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SHIB Burn Rate Shoots Up 33000% As ‘Dogecoin Killer’ Ignites Meme Coin Frenzy
Shiba Inu, the Dogecoin killer, reverberated investor optimism across the broader crypto market on Friday, showcasing a colossal surge in the SHIB burn rate. Notably, the meme coin’s burn mechanism recorded a whopping 33,000% uptick today, sparking optimism as SHIB price surged over 20% in the past 24 hours. Meanwhile, the meme coin sector mirrored a bullish market sentiment, with Dogecoin (DOGE), Pepe coin (PEPE), and dogwifhat (WIF) prices rising simultaneously.
SHIB Burn Rate Soars 33,000% As Over 1 Tln Coins Burnt
According to data revealed by the tracker Shibburn on September 27, the Shiba Inu burn rate witnessed a staggering 33818% surge today. This surge is primarily attributable to 1.88 trillion coins incinerated in the past 24 hours. The massive hit to the supply appears to have fueled a bullish sentiment for the popular dog-themed meme coin across the broader market.
Meanwhile, as per the data, the total supply shredded considerably to reach $589.26 trillion SHIB at press time. Further, it’s worth mentioning that an unknown address, 0x4ba.., shifted a staggering 1.87 billion SHIB to a burn address over the past day, staging as the lion’s share responsible for today’s surge.
Simultaneously, the Shiba Inu coin embarked upon an attention-nabbing upward trajectory.
SHIB Price Rockets Over 20%
At press time, SHIB price surged nearly 21% in the past 24 hours to reach $0.00001932. The coin’s 24-hour low and high were $0.0000163 and $0.00001935, respectively. Intriguingly, the intraday trading volume surged 223% to $1,405,505,862. Moreover, today’s price upswing mirrors the bullish impact brought by the SHIB burn rate surge.
In addition, it’s worth noting that the meme coin’s price upswing aligns with the broader market trend. The meme coins sector saw PEPE gaining 18% to $0.00001022 today. Also, Dogecoin soared 11% to $0.1233. Nevertheless, the ‘Dogecoin killer’ Shiba Inu has led the market gains today.
A recent CoinGape Media report spotlights that on-chain activity for Shiba Inu coin has also increased remarkably recently. This includes a strong volume spurt, robust SHIB circulation, and increased whale transactions, pouring additional optimism on the coin. Altogether, SHIB burn and recent market stats have aided the coin in emerging as the top gainer across the broader market.
Coinglass data today illustrated a 55% upswing in Shiba Inu futures OI to $65.14 million. Also, the derivatives market witnessed a volume upsurge of 338% to $679.77 million. The abovementioned market stats, coupled with today’s price action, hint that the token is currently on an uptrend.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
As the Ripple community eagerly awaits the XRP ETF launch, all eyes are on its potential impact on the token’s price. Experts believe that the US Securities and Exchange Commission’s (SEC) approval of a Ripple ETF and its potential launch spark a ‘perfect storm’ for the coin.
As XRP hovers around the crucial $2 mark, traders and analysts are closely monitoring its movements, particularly in anticipation of the ETF launch. Let’s analyze what expert ‘Good Morning Crypto’ thinks about the ETF’s influence on the coin’s price.
Will XRP ETF Launch Trigger a Ripple Coin Price Surge?
In a podcast, crypto analyst Good Morning Crypto identified an inevitable connection between XRP ETF launch and Ripple coin price surge. According to him, the SEC’s approval of the XRP ETF and the subsequent launch could lead to a price rally that is poised to take the token to new all-time highs.
While acknowledging the exchange-traded fund’s potential to drive a price surge, the analyst used an analogy of “giant vacuum cleaners” to show how ETFs absorb XRP liquidity. This means that the ETFs will remove the asset from circulation, locking it in a secure custodian each time investors buy in. Thus, the launch of an ETF could reduce the availability of the token for trading, which indeed will result in a massive bull run.
ETFs Spark XRP’s Front-Loading Frenzy: A Perfect Storm for Price Growth
Further, the analyst shed light on the favorable regulatory conditions in the US under President Donald Trump. He predicted that with clearer US regulations by August, businesses will start using XRP for payments, leading to increased demand.
As ETFs buy up XRP, creating scarcity, companies may front-load their token purchases. This development could significant trigger a price rally, as pointed out by Good Morning Crypto.
Recently, CoinGape reported that XRP price could hit $15, if the ETF inflows reach $4 billion. This prediction is based on market expert Zach Rector’s analysis, who also forecasted the token’s target of $30 with an ETF inflow of $8 million.
Is XRP Poised for a Rally?
As of press time, XRP is trading at $2.08, with a marginal increase of 0.51%. Despite a 0.96% increase over the past week, the token saw a massive decline of 15.9%.
With speculations of an imminent XRP ETF launch rising, the community expects a bull run in the near future. Analyst Brett recently shared a bullish forecast for XRP price. According to him, XRP’s explosion to an ambitious $10 is imminent.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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.
