Altcoin
Shiba Inu Burn Rate Rockets 3200%; Is SHIB Price Poised For 50% Rally?
Shiba Inu burn rate again witnessed a 3200% upsurge on Saturday, sparking market optimism despite the broader market volatility. Recent burn metrics indicated that roughly 30 million coins were removed from the crypto’s circulating supply. In response, traders and investors eye a bullish outlook for the meme coin, with market sentiments further uplifted as a top market analyst revealed over 50% gains for SHIB price looms.
Shiba Inu Burn Rate Soars 3200% As 30M Coins Destroyed
The latest data from Shibburn indicated that the Shiba Inu burn rate skyrocketed by 3252% in the past 24 hours. This major upswing is primarily attributed to 29.32 million tokens removed from the token’s circulating supply.
To frame this properly, it’s worth mentioning that the SHIB burn mechanism permanently reduces the asset’s circulating supply by sending coins to a null address. As an upshot, market participants anticipate SHIB price gains amid reduced supply, mirroring the law of supply and demand.
What Is Shiba Inu’s Current Circulating Supply?
As of press time, Shiba Inu’s circulating supply shrank to 584.34 trillion coins, taking a blow via constant burn rate surges. A staggering 410.49 trillion coins have been burned to date, per Shiba Burn statistics.
Furthermore, roughly 76 million coins have been burnt in March just as the first week comes to an end. Crypto market participants anticipate more burns ahead, bolstering SHIB tokenomics further as March reaches a close. The upshot remains that market-wide expectations of a price rally prevail.
Top Analyst Says SHIB Price Rally To $0.000020 Possible
Simultaneously, top market analyst Ali Martinez has recently posted on X, revealing that a $0.000020 price target for SHIB price looms. The meme coin’s price is currently holding above the critical support of $0.000013. A surge in buying pressure amid broader optimistic developments could fuel a price rally to $0.000020, which is up over 50% from the current price level.
However, Shiba Inu price today traded at $0.00001296, down nearly 2% in the past 24 hours. The dog-themed crypto bottomed and peaked at $0.00001295 and $0.00001367 intraday. Traders and investors eagerly await an upswing as the impact of the constant SHIB burn rate surges.
Simultaneously, market-wide speculations of SHIB being included in the U.S. crypto stockpile also persist. Although there is no official confirmation on the matter yet, market sentiments are brimming with optimism amid pro-crypto developments in the U.S.
The recent announcement of a BTC strategic reserve, crypto stockpile, and the conclusion of a White House crypto summit has left the market abuzz. Nevertheless, the crypto market is yet to see a bullish wave in light of optimistic developments unfolding across the broader industry.
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.
Altcoin
Developer Advocates For Pi Network Community To Launch Liquidity Pool To Stablilize Pi Coin Price
Amid frantic calls for a masterstroke for Pi Network price stability, one developer is picking up the gauntlet to launch a decentralized solution. The plan, a community-driven liquidity pool (CDLP), has received widespread support from the Pi Network community, stoking belief for an imminent launch.
Developer Urges Pi Network Community To Proceed With Community-Driven Liquidity Pool (CDLP)
The pseudonymous Satoshi Nakamoto has confirmed plans to proceed with the launch of a CDLP for Pi Network. According to an X post, the developer disclosed that the launch plans come on the heels of overwhelming community support for the initiative after a poll.
The CDLP, a decentralized price stabilization mechanism, involves Pi Network community members purchasing a fixed amount of Pi coins each month. Using the dollar-cost averaging (DCA) strategy, the steady purchases will create a decentralized liquidity pool with Pi coins controlled solely by investors.
Nakamoto shared a poll to gauge community opinion on the initiative on X, with 69% of votes supporting the idea. Going forward, the developer plans for the CDLP are underway, a valiant attempt to prevent steep price drops.
“Based on the results of the previous vote, we are officially establishing the CDLP community framework,” said Nakamoto.
He adds that the next phase will be the appointment of moderators for the CDLP from the Pi network community. While details for the framework are sparse, Nakamoto notes that the CDLP’s operation will follow the core principles of stabilizing the Pi price.
What Is The End Goal For The CDLP?
While the primary purpose of the CDLP is to stabilize the Pi coin price from sharp drops, Nakamoto says the initiative will have a far-reaching impact. He adds that a stable Pi price will provide a conducive atmosphere for developers to thrive.
Furthermore, businesses will be incentivized to accept Pi as a payment method, broadening its reach beyond Southeast Asia. In his submission, long-term Pi holders will receive rewards from Pi ecosystem projects and decentralized applications (DApps).
