Connect with us

Market

Shiba Inu’s 65% Rise Triggers Largest LTH Move in Eight Months

Published

on


Shiba Inu (SHIB) price has experienced a remarkable 65% surge in the past week, attracting significant attention from both retail and institutional investors. However, following this rally, SHIB has seen a sharp pullback, bringing it to a critical support level at $0.00002411. 

This price action has raised concerns, particularly regarding the behavior of long-term holders (LTHs), whose actions suggest that SHIB’s future recovery may not be as smooth as initially hoped.

Shiba Inu Investors Are Restless

In the past 24 hours, Shiba Inu’s “age consumed” metric—a key indicator for tracking the movement of coins held for extended periods—has surged to its highest levels since March. This spike in activity points to the largest shift of LTH-held SHIB tokens in the last eight months. LTHs, who typically form the backbone of an asset’s market stability, have been moving their tokens more significantly than usual. 

This increased activity among long-term holders signals uncertainty, with many investors potentially reconsidering their HODLing strategies. Such moves are typically seen as a bearish signal, suggesting that LTHs may no longer be as confident in the coin’s short-term outlook.

Shiba Inu Age Consumed
Shiba Inu Age Consumed. Source: Santiment

Active deposits, which track the number of unique addresses moving their SHIB holdings to exchanges, have also seen a notable decline. After a significant spike in activity earlier this week, the number of active deposits has dropped, indicating that fewer investors are looking to sell their holdings in the immediate future.

This could be a sign of investors pulling away from the market, possibly awaiting a more favorable market condition or a clearer trend. The decrease in active deposits suggests that there may be less immediate pressure to sell, which is a positive sign for SHIB in the longer term.

Shiba Inu Active Deposits
Shiba Inu Active Deposits. Source: Santiment

SHIB Price Prediction: Saving The Rise

Currently, Shiba Inu’s price stands at $0.00002411, down by 13% over the past 24 hours. This correction, while not drastic, has erased a substantial portion of the recent gains from the 65% rally, leaving investors cautious.

Despite this pullback, SHIB is showing signs of stabilizing around a key support level at $0.00002267, which has held firm for the past few days. If the support level continues to hold, SHIB could start trending upwards once again, with the next resistance target at $0.00002976.

Shiba Inu Price Analysis.
Shiba Inu Price Analysis. Source: TradingView

However, if SHIB fails to maintain this support level and slips below $0.00002267, the cryptocurrency could face further downward pressure. A break below this level would open the door for a potential drop to $0.00002093 or even lower, invalidating the current bullish outlook. Such a move would suggest that SHIB is in a more extended period of consolidation or bearish activity, especially if the selling pressure from LTHs continues.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Market

What to Expect on May 7

Published

on


The highly anticipated Pectra upgrade will launch on the Ethereum (ETH) mainnet on May 7, 2025, after overcoming a series of technical challenges and delays in the testnet phase. 

Ethereum developers announced the date during the All Core Developers Consensus (ACDC) meeting on April 3, 2025.

Pectra Upgrade Countdown Begins

The upgrade was initially slated for a tentative mainnet launch on April 30. However, Ethereum developers have postponed the launch by one week.

“We’ll go ahead and lock in May 7 for Pectra on mainnet,” Ethereum Foundation researcher Alex Stokes said.

In preparation for this, Stokes confirmed that client releases will be made available by April 21, ensuring that all users have the necessary updates and tools ahead of the mainnet launch. On April 23, a detailed blog post outlining the Pectra mainnet will be published.

Ethereum Developers Consensus Layer Meeting 154

The Pectra upgrade will introduce 11 Ethereum Improvement Proposals (EIPs) to enhance various aspects of the network. Notably, three EIPs are dedicated to improving the validator experience. 

The first is EIP-7251. This will increase the staking limit for validators from 32 ETH to 2,048 ETH per validator. This change aims to enhance capital efficiency for large stakers and staking pools.

“This simplifies the staking experience, allowing users to manage multiple validators under one node instead of several,” an analyst remarked.

Moreover, EIP-7002 introduces execution-layer triggerable withdrawals, giving validators more control. Meanwhile, EIP-6110 reduces the deposit processing delay from about 9 hours to just 13 minutes.

The upgrade will also include EIP-7702, a major step toward account abstraction. It allows Externally Owned Accounts (EOAs) to gain smart contract functionality while maintaining simplicity. This enables features like transaction batching, gas sponsorship (where third parties pay fees), passkey-based authentication, spending controls, and asset recovery mechanisms.

Finally, the upgrade increases blob capacity through EIP-7691. In addition, EIP-7623 helps manage the increased bandwidth requirements. These updates aim to make Ethereum more scalable, efficient, and user-friendly.

It is worth noting that the road to the mainnet launch has not been without hurdles. Two previous tests on the Holesky and Sepolia test networks failed to finalize properly. However, Pectra achieved full finalization on the Hoodi testnet on March 26, marking a significant milestone toward the successful deployment of the upgrade.

Despite the technical progress, ETH continues to face market challenges

Ethereum Price Performance
Ethereum Price Performance. Source: BeInCrypto

Data from BeInCrypto shows that ETH dropped 4.8% over the past week, with weekly losses extending to 17.1%. At the time of writing, the altcoin was trading at $1,822, reflecting a small daily gain of 0.8%.

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

Market

XRP Futures and Illinois Lawsuit Relief

Published

on


Coinbase filed with the US Commodity Futures Trading Commission (CFTC) to launch futures contracts for Ripple’s XRP token.

The move comes after a positive development for the crypto derivatives market in the US, reflecting shifting regulatory ties in the country.

