Altcoin
Top Reasons Why Shiba Inu Coin Price Soaring, Check Target Price As Whales Buy
The Shiba Inu Coin price soared nearly 3% today, amid a recovery noted in the broader crypto market. In addition, the meme coin sector has also shown robust performance today, suggesting that investors are once again shifting their focus toward the segment.
However, despite the recent surge, the ongoing volatile scenario appears to have weighed on the investors’ sentiment. Having said that, the investors are looking for potential reasons behind Shiba Inu Coin price’s surge today, and whether it would be able to continue the momentum.
Why Is Shiba Inu Coin Price Rising?
A flurry of factors could have helped gains in Shiba Inu Coin price today. Here we explore some of the top reasons that might have fueled the recent market sentiment.
Meme Coin Craze
The SHIB price could have soared today amid a strong performance seen in the broader meme coins sector. The overall meme coins sector’s market cap rose 4.15% today to hit $49.25 billion. While Shiba Inu rose about 3%, other major players in the segment like Dogecoin, Pepe Coin, WIF, and others, have also rallied.
It appears that the market participants are still focusing on the sector, given their growth potential. In addition, the lower prices of the meme coins also seem to have attracted the investors’ eyes, especially amid the volatile scenario in the broader market.
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Recent Burning Activity Of Shiba Inu Coin
Shiba Inu Coin also gained immense traction lately due to its significant burn activity. Recently, the Shiba Inu burn rate jumped more than 6,000%, indicating the Shiba Inu community’s focus on the burning mechanism.
Meanwhile, the burning mechanism helps in reducing the overall supply from the market, potentially driving the prices higher. Considering that, the recent burn activity could have helped bolster market sentiment, signaling a potential rally in the coming days.
However, as of writing, the SHIB burn rate only noted a jump of 12% in the last 24 hours with 11.07 million tokens burnt. During writing, a total of 410.72 trillion SHIB tokens were burnt from the initial supply, with the current circulating supply standing at 583.31 trillion.
Latest Developments and Comments From the SHIB Community
The Shiba Inu Coin also caught the investors’ eyes with major announcements. For context, in a recent development, the Shiba Inu team announced the launch of a Web3 version of the popular game Shiba Eternity. This move, which would be integrating the game with the Shibarium layer-2 solution, is expected to launch in Q3, 2024.
Meanwhile, the lead developer of Shiba Inu, Shytoshi Kusama, lauded the development. In addition, he also said that the revenue generated from the game would be used to enhance the burning mechanism of SHIB and LEASH tokens.
Will The Rally Continue?
The market is currently going through a tumultuous trading scenario. The recent market trends and macroeconomic factors appear to have weighed on the risk-bet appetite of the investors. However, despite that, on-chain data and experts still suggest a potential rally in SHIB price in the coming days.
For context, the Shiba Inu Relative Strength Index (RSI) currently stood at 31, suggesting an oversold condition. Having said that, market watchers anticipate a potential rally in the coming days, as whales might take the “buy-the-dip” opportunity to increase their holdings. In addition, the price has declined significantly since March, giving buying opportunity for the whales.
On the other hand, Shiba Inu Open Interest rose 1.32% to $35.66 million, as per CoinGlass data, indicating heightened investors’ interest in the crypto. As of writing, Shiba Inu price rose 2.87% and exchanged hands at $0.00001769.
Given the recent price surge, the market participants anticipate the meme coin to hit $0.00002 soon. Meanwhile, a recent analysis from CoinGape indicates that Shiba Inu Coin is navigating critical resistance at $0.00001968 and $0.00002512, crucial for its upward trajectory.
A breakthrough at these resistance points could drive substantial profits. Conversely, support at $0.00002083 and $0.00001627 plays a pivotal role in maintaining SHIB’s stability amid market fluctuations. Successfully holding these support levels may provide a cushion against volatility, offering steadiness in a turbulent market environment.
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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.
