Connect with us

Altcoin

Whale Dumps 199B SHIB To Coinbase, What’s Next?

Published

on


Shiba Inu, the self-proclaimed Dogecoin killer, has once again birthed a tsunami of speculations across the global crypto realm. Amid its price re-entering the red territory following considerable gains witnessed yesterday, a whale has been noted to transfer colossal amounts of SHIB to Coinbase, one of the world’s leading CEXs.

This has set off a wave of mixed market sentiments, leaving the future price movements of SHIB shrouded in uncertainty. Let’s delve deeper into the recent whale data and market dynamics of one of the most renowned dog-themed meme coins.

Whale Makes Profit With Massive SHIB Transfer

According to data streamlined by the on-chain analytics platform Spotonchain, the whale 0x541 deposited 199 billion SHIB to Coinbase today, May 17.

Notably, the whale bought these tokens from Coinbase between October 2021 and September 2023. Now, after depositing all SHIB holdings into Coinbase, the whale has realized an estimated profit of $3.2 million.

Although this phenomenon illustrated that the whale has made colossal profits via SHIB, buying at the right time, it’s worth mentioning that current sentiments do not seem so optimistic.

Market trends took a 180 turn as the whale’s transaction aligned with profit-taking behaviors. This is viewed by crypto market participants as potentially negative, as it could further increase the selling pressure on the token.

Meanwhile, as the whale dump also underscored a loss of investor interest in Shiba Inu’s potential to offer future gains, crypto traders and investors expect a waning price trajectory ahead.

Also Read: Pro-XRP Lawyer John Deaton Blasts Warren and SEC Over Crypto Regulation

SHIB’s Price Slips

Coming in tandem with the broader market’s tumbled price movement, SHIB’s price has slipped 2.60% in the past 24 hours and is currently trading at $0.00002445. The token’s bearish movement today primarily falls in line with the massive amount of SHIB offloaded, as mentioned above.

Coinglass data revealed a 4.89% fall in SHIB’s open interest, reaching $73.43 million, followed by a derivatives volume decrease of 44.25% to $178.04 million. This data added to the bearish sentiments surrounding SHIB, flagging reduced market activity and investor interest.

Nonetheless, the RSI continued to move around 51, hinting that the asset is neither overbought nor oversold. Concerning this, if the selling pressure continues to rise, Shiba Inu could witness a waning price trajectory ahead. Conversely, long-term prospects may shine with bullishness if bulls take control of the meme coin, accompanied by the community’s continued token-burning chronicles.

Also Read: Reddit Partners with OpenAI to Introduce AI-Powered Features to Users

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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.





Source link

Altcoin

PancakeSwap Sets Date for CAKE 3.0 Amid Community Concern

Published

on


PancakeSwap, the largest decentralized exchange (DEX) on BNB Chain, has officially announced the implementation of CAKE Tokenomics 3.0. This marks a major shift toward a more sustainable and deflationary ecosystem.

According to the announcement, PancakeSwap will begin rolling out the new tokenomics model on April 23, 2025. The main goals are to curb CAKE inflation, optimize system efficiency, and deliver long-term value to the community. However, the CAKE 3.0 proposal has sparked considerable debate.

What Are the Key Changes in CAKE Tokenomics 3.0?

PancakeSwap has set three primary goals for Tokenomics 3.0: achieve an annual deflation rate of 4%, eliminate complex mechanisms such as veCAKE, and reduce CAKE emissions to improve sustainability.

Here are the specific changes:

  • Retirement of CAKE Staking, veCAKE, Gauges Voting, Revenue Sharing, and Farm Boosting: PancakeSwap will discontinue CAKE staking and the veCAKE mechanism, which required users to lock tokens in exchange for voting rights or benefits. All locked CAKE and veCAKE will be unlocked.
  • Burn Mechanism to Reduce Circulating Supply: PancakeSwap will burn tokens to reduce supply instead of sharing trading fees with users. The team expects to burn approximately 5.3 million CAKE annually, supporting the deflation target.
  • Phased Reduction in CAKE Emissions: Daily CAKE emissions will be reduced from 29,000 to 20,000, and later to 14,500 tokens.

Users will have six months from April 23, 2025, to withdraw their previously locked CAKE.

The Debate Around CAKE 3.0

Several developers and community members believe CAKE Tokenomics 3.0 will benefit the project in the long term.

“At its core, CAKE Tokenomics 3.0 defends true value and protects CAKE holders by strengthening long-term fundamentals—such as aggressively cutting emissions to accelerate deflation and sustainably grow value,” Chef Philip said.

However, not everyone agrees. Cakepie DAO—one of the largest veCAKE holders—voiced strong concerns on X. They criticized the decision to eliminate veCAKE, calling it non-transparent and potentially damaging to projects built around that model.

This reveals a divide in the community over how PancakeSwap is balancing deflation and stakeholder interests.

“Sunsetting veCAKE would be devastating for Cakepie and for every project built on long-term alignment with PancakeSwap. Our entire ecosystem is structured around veCAKE, with millions of CAKE locked for four years as a clear show of commitment. Removing veCAKE would erase that commitment overnight and undermine the trust and efforts of all builders who believed in PancakeSwap’s vision,” Cakepie stated.

In response, PancakeSwap proposed a $1.5 million compensation package in CAKE tokens. They offered this to CKP (Cakepie’s token) holders if Cakepie agreed to allow a 1:1 swap from mCAKE (Cakepie’s CAKE derivative) to CAKE.

However, Cakepie is currently voting on whether to accept the offer.

PancakeSwap (CAKE) 3-Month Price Chart
PancakeSwap (CAKE) 3-Month Price Chart. Source: BeInCrypto

At the time of reporting, CAKE is trading around $1.97, up 17% since April 8, when PancakeSwap first proposed Tokenomics 3.0.

