Altcoin
Shiba Inu Team Proposes S.H.I.B. Strategy to Musk and Trump, SHIB Price To Rally?
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Shiba Inu coin’s team sparked a tidal wave of frenzy across the crypto landscape on Tuesday, revealing a proposal to introduce Strategic Hub for Innovation in Blockchain (S.H.I.B.) in the U.S. Notably, the meme coin’s lead developer, Shytoshi Kusama, unveiled this proposal recently while also inviting “presidential candidates or interested parties” nationwide to jack up the endeavor. Meanwhile, another prominent community member, Kaaldhairya, called out on the U.S. presidential candidate Donald Trump and American billionaire Elon Musk, drawing their attention to the matter.
Shiba Inu Team Unveils S.H.I.B. Proposal
In an official X post dated November 5, Shytoshi Kusama proposed for S.H.I.B. (Strategic Hub for Innovation in Blockchain) in the U.S. Notably, this mover aims to transform the United States into an epicenter for blockchain technology and sustainable development. As the global race for blockchain and digital asset-based investments grows, this mover could be pivotal, the proposal spotlighted.
Further, the details in the proposal also rolled out a potential budget plan for the development of the strategic hub in the U.S. Encompassing key aspects such as infrastructure development, economic incentives, talent development, regulatory framework, building and overseeing sustainable practices, marketing and global outreach, the projected cost for the hub development is $1.3 billion – $2.35 billion over a 5- to 10-year period, per the plan revealed by Kusama.
In addition, this project also eyes outcomes such as job creation, startup attraction, employment growth, and technological growth, among other optimistic advancements. Overall, the proposal sparked a frenzy among market participants, also bringing attention to the meme coin Shiba Inu’s crypto venture.
Meanwhile, meme coins appear to have stolen the spotlight amid the ongoing U.S. presidential elections. Notably, Elon Musk’s Department of Government Efficiency (D.O.G.E.) saga has already injected significant optimism into Dogecoin, another leading dog-themed meme crypto. Recently, CoinGape media reported that the American billionaire tapped into U.S. Fed critic Ron Paul for D.O.G.E expertise, aiming to minimize government spending.
Exec Hollers At Trump & Musk Sparking Optimism Over SHIB Price
On the other hand, Kaaldhairya, another prominent member of the meme coin’s team, took to X, tagging Elon Musk and Donald Trump while reiterating Kusama’s statements. According to Kaal, this endeavor could bring “America’s very own ‘Crypto Valley’- Call it S.H.I.B., D.O.G.E.’s hyper-smart cousin that brings jobs, tech and a futuristic world!” Altogether, this statement has garnered significant attention across the broader market, echoing optimism for Shiba Inu’s future prospects.
Given the proposal garners support, the meme coin’s price action could also see a paradigm shift. Notably, SHIB price traded at $0.00001745, up 4% intraday in tandem with the announcement. The coin’s 24-hour low and high were $0.00001642 and $0.00001743, respectively. Crypto market enthusiasts continue to monitor the coin amid recent developments, expecting further shifts in the trajectory ahead.
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.
Altcoin
Binance Founder Seeks Opinion On BNB Donation
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Binance founder Changpeng Zhao (CZ) is seeking the advice of the BNB community on the ideal way to give out over $1 million in BNB tokens to victims of the meme coin price crashes. CZ is mulling an outright donation to a non-profit, but the options of burning tokens or adding them to a liquidity pool are appealing alternatives.
CZ Set To Give Out $1 Million
In a post on X (formerly Twitter), CZ confirmed that donations for victims of Test (TST) and BROCCOLI meme coins had surpassed the $1 million mark. From the pool, CZ donated $100K (150 BNB), riding on the tailwind from a university student’s donations for victims of the ill-fated Libra project.
The Binance founder disclosed that he will not keep any of the BNB received but will seek community opinion on an appropriate means to give out the tokens. Right out the bat, CZ shut down suggestions that he will send tokens to individuals, citing an inability to verify claims while hinting at a community-focused action.
A cross-section of community members are pining for a non-profit donation in line with CZ’s streak of crypto-backed charity activities in recent months. While a donation to a non-profit sits at the top of the pyramid, CZ says the organization must have mechanisms for transparency for funds.
“My requirement for charity is that the receiving organization has to be crypto-enabled, and tracking must be allowed to the end beneficiary,” wrote CZ.
Binance Founder Eyes A Hybrid Approach
CZ opines that a hybrid approach may be the best route for giving out the donated BNB tokens. A portion of the funds may be given to a non-profit that ticks the boxes of transparency while others are pushing for burning the received tokens, potentially increasing asset values.
The founder notes that he is leaning toward deploying the funds to a liquidity pool after initial experiments birthed positive results.
“I don’t care if funds on this address make or lose money,” said CZ on the prospects of a liquidity pool. “I think this is an indirect way to give back to our community too.”
While airdrops have received a level of community support, CZ sees their implementation as a steep mountain to climb for wallet operators. He predicts that selecting eligible individuals for the airdrop will trigger a raging debate among community members.
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.
Altcoin
XRP Price Eyes Rally To $60 As Analyst Reveals Key Breakout Levels
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Crypto analyst Egrag Crypto has provided a bullish outlook for the XRP price, predicting it could rally to $60 in the long term. The analyst also revealed key breakout levels for XRP as it eyes a rally to the ambitious price target.
