Shiba Inu Symmetrical Triangle Pattern Reappears, Why A 200% Rally Is Possible

Shiba Inu (SHIB) may be on its way to reclaim former price highs, as a crypto analyst identified as the Charting Guy has confirmed the reappearance of a unique symmetrical triangle pattern on the SHIB price chart. A breakout from this symmetrical triangle could see Shiba Inu potentially rallying above 200% from its current price.  Shiba Inu Triangle Pattern Points To Breakout On September 23, Charting Guy took to X (formerly Twitter) to unveil a new trend pattern in Shiba Inus price chart. The chart highlighted three wave patterns and several Fibonacci retracement levels which acted as resistance and support zones for Shiba Inus price. Related Reading: Analyst Predicts 8,500% Rally For Cardano To Reach $31 As Indicators Turn Bullish In classic wave 1 and 2, Shiba Inus price movements exhibited a series of fluctuations, followed by a brief upward momentum before sliding downwards again. Now in wave 3 which the analyst has predicted would be an explosive one, Shiba Inu has formed a historical symmetrical triangle pattern which could trigger a potential surge to new highs at $0.0.0000493, representing a 244% rally.  Currently, Shiba Inu is trading at $0.0000143, with its next key resistance at the 0.382 Fibonacci retracement level, near $0.0000164. If the meme coin fails to surpass this resistance, the 0.236 Fibonacci retracement level at $0.000011 could provide strong support.  In contrast, if Shiba Inu exceeds resistance levels at $0.0000164, the cryptocurrency could see its price breakout to $0.0000226. More resistance can also be seen at Fibonacci retracement levels around 0.618 and 0.702, representing the $0.0000312 and $0.0000392 price marks, respectively.  If Shiba Inu can successfully break out of these key levels, the cryptocurrency would experience an explosive surge to $0.0000493, a price level well above its previous March high of around $0.000045.  Interestingly, this price level is not the highest Shiba Inu can reach based on its symmetrical triangle pattern. According to the Charting Guy, if SHIB can break above the 0.888 Fibonacci retracement level at $0.0000651, the meme coin could potentially skyrocket to new all-time highs at $0.0000884, corresponding to the 1 Fibonacci retracement level and marking a massive rally of approximately 518%.  However, in the event that Shiba Inu fails to surpass this key level, it is likely to find support at the 0.786 Fibonacci retracement level of $0.00004936.  Related Reading: Diamond Hand Ethereum Whale Moves 15,000 ETH, Heres The Destination SHIB Price Analysis Supporting the optimism surrounding Shiba Inus future outlook, the cryptocurrency has been on a steady upward trajectory. In the past week, the price of Shiba Inu increased by an impressive 8.91%. However, it has recently retraced some of those gains, experiencing a 1.52% decline in the last 24 hours.  Earlier in March, Shiba Inu witnessed a significant rally, positioning it as one of the top gainers. According to data from CoinMarketCap, the cryptocurrency has seen a staggering 95.65% price increase since the start of 2024.  Featured image created with Dall.E, chart from Tradingview.com

View Details

Why Is The Shiba Inu Price Crashing Today?

With the Bitcoin price crash over the weekend, the prices of other cryptocurrencies such as Shiba Inu have followed sharply. The result of this has been a double-digit price crash for Shiba Inu, alongside other altcoins. Naturally, the rapid decline has raised questions, with industry stakeholders wondering what is driving this massive crash. Shiba Inu [...]

The post Why Is The Shiba Inu Price Crashing Today? appeared first on Crypto Breaking News.

View Details

Shiba Inu Price if SHIB is Able to Spike 150,000,000% Again

Shiba Inu price could surge to an ambitious double-digit figure if SHIB repeats the 150,000,000% increase recorded in its early…

The post Shiba Inu Price if SHIB is Able to Spike 150,000,000% Again first appeared on The Crypto Basic.

View Details

Heres Whats Going On With The Shiba Inu Price

The Shiba Inu (SHIB) price has remained lackluster for a while now, with the second-largest meme coin by market cap still below the crucial price level at $0.00002. This unimpressive price action is thanks to several factors, including Bitcoins tepid price movement.  Why The Shiba Inu Price Is Down Shiba Inus price has been on [...]

The post Heres Whats Going On With The Shiba Inu Price appeared first on Crypto Breaking News.

