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Bitcoin Rally: Crypto Analyst Says New Peak Is Within Arms’ Reach

With the price movement of Bitcoin becoming less volatile and the markets becoming unstable once more, some people think a crash is imminent for BTC, while some believe and anticipate a potential for further upward surge.

New All-Time High For Bitcoin Is Within An Arms Reach

In a recent development on the social media platform X (formerly Twitter), Cryptocurrency analyst and investor, Crypto Jelle, has shared a bold prediction regarding Bitcoin – the leading crypto asset.

The crypto expert’s analysis came in light of the bearish speculations within the community around the price action of BTC. According to him, many people are discussing the bearish signs, pullbacks, and corrections that BTC could witness in the near future.

However, Crypto Jelle has asserted that despite the negative sentiments it “does not change anything about the bigger picture” for BTC. Furthermore, he has urged investors to “stick to the plan,” noting that a new all-time high is just “within arms reach.”

The post read:

Lots of people talking about bearish signs, pullbacks, and corrections, but these things change nothing about the bigger picture. Stick to the plan, all-time highs are within an arms reach.

Jelle has also highlighted another reason why he is bullish on Bitcoin and sticking with the digital asset. In another X post, Jelle stated that BTC is still holding above $50,000, with the entire crypto market cap approaching $2 trillion.

Bitcoin

Nonetheless, the “average Joe still does not care,” prompting him to believe that “the cycle is not over” yet. He further pointed out that there will be lucid indications that retail is about to flood the market.

As a result of this, Bitcoin is set to witness higher adoption as search interest for BTC will surge higher. Jelle anticipates that during this time, American-based crypto exchange Coinbase will return to its top spot in the app store.

BTC Compared To Warren Buffett’s Berkshire Hathaway Stock

Lately, a lot of market experts have appeared to be bullish about Bitcoin. One of these is Max Keiser, a BTC advocate, who has compared the crypto asset to the well-known Warren Buffett’s Berkshire Hathaway Stock.

According to Max Keiser, acquiring BTC today is just like buying Berkshire Hathaway shares in its initial days. It is noteworthy that during its earlier days, the stocks were sold for $1,500 each, which is now being sold for $628,000. With this comparison, Keiser advocates that BTC could potentially rise by over 41,000% at its present price of $51,000. 

This price of Bitcoin is down by over 2% in the past 7 days, currently trading at $51,147. CoinMarketCap’s data shows that its market cap is down by 0.86%, while its trading volume is up by over 6%.

Bitcoin

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XRP Price Soars: Analyst Predicts Surge Beyond $200

In spite of a slight adverse trend in the crypto market, XRP has been gradually rising in recent days, fueling positive and bullish predictions from market analysts to unprecedented heights.

XRP Might Rally To New All-Time High Sooner Than Expected

Javon Marks, a cryptocurrency expert and internet personality, has revealed his optimism towards XRP, sharing a daring prediction regarding the crypto asset’s future with the community on the social media platform X (formerly Twitter).

According to the crypto expert, XRP might be poised to undergo a significant movement that will send prices to unprecedented heights, where he highlighted that there is a possibility that XRP can rally beyond the $200 price mark.

Marks noted that the digital asset is presently experiencing “another set of higher lows” that are holding. In addition, he pointed out that “another breakout” has taken place in the XRP chart.

XRP

As a result of this, XRP could witness “a massive upward movement” to New All-Time highs (ATHs), which Javon Marks expects to commence soon.

The post read:

A $200+ XRP (Ripple) can be possible. Another set of Higher Lows are holding and another breakout has taken place, meaning that a massive upside move to new All Time Highs can be commencing soon.

The crypto analyst’s analysis aligns with a historical trend that had previously occurred in 2018, sending XRP’s price to its current ATH of $3.3. Prior to the surge, the token fell from the December 2013 high of $0.06, creating a bearish declining trendline.

For several years, XRP was below this declining trendline, with two unsuccessful breakout trials during that timeframe. Nonetheless, after failing to break out twice, the coin persisted and managed to break out in 2017.

After this breakout, it increased by over 63,000% to its present all-time high price of $3.3. Based on Mark’s predictions, it indicates that this precise trend is manifesting right now.

However, some community members have expressed their displeasure with the analyst’s projections. A pseudonymous X user disagreed with Marks saying “It does not make any sense” given the “basic tokenomics” of the crypto asset.

The Crypto Asset Poised For A Move Above $0.60

Cryptocurrency analyst Ali Martinez has underscored the potential for XRP to move past the $0.60 price mark. According to his post, Martinez’s position was influenced by the observation made by the Tom DeMark (TD) Sequential.

He stated that the TD Sequential indicator has formed a buying signal on the token’s chart. Consequently, this indicates a possible bullish momentum for XRP to move higher. 

He further asserted that if it manages to maintain its weekly close above $0.57, it could serve as a catalyst for an upswing to $0.63 or even further, setting his target at $0.65 

As of the time of writing, XRP was trading at $0.538, demonstrating a decline of 1.39% in the past day. Its market cap is down by 1.42%, while its daily trading volume is up by over 4%, according to CoinMarketCap.

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Bitcoin Bullish Outlook: Analyst Predicts Near-Term Surge To $61,000

The price of Bitcoin (BTC) seems to be losing momentum after its bullish breakout to the $52,000 price mark, but some patterns indicate further optimistic activity may be ahead.

Bitcoin Price To Reach $61,000

On Thursday, Titan of Crypto, a well-known cryptocurrency analyst shared an interesting prediction for Bitcoin in the near future on the social media platform X (formerly Twitter) sparking hope within the community.

Titan of Crypto pointed out in the post that Bitcoin is about to form a trend that he called a “Bull Flag formation.” As a result of this latest action, he has placed a near-term price target for BTC at the $61,000 threshold.

However, the expert noted that the crypto asset is presently experiencing a retest of the Tenkan indicator. According to Titan of Crypto, the price of Bitcoin encounters a pullback every time it reaches the $50,700 level.

Furthermore, the analyst asserted that there is a good chance that bull flag formation will materialize as long as the Tenkan retest remains steady. However, he anticipates a potential drop to $47,300 at the Kijun level, if a breakout toward the downside occurs.

