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SHIB Burn Rate Spikes 4500%, Shiba Inu Coin To Set Go Parabolic?

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Shiba Inu coin has again reverberated bullishness across the broader market on Thursday, witnessing a staggering 4500% uptick in the SHIB burn rate. Latest burn data indicated that over 50 million coins were taken out of the token’s circulating supply, underlining the crypto’s potential to pump ahead. Simultaneously, even the meme coin’s intraday movement showcased remarkable gains, pouring additional optimism toward the crypto’s future movements.

SHIB Burn Soars 4500% As Over 50M Coins Destroyed

According to the official burn tracker Shibburn’s data on November 28, the SHIB burn rate showed a 4483% surge over the past day. This massive surge is primarily attributed to the destruction of 53.61 million tokens. Besides, following the token destruction, market supply for the dog-themed meme crypto totaled 589.26 trillion SHIB.

SHIB Burn DataSHIB Burn Data

In the preliminary context, the meme coin’s token burn mechanism results in a supply decline for the asset, which is a bullish aspect per the law of supply and demand. Simultaneously, other bullish events appear to have bolstered the crypto’s market standing.

Notably, Binance has recently expanded trade offerings for Shiba Inu coin, CoinGape reported. The leading crypto exchange commenced spot grid and spot DCA for SHIB/USDC, paving the path for further money inflow into the token’s ecosystem.

Overall, the burn rate surge and enhanced trade offerings generated an optimistic torrent for the cryptocurrency and its price movements.

Shiba Inu Coin Soars 5%

At the time of reporting, Shiba Inu price gained 5% to reach $0.00002557. The coin’s 24-hour low and high were $0.00002435 and $0.00002644, respectively. As mentioned above, the coin showcases a bullish trajectory against the backdrop of a SHIB burn rate surge and enhanced market offerings for the asset.

Simultaneously, a recent SHIB price analysis by CoinGape indicated that the meme coin also eyes a parabolic run ahead. This analysis comes against the backdrop of several bullish formations on the token’s chart. Overall, recent market stats indicate that the Shiba Inu coin has underlined noteworthy potential to pump ahead amid a broader meme coin market frenzy witnessed recently.

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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.





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Telegram CEO Pavel Durov Endorses MAJOR Token, Will Hold For Next 10 Years

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November 28, 2024

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Telegram CEO Pavel Durov announced his long-term commitment to the MAJOR token. He pledged to hold 1% of its total supply for 10 years.

Durov praised the Major mini app for its seamless integration with Telegram and strong community engagement. Major plans to launch its token on The Open Network (TON) with an airdrop. It will also list on six major exchanges, while its futures are already live on OKX.

Telegram CEO Backs Major Token with 10-Year Commitment

As per Pavel Durov’s update on his Telegram channel on November 28, the Telegram CEO expressed his support for the MAJOR token. He described the token as one of Telegram’s most successful mini apps, highlighting its remarkable growth. The platform generated $10 million in revenue and amassed 70 million users in just five months, showcasing its strong community engagement and innovative use of Telegram’s ecosystem.

Durov also disclosed that Major’s developer Roxman donated 1% of the total supply to him. Demonstrating his confidence in the project, Durov pledged to hold the tokens for the next 10 years without selling them. This move reflects his belief in the long-term vision and sustainability of the platform.

Beyond its impressive growth, the team plans to expand the Major mini app ecosystem with features like username NFT rentals, digital IDs, and a gaming hub. These innovations aim to maintain community engagement and enhance user experiences. Major’s seamless integration with Telegram and rapid adoption of mini app capabilities make it a standout success within the platform’s ecosystem.

Token Launch Across Crypto Exchanges Amid Market Buzz

MAJOR token, backed by Telegram CEO Pavel Durov, is creating a buzz as it prepares for listings on six top exchanges. While the official listings are anticipated, the futures are already trading on OKX at $1.43 at the time of writing. This momentum has drawn significant attention from the crypto community, particularly after Durov vows to hold 1% of the token supply for 10 years.

Crypto VCs were calling Durov a potential crypto Black Swan event for the industry, citing his ability to drive innovation and community trust. However, Telegram’s crypto holdings soared 225% to $1.3 billion in the first half of 2024, boosting revenue by 190%.

Moreover, Telegram mini apps are gaining traction for their innovative integration with the platform. Telegram CEO Pavel Durov highlights their success, while apps like Fintopio with its CeDeFi wallet, enable seamless crypto transfers.

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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.





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Ethena Price Shoots 20% Amid Heavy ENA Accumulation by Arthur Hayes

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4 hours ago

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November 28, 2024

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Bitmex co-founder Arthur Hayes is on an ENA accumulation spree driving more than 22% Ethena price gains in the last 24 hours. This comes as Hayes is reportedly moving all of his Aethir (ATH) holdings to Ethena (ENA) as part of portfolio reshuffling, after making heavy losses in ATH.

