Altcoin
Whale Dumps 1 Tln Coins To Binance, Has Shiba Inu Topped?
Shiba Inu, the renowned dog-themed meme coin, has spawned a torrent of speculative buzz across the cryptocurrency landscape today, June 24. Amid the token’s price pullback over the past day, a whale offloaded a staggering 1 trillion SHIB to Binance, a globally leading crypto exchange. This transaction has reverberated bearish sentiments across the broader crypto market, with investors assuming a potential end for SHIB’s bull cycle. Per on-chain data, the meme coin’s holders also saw a notable decrease in recent days, further solidifying these bearish sentiments.
1 Tln Whale Dump Sparks Investor Concerns
According to insights offered by Whale Alert on X, 1.08 trillion SHIB, worth $18.36 million, was moved to Binance today. The unknown address, 0x42a08447, was noted making the SHIB whale transaction.
Usual market sentiments hinted at the transaction as a loss of investor interest in the asset, igniting bearishness on future price movements. However, the real cause for concern lies in the data by Etherscan, which shows a gradual drop in Shiba Inu holders since June 10, when the token traded at the $0.00002 price level. At press time, the total number of Shiba Inu holders totaled $1.396 million. Simultaneously, the SHIB token traded at the $0.00001 price level.
Although recent reports by CoinGape Media have highlighted massive SHIB accumulations amid the coin’s bearish turn, hinting at a buy-the-dip sentiment, the monthly chart, illustrating a crash, has pushed investors on a hot seat.
Also Read: Reasons Why Bitcoin Price Suddenly Dropped Below $61k
Shiba Inu Price Plummets
As of writing, the SHIB price chart showed a pullback, dipping 6.35% to $0.00001683. The meme coin’s 24-hour bottoms and tops were $0.00001658 and $0.00001801, respectively.
Shiba Inu’s monthly chart showcases a 32.33% crash, while the weekly movement shows a 15.18% decline in value.
Although the meme coin’s today’s plunge may be attributable to the broader market sentiment and the massive whale dump, it’s worth mentioning that colossal spikes in the SHIB burn rate have failed to bring about a bolstered price action.
Nonetheless, the broader crypto market continues to eye the token as a potential post-BTC halving rally ahead, further accompanied by the continued burning of SHIB, may bring about a pump ahead.
Additionally, SHIB’s RSI entered into the oversold territory, standing at 25, hinting that a potential price rebound may be in the pipeline.
Also Read: Bitcoin Price Might Drop To $60K; Here’s Why
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.
Michael Dell, the Chairman and CEO of Dell Technologies, recently conducted a poll on X (formerly Twitter). The post sparked significant speculation about the tech giant’s potential interest in Bitcoin (BTC). The poll, which asked followers to vote on “the most important thing,” included options like AI, Bitcoin, love and relationships, and none of the above.
Bitcoin Bags Highest Vote On Michael Dell’s Poll
Bitcoin received the highest number of votes, which came from approximately 21,380 participants. Hence, the oldest crypto secured 45% out of 47,513 votes at the time. This result wasn’t entirely unexpected, given Dell’s subtle hints about his interest in BTC.
Bitcoin maximalists were quick to jump on Dell’s latest actions with exchanges like Kraken also joining the fray. Earlier, on June 21, Dell suggested following the Cookie Monster on X, but what truly caught the attention of the BTC community was an image of the Cookie Monster eating cookies adorned with the Bitcoin logo.
This further cemented the idea that Dell might be leaning towards BTC again. Moreover, adding fuel to the fire, Dell had also reposted a message from MicroStrategy founder Michael Saylor that read, “#Bitcoin is Digital Scarcity.” A day before this repost, Dell had tweeted, “Scarcity creates value.” Furthermore, it has only heightened the buzz around his potential interest in Bitcoin.
Earlier, Dell Technologies adopted Bitcoin as a payment means in 2014. However, in 2017, the company decided to seize BTC payments due to low demand. Nonetheless, given the history of Dell and BTC, the recent rumors have sparked massive optimism in the crypto space.
