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Shiba Inu Coin Surges As 360M SHIB Burnt Over The Week, More Steam Left?

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5 months ago

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The Shiba Inu meme coin has garnered significant optimism today, gaining over 10% against the backdrop of massive SHIB burn. As nearly 360 million coins were recorded to be destructed in the past seven days, a favorable impact on the meme coin’s market dynamics has taken place.

This chronicle has generated a torrent of speculative buzz on the asset’s potential to offer gains ahead. Let’s delve deeper into the SHIB’s current market dynamics and what it hints for future movements.

360M Coins Taken Out Of Supply

Notably, the tracker Shibburn on X revealed that 360.35 million Shiba Inu coins were burnt over the past week. This gave rise to a significant 418% spike in the weekly burn rate.

Meanwhile, usual market sentiments have taken a bullish turn, coinciding with the price rally and burn rate surge. Shiba Inu’s supply takes a massive blow as the token burn mechanism continues to kill SHIB.

At press time, the total supply was evaluated to be 589.27 trillion SHIB. Also, it’s worth mentioning that the meme coin’s community recorded the burning of 3.84 million tokens today.

Shiba Inu’s price trajectory waned significantly in tandem with the broader market’s trend in recent days. However, today came as a silver lining, attributable to the surge in burn rate and the broader industry showing signs of recovery.

Notably, SHIB has reversed yesterday’s losses, trading dominantly in the green.

Also Read: Crypto Stocks Fail To Capitalize on Big Tech Rally

SHIB Price Rallies

As of writing, the SHIB price rallied 15.30% over the past day to reach $0.00001539. Its 24-hour bottoms and tops were recorded as $0.00001296 and $0.00001546, respectively.

SHIB’s futures OI surged 8.45% to $34.53 million, further hinting at increased investor interest in the asset. However, the derivatives volume saw a 28.62% fall to $213.20 million.

The RSI moved along 30, contrastingly hinting at downside pressure on the asset. This data has shrouded the meme coin’s future price movements in a cloud of an enigma.

Also Read: GameStop Stock Falls Further; Roaring Kitty’s Impact Wanes

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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.

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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Vitalik Buterin, Coinbase’s Jesse Pollack Buy Super Anon (ANON) Tokens On Base

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35 minutes ago

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November 21, 2024

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Ethereum co-founder Vitalik Buterin has purchased 30,303 ANON tokens, stirring excitement around the privacy-focused cryptocurrency. The transaction reflects a growing interest in decentralized anonymity, with Buterin’s involvement sparking speculations about ANON’s potential as a revolutionary token in the privacy space.

Joining Buterin, Coinbase executive Jesse Pollak has also acquired ANON tokens. This dual endorsement from prominent crypto figures has bolstered ANON’s debut, fueling curiosity about its role in shaping the future of private, self-sovereign transactions.

Vitalik Buterin and Jesse Pollak Support ANON

According to a November 21 post on X, Vitalik Buterin’s wallet (vitalik.eth) swapped 0.082 ETH for 30,303 ANON tokens on Base. This high-profile transaction has brought significant attention to ANON, a decentralized and privacy-focused cryptocurrency, ahead of its launch.

In addition, Coinbase executive Jesse Pollak mirrored this enthusiasm by spending 0.333 ETH to purchase 31,529 ANON tokens. The endorsement of ANON by influential industry leaders hints at its potential as the next major innovation in privacy tokens.

ANON, promoted as a self-sovereign and anonymous asset, aims to redefine privacy in cryptocurrency. These notable endorsements have positioned ANON to make a strong impact in the rapidly evolving blockchain ecosystem. Its launch has further amplified discussions on the future of privacy coins and decentralized privacy solutions.

Super Anon: A Revolutionary Step in Privacy?

Vitalik Buterin swapped 0.082 ETH for 30,303 Super Anon tokens to meet the minimum requirement for posting anonymously via Farcaster’s anoncast account. Earlier, the minimum was 30,000 tokens, but it has now been reduced to 15,000 ANON tokens, making it more accessible.

Since Buterin’s purchase, Super Anon has surged by 550%. The token is currently trading at $0.0402, with a 24-hour low of $0.00887 and a high of $0.6367. This sharp price increase reflects rising interest in decentralized anonymity solutions, positioning ANON as a potential player in the privacy sector.

Buterin, a long-time advocate for Ethereum scalability, has also praised other blockchain projects like Starknet, which aims to enhance Ethereum’s scalability. His involvement in the Super Anon ecosystem further emphasizes his commitment to supporting innovative privacy solutions in the crypto world.

