Shiba Inu sees significant gains for another consecutive day.
The token flipped some of the leading alternative coins in terms of transaction volume.
The rally of Shiba Inu (SHIB), witnessed in the past few days, seems to be going strong. The asset’s price is well in the green today (March 4), surging by 30% in the last 24 hours and 180% on a weekly scale.
In addition, SHIB’s market capitalization exceeded $16 billion for the first time in two years, making it the 12th biggest cryptocurrency.
The impressive performance surrounding the second-largest meme coin does not end here. According to CoinGecko’s data, SHIB’s daily trading volume has reached $5.4 billion at the time of this writing, thus surpassing some leading altcoins.
Solana’s SOL has experienced a trading volume of around $3.2 billion for the same period, Ripple’s XRP has accounted for $2.1 billion, while Cardano (ADA) lags with $1.2 billion.
Shiba Inu’s gains coincide with the spike of numerous indicators related to its ecosystem. As CryptoPotatoreported, the asset’s burning rate exploded by 30,000% at the end of last week, while total transactions on Shibarium near the 400 million mark.
The latter is a layer-2 scaling solution designed to elevate SHIB above its rivals by lowering transaction fees and improving speed. More information about the network could be found in the video below:
The overall market revival and the frenzy surrounding the meme coin sector signal that SHIB might be on the verge of a further price explosion.
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Shiba Inu experienced a substantial price increase, outperforming major cryptocurrencies and bringing profits to a majority of its holders (at least on paper).
Its market cap rose notably, making it one of the top digital assets, but the token remains a risky investment due to its volatility.
Shiba Inu’s Massive Resurgence
The second-largest meme coin – Shiba Inu – was not among the best-performing cryptocurrencies last week when the market started booming. However, it quickly caught up with the gains recorded by Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and other digital assets and even outperformed them on a weekly scale.
SHIB currently trades at approximately $0.00002119 (per CoinGecko’s data), a 130% price increase for the past seven days.
SHIB Price, Source: CoinGecko
Hitting a fresh 23-month high has benefited hundreds of thousands of Shiba Inu holders who have previously invested in the token. According to IntoTheBlock, more than 63% of those with exposure to the meme coin currently sit on paper profits. The trend was much different in September last year when around 90% of holders were underwater.
SHIB’s price explosion coincides with a considerable spike in some essential metrics related to the coin’s ecosystem. Aggregated daily volume (where each transaction exceeds $100,000) surpassed the $1 billion mark, whereas daily active addresses reached almost 30,000 (a 230% increase compared to the figure observed on March 2).
SHIB Climbs the Crypto Ladder
Shiba Inu’s market capitalization skyrocketed from approximately $6 billion on February 27 to $13.5 billion at the start of March. Currently, the figure hovers at the $12.5 billion level, making SHIB the 12th biggest cryptocurrency.
To reach the current spot, it surpassed leading altcoins, such as Bitcoin Cash (BCH), Polygon (MATIC), Polkadot (DOT), TRON (TRX), and more.
Despite the triple-digit price increase in a matter of days and the chance of making substantial profits, investing in Shiba Inu and meme coins remains dangerous due to the infamous volatility of the realm, meaning investors should be extra cautious when diving in.
Those willing to deeply explore the niche, find out which are the biggest tokens, and the risks associated with them could take a look at our dedicated video below:
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Shiba Inu (SHIB) has experienced a remarkable surge in recent times, mirroring the broader optimism sweeping the cryptocurrency market. This uptrend coincides with Bitcoin’s impressive rise above $63,000.
Shiba Inu Explodes On The Weekly Timeframe
The memecoin has witnessed significant gains, with a solid 61% jump in a 24-hour timeframe, a more impressive 124% increase over the week, and a stellar 50% growth in the past month.
Source: Coingecko
Notably, SHIB has finally clawed its way into positive territory for 2023, boasting a 10% gain since February. In addition to this, its market capitalization crossed the $8.5 billion barrier for the first time in a year.
This bullish momentum is further bolstered by technical indicators. The recent price climb above $0.000014 has demonstrably reignited investor interest, as evidenced by the substantial 75% surge in trading volume. This suggests a potential breakout from a previous consolidation phase and could signal further upward movement if buying pressure persists.
The total market capitalization of cryptocurrencies is nearing $2.5 trillion, a significant milestone. This uptick has fueled speculation among some analysts for a potential bull run, a period of sustained price increases. While past performance doesn’t guarantee future results, this rising market cap does suggest a return of investor confidence.
These often highly volatile assets have experienced explosive price jumps, potentially contributing to a positive feedback loop within the broader market. This “meme coin frenzy” could be a sign of increased retail investor participation, which can be a double-edged sword, driving prices up but also increasing volatility.
SHIB Investor Sentiment
An interesting technical indicator is the improvement in Shiba Inu (SHIB) investor sentiment. Data suggests that over 50% of SHIB holders are currently sitting on profits, compared to a mere 10% in September 2022. This shift reflects the positive impact of the recent price increase and could further fuel buying pressure if the trend continues.
Shifting Tides
Meanwhile, on-chain data from Lookonchain indicates a sizeable investor, commonly referred to as a “whale,” has made a strategic shift in their holdings. This whale liquidated nearly 2 trillion PEPE tokens, profiting $3.5 million. This divestiture suggests the whale perceived PEPE to be nearing a price peak or no longer aligned with their investment goals.
Following the PEPE sale, the whale reinvested a portion, $893,000, into Shiba Inu (SHIB). This strategic allocation of 76 billion SHIB tokens suggests the whale anticipates potential growth in SHIB’s price. However, it’s important to remember that this is a singular instance.
Featured image from Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Shiba Inu (SHIB) saw a notable price increase and a surge in market capitalization, coinciding with a general upturn in the cryptocurrency industry.
The rally might have been further boosted by the introduction of a new privacy-enhancing tool by the SHIB development team, signaling potential for future growth in the ecosystem.
Shiba Inu (SHIB) Price Explosion
The popular meme coin – Shiba Inu – has been among the best-performing cryptocurrencies in the past 24 hours, witnessing a price increase of over 25%. Moreover, its market capitalization surpassed the $8.5 billion mark for the first time in a year.
SHIB Price, Source: CoinGecko
Its remarkable rally comes at a time when Bitcoin (BTC) trades well above the $60K mark, while Ethereum (ETH), Solana (SOL), and many more altcoins have peaked at multi-year highs.
The global cryptocurrency market capitalization inches towards the $2.5 trillion level, with some industry participants expecting this to be just the beginning of a massive bull run that could last in the near future.
Another element that might have positively impacted SHIB’s performance as of late is the frenzy in the meme coin niche. Dogecoin (DOGE) witnessed a 30% price jump on a daily scale, Bonk Inu (BONK) skyrocketed by 40%, while dogwifhat (WIF) hit a new all-time high.
According to IntoTheBlock, over 56% of Shiba Inu holders currently sit on paper profits. The trends were much different in September last year, when approximately 90% of SHIB investors were underwater.
One Additional Factor
It is worth noting that Shiba Inu’s price ascent came shortly after the development team behind the meme coin introduced a new tool for enhancing user privacy. As CryptoPotatoreported, the innovation, known as “Fully Homomorphic Encryption (FHE), enables “complete on-chain data protection” to members of the SHIB community.
Shytoshi Kusama, the pseudonymous developer leading meme coin, said that the tool is a “seminal milestone in delivering their promise to turn the SHIB community into a “nation-state” of “Shibizens.”
Dr. Rand Hindi, an entrepreneur and CEO of Zama, chipped in, too, arguing that FHE will “catalyze the growth” of the Shiba Inu ecosystem and allow “a wide range of new use cases” on the platform.
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Over the past seven days, the Shiba Inu price has shown strong signs of a bullish reversal. A technical analysis of Shiba Inu (SHIB) against the US Dollar (USD) reveals a compelling narrative of a breakout from a bearish pattern that could signal a strong bullish reversal.
Shiba Inu Price Confirms Breakout
Since mid-December 2023, SHIB has been trading within a descending parallel channel, as observed on the daily chart. This channel, characterized by two parallel downward-sloping trendlines, has framed the price action, creating a series of lower highs and lower lows—a classic bearish signal within market structure.
The breakout from this channel occurred on Wednesday last week, February 7, with a decisive candle close above the upper trendline, a movement that is often indicative of a change in market sentiment. Remarkably, the price has also surged above the 200-day Exponential Moving Average (EMA).
With this bullish move, the price also shot above the 20, 50 and 100-day EMAs, suggesting a strong shift in momentum. The current breakout is particularly significant because it mirrors a historical price movement from October 2023, where SHIB also broke out of a descending channel and experienced an almost 80% increase in value over 59 days.
Investors and analysts closely monitor such patterns, as historical price actions can often repeat or rhyme in financial markets. If SHIB bulls can manage a similar rally, they could target the 0.786 Fibonacci retracement level at $0.00001525, marking a possible 73% rally.
In terms of other targets, the Fibonacci retracement levels drawn from the previous high to the low of the channel indicate significant levels of potential resistance and interest. The 0.618 Fibonacci level, often referred to as the ‘golden pocket,’ is particularly noteworthy as a key area where we might expect some selling pressure.
Currently, the 0.618 level lies at approximately $0.0000132, and the price is approaching this level with increased volume, signaling strong buying interest. Before that, the Shiba Inu price needs to overcome the 0.382 Fib at $0.00001049 and the 0.5 Fib at $0.00001188.
The Relative Strength Index (RSI) on the daily chart has moved above the midpoint of 50, which further validates the bullish momentum as it suggests that the buying pressure is outweighing the selling pressure.
Bullish Continuation Following Retest?
On the weekly timeframe, the RSI here also indicates a neutral momentum. The weekly SHIB/USD chart shows the breakout from a descending triangle pattern in early December 2023, followed by a successful retest at the end of January this year. The RSI on a weekly basis is now in neutral territory (at 54.6), ready for a renewed rally.
SHIB price, 1-week chart | Source: SHIBUSD on TradingView.com
The weekly chart also displays the next crucial resistance which sits at $0.00000970 (the 50-week EMA). A weekly close above this threshold would further bolster the bullish case.
Ultimately, SHIB bulls could target the 100-week EMA, which stands at $0.00001334 and almost perfectly aligns with the “golden pocket” in the daily chart. The volume profile supports the breakout with a notable increase in buying volume as the price exited the channel. This adds credence to the sustainability of the breakout.
Overall, it is important to note that while a 73% rally is projected based on the pattern’s measured move, however, external factors could influence the actual price movement. Key resistance levels, such as the aforementioned Fibonacci levels, and the psychological round numbers should be monitored for potential pullbacks or consolidation.
Featured image created with DALL·E, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Shiba Inu (SHIB), often touted as the “Dogecoin killer,” finds itself at a critical juncture as it grapples with a recent downturn, inviting scrutiny into its stability and future prospects.
Despite some investors maintaining an optimistic outlook, buoyed by recent developments such as the surge in Shibarium, others harbor reservations about the token’s performance and distribution dynamics.
The red signals flashing for SHIB investors are hard to ignore. A recent analysis by IntoTheBlock reveals that a substantial 67% of investors currently find themselves in the red, indicating that their investments are underwater.
This underlines the token’s struggle to gain traction in the prevailing market conditions. Over the past month, SHIB has experienced a 5.86% decline in price, coupled with a lackluster 0.78% decrease in the last 24 hours, currently trading at $0.000009039.
Adding to the concerns, trading volume has dwindled by 10.03%, signaling diminishing interest and prompting investors to exercise caution. This wariness is further underscored by the fact that only 28% of SHIB investors are currently in profit, with an additional 6% breaking even.
SHIBUSD currently trading at $0.00000896 on the daily chart: TradingView.com
Wealth Accumulation, Another Challenge
The accumulation of wealth within the Shiba Inu ecosystem poses another challenge. Nearly 80% of the total holdings are concentrated in the hands of a small group of large investors. This lopsided distribution raises legitimate concerns about market manipulation and heightened volatility, thereby increasing the risk for average investors.
However, amidst the prevailing uncertainties, there exists a silver lining in the form of Shibarium. The project’s Layer-2 blockchain solution has witnessed a remarkable surge in activity.
Source: Shibariumscan
Within just three days, the number of new accounts on Shibarium skyrocketed by an astonishing 254%, reaching an impressive 63,162. This surge in network usage often foreshadows significant price fluctuations, providing a glimmer of hope for the future prospects of SHIB.
As the token stands at a crossroads, its future hinges on several pivotal factors. Market sentiment, particularly towards meme coins, could play a decisive role in influencing the token’s price.
Additionally, the success of any new initiatives or partnerships that enhance SHIB’s utility and adoption has the potential to attract fresh investors and elevate its overall valuation.
SHIB investors are urged to tread carefully. While the recent performance and wealth concentration raise legitimate concerns, the surge in Shibarium activity suggests a potential avenue for growth.
Featured image from Adobe Stock, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
After months of experiencing slow growth, the Shiba Inu native token SHIB has begun riding the bull market wave and surging with new gains. As a result, a crypto analyst has predicted new highs for the doggy-themed cryptocurrency, estimating the price of SHIB to reach $0.00001.
Analyst Foresees Bullish Trajectory For Shiba Inu
Crypto analyst and investor SHIB Knight took to X (formerly Twitter) on Monday to discuss SHIB’s recent price movements. Lately, the doggy-themed token has been witnessing significant price increases, pushing it closer to the coveted $0.00001 price mark.
According to CoinMarketCap, SHIB has recorded about 1.32% in gains over the last seven days and is trading at a price of $0.000009 at the time of writing.
Martinez shared a chart illustrating SHIB/Tether’s price movements. He disclosed that the price of SHIB was experiencing a technical breakout on a two-hour chart from the downtrend that has been plaguing the cryptocurrency market. This suggests that the Shiba Inu token may be on its way to a price recovery after experiencing significant declines despite its flourishing ecosystem and community.
Subsequently, SHIB Knight shared another chart showing SHIB’s price movement with an arrow pointing toward a surge to $0.000014. The crypto analyst predicted that SHIB could pump at any time, suggesting that investors should stay alert and keep watch of the cryptocurrency’s present bullish outlook.
As the crypto market gradually exits bearish trends that have been causing the declines of many altcoins, SHIB has positioned itself at the forefront of the potential market recovery, preparing for the anticipated 2024 bull run.
Crypto analyst Ali Martinez disclosed in an X post that SHIB is gearing up for a significant upswing that could push it to unprecedented highs. Martinez shared a chart initially published on TradingView, illustrating the price trends and movements of SHIB from November 2023 to February 2024.
The chart revealed red and green zones in Shiba Inu’s token price trend. Relying on his analysis of these price movements, Martinez predicted that the value of SHIB could climb as high as $0.010 or potentially surpass that price mark to $0.011. The occurrence of this event could signify a potential breakthrough for the cryptocurrency as SHIB has only been able to achieve an all-time high of $0.0009 since its inception.
Featured image from Dall.E, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The development aligns with SHIB’s recent price increase amid a general upswing in the cryptocurrency market.
The popular meme coin Shiba Inu witnessed a burn rate spike of 1,400% for the past 24 hours, resulting in more than 60 million tokens being removed from circulation. Since the beginning of the year, the number of destroyed assets has surpassed the 9 billion mark.
Shiba Inu has adopted that mechanism to reduce the tremendous circulating supply of SHIB, making it scarcer and potentially more valuable in the future. According to Shibburn, over 41% of the asset’s maximum supply has already been burned.
Every time a transaction is made on the network, a certain percentage of the transaction fee is transferred to a null address. The process is complicated and includes manual and automated burns. Those curious to learn more about it can take a look at our guide here.
Last week, the team behind Shiba Inu and the layer-2 blockchain solution Shibarium introduced “a transformative token burning mechanism” that aims to automate the entire system.
The latest burn rate spike coincides with SHIB’s price rally. The token has climbed by 2.5% in the last 24 hours and 7% on a weekly scale.
SHIB Price, Source: CoinGecko
Its uptrend, though, could also be attributed to the overall bullish condition of the market, with most cryptocurrencies charting substantial gains.
Bitcoin (BTC) has soared to a three-week high of almost $44,000, Solana (SOL) reclaimed the $100 mark, whereas Cardano’s ADA is up 7%.
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Shiba Inu, an Ethereum-based meme coin, is presently in the limelight as its burn initiative has witnessed a significant surge in its token burn rate in the past day, suggesting increased engagement from the community.
Shiba Inu Daily Burn Rate Skyrockets
Data from Shibburn reveals that the last 24 hours have seen a notable spike in the Shiba Inu burn rate. The tracker reported that the burn rate has recorded a massive 1,411% increase today, January 30.
According to the platform, over 61 million SHIB tokens have been incinerated in the last 24 hours. The increase in burn rate coincides with a recent rally in the price of Shiba Inu.
Shibburn shows that the present rise in burn rate was caused by two large burn transactions. It was discovered that the two transactions destroyed a total of 48.9 million SHIB in less than one hour.
The first transaction orchestrated by the wallet address 0x85a860003705c56…7eb2f4bcc7 witnessed about 21 million SHIB being destroyed. Meanwhile, the second transaction carried out by another wallet address 0x85a860003705c56…7eb2f4bcc7 saw over 27 million SHIB tokens being burned.
The Shiba Inu burn rate might have been up in the past day, but in the past week, the rate appears to have been down. From the hourly SHIB burn update on X (formerly Twitter), the rate is down by over 48% in the past week. Furthermore, the report noted that over 113.42 million Shiba Inu tokens have been destroyed in the past seven days.
Even though tokens have been burned virtually every day for more than a year now, the burn rate has not made a crater in the supply that is in circulation. So far, Shiba Inu has burned over 410.70 trillion SHIB since the initiative was introduced.
Currently, the overall supply in circulation is about 581.29 trillion SHIB. This indicates more work to be done by the SHIB community before the incineration has a weighty effect.
SHIB Prices Recovers Amid Burn Rate Rise
Shiba Inu price, as of today, appears to have recovered from a lengthy bearish trend it has been struggling with. However, there is no solid proof that the rise in burn rate had any impact on the crypto asset’s recent rally.
As of the time of writing, the price of Shiba Inu was sitting at $0.000009254, indicating a 2.24% rise in the past 24 hours. CoinMarketCap reveals that its market cap and trading volume are up by 2.19% and 45.16% in the past day.
Furthermore, the digital asset is now ranked 17th overall in terms of market cap due to its recent price recovery. With the recovery, SHIB has attracted attention from investors and sparked fresh sentiments over possible long-term growth.
SHIB trading at $0.00000927 on the 1D chart | Source: SHIBUSDT on Tradingview.com
Featured image from iStock, chart by Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
In the ever-fluctuating world of cryptocurrencies, Solana (SOL), which has witnessed a significant decline in price in the past few days, might be poised for a breakout soon toward the upward trajectory.
Solana Set To Hit The $113 Price Mark Soon
As the development unfolds, Ali Martinez, a well-known cryptocurrency analyst, has revealed his short-term price predictions for Solana. The analyst took to the social media platform X (formerly Twitter) to share his latest projections with the crypto community.
In the X post, Ali Martinez has identified a notable shift in the direction of Solana. According to him, “SOL seems to be breaking out from a descending parallel channel.”
As a result, Martinez has predicted the price of Solana to reach a new yearly high of $113. However, this is anticipated to take place if SOL manages to hold its position “above the $94” price mark.
The post read:
Solana appears to be breaking out from a descending parallel channel. If SOL can hold above $94, it has a great chance of advancing toward $113.
Martinez’s price predictions for SOL came amidst the present market volatility, which is believed to be triggered by the Bitcoin Spot ETFs. Since the approval of the products, the larger crypto market has gone through a difficult time.
SOL breaking out of the descending parallel channel | Source: Ali_charts on X
Major cryptocurrency assets in the market have witnessed a major decline in value over time. Nonetheless, the expert’s recent price overview has sparked new hope for SOL traders and investors.
Martinez’s positive price forecast for Solana has caused quite a frenzy in the entire crypto community. With SOL breaking free from a parallel channel that was falling, everyone is now talking about the token’s possible rise.
It is noteworthy that Solana has experienced a significant upswing in popularity in recent years, especially in 2023. Due to this, the project has become a preferred investment option for crypto aficionados and investors.
As of the time of writing, Solana was trading at $96.63, demonstrating a 10% increase in the past week. The digital asset boasts of a 47% rise in daily trading volume valued at $2.30 billion.
The SOL Ecosystem Buzzing With Activity
Lately, several exciting developments have put Solana’s ecosystem in the spotlight. One of the recent events is the introduction of the SOL-based meme coin Wen (WEN), which has seen a notable rise in its daily trade.
According to a report, the meme coin’s 24-hour trading volume has elapsed that of the popular Shiba Inu (SHIB) token. The token has had a remarkable rise in its daily trade, recording over 40% increase.
Data from the report shows that WEN recorded a whopping $115 million in its 24-hour trading volume. Meanwhile, Shiba Inu recorded a whopping $88 million in its daily trading volume.
Currently, the daily trading volume of the coin is sitting at $123 million, indicating a 76% increase. This suggests increased trader interest, which could be connected to the recent market activities specific to the coin.
SOL trading at $96.86 in the 1D chart | Source: SOLUSDT on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Dogecoin and Shiba Inu have posted identical price performance in January, with the two largest memes coins shedding 17% as of Jan. 26.
Positive speculations about a proposed XPayments platform were a major driver for both Shiba Inu (SHIB) & Dogecoin (DOGE) communities during the month, but as bearish headwinds swept across the broader crypto market, the mega-cap memecoins also succumbed to downward pressure.
Notably, Dogecoin miners’ recent trading activity could see DOGE prices fall behind SHIB in the weeks ahead.
DOGE and SHIB posted identical performance in January
With a market capitalization of $11.4 billion and $5.3 billion respectively, Dogecoin and Shiba Inu are the two largest memecoins. The fortunes of both ecosystems have remained closely interlinked since inception.
Dogecoin (DOGE) vs. Shiba Inu (SHIB) Price performance Jan 2024 | Source: TradingView
In January 2024, DOGE and SHIB posted strikingly identical price performances. The chart above illustrates that both assets shed 17% in value during the month as of Jan. 26.
However, Dogecoin miners’ current trading disposition could see the price correlation decouple from SHIB in February.
Dogecoin miners offload DOGE worth $22m in 3 months
Dogecoin recorded double-digit price gains in Q4 2023 as the crypto markets rallied on positive sentiment surrounding the Bitcoin spot ETF approval. However, as investors bought in on the hype, on-chain data reveals that Dogecoin miners had capitalized on the crypto market rally to book profits.
IntoTheBlock’s miners’ reserves chart tracks the real-time balances in the custody of recognized mining companies and mining pools.
Dogecoin miners held 4.6 billion DOGE in the cumulative balances as of Nov. 21, during the heat of the crypto market rally. But as of Jan. 26, the balances have dropped to 4.3 billion DOGE.
This implies that the miners have offloaded 290 million DOGE worth approximately $22.6 million in the last three months.
Miners are major stakeholders within any proof of work (PoF) cryptocurrency ecosystem. They dedicate computing resources to validate transactions in exchange for block rewards denominated in the native coin.
A selling trend is interpreted as a bearish signal for the underlying asset. As the miners unload more newly mined DOGE coins, it dilutes market supply and increases downward pressure on the price.
With market demand weakening, the miners’ selling trend could have a more pronounced impact on DOGE price in February 2024, opening the door to SHIB potentially overtaking the pioneer memecoin.
DOGE price forecast: Losing the $0.007 support could trigger larger losses
Like the rest of the cryptocurrency market, DOGE price has endured significant bearish price action in the past month. However, drawing inferences from the miners’ $22.6 selling trend analyzed above, the bears look set to gain more ground in the coming weeks. Bears must scale the initial support buy-wall around $0.07 to validate this outlook.
IntoTheBlock’s Global in/out of the money (GIOM) data groups the current DOGE holder wallets according to their historical entry prices.
The tool depicts that 528,180 addresses had acquired 45.6 billion DOGE at the average price of $0.071. Notably, this is the largest cluster of current Dogecoin holders. They could overturn the bearish trend if they make frantic purchases to defend their positions.
However, a break below the $0.07 support level could set off margin call triggers and open the doors to a $0.06 retest.
On the upside, the bulls could regain the momentum if the DOGE price can move above the $0.10 area. But in the short-term, the 786,930 addresses that acquired 14.1 billion DOGE at the average price of $0.095 could pose a major resistance.
Bitcoin’s price fluctuates following the approval of spot Bitcoin ETFs in the US; experts laid out diverse future value predictions.
Shiba Inu sees a significant increase in burn rate, with millions of tokens removed from circulation.
Cardano exceeds Ethereum in whale daily transactions and another field.
Where is BTC Headed?
The hectic approval of the first spot Bitcoin ETFs in the United States on January 10 triggered severe volatility in the cryptocurrency’s price. It soared to around $49,000 on January 11 but dipped below the $45K level shortly after. In the past few days, BTC has been trading between $40,000 and $42,000 (per CoinGecko’s data).
Despite the ongoing bearish trend, numerous prominent figures remain optimistic that the following months and years will be successful for the asset. Robert Kiyosaki, a well-known investor and author of the bestseller “Rich Dad Poor Dad” – recently predicted that BTC is heading toward the $150,000 mark.
Fundstrat’s Tom Lee and the popular X (Twitter) user PlanB were even more bullish. The former forecasted that Bitcoin could explode to $500,000 within five years. PlanB claimed that the stock-to-flow model predicts a price of $532,000 after the halving.
On the other hand, skeptics like Peter Schiff envisioned a further slump for Bitcoin. The economist recently maintained that Gary Gensler (Chairman of the US SEC) gave the thumbs up to the spot ETFs after being “backed into a corner.” As such, he expects him to implement soon “new onerous crypto regulations” that could increase the cost of BTC transactions and negatively impact the asset’s price.
Those curious to find out whether Bitcoin has a chance to flourish this year and reach a new all-time high could take a look at our dedicated video below:
Shiba Inu’s Burn Rate
Last week, the meme coin’s burn rate skyrocketed by 3,000% on a daily scale, resulting in more than 30 million tokens being removed from circulation.
Today’s figure (January 22) is also impressive. According to Shibburn, more than 53 million assets have been destroyed in the last 24 hours.
Reducing the tremendous circulating supply of SHIB is supposed to make it scarcer and potentially more valuable in time. Nonetheless, its price has been on the downside lately, dipping nearly 5% in a week.
Cardano’s Achievements
Cardano has made waves as of late, surpassing Ethereum in two separate fields. As CryptoPotato reported, Cardano whales have settled an average of $13 billion in large daily transactions on a weekly basis. Its rival’s figure stood at $5 billion.
In addition, Cardano witnessed an NFT sales volume of over $7.6 million for the past month. Ethereum continues to be a leader with $350 million, but this actually represents a 20% decline on a 30-day basis.
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Dogwifhat (WIF), a Solana-based meme coin, saw a substantial price increase recently.
A potential surpassing of Shiba Inu’s market cap hinges on factors like community support, use cases, market trends, and more.
What are the Chances?
The Solana-based meme coin – dogwifhat (WIF) – has been among the best-performing cryptocurrencies in the past two weeks, with its price exploding by triple digits (per Coingecko’s data) and market cap briefly exceeding $450 million.
WIF Price, Source: CoinGecko
We decided to ask ChatGPT whether the uptrend could continue throughout 2024 and whether flippening Shiba Inu (SHIB) is possible.
The AI-powered chatbot claimed this might happen should WIF significantly strengthen the size and activity of its supporter base (including developers and investors). According to a recent analysis, Shiba Inu (SHIB) has the most devoted community in the meme coin realm, whereas Dogecoin (DOGE) is second.
Use cases and utility were also mentioned as major elements. “If dogwifhat offers more practical or innovative solutions than Shiba Inu, it could potentially gain an edge,” it estimated.
Favorable market trends, appropriate regulatory changes, and strategic partnerships could also boost the market capitalization of WIF.
Last but not least, ChatGPT touched upon investors’ behavior, suggesting that a growing buzz surrounding the Solana meme coin might trigger a substantial flow of capital into its ecosystem.
Shiba Inu’s current market cap is almost $5.5 billion, meaning WIF should rely on multiple factors for an eventual flippening.
WIF’s Recent Progress
The Solana meme coin, launched in mid-December, rallied exponentially last month, reaching $0.32 a few days before Christmas. However, its price experienced enhanced volatility shortly after, dropping below the $0.10 mark at the beginning of January.
The hype surrounding the coin returned earlier this week, with WIF’s value hitting an all-time high of over $0.45. Its peak could be attributed to major listings on leading cryptocurrency exchanges. As CryptoPotatoreported, Binance and BitMEX launched WIF/USDT perpetual contracts, while Bybit and Kucoin also embraced the token.
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Shiba Inu experienced a substantial increase in its token burn rate, but its price continues to decline.
Shibarium saw a rise in daily transactions, signaling growth in the meme coin’s ecosystem.
Burn Rate Goes Through the Roof
The popular meme coin – Shiba Inu – witnessed a burn rate increase of nearly 3,000% in the past 24 hours, resulting in over 30 million tokens being removed from circulation.
The program aims to reduce the circulating supply of SHIB, making it scarcer and potentially more valuable. Since the beginning of 2024, the meme coin saw more than 9 billion assets destroyed (approximately 10% of the amount burned throughout the entire 2023).
However, SHIB’s price has been downsliding lately, resonating with the broader market correction. According to CoinGecko’s data, it has dropped by 1% in the past 24 hours and 7% on a weekly basis.
SHIB Price, Source: CoinGecko
Shibarium’s Resurgence
The layer-2 blockchain solution – Shibarium – has also experienced an uptick, with daily transactions for January 17 surpassing 2.5 million (a 33% increase from the day before).
The network, which officially went live in August 2023, is designed to foster the growth of the Shiba Inu ecosystem by reducing transaction fees and improving speed.
As CryptoPotatoreported, Shibarium has blasted through countless milestones since its launch, such as exceeding 250 million in terms of total transactions. Those willing to learn more about it, feel free to check our dedicated video below:
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A well-known crypto exchange allowed customers to purchase and send BONE tokens to Shibarium through its platform.
BONE’s price experienced a notable increase following the disclosure.
Shibarium’s Marketing Strategist, going by the handle LUCIE on X (formerly known as Twitter), praised the crypto exchange Gate.io for supporting the layer-2 blockchain solution. Users are now allowed to purchase and send BONE tokens to Shibarium via the platform.
BONE (the governance token of Shiba Inu’s decentralized exchange ShibaSwap) reacted positively to the news, with its price surging by over 10% on a daily basis and reaching almost $0.70. It slightly retraced in the following hours to its current level of $0.66 (per CoinGecko’s data).
BONE Price, Source: CoinGecko
Shibarium has also witnessed some resurgence after Gate.io’s interaction. Daily transactions on the network climbed to almost 2.5 million: the highest figure in a week.
Shibarium officially saw the light of day in August last year, blasting through countless milestones since then. As CryptoPotato recently reported, total transactions surpassed 250 million, while wallet addresses are inching toward 1.4 million.
Shiba Inu’s scaling solution is designed to support the meme coin’s ecosystem and elevate it above its rivals by lowering transaction fees and improving speed. Those curious to learn more about the feature could take a look at our video below:
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Shiba Inu on-chain data reveals an unusual increase in new-user traction as SHIB price erased another zero, reaching a daily time-frame peak of $0.000011 on Jan. 11.
Shiba Inu has dominated the memecoin sector so far in 2024. Since the widespread liquidations that rocked the cryptocurrency markets on Jan. 3, SHIB price has rebounded by 25.4%. Meanwhile, its rival mega cap memecoins, PEPE and Dogecoin (DOGE) have only mustered 22.1% and 5.6% respectively.
Shiba Inu (SHIB) Price vs. Dogecoin (DOGE) vs. PEPE, Jan. 2024 | Source: TradingView
As depicted above, Shiba Inu has outperformed DOGE and PEPE in the past week. But looking past the price charts, a vital on-chain data points toward further exacerbation of this trend in the days ahead.
SHIB is attracting an unusually high number of new user transactions
Recent on-chain data trends suggest Shiba has gained the upper hand in the memecoin markets due an unusual wave of new user transactions. IntoTheBlock’s new adoption rate metric measures the percentage of total active addresses that conducted their first transaction on a given day.
This gives clear insights into the rate at which crypto investors are bringing new money into the SHIB spot markets.
Shiba Inu recorded a new adoption rate of 42.75% on Jan. 10, as depicted by the blue trendline in the chart below. A close look at the chart shows that the Jan. 10 figure is significantly higher than the 30-day average of 39.1%, signaling an unusually high trend.
Shiba Inu (SHIB) New Adoption Rate vs. Price. Source: IntoTheBlock
When new user adoption increases it signals that the underlying token is still attracting high demand. It emphasizes that SHIB new users are not only joining the network, but they are also participating in economic transactions.
If sustained, this rising demand could make a compelling case for Shiba Inu price to enter another leg-up in the days ahead.
SHIB price prediction: $0.000013 target in focus
Based on the aforementioned data points, the rising spate of new user transactions could drive SHIB price toward $0.000013 in the coming days.
But, Shiba Inu holders’ historical accumulation trends suggest that the $0.000012 area could pose a major obstacle. IntoTheBlock’s In/Out of the Money Around price data shows key resistance and support level by grouping current SHIB holders according to their historical entry points.
As depicted below, 180,610 addresses had acquired 92,721 trillion SHIB at the average price of $0.000012. If this major cluster of investors book profits early, SHIB price could retrace from that resistance area.
But if the new users keep bringing in fresh capital, the Shiba Inu bulls could orchestrate a decisive breakout above, $0.000013 as predicted.
Shiba Inu (SHIB) Price Forecast, Jan 2024 | Source: IntoTheBlock
Conversely, SHIB could experience a major downswing if the bears force an unexpected reversal below $0.00008. In that case, the chart above also shows that 185,880 holders had acquired 100.52 trillion SHIB at the average price of $0.000009. To avoid slipping into losses, this cluster of investors could make frantic short-covering purchases and inadvertently trigger an early rebound.
The Shiba Inu token (SHIB) has achieved a noteworthy feat after exceeding 3.7 million addresses.
According to information provided by Glassnode, the total number of unique addresses that have ever appeared in a SHIB transaction has risen to about 3.74 million.
Source: Glassnode
Data from CoinMarketCap painted a more concise picture, revealing that out of the 3.74 million addresses, about 1.23 million contained tokens worth less than $1,000.
In comparison, 98,200 addresses held tokens between $1,000 and $100,000. Per the data, less than 2,000 addresses held tokens surpassing $100,000.
SHIB burn rate surges over 2,000%
In another development, the meme coin’s burn rate shot up by an impressive 2,068.92% in the last day, leading to the removal of more than 53.5 million tokens from circulation.
This spike in burning activities is part of a broader initiative by the Shiba Inu team to introduce automated SHIB burns, initially publicized in a blog post in early December 2023.
In a now-deleted post on X that was captured by a Shiba Inu-themed account @ShibBPP, Shibarium team member RagnarShib.eth hinted that the meme coin project was ready to incinerate as many as 9.25 trillion Shiba Inu tokens this month.
This substantial burn is anticipated to come from the $1 million worth of BONE reported by the team in late 2023, equating to 101,522,842,639 SHIB tokens.
Over 36 billion of these tokens have already been moved to non-recoverable blockchain addresses in four transactions, each carrying more than 8.5 billion SHIB.
In light of the recent surge in the burn rate and transition towards automated burns, Shiba Inu’s efforts to enhance the utility of the token and address inflation concerns are evident.
SHIB price fails to get momentum
However, despite the escalating number of addresses and the significant burn rate, SHIB’s price has continued to struggle to gain traction.
The token is currently valued at $0.000009499, showing a decrease of 1.81% over the past 24 hours and a 9.7% decline over the week. SHIB prices did not fare any better in the last month or fortnight, falling 5.3% and 12.7%, respectively.
Data from Santiment has also revealed a steady decrease in SHIB’s exchange supply over the past 30 days, indicating an increasing propensity among investors to collect and retain SHIB.
Shibarium, Shiba Inu’s layer-2 solution, has seen substantial growth in terms of transaction volume.
The network’s advancement could boost SHIB’s price through increased community engagement and investor interest.
Despite a slight recovery, SHIB’s overall value is down on a weekly basis.
The popular memecoin Shiba Inu (SHIB) has once again made the headlines thanks to its layer-2 blockchain solution – Shibarium.
According to Shibariumscan, total transactions on the network have exceeded the 250 million milestone, whereas total blocks stand just shy of the 2.5 million mark. Wallet addresses have also been on the rise, surpassing 1.3 million.
Shibarium, which saw the light of day in August last year, is designed to benefit the Shiba Inu ecosystem by reducing transaction fees and improving speed. Those willing to dive deeper and learn more about its specifics could take a look at our dedicated video below:
Shibarium’s further advancement could foster community growth and engagement, attract more investors, and positively affect SHIB’s price.
Another factor that could push the price north is the successful execution of Shiba Inu’s burning program. As CryptoPotato reported, the memecoin witnessed over 76 billion tokens burned last year, with December being the record month.
The mechanism aims to reduce the tremendous circulating supply of SHIB, making the asset more scarce and potentially more valuable in time.
Despite the slight resurgence today (January 4), its value is still in the red on a 7-day basis following the overall crypto market slump earlier this week.
Shiba Inu (SHIB) Price, Source: CoinGecko
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Through the rips and dips of the crypto market, the Shiba Inu price has been able to maintain a rather consistent bullish momentum, something that cannot be said for a lot of cryptocurrencies. Given this sustained bullish sentiment, the meme coin is primed to be one of the assets to see a massive rally as the market inches toward another bear market. In the short term alone, pseudonymous crypto analyst MMBTtrader is predicting that the price will mount a 2x rally.
Shiba Inu Price Ready To Rise 100%
In a recent analysis, crypto analyst MMBTtrader reveals why they believe that the Shiba Inu price is set to double.As the chart shows, there has been a steady uptrend in the Shiba Inu price over the last few months, and even when the uptrend seemed to have come to an end, the SHIB price maintained a relatively high price compared to its October lows.
This outperformance has continued into the new year as SHIB was able to still maintain the $0.00001 level despite dips rocking the crypto market. This suggests that bulls have been able to successfully turn $0.00001 into support. In this scenario, it could easily become a launchpad for the price.
Source: TradingView.com
The crypto analyst’s prediction suggests that it could begin to range at its current price. However, once this ranging ends and accumulation is complete, this is where the real fun begins for the SHIB price when the rally is expected to begin.
A bounce from here would see SHIB easily clear the $0.000014 level with no hassle. However, the first roadblock lies just above here. In the event that Shiba Inu is quickly able to surmount the resistance at $0.0000143, another pump is expected that could lead up to $0.000018.
Since there is no such thing as a single continuous upward movement, resistance is expected just below $0.000018. Nevertheless, this is the last resistance and if Shiba Inu climbs above this level, then it is expected to shoot above $0.00002, completing a 100% move from its current price.
In the weeks leading up to January, confidence around the potential approval of a Spot Bitcoin ETF was at an all-time high, with experts giving it a 95% chance of approval. However, this sentiment has begun to sway especially as BlackRock revealed it will be delaying its $10 million BTC purchase.
As a result, the price of cryptocurrencies across the space declined rapidly and the Shiba Inu price was not left out. SHIB finally lost its footing at $0.00001 for the first time in over two weeks, falling to the $0.000009 region once again.
However, this is not out of the ordinary and could lead to the SHIB ranging and accumulation that the crypto analyst outlines. In such a case, this could present a setup for a bigger price rally as expectations for a bull market grow high.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Memecoins took the hardest hit in today’s market selloff, losing almost double the market cap of the average market.
Earlier today reports from Matrixport regarding the SEC’s potential rejection of Bitcoin ETF applications triggered a significant liquidation across the market. Within four hours, the market lost over $540 million, with Bitcoin and Ethereum dipping nearly 10%.
However, it appears that the meme coin market took the sharp end of liquidation, with all major meme tokens losing over 10% of their value today. Bonk, the newest and most trending meme coin, lost nearly 16% today, and the token is 66% down from its all-time high reached less than three weeks ago.
Dogecoin perhaps suffered the worst fall among the top meme tokens, from $0.090 to $0.0819 in just 15 minutes. Since then, the leading meme coin slightly recovered. Shiba Inu also lost over 10% on the day, but the token’s notable rally in December means it’s still nearly 8% up in 30 days.
The crypto market cap fell by 4.9% today, but the meme coin market cap fell by nearly 11.5% — more than double the average. As more speculations around the potential approval of Bitcoin ETFs keep coming, it will be intriguing to see how significantly it impacts the meme coin market.
SHIB seven-day price rally. Source:
