Altcoin
Shiba Inu Burn Rate Leaps 2955% Amid ETF Talks, Will SHIB Price Recover?
Despite the ongoing bearish trend, the Shiba Inu (SHIB) meme coin has caught the attention of the crypto world due to a staggering increase in its token burn rate. According to Shibburn, the platform dedicated to tracking the incineration of SHIB tokens, the burn rate surged by nearly 2955% on Tuesday, June 11. Moreover, the community is also hyped owing to recent discussions around a SHIB ETF.
Shiba Inu Burn Rate Soars Amid SHIB ETF Talks
This dramatic spike in token burning occurred during a period of downward action in the Shiba Inu price. By reducing the overall supply of SHIB in circulation, the burn rate could potentially enhance the token’s value. Over the past 24 hours, the burn rate of SHIB tokens escalated by an impressive 2955.25%, according to Shibburn.
During this period, the Shiba Inu community collectively burned a total of 7.47 million SHIB tokens across multiple transactions. Furthermore, two wallet address stood out amid the spike. The first wallet, 0x608…, transferred a staggering 5.35 million SHIB tokens to a dead wallet via two transactions.
Moreover, another wallet address, 0xc66…, shifted 1.53 million SHIB coins to a dead wallet. Additionally, other Shiba Inu community members conducted several smaller token burns, further driving up the burn rate. These efforts have led to the cumulative amount of SHIB tokens burned reaching an impressive total of 410.72 trillion.
Meanwhile, Shiba Inu’s marketing head, Lucie, recently discussed the SHIB ETF. The topic has garnered significant interest among Shiba Inu supporters following the recent approval of the Spot Ethereum ETFs.
Lucie expressed her doubts about whether institutional investors would recognize the significance of Shiba Inu. She remarked, “I honestly don’t know if institutions will understand how important SHIB is to people and their future finances.”
Nonetheless, she remains hopeful that major financial entities like BlackRock will eventually appreciate Shiba Inu’s potential. Lucie added, “I wish BlackRock would understand the magic and power of SHIB, but let’s see how visionary they are.”
Also Read: Shiba Inu Exec Pushes For FHE Privacy Layer Upgrade to Ecosystem Projects
Will SHIB Price Rebound?
Presently, Shiba Inu has failed to maintain a position above the critical resistance level of $0.000025. According to previous report by Coingape, if the SHIB price surpasses this threshold, it could potentially rise to $0.00003 in the short term. Additionally, this upward momentum might drive Shiba Inu’s value to $0.00005.
Furthermore, should this level be maintained, the cryptocurrency could rally towards the ambitious target of $0.0001.. However, SHIB is still far from surpassing its peak of $0.00008845. In addition, the prevailing trend is quite bearish. Hence, the price needs to recover above $0.000025 first to be able to achieve such ambitious targets.
This recovery might be driven by the rapid burn rate and excitement surrounding the Shiba Inu ETF, but there are no certainties. At press time, the SHIB price plummeted by 3.45% to $0.00002249 on Tuesday. Whilst, the meme coin held a market cap of $13.25 billion.
On the contrary, the 24-hour trading volume for SHIB surged 43.05% to $627.17 million, potentially due to the spike in selloffs. According to Coinglass, $561,870 worth of SHIB long liquidations were noted, which could push the prices lower.
Also Read: Shiba Inu (SHIB) ETF Now On Community Radar, Will It See Light of Day?
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.
PancakeSwap, a major decentralized exchange, has unveiled plans to distribute over 2.4 million zkSync (ZK) tokens to its community. This significant airdrop comes at a sensitive time for the zkSync ecosystem, coinciding with recent allegations against Matter Labs, zkSync’s developer. The airdrop aims to reward PancakeSwap’s users and increase platform engagement, but its timing has drawn attention due to the ongoing controversy surrounding zkSync.
PancakeSwap’s ZK Token Airdrop Amid zkSync Controversy
PancakeSwap, a leading multichain decentralized exchange, has announced a major community reward program set to begin on July 5 at 10:30 am UTC. The initiative will distribute 2,452,128 zkSync (ZK) tokens to its community members over a one-month period, ending on August 5. This airdrop comes as a gesture of appreciation for the community’s support of PancakeSwap’s zkSync deployment since July 2023. The timing is notable, as it coincides with recent controversy surrounding zkSync’s developer, Matter Labs.
