imminent?
Shiba Inu (SHIB), the well-known meme coin, has once again drawn significant attention within the crypto community due to its recent developments. As reported by Shibburn, a platform that tracks SHIB token burns, the burn rate of Shiba Inu saw a dramatic increase of over 310% on Friday, May 31. This substantial rise in the burn rate has generated market enthusiasm among traders and investors.
Shiba Inu Burn Rate Spikes 300%
The notable increase in SHIB’s burn rate has effectively decreased its market supply, potentially benefiting its tokenomics in the long run. In the last 24 hours alone, the burn rate surged by 310.99%, according to Shibburn data. During this period, a total of 9.74 million SHIB tokens were destroyed in multiple transactions carried out by the community.
Three specific wallet addresses were particularly influential in this dramatic burn rate increase. One of the key contributors was the wallet address 0xa9d1…, which moved 4.91 million SHIB to a dead wallet through two significant transactions conducted a hours apart. The holder initially burned 2 million SHIB coins. Thereafter, they shifted 2.91 million SHIB tokens to a dead wallet.
Additionally, another wallet address, 0xc8d…, transferred 1.5 million SHIB tokens to a dead wallet a few minutes prior to the time of reporting. These large transactions have been crucial in driving the recent surge in Shiba Inu’s burn rate.
Moreover, another community wallet, 0x608…, sent 1.04 million SHIB tokens to a dead wallet in the last 24 hours, further boosting the burn rate. Consequently, the total amount of SHIB tokens burned has reached an impressive 410.72 trillion. The reduction in the supply of SHIB is viewed as a potential factor that could enhance the value of the token.
In economic terms, a decrease in supply with consistent or increasing demand typically results in price appreciation, and this principle applies to cryptocurrencies as well. This development has injected a wave of optimism into the Shiba Inu community, with many traders and investors keenly watching the progress of the meme coin.
Also Read: Shiba Inu Coin: Whale Bags 445 Bln SHIB At $0.000027, Price Recovery Ahead?
Will SHIB Price Rebound?
The price of Shiba Inu had earlier managed to break past the crucial resistance level of $0.000025. Moreover, it is sustaining above that level despite the bearish tuen. At press time, the SHIB price plunged by 7.41% to $0.00002572 on Friday. Additionally, the second-largest meme cryptocurrency boasted a market capitalization of $15.14 billion.
The 24-hour trading volume for SHIB has also seen a notable slump of 40.90%, reaching $1.01 billion. According to a previous report by Coingape, if SHIB continues to trade above this key resistance level, its price could potentially surge to $0.00003 or even $0.00005. Moreover, the shortening supply owing to the surge in Shiba Inu burn rate could aid a rebound.
In the long term, if the bullish momentum persists, SHIB could aim for a rally to $0.0001. However, if the SHIB crypto trajectory succumbs to the current bearish trend, the next crucial support would be at $0.000024. Meanwhile, SHIB futures open interest has plummeted by 9.99% to $106.59 million, as reported by Coinglass.
Moreover, amid the continued declines, long positions initiated liquidations amounting to a whopping $1.20 million, which could negatively impact the SHIB price. On the other hand, shorts made up only $91,760 worth of liquidations, which isn’t enough to mitigate the impact of long liquidations.
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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.
The crypto market eagerly awaits the crucial economic indicators and key events that are likely to shape Bitcoin and altcoins trading this week. Notably, the recent weeks have been highly volatile, with Bitcoin price noting a free fall last week. Given the recent governments’ Bitcoin dump and Mt. Gox’s repayment concerns, optimism over both BTC and altcoins seems to have faded.
So, let’s explore the key events that are likely to impact the Bitcoin and altcoins trading next week.
Bitcoin And Altcoins Braces For Key Events This Week
US Inflation Data To Drive Sentiment
The release of crucial U.S. inflation data this week could significantly impact Bitcoin and altcoins trading. On Thursday, July 11, the U.S. Labor Department is expected to release the Consumer Price Index (CPI) and core CPI data. The crypto market would keep a close track of the data as it would likely help set the future stance of the Federal Reserve with their rate-hike plans.
Simultaneously, the U.S. Producer Price Index (PPI) data is expected to be released on Friday, July 12, which would also shed light on the current inflationary pressures in the U.S. Notably, both these CPI and PPI figures are pivotal for the Federal Reserve’s policy rate decisions.
Recently, Fed Chair Jerome Powell indicated that more confidence is needed in inflation trends before easing monetary policy. Considering that Bitcoin and altcoins may face heightened volatility based on these upcoming economic indicators.
Also Read: Why Meme Coins Are Pumping Today?
Fed Chair Jerome Powell’s Testimony
Investors are gearing up for Fed Chair Jerome Powell’s upcoming testimony, a key event expected to influence Bitcoin and altcoin trading this week. Powell’s insights on monetary policy and economic conditions will be closely monitored, as they are likely to impact market sentiment and trading strategies.
This testimony comes at a crucial time, with digital assets showing heightened sensitivity to macroeconomic cues. Market participants anticipate that Powell’s remarks could drive significant shifts in Bitcoin prices and the broader cryptocurrency market.
For context, Fed Chair Jerome Powell is scheduled to give his testimony to the Senate Banking Committee on July 9. Besides, he would be delivering the same testimony to the House Financial Services Committee on July 10.
Where Bitcoin And Altcoins Are Heading?