View Details

Prepare For Impact: Shiba Inu Whales Increase Their Holdings By 600% In A Single Day

Reports have revealed that Shiba Inu (SHIB) whales have dramatically increased their holdings by a whopping 600%. This massive SHIB accumulation signals investors growing confidence in the popular meme-based cryptocurrency. SHIB Whales Increase Holdings By Almost 600% In just a single day, Shiba Inu whales increased their holdings by approximately 596%. According to IntoTheBlocks data, on August 12, the total net flow of large scale SHIB holders had surged from 27.06 billion SHIB to 161.15 billion SHIB.  Related Reading: Private Investors Kicked Out Of Top Bitcoin Holder List, Here Are The Stats While the reason for this aggressive token accumulation remains uncertain, the slight stabilization of Shiba Inus price fundamentals may have contributed to the positive shift in investors sentiment.  Earlier in January 2024, large scale holder net flow had surged as high as 4.51 trillion. However as the months went by, whales have been offloading significant amounts of SHIB tokens as the market showed signs of bearishness.  This renewed influx of whale activity is particularly noteworthy as Shiba Inu aims to recover from previous price declines. Additionally, the increase in whale holdings comes after Shiba Inu lead developer, Shytoshi Kusama announced the imminent release of a potentially bullish project in the Shiba Inu ecosystem.  Highlighting Kusamas announcement, crypto analyst, Oscar Ramos has expressed optimism about Shiba Inus future price outlook. In an X (formerly Twitter) post Ramos revealed that he believes that Shiba Inu is heading towards the biggest coin breakout it has ever seen.  He highlights the ongoing developments and upcoming projects set to launch within the ecosystem as bullish catalysts for Shiba Inus price increase. Additionally, Ramos described Shiba Inu as a blue chip cryptocurrency which has been showing immense productivity and growth recently.   At the time of writing, the price of Shiba Inu is trading at $0.0000136, marking a 1.47% decrease in the last 24 hours after gaining 2.20% over the past week, according to CoinMarketCap.  Shiba Inu Whale Drains $2.2 Million Worth Of SHIB On-chain analytics platform, Arkham Intelligence has uncovered a massive SHIB transaction executed by an anonymous whale. According to Arkhams reports, an unknown Shiba Inu whale withdrew a whopping 165.37 billion SHIB tokens from Coinbase, the largest crypto exchange in the United States (US).  Related Reading: Crypto Analyst Reveals What Could Drive The Bitcoin Price To $48,000 Arkham Intelligence has disclosed that in the last six days, the anonymous whale executed three large scale transactions which amounted to the 165.37 billion SHIB. The total value of the SHIB withdrawal was estimated at around $2.25 million. In the first transaction, 32.537 billion SHIB, valued at $466,250 was withdrawn from Coinbase. The second transaction saw a withdrawal of 35.80 billion SHIB, worth over $480,530. The final and largest transaction involved the withdrawal of 97.027 billion SHIB, valued at over $1.33 million withdrawn.  Featured image created with Dall.E, chart from Tradingview.com

View Details

Shiba Inu Sees Sharp 100% Decline In Whale Activity, Is This Good Or Bad For Price?