“As the community grows, Pi will become an increasingly adopted medium of payments and transactions,” added Nakamoto.
Community members like Dr Altcoin have called on the PiCoreTeam (PCT) to take decisive action to stabilize Pi Coin. Furthermore, Dr Altcoin suggests burning Pi tokens locked up in foundation wallets.
After a steep decline that saw the price lose 19% over the last week, the Pi price is recovering with optimists eyeing a rally beyond $3. Pi Network price currently hovers around $0.5 but the broader crypto market selloff threatens its recovery.
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.
In a major XRP news, crypto firm Ripple has announced plans to acquire prime broker Hidden Road for $1.25 billion. The XRP price surged on the back of this announcement, with the deal one of the largest in the crypto industry.
XRP News: Ripple To Acquire Hidden Road For $1.25 Billion
In a press release, Ripple announced that it will acquire Hidden Road for $1.25 billion, one of the largest deals in crypto history. The firm noted that with this acquisition, it will become the first crypto company to own and operate a global, multi-asset prime broker.
Hidden Road is a fast-growing prime broker offering institutions a one-stop shop of services, including clearing, prime brokerage, and financing across foreign exchange (FX), digital assets, derivatives, swaps, and fixed income. Meanwhile, this news comes just as the first XRP ETF went live in the US.
Furthermore, the crypto firm noted it is important that there are core infrastructure in place for institutional adoption for the industry to achieve the next phase of growth. This is where prime brokers come in as they bring the necessary credibility and professional trading services in legacy finance to the digital assets space.
As such, Ripple, alongside Hidden Road, plans to bring the promise of digital assets to institutional customers at scale, bridging traditional finance and decentralized finance (DeFi). Although not mentioned in the release, Fortune reported that the crypto firm will settle this acquisition primarily in cash, XRP tokens, and company stocks.
Commenting on the proposed acquisition, Ripple CEO Brad Garlinghouse said,
We are at an inflection point for the next phase of digital asset adoption – the US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance. With these tailwinds, we are continuing to pursue opportunities to massively transform the space, leveraging our unique position and strengths of XRP to accelerate our business and enhance our current solutions and technology.”
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. 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, a traveler 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.
Despite the broader crypto market correction, Curve Finance’s Curve DAO Token (CRV) is up 10% with a strong 27% pump in daily trading volumes. This happens despite the fact that Michael Egorov has offloaded nearly $2 million in CRV tokens over the past two weeks. This is because the leading decentralized finance (DeFi) protocol witnessed a record Q1, with $35 billion in trading activity, despite a sluggish market.
Curve Finance Price Is Up 10%, $3 Rally Coming?
After the crypto market crash on Black Monday, the Curve DAO (CRV) price bounced back over 10%, currently trading at $0.45 with its daily trading volume surging 27% to $240 million. As per the Coinglass data, the CRV futures open interest is up 6% to more than $107 million, showing strong bullish sentiment among traders.
Prominent market analyst The Mental Trader has reiterated his bullish outlook on Curve (CRV), forecasting a rise to $3+ based on Elliott Wave (EW) theory. Despite recent price fluctuations, the analyst maintains that CRV remains in the “third of the third” mega wave upwards while hinting at a potential long-term upside.
The trader shows that the recent Curve Finance price action is a second minor wave within the sub-third wave, and a breakout above $0.60 would confirm a bullish trajectory ahead.
The swing low at $0.34 is highlighted as a critical level; a breach would necessitate a full revision of the EW count. Thus, traders should keep a close eye on CRV’s price action as it approaches pivotal resistance levels.
Founder Michael Egorov on CRV Selling Spree
Curve Finance founder Michael Egorov has resumed offloading CRV tokens amid a market rebound. On his latest sale, Egorov offloaded 236,457 CRV tokens valued at approximately $108,000.
Egorov has sold a cumulative 3.083 million CRV tokens since March 24, amounting to $1.62 million. The tokens were sold at an average price of $0.527, strategically executed near local price peaks as reported by Spot On Chain.
Surge In User Activity for Q1
The leading decentralized finance (DeFi) platform Curve Finance has witnessed a major surge in user activity during the first quarter of the year. During this period, the Curve platform clocked a massive $35 billion in trading volumes, up by 13% in comparison to the previous year.
As per the data from DeFiLama, the platform’s total transactions surged from around 1.8 million to 5.5 million in the first three months. This has been one of the major reasons behind the DEX’s surge in trading volumes.
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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