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.
Also Read: SEC Chair Gary Gensler Says Approval Is Going Smoothly
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.
Also Read: Nubank Partners Lightspark to Integrate Bitcoin Lightning Network
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
Dogecoin Code Appears In CyberTruck And Model 3 Website, Will Tesla Accept DOGE Payments For Cars Soon?
Dogecoin enthusiasts recently reignited discussions on the meme coin’s future after an observation shared on the social media platform X. KrissPax, a Dogecoin enthusiast, highlighted a curious detail that showed that DOGE is the only cryptocurrency currently embedded in the payment code for Tesla’s Cybertruck and Model 3 vehicles. Interestingly, this plays into the current bullish sentiment surrounding DOGE and rumors about Tesla’s plans to officially accept DOGE as a payment method.
Dogecoin Code In Tesla’s Payment: A Long-Standing Detail Revisited
The inclusion of Dogecoin in Tesla’s payment infrastructure has been known for some time, but the timing of its renewed focus has drawn attention. Notably, it comes during a notable price correction for the meme cryptocurrency.
Back in October 2023, reports surfaced about mentions of DOGE in the source code of Tesla’s Cybertruck checkout page. Particularly, crypto influencer MartyParty identified over 50 references to Dogecoin within the code.
However, the renewed interest stems from a recent post by Dogecoin enthusiast KrissPax on the social media platform X. He highlighted the presence of a DOGE code in Tesla’s payment systems, stating:
“Just remember, there is Dogecoin in the Cybertruck and Model 3 Tesla payment codes. Not any other crypto – just Dogecoin. Just waiting for Tesla to turn this option on!”
Although Tesla’s Cybertruck has since been launched, this year, the DOGE payment feature has not yet been activated. Nonetheless, its presence in the code suggests that Tesla is keeping the door open to allow DOGE transactions in the future.
What Does This Mean For DOGE?
Tesla CEO Elon Musk has long been a vocal supporter of Dogecoin, often relaying its use for everyday transactions. His enthusiasm for DOGE has been evident through numerous public endorsements, including Tesla’s decision in January 2022 to start accepting DOGE as payment for select merchandise. This endeavor created some sort of utility for DOGE, which is known for its meme status.
However, a final integration of DOGE as a payment method for Tesla cars would be the final straw in the electric vehicle maker’s creation of utility for the meme coin. A move of such magnitude would not only improve Dogecoin’s adoption but also open it up to another path of inflows, which would in turn benefit its price growth. Furthermore, other companies could follow in the footsteps of Tesla and make DOGE a payment method.
Interestingly, such a move would not be the first time Tesla accepted crypto payments for its vehicles. Back in 2021, Tesla started allowing customers to use Bitcoin as a form of payment. However, the initiative was short-lived, as Tesla discontinued Bitcoin payments just months later due to environmental concerns over the growing energy consumption of Bitcoin mining and transactions.
At the time of writing, the Dogecoin price is trading at $0.3842, down by 0.92 and 1.69% in the past 24 hours and seven days, respectively.
Featured image created with Dall.E, chart from Tradingview.com
Altcoin
5 Key Indicators To Watch For Ethereum Price Rally To $10K
The Ethereum price has surged more than 7% recently, with recent indicators hinting towards a potential ETH rally to $10K ahead. Notably, the recent surge also indicates a bullish momentum for the crypto ahead. So, here we explore some of the top indicators that could propel an ETH price surge ahead.
5 Indicators To Watch For Ethereum Price Rally Ahead
A recent X post from top on-chain analytics platform IntoTheBlock highlighted that Ethereum often follows Bitcoin’s rallies. While mixed signals exist, certain metrics suggest optimism. The platform noted that whales continue accumulating ETH, indicating confidence in the asset’s long-term growth. Increased transaction volumes and minimal selling pressure from holders are also contributing to Ethereum’s positive outlook.
In addition, one critical indicator is daily transactions, which recently rose to 1.22 million from 1.1 million three months ago. This slight uptick reflects growing network activity and rising demand for Ethereum.
Another key metric is large holder netflow, which tracks the buying activity of whales. When whales accumulate, it reduces sell-side pressure and supports price appreciation. Short-term holder behavior also warrants attention.
Meanwhile, increased activity among short-term investors often aligns with heightened retail interest. The holding time of transacted coins is another bullish sign. A steady hold time suggests that long-term investors are retaining their assets, keeping supply constrained as demand grows.