Ethena Price Skyrockets on Arthur Hayes Buying Spree

As of press time, ENA price is trading 22.50% up at $0.7502 with its market cap soaring all the way to $2.13 billion. In the last two days, Hayes made notable withdrawals of ENA from crypto exchange Binance, showing his intensified interest in the synthetic dollar protocol.

According to blockchain tracking platform Spot On Chain, Hayes recently withdrew an additional 10.36 million ENA tokens, valued at $7.49 million. This brings his two-day accumulation to a staggering 16.79 million.

The average purchase price of ENA by the BitMEX co-founder currently stands at $0.66. Thus, Ethena price appreciation thereafter has resulted in an unrealized profit of $1.14 million, or over 14% appreciation already.

Source: SpotonChain

On November 26, Arthur Hayes liquidated all of his Aethir (ATH) holdings after months of holding and making an estimated loss of $815,000. However, quickly spotting a good opportunity in ENA, Hayes has already recovered these losses in two days with some additional unbooked profit.

The BitMEX co-founder has been shilling Solana-based meme coins off lately with his latest bet being FlowerAI (FLOWER). He also made strong profits from his early bet on Goatseus Maximus in October last month.

ENA Bullish Momentum and Other Milestones

As per the Coinglass data, the ENA open interest has shot up by 23% to $374 million while the total ENA liquidations have shot up to $1.29 million, of which $335,000 are in long liquidations and $956,000 are in short liquidations. Moreover, the total value locked (TVL) on the Ethena blockchain has also surged to $4.09 billion.

Source: Coinglass

The Ethena blockchain is gaining strong traction through its synthetic dollar USDe. It is backed by collateral in the form of Bitcoin (BTC) and Ethereum (ETH). Additionally, the USDe differs from traditional stablecoins by offering a native yield. Recently, the popular derivatives platform Deribit integrated USDe in the form of crypto margin collateral.

Moreover, Ethena Labs celebrated an important milestone of reaching a 4 billion supply for USDe while generating an annual percentage yield (APY) of a staggering 25% for its users. Back in September, the platform also unveiled its UStb stablecoin collateralized by financial giant BlackRock and Securitize.

All eyes are on the ENA bulls as they need to hold Ethena price above the strong support of $0.75. If they manage to pull this off, ENA could be heading for another 33% gains to $1. Some investors are also speculating that ENA will hit its all-time high of $1.5.

Source: TradingView

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

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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BTC Regains $96K, ETH Up 9%, ENS Shoots 50%

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5 hours ago

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November 28, 2024

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The cryptocurrency market today continues on an upward trajectory, reflecting strong bullish sentiment. Bitcoin (BTC) price surged past $96,000 in the past 24 hours. Ethereum (ETH) price gained 9%, showcasing robust market confidence. Additionally, Ethereum Name Service (ENS) emerged as the top gainer, skyrocketing by 50%.

Altcoins like Solana (SOL) and XRP recorded notable gains, contributing to the overall positive momentum in the market. The global cryptocurrency market cap increased by 4%, reaching $3.32 trillion, signaling steady growth despite a 9% decline in total market volume, which stood at $201 billion.

Trading activity on top crypto exchanges slowed, reflecting cautious investor behavior despite the price rallies. As the cryptocurrency market today remains in focus, let’s dive deeper into the performance of top cryptocurrencies by market cap and their price movements this November 28.

Cryptocurrency Market Today (November 28): BTC, ETH, SOL, & XRP Maintain Gains

The cryptocurrency market today appears to be making strides in recovery after yesterday’s mixed performance. Bitcoin (BTC) held steady above $94,000, signaling resilience, while major altcoins like Ethereum (ETH), Solana (SOL), and XRP continued their upward momentum.

Meme coins also joined the rally, showing gains of 4% to 6%, indicating increased investor interest across various asset categories. Despite the cautious optimism, trading volumes on top crypto exchanges remained moderate, reflecting selective participation.

Bitcoin Price Today

Bitcoin (BTC) price gained 3% in the past 24 hours, trading at $94,945. The coin’s intraday low and high were recorded at $92,337 and $97,361, respectively. BTC currently holds a market cap of $1.88 trillion and a 24-hour trading volume of $70 billion. With a market dominance of 57%, Bitcoin remains the top cryptocurrency by market cap.

As sosovalue reported a modest BTC ETF inflow of $103 million, signaling steady institutional interest. Investors are closely watching for further insights into market sentiment. This growing demand highlights Bitcoin’s continued importance in institutional portfolios.

