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Shiba Inu Burn Suffers 30% Crash, Will SHIB Price Follow This Bearish Trend?
The Shiba Inu burn rate is facing new challenges amidst a corresponding lull in the Shiba Inu price. According to data from Shiba Inu burn tracker Shibburn.com, the number of SHIB tokens burned in the past 24 hours has declined noticeably, which gives rise to a concern about the activity surrounding Shiba Inu and whether the already declining Shiba Inu price action could be negatively affected.
Shiba Inu Burn Suffers 30% Crash
Shiba Inu’s burn rate is a main principle of the SHIB tokenomics strategy, as it is aimed at reducing supply and increasing scarcity over time. However, recent data from Shibburn.com indicates a concerning drop in burn activity. Over the past 24 hours, only 3.378 million SHIB tokens were removed from circulation through burning. While this figure may initially appear plenty, it actually represents a sharp 30.36% decline compared to the previous 24-hour period.
This decline in the total number of tokens burned shows a slowdown in burn activity, which is particularly noticeable when compared to the heightened burn levels recorded just two days ago. A detailed look into data from Shibburn.com shows that this decline is evident not only in the reduced total number of burn transactions but also in the markedly smaller amounts of SHIB tokens being sent for burning in each transaction.
Furthermore, the low burn activity is further visible when compared to the SHIB burns two days ago. For instance, the highest number of SHIB tokens burned in one transaction in the past 24 hours comes out at 1.99 million SHIB tokens. This pales in comparison to the 169 million burned in one single transaction just two days ago.
What Does This Mean For SHIB Price? Bearish Trend Ahead?
The critical question remains whether the decline in burn rate will translate into a corresponding drop in SHIB’s price. Interestingly, the SHIB price movements seem to be reflecting the decline in the low activity. At the time of writing, SHIB is trading within a narrow range between $0.00002756 and $0.00002330 in the past seven days.
The SHIB price movement started the week on a bearish note and is down by about 1.3% in the past 24 hours. Particularly, the SHIB price is trading at $0.0000253, although reaching a low of $0.00002436 in the past 24 hours. Furthermore, the SHIB trading volume has declined by 19.27% in the past 24 hours, further relaying the low activity trend.
However, the Shiba Inu burn crash doesn’t necessarily spell gloom for the SHIB price. A resurgence in broader crypto activity could cause the return of bullish activity into the meme coin, especially if the Bitcoin price eventually breaks above $100,000.
Featured image created with Dall.E, chart from Tradingview.com
Crypto analysts Mikybull Crypto and CrediBULL Crypto have suggested that the XRP price could reach $2 by the end of November. However, CrediBULL Crypto warned about what could hinder XRP from reaching this target.
XRP Price To Reach $2 By The End Of November
In an X post, Mikybull Crypto stated that the XRP price was looking so good at its current level and predicted that the crypto could reach $2 this week. CrediBULL Crypto also suggested that XRP could rally to $2 before this month ends but warned that it could depend on the Bitcoin price movement.
In an X post, the crypto analyst said that Bitcoin and XRP were at a pivotal point in their current price levels. He remarked that if the latter is at a level where it could record an extended 5th wave for this rally and continue above $2 without any significant pullback, it should be bottoming within its current range.
CrediBULL Crypto added that if the Bitcoin price holds 94,000, there is a decent chance the XRP price will be above $1.10, and the extended 5th wave will happen. However, if Bitcoin breaks below $1.10, it will confirm the completion of the first major Wave 1 from $0.48 to $1.62.
With the Bitcoin price falling today, this XRP rally to $2 before the end of this month could be at risk based on CrediBULL Crypto’s analysis. It is worth mentioning that the crypto analyst raised the possibility of XRP still enjoying this rally if Bitcoin can hold this $94,000 level and chop around this range for a bit.
The Rally To $2 Could Pave The Way To Double Digits
In an X post, crypto analyst Egrag Crypto suggested that the XRP price rally to $2 could pave the way for the crypto to reach double digits. This came as he revealed that the Fib channel 0.236 aligns perfectly at $2.
The crypto analyst remarked that with the right news and catalysts, XRP will soon break past this critical level, and then the real FOMO will kick in at $2. Egrag Crypto stated that reaching the Fib 0.5 level alone will take the XRP price into double digits. He noted that historically, the crypto has even surpassed this Fib level to hit at least 0.702.