Matter Labs recently faced accusations of “insider minting” related to its Libertas Omnibus NFTs. These claims, initially raised by blockchain research firm SoEasy on June 17, suggested improper distribution of NFTs to ineligible insiders. However, Matter Labs has strongly denied these allegations.
PancakeSwap’s airdrop follows significant milestones for the platform, including surpassing $3 billion in trading volume, $5 million in total value locked (TVL), and attracting over 1.9 million traders. The distribution is designed to reward both past and future contributors, as well as vote-escrowed Cake (veCAKE) holders.
Eligibility for the airdrop extends to active users who have contributed through trading, liquidity provision, and participation in previous zkSync initiatives. Future contributors who provide liquidity and trade on zkSync PancakeSwap will also be included, aiming to stimulate further platform growth.
At the time of publication, the airdrop is available to veCAKE holders and past contributors. Eligible users can claim their ZK tokens by connecting their wallet to the PancakeSwap platform homepage and following the provided instructions. Any unclaimed tokens will be redirected to support future PancakeSwap ecosystem development and community initiatives.
This airdrop represents a significant move by PancakeSwap to reward its community and potentially boost engagement, particularly in light of the recent controversies surrounding zkSync. It also highlights the ongoing competition and innovation in the decentralized finance space.
Also Read: Whale Continues XRP Selling Streak, $0.42 Becomes Major Resistance Level
Market Impact and ZK Token Performance
The ZK token has faced significant price pressure in recent weeks. Last month, it experienced a 5% drop following a $113 million token airdrop. Since its listing on major exchanges, numerous sell-offs have occurred, negatively impacting the token’s value.
As of the latest report, ZK is trading at $0.1495, with a 24-hour trading volume of $346,751,351. This represents a 7.43% price decline in the last 24 hours and a 7.55% decline over the past week. With a circulating supply of 3.7 billion ZK, the token’s market capitalization stands at $546.9 million.
The crypto community is now speculating on how PancakeSwap’s recent airdrop might affect ZK’s price, given its recent volatile performance and the ongoing controversy surrounding zkSync.
Also Read: Leading Telecom Company Taiwan Mobile Gets Crypto Exchange License
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 an unprecedented turn of events, Pepe coin has raised severe investor concerns by showing signs of a price correction today, July 5. Recent on-chain data indicated that over 1 trillion PEPE was dumped to exchanges amid a nearly 12% dip in the value of the frog-themed meme coin.
The emergence of these massive dumps amid a bearish crypto market has made market sentiments take a paradigm shift. Notably, speculations that Pepe coin has potentially topped have pushed traders and investors onto a hot seat, further aligning with the massive exchange dump.
So, let’s dive deeper into the current market stats of the third-largest meme coin by market and what it indicates for future price movements.
Colossal Exchange Dumps Ignite Bearish Sentiments
According to the on-chain data offered by ‘The Data Nerd,’ a transaction tracker, $1.02 trillion PEPE was collectively dumped to a crypto exchange by two whales today.
The whale address 0xf22 deposited 435 billion PEPE, worth $3.86 million, to Binance, one of the leading CEXs. If sold at the current price, the whale will suffer a loss of $1.21 million.
Simultaneously, the market maker Wintermute deposited and sold a whopping 593.6 billion PEPE for $4.61 million. This massive selloff has presented Pepe coin with increased selling pressure.
Collectively, these massive transfers to exchanges have stirred a whirlpool of bearish market sentiments, underscoring loss in the market’s confidence surrounding the asset’s future potential.
Meanwhile, Pepe coin continued to trade dominantly in the red territory.
Also Read: Justin Sun Faces $66M Loss As Ethereum Records 10% Fall, Here’s Why
PEPE Price Plummets
At press time, PEPE’s price saw a 12.03% dip in value to $0.000008304. It’s 24-hour bottoms and tops are $0.000007724 and $0.00000963, respectively. The weekly crash, a fall of nearly 33%, saw PEPE regaining a zero in its value after shedding it amid this year’s bull cycle. This momentum has pushed the token to take a bearish stage.
It’s worth mentioning that while this price drop aligns with the broader market trend, Pepe coin has surged unprecedently amid this year’s bull cycle, defying broader market trends and sentiments. This could mean that Pepe coin’s long-due correction has finally taken place.
