Altcoin
Solana Price Soars 5% Despite $380M SOL Transfer To Coinbase, What’s Next?
The Solana price has rallied nearly 5% today, despite a series of massive whale transfers to the Coinbase exchange today. Notably, this move has sparked speculations over the potential impact of the transfers on the Solana price.
Meanwhile, the SOL price has maintained a positive momentum today, despite a retreat in other major crypto prices like Bitcoin, Ethereum, and others.
Massive Whale Transfers Spark Solana Price Speculations
Today, Whale Alert, a platform tracking large crypto transactions, reported four significant transfers of Solana (SOL), igniting speculations in the crypto sphere. In the latest transaction, an unidentified whale, denoted by the wallet address “6EW44….EU1WC,” transferred 298,000 SOL, valued at approximately $46.24 million, to Coinbase.
Following that, another anonymous whale, “7Fo18…sbQGo,” moved a staggering 1.56 million SOL, equivalent to around $242.26 million, to the same exchange. Interestingly, this whale had amassed this substantial Solana holding on Coinbase between April and May 2023, purchasing at an average price of 22 USDT per SOL.
Meanwhile, the third transaction involved a whale with the wallet address “BA4c1….QogKQ,” transferring 297,000 SOL, valued at about $46.18 million, to Coinbase. Similarly, an unidentified trader with the wallet address “Cb2Jq…8x3qQ” moved 298,000 SOL, totaling $46.34 million, to the same crypto exchange.
These notable transactions have ignited speculations regarding their potential impact on Solana’s price. Some speculate that they could signify profit-booking opportunities commonly seized by investors during the market upswing.
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Price & Performance Amid Soaring Speculations
The influx of such substantial amounts of Solana into Coinbase has raised eyebrows, prompting questions about the motives behind these transactions and their implications for the broader market. With Solana gaining traction as a popular blockchain platform known for its high throughput, any significant movements in SOL holdings tend to attract attention and fuel market speculation.
While it’s unclear whether these transactions represent a strategic move by institutional players or individual investors capitalizing on Solana’s recent price fluctuations, they undoubtedly underscore the growing interest in this altcoin. As investors closely monitor these developments, the cryptocurrency community eagerly anticipates how these large-scale transfers will influence Solana’s price dynamics in the coming days.
However, it’s worth noting that despite the massive transfers, the Solana price has maintained an upward momentum today. As of writing, the Solana price was up 4.55% and traded at $155.30, while its trading volume soared 79.72% to $3.14 billion.
According to CoinGlass data, the Solana Futures Open Interest soared 1.66% from yesterday to $1.98 billion, indicating a positive momentum in the broader market.
Also Read: Lawmakers Criticize Gary Gensler Amid Robinhood Wells Notice, Coinbase Extends Support
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 a dramatic turn of events, the Shiba Inu (SHIB) coin burn rate has surged by over 8500% on Wednesday, July 3. However, the Shiba Inu coin is currently grappling with a downtrend as it plunged from over $0.000022 to lower than $0.000017. Nonetheless, the latest SHIB burn spike sparks optimism around a SHIB price reversal.
Shiba Inu Coin Burn Rate Skyrockets
Today, the Shiba Inu burn rate rocketed by an astounding 8596.57%, according to Shibburn data. This leading to the destruction of 17.71 million SHIB tokens. Moreover, this significant increase in the burn rate has captured the attention of the crypto community, particularly due to the involvement of two notable wallets.
The highest burn was initiated by the wallet 0x608…, known for its consistent participation in the Shiba Inu burn initiative. This wallet alone burned a staggering 7.77 million SHIB tokens. Another wallet, 0xa2d…, contributed to the effort by transferring 4.17 million SHIB tokens to a dead wallet, effectively removing them from circulation.
Furthermore, other communities participants initiated smaller SHIB tokens burns. The purpose of burning Shiba Inu coins is to reduce the overall supply, theoretically increasing the scarcity and potentially boosting the token’s value. With such a significant amount of SHIB removed from the market in a single day, speculation is growing about a positive impact on the SHIB price.
Historically, burn events have had a mixed impact on the price of SHIB. While reducing supply can lead to price appreciation, the actual effect depends on various factors, including market sentiment, overall demand, and broader crypto market conditions. In the short term, the news of such a high burn rate may drive some positive sentiment and buying activity among SHIB investors, potentially leading to a price increase.
Also Read: Crypto Market Selloff: Why Bitcoin, ETH, DOGE, SHIB Prices Are Falling Today?
Is SHIB Price Reversal Ahead?
However, long-term price sustainability will depend on continued community support and broader adoption of SHIB. Additionally, the overall performance of the crypto market will play a crucial role. These sentiments are influenced by macroeconomic factors and regulatory developments.
The price of SHIB has recently found temporary support around $0.00001688. If this support level holds, Shiba Inu could rebound and reach $0.00002129, which would be a 28% increase from its current position. However, if the price falls, it may find support lower at $0.000012. It’s also important to note that $0.00002129 serves as a temporary resistance level.
As of writing, the Shiba Inu price was down by 1.17% to $0.00001695 on Wednesday, July 3. Whilst, the popular dog-faced meme coin held a market cap of $9.99 billion. On the flip side, the 24-hour trade volume for Shiba Inu coin surged 4.18% to $182.27 million.
Currently, the SHIB price is trading lower than the 50-day and 200-day EMAs, suggesting a bearish trend in both short and long term. However, the SHIB Relative Strength Index (RSI) value stands at 32, signalling that the meme crypto could soon enter the oversold territory. Historically, such situations have boost the cryptocurrency prices, including Bitcoin (BTC).