The post read:

Bitcoin Bull flag formation: target at $61,000. BTC is retesting Tenkan at the moment. Each time it hits the $50,700 level it’s bought back. Look at the candle wicks. As long as Tenkan holds the potential bull flag formation is likely to play out. If it were to break to the downside, next support would be Kijun at currently approximately $47,300.

Titan of Crypto has identified another exciting piece of information regarding Bitcoin’s current stance in the market. In another X post, he claims that BTC has entered the “second phase of the bull run.”

The crypto expert stated that BTC’s “Monthly Williams %R” is approaching the “top dotted line.” He mentioned that when the development took place in the last cycle, Bitcoin was about to enter its second bull market phase.

Bitcoin, as of the time of writing, was trading at $50,986, indicating a 1.55% decline in the past 24 hours. Data from CoinMarketCap shows its market cap and trading volume are both down by 1.56% and 20.48%, respectively.

BTC Network Sees Significant Investment Inflow From Investors

With the recent rally, BTC appears to have garnered investors’ interest as the asset has experienced a rise in investment inflow. Willy Woo, a crypto analyst, reported that every day, the network receives around an average of $607 million in new investor demand.

Meanwhile, the overall number of new Bitcoins created daily by mining is just approximately $46 million. In the post, Woo also highlights the importance of the upcoming BTC supply halving, which is just 60 days away.

As it is widely known, Bitcoin halving is when the introduction of new BTCs into circulation is cut by half, which happens every four years after miners solve 210,000 blocks.

Bitcoin

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Ethereum ETF: Franklin Templeton Enters The Fray As ETH Rallies

Wall Street titan and Asset manager Franklin Templeton has applied for an Ethereum Spot Exchange-Traded Funds (ETF) after a struggle to gain approval for their Bitcoin Spot ETF in early January.

Asset Manager Files For Spot Ethereum ETF

Asset managers have gravitated toward the Ethereum spot ETF since the United States Securities and Exchange Commission (SEC) approved the Spot Bitcoin ETF. Franklin Templeton is the latest manager to apply with the SEC to get approval for this financial product. 

The asset manager’s move came after successfully introducing the BTC spot ETFs. This is a notable step toward making more crypto investment products accessible to institutional and individual investors.

James Seyffart, a senior analyst from Bloomberg Intelligence, also shared the update with the crypto community on X (formerly Twitter). Seyffart’s X post included a screenshot of the asset manager’s filing and data regarding other applicants.

According to the post, Franklin Templeton is the eighth company in the cryptocurrency market to file for product approval. Previous asset managers to file applications for Ethereum ETFs include Hashdex, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco, and Galaxy. 

Per the official filing, a Delaware statutory trust is how the Franklin Ethereum Trust is set up. The ETF aims to give investors access to ETH in a regulated manner by allowing them to store it directly through a custodian.

It states in the company’s S-1 filing that the proposed “Franklin Ethereum Trust” will hold ETH and “may, from time to time, stake a portion of the fund’s assets through one of the more trusted staking providers.”

Staking is the act of locking up digital currency to maintain the operations of a blockchain network. They plan to stake some of the ETF’s ETH holdings to supplement its income through staking rewards.

The Price Of ETH Rallies Amidst The Update

Franklin Templeton’s spot Ethereum ETF application was made in light of the price of ETH experiencing an uptick. However, no solid proof exists that the latest development impacted the price of crypto assets.

Related Reading: Ethereum ETFs Approval Date Set For May 23, Forecasts Suggest ETH Could Reach $4,000

Ethereum was trading at $2,661 as of press time, indicating an increase of over 7% in the past 24 hours. Data from CoinMarketCap shows that its market capitalization is also on the upside, marking an increase of over 7%. 

Meanwhile, its trading volume has increased significantly by over 172% in the past day. Due to the rise, ETH now ranks third in the entire crypto market by trading volume.

Ethereum

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Bitcoin Bears Brewing: Analyst Predicts A Pullback Before Halving

Rekt Capital, a well-known cryptocurrency analyst and enthusiast, has offered insights on Bitcoin’s price action ahead of the upcoming BTC Halving event.

One Final Retracement For Bitcoin Before Halving?

The crypto expert took to the social media platform X to share his perception with his nearly 400,000 followers. Rekt believes Bitcoin is poised for a significant retracement before the impending BTC halving.

According to the analyst, the retracement will be Bitcoin’s “last correction before the halving event.” He further highlighted that, due to historical patterns, the pullback is anticipated to occur in late March or April 2024.

In response, a pseudonymous user curiously asked the expert if he could address the pre-halving rally phase in his next newsletter. He added, “Of course, we are unable to have both play out, as we are currently above the 8 resistance line.” 

He further noted that a new pattern might be formed if Bitcoin ends the month above the diagonal. “Monthly Close above the diagonal would be the first in history in a pre-halving period,” he stated.

So far, the cryptocurrency community is excited about the upcoming Bitcoin Halving event. This is because Bitcoin Halvings are seen as a bullish occurrence that drives up the price of BTC significantly.

Notably, the event occurs approximately every four years. It aims to maintain BTC’s scarcity and value while controlling inflation by decreasing the rate at which miners in the network create new BTC units.

The miners‘ block reward will drop from 6.25 BTC to 3.125 BTC during the next halving. Additionally, the event is anticipated to occur in April 2024 after the number of blocks reaches 840,000.

Bullish Overview Of The Digital Asset

Despite the potential pullback pre-halving, several crypto enthusiasts are still bullish about the leading cryptocurrency asset on low timeframes. Ali Martinez, a cryptocurrency expert, recently shared an optimistic prediction for BTC to tackle skepticism around the token.

Ali Martinez highlighted that BTC boasts robust support levels that could surpass resistance. Due to this, he has predicted a possible rise in BTC’s price to the $57,000 price mark. However, he believes that Bitcoin will undergo a correction before reaching the aforementioned price mark.

Bitcoin

Currently, Bitcoin is sitting at $47,886, recording an increase of over 11% in the past 7 days. CoinMarketCap shows that the token’s trading volume is up by 4%, while its market cap is down by 0.53%.