Zhu Su of Three Arrows Capital has made a bold projection for Solana (SOL), suggesting it might reach $1,000 per unit. This optimism mirrors Ethereum’s historical ascent, supported by the performance of Grayscale Solana Trust, which indicates high investor confidence could propel Solana’s value significantly.
Grayscale Solana Trust Signals Strong Market Confidence
Grayscale’s investment products have historically served as a barometer for cryptocurrency potential. The Grayscale Solana Trust, similar to its Ethereum counterpart years ago, allows investors to engage with digital currencies through a traditional investment structure, mitigating the complexities of direct cryptocurrency dealings.
Years back, the Grayscale Ethereum Trust traded at a substantial premium when Ethereum’s market price was around $200, implying an eventual value of $1,000 per ETH—a target it later achieved. Today, the Grayscale Solana Trust exhibits a similar premium, which some believe could forecast a comparable trajectory for SOL.
Moreover, the Trust’s performance is not merely speculative. It reflects a growing confidence among traditional investors in Solana’s long-term viability. As Solana continues to develop its infrastructure and expand its applications, the trust’s premium could be an early indicator of its future market position. Additionally, the enhanced liquidity and reduced entry barriers, such as investment trusts, contribute to broader market adoption and price stability.
SOL ETF Could Boost Crypto Adoption
The regulatory environment also plays a crucial role in adopting and valuing cryptocurrencies. Recently, 21Shares applied to the U.S. Securities and Exchange Commission (SEC) to launch a Solana-based ETF.
The proposed ETF, listed on the Cboe BEZX exchange, underscores the increasing attempts to integrate cryptocurrency into conventional financial systems. This move comes when the SEC’s stance on digital assets remains pivotal; should the SEC not classify Solana as a security, the ETF could go forward, potentially increasing Solana’s exposure and investment.
The approval of a SOL ETF likely catalyzes further institutional and retail investment, mirroring Ethereum’s early days when its ETFs broadened investor participation. This regulatory approval, combined with SOL’s growing ecosystem and technological parallels to Ethereum, positions it as a candidate for significant valuation growth.
When Ethereum was still emerging, it quickly became a foundation for new applications and projects within the blockchain space. Solana is on a similar path, fostering innovations and developments that could underpin new blockchain utilities. If Solana can maintain its technological edge and scale effectively, the $1,000 valuation could be within reach, especially as decentralized finance and digital applications proliferate.
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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.
Coinbase cryptocurrency exchange recently filed for regulatory approval to offer future products related to several altcoins, including SHIB and AVA. The submission to the Commodity Futures Trading Commission (CFTC) includes proposals for derivatives tied to DOT, SHB, XLM, AVA, and LNK, with trading potentially commencing as early as July 15. This move aligns with Coinbase’s strategy to enhance its derivatives market and cater to a broader investor base, adhering strictly to U.S. regulatory standards.
Coinbase Files for Futures on SHIB, AVA
The introduction of futures contracts for altcoins such as SHIB and AVA marks a significant expansion in Coinbase’s product offerings. Upon approval, these products will provide traders and institutional investors with new mechanisms to manage risk, speculate on price movements, and engage more fully in the cryptocurrency economy.
This expansion aims to diversify Coinbase’s portfolio and improve its users’ trading experience by requiring less capital upfront. The company’s approach underlines its commitment to increasing accessibility to the crypto economy while maintaining compliance with stringent regulatory frameworks.
Coinbase has proactively forged strategic partnerships to broaden its service capabilities and enhance on-chain adoption. A notable collaboration with payment processor Stripe is set to expedite transactions and integrate new systems that support faster and more affordable services.
This partnership focuses on integrating USDC on Stripe’s Base platform, facilitating quicker transactions across over 150 countries. Additionally, this collaboration will streamline the process for U.S. customers converting fiat to crypto, integrating convenient payment methods such as Apple Pay and credit cards directly into Coinbase’s Wallet service.
