Altcoin
EigenLayer Token Sparks Frenzy, Excludes US and China Users
EigenLayer, a decentralized finance (DeFi) protocol, has captured the attention of the crypto community with its highly anticipated token launch. Since its soft launch in 2023, EigenLayer has rapidly amassed a staggering $14 billion in assets, establishing itself as a dominant player in the DeFi space.
At the core of EigenLayer’s appeal lies its innovative restaking feature, which promises amplified returns by leveraging the process of depositing Ether coins to support the Ethereum blockchain. This unique offering has attracted investors seeking to maximize their yields within the Ethereum ecosystem.
Exclusion of US and China Users Sparks Regulatory Concerns
EigenLayer’s highly anticipated token distribution through an airdrop has been overshadowed by controversy surrounding the exclusion of users from the US and China, among other jurisdictions. Despite raising approximately $165 million from backers, including a16z Crypto, Eigen Labs’ decision to prohibit access to its services for residents of these countries has raised regulatory eyebrows and ignited debates within the crypto community.
The project’s decision to exclude users from the US, China, and other jurisdictions has sparked debate within the crypto community, raising questions about accessibility and regulatory compliance. Despite these challenges, EigenLayer’s robust infrastructure and promising potential position it as a formidable force in the rapidly evolving world of decentralized finance.
The project’s points system, designed to reward early users with tokens, has been overshadowed by concerns regarding accessibility and compliance with evolving regulatory frameworks. The exclusionary measures underscore the complexities and challenges inherent in navigating the global regulatory landscape, as companies strive to balance innovation with regulatory compliance.
Also Read: Kraken Urges To Dismiss SEC’s Unregistered Securities Trading Claims
Response to Community Feedback and Market Impact
In response to community feedback and concerns, EigenLayer has taken steps to address the airdrop controversy. The project has announced plans to distribute an additional 28 million EIGEN tokens, signaling a commitment to fairness and inclusivity. Despite initial setbacks, EigenLayer has emerged as the second most popular DeFi application, rivaling established platforms like Lido and Rocket Pool.
While liquid staking protocols have experienced a decline in total value locked in recent months, EigenLayer’s restaking service has demonstrated resilience, with nearly 4% of all Ether currently being restaked using the platform. This sustained interest underscores the growing demand for innovative DeFi solutions that offer enhanced yields and participation opportunities.
Also Read: Metaplanet Expands Bitcoin Holdings With $1.25M Investment
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.
Crypto analyst CasiTrades has provided a roadmap for the XRP price, revealing what could happen before the altcoin reaches a new all-time high (ATH). Based on her analysis, XRP could still witness a price decline before it potentially rallies past its current ATH of $3.4.
XRP Price Could Drop To $1.9 Before Rally To New Highs
In an X post, CasiTrades stated that in the event of a deeper flush, the XRP price could wick down to $1.90, suggesting that the altcoin could visit this low before it rallies to new highs. She believes XRP will ideally hold above this $1.90 and avoid dropping to new lows.
The crypto expert noted that the next move is critical. She claimed that if XRP gets that flush with bullish RSI divergence, it could mark the bottom before the altcoin rockets into Wave 3. However, CasiTrades warned that a break below $1.90 could force a reset of the entire new trend count.
Meanwhile, there is still the possibility that the XRP price might not drop to as low as $1.90. CasiTrades stated that $1.95 is the prime target, with subwaves heavily aligning there and a drop to $1.90 only likely to occur in the event of a deeper flush.
It is worth mentioning that US President Donald Trump recently announced reciprocal tariffs on all countries, a move which is set to ignite a global trade war and is bearish for XRP and the broader crypto market. As such, this development could be what sparks the deeper flush and send the altcoin to as low as $1.90.
A Drop To $1.4 Is Also The Cards
In an X post, crypto analyst Brandon asserted that the XRP price is about to have a massive breakout, to the downside. His accompanying chart showed that XRP could drop to as low as $1.4.
On the other hand, crypto analysts such as Ali Martinez have provided a bullish outlook for the XRP price. In an X post, he stated that XRP could be setting up for a rebound. The analyst further remarked that the altcoin is holding above $2 while the TD Sequential flashes a buy signal.
Crypto analyst Javon Marks also recently predicted that Ripple’s coin could surge 44x and reach as high as $99. He alluded to the 2017 bull run as the reason why he is confident that the altcoin could record such a parabolic rally.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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.
Shiba Inu price is on a strong bearish trend, with price indicators recording losses in all time frames. The highly popular meme token now threatens to add an additional zero to its value if the current bear run continues for much longer. Even with Shibarium, SHIB’s layer-2, reaching the milestone of 1 billion transactions recently, the token’s price has not responded positively to this milestone.
Falling Shiba Inu Price Affects Holder Profitability
According to current data, SHIB is down 4.6% in the past 24 hours, 14.7% over seven days and a substantial 54.9% over the past year.