Bitcoin

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Analyst Predicts Bitcoin Rally To $45,000 Before Pullback

Bitcoin (BTC) has started riding the recent bull market wave and rising with fresh gains after weeks of sluggish momentum, with crypto analysts predicting more potential gains for the leading cryptocurrency asset in the coming days.

Bitcoin To See A Correction After Surging To $45,000

A cryptocurrency expert from Cheeky Crypto has made a daring forecast for Bitcoin. The analyst revealed his recent projections during one of Cheeky Crypto’s latest episodes on YouTube.

His predictions came in light of the price of Bitcoin closing Wednesday on a positive note, leading the altcoin market as a whole with it. As the new trading day began, BTC’s price broke above the consolidation, signaling that bulls have returned to the fore.

Cheeky Crypto analyst’s latest analysis delves into the present trading range for Bitcoin. In the analysis, the expert talked about a potential surge to the upside that will take BTC to $45,000. 

Bitcoin

He defined the current stage as a continuation pattern and forecasted that after the range is done, there will be an upward breakout. The analyst mentioned that volume profiles have been declining throughout the market’s range, which gave him the belief that the price will increase to $45,000.

However, he believes a notable correction will occur after BTC reaches the aforementioned price level. Meanwhile, given the positioning on the Stochastic Relative Strength Index (RSI), he anticipates a further decline to $30,000.

He underscored that there is resistance at the 50 Exponential Moving Average (EMA) and support at the 50 Simple Moving Average (SMA) for BTC’s present trading range. If the 50 EMA is breached, Bitcoin may test the 50 EMA once again, and the 200 EMA would provide extra support.

Furthermore, the analyst looked at a series of indications throughout the hourly, daily, and weekly time periods. He noted key levels of support, resistance, and indicators to inspect for prospective market changes and momentum, like the RSI and the stochastic RSI.

BTC’s Price Surges Above $44,000, Eyes $45,000

Amid the recent bullish rally encompassing the crypto market, Bitcoin’s price has risen over $44,000. This marks the first time this month that the crypto asset has reached this level, suggesting market recovery.

The recent surge has sent quite a positive sentiment in the entire crypto space. It is believed that the rise might be due to the anticipation around the Ethereum Spot ETFs and BTC ETF options. Although, in comparison to last month, trend levels are still low, indicating that one should stay vigilant. 

As of the time of writing, the price of Bitcoin has increased by over 4% in the past 24 hours, trading at $44,704. In addition, its market cap and trading volume have increased by over 4% and 47% in the past day.

Bitcoin

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XRP Bulls Looming: Analyst Predicts 400X With Historical Trend

XRP is one of the most affected crypto assets amid the general bearish sentiment within the market, as the token has been on a downtrend for a while now, struggling between the $0.49 and $0.50 price marks.

XRP Could Be Poised For A Massive Surge To $10

Even though the digital asset is now in a bearish phase, a substantial price rally might be in store for the coin. Several crypto analysts have been bullish on the token, predicting significant upward movement that could take XRP to a new all-time high.

One of the popular crypto experts who has shared an optimistic projection for the asset is Crypto Patel. Patel shared his latest forecast on the social media platform X (formerly Twitter) with his thousands of followers. The analyst believes that this is finally the “time for XRP to shine” and go parabolic due to past trends.

According to Patel, during the last bull market, the crypto asset “failed” to perform very well alongside other tokens like Bitcoin. He highlighted that while Bitcoin reached its all-time high in the last bull market, XRP failed to surpass its 2017 peak of $3.30.  However, he asserted that this was because of the legal battle between Ripple and the US Securities and Exchange Commission (SEC) regarding XRP’s non-security nature.

XRP

So far, Patel believes that with the recent SEC victory over Ripple, perhaps the “floodgates” might be open for a breakout. He pointed out that a 2017 triangle breakdown, which formed before XRP went parabolic, is reappearing on the yearly chart.

Patel has asserted that if the coin mirrors the trend in 2017, it could be poised for a massive rally. “If 2017’s 40,000% pump repeats, we could see mind-blowing $10+ XRP,” he stated.

A 6-Year Long Brutal Bear Days

Over the past six years, XRP’s price has unquestionably gathered more positive fundamental qualities after consolidating in a triangle range. “Survived 2,291 – 6+ Years brutal bear days, this coiling pattern signals Ripple’s ready to erupt,” Patel stated.

Due to this, the cryptocurrency analyst anticipates that the price of XRP will rise to $0.90. However, this is expected to occur following a successful breakout from the $0.40 and $0.50 price range.

After that, the crypto expert believes there will be no doubt as to the route to a new peak and a parabolic rise to $10. He further underscored several price targets for XRP, while putting his accumulation range between “40 and 50 cents.”nPatel has urged the community to look out for the digital asset, as it might be on the “launching pad again.”

As of the time of writing, XRP’s price is trading slightly below $0.50, indicating a 2% decrease in the past week. Despite the price decline, its trading volume has increased by over 15% in the past day, according to CoinMarketCap.

XRP

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Crypto Analyst Predicts Bitcoin To Reach $60,000, Here’s Why

Amid the recent rally that Bitcoin (BTC) experienced at the start of the week, several well-known cryptocurrency analysts seem to be bullish about the largest crypto asset, delivering multiple positive predictions for BTC in the short and long term.

Bitcoin Poised To Hit The $60,000 Price Mark

One of the famous crypto analysts who has recently shared exciting and positive predictions for Bitcoin is Ali Martinez. Martinez, known for his enthusiasm for cryptocurrency, took to the social media platform X (formerly Twitter) to share his projections with the community.

The analyst’s prediction delves into the Market Value to Realized Value (MVRV) ratio pricing band for Bitcoin. Ali Martinez has examined historical patterns seen in the previous bull markets that could send the price of BTC soaring.

According to him, the historical pattern seems to be appearing now in Bitcoin’s MVRV chart. He asserted that the BTC’s price has recovered from the mean MVRV level at $40,500, which is a similar form showing in the present market.

Bitcoin

He added that with this form, it is possible for Bitcoin to rise in the direction of the 1.0 standard deviation line. Due to this, Martinez anticipates the price of BTC to reach a fresh yearly high of $60,000 price mark.

The post read:

We are witnessing a similar pattern now. With the recent bounce from the mean MVRV at $40,500, there is potential for BTC to surge to the 1.0 standard deviation line at $60,000.