On-chain data shows that Shiba Inu (SHIB) has witnessed a massive decline in whale activity. This is significant for the meme coins ecosystem, considering the impact these investors usually have on Shiba Inus price.  Shiba Inus Whale Activity Declines By Over 100% Data from the market intelligence platform IntoTheBlock shows that Shiba Inus whale activity has declined by over 100% in the last seven days. This is based on the large holders’ netflow metric, which indicates when these whales are adding to their positions or offloading their tokens.  Related Reading: Bitcoin Closes CME Gap, Expert Predicts What Happens Next The 100% decline in large holders netflow points to these whales opting against accumulating and selling their Shiba Inu tokens instead. The large holders’ outflow metric also points to these whales offloading their tokens, as there has been an 18% increase in the amount of Shiba Inu tokens leaving these whales addresses in the last seven days.  Meanwhile, in the same period, there has been an almost 23% drop in the large holder inflows, which suggests that more whales are opting against adding their Shiba Inu positions. This is evidently bad for the Shiba Inu ecosystem as significant selling pressure from these whales could further make the meme coins price tumble.  Other on-chain metrics also paint a bearish outlook for the meme coin. For instance, data from IntoTheBlock shows that the In The Money metric is bearish, as 52.46% of Shiba Inu addresses are currently at a loss. This could pile more selling pressure on the meme coin as more investors look to cut their loss, fearing that Shiba Inu could further decline from its current price level.  Shiba Inu also risks losing most of the gains it made earlier this year if it fails to hold above its current support level. The In the Money metric shows that most addresses currently invested in Shiba Inu bought the meme coin at its current price range. As such, a decline below this range could send the crypto token on a free fall to levels not seen in a while.  Bitcoin Making Matters Worse For Shiba Inu Data from IntoTheBlock shows that Shiba Inu has a strong positive price correlation with Bitcoin. This has also significantly contributed to the downtrend that the meme coin is currently facing. SHIB’s price correlation with Bitcoin seems to be why the second-largest meme coin by market cap has been one of the most affected since the flagship crypto dropped below its crucial support level at $60,000.  Related Reading: XRP Stars Align: Indicators Point To Possible 7,500% Rally To $35 Shiba Inus price correlation with Bitcoin suggests that things could get worse for the meme coin. The flagship crypto is still facing intense selling pressure and is at risk of further price declines in the coming days.  SHIB is currently trading at around $0.00001327, down over 14% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com

View Details

Shiba Inus NVT Ratio Sees Drastic Increase, Is A Rise To $0.00003 Still Possible?

The Shiba Inu (SHIB) network value to transactions (NVT) ratio has come into focus, with the meme coin currently enjoying an uptrend. However, this metric suggests that Shiba Inu could soon hit a roadblock on its journey to $0.00003.  Shiba Inu NVT Ratio Is On The Rise Data from the on-chain market intelligence platform Glassnode shows that Shiba Inus NVT has witnessed a massive increase and is currently way ahead of the meme coins price. This is significant as it presents a bearish outlook for Shiba Inu and hints at a potential price correction for the meme coin.  Related Reading: This Bitcoin Mining Giant Just Spent $100 Million To Buy BTC The NVT ratio isnt the only metric that Shiba Inu investors should be concerned about. Data from the market intelligence platform IntoTheBlock shows that Shiba Inus correlation with Bitcoin has drastically reduced since the flagship crypto began to enjoy an impressive rebound.  Before now, Shiba Inus correlation with Bitcoin was over 0.9, which indicated a strong positive price correlation. However, that figure has now dropped to 0.52, indicating a lesser correlation between both prices. Additionally, only about 51% of Shiba Inu holders are currently in the money, which means the meme coin is at risk of significant sell-offs as the remaining 49% that arent in the money look to break even once the meme coin records higher prices.  However, some other on-chain metrics paint a bullish picture for Shiba Inu, which could help avert such price correction and help sustain the meme coins current uptrend. One is the notable increase in Shiba Inus large transactions, suggesting that crypto whales might be accumulating the meme coin in anticipation of higher prices.  Data from IntoTheBlock shows an increase of over 2% in these large transactions over the last seven days. Further data shows that 365.69 billion SHIB have been traded in the last 24 hours. Meanwhile, these large transactions recorded a seven-day high on July 22, when these investors traded 2.14 trillion SHIB.  A Rise To $0.00003 Is Still Possible Crypto analyst Javon Marks recently provided a bullish narrative for Shiba Inu, predicting that the meme coin could rise above $0.00003 soon enough. He stated that SHIB has confirmed a macro Hidden Bullish Divergence with its Relative Strength Index (RSI), which indicates that a full recovery and continuation of its bull rally may be on the horizon.  Related Reading: Technical Indicators Show Strong Bitcoin Bullishness New ATH On The Horizon? He added that this confirmation sets Shiba Inu for a price recovery of over 162%, sending its price to the $0.0000456 range. Interestingly, Marks also claimed that Shiba Inu might rally further as it could break out of a larger resisting structure, putting a price target of $0.000081 in sight.  At the time of writing, Shiba Inu is trading at around $0.00001718, up over 2% in the last 24 hours, according to data from CoinMarketCap.  Featured image created with Dall.E, chart from Tradingview.com

View Details

Shiba Inu Potential Surge: Heres How High SHIB Could Rise if Bitcoin Hits $2.9M as VanEck Predicts

Shiba Inu price could potentially reach unprecedented heights if SHIB follows Bitcoin should the premier crypto asset hit $2.9 million…

The post Shiba Inu Potential Surge: Heres How High SHIB Could Rise if Bitcoin Hits $2.9M as VanEck Predicts first appeared on The Crypto Basic.

