Connect with us

Altcoin

Here’s What’s Blocking Shiba Inu from Reaching a New All-Time High

Published

on


Shiba Inu is a dog-themed meme coin that was firstly launched back in 2020 and became momentarily popular and is continuously being one of the 15 biggest cryptocurrencies in the world years later.

The token has been highly volatile, susceptible to trends in social media and on several occasions, endorsements by highly renowned personalities, such as Elon Musk.

Can Shiba Inu Survive the Crypto Winter?

Although traditional investment experts advise against the adoption of meme coins, their popularity among crypto investors is admittedly quite strong. It’s good to know expert opinions weighed against pros and cons for a better look at both the bull case and bear case for this leading player within the meme coin space.

In the words of Grzegorz Drozdz, a market analyst at Conotoxia, the story of Shiba Inu is only a classic example of the unpredictability and volatility of meme coins within the digital asset market.

The meme coin has been developed in August 2020 by an anonymous developer going under the name ‘Ryoshi’. It is part of the family of top dog themed cryptocurrency tokens, which also includes Dogecoin, DOGE, and DogWifHat, WIF. As part of the most intriguing sub-section of the crypto market to have garnered considerable investor attention, SHIB came out of a meme.

Drozdz stated:

“The cryptocurrency quickly gained popularity mainly due to the support of celebrities such as Tesla founder Elon Musk. Its success has led to the creation of many copies, but Shiba Inu remains the most recognisable of these cryptocurrencies.”

This bevy of ups and downs is shown by the price history of SHIB. After endorsement by Elon Musk, its price went full 4,000% in three months to a high of $0.000035. But it was very short-lived as the meme coin fell afterward, erasing 90% of its value.

Of course, after the initial hype, another larger rally occurred six months later when Musk announced that Tesla electric cars could be purchased with Dogecoin. It sent the price of meme coin up to $0.000075, up 1,200%. Shytoshi Kusama, the lead developer of the Shiba Inu (SHIB) has recently even sent an open invitation for a sit-out with Musk.

However, the 2022 bear market sent the coin crashing back to shed about 90% of its peak value.

Is Meme Coin Craze Over?

Crypto assets had a quietly positive year with many doing exceptionally well in 2023 and starting this year on a strong note. There has been much hope for the crypto market, with signals that regulators may take more steps toward recognition.

In December, US regulators approved 11 spot Bitcoin ETFs-a milestone considered a great step in making crypto an officially accepted investment class.

Predicting the future of most cryptocurrencies, including SHIB, is tough. However, its future trajectory might be dictated by several factors.

It’s just that, despite the volatility, a broader bull market for cryptocurrencies would often lift all assets, including  this meme coin. As a matter of fact, the more investors and institutions understand the potential of digital currencies, the better this is for the entire crypto market, let alone for SHIB.

The approval of the spot Bitcoin ETFs drove the price of Shiba Inu over 350% in two weeks at the beginning of the year. Despite the general good performance of the market, the coin has dropped back to just above its price in January.

Another important reason is that meme coins are so incredibly popular that their interests surge in a very sudden manner, based on social media trends and sometimes celebrity endorsements. However, how long this popularity will be maintained or sustained is very hard to predict. Analysts note how unpredictable it is to know how long this interest will last.

Other Side of the Story: Analysts Say New ATH Coming

On the other hand, a well-known personality within the SHIB community, $SHIB KNIGHT, has some highly positive hopes on the ability of SHIB to achieve a new ATH. In a post, $SHIB KNIGHT has noted that the dog-themed token is set for a major price blastoff, which could see it surge past $0.00008616 for a new ATH.

SHIB-USDTSHIB-USDT
Credit: X.com

If $SHIB KNIGHT’s projection is anything to go by, Shiba Inu might blow past the previous ATH of $0.00008845 recorded on October 28, 2021. The strategist hasn’t provided a possible target for SHIB but has maintained that the token is setting up for a new high. Their positive projections for SHIB have been similarly made by other prominent crypto strategists such as Eunice Wong and Javis Marks.

These analysts stay bullish about this meme coin, based on positive news in the SHIB ecosystem. The recent spike in Shibarium TVL is one of the major updates. Shibarium is Shiba Inu’s Layer-2 blockchain. It merely took a week for Shibarium’s TVL to reach $3.64 million after the liquidity staking solution of K9 Finance, the Bonecrusher, was launched.

Crypto expert Oscar Ramos also believes the coin is in a strong buying zone despite recent drops, with potential for an uptrend, recalling its 400% surge earlier this year to $0.0000356, the highest level since its all-time high of $0.00008845.

Following the launch of Bonecrusher on Shibarium, the daily transaction volume of the network surged by a whopping 82% to 7,060 transactions. Increased Shibarium transaction volumes may significantly reduce the circulating supply of the SHIB cryptocurrency.

