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Shiba Inu Coin Bull Run Ahead As SHIB Burn Rate Spikes Further

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5 months ago

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The Shiba Inu coin has garnered considerable investor enthusiasm today, further extending its burn rate upswing. Notably, Shibburn tracker’s insights reveal that the Shiba Inu burn rate soared over 800% in the past 24 hours, incinerating above 100 million tokens.

This chronicle has injected a shot of market optimism into the dog-themed meme coin as the supply continues to take a hit. Meanwhile, a couple of bullish factors further fuel the optimistic fire of a potential bull run ahead for Shiba Inu.

Burn Rate Spikes Amid Rising SHIB Adoption

The Shiba Inu burn rate surge comes alongside another development that underscores SHIB’s rising adoption within the crypto realm. Intriguingly, the crypto space saw the first time a meme coin was used to pay for a complete web3 food delivery order (SHIB), per The Shib Magazine. This underlines SHIB’s mainstream adoption as a payment method.

On the other hand, Shibburn’s data spotlighted an 859.83% surge in the burn rate, primarily attributable to the destruction of 107.08 SHIB tokens over the past day. A total of 410.72 trillion SHIB have been recorded to be taken out of the supply to date.

SHIB Burn

However, despite the significant number of coins burnt, SHIB has traded sluggishly in the past 24 hours, igniting inferences surrounding its future movements.

Also Read: Ripple SEC Lawsuit: SEC Shows ‘Strange Animus’ To Ripple, XRP Lawyer Says

Shiba Inu Coin Price Tumbles

The SHIB price chart showed a 0.27% fall from yesterday and is currently trading at $0.00002166. Weekly charts illustrate that Shiba Inu corrected 14.20%. However, the hourly timeframe chart demonstrates that the token gained 0.41%, aligning with the surge in the burn rate. Nonetheless, traders and investors exercise caution due to the highly turbulent nature of the crypto landscape.

Data by Etherscan shows a significant rise in Shiba Inu holders, totaling 1.39 million today, June 14. Despite its recent price correction, this is a silver lining for the token, hinting at a potential buy-the-dip strategy among market participants.

However, the derivatives market saw a notable decline in trading activity and investor interest in the asset, aligning with the price dip. SHIB Futures OI saw a 1.68% fall, whereas the derivatives volume plunged 64.37%. Besides, the RSI also moved around 38, rationalizing SHIB’s downside momentum.

Nonetheless, as the burn rate continues to soar, further escorted by the rising SHIB adoption and increase in token holders, market sentiments convey a potential bullish shift in price awaits. It’s worth remembering that although talks of a post-BTC halving rally have cooled down, market experts anticipate it is yet to kick in ahead, bringing in a price rally for altcoins.

Also Read: Bitcoin Buy The Dip Calls Surge But BTC Price Drop Under $65,000 Can Be Fatal

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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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Ethereum Foundation Launches Pectra Tesnet ‘Mekong’, ETH Price Set For $4000

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3 hours ago

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November 7, 2024

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Ethereum Foundation on Thursday announced launch of its first short-lived Pectra testnet ‘Mekong.’ This testnet includes all the EIPs proposed for the upcoming Pectra upgrade on the Ethereum network. Will this trigger ETH price rally to $4000 as the price jumped 8% in the last 24 hours?

Ethereum Foundation Introduces Mekong Tesnet for Pectra

In an official announcement by Ethereum Foundation on November 7, the first short-lived Mekong testnet was introduced after scoping the Pectra fork and four DevNet events

The foundation said the Mekong testnet consists of all the EIPs proposed for the next major Pectra upgrade. It includes changes such as UX changes via EIP-7702, staking changes via EIP-7251, changes to the deposits and exit mechanisms via EIP-6110 and EIP-7002.

The Mekong testnet is focused on wallet developers to engage with UX changes and for stakers to gain confidence in the upcoming changes. This is a short-lived testnet but the features included will make it into existing public testnets and finally the mainnet.

In addition, Ethereum developer Tim Beiko reveals ethPandaOps has introduced this short-lived Pectra testnet Mekong to introduce major changes in mainnet. Also, this helps the crypto community try out EIP-7702, MaxEB consolidations, and more.

Moreover, Ethereum Foundation developer Parithosh recommended wallet teams to try Mekong testnet at the DevCon Week, which will run the entire week of November 9-17.

ETH Price to Hit $4000

Bullish sentiment surrounding Donald Trump’s win and DevCon event has triggered the rally. Moreover, the launch of the Mekong testnet to fuel ETH price further. Notably, analyst Benjamin Cowen predicted Ethereum price rally after a bottom formation confirmation in the ETH/BTC pair above the 50 DMA.

Popular analysts Michael van de Poppe and Ali Martinez said Ethereum is in the early bull run stage. With the Pectra upgrade expected to take place in early 2025, whales are likely to buy the dip. Michael van de Poppe suggested that the markets are rotating and ETH will see a massive pump. Notably, a higher-low formation will bring much-awaited upward momentum.

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Also, Ali Martinez added that MVRV Momentum crossing its 180-day has historically signaled a period of outperformance for ETH price. The cross hasn’t happened yet and gives an opportunity to buy the dip for more upside ahead for the $4000 psychological level.

ETH price today jumped 8% to a 3-month high, with the price currently trading at $2,800. The 24-hour low and high are $2,611 and $2,878, respectively. However, the trading volume has decreased by 6% over the last day.

MVRV momentumMVRV momentum
MVRV momentum

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Varinder Singh

Varinder has 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 covering all the 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.





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Why Bitcoin Users Are Moving to Altcoins? As Ethereum Price Jumps 11%

Published

8 hours ago

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November 7, 2024

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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.

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.

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.

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.

Courtesy: CryptoQuant

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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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XRP Price At Risk As Ripple Moves $250M?

Published

21 hours ago

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November 6, 2024

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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.

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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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