On the regulatory front, Chris Giancarlo addressed the strategic Bitcoin reserve proposal. He also discussed possible cryptocurrency policies under the Donald Trump administration, hinting at significant regulatory shifts. These developments could shape the future of the cryptocurrency market today and beyond.

Ethereum Price Today

Ethereum (ETH) price saw a significant 9% surge in the past 24 hours, becoming the top gainer among the top 10 cryptocurrencies by market cap today. ETH is currently trading at $3,586, with its intraday low and high recorded at $3,358 and $3,687, respectively. Ethereum’s market cap stands at $430 billion, supported by a 24-hour trading volume of $44 billion.

Ethereum ETF inflow of $90 million, as reported by sosovalue, reflects strong institutional interest. Additionally, Ethereum co-founder Vitalik Buterin sold free meme coins he received and donated the proceeds to a crypto advocacy initiative, supporting blockchain technology and ethical cryptocurrency use.

Solana Price Today

Solana (SOL) price saw a 4% price increase in the past 24 hours, currently trading at $239. The coin’s intraday low and high were $228 and $245, respectively. With a market cap of $113 billion and a 24-hour trading volume of $5 billion, Solana remains the fourth-largest cryptocurrency by market cap.

SOL reached a new all-time high (ATH) of $263.83, surpassing its previous peak and reinforcing its upward momentum. This milestone has sparked speculation among crypto analysts about Solana potentially hitting $500 by the end of the year. As the cryptocurrency market today remains optimistic, Solana’s performance continues to attract significant attention from investors and analysts alike.

XRP Price Today

XRP price saw a 7% increase over the past 24 hours, currently trading at $1.46. The coin’s intraday low and high were recorded at $1.357 and $1.518, respectively. XRP holds a market cap of $84 billion and witnessed a 24-hour trading volume of $8 billion, maintaining its strong position in the cryptocurrency market today.

In regulatory news, Pro-XRP lawyer John Deaton has endorsed Paul Atkins for the role of SEC Chair. Deaton is calling for reforms to address allegations of overreach and unethical practices under Gary Gensler’s leadership. As the cryptocurrency market today watches closely, XRP’s performance and associated regulatory developments remain pivotal for investors.

Meme Coins Prices Today

Dogecoin (DOGE) price experienced a 6% increase, reaching $0.40. The rise continues to highlight DOGE’s dominance in the meme coin space. Similarly, Shiba Inu (SHIB) price gained nearly 5%, trading at $0.00002575. These meme coins are seeing renewed interest as retail investors fuel the momentum.

In addition, other top meme coins like PEPE, BONK, and WIF also recorded significant gains, ranging from 4% to 8%. This surge in meme coin values is contributing to an overall positive sentiment in the cryptocurrency market today, as traders continue to capitalize on these rapidly moving assets.

Top Crypto Gainers Prices Today

Ethereum Name Service

The price of Ethereum Name Service (ENS) surged nearly 50% in the past 24 hours, reaching $34. Its intraday low and high were recorded at $23.21 and $33.44, respectively. This impressive price movement highlights the growing interest in ENS and its utility within the blockchain ecosystem.

Ethereum Name Service is an open naming system designed to meet the expanding needs of users in the cryptocurrency space. The primary goal of ENS is to translate machine-readable identifiers, such as content hashes, cryptocurrency addresses, and cryptographic metadata, into human-readable names. 

Ethena

ENA price experienced a significant 22% surge in price, currently trading at $0.74. The coin’s intraday low and high were recorded at $0.60 and $0.76, respectively, indicating strong price movement. This uptick highlights the growing interest and positive sentiment surrounding ENA in the cryptocurrency market today.

Top Crypto Losers Prices Today

Algorand

Algorand became the worst performer in the last 24 hours, with a 5% drop in its price. Currently trading at $0.286, the coin’s intraday low and high were $0.2843 and $0.3077, respectively. Despite the recent decline, ALGO’s market activity remains closely watched by analysts.

Interestingly, analysts predict that Algorand will outperform Bitcoin’s growth in the near term, suggesting a potential rebound and future gains. As the cryptocurrency market today experiences varied performance, investors are keeping a close eye on ALGO’s next moves.

MANTRA

MANTRA (OM) price saw a 4% decrease over the past 24 hours, currently trading at $3.43. The coin’s intraday low and high were recorded at $3.424 and $3.755, respectively. Despite this decline, the broader cryptocurrency market is showing signs of strength and stability.

On the hourly timeframe, major cryptocurrencies are displaying bullish momentum, with some top altcoins up by 1% in the last hour at the time of writing. This suggests that while individual coins like MANTRA face short-term challenges, the overall market sentiment remains positive.

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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.





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