Altcoin
SHIB Burn Skyrockets 3400%, Shiba Inu Rally To Continue?
The latest SHIB burn data has once again ignited a tidal wave of optimism surrounding the renowned dog-themed meme crypto, Shiba Inu. Notably, the meme coin’s supply continues to take a blow, as indicated by a nearly 3,400% upsurge in the burn rate on Tuesday. Besides, it also comes as the investors anticipate a further rally in the crypto’s price, indicating market optimism amid an ongoing monthly price rally of over 70%.
SHIB Burn Blows Up 3,400% Igniting Investor Optimism
As per recent data from the official tracker Shibburn, the SHIB burn upsurged 3454% as a staggering 2.02 billion coins were taken out of the supply. Further, per the data, the wallet address 0x2c.. was noted to be responsible for the lion’s share in the burn rate surge.
Additionally, with the massive burn rate upswing weighing in, the meme token’s weekly burn rate witnessed a 1,987% uptick. This broader surge has further sparked optimism as 4.23 billion tokens were destroyed in the last seven days. Altogether, the dog-themed meme token’s market supply at the time of reporting totaled 589.25 SHIB following the burn rate uptick. This saga has sparked significant market bullishness over Shiba Inu’s future price movements, aligning with the law of supply and demand.
Meanwhile, it’s also noteworthy that CoinGape Media reported a major SHIB whale to have amplified its holdings recently, bagging billions of tokens. This massive buying further paves a bullish path for the meme crypto amid its constant supply decline due to token burns.
Can Shiba Inu Price Double?
At the time of reporting, SHIB price gained nearly 1% in the past 24 hours and is currently trading at $0.00002907. Its intraday low and high were $0.00002866 and $0.0000307, respectively. Further, the weekly and monthly charts for the meme token showcased gains worth 22% and 70%, respectively. This bullish trajectory falls in line with the token experiencing increased buying and constant SHIB burns.
Moreover, a recent Shiba Inu price analysis by CoinGape Media indicated that the mene coin’s price is likely to double shortly ahead. This bullish anticipation comes as the token shows steady consolidation, building momentum for a potential breakout. Crypto market watchers continue to monitor the coin extensively for further gains in light of recent bullish events, expecting the asset to continue its bullish momentum.
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.
In remarkable XRP news, HashKey Capital has rolled out Asia’s first XRP Tracker Fund in an attempt to open the floodgates for institutional investors. The digital asset investment firm has tapped Ripple as an anchor investor, building on previous high-level partnerships between both entities.
HashKey Capital Launches Asia-first Tracker Fund
Digital asset investment giant HashKey Capital has announced its first investment product to track XRP’s price. According to a press release, HashKey Capital launched the first XRP Tracker Fund in Asia, providing investors with institutional-grade exposure to XRP price.
The newly minted fund will provide institutional investors with XRP exposure without the hassle of direct ownership, trading or custody. Per the announcement, the XRP Tracker Fund will mirror the price of XRP with investors with cash subscription and monthly redemptions.
The latest fund is HashKey’s third tracker fund after the successful rollout of its Bitcoin and Ethereum exchange-traded funds (ETFs). According to the XRP news, plans are underway to convert the XRP Tracker Fund into an ETF with HashKey Capital targeting a two-year timeline.
Hashkey Capital disclosed that Ripple will provide the first round of funding for the tracker fund. Apart from seeding the initial investment, Ripple is tapped to become an anchor investor, committing a significant amount of cash.
Ripple, fresh from its Hidden Road broker deal is keen on deepening existing ties with HashKey Capital. Top on the list for both parties is the exploration of new investment products, tokenization, and DeFi solutions.
XRP ETFs Are Gathering Steam
HashKey says choosing XRP as its third tracker fund in Asia was an obvious choice for the investment firm. The press release mentions XRP’s functionalities in enabling efficient transactions beyond traditional alternatives. Already, conversations of a SWIFT integration with Ripple is growing louder and the impact on XRP price.
“XRP stands out as one of the most innovative cryptocurrencies in today’s market attracting global enterprises who use it to transact, tokenize and store value,” HashKey Capital Liquid Funds partner Vivien Wong.
While XRP is gaining traction, anticipation for an XRP ETF has reached an all-time high. An XRP leveraged ETF had a strong start to life, outperforming Solana to set a new altcoin record.
At the moment, a handful of XRP spot ETFs from top investment firms are awaiting approval by the SEC. Industry expert All Things XRP predicts that nine XRP spot ETFs will be approved by the SEC.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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 meme coin has recently rattled the crypto market by following one of the latest trends in the sector. The crypto’s team shared an X post this Friday that read, “Shib is for everyone.” This post follows the recent “Base is for everyone” token buzz.