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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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3 Trending Crypto Coins Ready to Soar by 100%

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2 hours ago

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November 21, 2024

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Excitement fills the cryptocurrency market as Bitcoin price reaches a historic achievement, hitting a record peak of $97,000. Although the top cryptocurrency is getting most attention, other major altcoins have also seen small increases, indicating stable growth throughout the market. In the midst of all this action, three crypto coins—XRP, EGO, and Minotaurus (MTAUR)—are gaining notable interest for their ability to provide substantial profits. These tokens are strategically placed to take advantage of the market’s positive sentiment, driven by new advancements and investor trust.

Trending Crypto Coins Poised to Skyrocket 100%

1. XRP (XRP)

XRP has gained attention recently because its price surged to approximately $1.12. This marks an impressive 58% surge in the last week, making it one of the best-performing assets within the top 20 largest cryptocurrencies based on market value. Analysts have a positive outlook on its future, forecasting a possible XRP price increase to $1.96 if it continues to confirm its bullish chart formations. A combination of market trends, regulatory certainty, and investor outlooks have led to its increasing appeal.

XRP price performance chartXRP price performance chart

Ripple’s legal battle with the U.S. SEC is nearing a positive resolution, boosting confidence in XRP. The digital asset’s increasing adoption in global payments highlights its strength among top altcoins, making it one to watch.

Furthermore, XRP Ledger’s XLS-66D upgrade, which enhances the blockchain’s capacity for tokenized assets, has added another layer of optimism. With these advancements, XRP appears well-positioned for a significant price breakout.

2. EGO (EGO)

Meanwhile, EGO has captured attention with a dramatic price surge of 172% over the past month, driving a trading volume of approximately $1.42 million. Trading at $0.02479, this token has become a hot topic in the market, supported by strong technical indicators and investor confidence.

The Fear & Greed Index for EGO currently reads 83, signaling extreme bullish sentiment. Predictions suggest EGO could see a staggering 236% growth by December 2024, potentially reaching $0.061296.

EGO price performance chartEGO price performance chart

EGO’s growth is connected to its function in the Paysenger platform, which links Web2 and Web3 environments. By allowing content creators to earn money through EGO tokens, the platform has gained a larger user community of more than 50,000 people.

The growing popularity of these tokens has led to a favorable environment for their continuous expansion, making it one of the best cryptos to buy.

3. Minotaurus (MTAUR)

In the gaming industry, Minotaurus (MTAUR) is establishing a unique position with its token model focused on practicality and quickly growing presale. MTAUR is currently valued at 0.00006 USDT, approximately 70% reduction. This gives early adopters an opportunity to benefit significantly, as it is planned to be listed at 0.00020 USDT, indicating a potential 234% rise.

The project has already achieved a milestone of 200,000 USDT in its presale phase, sparking excitement among crypto enthusiasts.

Minotaurus TokenomicsMinotaurus Tokenomics
Minotaurus (MTAUR) Tokenomics

Minotaurus includes its token in an immersive gaming environment, providing options such as customizing avatars and entering exclusive in-game areas. Its strong token economics, planned for lasting viability, incorporates referral and vesting incentives.

Security audits conducted by SolidProof and Coinsult help to further increase market confidence. The excitement about the project is heightened by a 100,000 USDT prize, where one fortunate person will receive 50,000 USDT in MTAUR tokens. This pauses as a promising opportunity for those looking to capitalize on an early-stage cryptocurrencies.

A Bright Future Ahead for These Crypto Coins

With Bitcoin setting the pace with its unprecedented success, crypto coins such as XRP, EGO, and Minotaurus are following suit, displaying great potential ahead. These tokens, supported by strategic progress and strong investor support, showcase the expanding diversity and potential in the cryptocurrency market. With the ongoing bullish trend, these three assets have the potential to provide high returns that could significantly impact one’s life, making them important in the changing cryptocurrency market.

 

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Jane Lubale

With over four years of experience in the cryptocurrency, Fintech, blockchain, and Web3 industries, I bring a wealth of knowledge and expertise to every piece I write. Backed by a Masters in Business Administration, my writing combines insightful analysis with a deep understanding of market trends, technological advancements, and regulatory landscapes. Whether crafting engaging articles, informative guides, or thought-provoking analyses, I strive to deliver content that informs, educates, and inspires readers in this rapidly evolving space.