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 CLO Stuart Alderoty slammed the U.S. Securities and Exchange Commission (SEC) for bragging about enforcement actions and raising record fines. Stuart Alderoty has challenged the bragging rights of the US SEC, highlighting the flawed approach the government agency has taken in lawsuits.
Ripple CLO Slams US SEC For Boasting About Fines Collection
Ripple CLO Stuart Alderoty reacted to the U.S. Securities and Exchange Commission’s (SEC) post on X about collecting record fines in the history of the agency.
Alderoty lambasted the US SEC for bragging about record fines collection. He compared it with a professor boasting about their highest-ever class failure rate and the most cheating scandals.
Furthermore, he added that the SEC’s oversight has gone wrong, driven by perverse incentives. Notably, the agency has also failed to provide clarity to the crypto community about rules and regulations. “It’s not a measure of success,” he added.
“We announced that the SEC filed 583 total enforcement actions in fiscal year 2024 while obtaining orders for $8.2 billion in financial remedies, the highest amount in SEC history, said the US SEC.
The government agency also boasted about the success of the Division of Enforcement under SEC Chair Gary Gensler. It claims the enforcement division has helped promote the integrity of capital markets to benefit investors.
However, investors claimed the agency has harmed investors more and Gary Gensler is the least effective SEC Chairman in American history.
$4.5 Billion budget. $8.2 billion fines. $1 Trillion damage to capital markets. Solid taxpayer ROI.
— Gabor Gurbacs (@gaborgurbacs) November 26, 2024
Ripple Launches Tokenized Money Market Fund
Ripple has introduced its first tokenized money market fund in partnership with UK-based asset manager abrdn and crypto exchange Archax. The fund, available on the XRP Ledger (XRPL), aims to enhance financial accessibility and liquidity.
Meanwhile, XRP futures open interest surpassed $2.50 billion, signaling growing trader activity. Whale accumulation also continues, with over 250 million XRP purchased during recent price dips. This has fueled speculation of a rally toward $20 as XRP shows strong market demand.
Currently, XRP price trades at $1.33, down 10% in the last 24 hours. Its market cap stands at $75 billion, with $10 billion in trading volume.
Varinder Singh
Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.
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.
Binance, a leading cryptocurrency exchange has announced plans to remove Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN) from all trading pairs. The decision follows a routine review to ensure listed assets maintain high standards and meet evolving industry requirements.
The announcement has triggered 25 to 40% price drops for the affected tokens. The exchange remains committed to fostering a secure and transparent trading environment, adapting to dynamic market and regulatory conditions.
Binance to Remove GFT, IRIS, KEY, OAX, and REN
Binance announced on November 26 that it would delist multiple tokens, including Gifto (GFT), IRISnet (IRIS), SelfKey (KEY), OAX (OAX), and Ren (REN). This announcement triggered a 25 to 40% decline in the prices of these coins as traders rushed to liquidate their positions, fearing further losses.
The impacted pairs, such as GFT/USDT, IRIS/USDT, KEY/USDT, OAX/BTC, OAX/USDT, REN/BTC, and REN/USDT, will cease trading as of the scheduled cutoff. One of the top crypto exchanges has warned users that pending orders will be automatically canceled once trading ends. Furthermore, deposits for these tokens will not be credited to accounts after the delisting date, while withdrawals will cease after February 2025.
This decision follows Binance’s routine asset review process, which evaluates factors like trading volume, project development, and network stability. The move reflects its commitment to maintaining high listing standards while adapting to shifting market conditions. Traders holding these tokens are encouraged to act before the delisting deadline to avoid potential disruptions in their portfolios.
Price Movements and Volume Trends Amid Delisting
Following the Binance delisting announcement, prices of affected cryptocurrencies have seen significant drops. Gifto (GFT) is currently trading at $0.01212, down 32% in the past 24 hours. Its 24-hour low and high range from $0.01176 to $0.01814. IRISnet (IRIS) dropped to $0.01058, crashing 36% since the announcement. Its 24-hour low reached $0.009892, and the high hit $0.01735.
SelfKey (KEY) has dropped 30% in 24 hours, trading at $0.002651, with a range of $0.002565 to $0.004157. OAX has also suffered a 31% drop, now at $0.114, with its low at $0.1096 and high at $0.1692. Ren (REN) is priced at $0.03942, down 32%. Its 24-hour range is $0.0352 to $0.05911. Despite this drop, Ren has gained 15% over the past month.
Binance’s delisting decision triggered a broader market sell-off. Investors reacted quickly, causing significant price drops across multiple tokens.
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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