View Details

Machine Learning Algorithm Predicts Shiba Inu Price Will Rise 119% In 5 Days

With the vast popularity of Shiba Inu in the crypto space and millions of investors holding the SHIB token, the direction of the price has always been an interesting and hotly debated topic. Expectations are that the meme coin will continue to rise drastically as theme coins become some of the frontrunners of the crypto [...]

The post Machine Learning Algorithm Predicts Shiba Inu Price Will Rise 119% In 5 Days appeared first on Crypto Breaking News.

View Details

End Of The Road? Shiba Inus Shibarium Sees Massive 80.3% Crash In Active Accounts

The Shibarium network, an Ethereum Layer 2 network that was developed and launched by the Shiba Inu team, did well following its initial launch in August 2023. However, less than one year following its launch, the Layer 2 network has run into some hard times, losing market share to larger counterparts. This has led to a decline in activity for the network as a whole, and so far this week, the Shibarium network has seen a major decline in active accounts. Shibarium Active Accounts Drop 80.3% In 4 Days The Shibarium network is currently struggling with adoption of the blockchain as its parent Layer 1 blockchain, Ethereum, is fighting against the likes of Solana to keep its users. Furthermore, Ethereum Layer 2 networks such as Base by Coinbase have also drawn out a reasonable number of decentralized finance (DeFi) users, putting it ahead of Shibarium. Related Reading: Golden Cross Appears On XRP Price Chart, Factors That Could Drive A Fresh Rally As a result of this, the Shibarium network has been unable to keep users, leading to a decline in active addresses. According to data from ShibariumScan, active accounts at the start of the week, on Sunday, July 21, were sitting at a mere 667. As the week has drawn on, this already small figure has crashed further down. On Wednesday, July 24, the total active accounts recorded on the Shibarium network was only 131. This means that between Sunday and Wednesday, the total active accounts on the Ethereum Layer 2 network had plummeted by 80.3%. In the same vein, there has also been a notable decline in new transactions. This metric saw a total of 6,353 transactions on Sunday. However, by Wednesday, the figures had declined to 1,023, representing an approximately 84% decline. Likewise, the number of new blocks mined dropped 66.6% from 17,220 on Tuesday to 5,739 on Wednesday. These all show that interest in the Shibarium network is completely down with number of new accounts created was only 11 on Tuesday, July 23. Playing With The Big Dogs While the popularity and success of Shiba Inu over the years played into the anticipation for the Shibarium network, it has failed to live up to the app. When it comes to Ethereum Layer 2 networks that were launched between 2023 and 2024, the Shibarium network doesnt hold up a candle to these other players. Currently, the Total Value Locked (TVL) on the Shibarium network is only $1.5 million, according to data from DeFiLlama. In contrast, Coinbases Base network was launched in the same month of August 2023 as Shibarium currently boasts $2.175 billion in TVL. Related Reading: Analyst Says Solana Price Will Surge 1,000% To $1,800, Heres When The Linea network was launched a few months before Shibarium in March 2023, and the Layer 2 network currently has a TVL of $1.198 billion. Likewise, the BLAST network, which was launched much later in February 2024, has $1.47 billion in TVL. What this suggests is that the Shibarium network may have failed, given its incredibly low usage. However, there is always the question of if the Layer 2 network will be able to rise from the ashes and become a top DeFi contender once again. Featured image created with Dall.E, chart from Tradingview.com

View Details

Heres Why The Bitcoin Price Crashed Below $66,000, Taking Shiba Inu And Dogecoin With It

