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Shiba Inu (SHIB) Bags Nexo Listing, Will SHIB Price Rally
Dog-themed memecoin Shiba Inu (SHIB) has finally gone live on Nexo after several weeks of hinting at the listing.
Nexo Applauds Shiba Inu (SHIB) Evolution
Nexo reiterated the news of the SHIB listing on X on Tuesday, acknowledging the outstanding evolution of the cryptocurrency over the years. According to the X post, Shiba Inu launched about four years ago as a “playful” memecoin but has now evolved to become a robust symbol of community empowerment.
Noteworthy, the digital asset trading platform strongly opines that SHIB’s performance is largely tied to the activities and engagement of its vibrant community.
“The engagement of the ‘Shib Army’ is pivotal, driving both growth and innovation within the ecosystem. With its compelling branding and a base of dedicated supporters, SHIB has quickly ascended to significant popularity within the industry,” Nexo stated in its X post.
Shiba Inu’s listing on Nexo fell through about a month ago, putting the community in the mood for festivities. It meant that Shiba Inu customers could buy, swap, borrow, and even transfer SHIB on Nexo. However, it wasn’t until today that the service went live on the Nexo trading platform.
When the listing was announced in April, the price of the memecoin demonstrated no visible uptick towards the milestone. Rather, SHIB traded at $0.00002681 with a 5% decrease at the time. With the memecoin now live on Nexo, the price outlook of SHIB is yet to fully price in the news.
At the time of this writing, Shiba Inu was trading at $0.00002372 with a value drop of 3.02% in the last 24 hours. Its market capitalization has equally dropped by the same rate, settling at approximately $13.93 billion.
Can SHIB Rally To $0.00005?
Despite the current SHIB price, it is worth noting that other metrics in the Shiba Inu ecosystem look promising. The trading volume of the memecoin is up by 68.21% in 24-hour trading volume, reaching $607.87 million. Similarly, the SHIB burn rate, an initiative that deflates Shiba Inu’s supply in the market has seen explosive growth in recent weeks.
By the early hours of May 6, the memecoin had registered a 4000% surge in its burn rate. This development has birthed optimism surrounding the token’s future price movements. There are speculations that the frequency of this SHIB burn may eventually take the price of the memecoin to $0.00005.
With the recently launched Shibarium Hard Fork, more growth sentiment is inbound for the dog-themed memecoin.
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.
PancakeSwap, a major decentralized exchange, has unveiled plans to distribute over 2.4 million zkSync (ZK) tokens to its community. This significant airdrop comes at a sensitive time for the zkSync ecosystem, coinciding with recent allegations against Matter Labs, zkSync’s developer. The airdrop aims to reward PancakeSwap’s users and increase platform engagement, but its timing has drawn attention due to the ongoing controversy surrounding zkSync.
PancakeSwap’s ZK Token Airdrop Amid zkSync Controversy
PancakeSwap, a leading multichain decentralized exchange, has announced a major community reward program set to begin on July 5 at 10:30 am UTC. The initiative will distribute 2,452,128 zkSync (ZK) tokens to its community members over a one-month period, ending on August 5. This airdrop comes as a gesture of appreciation for the community’s support of PancakeSwap’s zkSync deployment since July 2023. The timing is notable, as it coincides with recent controversy surrounding zkSync’s developer, Matter Labs.
Matter Labs recently faced accusations of “insider minting” related to its Libertas Omnibus NFTs. These claims, initially raised by blockchain research firm SoEasy on June 17, suggested improper distribution of NFTs to ineligible insiders. However, Matter Labs has strongly denied these allegations.
PancakeSwap’s airdrop follows significant milestones for the platform, including surpassing $3 billion in trading volume, $5 million in total value locked (TVL), and attracting over 1.9 million traders. The distribution is designed to reward both past and future contributors, as well as vote-escrowed Cake (veCAKE) holders.
Eligibility for the airdrop extends to active users who have contributed through trading, liquidity provision, and participation in previous zkSync initiatives. Future contributors who provide liquidity and trade on zkSync PancakeSwap will also be included, aiming to stimulate further platform growth.
At the time of publication, the airdrop is available to veCAKE holders and past contributors. Eligible users can claim their ZK tokens by connecting their wallet to the PancakeSwap platform homepage and following the provided instructions. Any unclaimed tokens will be redirected to support future PancakeSwap ecosystem development and community initiatives.
This airdrop represents a significant move by PancakeSwap to reward its community and potentially boost engagement, particularly in light of the recent controversies surrounding zkSync. It also highlights the ongoing competition and innovation in the decentralized finance space.
Also Read: Whale Continues XRP Selling Streak, $0.42 Becomes Major Resistance Level
Market Impact and ZK Token Performance
The ZK token has faced significant price pressure in recent weeks. Last month, it experienced a 5% drop following a $113 million token airdrop. Since its listing on major exchanges, numerous sell-offs have occurred, negatively impacting the token’s value.
As of the latest report, ZK is trading at $0.1495, with a 24-hour trading volume of $346,751,351. This represents a 7.43% price decline in the last 24 hours and a 7.55% decline over the past week. With a circulating supply of 3.7 billion ZK, the token’s market capitalization stands at $546.9 million.
The crypto community is now speculating on how PancakeSwap’s recent airdrop might affect ZK’s price, given its recent volatile performance and the ongoing controversy surrounding zkSync.
Also Read: Leading Telecom Company Taiwan Mobile Gets Crypto Exchange License
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.
In an unprecedented turn of events, Pepe coin has raised severe investor concerns by showing signs of a price correction today, July 5. Recent on-chain data indicated that over 1 trillion PEPE was dumped to exchanges amid a nearly 12% dip in the value of the frog-themed meme coin.
The emergence of these massive dumps amid a bearish crypto market has made market sentiments take a paradigm shift. Notably, speculations that Pepe coin has potentially topped have pushed traders and investors onto a hot seat, further aligning with the massive exchange dump.
So, let’s dive deeper into the current market stats of the third-largest meme coin by market and what it indicates for future price movements.
Colossal Exchange Dumps Ignite Bearish Sentiments
According to the on-chain data offered by ‘The Data Nerd,’ a transaction tracker, $1.02 trillion PEPE was collectively dumped to a crypto exchange by two whales today.
The whale address 0xf22 deposited 435 billion PEPE, worth $3.86 million, to Binance, one of the leading CEXs. If sold at the current price, the whale will suffer a loss of $1.21 million.
Simultaneously, the market maker Wintermute deposited and sold a whopping 593.6 billion PEPE for $4.61 million. This massive selloff has presented Pepe coin with increased selling pressure.
Collectively, these massive transfers to exchanges have stirred a whirlpool of bearish market sentiments, underscoring loss in the market’s confidence surrounding the asset’s future potential.
Meanwhile, Pepe coin continued to trade dominantly in the red territory.
Also Read: Justin Sun Faces $66M Loss As Ethereum Records 10% Fall, Here’s Why
PEPE Price Plummets
At press time, PEPE’s price saw a 12.03% dip in value to $0.000008304. It’s 24-hour bottoms and tops are $0.000007724 and $0.00000963, respectively. The weekly crash, a fall of nearly 33%, saw PEPE regaining a zero in its value after shedding it amid this year’s bull cycle. This momentum has pushed the token to take a bearish stage.
It’s worth mentioning that while this price drop aligns with the broader market trend, Pepe coin has surged unprecedently amid this year’s bull cycle, defying broader market trends and sentiments. This could mean that Pepe coin’s long-due correction has finally taken place.
However, CoinGape Media spotlighted PEPE’s nearest resistance point at $0.000009, hinting that a potential market recovery could witness PEPE scaling this level, paving the road for further gains.
Collectively, the abovementioned data hints at uncertain market sentiments over the future price action of the frog-themed meme coin.
Also, the RSI rested around 31, hinting that further downside pressure might propel an entry into the oversold territory. Should this happen, chances are Pepe coin could witness a potential price rebound.
Nonetheless, crypto market participants extensively eye the token for further price shifts, given the volatility of the crypto realm.
Also Read: Coinbase, MicroStrategy & Bitcoin Miners Stocks Extend Losses Ahead US Job Data
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.
In the background of the crypto market’s bearish movement today, a renowned XRP whale has continued selling significant amounts of XRP. Notably, on-chain insights by Whale Alert reveal nearly 71 million coins dumped to exchanges over the past day, setting off discussions surrounding XRP’s future price action across the crypto industry.
XRP price currently takes the heat of the broader crypto market trend, slipping as low as the $0.39 price level. So, let’s gauge in on the market statistics for Ripple-backed asset.
On-Chain Data Flags Whale Dumps
According to data by Whale Alert, 70.9 million XRP, worth $31.29 million, was shifted to two exchanges in a couple of transactions. As per the data, the whale address, …Rzn, was recorded as shifting the abovementioned amount.
…Rzn shifted 35.8 million coins, worth $15.80 million, to Bitso, a Mexico City-based CEX. Simultaneously, it transferred 35.1 million coins, worth $15.49 million, to Bitstamp, a Luxembourg city-based CEX.
These dumps have presented XRP with increased selling pressure amid a bearish market, causing further downside pressure on the asset. Intriguingly, CoinGape Media earlier reported that the same whale address has been repeatedly dumping XRP into the Bitstamp & Bitso crypto exchanges. Aligning with this, a negative market sentiment sparked by the whale dump engulfs XRP.
Meanwhile, despite Ripple rolling out upgrades for the network and strengthening its case against the U.S. SEC, the native token, XRP, has continued its sluggish movement.
Also Read: Leading Telecom Company Taiwan Mobile Gets Crypto Exchange License
XRP Price Correction?
At press time, the XRP price chart showed a 10.15% dip in value to trade at $0.4056. Its 24-hour lows and highs were $0.3977 and $0.4532, respectively.
Intriguingly, in a post by the crypto market analyst Dark Defender today, it was brought to attention that the $0.39 price level serves as POC (Point of Control). This is where most trades have taken place since 2014, making it a vital support as of the current trajectory.
Whereas, after consolidating over the past week, the crypto tanked forming resistance at $0.42. The RSI was moving along 22, signaled an oversold territory for the asset. This could mean a potential price rebound ahead as the market recovers.
Also, pro-XRP lawyer Bill Morgan took to X today, spotlighting his XRP purchase with a strategic buy-the-dip sentiment. This has added to optimism on a price rebound ahead.
Also Read: German Govt Moves 500 Bitcoin, Another BTC Dump Imminent?
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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