Martinez’s latest Bitcoin analysis has since sparked fresh sentiment from the crypto community toward the digital asset. His forecast came in light of BTC experiencing a rally, taking its price to $43,000 as of Tuesday, January 30.

Investors and traders are now keeping a careful eye on these events in hopes of identifying future BTC market opportunities. This also suggests the introduction of new investors and traders in BTC.

In another X post, the expert highlighted the emergence of fresh Bitcoin addresses. He noted that about “67 new entities” now hold 1,000 BTC and above, which indicates “a 4.50% rise in two weeks.”

Analyst Delve Into BTC’s Price Action

Negentropic, the co-founder of Glassnode, has revealed his latest projections for BTC’s price action. Negentropic reported that a substantial liquidity pool for long positions had formed as Bitcoin crossed $42,200, suggesting a “neutral impulse.”

This action points to BTC‘s plan to cross the $42,000 liquidity barrier, which might bring up more market change and volatility. He further noted that due to the action, liquidations totaling “$659 million” took place.

Furthermore, as optimism rises, he expects that liquidations in short positions might reach a whopping $1 billion. As a result, it will position the market for a possible upward trend.

Currently, Bitcoin’s price is trading at $42,979, demonstrating an increase of over 7% in the past week. However, its market cap and trading volume are each down by 1%, according to CoinMarketCap.

Bitcoin

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Shiba Inu Burn Rate Surges Over 1,400%, As Price Recovers

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.

Shiba Inu

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XRP Breakout: Analyst Forecasts Potential Price Surge To $11

Amid the general decline surrounding the entire cryptocurrency market, XRP has been observed as one of the most affected tokens, with its price falling as low as $0.51 at a swift rate.

Potential Price Surge For XRP

The price of XRP has been witnessing a significant bearish trend for quite some time now. This has led to several speculations from market analysts about the token’s future.

However, a well-known crypto analyst, XForceGlobal, has predicted a rally for XRP that could take the asset to the pivotal $11 price mark. The analyst took to the social media platform X (formerly Twitter) to share his bold projections with the crypto community.

In his macro analysis, XForceGlobal identified that XRP has been forming a symmetrical triangle since 2021. He noted a triangle scenario as the main focus of his forecast.

XRP

This symmetrical triangle was formed as a result of the upper descending trendline and the lower ascending trendline. According to data from the expert’s weekly chart, after XRP fell to a low of $0.1013 in March 2020, the token created the lower ascending trendline of the triangle.

However, it was not until the asset’s decline from $1.96 in April 2021 that the upper descending trendline was formed. Since then, XRP has not been able to break above or below the triangle.

XForceGlobal projects that as XRP approaches the triangle’s peak, it will initially plummet further to retest the lower trendline. After that, the expert predicts a significant upswing leading to an ascending breakout.

Furthermore, he asserts that the larger triangles’s ability to withstand three years of data is the largest accumulation of any token.

XForceGlobal stated:

The larger triangle scenario now has a solid three years of data which makes it the largest accumulation of any coin without breaking any major lows at the time of writing.

With his analysis, XForceGlobal has put his “conservative price” for the asset between “$9 to $11” in case the breakout happens. “I would be conservative with my targets in the coming years of around $9-$11 if the triangle scenario happens,” he stated.

The Crypto Asset Has Seen A Massive Breakdown

Another crypto analyst, Crypto Rover, has taken to X to share the effects of the decline that XRP has been observing. He underscored that the decline has seen a “massive breakdown” since the Q2 of 2021.

Rover shared a chart of the digital asset to further emphasize his analysis. As seen by Rover, XRP fell from a peak of about $1.82 in mid-April 2021 to the present price of $0.51.

XRP

Since then, the token seems to have been trading in a symmetric triangle. With the price breaking through the triangle’s base, further decline could happen if not controlled.

At the time of writing, XRP was trading at $0.5125, showing a 6.10% decrease over the past week. Its market cap is up by 0.38%, while its trading volume is down by over 3%, according to CoinMarketCap.

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Bitcoin Bearish Outlook: Analyst Predicts Price Nosedive To $38,130

The price of Bitcoin has been on a bearish trend for the past few days now, which has led to several crypto analysts predicting an even more bearish action for the crypto asset in the near future.

Bitcoin Price To Crash To $38,130

Ali Martinez, a well-known cryptocurrency analyst and enthusiast, has shared a worrying prediction for the short-term price action of Bitcoin. The analyst took to the social media platform X (formerly Twitter) a few hours ago to share his projections with the crypto community.

Martinez’s forecast came amidst the recent crash craze encompassing the entire crypto market. The largest crypto asset has been suffering with significant pullback for a while now, with pricing dropping below the $40,000 price mark.

Bitcoin

According to the analyst, the latest decline in the price of Bitcoin can go below $38,130. Martinez stated that short-term holders of BTC would experience losses if prices go below the aforementioned price level.

He also noted that the price decline could cause a “panic selling” mode among short traders. As a result, these short sellers will look for methods to cut their losses.

The post read:

If Bitcoin’s price falls below $38,130, short-term BTC holders could find themselves in the red. This potential Bitcoin dip might trigger a new wave of panic selling as these holders will seek to minimize losses.

Nonetheless, Martinez has highlighted that the bearish shift is just temporary, predicting that the BTC bull cycle will peak in late 2025. In the post, he asserted that Bitcoin’s current state is similar to previous bull runs that lasted from “2015-2018 and 2018-2022.” After that, he mentioned that market estimates suggest that BTC could reach a new peak by October 2025. 

With his analysis, Martinez has forecasted a “600 days bullish momentum” for Bitcoin, presenting future profits for investors in the long term.

Historical Trends Prove Further Correction In Price

Chief Market Strategist at Creative Planning Investor, Charlie Bilelo has noted that historical trends suggest more price correction. According to the chief, “History does not repeat itself, however it often rhymes.”

Bilelo underscored, that whenever there is a significant event in the history of BTC, there are always notable price corrections. He emphasized BTC witnessed an 84% pullback after the December 2017 bull run.

He highlighted a similar scenario that took place in October 2021 bull run. Then the rally began after the approval of BTC futures ETF and saw a 78% retracement afterwards.

