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Shiba Inu Burn Rate Rockets Over 7000%, SHIB Breakout Ahead?

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The Shiba Inu burn rate has again fueled substantial market optimism across the crypto landscape, witnessing a whopping 7200% surge on Friday. As over 1 billion tokens were removed from the asset’s circulating supply in the past 24 hours, a bullish market sentiment bubbled the meme-themed asset. Further, with on-chain metrics reflecting strong market support for the crypto, an upshot is that investors eye SHIB price gains ahead despite the current market volatility ahead of the U.S. PCE inflation data release.

Shiba Inu Burn Rate Skyrockets 7200% As Nearly 1Bln Tokens Destroyed

As per the latest data by Shibburn, the Shiba Inu burn rate witnessed a whopping 7240% uptick on January 31. This massive upswing is primarily attributed to the removal of 1.1 billion tokens from the circulating supply.

Shiba Inu burn rateShiba Inu burn rate
Source: Shibburn official site

Notably, the wallet address 0xc7d04.. appears to be responsible for the lion’s share in the intraday burn rate upsurge, sending slightly over 1 billion tokens to a null address. In turn, the SHIB circulating supply at the time of reporting shredded and reached 584.25 trillion tokens. Overall, the massive blow to the asset’s supply has reverberated market optimism, mirroring the law of supply and demand.

Recent Community Advancement Bolsters Market Sentiment

Further, the recent launch of ShibOS remains a hot topic across the Shiba Inu community. The recently introduced blockchain-based platform offers users a smooth Web2 to Web3 transition for various use cases. This chronicle has aided the meme coin in broadening its horizon, thereby attracting further market attention.

Can SHIB Price Breakout Amid Burn Surge?

At the time of reporting, SHIB price traded at $0.00001866, showcasing a highly turbulent intraday movement. The top dog-themed meme coin’s intraday bottom and peak were recorded as $0.0000185 and $0.00001896, respectively.

It’s noteworthy that the token faces a critical resistance at the $0.000019 level. Nevertheless, the massive Shiba Inu burn rate surge has uplifted the market sentiment for the asset despite the broader sideways price movement.

On-Chain Metrics Signal Strong Market Support

Renowned crypto market enthusiast Zach Humphries has posted on X, spotlighting bullish metrics for the meme token. Almost 74% of Shiba Inu holders have held onto their holdings for over a year, underscoring retained market interest in the asset despite price fluctuations.

Further, nearly 47% of holders are making returns on the current price level. However, if these holders decide to sell ahead for profit-booking, volatility in price may be expected moving ahead. Nevertheless, current stats reflect a highly prominent market stand for the meme coin, with the Shiba Inu burn surge injecting additional bullishness on future prospects.

 

Shiba Inu on-chain dataShiba Inu on-chain data
Source: Zach Humphries, X

Crypto Market Faces Turbulence As PCE Inflation Data Looms

It’s noteworthy that Shiba Inu’s price action currently aligns with the broader crypto market trend. As the U.S. PCE inflation data for December looms to be released on January 31, Bitcoin and altcoins flux. Nevertheless, the recent SHIB burn data and broader community advancements continue to garner optimism about the token’s long-term prospects, flagging a bullish breakout ahead.

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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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Analyst Confirms XRP Price Can Still Reach $320, Here’s When

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Crypto analyst Egrag Crypto has suggested that the XRP price can still reach as high as $320, providing a bullish outlook for the crypto amid the recent market downtrend. The analyst also hinted at a timeline for when XRP could reach this price target.

Analyst Confirms XRP Price Can Still Reach $320, Provides Timeline

In an X post, Egrag Crypto confirmed that the XRP price can still reach $320. His accompanying chart showed that the crypto could reach this price target between now and 2026. Interestingly, the chart also showed that XRP could even rally further to as high as $800.

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The analyst seemed confident that XRP could reach these price targets. He stated that in the next couple of months and years, it won’t make a difference at what price market participants bought the coin. Instead, they would only wish they had bought more.

This bullish outlook for the crypto comes amid the recent crypto market crash, which saw XRP, and other major cryptocurrencies like Bitcoin, Ethereum, and Solana record significant price crashes.

Meanwhile, this prediction is an upgrade from the analyst’s earlier prediction, in which he predicted that the XRP price could rally to as high as $110 between now and next year.

Showing Great Strength Against Bitcoin

In another X post, Egrag Crypto revealed that XRP is showing “incredible” strength against the Bitcoin price right now. He further remarked that the current formation is undeniably super bullish.

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In line with this, he affirmed that double digits are written in golden ink for the XRP price. He outlined the Fib 1.272 at $0.000072, Fib 1.414 at $0.000095, Fib 1.618 at $0.00014 and Fib 1.888 at $0.00023 as some of the potential price targets to keep an eye on.

The crypto analyst asserted that all these targets are not just wishful thinking. Instead, according to him, they are plausible, grounded in historical data and align perfectly with the total market cap.

XRP’s Correction Almost Done

In an X post, crypto analyst Dark Defender assured that the XRP price is close to finalizing the ABC correction pattern in the daily time frame, considering the lowest Relative Strength Index (RSI) figures. He added that the RSI is close to the oversold area.

ImageImage

Once the XRP price correction is over, the analyst predicts that the crypto will rally towards $3 on the first wave, before it rallies to the targets between $5 and $8 with the Wave 3 and Wave 5 impulsive moves to the upside.

Dark Defender also revealed the important levels to watch out for as XRP eyes a bullish reversal. He stated that the support levels are $1.88 and $1.91. Meanwhile, the resistance levels are $2.44, $2.99 and $5.85.

