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Shiba Inu Burn Rate Leaps 2955% Amid ETF Talks, Will SHIB Price Recover?

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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?

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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.

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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Chainlink Price To Hit $26 If LINK Breaks Past This Crucial Level

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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.

Chainlink Price To Hit $26 If LINK Breaks Past This Crucial LevelChainlink Price To Hit $26 If LINK Breaks Past This Crucial Level
Source: X, CRYPTOWZRD

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.

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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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Lorenzo Protocol (BANK) Price Rallies 150% After This Binance Announcement

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Lorenzo Protocol (BANK) price has defied the broader market’s recent uncertain trend by rallying 150% this Saturday. The institutional-grade asset management platform has stolen the spotlight primarily as a top CEX, Binance, unveiled a new listing for its native token. As a result, traders and investors are extensively eyeing this crypto, speculating whether the pump could sustain amid enhanced market exposure.

Lorenzo Protocol Price Bullish As Binance Futures Adds BANKUSDT Contract

At the time of reporting, BANK price traded at $0.05237, up by a staggering 150% in just a day. The cryptocurrency’s price surged from a bottom of $0.01839 intraday, in sync with Binance’s announcement.

According to an official press release by the crypto exchange on April 18, the platform’s futures trading division is adding the BANK USD-Margined perpetual contract to its stockpile of offerings. The platform’s colossal user base remains poised to enjoy up to 50x leverage while trading the asset. The timeline for this launch was set at 18:30 UTC, the same day.

Further, the top crypto exchange set the capped funding rate at +2.00%/-2.00%. Also, the same perpetual contract will be available for ‘Futures Copy’ trading, offering users enhanced opportunities to make returns.

For context, usual market sentiments about the coin’s future price action have turned highly bullish with the new offering. Traders and investors are expecting a substantial influx of funds into the token as the new listing paves the way for more investor interaction with the asset.

Now, crypto market watchers are thoroughly monitoring the token for further gains, highly optimistic amid an ongoing rally of 150% following the listing announcement. Lorenzo Protocol is an institutional-grade asset management platform that issues yield-bearing tokens backed by diverse underlying strategies.

Besides, it’s worth mentioning that Binance revealed another crypto listing this week, CoinGape reported. The CEX has revealed plans to open trading for Balance (EPT) shortly, garnering further attention among traders and investors.

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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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Is Solana Forming a Death Cross Against Bitcoin?

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Solana (SOL) price has been under pressure recently, leading to concerns about a potential downtrend against Bitcoin (BTC). On the SOL/BTC price chart are signs that the cryptocurrency could be forming a “death cross,” a pattern that suggests a further decline in price.

This follows a period of weak performance for Solana relative to Bitcoin, sparking discussions on whether the altcoin can recover or continue to underperform.

Will Solana Form a Death Cross Against Bitcoin?

Over the past few months, Solana price has experienced a sharp decline when compared to Bitcoin. As of mid-April 2025, Solana is priced at 0.00158 BTC, down by 23% from earlier in the month. This comes after a significant 54% drop since January, showing a steady loss in value relative to Bitcoin.

The recent drop in Solana’s price has raised concerns among traders and analysts. Moving averages, which track price trends over time, have been narrowing, which is often a precursor to a potential death cross formation.

SOL/USD 7-day chart (source: TradingView)SOL/USD 7-day chart (source: TradingView)
SOL/USD 7-day chart (source: TradingView)

Specifically, the 23-day moving average is approaching the 200-day moving average in the weekly chart, a key level for technical analysts. If it crosses below the 200-day average, it would officially signal a death cross. This could indicate a further decline in Solana’s price against Bitcoin.

Solana’s Recent Performance and Market Trend

Nonetheless, Solana has had some strength, which can be attributed to the recent launch of Solana ETFs in Canada.

At the same time, institutional investors’ attention contributed to the altcoin’s success in surpassing the performance of numerous other cryptocurrencies, including Bitcoin. Solana delivered a 10.5% return within a week, while Bitcoin delivered a 1.8% return in the same time frame.

Nonetheless, the recent excitement about Solana appears to have subsided with the lessened market movements. Analysts like Ali Charts are now analysing whether the recent strength was just a blip in the charts or the first sign of an actual trend reversal to $65.

SOL/BTC Technical Patterns and Support Levels

Based on the current technical perspective, Solana’s price trend against Bitcoin has established the “Falling wedge” chart. This pattern is normally noticed during the consolidation phase, and the break above the upper trend line is usually interpreted as a signal for a bullish move.

The declining moving averages indicate that Solana may continue to decline against Bitcoin and possibly test lower supports despite the SOL/ETH ratio recording its highest weekly close

At present, the price is almost at the apex of the wedge pattern, meaning that it can break soon. If the price surmounts the resistance level at around 0.0018BTC, it will possibly lead to a bullish run and might even regain the value of 0.001895BTC for Sol. However, if the price cannot hold its support at 0.0014 BTC, then it may decrease even lower.

SOL/USD 1-day price chart (Source: TradingView)SOL/USD 1-day price chart (Source: TradingView)
SOL/USD 1-day price chart (Source: TradingView)

Solana’s performance against Bitcoin will be very significant over the next few weeks. The potential death cross and the support and resistance levels on the chart pinpoint that Solana might experience a difficult time moving forward. If the trend persists, the altcoin could potentially drop as low as 0.001 BTC—a price point that, when measured in dollar terms, is below $100.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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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