Altcoin
SHIB Burn Soars 4800% Igniting Optimism Over $0.0000429 Target Ahead
SHIB Burn: The Shiba Inu meme cryptocurrency has once again garnered significant investor attention despite showing signs of a correction today, July 18. Market sentiments are brimming with optimism primarily due to a colossal 4800% surge in the burn rate, resulting in the blow of millions of coins from the token supply. This chronicle has birthed market speculations over a potential $0.0000429 price target looming for Shiba Inu.
So, let’s take a closer look at the meme coin’s current market dynamics and what it hints for future price movements.
SHIB Burn Sparks Investor Optimism
As per the tracker Shibburn’s data, the SHIB burn rate soared nearly 4822.88% today. This significant surge is attributable to the destruction of 44.30 million coins in the past 24 hours.
Notably, the total number of coins burnt from the Shiba Inu’s initial supply now equaled 410.727 trillion. Meanwhile, the total supply at press time was evaluated to be 589.27 trillion coins.
The Shiba Inu token burn mechanism by the meme coin’s community comes as an effort to support the meme coin’s tokenomics. Shiba Inu has performed sluggishly, primarily due to its excessive supply. Aiming to trim this, the SHIB community rolled out the token burn mechanism.
However, the meme coin traded in the red today, aligning with the broader market trend and massive SHIB selloffs due to the WazirX hack. Notably, in a follow-up of the Indian exchange’s hack, the exploiter sold all 5.43 trillion SHIB for 26,535 ETH, worth $92 million.
Also Read: Binance Delisting These Crypto Spot Pairs Amid Shiba Inu And Dogecoin Push
Shiba Inu Price Tumbles, What’s Next?
As of writing, the SHIB price saw a downfall of 8.66% to trade at $0.00001744. Its 24-hour lows and highs were recorded as $0.00001692 and $0.00001918, respectively.
A recent SHIB price prediction by CoinGape Media reveals that the token is forming a bullish reversal pattern called the rounding bottom on the weekly time frame. This hints at the bottoming of a downtrend fueled by renewed buying interest in the market.
Riding the wave of this pattern, the meme coin could potentially reach a $0.0000429 price target by this month’s end, further gaining support from SHIB burn chronicles.
Also Read: SHIB Burn Skyrockets 4000% Amid Shiba Inu ETF Buzz
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.
Despite the significant whale transfers from Robinhood, Dogecoin (DOGE) slipped slightly but remained above $0.39. In under an hour, upwards of 90 million DOGE tokens, valued at about $33.5 million, were transferred from Robinhood to Coinbase and an unknown wallet.
Whale Alert flagged the large withdrawals, which stirred investor attention and speculation about its future price movement.
Dogecoin Whales Move Over $30 Million
Whale Alert reports indicate that two significant Dogecoin transfers have taken place. The first was the transfer of 58.8 million DOGE, worth $21.3 million, to a Coinbase wallet. Another $12.5 million worth of DOGE was forwarded to an unknown address.
The second wallet does not seem to belong to any known exchange, which could mean that individuals or institutional investors with high net worth are stockpiling DOGE.
Crypto analysts often look at large transfers from exchanges to unknown wallets as bullish. This may indicate that “whales” are securing their assets for long-term holding rather than preparing for immediate selling. Moreover, CoinGape recently reported that these whales accumulated 140 million DOGE coins in 24 hours.
Despite the recent optimism, the crypto market retreated to a pullback, and Bitcoin retreated from its all-time high. Other altcoins and meme coins, such as DOGE, were no exception and fell under downward pressure.
For now, DOGE is down 8% and trading at $0.39. Its one-day trading volume was shed by 26% and stood at $12.2 billion. Over the last 24 hours, DOGE reached a high of $0.3964. Meanwhile, the weekly increase is still as high as 86%, with DOGE soaring 188% in 30 days.
A Rally To 90 Cents Despite a Short-Term Pullback?
Dogecoin faces a short-term correction after retesting 43-cent resistance, forming a potential double-top reversal pattern. According to the analyst on X Trader Tradigrade, the meme coin remains in a long-term uptrend with robust support at 39 cents and potential resistance near 90 cents.
#Dogecoin next stop: $0.9 🚀$DOGE is forming another Bull Pennant. The previous pennant brought $doge from <$0.2 to $0.3 while the current one is aiming at $0.9 pic.twitter.com/kAotib7dPJ
— Trader Tardigrade (@TATrader_Alan) November 15, 2024
Elon Musk’s backing and the Department of Government Efficiency (D.O.G.E) program continue to attract investors, including crypto whales. Following a five-week rally, Dogecoin (DOGE) has hit resistance – first, at 43 cents, triggering signs of a potential pullback.
Currently valued at $55 billion fully diluted, the coin is showing a bearish divergence on the Relative Strength Index (RSI), suggesting further short-term declines may occur before its next move upward.