If the inflation data comes in cooler than expected, the crypto market might witness a robust surge with increasing investors’ confidence. However, if the data suggests that inflation, which has been cooling off lately, is taking another direction, it could dampen the market sentiment.
Meanwhile, Bitcoin along with the altcoins has noted significant selling pressures lately, due to the German and the U.S. Governments’ Bitcoin dump. In addition, Mt. Gox repayment concerns in Bitcoin and BCH have also fueled uncertainty in the market.
However, despite that, several positive indicators might help boost the market sentiment in July. For instance, Bitcoin and other digital assets tend to show a positive performance in July, historical data shows. Although historical data doesn’t guarantee future performance, it has bolstered market confidence.
Simultaneously, the anticipation over the upcoming U.S. Spot Ethereum ETF approval in mid-July would also trigger a rally in the altcoins sector. Despite that, the inflation figures and other macroeconomic factors are likely to impact Bitcoin and altcoins trading this week.
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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.
In the aftermath of a class-action lawsuit filed against Lido DAO in the United States District Court for the Northern District of California, the Ethereum staking service has recently started voting to appoint an entity to respond to the pending class-action litigation.
The lawsuit, filed on April 3 this year, alleges Lido DAO to have violated security laws as it operates as a “general partnership” that “runs an Ethereum staking business.” Particularly, LDO tokens or related transactions are unlawfully offered or sold to the public, the plaintiff argued. This legal development has sent shockwaves across the industry.
Lido DAO Starts Voting: Here’s Why
On June 27, the U.S. court ruled that the legal process had been served adequately on Lido DAO via public postings by the plaintiffs. The staking service provider was offered 14 days to respond.
A failure to respond within the given time frame could lead to a default judgment by the court, based on the plaintiffs’ claims. This potential outcome poses a significant threat to the project.
In an effort to mitigate these risks, the community has initiated a voting process to appoint an entity to respond to the pending class-action lawsuit. The voting went live on snapshot.org, promptly gaining significant traction across the broader market.
Notably, the proposal suggests authorizing Dolphin CL, LLC to file a motion to dismiss the class-action suit. However, it’s clarified that Dolphin CL will not serve as the general representative or proxy of Lido DAO and will only file a motion on its behalf.
Meanwhile, at press time, the proposal’s odds of passing appear to have gained significant favor. A staggering 51 million voted yes, amounting to 100% of total votes. Not a single vote was against the proposal.
Also, the community spotlighted that not passing the proposal could present further risks to the project, as although not sure, the default judgment could hamper community operations.
In the interim, LDO, the native token of Lido DAO, traded sluggishly, coinciding with legal uncertainty.
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LDO Price Dips
As of writing, the LDO price dipped 4.12% over the past day despite the broader market uptrend. The token traded at $1.55, with its daily lows and peaks being $1.55 and $1.63, respectively.
The weekly chart showed a 20.86% plunge in value, while the monthly chart showed a 30.66% fall. This sluggish price action coincides with the lawsuit, sparking bearish sentiments.
It’s worth noting that cryptocurrencies such as XRP and ETH are prime examples of how regulatory uncertainty negatively impacts price. Crypto market enthusiasts await further developments on the matter.
Also Read: LayerZero (ZRO) Jumps 40% Amid Market Recovery, What’s Happening?
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.
Ripple XRP Case Update: After the latest order issued by the court in which it granted in part and denied in part the motion for summary judgment, a district judge referred the lawsuit for settlement and set dates for motions. The judge indirectly sided with the SDNY court’s ruling that XRP programmatic sales are not securities.
Ripple Lawsuit Set for Further Proceedings
The court has announced dates for further motions and hearing on unresolved claims, including a misleading statement
made by Ripple CEO Brad Garlinghouse regarding his “long” position on XRP, according to the latest filing in the court.
Judge Phyllis Hamilton has set a July 8 deadline to file the narrowed motion to seal. The court will issue a separate order on the narrowed motion to seal.
Moreover, the judge gave the parties 28 days until July 26 to file a notice indicating whether they continue to seek the exclusion of four experts’ testimony. Ripple’s motion to exclude the testimony of Steven P. Feinstein was denied as moot, and plaintiff’s motion to exclude the testimony of S.P. Kothari and M. Laurentius was denied as moot.
This Zakinov v. Ripple Labs case was referred to Magistrate Judge Robert Illman for resolution between the parties. Judge Hamilton agreed with SDNY Judge Torres’ summary judgment on XRP programmatic sales, plaintiffs failed to prove that XRP is a security as investors rely on Ripple’s efforts for profits.
Also Read: Nvidia Lawsuit — Chipmaker Agrees With Court Set Date Amid Legal, Market Headwinds
XRP Price Trades Under $0.45 Ahead Judge Torres’ Final Judgment
Whales and investors sold XRP amid the crypto market crash. XRP price has now recovered to hit a 24-hour high of $0.438, up more than 4% in the last 24 hours. The upside momentum came with low trading volumes as whale accumulation and buying by known investors such as pro-XRP lawyer Bill Morgan.
At press time, XRP price is trading at $0.436 after recovering a 24-hour low of $0.4195. The price fall below $0.40 saw massive buying with $132 million volume in an hour, indicating a bullish sentiment on XRP.
XRP community now awaits Judge Torres’ decision on penalties and injunction in the remedies phase in Ripple Vs SEC lawsuit. Lawyers claim a verdict is expected by July-end.
Also Read: Grayscale Removes Polygon (MATIC) And Retains These Crypto Assets In Funds
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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