There are even rumors that the Shiba Inu team will disclose “something big” during the fourth quarter of this year, adding more drive to SHIB’s adoption. These promising development may lead this meme coin to where it should be: its rise to a new all-time high.

Shiba Inu: Navigating the Volatile World of Meme Coins

Of late, the crypto markets have seen a meme coin mania, where a lot of meme coins are shooting up in price and new ones keep cropping out of nowhere. Great as that excitement might sound, investors should not forget that highly speculative and usually lacking inherent utility are properties that characterize meme coins.

Events that are less predictable, such as tweets by Elon Musk, have been known to create volatility in cryptocurrency markets in the past. As such, analysts do warn that investment in this coin comes with considerable risk, and predictions of its price are way more difficult to make than for other more established cryptocurrencies like Bitcoin.

While Bitcoin has more historical data and further extended analysis on the market to base predictions upon, Shiba Inu is relatively new, under highly volatile conditions, which makes it difficult to give any performance forecast.

✓ Share:

Teuta

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.

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.





Source link

Altcoin

Dogecoin Code Appears In CyberTruck And Model 3 Website, Will Tesla Accept DOGE Payments For Cars Soon?

Published

on


Dogecoin enthusiasts recently reignited discussions on the meme coin’s future after an observation shared on the social media platform X. KrissPax, a Dogecoin enthusiast, highlighted a curious detail that showed that DOGE is the only cryptocurrency currently embedded in the payment code for Tesla’s Cybertruck and Model 3 vehicles. Interestingly, this plays into the current bullish sentiment surrounding DOGE and rumors about Tesla’s plans to officially accept DOGE as a payment method.

Dogecoin Code In Tesla’s Payment: A Long-Standing Detail Revisited

The inclusion of Dogecoin in Tesla’s payment infrastructure has been known for some time, but the timing of its renewed focus has drawn attention. Notably, it comes during a notable price correction for the meme cryptocurrency. 

Back in October 2023, reports surfaced about mentions of DOGE in the source code of Tesla’s Cybertruck checkout page. Particularly, crypto influencer MartyParty identified over 50 references to Dogecoin within the code.

However, the renewed interest stems from a recent post by Dogecoin enthusiast KrissPax on the social media platform X. He highlighted the presence of a DOGE code in Tesla’s payment systems, stating:

“Just remember, there is Dogecoin in the Cybertruck and Model 3 Tesla payment codes. Not any other crypto – just Dogecoin. Just waiting for Tesla to turn this option on!”

Although Tesla’s Cybertruck has since been launched, this year, the DOGE payment feature has not yet been activated. Nonetheless, its presence in the code suggests that Tesla is keeping the door open to allow DOGE transactions in the future.

What Does This Mean For DOGE?

Tesla CEO Elon Musk has long been a vocal supporter of Dogecoin, often relaying its use for everyday transactions. His enthusiasm for DOGE has been evident through numerous public endorsements, including Tesla’s decision in January 2022 to start accepting DOGE as payment for select merchandise. This endeavor created some sort of utility for DOGE, which is known for its meme status.

However, a final integration of DOGE as a payment method for Tesla cars would be the final straw in the electric vehicle maker’s creation of utility for the meme coin. A move of such magnitude would not only improve Dogecoin’s adoption but also open it up to another path of inflows, which would in turn benefit its price growth. Furthermore, other companies could follow in the footsteps of Tesla and make DOGE a payment method.

Interestingly, such a move would not be the first time Tesla accepted crypto payments for its vehicles. Back in 2021, Tesla started allowing customers to use Bitcoin as a form of payment. However, the initiative was short-lived, as Tesla discontinued Bitcoin payments just months later due to environmental concerns over the growing energy consumption of Bitcoin mining and transactions. 

At the time of writing, the Dogecoin price is trading at $0.3842, down by 0.92 and 1.69% in the past 24 hours and seven days, respectively.

Dogecoin price chart from Tradingview.com
DOGE price holds at $0.38 | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



Source link

Continue Reading

Altcoin

5 Key Indicators To Watch For Ethereum Price Rally To $10K

Published

on


The Ethereum price has surged more than 7% recently, with recent indicators hinting towards a potential ETH rally to $10K ahead. Notably, the recent surge also indicates a bullish momentum for the crypto ahead. So, here we explore some of the top indicators that could propel an ETH price surge ahead.

5 Indicators To Watch For Ethereum Price Rally Ahead

A recent X post from top on-chain analytics platform IntoTheBlock highlighted that Ethereum often follows Bitcoin’s rallies. While mixed signals exist, certain metrics suggest optimism. The platform noted that whales continue accumulating ETH, indicating confidence in the asset’s long-term growth. Increased transaction volumes and minimal selling pressure from holders are also contributing to Ethereum’s positive outlook.

Ethereum price IntoTheBlockEthereum price IntoTheBlock
Source: IntoTheBlock, X

In addition, one critical indicator is daily transactions, which recently rose to 1.22 million from 1.1 million three months ago. This slight uptick reflects growing network activity and rising demand for Ethereum.