This pattern appears to be partially manifesting as evidenced by the spike in BTC’s price earlier this year due to BTC Spot ETF approval. Bilelo has pointed out a “20% pullback” so far since the products were allowed by the SEC.

As of the time of writing, the asset’s price is sitting at $40,088, indicating an over 5% decline in the past week. Data from CoinMarketCap shows that its market cap and trading volume are also down by 0.35% and 31% respectively.

Bitcoin

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Shiba Inu Ecosystem Soars: Shibarium Hits Crucial Milestone

In an exciting turn of events, Shibarium, the Ethereum-based layer 2 blockchain of Shiba Inu, has witnessed yet another crucial milestone in its overall number of transactions carried out on the platform.

Shiba Inu Blockchain Latest Milestone

The total number of transactions on the layer 2 blockchain has skyrocketed since Shibarium was launched, surpassing several crucial milestones. In addition, the blockchain is gaining enormous traction and has seen widespread utilization from its community members.

The Shiba Inu blockchain recently reached another important benchmark after surpassing the 300 million transactions threshold. This achievement comes just five months after Shibarium was introduced by the Shiba Inu team.

Data from Shibariumscan.io reveals that the total number of transactions carried out within the platform is sitting at 304,137,502. These transactions were carried out by approximately 1.3 million wallet addresses.

Shibarium’s performance goes beyond the total number of transactions on the network. The platform shows that over 2.7 million blocks have been processed, totaling 2,788,561.

Despite the development, the network’s activity appears to be slowing down. The data from the network’s tracker shows that the average daily count is sitting at 2.69 million. This is a drop from the average 7 million transaction count it recorded throughout last month.

Shibarium’s latest milestone comes amidst a massive whale transaction that saw over 400 billion Shiba Inu tokens being moved between unknown wallets. According to data from Etherscan, the transaction totalled 419,872,915,864 SHIB, valued at a whopping $3.87 million.

The reports show that the unknown wallet, identified as 0xecfB3971, moved the aforementioned funds to another unknown wallet address, 0xd373B9. The move has since raised speculations around the community because both addresses are still unrecognized.

SHIB Community Celebrates The Latest Heights

Members of the Shiba Inu community have been celebrating the latest achievement as Shibarium transactions have topped 300 million. The team has also shared the accomplishment on the social media platform X (formerly Twitter).

Related Reading: SHIB Roars As Shibarium Hits 100 Million Transactions – Big Things Unfolding

In the X post, the team highlighted that the ShibArmy had taken Shibarium transaction volume to unprecedented heights. The Shiba Inu team has always attributed such heights to its stellar community. 

Furthermore, it stated that the Shibarium rollercoaster only goes in the “UP” trajectory. According to the comment, Shibarium’s transaction volume and other statistics are likely to rise continuously.

The post read:

SHIBARMY is driving Shibarium to new heights. This rollercoaster truly has only one direction: UP.

Currently, the price of Shiba Inu is still down despite the project’s milestone. SHIB is trading at $0.00000872, indicating a decline of over 4.50% in the last 24 hours.

Data from CoinMarketCap shows that Shiba Inu’s market cap is also down by the same percentage as its price. Meanwhile, although the price of SHIB is down, its trading volume is indicating an over 24% daily increase.

Shiba Inu

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Bitcoin Bearish Forecast: Analyst Signals Continued Downfall

The price of Bitcoin appears to be experiencing a bearish moment in the past few days now despite the approval of multiple Bitcoin Spot Exchange-Traded Funds (ETFs), which has raised speculations about the token’s future.

Bitcoin Could See Further Collapse

Bitcoinhyper, a cryptocurrency analyst, has offered his insights on the current state of Bitcoin. The analyst unveiled his predictions to the community during one of his YouTube videos.

According to him, BTC is currently undergoing a decline, which could potentially lead to a further collapse in price. In the beginning, Bitcoinhyper noted an upswing in the price of Bitcoin to $49,000 following the approval of BTC spot ETFs by the SEC. 

However, the market did not react as anticipated, and there was a notable decline from the $49,000 price mark.  “Unfortunately, we got a significant dump, and in rejection, from $49,000,” he stated.

The analyst highlighted that BTC was up for several days before the ETF approval, with experts anticipating the crypto would hit $50,000. Thus, in a surprising turn of events, the asset’s price witnessed a drop of about 16%.

Bitcoin

In spite of the Bitcoin spot ETF approval, the market’s perception swiftly took an unpleasant shift. The correction took retail investors by surprise as they were unprepared since they had assumed that the price would rise.

With the crypto asset experiencing such a collapse in price, it is believed that the market will see a massive liquidation. Remarkably, during this decline, liquidations were not as large as anticipated.

Bitcoinhyper noted that during the decline, around $18.8 million in short positions were liquidated, which is less than expected. The news caused traders to become overconfident while ignoring the possibility of a correction.

No Positive Impact On BTC Price Despite Substantial Inflow

Reportedly, Bitcoin saw a whopping $1.18 billion inflow in digital assets funds worldwide following ETF approval. Despite the significant inflow of capital, the anticipated impact of boosting the price of BTC has not yet been realized.

On Monday, January 15, the price of BTC dropped below the support level of $42,000 as traders turned to Ethereum and other tokens. The approval of ETFs might be a “sell the news” moment, as BTC had dropped by 16% since the announcement.

As of now, it is crucial to observe that the market is becoming less enthusiastic about Bitcoin ETFs. A lot of people are now discussing the potential for an Ethereum ETF.

Currently, Bitcoin is trading at $42,951, indicating a decline of over 7% in the past seven days. Its trading volume is up by 3.86% in the last 24 hours, while its market cap is up by 0.75%, according to CoinMarketCap.

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Shiba Inu Burn Rate Skyrockets Over 300% As Price Sheds A Zero

The Shiba Inu burn initiative has been one of the most notable developments this week that has gained the interest of the crypto community, witnessing massive surges in its token burn rate in the past few days.

Shiba Inu Burn Rate On The Rise

Data from Shiba Inu burn tracker Shibburn shows that the SHIB burn rate has increased significantly in the past 24 hours. According to the tracking platform, the burn rate has witnessed a 395.43% uptick today, January 12.

