Altcoin
Shiba Inu Burn Rate Skyrockets 16600%, What’s Next For SHIB Price?
The Shiba Inu (SHIB) meme coin, known for its canine mascot, has recently captured significant attention in the crypto market due to a massive increase in its token burn rate. According to Shibburn, a platform that tracks the incineration of SHIB tokens, the burn rate saw a remarkable surge of nearly 16,600% on Tuesday, June 4. However, this surge comes amid a decline in SHIB price, offering hopes of a potential rebound.
Shiba Inu Community Initiates $21.5M SHIB Burn
The surge in SHIB token burning has sparked enthusiasm among traders and investors. It reduces the overall supply of SHIB in circulation, potentially enhancing its value. In the past 24 hours, the burn rate of SHIB tokens escalated by 16593.83%, as reported by Shibburn.
During this period, the community collectively burned a total of 21.5 million SHIB tokens across multiple transactions. Moreover, one wallet address grabbed the spotlight as they emerged as the biggest contributor to the spike in Shiba Inu burn rate.
The notable contributor with the wallet address 0x498… transferred a total of a whopping 21.31 million SHIB tokens to a dead wallet in one single transaction. In addition, other Shiba Inu community members conducted several token burns, driving the burn rate higher.
As a result of these large transactions, the cumulative amount of SHIB tokens burned has reached an impressive total of 410.72 trillion. The reduction in supply is a key factor that could potentially drive up the value of the SHIB token. Furthermore, if the demand remains steady or increases, it could be of higher benefit.
For context, in economics, a reduction in supply with constant or rising demand typically leads to price appreciation. This principle applies to cryptocurrencies, including SHIB. The recent developments have generated a wave of optimism within the Shiba Inu community.
Also Read: 3 Ethereum Rivals To Buy If You Missed Solana
SHIB Price Tumbles
Shiba Inu slumped below the crucial support of $0.000024 today, distancing from the key resistance level of $0.000025. As of writing, the SHIB price lost 3.30% to $0.00002392 on Tuesday, June 4. Whilst, the meme crypto held a market capitalization of $14.09 billion.
However, the SHIB trading volume spiked 42.35% to $659.67 million in the past 24 hours. Though the burn rate has added optimism in the market, a rebound in Shiba Inu price can be noted only if the meme coin manages to successfully breakout from the $0.000025 level.
If the SHIB price surged past this level, it could possibly reach $0.000030 or even $0.000050. In addition, if the bullish momentum holds, Shiba Inu could attain the long-eyed $0.0001 target, which some critics find impossible to achieve. However, the derivatives data painted a different picture.
According to Coinglass, the SHIB futures open interest declined 13.95% to $89.77 million, indicating a diminishing interest among derivatives traders. Furthermore, Shiba Inu long liquidations soared to nearly $1 million with no substantial short liquidations, indicating further declines owing to the sell-off.
Also Read: FLOKI and DOG Leads Top Meme Coin Rebound
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.
Although the Bitcoin price rally has paused above $75,000 a day after Donald Trump’s victory, altcoins have continued their strong show with the Ethereum price taking the lead with 11% gains all the way to $2,850 levels. Investors have a lot of questions as to does this mark the beginning of the much-awaited altseason moving ahead.
Altcoins Steal the Limelight from Bitcoin?
On the day of Donald Trump’s victory on November 6, the Bitcoin price touched its all-time high levels surging all the way to $75,000. While the bulls try to defend these levels, altcoins seem to grabbing the investors’ focus.
The Ethereum price has managed to pull off 12% gains moving all the way to the $2,850 level and eying further rally to its all-time high levels. This comes despite strong selling pressure from Ethereum whales. Popular crypto analyst IncomeSharks noted that the ETH price has given a crucial breakout from the downward trendline slope, which opens the gates for a 75% rally from here to new all-time highs.
$ETH – Breakout. 75% move from here to an all time high. $3k first. pic.twitter.com/29KJzgk4Ex
— IncomeSharks (@IncomeSharks) November 7, 2024
Furthermore, after hitting the lower lows over the past few months, the ETH/BTC trading pair has notched up a bit. “With ETH/BTC at 0.035 it definitely makes sense to start hedging,” added Cowen. However, he added that for the bottom formation confirmation, the ETH/BTC pair must end above the 50 DMA.
I would watch #ETH / #BTC here.
If it can get above the 50D SMA, the there is a good chance that ETH/BTC has bottomed. pic.twitter.com/dXNYj2sDvY
— Benjamin Cowen (@intocryptoverse) November 7, 2024
Apart from Ethereum price surge, other altcoins like Solana made strong gains on Donald Trump’s victory. The Solana price has surged to $188 once again as talks about the approval of spot Solana ETF in the Trump presidency gain traction. As a result, analysts predict an SOL surge to $300 levels from here.
Will BTC Lose the Grip Over the Market?
Some market analysts state that it is still early to call the altseason and expect Bitcoin dominance to grow even further. Also, this could just be the beginning of the next major Bitcoin bull run.
Veteran trader Peter Brandt shared an optimistic outlook for Bitcoin, suggesting it has entered a “sweet spot” in the current bull market halving cycle. According to Brandt, Bitcoin is on track to peak between $130,000 and $150,000 by August or September of next year, marking a potential new high for the cryptocurrency.
Echoing similar thoughts, crypto analyst Ali Martinez noted that the next BTC top usually happens after 8 to 12 months following a monthly close above the previous all-time highs. Thus, he expects the next BTC top to happen anywhere between July to November 2025.