Coinbase Files for XRP Futures Trading With CFTC

Coinbase Derivatives has submitted a filing to self-certify XRP futures. It will provide a regulated, capital-efficient means for market participants to gain exposure to XRP. The new contract could go live as soon as April 21.

“We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify XRP futures – bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets. We anticipate the contract going live on April 21, 2025,” read the announcement.

Meanwhile, the official filing indicates that the XRP futures contract will be a monthly cash-settled and margined contract trading under the symbol XRL.

Each contract represents 10,000 XRP and will be settled in US dollars. Trading will be available for the current month and two subsequent months. As a protective measure, trading will be temporarily halted if the spot XRP price moves more than 10% within an hour.

XRP Price Performance
XRP Price Performance. Source: BeInCrypto

The Coinbase Exchange also confirmed that it has engaged with Futures Commission Merchants (FCMs) and other market participants. Both references reportedly expressed support for the launch.

However, Coinbase is not the first US-based exchange to introduce regulated XRP futures. In March, Chicago-based Bitnomial launched what it advertised as the country’s first CFTC-regulated XRP futures contract.

For Coinbase, however, the boldness comes after the CFTC eased key regulatory hurdles for crypto derivatives trading. As BeInCrypto reported, this signaled a more accommodating stance towards the sector.

“Pursuant to Commodity Futures Trading Commission (“CFTC” or “Commission”) Regulation 40.2(a), Coinbase Derivatives, LLC (the “Exchange” or “COIN”) hereby submits for self-certification its initial listing of the XRP Futures contract to be offered for trading on the Exchange…,” an excerpt in the filing indicated.

This suggests that the commodities regulator’s shift, revoking previous crypto-related guidelines, may boost institutional confidence. For XRP, this development bolsters confidence in the asset’s previously contentious status following Ripple’s recent regulatory breakthrough.

“Coinbase Derivatives’ filing with the CFTC to self-certify XRP futures aims to legitimize XRP trading by offering a regulated, capital-efficient product for investors,” one user remarked.

The futures contract might also help the odds of XRP ETF approval. Recently, the SEC delayed several applications to create one, and its status is in limbo.

XRP ETF approval odds
XRP ETF approval odds. Source: Polymarket

Data on Polymarket shows bettors see a 74% chance for XRP ETF approval in 2025 and a more modest 34% by July 31.

Elsewhere, the timing of this filing aligns with recent favorable regulatory developments for Coinbase. Reports suggest Illinois intends to drop its lawsuit against the exchange over its staking services.

Up to 10 states filed a lawsuit against Coinbase in June 2023 alleging that its staking program constituted unregistered securities offerings.

This recent development makes Illinois the fourth state to withdraw legal action against Coinbase. Vermont, South Carolina, and Kentucky also dismissed their cases on March 13, 27, and 31, respectively.

However, the cases remain active in Alabama, California, Maryland, New Jersey, Washington and Wisconsin.

These legal retreats coincide with the US SEC’s (Securities and Exchange Commission) February decision to abandon its federal lawsuit against Coinbase. BeInCrypto reported that this development marked a broader shift in the regulatory approach under the current administration.

“Regulators are losing steam, and Coinbase is stacking quiet courtroom wins. Staking’s future in the US might just be back on track,” a user commented.

Illinois’ decision to drop its lawsuit comes as the state advances a Bitcoin strategic reserve bill. Specifically, Illinois State Representative John M. Cabello introduced House Bill 1844 (HB1844), highlighting Bitcoin’s potential as a decentralized, finite digital asset.

“A strategic bitcoin reserve aligns with Illinois’ commitment to fostering innovation in digital assets and providing Illinoisans with enhanced financial security,” the bill read.

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

Market

Dogecoin (DOGE) Bleeds Further—Fresh Weekly Lows Test Investor Patience

Published

on


Dogecoin started a fresh decline from the $0.180 zone against the US Dollar. DOGE is consolidating and might struggle to recover above $0.1680.

  • DOGE price started a fresh decline below the $0.1750 and $0.170 levels.
  • The price is trading below the $0.1680 level and the 100-hourly simple moving average.
  • There was a break below a key bullish trend line forming with support at $0.170 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could extend losses if it breaks the $0.1550 support zone.

Dogecoin Price Dips Again

Dogecoin price started a fresh decline after it failed to clear $0.180, like Bitcoin and Ethereum. DOGE dipped below the $0.1750 and $0.1720 support levels.

There was a break below a key bullish trend line forming with support at $0.170 on the hourly chart of the DOGE/USD pair. The bears were able to push the price below the $0.1620 support level. It even traded close to the $0.1550 support.

A low was formed at $0.1555 and the price is now consolidating losses. There was a minor move above the 23.6% Fib retracement level of the downward move from the $0.180 swing high to the $0.1555 low.

Dogecoin price is now trading below the $0.170 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1650 level. The first major resistance for the bulls could be near the $0.1680 level. It is near the 50% Fib retracement level of the downward move from the $0.180 swing high to the $0.1555 low.

Dogecoin Price

The next major resistance is near the $0.1740 level. A close above the $0.1740 resistance might send the price toward the $0.180 resistance. Any more gains might send the price toward the $0.1880 level. The next major stop for the bulls might be $0.1950.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.170 level, it could start another decline. Initial support on the downside is near the $0.160 level. The next major support is near the $0.1550 level.

The main support sits at $0.150. If there is a downside break below the $0.150 support, the price could decline further. In the stated case, the price might decline toward the $0.1320 level or even $0.120 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1600 and $0.1550.

Major Resistance Levels – $0.1680 and $0.1740.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io