Also Read: What’s Going On With Meme Coins To Buy WIF, BONK In July?
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.
Shiba Inu’s marketing lead Lucie has recently posted on X, revealing a key update for the BONE ShibaSwap token. Dated July 3, the post revealed that one of the leading Canadian exchanges, SuperEX, started BONE perpetual trading.
This mover has echoed optimism for the Shiba Inu ecosystem token throughout the crypto universe. Let’s dig into why
BONE Perpetual Trading Starts
Notably, Shiba Inu’s Lucie reiterated another post from the SuperEX crypto exchange, spotlighting the BONE perpetual listing. According to the original post by the exchange, the BONE/USDT perpetual pair started trading today, July 4, at 03:00 UTC. The underlying asset is BONE ShibaSwap, aka Shibarium’s gas fee token or ShibaSwap’s governance token.
Meanwhile, the leverage offered on the asset is 1-10x in an effort to maximize user appeal. However, the exchange revealed that it might adjust the parameters from time to time, aiming to mitigate market risks.
Nonetheless, the announcement has gained significant traction across the crypto realm as BONE remains poised to witness a substantial influx, given the colossal Canadian crypto landscape. Also, it’s worth noting that the SuperEX crypto exchange’s X handle boasted nearly 350K followers, further underscoring its massive user base.
Notably, previous perpetual listings for numerous tokens, including Coinbase’s perp listing of SHIB, FLOKI, and BONK, have promptly ignited upside price trajectories. Although historical data does not guarantee future performances, broader sentiments remain optimistic.
Even Pepe coin, another hot trend in the crypto town, rallied remarkably with its perpetual listing. BONE, however, awaits such an upside momentum.
Also Read: Spot Ethereum ETFs to Go Live on July 15, ETH Bull Run Ahead?
BONE & SHIB Market Performance
Despite the commencement of perpetual trading, the BONE price has seen a 1.93% dip in value to $0.4822. Its 24-hour bottoms and tops were $0.4788 and $0.4952, respectively.
This price drop aligns with a broader trend, as the Shiba Inu ecosystem’s SHIB token’s price also noted a 0.89% fall to $0.00001695. Doge Killer LEASH, another SHIB ecosystem token, dipped 2.07% to $334.91, coinciding with this trend.
Crypto market enthusiasts continue to eye the token as the perp listing could bring about a significant shift in price. However, current market sentiments appear to be bearish as the RSI rested around 36, signaling downside pressure on the asset. Further downside momentum could also pave the way for a potential price rebound as the asset makes its way into an oversold territory.
Also Read: Crypto Prices Today July 3: Bitcoin Weakens To $60K, Altcoins Mainly Follow While FLOKI Soars
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.
As we proceed into July, the biggest question for the crypto community is when will the spot Ethereum ETF go live for trading. Nate Geraci, president of The ETF Store, predicts the Ethereum ETFs to go live by the 15th of July.
Geraci stated that with the revised S-1 submission for Ethereum ETFs to happen in July, the final S-1 approval from the SEC could arrive around July 12. Thus, July 15, Monday, would be the most probable day to begin trading Ether ETFs.
Wen spot eth ETF?
BBG sticking w/ mid-July.
Amended S-1s due July 8th.
Potential final S-1s by July 12th.
Would theoretically mean launch week of July 15th.
via @emily_graffeo @olgakharif pic.twitter.com/NG8xhtCP21
— Nate Geraci (@NateGeraci) July 3, 2024
Issuers to Address SEC Query On Spot Ethereum ETF
Last Friday, the US SEC returned the S-1 filings to issuers to address some minor questions. Sources familiar with the matter stated that the issuers have been already working on it. As we know, in May, the SEC approved the 19b-4 filings to list the Ether ETFs on exchanges. However, they can only go live for trading after the SEC approves the S-1 submissions.
Steve Kurz, head of asset management at Galaxy Digital, expected the Ether ETF approval in the next couple of weeks. Speaking to Bloomberg TV on Tuesday, July 2, Kurtz said:
“This is window-dressing, the SEC is engaged. We’ve been doing this for months now. We did it for the Bitcoin ETF, the products are substantially similar — we know the plumbing, we know the process.”
Now the bigger question in everyone’s mind is will the Ether ETF prove to be a strong catalyst to drive the crypto market higher?
Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?
Ethereum to Outperform Bitcoin
On Tuesday, K33 Research published a report stating that Ethereum would be outperforming Bitcoin post the ETF approval. As per K33, the launch of Ether ETfs would absorb nearly 0.75% to 1% of all ETH in circulation within the initial five months. This expectation is in line with that of Gemini which predicted $5 billion inflows within the first six months of launch. K33 senior analyst Vetle Lunde said:
“ETFs are a solid catalyst for relative ETH strength as the summer progresses and flows accumulate, and I firmly view current ETH/BTC prices as a bargain for the patient trader.”
The ETH/BTC ratio steadily declined from 0.056 after the Bitcoin ETFs launched, reaching 0.046 by May 24. However, unexpected news that the SEC would soon approve Ethereum ETFs boosted the ratio back up to 0.055.
Also Read: ETH/BTC Price Prediction: ETF Hype, FOMO and Ethereum Price Imminent Rally To $5,000
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.
Shiba Inu Coin Set For Reversal As Burn Rate Hits 8500%
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