Altcoin
Shiba Inu Burn Rate Sees Massive 2,296% Spike In One Day, Are The Bulls Back
The broader crypto market has witnessed a massive surge in the Shiba Inu burn rate, with the metric skyrocketing by 2,296% in just one day. This remarkable surge reflects the community’s desire to decrease the overall supply of Shiba Inu and possibly induce a price increase. With Shiba Inu showing signs of a strong revival, this could spark a new bullish phase for the popular meme coin.
Shiba Inu Burn Rate Skyrockets
The Shiba Inu burn mechanism is vital to its deflationary strategy, which aims to trigger token scarcity by permanently removing SHIB tokens from circulation. According to new data from the Shibburn, a burn portal specifically for the SHIB ecosystem, burn rates have increased by a whopping 2,050.95% in the last 24 hours.
This massive surge in the Shiba Inu burn rate has resulted in 1.28 billion SHIB tokens being permanently removed from circulation. Such a significant increase in token burns is often linked to the community, as members of the Shiba Inu ecosystem have constantly advocated for larger token burns.
Following Shibburn’s burn update on X (formerly Twitter), it can be seen that millions of tokens are being sent to dead wallets every hour. This surge in burn rate marks a significant milestone in the SHIB community’s efforts to reduce supply and potentially boost the value of the meme coin.
Among the most significant contributors to this recent spike in SHIB burn rate is Shibtoshi, the founder of SquidGrow, a utility meme coin. Lola, a popular Shiba Inu community member, revealed on X that Shibtoshi had burned over 1 billion SHIB tokens, valued at $25,633. This substantial token burn shows SHIB supporters’ strong commitment to the meme coin.
While a spike in SHIB’s burn rate may not immediately trigger a price increase, it can influence the market’s sentiment and induce scarcity, which is important for the sustainability of the ecosystem and for the long-term growth of the meme-based token.
Are Bulls Ready To Take Charge?
With the increase in the Shiba Inu burn rate, it appears that bulls are ready to retake charge, potentially triggering a bullish trend reversal for the meme coin.
At the time of writing, the price of SHIB is $0.000025, reflecting a 3.38% surge over the past week, according to CoinMarketCap. The popular meme coin experienced a major bull rally earlier this month, recording double-digit gains as it trailed the Dogecoin price surge.
Factors like broader market sentiment, post-election crypto rally, and the increased demand for meme coins have pushed the Shiba Inu price upwards. Moreover, as SHIB burn activity rises, this could serve as another bullish catalyst for the meme coin.
Adding to the optimism, analysts like ‘Shib Spain’ on X have forecasted a significant price breakout for SHIB. He shared a price chart suggesting that if the meme coin can break out of its current triangle pattern, it could potentially reach a price high of $0.000038.
Featured image created with Dall.E, chart from Tradingview.com
Cryptocurrency Prices Today, November 30: The broader market witnessed mixed price action, sparking investor speculation globally. Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) continued trading within tight ranges. XRP emerged as the fastest gainer among the top 10 cryptocurrencies, surging by 17% in the last 24 hours and climbing to become the fifth-largest cryptocurrency by market cap. ENS token outperformed as the top gainer, recording a remarkable 27% jump.
The global crypto market cap rose by 1% over the past 24 hours, reaching $3.38 trillion. Meanwhile, total trading volume increased by 11%, now at $170 billion. The Fear and Greed Index currently sits at 82/100, indicating extreme greed in market sentiment. Let’s explore the price movements of top cryptocurrencies by market cap on November 30.
Cryptocurrency Prices Today: BTC, ETH, SOL Trade Steady, XRP Jumps 17%
Today cryptocurrency prices exhibit mixed trends. BTC continues trading between the $95K to $98K range, striving to breach the $100K mark. Solana and Ethereum also remain range-bound, reflecting a steady market. Top meme coins like DOGE and SHIB display mixed performances. Meanwhile, XRP leads the top 10 cryptocurrencies, emerging as the highest percentage gainer.
Bitcoin Price Today
Bitcoin (BTC) price has traded flat over the past 24 hours, currently at $96,660. Its 24-hour low and high stand at $95,614 and $98,693, respectively, reflecting its consistent range-bound movement in recent days.
The cryptocurrency boasts a market cap of $1.91 trillion and a 24-hour trading volume of $54 billion. BTC’s market dominance has slightly dropped to 56.56%, indicating some shifts in market dynamics.
Additionally, Rich Dad Poor Dad author Robert Kiyosaki has forecasted that Bitcoin will soon surpass $100,000. He emphasized that such a surge could make it increasingly difficult for the middle class to invest in Bitcoin.
Ethereum Price Today
Ethereum (ETH) price is trading at $3,631, reflecting a 1% increase in the past 24 hours. Its 24-hour low and high stand at $3,538 and $3,648, respectively, indicating relatively stable price action.
With a market cap of $437 billion and a 24-hour trading volume of $29 billion, ETH remains the second-largest cryptocurrency. Its market dominance is at 12.93%, showcasing its continued importance in the cryptocurrency market.