Dogecoin has surged bigly since the election last week of Donald Trump. Still, it received an added push this week after news the president-elect would create a new agency called the Department of Government Agency (D.O.G.E), an agency co-led by one of Trump’s biggest supporters, crypto enthusiast Elon Musk. The new department has been tasked with streamlining government spending and eliminating fat red tape.
Since Election Day, Dogecoin has doubled in value, reaching a three-year high as traders anticipate a crypto-friendly administration. A recent class-action lawsuit against Elon Musk, alleging price manipulation of Dogecoin in 2023, has been withdrawn. Investors dropped their appeal after a court rejected their $258 billion damages claim earlier this year.
Teuta Franjkovic
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, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.
Influenced by figures like Don and Alex Tapscott and Laura Shin, 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.
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.
Crypto analyst Ali Martinez has made a bold prediction for the Cardano price, stating that it will reach $6 in this market cycle. The analyst went further to provide a timeline for when exactly ADA will reach this target based on historical trends.
When Cardano Price Will Reach $6
In an X post, Ali Martinez stated that the Cardano price will reach $6 by July to September 2025. The analyst made this ADA price prediction based on historical trends.
Martinez’s accompanying chart showed how the ADA price witnessed a rally of over 4,000%, which began in November 2020 and led to the coin reaching its current all-time high (ATH) of $3.10 in September 2021. The analyst believes Cardano can witness a similar run again and rally over 2,200% to reach $6.2.
The chart also showed that the Cardano price rally to this target had begun since the fourth of this month. Indeed, this might be the case as CryptoRank data showed that the crypto is up over 90% since the start of this month. ADA has also increased by over 20% in the last 24 hours.
This bullish outlook for the ADA price follows Cardano’s founder, Charles Hoskinson, confirming that he will serve as a crypto advisor in the Trump administration. Meanwhile, Bitwise recently filed a multi-crypto ETF application, which will include ADA.
A Rally To $1 Might Be Imminent
Crypto analyst Sebastian indicated that the Cardano price could rally to $1 in the short term. In an X post, the analyst highlighted a bullish pennant that had formed on ADA’s daily chart. He added that the breakout target is $1.
Interstingly, Sebastian recently raised the possibility of the Cardano price reaching $20 in this market cycle. The analyst noted that ADA’s market cap would be $700 billion if it reached this price target. The analyst suggested this price target was feasible since the Ethereum price reached a $560 billion market cap last cycle.
According to him, two important factors could send ADA to that price. First, he mentioned that this could happen if Bitcoin holders started investing heavily in the Cardano ecosystem after Cardano became Bitcoin’s layer-1 for smart contracts. The second factor he mentioned is whether Hoskinson will eventually become a crypto advisor in Trump’s administration.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. 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 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.
Solana meme coin Moo Deng (MOODENG) price witnessed a remarkable 20% uptick in value on Friday, sparking market optimism against the backdrop of a major listing for the crypto. Notably, leading Asian crypto exchange OKX announced that it is adding the meme coin to its stockpile of trade offerings, generating investor curiosity globally. Crypto market enthusiasts speculate whether the listing could help the token sustain a rally amid a bullish market, especially within the meme coin sector.
OKX Unveils Listing For Moo Deng Sparking Investor Frenzy
In an official announcement by the Asian crypto exchange on November 15, it was brought to attention that MOODENG/USDT spot trading on the platform is to commence starting at 12:00 PM (UTC) today. The platform’s colossal user base remains poised to indulge in Moo Deng trading, paving the path for further money inflow into the token.
In turn, the crypto currently surfs bullish tides across the market amid a meme coin frenzy. It’s noteworthy that this year’s Q4 sees a remarkably bullish meme coin market, with tokens such as Dogecoin and Shiba Inu witnessing weekly gains worth over 90% and 25%, respectively.
However, MOODENG price rally appears to have stolen the spotlight amid backing from major crypto exchanges despite other tokens mirroring notable gains. CoinGape Media recently reported that Binance launched Moo Deng futures listing with up to 75x leverage, igniting a price surge of 90% in the meme coin. Overall, market watchers continue to gauge the coin’s price movements as OKX’s support could further bolster the price.
MOODENG Price Soars 26%, Will Rally Sustain?
At press time, MOODENG price shot up 26% intraday and is now trading at $0.573. The coin’s 24-hour low and high were $0.3979 and $0.5788, respectively. Concerningly, the token’s trading volume did not surge as the trading on the exchange is to go live later today. Nevertheless, market watchers remain optimistic on future actions amid a bull run already taken by the token.
The Solana meme coin‘s weekly gain totaled 103%, whereas the monthly chart indicated a 538% upsurge. This rising trajectory has underscored the token’s potential to offer investors remarkable gains ahead.
Meanwhile, Coinglass data showed that the coin’s futures OI soared 26% to $293.14 million. Also, the derivatives volume jumped 10% to $2.60 billion. Overall, the current market stats underscore a heightened market interest in the asset, paving a bullish path for future movements.
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.
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