Crypto analyst CasiTrades also confirmed that the XRP’s correction is almost done, with the crypto now forming the final wave 5 of C down. She added that the crypto just completed subwave 4, meaning it is now in the last leg lower to finalize this correction.

The crypto analyst also remarked that higher timeframes are confirming bullish divergence, aligning with the theory that this could be the final low before reversal. She also confirmed that selling momentum isn’t as strong as it was a few weeks ago.

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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.





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Mask Founder Confirms Hack, Loses $4 Million In Crypto

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As the cryptoverse begins to pick itself up from jarring breaches, Mask founder Suji Yan is the latest victim of a calculated attack. Yan confirmed the loss of $4 million worth of assets with the stolen asset swapped to Ethereum (ETH) and moved to multiple addresses.

Mask Founder Loses $4 Million In Crypto On His Birthday

One week after the Bybit hack, Suji Yan, founder of Web 3 browser extension Mask has confirmed the loss of $4 million worth of cryptocurrencies in a security breach. The attack was targeted at a public wallet on the phone of the Mask founder with early analysis pointing to an offline attack.

In his confirmation, Yan says that the malicious transaction appears to be manual, taking place over 11 minutes. The mask founder is not ruling out the possibility of a private key leak, noting that the transactions happened during a bathroom break on his birthday.

“I was in a private gathering with a dozen friends and my phone was away for some minutes when I was using the restroom,” said Yan. “I trust my friends but this a nightmare for everyone.”

Attacker Moved Stolen Funds To Multiple Addresses

An early report by Web 3 security firm Cyvers disclosed that the Mask hack attacker moved several assets including ETH, USDT, WETH, and MASK to a single address. Upon receipt of the funds, the attacker converted the stolen funds to ETH and transferred them to six different addresses.

The embattled Mask founder has announced an investigation into the theft, tapping SlowMist and ZachXBT to lead the recovery. Yan is also cooperating with law enforcement agencies to resolve the issue, pledging to reserve comments till a formal report is available.

Unlike malicious code in Safe Wallet in Bybit’s hack, Yan says the attack is most likely an offline case involving a trust breach.

“I hope if this is the offline case – you should confront me directly,” said Yan. “Crypto is not a dark forest and I will not let it be.”

Amid the security breaches, a massive BTC price dip is dampening the enthusiasm of investors as they scan the horizon for a rally.

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Aliyu Pokima

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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US Lawmakers Repeal New Crypto Rule

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As one door closes, a better one opens. With US lawmakers repealing the controversial ‘DeFi broker rule,’ the crypto space is seeing a shift toward greater clarity.

Seizing the moment, Meme Index is preparing to launch a revamped meme coin ecosystem tailored for new investors. This innovative setup will simplify entry into the meme coin market while enhancing security, accessibility, and transparency.

The rule, rumored to take effect in 2027, was initially designed to require brokers to report new crypto transactions and taxpayers to the Internal Revenue Service (IRS). But the House Ways and Means Committee voted on passing it yesterday.

Lower Taxes on the Horizon for New Crypto Buyers

The repeal of the DeFi broker rule is a major win for new crypto investors who feared higher tax burdens—scaled based on income—and potential roadblocks to digital asset innovation.

The rule would have also created massive bureaucratic hurdles, overwhelming the IRS with paperwork while forcing US brokers to navigate complex reporting requirements for data they don’t typically collect.

By removing this regulatory overreach, the decision clears the way for a more streamlined and innovation-friendly crypto environment.

As the DeFi landscape continues to evolve with fewer hurdles, Meme Index is preparing to bring more favorable structures to the bustling crypto realm by soon launching the world’s first decentralized meme coin indexes.

New Crypto Project to Bring Favorable Structure to Meme Coin Arena

Meme Index is dubbed as being one of the best presales in 2025 owing to the soon launching of four blockchain-based meme coin indexes with contrasting risk profiles. 

Look at the Meme Titan Index, for instance. It highlights the top eight meme coins that are low risk, whereas the Meme Frenzy Index features the most volatile coins that have the potential to offer the most outstanding returns if successful. 

Meme Titan Index
Source: Meme Index

The Meme Index baskets will spotlight meme coins with varying risk tolerances, offering significant advantages for traders. Instead of sifting through the vast crypto landscape (which is now home to over 11.98 million cryptocurrencies) investors can quickly find options that align with their goals.

This streamlined approach saves time, reduces research hassle, and makes meme coin investing more accessible.

They might even want to spread their risk across different meme tokens, so if one underperforms (or, even worse, fails), they’ll have other investments to offset their losses. 

But there’s a slight catch: To access the meme coin baskets once they go live, users must hold $MEMEX, the project’s native token. 

After buying $MEMEX (currently at just $0.0166218), holders can vote on index updates and token inclusions and stake their tokens at a tremendous 588% APY. 

Considering the $MEMEX has already raised $3.8M, and its value is anticipated to reach $0.074 before 2026 kicks off, now presents a good time to purchase this new crypto. 

$MEMEX Could Be the Next New Crypto to 100x

The repeal of the DeFi broker rules is a significant advancement in the crypto market, particularly for new crypto buyers who no longer have to fear higher taxes and such regulatory challenges. 

As the DeFi world progresses, new crypto projects like Meme Index are getting ready to provide investors with structured yet favorable investment propositions. 

Consequently, $MEMEX could be the next meme coin to 100x – but only time will tell. We’re not financial investors, nor are we fortune tellers, so be sure to always do your homework and don’t invest more than your piggy bank allows. 



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