Moreover, the Ethereum Foundation has invested a substantial investment into zkVM (zero-knowledge virtual machine) technology. This move underscores its dedication to advancing blockchain scalability and innovation.
Solana Price Today
Solana (SOL) price is trading at $241, reflecting flat movement over the last 24 hours. Its 24-hour low and high are $237 and $246, respectively, showing the coin’s persistent range-bound behavior for over two weeks.
With a market cap of $114 billion and a 24-hour trading volume of $4 billion, SOL remains the fourth-largest cryptocurrency by market capitalization. Notably, Solana has surpassed Ethereum in monthly fee generation, achieving a significant milestone in the blockchain space.
Recent data reveals Solana generated $183.46 million in monthly fees, slightly ahead of Ethereum’s $181.42 million for the same period. Additionally, CoinGape Media’s recent analysis predicts a potential price surge for SOL, estimating it could reach $1,300 in the near term.
XRP Price Today
XRP emerged as the top gainer among the top 10 cryptocurrencies, surging by 17% in the past 24 hours. Its price is currently trading at $1.78, with a 24-hour low of $1.54 and a high of $1.85. This impressive rally has helped XRP surpass BNB, making it the fifth-largest cryptocurrency by market cap.
With a market cap of $101 billion and a 24-hour trading volume of $16 billion, XRP remains a key focus in cryptocurrency prices today. The surge in XRP’s value highlights growing interest and momentum in the market.
In addition, Ripple Labs is preparing to launch RLUSD, a native stablecoin on the XRP Ledger, by next week. This move signifies Ripple’s continued innovation and expansion within the blockchain ecosystem.
Meme Coins Performance Today
Dogecoin (DOGE) price has seen a 3% increase in cryptocurrency prices today, currently trading at $0.4195. This positive movement comes amid growing speculation around a potential Dogecoin ETF, with expectations that crypto-friendly policies and DOGE’s recent price surge could lead to approval by 2025.
Meanwhile, Shiba Inu (SHIB) is trading flat today at $0.00002581, showing little change in the last 24 hours. Despite this, SHIB has gained significant attention recently, with a notable 200% surge in value over the past year, signaling strong community backing and potential for further growth.
In addition, other popular meme coins like PEPE, BONK, and WIF are trading flat to a 1-2% gain in cryptocurrency prices today. This reflects overall stability in the meme coin market, as these coins continue to show consistent, modest movements amidst broader market trends.
Top Cryptocurrency Gainers Prices Today
Ethereum Name Service
ENS price is currently trading at $42, reflecting a 27% gain in the last 24 hours. Its 24-hour low and high are $32.27 and $43.47, indicating strong price movement.
In addition, BitMEX co-founder Arthur Hayes recently accumulated ENS tokens, which has boosted market confidence. This significant investment highlights growing interest and potential in ENS, reinforcing its upward momentum.
Core
Core (CORE) price is currently trading at $1.40, reflecting a surge of 25% over the past 24 hours. This makes it the top gainer for today, with a 24-hour low and high of $1.09 and $1.49, respectively.
With a market cap of $1.3 billion, CORE continues to gain attention, showing strong upward momentum in the current market conditions. Its impressive price movement highlights growing investor interest and confidence in the token.
Top Cryptocurrency Losers Prices Today
MANTRA
MANTRA (OM) price is currently trading at $3.445, reflecting a 5% decline in the last 24 hours. Its 24-hour low and high are $3.40 and $3.65, indicating some price volatility during this period.
Raydium
Raydium (RAY) price is trading at $5.60, showing a 4% decline in the last 24 hours. Its 24-hour low and high are $5.53 and $5.84, reflecting a slight price decrease.
On the other hand, cryptocurrency prices today are showing bullish momentum across the broader market. In the past hour, Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have all seen gains, indicating a positive short-term trend for these major cryptocurrencies.
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.
Ripple has secured a major win in the class action suit against the crypto firm, XRP II LLC, and CEO Brad Garlinghouse. This win provides a bullish outlook for the XRP price, which analysts say is well primed for another leg to the upside.
Ripple Secures Major Win In Class Action Suit
The court in Ripple Labs Inc. Litigation ruled in favor of the defendants (plaintiffs to the motion), grating a joint motion for entry of motion and stay as modified by the court. The court declared that the defendants had shown good cause in their unopposed motion. The US District Judge also added that based on the record and for the reasons provided by the parties in their motion, there is no just reason to delay entry of judgment.
In line with this, the judge ordered entry of judgment in relation to the plaintiff’s class claims that were resolved in favor of the defendants. This includes claims that the defendants violated the Securities Act for the unregistered offer and sale of XRP and violation of the Securities Act against Ripple and Garlinghouse for control person liability.
The other two class claims resolved in favor of the defendants include violation of the California Corporations Code for primary breach of the restriction on the offer or sale of unregistered securities. Lastly, the judge ordered entry of judgment for the class claim that Ripple and Garlinghouse violated this California code for control person liability in relation to the XRP sales.