The tracker reveals that over 18 million SHIB tokens have been destroyed in the past 24 hours. The rise in burn rate came in light of Shiba Inu experiencing a price rally which has led to the token erasing another zero.

It is noteworthy that three burn transactions were responsible for the rise in burn rate today. Shibburn revealed that the three transactions incinerated a total of 16.56 million SHIB tokens in less than 8 hours.

The first transaction carried out by the wallet address 0x618ffd1cdabee36…3f21272bd7 saw about 7.77 million SHIB tokens being burned. Additionally, another wallet address 0xab782bc7d4a2b30…f8f63ee1bc sent over 3.33 million SHIB to the burn wallet five hours later.

Meanwhile, the third transaction initiated by the wallet address 0xa9d1e08c7793af6…7fb81d3e43 incinerated about 5.46 million SHIB tokens. 

Over the past few days, the Shiba Inu burn rate has been recording major spikes. The development seems to have caused quite a speculative frenzy within the crypto space.

On Tuesday, January 9, the tracking platform recorded an increase in burn rate of over 28,000%. The surge was caused by a burn transaction carried out by the Shiba Inu team.

The team sent a whopping 9.35 billion SHIB tokens valued at $92,553 to the burn address. This marks the highest burn the team has initiated since it started burning SHIB.

SHIB Erases Another Zero Post ETF Approval

The majority of crypto assets are flashing green, signaling a general upturn in the cryptocurrency market. The recent approval of the Bitcoin Spot Exchange-Traded Funds (ETFs) by the SEC is largely considered to be responsible for the upward trend.

Prior to the approval of Bitcoin ETFs, Shiba Inu was trading at a comparatively low value of $0.0000095. However, after the approval, SHIB has witnessed a price increase, allowing the token to shed another zero.

The increase in SHIB price post-ETF has garnered interest from investors and generated speculations over the coin’s potential for long-term growth.

Currently, SHIB is trading at $0.000010, indicating a 0.60% decrease in the past 24 hours. However, the token’s trading volumes appear to be down in the past day by over 12%, according to CoinMarketCap.

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Shiba Inu Whale Accumulates Massive Holdings, Amid Price Recovery

Ethereum-based memecoin Shiba Inu (SHIB) has once again garnered the attention of the crypto community as the altcoin has witnessed a massive whale accumulation leaving the community to ponder on the reason behind the whale accumulation.

Shiba Inu Whale Amassed 1.44 Trillion SHIB

Recent data from crypto analytics firm Lookonchain has revealed that new buyers are stacking Shiba Inu on Binance and Gate.io. The analytics platform shared the data on the social media platform X (formerly Twitter).

As of the time of the report, over 1.44 trillion SHIB, valued at about $13.36 million, had left exchanges in less than 48 hours. With split purchases over a period of time, the accumulation was a clear move.

Lookonchain revealed that the unknown whale addresses 0xF633Cd….3493Bbac began the accumulation on the Binance platform. The whale reportedly moved 400 billion SHIB tokens from the platform to the wallet address.

Additionally, the whale received another 146,342,102,182.77 SHIB around an hour later. This brings down the total amount of SHIB withdrawn from Binance to 546,342,102,182.77, valued at approximately $5.18 million.

Furthermore, the analytics firm reported another massive Shiba Inu withdrawal from the crypto exchange Gate.io. Lookonchain shows that the whale started the accumulation from Gate.io with an initial batch of 32,913,563,627.61 SHIB tokens.

Meanwhile, the next whale accumulation which was the largest consists of 499,999,665,444.45 SHIB. The whale then completed the move with an additional 362,134,360,200.61 SHIB buy. This brought the total amount of SHIB amassed to a whopping 895,047,589,272.67 valued at about $8.5 million.

According to Lookonchain, the aforementioned wallet address 0xF633Cd….3493Bbac is responsible for the tokens withdrawn from both crypto platforms. 

These transactions came at a time when the Shiba Inu was experiencing a price rebound. However, there is no solid proof that these transactions have affected the price of SHIB positively.

A Significant Drop In Shibarium Transaction Counts

The Shiba Inu layer 2 blockchain platform Shibarium has experienced a significant drop in its transaction counts. The drop in transactions might suggest a broader change in users’s confidence and engagement.

According to data from Shibariumscan, the network’s daily transactions are currently pegged at 2.73 million. This is the lowest the network has seen in months now.

The network has been seeing a notable decrease in transaction counts since the close of the previous year. The drop in daily transaction counts indicates a decline in the network’s adoption.

Data from Shibarium Explorer shows that the network’s utilization is down up by 11%. However, this is a drop from the 30% network utilization it recorded on Monday, January 8.

As of the time of writing, SHIB was trading at $0.000009522, indicating an increase of 1.20% in the past 24 hours. Meanwhile, its 24-hour trading volume is currently seeing an uptick of 64%, according to CoinMarketCap.

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Bitcoin Spot ETF: Analyst Predicts 2 Scenarios For Price Beforehand

Amid the anticipation circling the Bitcoin Spot Exchange-Traded Fund (ETF) approval, crypto analyst CryptoQuant has made a bold prediction for the digital asset beforehand.

2 Major Scenarios For Bitcoin Price

CryptoQuant, a well-known cryptocurrency expert, has revealed two major scenarios for Bitcoin in advance to BTC Spot Exchange-Traded Fund (ETF). According to the analyst, BTC will undergo a bullish and bearish scenario before approval from the United States Securities and Exchange Commission (SEC).

The analyst’s prediction delves into Bitcoin price support and resistance analysis. CryptoQuant’s forecast was based on on-chain data of the average unit price of BTC holders.

The post read:

2 Scenarios Before Bitcoin Spot ETF Approval and How to Respond. This post explains how to analyze the Bitcoin price support and resistance using on-chain data of the average unit price of #Bitcoin holders.

For the bullish scenario, CryptoQuant noted that the percentage of daily to weekly holders is expected to increase by 8% if BTC reaches $48,500. This suggests “an overheated market and reinforces a correction.”

The analyst asserted that the $48,500 price mark is the “average unit price” for holders between 2-3 years. In addition, a primary resistance can also be formed at this level.