Another key metric is large holder netflow, which tracks the buying activity of whales. When whales accumulate, it reduces sell-side pressure and supports price appreciation. Short-term holder behavior also warrants attention.

Meanwhile, increased activity among short-term investors often aligns with heightened retail interest. The holding time of transacted coins is another bullish sign. A steady hold time suggests that long-term investors are retaining their assets, keeping supply constrained as demand grows.

Lastly, exchange flows reveal sentiment trends. Significant outflows from exchanges typically indicate accumulation, signaling confidence among investors.

Ethereum priceEthereum price
Source: IntoTheBlock, X

ETH Rally To $10K Imminent?

ETH price today was up nearly 8% and exchanged hands at $3,343, while its one-day trading volume rocketed 61% to $45.19 billion. In addition, Ethereum Futures Open Interest also rose more than 13%, indicating a strong market confidence towards the crypto.

Amid this, a top crypto market expert predicts ETH price to hit $10K in the coming days, sparking market speculations. However, despite that, a recent Ethereum price analysis hints that the top altcoin should soar past the $4K mark, before its further rally.

Having said that, a flurry of crypto market experts anticipates the crypto to continue its rally in the coming days. In addition, as BTC hits a new ATH recently, the market pundits expect the altcoins to follow suit, especially amid soaring optimism towards a clear regulatory path after Donald Trump’s election win.

✓ Share:

Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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.





Source link

Continue Reading

Altcoin

Agency Reiterates “Digital Assets Securities” As XRP Eyes $2

Published

on


Ripple SEC Lawsuit: The US Securities and Exchange Commission (SEC) hinted at “digital asset securities” claims amid the appeal in the Second Circuit Court. The move comes as XRP price surpassed $1 and expected a rally to $2 on Gary Gensler’s resignation and the end of XRP lawsuit during Donald Trump’s presidency.

US SEC Hints At Digital Asset Securities Claims In Ripple Lawsuit

In a PLI’s 56th Annual Institute speech last week, SEC Chair Gary Gensler reiterated “Bitcoin is not a security.” He also cleared the intention to continue considering XRP as security as he didn’t mention it along with “Bitcoin, ether, and stablecoins.”

“Our focus, rather, has been on some of the 10,000 or so other digital assets, many of which courts have ruled were offered or sold as securities. Putting this in context, aside from bitcoin, ether, and stablecoins, the rest of this market approximates $600 billion.”

Crypto lawyer James Murphy, also known as MetaLawMan slammed the US SEC for using the term “digital asset securities” again in an X post on Wednesday. Gensler and the SEC disregarded the court’s order on XRP security status in the Ripple SEC Lawsuit. This indicates that the agency failed to comply with its recent apology for using the term “crypto asset securities” in lawsuits.

The regulator appealed the summary judgment on XRP sales by Ripple, XRP distribution to employees and others by the company, and XRP sales on exchanges by CEO Brad Garlinghouse and Executive Chairman Chris Larsen. However, the recent crypto narratives amid President-elect Trump has sparked speculation of the end of SEC v Ripple lawsuit.

Will XRP Lawsuit Get Dismissed?

The crypto community called for the dismissal of the long-running Ripple SEC lawsuit and resignation of SEC Chair Gary Gensler. Also, Ripple CEO Brad Garlinghouse said he is expecting a resolution or end of the SEC lawsuit after Trump’s win.

Ripple CTO David Schwartz cleared that the company is legally obligated to Ripple shareholders and not XRP holders. While Ripple can work around legal clarity around XRP and digital assets, the prices of digital assets don’t depend on the efforts of the company. Schwartz and lawyers assert XRP lawsuit will likely get dismissed or settled with $125 million.

Meanwhile, lawyer Bill Morgan asserted that the price of XRP is not influenced by Ripple’s efforts as seen by long-term investors. Notably, Gensler’s hint at resignation and the potential end of Ripple SEC lawsuit triggered an XRP price rally to $1.

XRP Price Rally to $2

XRP price is currently holding at 0.702 Fib retracement level. Any strong upside momentum can trigger the next move to the $1.6–$2. The strong sentiment in the XRP community and Trump’s crypto policies will maintain bullishness in the crypto market.

Popular analyst CredibleCrypto suggests XRP will probably going to make new ATH “a lot quicker than most are expecting.” XRP/ETH just reclaimed and retested a 4-year long-range in the monthly chart, which signals a 250% higher target. He predicted a target of $2.
ImageImage

XRP price jumped over 1% in the past 24 hours and 60% in a week, with the price currently trading at $1.13. The 24-hour low and high are $1.07 and $1.15, respectively. Furthermore, the trading volume has increased by 7% in the last 24 hours, indicating a rise in interest among traders.

✓ Share:

Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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.





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io