On Sunday, the Bitcoin price saw a sudden crash that sent the likes of Dogecoin and Shiba Inu spiraling alongside it. This crash saw $2,000 wiped off the Bitcoin price in mere minutes, bringing it back down below $66,000. While this decline did not last at the time, there were a few factors behind it, which inflicted worry in crypto investors across the space. Why Did The Bitcoin Price Fall? The Bitcoin price crash below $66,000 had one major factor behind it and that was the US President Joe Biden. For months now, the war between President Joe Biden and former US President Donald Trump had raged on, with the two being the leading candidates for the position. Related Reading: CBOE Global Markets Lists Spot Ethereum ETFs, Confirms Launch Date However, on Sunday, President Joe Biden made a shocking revelation, announcing that he was officially stepping down from the presidential race. In the announcement on X (formerly Twitter), which has so far garnered over 330 million views, Biden said that he was going to prioritize his duties as a president for the remainder of his current 4-year term, rejecting the Democratic Party nomination. In the same announcement, President Biden offered his support to Vice President Kamala Harris, to take on the presidential ticket for the Democratic Party. He also urged the party supporters to come together and beat Donald Trump, who is the strongest opponent so far. pic.twitter.com/RMIRvlSOYw Joe Biden (@JoeBiden) July 21, 2024 Following the announcement, the crypto market responded quickly, with the Bitcoin price plunging sharply. At the same time, coins like Dogecoin and Shiba Inu followed suit, dropping around 3% each in response to the announcement. Dogecoin, Shiba Inu Refuse To Stay Down Just like the plunge in price, the Bitcoin recovery was just as swift, rising to new monthly highs. The price eventually crossed $68,000 on Sunday, taking the crypto market with it. In response, Dogecoin and Shiba Inu followed, notching notable gains from their lows. For Dogecoin, the price rose back above $0.14 after falling below $0.128. This saw its overall daily gains at the time shoot up above 4%, with its daily trading volume also seeing a significant climb above $20 billion in one day. Related Reading: Solana Leads Crypto Rally As Expectations For A Break Above $200 Grow In the same vein, the Shiba Inu price also rose from its lows of $0.0000173 to rise above $0.0000184. However, unlike Dogecoin, the Shiba Inu daily trading volume remains muted, with around $383 million at the time. As for the Bitcoin price, it continues to lead market bullishness, still holding the $67,000 support following the recovery. This translates to an approximately 12% increase in the cryptos price in the last seven days. Featured image created with Dall.E, chart from Tradingview.com

View Details

Shiba Inu Starts July On A High Note: Burn Rate Surges 16,854%, Trading Volume Rises 170%

Shiba Inu (SHIB) has begun July on a positive note, with several on-chain metrics painting a bullish signal for the second-largest meme coin by market cap. These bullish developments could provide the much-needed turnaround for the meme coin, which had a June to forget.  SHIBs Burn Rate Surges By 16,854% Data from the burn tracking website Shibburn shows that Shiba Inus burn rate spiked by over 16,854% in the last 24 hours, with over 300 million Shiba Inu tokens burned during this period. This is massive for the meme coin, given the positive impact the token burns have on its price. These token burns help decrease SHIB’s circulating supply, which ultimately drives up its price, especially if the demand for the meme coin is on the rise.  Related Reading: Crypto Analyst Predicts 45% Drop For Bitcoin, But Says It Wont Go Below This Level Interestingly, on-chain data shows that the demand for Shiba Inu is rising, with investors regaining their bullish sentiment towards the meme coin and looking to add to their positions. This is based on data from the Market Intelligence platform IntoTheBlock, which shows that the concentration metric has turned bullish, meaning that Shiba Inu whales and investors are adding to their positions.  The demand for Shiba Inu is also evident in its spot and derivatives trading volume, which have spiked since the beginning of this month. Data from CoinMarketCap shows that over $191 million in SHIB was traded in the last 24 hours. Additionally, data from Coinglass shows that SHIB’S derivatives trading volume has surged by 170% in the last 24 hours.  The increased demand for Shiba Inu is also significant, considering how much the meme coin declined in June due to the Shiba Inu whales who offloaded a considerable amount of their holdings. The meme coin also took a severe hit in June because of its strong positive price correlation with Bitcoin.  However, Shiba Inu is expected to enjoy a price recovery as the flagship crypto is rebounding nicely. History also suggests that this month will be bullish for the meme coin, with data from Cryptorank showing that SHIB has ended the last two Julys in the green.  Shiba Inu Bullish Fundamentals Coinbase Derivatives is already finalizing plans to list the first-ever US-regulated Shiba Inu futures contract. The crypto exchange revealed in its filing to the Commodity Trading Futures Commission (CFTC) that it plans to list SHIB’s future contacts on or after July 15. This move is bullish as it could help expand the meme coins adoption, especially among institutional investors. Related Reading: Analysts Says Cardano Has Bottomed And Will Rally To $0.8, But It Must Hold This Level Furthermore, listing a regulated futures market for SHIB could also set the stage for the launch of a Shiba Inu Spot ETF. Bloomberg analysts James Seyffart and Eric Balchunas have hinted at different times that the Securities and Exchange Commission (SEC) is unlikely to approve a Spot crypto ETF without a regulated futures market.  Featured image created with Dall.E, chart from Tradingview.com