Bitcoin

Meanwhile, for the bearish scenario, CryptoQuant noted a drop in Bitcoin price around 2-30% in the past during its upswing. The crypto expert also added that BTC could form a support level between $30,000 to $34,000 if the price plummets.

Furthermore, CryptoQuant highlighted an average unit price of $34,000 for both the 18-month to two-year and one-week to one-month holding periods. Meanwhile, the average unit price for the holding period of three to twelve months is $30,000.

So far, the expert has highlighted rising dangers and uncertainty as the approval outcome of the Bitcoin Spot ETF approaches. CryptoQuant has issued a warning to the crypto community not to take on the risk as this is “unnecessary.”

BTC Price Dip After Approval Outcome

Institutional trading analyst MacroScope has forecasted a price dip for Bitcoin following the ETF approval outcome. “We know there will be a dip at some point after approval,” MacroScope stated.

The analyst further added that the dip could take place a day or week after the outcome. However, he asserted that the exact timeframe is “hard to predict, but it should surprise no one.”

MacroScope also highlighted a few factors to watch out for during the dip. The expert noted that “once the dip stabilizes, the next upward move could be a ripper.”

In addition, billions of funds will be waiting for the turn, trying to time it just right. However, MacroScope has suggested allocating a starting position in order not to miss this turn.

As of the time of writing, Bitcoin was trading at $46,860, indicating an increase of over 6% in the past day. Its trading volume is significantly up by over 70% in the past 24 hours, according to CoinMarketCap

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Crypto Analyst Predicts Bullish Hammer For XRP In Upcoming Move

In the ever-fluctuating world of cryptocurrencies, crypto analyst CryptoWzrd has expressed an optimistic prediction for XRP, while highlighting a potential bullish hammer for the crypto asset.

A Bullish Hammer For XRP Could Take Place

The cryptocurrency analyst recently took to X (formerly Twitter) to share the projections with the entire crypto market. The analyst predictions were made using the daily technical outlook of XRP.

With a clear observation of the chart, CryptoWzrd noted that XRP could be ready to form a bullish hammer. However, for this pattern to take place, a bullish candle must appear today, January 4.

Following the prediction, CryptoWzrd noted that the XRP/BTC chart is demonstrating strength against the bears. In addition, it has recovered the majority of its loss and ended the day with a promising pin bar.

The analyst was upbeat about XRP’s potential to take control and highlighted that a strong rebound could push the token higher. However, he alluded to the impact of outside variables hindering this rebound, particularly the potential threat of unfavorable SEC news regarding ETFs.

CryptoWzrd’s predictions came amidst a notable disruption in the crypto market that took place yesterday. The disruption saw Bitcoin (BTC) plummeting to about $40,000, while XRP fell to nearly reach the October 2023 lows of $0.50.

After recovering to a level around $0.57, CryptoWzrd anticipates that a rebound from this area could indicate the daily lower high trendlines’s breaking point. As a result of this, the crypto asset could therefore push closer to and over the $0.7300 mark.

In the crypto analyst’s opinion, the strength displayed by the XRP/BTC chart is one major reason behind the optimistic outlook. According to CryptoWzrd, this strength surrounds the positive viewpoint that XRP may orchestrate the bullish rise. 

The Analyst’s Thoughts From The Intraday Angle

CryptoWzrd further turned his attention to the intraday chart while anticipating the next move. The expert noted that his “primary attention” will be on the intraday chart today which he will be looking for a scalp.

XRP

While acknowledging the volatility that occurred on Wednesday, the analyst has forecasted that it will continue today. However, in spite of the uncertainties, CryptoWzrd has expressed optimism and plans to make another trade.

So far, the expert has stressed that two crucial factors will determine XRP’s final trajectory. These include the path that Bitcoin takes and the fundamental data that could emerge in the coming days.

As of the time of writing, XRP was trading at $0.578, indicating an over 8% decline in the past 24 hours. Meanwhile, its market capitalization is also down by over 8% over the past 24 hours. 

Despite the drop in price and market cap, the token’s trading volume appears to have increased significantly over the past day. Data from CoinMarketCap shows that the crypto asset’s trading volume is up by 153.49% as of the time of writing.

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Arbitrum Reaches Major Milestone In TVL As Price Rallies

Arbitrum (ARB), a layer 2 (L2) protocol has achieved yet another major milestone in its Total Value Locked (TVL) reaching new heights, following a surge in the crypto asset’s price.

Arbitrum Sees Surge In Total Value Locked (TVL)

According to the L2beat platform, Arbitrum’s TVL recently went past the $10 billion mark putting it in the spotlight. Data from the analytics firm reveals that the network’s TVL is currently at $10.36 billion.

L2beat’s report shows that Arbitrum One’s TVL soared by a remarkable 16.49% over the past seven days. With this accomplishment, the network is firmly established as the first Layer 2 network to surpass the $10 billion TVL threshold.

L2beat shows that Arbitrum is above Optimism (OP) by about 40% which comes in second place with a TVL of $6.44 billion. Optimism’s TVL has also increased significantly by 11.63% in the last 24 hours. 

When analyzing Arbitrum’s TVL, Ethereum (ETH) makes up about 30% of the TVL, while the ARB token makes up about 23.68%. Meanwhile, stablecoins make up a substantial portion of 29% of the TVL, with the remaining 15.76% going to other assets. This diverse composition highlights the platform’s increasing popularity and attractiveness to a larger range of users.

In addition, L2beat has also revealed a surge in the network’s market share. The data shows that Arbitrum One’s market share has seen an increase of over 48%. 

So far, the network’s token ARB seems to have experienced a rise in response to the rise in TVL. The digital asset price is currently set at $1.84, indicating a 2.82% increase in the past day.

As of the time of writing, the network’s trading volume has increased significantly by 60% in the past 24 hours. Meanwhile, its market capitalization is up by 1% in the past day, according to data from CoinMarketcap

The price rise is indicative of investors’ increased faith and interest in Arbitrum’s ecosystem. The network’s success also highlights the growing need in the Ethereum ecosystem for scalable and affordable solutions.

Analyst Predicts A Clear Uptrend For ARB

Cryptocurrency analyst Michaël van de Poppe has predicted a clear uptrend for Arbitrum, signaling a possible breakout. The analyst shared his projections for the token on the social media platform X (formerly Twitter).

Related Reading: Arbitrum Network Faces Major Outage, ARB Token Faces 4% Decline

In his analysis, he noted that the uptrend is “taking place with beautiful retests of previous resistances, becoming a support zone.” Poppe further pointed out a possible retest optimal “go-to level” between $1.50-1.60. 

This area denotes a tactical stage where the token might experience a retest before opting to breach the psychological barrier of $2.  However, this will only take place if the ARB continues on the current upward path.

Lastly, Poppe highlighted a difficulty in the token initiating its first cycle when put against Bitcoin. “Against $BTC, this pair barely wakes up and starts its first cycle,” he stated.

With the recent price of Arbitrum sitting at $1.84, it appears that the analyst’s predictions will soon come to pass.

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Shiba Inu Burn Rate Soars By 5,000%, Here’s Why

The Shiba Inu burn initiative begins the week with a positive sentiment as the project has witnessed a significant increase in its token burn rate over the last 24 hours.

Shiba Inu Burn Rate Sees Notable Uptick

On Monday, December 25, over a 5,000% increase in the last 24 hours has been observed in the Shiba Inu burn rate. According to data from Shibburn – the platform that tracks SHIB token burns, the burn rate recorded a substantial 5,043% increase.

The tracker reveals that over 53.13 million SHIB tokens have been burn over the past 24 hours. The surge in burn rate was due to two substantial transactions that consisted of over 20,000,000 SHIB each.

Data from Shibburn shows that the address 0x6081258689a75d2…887239fe80 sent a total of 20,000,000 Shiba Inu tokens to the SHIB burn wallet. Meanwhile, the second transaction which was carried out by the same address saw about 25,000,000 SHIB sent to the burn wallet.

The Shiba Inu burn rate has been witnessing significant surges over the past few days. The rise in burn rate appears to have generated a wave of speculative excitement throughout the cryptocurrency market.

Despite the increase in burn rate, the Shiba Inu price is currently experiencing a bearish price action. The token is currently down by 1% in the last 24 hours, according to CoinMarketCap.

The recent rise in burn rate coincides with a massive whale transaction reported by on-chain tracker Whale Alert. The on-chain tracker revealed that the transaction saw a whopping 4.25 trillion SHIB being transferred to an unknown wallet.

Whale Alert reported that the wallet address identified as 0x3ce6bed2…87d896c59f sent the aforementioned SHIB to the unknown wallet address 0x9c570088…a22fd8b51b. Another aspect to identify is the low gas fee used to initiate this huge transaction, which was less than $3.

The Project’s Team Made Another Massive Burn

On Friday, December 22, a report revealed that the Shiba Inu team burned a massive 8.47 billion SHIB. Currently, the total number of SHIBs burned by the team has reached a whopping 33.8 billion SHIBs.

It is worth noting that the team had previously burned another 8 billion SHIB hours before on the same day.

Earlier that day, the team sent approximately 8,533,564,693 SHIB valued at $90,285 as of that time, to a dead wallet. The total number of SHIB tokens burned by the team that day was approximately 17 billion.

The most recent burn marks the fourth time this month alone that the crew has carried out a burn this size. The overall supply of SHIB is beginning to feel the weight of these systematic burns. 

This has also been confirmed by Lucie, the marketing head and part of the project’s team, on X (formerly Twitter). The most recent burn was shared by Lucie in her post, highlighting that it was the fourth instance of the procedure. 

Shiba Inu is currently trading at $0.000010, with its trading volume also declining by over 30% to approximately $184.65 million. Meanwhile, its market cap is also down by 1% to $6 billion as of the time of writing.

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Shiba Inu Announces Partnership With D3 Global, Price Plunges

Amid the current bearish sentiment around the cryptocurrency market, the popular Ethereum-based meme coin Shiba Inu has taken a positive step by partnering with internet domain company D3 Global.

Significance Of Shiba Inu’s Partnership With D3 Global

The team revealed its partnership with the internet domain name company in its latest version of the SHIB magazine. The latest magazine is now the seventh version that has been released since it was introduced.

D3 Global is a domain company that focuses on bridging the gaps between the web2 and web3 ecosystem which is overseen by Fred Hsu and Shayan Rostam.

Rostam asserted that partnering with Shiba Inu will allow the introduction of unique, memorable, and affordable domain names to users. Additionally, it will make use of Web3 utility on the internet’s base layer to streamline their digital identities.

The latest partnership is a part of Shiba Inu’s broader endeavor toward a decentralized identification project. Shiba Inu is seeking to establish a decentralized internet top-level domain (TLD) name for its users.

The collaboration aims to safeguard the “.shib” TLD name. A TLD is the last element of a web address that appears after the dot such as  “.com,” “.org,” or “.net.”

The TLD will enable SHIB users to register their .shib names which may be resolved through the global Domain Name System (DNS). It will also allow its users to have a digital identity compatible with Web2 and Web3 applications.

The “.shib” domain seeks to offer seamless compatibility with both the traditional Web3 technologies and the modern internet’s Domain Name System (DNS). This is unlike the current web3 names which are incompatible natively with essential internet technologies like email and web browsers.

With this initiative, SHIB users may have more functionality and be able to utilize their domain with regular web browsers. Additionally, it could also improve their blockchain transactions and digital identity.

Process Of Acquiring A New TLD

Being a major player in the internet domain industry, D3 is an expert in the administration and use of top-level domains. Their specialty is maneuvering through the difficult procedure of obtaining and configuring new TLDs.

The procedure of getting a TLD is not that simple or quick. It needs to be approved by ICANN, which is the result of a difficult and extensive application procedure. 

Related Reading: Shiba Inu Faces Make Or A Point As Analyst Identifies Critical Trading Pattern

In addition, the community must be involved and supportive of the initiative. This is because ICANN takes the public interest and possible effects of a new TLD into account.

Despite the notable partnership, the SHIB token is still down by over 2% in the past 24 hours, trading at $0.000010. Its market capitalization is down by over 2%, while its trading volume is down by over 30%, according to CoinMarketCap.

So far, the lead developer of Shiba Inu, Shytoshi Kusama has expressed the team’s pleasure in the collaboration. “We are extremely proud to once again trailblaze decentralization in world history,” Kusama stated.

Shiba Inu