A renowned crypto market analyst predicted that Cardano price could hit $4 ahead despite the current broader market uncertainty. ‘ALLINCRYPTO’ has forecasted a highly bullish outlook for the crypto recently, primarily against the backdrop of historical data. However, traders and investors are left scratching their heads as the market also saw massive ADA whale dumps, with 180 million coins offloaded.
Cardano Price Eyes $4, Analyst Predicts Citing Historical Data
According to ALLINCRYPTO’s X post on April 18, Cardano price is eyeing $4 as the analyst believes history is set to repeat itself. A major bull run lies ahead as the price is completing its final cycle, per the analyst.
For context, the ALLINCRYPTO’s chart spotlights how ADA had a massive bull run as of 2020 and continued till mid-2021. Citing this past performance, the analyst revealed that a $4 price target lies ahead.
Crypto market traders and investors are left speculating if such a feat is even possible amid broader market trends. It’s also noteworthy that historical performances don’t always guarantee future performances, given the dynamic nature of digital assets.
However, another renowned analyst has joined the fray by projecting a bullish outlook for Cardano price. Analyst Ali Martinez revealed in an X post on April 18 that the crypto is consolidating within a triangle, setting the stage for a potential 30% price move. This bullish prediction has slightly tilted the scales towards the optimistic side.
ADA coin’s price currently rests at $0.6298, up nearly 2.5% over the past day. The coin’s intraday bottom and peak were recorded as $0.612 and $0.6341, respectively.
Massive Whale Dumps Usher Caution
Besides, recent whale metrics have conversely stirred up some caution among investors, underscoring rising selling pressure on the asset. According to another X post by Ali Martinez, whales took advantage of the recent ADA price upswing to offload 180 million coins in the past 5 days.
This massive selling has also hinted at declining market confidence surrounding the cryptocurrency. As a result, market watchers are slightly apprehensive regarding the bullish predictions shared by the analysts.
Besides, a Cardano price prediction by CoinGape also revealed that bears remain in control of the asset at the moment, as per the 3-month bias indicator. In turn, broader market sentiments surrounding the coin’s long-term prospects remain shrouded in an enigma.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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.
The Chainlink price is poised for liftoff, with a bullish rebound on the horizon. As LINK has soared past its key support level, analysts and traders remain bullish about the altcoin’s potential rally new heights.
Analysts like Ali Martinez and CRYPTOWZRD have identified critical levels for LINK, invoking the community’s attention. Let’s unveil Chainlink’s potential movements through the analyses of popular analysts.
Is Chainlink Price Ready for a Rebound?
In a detailed analysis, analyst Ali Martinez spotted key support and resistance levels for Chainlink. According to Ali’s analysis, Chainlink’s support level is established at $12.28, while $14.58 acts as a significant resistance hurdle.
With the Chainlink price breaking past its support line, which now acts as a foundation, the stage is set for a potential bullish reversal, signaling an upward trend. And, if LINK breaks past the $14.58 point, which has been a significant resistance point, further upside momentum comes into view, with potential new highs on the horizon.
Chainlink’s Next Target: Is $26 Within Reach?
According to market expert CRYPTOWZRD, Chainlink daily technical outlook is uncertain, with an indecisive close. However, the analyst highlighted that LINK is currently testing the significant $12.50 level. Given LINK’s oversold condition, its price movement is likely to follow Bitcoin’s trend.
Interestingly, as pointed out by CRYPTOWZRD, LINKBTC’s daily falling wedge formation suggests potential for an impulsive upside breakout. LINK itself is forming a daily falling wedge above its lower high trend line, indicating a possible rally towards the $16 resistance target and beyond.
Significantly, the chart presented by the expert indicates that LINK could hit $26 if it passes the resistance point. However, as per CoinGape’s Chainlink Price Prediction, LINK will reach a maximum of $15.24 in 2025.
Meanwhile, LINK’s intraday chart showed a lack of clear direction, with price movements confined to a narrow range. A breakout above $13.20 could present a trade opportunity, while a decline below $11.80 would signal a test of the main support level.
LINK Market Sentiment Analysis
In an “In/Out of the Money Around Price” analysis, Ali Martinez shared insights into the market sentiment for LINK. The analyst detailed the number of traders holding Chainlink at different price points.
At press time, Chainlink is trading at $12.81, up1.46%. Despite a 0.86% surge over the past week, LINK experienced a massive decline of 30.99% over the last month.
Notably, more addresses are holding LINK at a loss than at a profit. According to the chart, 53.06% of the holdings are “out of the money,” which means that they represent 78.24 million LINK bought at a price above the current $12.68.
At the same time, 44.63% of analyzed holdings, representing 65.81 million LINK, are ‘in the money,’ having been bought by traders at a price below $12.68. This data highlights potential support and resistance levels, with significant holdings at $12.47 and $14.19.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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.
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