View Details

Shiba Inu Price Drops 10% As 5 Trillion SHIB Flood To Exchanges Following WazirXs Exploit

WazirX, one of India’s largest cryptocurrency exchanges, suffered a security breach on Thursday that resulted in the loss of $230 million, nearly half of its reserves. The exchange referred to the incident as a “force majeure event.” However, the repercussions extend beyond WazirX alone, casting a shadow of uncertainty over Shiba Inu (SHIB) holders. Panic [...]

The post Shiba Inu Price Drops 10% As 5 Trillion SHIB Flood To Exchanges Following WazirXs Exploit appeared first on Crypto Breaking News.

View Details

Can Burns Send The Shiba Inu And LUNC Price To $0.01? Expert Chimes In

The Shiba Inu (SHIB) and Terra Classic (LUNC) ecosystems have become known for their regular token burns, which aim to increase the value of these coins. A computer engineer has given his opinion on this burn mechanism, revealing between Shiba Inu and LUNC, which will likely reach their desired goal of $0.01.  Will Shiba Inu [...]

The post Can Burns Send The Shiba Inu And LUNC Price To $0.01? Expert Chimes In appeared first on Crypto Breaking News.

View Details

Forbes Says Shiba Inu Price Will Rise 1,700% To Reach $0.0003 ATH, Heres When

The Shiba Inu price and where it could be headed has long been a bone of contention among analysts. While some see the meme coin struggling for the foreseeable future, others expect the coin to resume its rally and actually reach a new all-time high. A new Forbes report falls in the latter category, expecting a significant surge in price towards new highs. Shiba Inu Price To Reach New ATH In the Forbes report, the Shiba Inu token is lauded for its development and growing utility, pushing it to become the 13th-largest cryptocurrency in the space. However, over the last few years, the price has struggled and has failed to reclaim its $0.00008 all-time high despite the bitcoin price reaching new highs. Related Reading: Dogecoin Price In Trouble Amid 108 Million DOGE Dump On Robinhood The report points to a number of predictions, while tracing the performance of Shiba Inu through the years. One notable prediction is that of Utkarsh Tiwari, the chief strategy officer of KoinBX. Tiwari predicts that the price of SHIB could rally more than 100% from its current level to reach above $0.00003. The strategist believes that this could happen for the meme coin sometime around the end of 2024. However, for Forbes, a more realistic price point for the meme coin was set at $0.0001 to $0.0003. This deviates from Tiwaris upper bound of $0.000396 for 2024, as it is a reasonable distance away from the current SHIB price of $0.000016. In the longer time frame, Tiwari predicts that the Shiba Inu price could go as high as $0.0000456 in favourable market conditions by 2025. However, pointing to technological advancements and regulatory updates, the report puts the price as high as $0.00007488 for 2025. SHIB Sees Dwindling Pressure Amid the high expectations for the Shiba Inu price, the meme coin has continued to struggle in the market. The market sell-offs affected the price over the last week, pushing it down to retest the support at $0.000016. Although the support held, it has shown how much pressure the bears are putting on the price. Related Reading: Crypto Analyst Says Bitcoin Could Reach $100,000, But What About Altcoins? On the volume front, the SHIB token is still struggling, as CoinMarketCap data shows a 22% decline in the last 24 hours alone. However, this could be good for the meme coin as it could mean that sellers are running out of steam, which could see the price push back up once again. For now, bulls continue to maintain the Shiba Inu price above $0.000016, getting a small boost from inflation data coming in lower than expected at 3%. Featured image created with Dall.E, chart from Tradingview.com

View Details

Shiba Inu Open Interest Returns To February 2024 Levels, What Happened Last Time?

Shiba Inu has seen a notable uptick in its open interest that has sent renewed vigor through investors. While the meme coins open interest is yet to break its Match 2024 all-time high, it is on a bullish trend that could see an attempt soon. Shiba Inu Open Interest At February Levels The total Shiba [...]