Historically, #Bitcoin has reached market tops roughly 8 to 12 months after achieving a monthly close above its previous all-time high.
If this pattern continues, the next potential market top for $BTC could occur between July and November 2025. pic.twitter.com/aWBZDBpUea
— Ali (@ali_charts) November 6, 2024
According to blockchain analytics firm CryptoQuant, Bitcoin’s recent all-time high doesn’t signal an overvaluation relative to its cost basis. The firm’s data on the MVRV ratio suggests that BTC remains well below peak levels. Additionally, Bitcoin’s price is close to traders’ average purchase cost, indicating that the market is not currently overheated. These insights point to the potential for continued growth in Bitcoin’s value.
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.
The XRP price has come under the spotlight following Ripple’s recent $250 million XRP transfer. This comes amid bullish predictions for the coin, with analysts saying that its price could enjoy a parabolic rally following Donald Trump’s win.
The XRP Price At Risk With Ripple’s $250 Million Transfer
The XRP price is at risk of a decline following Ripple’s transfer of $250 million worth of XRP to an unknown wallet. Onchain data shows that the crypto firm transferred 470 million XRP to this wallet (rP4X2…sKxv3). This unknown wallet has since transferred 100 million XRP to another wallet (rhWt2…E32hk).
The purpose of the $250 million transfer remains unclear. However, it could relate to Ripple’s On-Demand Liquidity (ODL) services or the ongoing SEC appeal case.
This development comes just a day after XRP whales moved $814 million, indicating whale accumulation. While the Ripple transfer is unlikely to impact the XRP price since it will likely be done over the counter (OTC) if it is a potential sale, it could still create a bearish sentiment among XRP investors.
However, crypto analysts are confident that XRP is currently in bullish territory following Donald Trump’s win in the US presidential elections. The coin could surge up to 3,336% as crypto analyst StephIsCrypto predicted a major above $2 following Trump’s victory.
A Price Surge Above $20 By Year-End
In an X post, Crypto analyst Amonyx made a bold prediction, stating that the XRP price will rise above $20 by year-end. In another X post, the analyst suggested that he was confident that this price surge would happen with the US SEC chair Gary Gensler set to be removed following Donald Trump’s victory.
Gensler’s removal is bullish for the XRP price because he has spearheaded the long-running legal battle against Ripple. The legal battle could have negatively impacted XRP all this time, creating doubts in investors’ minds.
However, with Gensler gone and the Ripple SEC lawsuit likely to end, investors could again become bullish on XRP and look to invest more in the crypto. Crypto analyst Ross Vandermeer also predicted that the XRP price could eventually rise to $1,000 thanks to Donald Trump’s US election victory.
Ripple CEO Brad Garlinghouse recently called on the US president-elect to fire Gary Gensler on day 1, just like he promised. Meanwhile, Ripple chief legal officer (CLO) Stuart Alderoty urged Trump to end the regulation-by-enforcement approach to position the US as the crypto capital.
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.
Ripple chief legal officer (CLO) Stuart Alderoty has revealed how US President-elect Donald Trump can make the United States (US) the crypto capital. The Ripple CLO statement came as Ripple CEO Brad Garlinghouse outlined his checklist for the Trump administration.
Ripple CLO Reveals How Trump Can Make US Crypto Capital
In an X post, Stuart Alderoty called on Donald Trump to move swiftly to end the regulation-by-enforcement approach that the crypto industry has endured and position the US as the crypto capital of the world.
As the Ripple CLO suggested, the US has been unable to claim the title of crypto capital due to its unfavorable regulatory environment. Regulators like the US Securities and Exchange Commission (SEC) have clamped down on crypto firms instead of providing regulatory clarity.
However, the Ripple CLO believes that is likely to change under Donald Trump. In his post, he also revealed that the president-elect had taken time to listen to Ripple’s story when they met and has also prioritized crypto as a key policy issue.
Indeed, the US president-elect was very vocal about crypto during his presidential campaign, making several promises to the crypto industry. As part of his promises regarding Bitcoin and the crypto industry, Donald Trump said he would fire US SEC Chair Gary Gensler on day one in office.
This is one of the major promises the crypto community is holding on to, considering that Gensler has spearheaded the anti-crypto crusade in the country.
Brad Garlinghouse Outlines Checklist For Donald Trump’s Administration
Before the Ripple CLO’s comments, Ripple CEO Brad Garlinghouse had outlined his checklist for the Trump administration’s first 100 days in office. First, he stated that Trump should fire Gensler on Day 1, just as promised.
In Gensler’s place, Garlinghouse recommended that the president-elect appoint either Christopher Giancarlo or Robinhood CLO Dan Gallagher, as they will be “massive upgrades” in rebuilding the rule of law at the SEC. Galaxy CEO Mike Novogratz also recently mentioned pro-crypto US SEC commissioner Hester Peirce as one of those who could also replace Gensler.
The Ripple CEO also asked Trump to get the US Congress to move the digital asset market structure bill forward in the Senate. Lastly, he asked if they could get some clarity for Ethereum, similar to that of Bitcoin and XRP since they are recognized as non-securities.
While Brad Garlinghouse didn’t endorse any candidate, Ripple CLO Stuart Alderoty and Ripple co-founder Chris Larsen made their stance known through donations. The Ripple CLO donated $300,000 to the Donald Trump campaign, while Larsen donated up to $11 million to Kamala Harris’ campaign.
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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