Also Read: 21Shares Submits Application For Solana ETF
AVA Leads as Coinbase Proposes New Futures
Seeking CFTC approval for these new futures listings is a calculated step by Coinbase to attract more institutional investors by ensuring a regulated trading environment. This regulatory adherence is crucial for building trust and credibility among a broader range of investors, particularly those cautious about the volatile nature of cryptocurrencies.
At the time of reporting, AVA had the largest market capitalization among the proposed altcoins, at $11.1 billion, and its trading price had slightly increased. In contrast, SHIB, despite its lower price point, remains a popular choice among investors, reflecting the diverse interest in the crypto market.
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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.
Pepe Coin (PEPE), a popular meme cryptocurrency, experienced a significant price surge recently. The latest Pepe coin rally follows a test at the bottom support level, hence, rebounding notably. This coincided with a cryptic social media post from investment firm VanEck.
VanEck Teases Discussions Around PEPE
On the platform X (formerly Twitter), VanEck shared an enigmatic frog meme, which also featured other animals who were seen sitting around a table. However, the frog stood on the table, grabbing the spotlight. The post caption stated, “Important topics were discussed at the board meeting.” This post generated considerable buzz and speculation within the cryptocurrency community.
In the immediate aftermath of VanEck’s post, PEPE saw notable volatility. Initially, there was a minor dip in its price, with a 1.5% decrease over 24 hours. Moreover, Pepe Coin hit a low of $0.00001213 just ahead of the post. However, the meme coin rebounded quickly, capitalizing on the hype and social media traction.
Furthermore, the price of Pepe Coin surged by approximately 11% over the past week, showcasing its resilience amid the recent bearish downturn in the market. In addition, the excitement surrounding Pepe Coin was further amplified by VanEck’s recent endeavors in the crypto space.
The firm, which is known for its traditional finance products, recently applied for a Solana ETF. Furthermore, the firm became the first ever ETF issuer in the U.S. to apply for another altcoin ETF after the Ether ETF application. Though it’s unlikely to see a Pepe Coin ETF anytime soon, VanEck’s post was enough to stir optimism in the PEPE meme community.
Also Read: Pepe Coin: Smart Money Offloads 118B PEPE With 11-Fold Returns, Has Price Maxed Out?
Pepe Coin Price Today
After the post, the PEPE price gained 3% from its low of $0.00001214 today with a price of $0.00001245 at the time of writing. In addition, the PEPE market cap soared to $5.25 billion. However, the Pepe Coin trading volume saw a slump of 11.80% to $500.55 million in the last 24 hours.
As the PEPE price rebounded, the short liquidations rocketed, according to Coinglass data. Shorts liquidated $1 million in the last 24 hours and are expected to exert buying pressure as they buy back their positions to minimize losses. This could potentially push the Pepe Coin price higher. However, longs also liquidated $715,610, which could limit the impact of this buying pressure.
The PEPE Coin price has fluctuated significantly since reaching its peak value of $0.00001725 on May 27th. Following this high, the price experienced a 44% decline, finding a support level at $0.00000968 on June 24th. Recently, PEPE has revisited this previous support level, which has now turned into a resistance point in the short term.
The technical indicators present a mixed yet generally positive outlook. The daily Relative Strength Index (RSI) is currently at 51, indicating a balance between buying and selling pressures with a slight inclination towards bullish activity, and still allows for further upward movement.
Additionally, the Moving Average Convergence Divergence (MACD) recently experienced a bullish crossover. The MACD line is now marginally above the signal line, hinting at growing bullish momentum.
On the 4-hour chart, Pepe Coin recently broke out from a bullish flag pattern that has been forming since late May. However, it encountered resistance from the larger ascending channel’s support level. This pattern suggests that while a minor pullback could occur in the short term. However, there is potential for a breakout if the bullish momentum continues to build.
According to IntoTheBlock data, 84% of current PEPE holders are in profit at the present price. Meanwhile, 5% holders at break-even and 11% at a loss. Hence, amid a price rise, long holders could sell their holdings to realize profits, potentially leading to high volatility and dip.
Also Read: Binance Lists ETHFI, MEME, PYTH Among 7 New FDUSD Trading Pairs
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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