Additionally, data from DeFiLlama shows that PancakeSwap’s 24-hour trading volume has surpassed $1 billion, overtaking Uniswap.

Meanwhile, a report from BeInCrypto reveals that PancakeSwap controls over 90% of the DEX market share on BNB Chain. This highlights the strong relationship between BNB Chain and PancakeSwap.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Altcoin

Top Solana Price Levels to Watch in the Short Term

Published

on


As the crypto market is experiencing a bullish reversal with its total market cap surging by 3.17% to $2.74 trillion, the Solana price is gearing up for a potential rebound. As traders and investors are looking to capitalize on the token’s volatility, analysts unveil key price levels to watch in short term.

Notably, analysts like Ted predict SOL’s potential uptick to $180 amidst increasing whale activity. In this article, we’ll explore the top Solana price levels to watch in the short term which will help you to stay ahead of the curve and capitalize on market opportunities.

Solana Price To Rebound: Key Price Levels Revealed

As the Solana price hovers below $140, analysts and traders are closely watching market movements. While bears fear of a possible crash to $120, analysts like Ted offers a bullish outlook, predicting SOL’s potential surge to $180 by May 2025.

Presenting historical trends, Ted asserts that the Solana price is poised to reach $160-$180. He notes that Solana’s current patterns mirror those seen in 2022 Q4, suggesting potential similarities in future price movements. In addition, the analyst maintains a bullish outlook for the token, predicting a new all-time high for SOL during the third quarter of this year.

Key Price Levels To Watch

While Solana is poised for a potential rebound, traders are recommended to watch key price levels. Analyst Degen Hardy presents a detailed analysis of SOL’s current market conditions where he is trying to identify a long entry opportunity. As per his conclusions, the ideal scenario will be the Solana price to pull back, which, in turn, will form an inverse head and shoulders pattern.

Significantly, the chart presented by the trader represents key levels to watch. As SOL has surged past the significant support level of $125 and the resistance level of $135, the next target is $178.

Top Solana Price Levels to Watch in the Short TermTop Solana Price Levels to Watch in the Short Term
Source: X, Degen Hardy

As of now, SOL is trading at $139.23, up 2.15%.Over the past week and month, Solana has experienced a surge of 3.25% and 6.6%, respectively. Historical data suggests that Solana price could ultimately reach $256 if it surges past $178. The key levels in between $178 and $256 include $199, $216, and $238.

Moreover, increased whale activity also projects a potential rebound in Solana’s price. Whale Alert revealed that a Binance address moved 374,161 SOL ($52,768,341) to an unknown wallet.

SOL Clears Key Resistance: What’s Next

In his recent X post, TraderAG projected Solana price’s potential target of $170 as it has broken past its key resistance level at $135-$137. Though the analyst expected a retest to the $125 level, SOL broke past the resistance zone, sparking speculations of an uptrend.

According to TraderAG, SOL is capable of reaching $170 and beyond in the near term. CoinGape’s Solana price prediction reveals that SOL is expected to reach a maximum level of $173.44 and a minimum of $140.04 in 2025.

✓ Share:

Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

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.





Source link

Continue Reading

Altcoin

Will Cardano Price Break Out Soon? Triangle Pattern Hints at 27% ADA Surge

Published

on


Cardano price appears to be inching towards a key breakpoint as it continues to consolidate within a symmetrical triangle pattern visible on its price chart. According to cryptocurrency analyst Ali, this formation could help ADA in a major price movement.

Cardano price predicted to surge 27%

In a recent tweet, Ali suggested that Cardano might be in the early stages of breaking out from this consolidation pattern. The symmetrical triangle visible on the price chart shows converging trendlines that have contained ADA’s price movement since early April 2025.

The symmetrical triangle pattern forming on Cardano’s chart is a period of consolidation where buyers and sellers reach a temporary equilibrium. According to technical analysis principles, symmetrical triangles often serve as continuation patterns, with the breakout direction typically following the prior trend.

In Cardano’s case, the breakout yields the potential 27% price movement mentioned by Ali. The analyst has pointed out that Cardano might be in the early stages of breaking out from this pattern. The analysis by Ali comes as Cardano bulls secure the most important signal to drive a price rally.

Cardano is currently trading at $0.6424 with a 4.3% increase over the past 24 hours. Despite this short-term gain, ADA remains down nearly 10% over the past 30 days.

ADA sentiment remains neutral

Current market sentiment surrounding Cardano is mixed despite the potentially bullish technical setup. According to data from CoinCodex, the overall sentiment toward ADA is currently classified as “Neutral.” However, the Fear & Greed Index shows a reading of 39 and places it in the “Fear” category.

Looking ahead, CoinCodex projects that Cardano’s price could rise by 18.55% to reach $0.765833 by May 21, 2025. While this forecast falls short of the full 27% move suggested by the triangle pattern analysis, it aligns with the general direction and timeframe for a potential upside breakout.

The platform’s analysis of Cardano’s recent performance shows that ADA recorded 14 green days out of the last 30, which is a 47% positive day ratio. Price volatility over this period also stood 7.31%.

Despite the current “Fear” reading and mixed sentiment indicators, CoinCodex concludes that it’s now a good time to buy Cardano based on their technical indicators. However, the next move by ADA could very well be based on the overall market conditions too.

✓ Share:

Vignesh Karunanidhi

Vignesh Karunanidhi is a seasoned crypto journalist with nearly 7 years of experience in the cryptocurrency industry. He has contributed to numerous publications, including WatcherGuru, BeInCrypto, Milkroad, and authored over 10,000 articles

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.





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io