However, CoinGape Media spotlighted PEPE’s nearest resistance point at $0.000009, hinting that a potential market recovery could witness PEPE scaling this level, paving the road for further gains.
Collectively, the abovementioned data hints at uncertain market sentiments over the future price action of the frog-themed meme coin.
Also, the RSI rested around 31, hinting that further downside pressure might propel an entry into the oversold territory. Should this happen, chances are Pepe coin could witness a potential price rebound.
Nonetheless, crypto market participants extensively eye the token for further price shifts, given the volatility of the crypto realm.
Also Read: Coinbase, MicroStrategy & Bitcoin Miners Stocks Extend Losses Ahead US Job Data
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 the background of the crypto market’s bearish movement today, a renowned XRP whale has continued selling significant amounts of XRP. Notably, on-chain insights by Whale Alert reveal nearly 71 million coins dumped to exchanges over the past day, setting off discussions surrounding XRP’s future price action across the crypto industry.
XRP price currently takes the heat of the broader crypto market trend, slipping as low as the $0.39 price level. So, let’s gauge in on the market statistics for Ripple-backed asset.
On-Chain Data Flags Whale Dumps
According to data by Whale Alert, 70.9 million XRP, worth $31.29 million, was shifted to two exchanges in a couple of transactions. As per the data, the whale address, …Rzn, was recorded as shifting the abovementioned amount.
…Rzn shifted 35.8 million coins, worth $15.80 million, to Bitso, a Mexico City-based CEX. Simultaneously, it transferred 35.1 million coins, worth $15.49 million, to Bitstamp, a Luxembourg city-based CEX.
These dumps have presented XRP with increased selling pressure amid a bearish market, causing further downside pressure on the asset. Intriguingly, CoinGape Media earlier reported that the same whale address has been repeatedly dumping XRP into the Bitstamp & Bitso crypto exchanges. Aligning with this, a negative market sentiment sparked by the whale dump engulfs XRP.
Meanwhile, despite Ripple rolling out upgrades for the network and strengthening its case against the U.S. SEC, the native token, XRP, has continued its sluggish movement.
Also Read: Leading Telecom Company Taiwan Mobile Gets Crypto Exchange License
XRP Price Correction?
At press time, the XRP price chart showed a 10.15% dip in value to trade at $0.4056. Its 24-hour lows and highs were $0.3977 and $0.4532, respectively.
Intriguingly, in a post by the crypto market analyst Dark Defender today, it was brought to attention that the $0.39 price level serves as POC (Point of Control). This is where most trades have taken place since 2014, making it a vital support as of the current trajectory.
Whereas, after consolidating over the past week, the crypto tanked forming resistance at $0.42. The RSI was moving along 22, signaled an oversold territory for the asset. This could mean a potential price rebound ahead as the market recovers.
Also, pro-XRP lawyer Bill Morgan took to X today, spotlighting his XRP purchase with a strategic buy-the-dip sentiment. This has added to optimism on a price rebound ahead.
Also Read: German Govt Moves 500 Bitcoin, Another BTC Dump Imminent?
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.
US Job Market Sees Growth in June as Crypto Market Slumps
PancakeSwap Opens Claim For 2.4M ZK Tokens As zkSync Denies Insider Minting
BNB Drops Below $500, Extended Bearish Trend On The Horizon?
FTX Founder Sam Bankman-Fried’s Family Accused Of $100M Illicit Political Donation
Pepe Coin Correction Prompts Over 1 Tln PEPE Dump, Bull Run Over?
Crypto Whales Boost Holdings of These 3 Altcoins
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
TON Foundation’s Plan to Onboard 500 Million Users
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
TON Foundation’s Plan to Onboard 500 Million Users
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
Avalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
Blockchain2 months agoHong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Regulation2 months agoCFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
Altcoin2 weeks ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Market2 weeks ago
TON Foundation’s Plan to Onboard 500 Million Users
-
Regulation2 months agoTerraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
-
Market3 weeks agoAvalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
Altcoin2 weeks ago2.52 Million Altcoins Are Ruining Crypto’s Future
-
NFT3 weeks agoNew And Upcoming NFT Projects
✓ Share: