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Shiba Inu Price Eyes 300% Rally As SHIB Whale Activity Surges

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The Shiba Inu price could rally as much as 300% as SHIB whale activity is on the rise, a bullish development for the second-largest meme coin by market cap. Other on-chain metrics also paint a bullish for SHIB and indicate that its bull run could begin anytime from now.

Shiba Inu Price Eyes 300% Rally

In an X post, crypto analyst Javon Marks predicted that the Shiba Inu price could soon record a 300% rally. This came as he noted that the top meme coin is still fresh off a confirmed Hiden Bull Divergence and holding above the level it recently broke out from.

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In line with this, the analyst stated that SHIB could be getting ready for its “next level” performance, which could send its price towards the $0.000081 target. He added that this over 300% rally could be imminent.

A Shiba Inu price rally to the $0.000081 target is significant as it could pave the way for the second-largest meme coin to reach and possibly surpass its current all-time high (ATH) of $0.000088. Meanwhile, this SHIB rally looks imminent, considering that the meme coin is currently playing catch up to DOGE, which is on a roll at the moment.

The Dogecoin price is up over 23% in the last seven days. Meanwhile, SHIB has recorded a single-digit gain of just over 5% during this period. Shiba Inu is expected to enjoy more significant gains soon enough since it typically mirrors DOGE’s price gains.

SHIB Whale Activity Surges

IntoTheBlock data shows that Shiba Inu whale activity is on the rise. SHIB’s large transactions have surged by almost 4%, which suggests that whales are actively accumulating the meme coin.

This presents a bullish outlook for the Shiba Inu price, considering that these whales typically contribute to price discovery and could spark a significant SHIB rally soon enough. Over the last few days, these whales have traded trillions of SHIB tokens.

Specifically, these whales have traded 2.57 trillion SHIB tokens in the last 24 hours, Meanwhile, on November 6, they traded a 7-day high 6.39 trillion SHIB tokens. Amid these rising whale activity, it is worth mentioning on-chain transaction which showed that a particular whale transferred $10.4 billion worth of SHIB to the Coinbase crypto exchange.

This typically presents a bearish outlook for the Shiba Inu price, since it suggests that the whale is looking to offload their coins. However, further onchain data shows that the wallet which received the coins belongs to the top crypto exchange, meaning that they loading up to meet the massive demand for the meme coin.

According to a recent CoinGape analysis, other SHIB onchain metrics present a bullish outlook for Shiba Inu. This includes the SHIB price-Daily Active Addresses (DAA) divergence, which recently shot up to a one-month high.

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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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US SEC Delays Decision On Ethereum ETF Options Trading

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1 hour ago

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November 8, 2024

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The US Securities and Exchange Commission (SEC) has again delayed its decision on the New York Stock Exchange’s (NYSC) proposed rule change to offer options trading. This move comes despite the fact that the US SEC has already approved options trading for the Bitcoin ETFs.

US SEC Delays Decision On Options Trading For Ethereum ETFs

The US SEC indicated in its latest release that it would need more time to consider the NYSE’s proposed rule change to list and trade options on the Ethereum ETFs on the exchange. The regulator also called for written comments from the public on whether they should approve the proposed rule change or not.

The SEC had in September delayed its decision on the rule change and extended the deadline till November 11. Following their latest decision, the Commission will have until sometime in December to determine whether or not they want to approve NYSE options trading for these Ethereum ETFs.

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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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Will OM Price Hit New ATH As Mantra Unveils 50M Airdrop Details?

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4 hours ago

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November 8, 2024

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MANTRA has announced details of its highly anticipated 50 million $OM token airdrop, sparking excitement across its community of over 350,000 participants. Eligible recipients, including stakers, NFT holders, and active ecosystem members, will receive tokens based on various engagement levels.

Currently trading at $1.39, $OM could see renewed interest and momentum as users claim their rewards. The airdrop scale and distribution strategy have sparked speculation about potential price action in the coming weeks.