Key Breakout Levels As XRP Price Eyes Rally To $60
In an X post, crypto analyst Egrag Crypto highlighted $3, $6.4, $8, $13, and $27 as key breakout levels as the XRP price eyes a rally to $60. The analyst remarked that the range between $33 and $60 was a long-term target based on the channel projection he highlighted in his accompanying chart.
The crypto analyst outlined a bullish scenario in which the XRP price could rally to as high as $67. He stated that a monthly close above $3 would validate further upside. Egrag Crypto added that a breakout from Fib 1.618 at $6.4 would lead to the second Fib extension, which starts with $8, $13, $27, and $67 as of Fib 1.888. This prediction aligns with his recent analysis in which he predicted that XRP could hit a $3.4 trillion market cap.
Short-Term Outlook For The Crypto
Egrag Crypto also predicted that the XRP price could rally to between $4 and $6 in the short term. The analyst noted that XRP’s current price action is showing a strong bullish move but facing resistance at the red horizontal zone on the accompanying chart.
He further remarked that the red resistance line at $3 represents a critical level from the previous all-time highs (ATHs). The analyst added that a monthly close above this level could confirm a breakout toward the next Fibonacci extension targets, which are Fib 1.414 and Fib 1.1618, and price targets between $4.3 and $6.4, respectively. Based on this, Egrag Crypto stated that the upside targets are between $4.3 and $6, which are also the next significant resistance zones.
A Bearish Scenario For XRP
Egrag Crypto also outlined a bearish scenario for the XRP price. He stated that a rejection at $3 could lead to a pullback towards $1.90 and $2, which acted as support from the previous bullish candles.
The analyst added that a break below $1.90 could shift sentiment to bearish, introducing downward risks toward the $0.90 and $1 range. Egrag Crypto claimed that a drop to this level would signal a potential Black Swan event across all markets.
According to him, such a collapse would be a challenging prelude before the ignition stage for the XRP price. He then raised the possibility of the upcoming fort knox audit as a potential catalyst for this market crash.
The Bybit hack, which led to a loss of $1.4 billion in ETH, threatened to be a Black Swan event, as the crypto market crashed following it. However, the market has recovered impressively following the hack.
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.
Altcoin
Will Dogecoin Price Soar 200% As DOGE ETF Approval Odds Hit 75%?
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Dogecoin price has been gaining attention as analysts predict a potential surge of 200% amid growing speculation about a Dogecoin ETF approval. Market participants are closely watching price movements, with many expecting DOGE to surpass its all-time high of $0.739.
As the U.S. Securities and Exchange Commission (SEC) reviews multiple applications for a Dogecoin ETF, traders and investors are anticipating a major rally.
Dogecoin ETF Filings and Market Expectations
Grayscale Investments, CoinShares, and WisdomTree have submitted applications for a Dogecoin ETF, aiming to provide investors with regulated exposure to the cryptocurrency. The SEC has acknowledged Grayscale’s filing, signaling the beginning of a formal review process.
If approved, the ETF could attract institutional investors, potentially driving up Dogecoin price.
Regulatory sentiment toward cryptocurrencies appears to be shifting, especially under the current administration. Recently, the SEC dropped its lawsuit against Coinbase, reflecting a more crypto-friendly stance. This change has fueled optimism regarding the approval of new crypto investment products, including altcoin ETFs like XRP, Litecoin, Hedera and a Dogecoin ETF. Consequently, analysts suggest that if an ETF receives approval, Dogecoin price could see a substantial increase.
Technical Indicators Suggest a Bullish Outlook
Chart analysis indicates that Dogecoin price may be preparing for a breakout. A falling wedge pattern has formed on the four-hour chart, and DOGE has broken out of this formation. This pattern is typically seen as a bullish signal, suggesting further price gains.
Key indicators also point toward potential upside movement. The Average Directional Index (ADX) stands at 27.95, indicating that a trend is forming. Meanwhile, the Relative Strength Index (RSI) has risen to 43.67, recovering from oversold conditions. If RSI crosses above 50, it could confirm bullish momentum for Dogecoin price.
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Traders are watching key support and resistance levels. The support level is around $0.23, while resistance sits at $0.26 and $0.30. A move above these levels could signal further gains for Dogecoin price.
Analysts Predict DOGE Price Could Reach $3 to $5
Several analysts like Javon Marks are forecasting major price increases for Dogecoin in the current market cycle. Concurrently, Basic Trading has identified $0.2, $0.5, and $5 as key price levels, noting that Dogecoin price is in an upward trend despite recent corrections. The analyst pointed out that DOGE has followed a historical pattern of large percentage gains in previous bull cycles.
Crypto analyst Ali Martinez has also projected a bullish scenario for Dogecoin price. He highlighted that if the support range between $0.16 and $0.19 holds, DOGE could rally to $3. Similarly, analyst Trader Tardigrade stated that Dogecoin’s macro chart is showing a similar pattern to the 2017 cycle, which could result in a surge toward $1.7.
Other analysts have set even higher price targets. Dima Potts suggested that Dogecoin price could reach $10 if it mirrors past bull market trends. Some traders believe that DOGE’s historical price movements indicate a strong possibility of surpassing previous all-time highs.
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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