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 FLOKI Price Hits 6-Month Peak With 5% Surge?

Published

3 hours ago

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November 21, 2024

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FLOKI price has gained significant traction from investors lately, as evidenced by the meme coin hitting a 6-month high recently. Notably, this rally comes amid a flurry of developments surrounding the token as well as in the broader crypto market. In addition, recent on-chain metrics also indicate that the meme coins sector is likely to continue its run toward the north ahead.

Why Is FLOKI Price Rising Today?

The FLOKI price noted a robust rally recently amid major listing announcements and other positive developments in the broader crypto market. So, here we explore some of the top reasons behind the surge in the top meme coin’s price today.

Coinbase Listing Fuels FLOKI Price Rally

The anticipation over the meme coin’s listing on Coinbase has fueled optimism in the market lately. For context, the exchange added the crypto to its roadmap listing last week, sparking a rally in the FLOKI price. This development also reflects how listing announcements from major exchanges usually boost the assets’ prices while boosting the market sentiment.

Meanwhile, the token again noted a strong rally since yesterday, after the exchange announced to add support for the crypto on the Ethereum network. As per the announcement, the trading will commence on November 21, if liquidity conditions are met. Besides, the exchange also said that once enough “supply of the asset is established”, it would eventually launch the FLOKI-USD trading pair in phases.

Coinbase Lists FLOKI Coinbase Lists FLOKI
Source: Coinbase Assets, X

This announcement has further fueled optimism among investors, sparking hopes over soaring investors’ interest in the coming days. Having said that, the market anticipates this soaring interest in turn could significantly push the prices further high.

Meme Coin Frenzy

The rally in FLOKI price could be also attributed to the growing interest of the investors towards the broader meme coin segment. The meme coins have noted robust rallies in recent days, as evidenced by the soaring prices of assets like DOGE, SHIB, PEPE, and others.

Additionally, IntoTheBlock has shared a bullish chart recently, which has further sparked market interest. In a recent X post, the leading on-chain analytics firm said that meme coin season isn’t over yet, and the market has not fully entered the sector. In other words, the report hinted towards a continuing rally for the top meme coins in the coming days, which might have also helped gains in the asset’s price.

Broader Crypto Market Rally

The broader crypto market has received a robust boost after Donald Trump’s election win, as evidenced by the soaring prices of digital assets. Notably, BTC has noted a significant rally today nearing the $98K mark, and marking its new ATH.

This showcases the growing confidence of investors in the digital assets space. Considering that, it appears that a flurry of investors are also shifting their focus towards the meme coins, given their lower prices as compared to other top altcoins. In addition, many investors might take the bull run as an opportunity to book quick profits through meme coin trading, given the highly volatile nature of the assets.

FLOKI Price Rallies After Recent India Marketing Campaign

In a recent development, FLOKI has announced a marketing campaign in Delhi NCR, India, which has caught the eyes of investors. The campaign, announced on November 18, aims to promote Floki’s PlayToEarn MMORPG game, Valhalla, to the Indian Web3 landscape.

Targeting key areas in Delhi, the campaign is expected to reach over 650,000 people daily, generating buzz and driving investor enthusiasm. This move is seen as a bullish sign for crypto, enhancing its appeal in the Indian market and paving the way for further growth.

Binance’s Extended Support

The shifting market focus towards the meme coins sector is also evidenced by the recent growing support by the top crypto exchanges. As said earlier, Coinbase has recently added support for FLOKI sparking market optimism and triggering a rally in its price.

In addition, Binance has also revealed extended support for the meme coins recently, which include SHIB, FLOKI, and other altcoins. In a recent announcement, Binance has announced updates on leverage and margin pairs for FLOKI, SHIB, ADA, HBAR, and others. This development has also sparked investors’ optimism towards meme coins, especially FLOKI.

FLOKI Price Hits 6-Month High

FLOKI price was up more than 5% while writing, while its one-day trading volume rocketed 146% to $1.38 billion. Besides, the meme coin has touched a 24-hour high of $0.000288, marking its 6-month peak. Furthermore, CoinGlass data showed that FLOKI Futures Open Interest rose nearly 20%, reflecting the strong market confidence towards the crypto.

Besides, recently, an analyst hinted at a potential 200% rally in FLOKI price in the coming days, which has also sparked speculations among traders. However, despite the bullish move, investors should trade with caution as meme coins tend to showcase more volatility than other traditional assets.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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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