MANTRA Unveils Key Details on Massive 50M $OM Airdrop

MANTRA latest 50 million $OM token airdrop has attracted major attention within the crypto community, revealing specific allocations to different groups. The airdrop primarily rewards active participants across various campaigns, including Pre-Mainnet Quests, ATOM staking, and several NFT-based rewards. With over 350,000 users included, the airdrop signals its dedication to community engagement and loyalty rewards, further reinforcing user interest in the $OM ecosystem.

The largest allocation, about 60%, goes to users involved in the KARMA Pre-Mainnet Quests, benefiting the top 124,760 addresses from a participant pool of over 615,000. To ensure fairness, this top RWA coin employed a unique Kurtotic Adjustment for distribution, which lessens allocation discrepancies. Kurtotic Adjustment reduces the influence of extreme values in data, making analysis more accurate and reliable. The adjusted allocation means that 1 $OM equates to approximately 6.797 adjKARMA, offering loyal users greater value for their engagement.

Additional reward pools include 8% for ATOM stakers, rewarding those who supported MANTRA validator node. This group will also benefit from its future initiatives, such as the ATOM/USDC liquidity pool on MANTRA Swap. NFT holders in the Bad Kids, Celestine Sloths, and Pudgy Penguins collections also receive substantial rewards, with fixed $OM allocations per NFT held. This approach solidifies its commitment to its user base while broadening ecosystem adoption.

Can the Growing User Base Push $OM to a New ATH?

The $OM token is currently trading at $1.39. Its price fluctuated between $1.38 and $1.48 in the past 24 hours. Despite a 7% drop in the last week, the token has gained 4% over the past month. Daily trading volume stands at $40 million, showing strong liquidity. The all-time high for $OM is $1.62, suggesting room for growth.

With over 350,000 users participating in the airdrop, demand for $OM is likely to rise. As tokens are distributed, momentum should increase. This could push the price higher and potentially surpass its previous all-time high.

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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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Drift Price Skyrockets 100% To Hit ATH On Major Listing

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6 hours ago

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November 8, 2024

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South Korea’s leading crypto exchange Upbit has announced the listing of Drift token, triggering investor interest to hit an all-time high. DRIFT price saw an explosive rally of 100% to hit a new all-time high after the listing on the exchange. DRIFT’s rapid momentum signals strong potential in the DeFi space. This milestone has solidified Drift Protocol’s position as a major player in the market.

Upbit Announces Drift Listing

According to an Upbit announcement on November 8, the exchange has listed DRIFT token. Users can trade the token in KRW, BTC, and USDT spot trading pairs.

The crypto exchange notified users that deposits and withdrawals are only supported Solana network. Moreover, transaction restrictions including buy limit, minimum sell price restriction, and order type restrictions will apply as earlier.

Drift Protocol, an open-source decentralized exchange on Solana, has made a significant move in the DeFi space. This DRIFT listing follows its previous success with listings on major platforms like Coinbase. With its perpetual futures trading capabilities, Drift Protocol is now poised to attract a wider audience, especially in the growing Asian market.

DRIFT Price Soars 100% in 24 Hours, Hits New ATH

DRIFT price is now trading around $0.90, paring earlier gains to now trade at 86% higher. The 24-hour low and high are $0.4746 and $0.9747, respectively. DRIFT trading volume has skyrocketed by 1000% in just 24 hours, signaling strong investor interest. This growth highlights the significant impact of major listings on token visibility and trading momentum.

The recent listings on Upbit show how it can amplify exposure for emerging crypto assets like DRIFT. Other tokens such as SAFE price surged 88% after listing on Upbit. As listings continue across leading platforms, DRIFT success emphasizes the importance of visibility and accessibility in boosting market appeal.

However, derivatives markets data indicates less interest from traders as DRIFT open interest dropped 8% in the last 4 hours. The red flag signals the price surge may not sustain for a longer period, but it will continue to rebound from the support level at $0.70.

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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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