Meanwhile, Judge Phyllis Hamilton stayed the Plaintiff’s claim for relief against the defendants until the final resolution on any or all appeals of the class claims. This further proves that XRP isn’t a security, although Judge Analisa Torres already set the precedence in her ruling last year.
Meanwhile, this development comes amid SEC Chair Gary Gensler’s announcement that he will resign on January 20, 2025, as Donald Trump gets sworn into office. The XRP price has since broken above $1 and is enjoying bullish momentum, considering what Gensler’s departure could mean for the crypto.
XRP Price To Surge?
The XRP price currently boasts a bullish outlook, and predictions by crypto analysts suggest that the crypto is ready for its next leg to the upside. In an X post, crypto analyst Mikybull Crypto stated that XRP’s movement to $2 has begun. This was a level that the analyst said that the XRP price could reach this week.
Meanwhile, crypto analyst CrediBULL Crypto stated that the XRP price wants its ‘top 3’ spot back, meaning that the crypto intends to reclaim its position as one of the top three largest coins by market cap. XRP had occupied this position alongside Bitcoin and Ethereum just before the Ripple SEC lawsuit began in 2020.
At the time of writing, the XRP price is trading at around $1.60, up over 6% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
The XRP price is enjoying bullish momentum as the crypto flipped BNB to become the fifth-largest crypto by market cap. Amid this development, crypto analyst Dark Defender has provided insights into what price levels the crypto could reach next as part of this bullish continuation.
XRP Price To Reach $3.4 Next As It Eyes ATH
In an X post, crypto analyst Dark Defender predicted that the XRP price could reach $3.4176 next as it targets its current all-time high (ATH) of $3.84. This came as the analyst noted that XRP broke one of the critical resistances at $1.44 and successfully retested $1.63 following that breakout.
With that successful retest, Dark Defender said that XRP could touch one of the main Fibonacci levels, which is $1.88. The analyst went on to list $3.41 as a new target that market participants should keep an eye on as the crypto could rally to that level once it reaches this Fib level.
Based on the analyst’s accompanying chart, this XRP price rally to $3.41 could happen sometime in December. Meanwhile, the crypto could also break its current ATH next month as Dark Defender reaffirmed that $5.85 is one of the targets to keep an eye on for XRP.
Interstingly, the crypto analyst doesn’t expect the XRP rally to stop there, as he highlighted $11.3 as a new target for the crypto in this bull run. Based on Dark Defender’s prediction, $11 is still unlikely to be the market top. He recently predicted that XRP could hit $18 sometime next year, using the Elliot Wave theory.
Meanwhile, the crypto analyst mentioned $1.44, $1.28, $1.14, and $1.03 as new support levels, which the crypto needs to hold above to enjoy these parabolic rallies. XRP is riding a bullish wave as it flipped the BNB to become the fifth-largest crypto by market cap.
Is Solana The Next?
In another X post, Dark Defender suggested that XRP could flip Solana next as the XRP price rallies further. The Solana price is currently trading at around $244, with a market cap of $115 billion. Meanwhile, XRP boasts a market cap of $96 billion.
An XRP price rally to $3.4 would give it a market cap of $193 billion and could see the crypto flip Solana. However, that will also depend on how high SOL rises during this period. Crypto analyst CrediBULL Crypto has even provided a more bullish outlook for XRP, stating that the crypto wants its ‘top 3’ spot back.
This means that XRP could flip Solana and Tether to become the third-largest crypto by market cap, behind the top 2 cryptos, Bitcoin and Ethereum. It is worth mentioning that XRP was once above Ethereum before the Ripple SEC lawsuit began in 2020.
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.
BTC Holds $96K, XRP Climbs 17%, ENS Surges 27%
Analyst Says History Is Repeating Itself, Here’s How
Shiba Inu Burn Rate Sees Massive 2,296% Spike In One Day, Are The Bulls Back
RLUSD, XLM Surge, FIFA NFT Game
3 Altcoins Predicted to Outperform BTC in December 2024
PNUT Price Surges as Metrics Signals Strengthening Uptrend
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Regulation17 hours agoCoinbase ends USDC rewards in EU amid MiCA compliance
-
Altcoin20 hours agoEthereum Foundation Invests Millions Into zkVM, What’s Happening?
-
Altcoin16 hours agoBinance Expands Leverage For Terra Luna Perpetual Trading
-
Altcoin19 hours agoRipple Vs SEC Ex-CFTC, Pro-XRP Lawyers Say SEC Will Drop the Appeal
-
Ethereum19 hours agoEthereum Breaks Resistance Levels, Analyst Predicts Room For More Growth
-
Altcoin15 hours agoXRP Whales Move 139M Coins As Ripple Case Near Potential End
-
Market14 hours agoAlkimi Exchange CEO on Decentralized Ads and Data Ownership
-
Market11 hours ago3 Newly Launched Cryptos to Watch In December 2024
✓ Share: