Altcoin
SHIB Burn Rate Soars 685% as Shiba Inu Community Anticipates Price Surge
The Shiba Inu (SHIB)community is witnessing a significant uptick in the burn rate of SHIB meme coins, surging by an impressive 685% over the last week. Despite a downturn in daily metrics, the weekly figures reveal robust participation from holders, pushing 399,586,110 SHIB to dead-end blockchain addresses, effectively reducing the circulating supply.
SHIB Burns Soar, Fueling Price Surge Speculation
Recent data from Shibburn, published on their X handle, showcases a surge in the community-driven burn activities for Shiba Inu. Over the past seven days, the burn rate increased exponentially, contrasting with a 63% drop in the daily burn figures, where 39,878,482 coins were sent to non-recoverable addresses. This massive weekly burn sparks optimism among investors and enthusiasts, who see this as a bullish signal for the meme coin’s future value.
Crypto analyst Ali Martinez echoes this sentiment in a recent X post, pointing to a buy signal on the TD Sequential indicator. According to Martinez, Shiba Inu, currently trading at $0.00002076, is poised for a potential price rally. He predicts the price could ascend to approximately $0.00002800, marking an estimated 35% increase from its current level. This forecast comes as SHIB shows a slight recovery from its weekly low of $0.00001983, now trading up by 2.21%.
#ShibaInu might be primed for a rebound as the TD Sequential indicates a buy signal on the $SHIB daily chart! pic.twitter.com/jwZ3UbJQ1N
— Ali (@ali_charts) June 15, 2024
Shiba Inu Price Faces Strong Bearish Momentum
On the 24-hour price analysis of SHIB price, the Williams Alligator indicator, consisting of three smoothed moving averages, signals a bearish market configuration. The jaw (blue line), teeth (red line), and lips (green line) of the Alligator are well aligned with each other, suggesting that the downward trend is established and may continue. The lips are below the teeth, and both are below the jaw, indicating that the current market momentum is strongly bearish. The recent candles have remained consistently below these lines, reaffirming the bearish sentiment.
Source: TradingView
Additionally, the Relative Strength Index (RSI) is hovering around 36.07, reinforcing the bearish sentiment by staying below the 50 mark, which usually indicates a bear-dominated market. However, the RSI nearing the oversold boundary could signal an upcoming reversal if it dips further and then begins to climb, suggesting possible exhaustion of the selling pressure.
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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 Terra Classic Foundation announced on X that the staking ratio for Terra Classic (LUNC) has surpassed 15%. Moreover, the amount of staked Terra Luna Classic has exceeded 1 trillion tokens. Furthermore, the significant LUNC token burns by Binance have also added to the growing optimism around the crypto’s performance.
Terra Luna Classic Staking Ratio Surges
According to the latest data from Terra Classic Foundation, over 1.017 trillion LUNC has been staked on the network. At the current price, this Terra Luna Classic staked reserve is valued at $70.15 million. Moreover, the staking ratio has now surged to a high of 15.01% from 14.83% a few days ago.
Earlier, on July 1, Binance, the world’s largest cryptocurrency exchange, burned 1.7 billion LUNC tokens. This marked the 23rd batch of the LUNC burn mechanism. Moreover, Binance has now burned nearly 62 billion LUNC tokens to date. The total LUNC tokens burned by the Terra Luna Classic community have exceeded 125 billion.
In addition, Binance’s continuous support for the Terra Luna Classic revival since 2022 is noteworthy. The exchange’s monthly LUNC burn mechanism significantly contributes to reducing the overall supply. The 23rd burn batch covered the period from May 31 to June 29. It burned a substantial amount of trading fees. Furthermore, Binance alone accounts for over 50% of the total LUNC burned by the community.
Also, the increase in the staking ratio can positively influence the Terra Luna Classic price. Higher staking ratios often indicate strong community confidence and reduced available supply for trading. This can lead to decreased selling pressure and potential price appreciation.
Staking locks up tokens, reducing the circulating supply. With fewer tokens available for trading, demand can push the LUNC price higher. Additionally, increased staking signals long-term commitment from holders, which can attract more investors.
Also Read: Will Terra Classic Price Lose $0.00006 Support Amid Market Sell-off?
What’s Next For LUNC Price?
The crypto market faced supply pressure this week due to the Bitcoin price correction. This was influenced by liquidations from the Mt. Gox exchange and the German government. Moreover, the Bitcoin price plummeted to a four-month low of $53,550. In addition, the bearish momentum spread through the altcoin market, which also impacted Terra Luna Classic.
Thereafter, the LUNC price dropped below its seven-month support level. The Terra Luna Classic correction began in early March when the price fell from $0.00025. By July 5, the price had dropped 73.6% to $0.0000673. However, on Saturday, July 7, LUNC price saw a rebound with over 7% gains, trading at $0.00006898.
This rebound suggests that a further dip to $0.000052 might be avoided. For restricting the downturn, the LUNC price needs to breaks out from $0.00007 and sustains that level. Whilst, the current market cap for LUNC stands at $376.43 billion. Moreover, the reduced token supply owing to token burns by Binance and community staking can also aid in boosting the Terra Luna Classic price.
Also Read: CBN Official Testifies Binance Illegally Operated in Nigeria
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.
LayerZero’s native token, ZRO, has seen a significant 40% price increase amidst a broader cryptocurrency market recovery. This unexpected surge has drawn attention from both investors and analysts, who are now trying to understand the reasons behind this sudden price movement.
The surge is particularly noteworthy as it comes at a time when the overall crypto market is showing signs of recovery. Bitcoin, the leading cryptocurrency, has reclaimed a price level above $56,000 after several days of price downturn.
Price Analysis and Statistics
The current price of ZRO stands at $4.41, with a substantial 24-hour trading volume of $713,879,507.62. This represents a significant 44.80% price increase in just 24 hours. The token’s circulating supply is 110 million ZRO, resulting in a market capitalization valued at $457 Million.
ZRO’s performance over the past week has been particularly impressive, with a 53.90% price surge over 7 days. This rally has pushed its market cap to over $450 million. The token’s trading volume has reached as high as $700 million, indicating strong investor interest.
It’s worth noting that while the current price is 24.58% lower than ZRO’s all-time high, it’s still 45% higher than its all-time low of approximately $2.5, which was recorded on June 27. These statistics demonstrate ZRO’s volatile yet generally upward trajectory in recent times.
Recent Developments & Partnerships
A key factor potentially driving ZRO’s price increase is the project’s focus on strategic collaborations. LayerZero recently announced a significant partnership with Flare, a layer one (L1) blockchain. This collaboration will connect LayerZero to 75 other blockchains, substantially expanding its reach and interoperability.
As part of this partnership, Flare will gain access to over 50,000 decentralized applications (dapps) that utilize LayerZero’s cross-chain messaging standards. This move is likely to enhance LayerZero’s utility and appeal within the cryptocurrency ecosystem.
Such partnerships demonstrate the project’s commitment to growth and innovation, which may be contributing to the increased investor interest in ZRO, despite its current circulating supply of 110,000,202 out of a maximum supply of 1 billion.
Price Movement & Market Sentiment
ZRO’s price journey has been eventful, beginning with intense selling pressure following an airdrop. However, after this initial volatility, which likely eliminated less committed investors, the price has shown a strong recovery. Currently, ZRO is trading just 15% to 17% below its all-time highs, indicating a robust bounce-back. The token is experiencing a minor pullback after its significant recovery, but this is expected to be limited in scope.
Short-term price action suggests that ZRO is facing some bearish pressure as it attempts to continue its upward trend. Despite this, bulls appear to be strongly defending recently gained support levels, which could set the stage for ZRO to reach even higher price targets in the near future. This resilience in the face of selling pressure suggests a positive market sentiment towards ZRO.
Also Read: XRP Flashes Buy Signal For $0.50 Price As Whales, Notable Investors Buy The Dip
Technical Analysis & Future Outlook
Technical indicators are providing bullish signals for ZRO’s future price movement. The StochRSI (Stochastic Relative Strength Index) has reached the upper threshold and is preparing for a reversal, which could indicate a potential price correction or consolidation. Meanwhile, the Ichimoku cloud, another important technical indicator, has recently turned bullish after withstanding some bearish pressure.
Based on these technical factors, analysts believe that the LayerZero (ZRO) price could maintain a healthy ascending consolidation pattern, potentially reaching the $4 mark. Following this, a more significant upswing could drive the price beyond $4.5, possibly leading to a new all-time high around $4.74.
However, as with all cryptocurrency predictions, it’s crucial to remember that the market is highly volatile and unpredictable. While ZRO has shown strong performance and positive indicators, only time will tell if it can meet investors’ expectations and maintain its upward trajectory in the ever-changing crypto market.
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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 latest update from the Token Unlocks App has sent shockwaves across the dynamic world of cryptos. Notably, the prices of 6 altcoins brace for a substantial turbulent movement ahead. This is primarily attributable to $177 million worth of looming token releases, staging as a bearish market factor.
Here’s an in-depth report on these upcoming token unlocks and why their future implications remain negative.
$177M Worth Crypto Unlocks Ignite Investor Concerns
Notably, the $177 million worth of unlocks encompasses cryptos such as Aptos (APT), Xai (XAI), Immutable (IMX), Ethena (ENA), io.net (IO), and Hashflow (HFT). These token unlocks mainly stage as a bearish factor, as previously locked tokens are released into the market, thereby increasing the supply.
Reportedly, unlocking more or equivalent to 1% of the circulation supply significantly impacts a crypto’s price action. Let’s delve deeper.
Aptos (APT)
As per data from the Token Unlocks app, Aptos is to witness a cliff unlock of 11.31 million APT on July 12. This equals 2.49% of the circulating supply, worth $63.33 million.
APT price rested at $5.59 today, up 4.02% over the past day. Its 24-hour bottoms and tops were $5.39 and $5.74, respectively.
Xai (XAI)
Xai token prepares to face an unlock of a whopping 198.40 million XAI on July 9. This is equivalent to 71.59% of the total circulating supply, worth $56.55 million.
XAI price traded at $0.2835, down 0.83% despite the broader uptrend. Its 24-hour lows and tops were $0.2738 and $0.2986, respectively.
It’s worth noting that XAI’s token unlock process is currently at 12%, hinting future turbulency might be possible.
Immutable (IMX)
Simultaneously, the Immutable crypto will witness an unlock of 32.47 million IMX on July 12. This totals 2.15% of the token’s circulating supply, worth $40.59 million, posing a threat to the price.
IMX’s price stood at $1.26 today, an upswing of 4.33%. The coin’s daily bottoms and peaks were $1.20 and $1.32, respectively.
Also, data indicated that 76% of the unlock process had been completed for the crypto.
io.net (IO)
Similarly, io.net is set to experience an unlock of 2.87 million IO on July 11. The amount of the unlock is equivalent to 3.02% of the circulating supply, worth $5.98 million.
IO traded at $2.08, up 0.09% at press time. The crypto’s 24-hour lows and peaks were $2.06 and $2.21, respectively.
Hashflow (HFT)
Hashflow readies to take the heat of an unlock of 13.85 million HFT on July 7. This unlock equals 3.28% of the circulating supply, worth $2.41 million.
HFT traded at $0.1742, an 11.38% upswing over the past day. Its 24-hour lows and tops were $0.1568 and $0.176, respectively.
Ethena (ENA)
At last, although not 1%, the Ethena crypto will witness an unlock of 14.89 million ENA, worth 0.87% of the circulating supply on July 7. This could bring slight volatility in price.
Intriguingly, CoinGape Media previously spotlighted massive token unlocks of specific cryptos, and this week saw a plunge in those cryptos’ prices. Market participants should try steering clear of trading these tokens in the upcoming week.
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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