The post Shiba Inu Open Interest Returns To February 2024 Levels, What Happened Last Time? appeared first on Crypto Breaking News.

View Details

Shiba Inu Burn Rate Flatlines With 99% Crash, End Of The Road For SHIB?

The Shiba Inu (SHIB) burn rate is again under the radar following a drastic decline in the number of tokens burned. This development is significant considering the impact that these token burns are known to have on the meme coin.  Shiba Inu Burn Rate Crashes By Over 99% Data from the burn tracking website Shibburn shows that Shiba Inus burn rate has declined by 99.44% in the last 24 hours. Only 120,888 Shiba Inu tokens have been burned during this period, which is way low compared to the over 21 million tokens that were burned the previous day.  Related Reading: Bitcoin Gets Massive $500,000 Price Tag From Billionaire, Heres Why The instability in the number of Shiba Inu tokens burned daily continues to be a problem for the meme coins ecosystem. This issue is believed to be mainly due to the significant drop in the number of daily transactions on the Shibarium network. The layer-2 network is known to have contributed largely to the 76 billion Shiba Inu tokens that were burned last year.   However, Shibarium hasnt had much impact on these token burns since the start of the year with its daily transactions dropping from millions recorded last year to just a few thousand transactions as of late. This development has hindered the network from deploying a part of the transaction fees earned to Shiba Inu burns like it did last year.  Meanwhile, while Shiba Inus burn rate has dropped by over 99%, a positive takeaway is that it has increased by almost 15% in the last seven days. This is undoubtedly a welcome development that members of the Shiba Inu community will be glad about. However, the focus remains on sustaining this trend, given the positive impact it could have on Shiba Inus price, especially heading into the latter stages of the bull run. SHIB Price Remains Unaffected Shiba Inus price is currently on an upward trend despite the decline in the burn rate. Data from CoinMarketCap shows that the meme coin is up over 8% in the last 24 hours. Shiba Inus trading volume is also up by over 7% in the last 24 hours, signaling investors bullish sentiment towards the meme coin. Related Reading: Dogecoin Social Sentiment Turns Bearish And Drops To March Levels, What This Means For Price On-chain metrics also paint a bullish picture for the meme coin. Data from the market intelligence platform IntoTheBlock shows that Shiba Inu whales have been accumulating the meme coin in the last few days. Specifically, on-chain analytics platform SpotOnChain revealed a whale that just recently acquired 149.3 SHIB tokens Meanwhile, the Shiba Inu ecosystem has experienced notable network growth, suggesting that new crypto investors are rotating their capital to the meme coin. Shiba Inu will likely continue to record an increased demand, with meme coins projected as one of the leading narratives in this bull run.  Featured image created with Dall.E, chart from Tradingview.com

View Details

Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52%

Dogecoin and Shiba Inu have had similar price action in the past few weeks, but their respective holders have had different things to discuss. As two of the most popular meme coins, Dogecoin and Shiba Inu seem pretty similar at first glance. Particularly, their price movements in the past few weeks have left many holders disappointed amidst a wider decline among top cryptocurrencies. However, on-chain data suggests SHIB holders might be feeling the heat the most, as the number of addresses in losses has surged recently to almost half of the total addresses. Comparing Dogecoin And Shiba Inu’s Profitability Both DOGE and SHIB are currently experiencing negative price performance in the past 24 hours and seven days. However, the discrepancy between the two is the number of addresses that have slipped into losses during this price decline. According to IntoTheBlock’s profitability metric, the current decline is still not as daunting for DOGE holders.  Related Reading: Triangle Formation That Sparked The 2017 XRP Rally Returns, Whats The Target? IntoTheBlock’s profitability metric follows wallets that are “in the money,” “at the money,” and “out of the money.” “In the money” tracks those making a profit at the current price, while “out the money” tracks those in losses. Comparing the two assets using this metric shows that around 75% of DOGE addresses are still in profit, in contrast to 52% of SHIB addresses.  Furthermore, 48% of SHIB addresses are currently in losses, far higher than 23% of DOGE addresses in losses. Lastly, 119,380 DOGE addresses, representing 2% of the total are currently “at the money” at an average price of $0.1245. Around 7,630 SHIB addresses, representing 1% of the total addresses, are “at the money” at an average price of $0.000017. Decoding Recent Price Action At the time of writing, DOGE is trading at $0.123, down by 1.2% and 1.98% in the past 24 hours and seven days, respectively. SHIB is trading at $0.00001713, down by 2.05% in 24 hours and 7.56% in the past seven days.  Interestingly, DOGE whales have taken the price decline as an opportunity to increase their holdings. On-chain data regarding DOGE balance across various exchanges suggests whales are accumulating. Related Reading: Bitcoin Crash Not Done: CoinShares Analyst Predicts True Correction Amid Outflows Dogecoin has proven itself to be the top meme coin for holders over the long run. This is due to its larger community, its status as the king of meme coins, and a higher number of whales and devout investors waiting to increase their holdings at any given opportunity. Consequently, DOGE has always managed to perform better during intense price declines.  While Shiba Inu has closely followed behind in terms of growth, the meme coin is still yet to gain a following as huge as Dogecoin. However, the future remains bright for both meme coins.  Featured image created with Dall.E, chart from Tradingview.com