Also Read: Robert Kiyosaki Labels Bitcoin ETF ‘Fake’, Here’s Why
The Apple Saga
The Bitcoin community has seen similar excitement around another tech giant, Apple. Recently, MicroStrategy’s Michael Saylor posted a cryptic message on X: “Take a ₿ite.” He posted the message alongside an image of a blue apple featuring the legendary BTC logo.
The clever wordplay in Saylor’s post pointed toward Apple’s iconic bitten apple logo. Moreover, it ignited rumors that Apple might be considering a Bitcoin purchase. With Apple’s substantial cash reserves, currently over $47 billion, the company certainly has the financial capacity for significant investments.
Moreover, in an interview with Robin Seyr, Saylor shed light on the potential collaboration between Apple and Bitcoin. He suggested that Apple could integrate Bitcoin’s network security features into its ecosystem. He said, “When Apple encounters Bitcoin, I think they may look at it and think, ‘Wait a minute… Bitcoin multi-signature Cloud, what if we actually make the Apple Watch a signing device and combine it with the iPhone and a third device on a laptop?’”
In addition, Saylor envisioned a future where Apple could become a major player in the financial sector by offering secure, easy-to-use multisig solutions. He speculated, “Maybe the future biggest bank in the world is Apple Computer.” The implications of such a move by either Dell or Apple could be bigger than expected.
It would not only boost Bitcoin as a mainstream asset but also promote institutional adoption of the crypto. However, as of yet, neither Dell nor Apple have made an official comment on the matter, which is led to ambiguity in the community.
Also Read: Bitcoin ETF Records 4-Day Streak As BlackRock Boosts With $82M Influx
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.
The realm of cryptocurrency ETFs appears to be now expanding, yet not all digital assets are poised for an easy transition into this financial product. GSR’s recent analysis of the potential for ETFs across various crypto has brought forward insights that place XRP and Cardano in a challenging position for ETF adaptation.
Using a comprehensive scoring system, GSR evaluates the cryptocurrencies on a scale integrating decentralization metrics and market demand indicators.
XRP And Caradano: Never To See The Light of ETF?
Decentralization is critical, examining aspects such as permissionless participation and the diversity of hardware used in the networks.
Key metrics like the Nakamoto Coefficient measure the concentration of operational power within the network, revealing vulnerabilities to potential collusion or control by several entities.
For XRP and Cardano, the decentralization scores were notably low, with XRP at -0.9 and Cardano at -0.1, indicating concerns over their network structures.
In addition to decentralization, demand potential is equally significant, considering market cap, trading volume, and community activity levels. These factors predict how much interest there might be in an ETF based on each cryptocurrency.
Despite their popularity, XRP and Cardano scored -0.2 and -0.5 in demand metrics, placing them behind other cryptocurrencies exhibiting stronger future market demand indicators.
This combination of lower decentralization and demand scores in GSR’s analysis suggests that XRP and Cardano might face substantial hurdles before seeing the launch of their ETFs, especially in a market that is quickly adapting and evolving.
Meanwhile, in contrast to the sluggish outlook for XRP and Cardano ETFs from the GSR report, other cryptocurrencies like Ethereum, Solana, and NEAR are seeing more optimistic evaluations.
Spotlight on Solana And The Other Approved ETFs
Notably, merging the evaluations from the assets, GSR’s methodology for the ETF Possibility Score assigns a weight of 33% to decentralization and 67% to demand in its overall scoring system.
Regardless, VanEck, a significant player in the asset management field, has taken a pioneering step by filing for the first-ever Spot Solana ETF with the US Securities and Exchange Commission (SEC).
This move underscores Solana’s growing stature as a notable competitor to Ethereum. According to Matthew Sigel, VanEck’s head of digital asset research, “With its combination of scalability, speed, and low costs, the Solana blockchain has the potential to provide an enhanced user experience across a wide range of use cases.”
However, the landscape for Bitcoin and Ethereum remains mixed. While Bitcoin spot ETFs have experienced fluctuating inflows, Ethereum’s potential ETF is still pending final S-1 approvals, anticipated to materialize soon.
The market’s reception to these developments has been cautious, reflecting the slow pace of inflows for spot Bitcoin ETFs despite a positive trend over recent days.
Featured image from DALL-E, Chart from TradingView
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.
Also Read: Ripple Executive Highlights Ongoing Struggles in U.S. Market
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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