The current context for the SHIB price appears tough for the majority of investors. Based on on-chain analytics, 62% of SHIB investors are at the moment in a loss, while merely 34% are in profit and 4% are breaking even as per IntoTheBlock data.
SHIB has fallen 85.9% from its all-time high of $0.00008616 on October 28, 2021, over three years ago. This extended period of decline has made many of the investors who bought during the bull run in 2021 underwater on their holdings.
The token reflects a high ownership concentration with 74% of SHIB owned by major holders. The concentration may be behind price volatility. This is due to the fact that the moves by the large holders tend to have disproportionate impacts on the market. Major volume trading in the last week has hit $184.02 million which indicates sustained activity even as the price goes down.
Shibarium Milestone Fails To Reverse Trend
Despite Shiba Inu’s layer-2 scaling solution, Shibarium recently achieved a major milestone of 1 billion transactions. However, this accomplishment has not translated into positive price action for SHIB. This disconnect between ecosystem development and token price shows the current market’s focus on overall trends rather than project-specific achievements.
Shibarium is a key component of the Shiba Inu ecosystem that focuses on reducing transaction fees, increasing processing speed, and enabling more advanced applications within the SHIB ecosystem.
The continued negative price action despite reaching such a substantial transaction milestone raises questions about what catalysts might eventually reverse SHIB’s downward trend.
Will Shiba Inu Token Burns Aid In Price Pump?
The Shiba Inu community has historically highlighted token burns as one possible method of driving scarcity and price support. Recent burn behavior has been spotty and inadequate to have any real effect on the enormous Shiba Inu token supply.
After a recent spike in burn rate of more than 12,000%, the last 24 hours have seen the burn rate decline by 60%. During this period, only 37.6 million SHIB tokens were removed from circulation as per Shibburn data.
Token burns continue to be a mainstay narrative among the SHIB community. However, the volume of burning has to rise in order to have an effect on the token’s supply that can be measured. The 17.88% hike in trading volume in the last 24 hours to $311.14 million gives some indications of market action. This potentially could be being driven by the larger holders stockpiling at lower prices.
Vignesh
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.
Over time, Ethereum, the second-largest crypto asset and largest altcoin, has often spearheaded an Altcoin Season due to its significant performance after the market shifts from a Bitcoin season to an altcoin season in each bull market cycle. In spite of this waning performance of the king of alts, an altcoin season is still likely to occur in the near term.
Is An Altcoin Season On The Horizon?
With the heightened volatility and BTC’s robust market dominance, the possibility of an Altcoin Season happening in this cycle is looking slim. However, an on-chain expert and the CEO of Alphractal Joao Wedson believes that this sustained Bitcoin’s dominance could be laying the groundwork for a huge altseason in the foreseeable future. Historically, altcoin seasons have followed periods of Bitcoin dominance.
Joao Wedson highlighted that Ethereum’s waning performance has strangled other alts in the ongoing market cycle, but an altcoin season “is just a matter of time.” With the alt market struggling to gain dominance and ETH facing headwinds, traders hope for a shift that might spur renewed gains across the altcoin sector.
In the X post, Wedson delved into altcoin market dominance with Ethereum, revealing an interesting trend. According to the expert, altcoin dominance is declining, while altcoin dominance excluding Ethereum and Stablecoins has remained sideways and in a neutral zone since late 2022.
This development implies that Bitcoin has drained most of Ethereum’s market capitalization. Presently, Bitcoin’s dominance has increased to 62%, and BTC and Stablecoin’s dominance has risen to nearly 71%. Meanwhile, Ethereum and all other alts dominate only 29% of the general market.
Bitcoin and Stablecoin‘s market dominance may seem like a threat to the upcoming altcoin season. However, the interesting part is that the higher the BTC and Stablecoin dominance rise, the more robust the next altcoin season will be, which Wedson claims is only a matter of time away.
BTC And Stablecoins Stealing The Spotlight
Daan Crypto Trades, a technical expert and trader, has also shared insights on the subject, highlighting that the altcoin market cap has declined sharply, leading to a drop in altcoins’ dominance. Although it was on track for a while, the steady growth of Bitcoin and Stablecoins has put the alt dominance under serious pressure within the crypto market.
Given the dilution amongst them, individual alts have performed horribly. Thus, for altcoins to regain dominance over Bitcoin, Stablecoins, and other major assets, the ETH/BTC pair needs to gather some momentum first.
Daan Crypto Trades claims Ethereum often plays a massive role in getting a wider altcoin performance. This is because many liquidity pools are denominated in ETH, and most coins are developed on it. Therefore, for altcoins to run, this wealth effect for ETH and majors is essential.
Until this is the case, the analyst urges investors not to get into the market. Even though alt rallies are usually brief, there is frequently a high timeframe retest. Once it is evident that the trend is changing, Daan Crypto Trades believes this is the ideal time to get involved in the action.
Featured image from Unsplash, chart from Tradingview.com
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