View Details

Shiba Inu Enters Accumulation Zone Amid 493% In Shibarium Transaction Fees

The current Shiba Inu price action might be leaving some investors wanting, particularly as the crypto has now extended its 30-day losses by over 30%. However, recent on-chain data and technical analysis indicate that the patience is about to pay off. To be more specific, the current price downturn has seen Shiba Inu entering the accumulation zone, which could signal the start of the next bull run. At the same time, a concurrent 493% increase in transaction fees within the Shibarium network suggests it could be the ideal time for investors to load up. Shiba Inu Price Hits 100-Day Low As Bears Take Control The past few weeks have been a bloodbath for Shiba Inu (SHIB) holders. After rebounding at the $0.000022 support and spiking briefly to reach $0.00002756 in the last week of May, the popular meme coin has plunged over 30%, briefly crashing below $0.000017 this week. This brutal selloff has dragged SHIB to a 100-day low, wiping out billions from its market cap. Related Reading: Bitcoin Crash: Crypto Analyst Reveals Why Price Could Drop To $52,000 Experts have blamed this fall on investors pulling out of meme coins. Shiba Inu wasn’t left out, as the meme coin also witnessed major transfers to crypto exchanges. From the price side of things, SHIB’s decline means traders now have the opportunity to buy at its current low prices, which may herald the reversal of the bearish trend. You would think with SHIB’s price taking a beating lately, activity on the network would be slowing down. Surprisingly, that’s not the case at all.  Recent data from Shibariumscan indicates that transaction fees on the Shibarium layer-2 network have skyrocketed by 493% last week. The massive surge in transaction fees came from increased transaction activity on the network. Notably, the number of new transactions moved from 5,865 at the beginning of the week to 16,337 at the end of the week, a 178% increase.  Although transaction fees on Shibarium are paid in BONE tokens, a portion of the tokens are converted into SHIB and then burned. This, in turn, reduces the amount of SHIB tokens in circulation. Whats Next For SHIB? At the time of writing, SHIB is trading at $0.00001702 and seems to be consolidating. Experts are now divided into different schools of thought about the future of meme coins, including SHIB. According to Ki Young Ju, CEO of CryptoQuant, the current downtrend suggests meme coin dominance in the altcoin market could finally be over.  Related Reading: Polygon (MATIC) Turns Bullish After Losing Streak Is A 1,000% Rally Possible From Here? On the other hand, analyst Javon Marks believes Shiba Inu still has room to break to the upside, and the recent pullback could also be a contributing factor. Marks asserts that Shiba Inu is still up by 100% since its last bullish wave and it has the potential to go up by another 294%. Price targets are at $0.000081 and $0.0001553. Featured image created with Dall.E, chart from Tradingview.com

View Details

Shiba Inu Whale Withdraws 2.2 Billion SHIB From Robinhood, Should You Follow The Whales?

Shiba Inu whales are on the move again, sparking speculations on what they expect from the meme coin. One whale, in particular, has caught the attention of the SHIB community following a massive withdrawal from the popular crypto and stock trading exchange Robinhood. Whale Pulls Out Almost $40 Million From Robinhood The Shiba Inu whale [...]

The post Shiba Inu Whale Withdraws 2.2 Billion SHIB From Robinhood, Should You Follow The Whales? appeared first on Crypto Breaking News.

View Details