Lastly, exchange flows reveal sentiment trends. Significant outflows from exchanges typically indicate accumulation, signaling confidence among investors.
ETH Rally To $10K Imminent?
ETH price today was up nearly 8% and exchanged hands at $3,343, while its one-day trading volume rocketed 61% to $45.19 billion. In addition, Ethereum Futures Open Interest also rose more than 13%, indicating a strong market confidence towards the crypto.
Amid this, a top crypto market expert predicts ETH price to hit $10K in the coming days, sparking market speculations. However, despite that, a recent Ethereum price analysis hints that the top altcoin should soar past the $4K mark, before its further rally.
Having said that, a flurry of crypto market experts anticipates the crypto to continue its rally in the coming days. In addition, as BTC hits a new ATH recently, the market pundits expect the altcoins to follow suit, especially amid soaring optimism towards a clear regulatory path after Donald Trump’s election win.
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
Agency Reiterates “Digital Assets Securities” As XRP Eyes $2
Ripple SEC Lawsuit: The US Securities and Exchange Commission (SEC) hinted at “digital asset securities” claims amid the appeal in the Second Circuit Court. The move comes as XRP price surpassed $1 and expected a rally to $2 on Gary Gensler’s resignation and the end of XRP lawsuit during Donald Trump’s presidency.
US SEC Hints At Digital Asset Securities Claims In Ripple Lawsuit
In a PLI’s 56th Annual Institute speech last week, SEC Chair Gary Gensler reiterated “Bitcoin is not a security.” He also cleared the intention to continue considering XRP as security as he didn’t mention it along with “Bitcoin, ether, and stablecoins.”
“Our focus, rather, has been on some of the 10,000 or so other digital assets, many of which courts have ruled were offered or sold as securities. Putting this in context, aside from bitcoin, ether, and stablecoins, the rest of this market approximates $600 billion.”
Crypto lawyer James Murphy, also known as MetaLawMan slammed the US SEC for using the term “digital asset securities” again in an X post on Wednesday. Gensler and the SEC disregarded the court’s order on XRP security status in the Ripple SEC Lawsuit. This indicates that the agency failed to comply with its recent apology for using the term “crypto asset securities” in lawsuits.
Here we go again “digital asset securities.”
Unbelievable. https://t.co/vqCbEJ9PNh— MetaLawMan (@MetaLawMan) November 20, 2024
The regulator appealed the summary judgment on XRP sales by Ripple, XRP distribution to employees and others by the company, and XRP sales on exchanges by CEO Brad Garlinghouse and Executive Chairman Chris Larsen. However, the recent crypto narratives amid President-elect Trump has sparked speculation of the end of SEC v Ripple lawsuit.
Will XRP Lawsuit Get Dismissed?
The crypto community called for the dismissal of the long-running Ripple SEC lawsuit and resignation of SEC Chair Gary Gensler. Also, Ripple CEO Brad Garlinghouse said he is expecting a resolution or end of the SEC lawsuit after Trump’s win.
Ripple CTO David Schwartz cleared that the company is legally obligated to Ripple shareholders and not XRP holders. While Ripple can work around legal clarity around XRP and digital assets, the prices of digital assets don’t depend on the efforts of the company. Schwartz and lawyers assert XRP lawsuit will likely get dismissed or settled with $125 million.
Meanwhile, lawyer Bill Morgan asserted that the price of XRP is not influenced by Ripple’s efforts as seen by long-term investors. Notably, Gensler’s hint at resignation and the potential end of Ripple SEC lawsuit triggered an XRP price rally to $1.
XRP Price Rally to $2
XRP price is currently holding at 0.702 Fib retracement level. Any strong upside momentum can trigger the next move to the $1.6–$2. The strong sentiment in the XRP community and Trump’s crypto policies will maintain bullishness in the crypto market.
Popular analyst CredibleCrypto suggests XRP will probably going to make new ATH “a lot quicker than most are expecting.” XRP/ETH just reclaimed and retested a 4-year long-range in the monthly chart, which signals a 250% higher target. He predicted a target of $2.
XRP price jumped over 1% in the past 24 hours and 60% in a week, with the price currently trading at $1.13. The 24-hour low and high are $1.07 and $1.15, respectively. Furthermore, the trading volume has increased by 7% in the last 24 hours, indicating a rise in interest among traders.
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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