Notably, Coinbase Layer 2 network Base earlier posted a very similar comment on X. As an upshot, the crypto realm saw the unintended launch of a new coin, with its price skyrocketing momentarily before falling from grace.
Shiba Inu Team Shares “Shib Is For Everyone” Post After Base, Here’s The Scoop
Shiba Inu team’s account @Shibtoken shared an X post on April 18 that read, “Shib is for everyone.” Further, the team shared another post soon after that read “Coined it.” The latter post was linked to Zora, a platform that allows users to mint content as tokens.
As mentioned above, these posts mainly follow the Coinbase L2 network’s recent chronicle. It’s noteworthy that the Layer 2 network shared an X post that read “Base is for everyone, followed by another post that read, “Just coin it,” linking it to the platform Zora.
The upshot? A domino effect kicked in, and these posts by the Layer 2 network ignited the launch of a new token that wasn’t even officially verified. Notably, this new token soon hit a market cap of over $20 million before erasing over 40% in value and retracing to $11 million. In turn, crypto market traders and investors are left abuzz amid this token’s launch, whilst the Shiba Inu team is now following similar footsteps.
It’s notable that some crypto traders even turned a mere $4.5K investment into a whopping $666K with the new “Base is for everyone” token. This saga put a major spotlight on the crypto project, with some even tossing insider trading and rug-pull allegations.
Did SHIB Price React Similarly To “Base Is For Everyone” Token?
Meanwhile, the hourly SHIB price chart shows that the meme coin witnessed a 1% uptick after the post by @Shibtoken, reaching $0.0000118. Its price recovered after hitting a low of $0.00001164 intraday. Notably, market experts like IAmCryptoWolfy are wondering about the sudden jump in Shiba Inu price, highlighting the surge on X.
However, this upward trajectory is relatively diminished compared to what the new Base token witnessed before falling. Besides, CoinGape recently reported that SHIB’s daily volume has also hit remarkable levels. As a result, traders and investors remain optimistic about what lies next for the meme coin’s price as it taps into one of the latest market trends amid bullish dynamics.
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.
Pi Network price is staring down the barrel of a gun as it faces the grim prospects of heightened price volatility. Cryptocurrency analyst Dr Altcoin warns that an avalanche of new accounts on Banxa with small Pi balances poses increased danger for the Pi Network price.
Dr Altcoin Warns Of Price Volatility From Banxa Account Activity
Pseudonymous cryptocurrency analyst Dr Altcoin has urged Pi Network investors to brace for the impact of incoming price volatility. Dr Altcoin revealed in an X post that a coordinated account activity on the cryptocurrency trading platform Banxa may affect Pi Network price stability.
He opines that Banxa is allowing the creation of multiple accounts, with a common denominator being their funding with small Pi Coin balances. The new accounts all have a balance of 0.98 Pi valued at around $0.61 in coordinated fashion.
“Banxa is creating many new accounts, each with a balance of 0.98 Pi,” said Dr Altcoin. “This could lead to price volatility.”
While the entity behind the synchronized account creation remains unknown, Dr Altcoin notes that extreme price volatility is on the horizon. Firstly, small wallets have seen action in wash trading scams to simulate fake market activity. Secondly, a concerted sale of Pi Coins in the wallets can create artificial sell pressure for Pi Network.
By keeping Pi balances under the 1 Pi mark, there is chatter that the entity is attempting to sidestep exchange rules and avoid detection.
In early April, Banxa rolled out support for Pi Network allowing users to buy, sell and hold Pi Coins on the platform. Since the integration, there have been over 1.2 million Pi Coin buys on Banxa,
Pi Network Records Significant Whale Activity
While Banxa accounts are buying miniscule amounts of Pi, whales are loading up their holdings with seismic purchases. The number of Pi Coins on exchanges dropped from 365 million to 359 million in under 48 hours. The decline of 6 million Pi Coins from exchanges is considered a clear sign of whales stacking up on the asset.
For now, it is unclear if the heightened whale activity is connected to the Banxa account activity. If connected, a classic pump and dump scheme may be in the offing for Pi Network price.
At the moment, Pi Network price is trading at $0.6 and shows no signs of wild price volatility. Pi Network’s momentum is surging to new levels, flashing indicators to reclaim the $1 dollar mark.
There is speculation that Pi Coin can reach highs of $30 if top banks start using Pi with a chain link integration driving up a short-term burst to $3,
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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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