Posted on

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

Posted on

Key Factors That Bitcoin Needs To Keep Bullish Momentum

Amid the bearish impression circling the cryptocurrency market lately, a prominent crypto analyst has revealed a recent trend for Bitcoin (BTC), which will help bolster the continuation of its price rally.

What Bitcoin Needs To Sustain And Expand Its Rally

A cryptocurrency analyst known as Ali recently shared this crucial information with the entire cryptocurrency community on December 18, 2023. The analyst took to X (formerly Twitter) to highlight what Bitcoin needs to maintain its upward trajectory.

Ali said the crypto asset experienced a dip in network growth over the past month, which raised concerns about the stability of BTC’s recent price move to $44,000.

He added that creating new Bitcoin addresses must expand to guarantee a robust continuation of its rally. This will provide the much-needed support for the crypto asset to maintain its bullish momentum. 

The post read:

There’s been a noticeable dip in #Bitcoin network growth over the past month, casting doubt on the sustainability of $BTC’s recent move to $44,000. For a robust continuation of the bull rally, it’s crucial to see an uptick in the number of new $BTC addresses. This would provide the needed support for sustained bullish momentum.

BTC needs further investor and institutional support to sustain its rally. A chart accompanied the crypto analyst’s X post to support his projection further.

Bitcoin

This prediction means further corrections may be a scenario for the digital asset. This is because of the discrepancy between the creation of new addresses and the current price increase of Bitcoin.

Nonetheless, approving a Bitcoin Spot exchange-traded fund (ETF) in the US might create an avenue for more institutional investment, thereby reversing this trend.

As of the time of writing, BTC was trading at $40,980, indicating a decrease of over 2% in the past 24 hours. According to CoinMarketCap, its market capitalization decreased by the same percentage in the past 24 hours.

Digital asset prices have increased by 146% in the last year, demonstrating amazing growth throughout this timeframe. Its performance over the same year exceeded 73% of the leading 100 crypto assets, putting it among the top performers.

The Crypto Asset Fell Below Its Crucial Supply Area

Ali has also shared another post on X showing that Bitcoin has witnessed a dip below its key supply zone. The analyst pointed out that the zone ranges from $41,200 to $42,400, of which the asset has recently fallen below this range.

He added that 1.87 million addresses in this region have accumulated about 730,000 BTC. With this decline, these holders may sell the token to reduce losses.

Bitcoin

The crypto analyst also highlighted a potential decline to the next demand zone ranging from $37,500 to $38,700. Meanwhile, about 1,28 million addresses in this region have accumulated 553,000 BTC tokens.

Bitcoin

Posted on

300 Million Dogecoin (DOGE) Moved To Robinhood As Price Swells

The Meme-based cryptocurrency Dogecoin (DOGE) has recently experienced a significant increase in whale transactions during an improvement in the crypto asset’s price.

300 Million Dogecoin (DOGE) Dumped In Crypto Exchange

Data from the on-chain crypto tracker Whale Alert recently revealed that a massive amount of Dogecoin (DOGE) was transferred to Robinhood. This whale transaction has attracted the interest of traders and investors in the larger cryptocurrency space.

According to the crypto tracker, the transfer was orchestrated by an unknown wallet address earlier today. The wallet address identified as DDuXG.ruc1wwKF sent about 300 million DOGE to the cryptocurrency trading platform Robinhood.

The post read:

300,000,000 #DOGE (25,033,123 USD) transferred from unknown wallet to #Robinhood.

With the current price of Dogecoin, the whale transaction is valued at approximately $25 million. The whale moved the substantial Dogecoin haul to Robinhood for a comparatively low network cost of just $0.18. This is most likely by taking advantage of times when fees and congestion were low. 

The transfer of DOGE to Robinhood suggests that the whale is looking to sell the tokens, igniting speculation in the larger cryptocurrency market. However, it seems that the meme-based cryptocurrency’s price increase runs counter to the tokens being dumped on exchanges.

Currently, the price of DOGE is sitting at $0.0839, indicating an over 2% increase in price in the past 24 hours. Meanwhile, its market capitalization is also reflecting the same percentage rise at $11.9 billion, according to CoinMarketCap.

A similar whale transaction was also flagged by the on-chain tracker recently. In October, a similar transaction of 300 million DOGE tokens occurred thrice, while last month also saw a similar transaction twice.

Large-scale individual transactions usually come with the danger of crashes due to fast liquidations or market manipulation. However, there is no solid evidence that the whale transaction had any impact on the token’s price.

The Crypto Asset’s Holders Increases Significantly

Dogecoin has shown a significant uptick in its total number of holders lately. Analytics firm IntoTheBlock revealed that the total number of addresses holding a balance exceeded 5 million this week, and reached a high of 5.02 million on November 27. A major factor contributing to the rise in new Dogecoin addresses is the cryptocurrency’s increasing adoption and interest.

The on-chain analytics firm also revealed that the numbers have been increasing gradually since the start of the year. “This recent activity is most likely driven by Dogecoin “Doginals”, which don’t require a significant on-chain balance of $DOGE,” IntoTheBlock said.Dogecoin

DOGE trading at $0.0833 on the 1D chart | Source: DOGEUSDT on Tradingview.com

Posted on

Shiba Inu Burn Rate Skyrockets Close To 500,000% in 24 Hours

Shiba Inu (SHIB), an Ethereum-based altcoin has recently garnered the attention of the cryptocurrency community and investors as the token’s burn rate experienced a massive surge.

Shiba Inu Burn Rate Increases Significant

The Shiba Inu burn rate recently increased significantly by 499,416% in a 24-hour period between Sunday and Monday. Data from Shibburn – the platform that tracks SHIB token burns, shows this marks a new record for the token’s burn initiative. It also highlights the renewed strength of the community’s attempts to manage its token total supply.

Furthermore, the data also shows that over 264.20 million SHIB tokens were burned on the same day. The recent uptick in the SHIB burn rate can be traced back to several burn transactions. However, a single transaction that was carried out by an unknown wallet address is believed to have buttressed the surge.

According to the data available, the unknown wallet address transferred approximately 261.4 million SHIB tokens to a burn wallet on Monday. An important turning point in the SHIB burn initiative was reached with this transaction alone. This is because the transaction made up about 98% of all the tokens burned during this time.

Another transaction also garnered significant attention in the community. The wallet transferred approximately 21.52 million SHIB tokens to a burning wallet.

These kind of transactions are significant because it reduces the total supply of SHIB tokens in circulation. Over 410.66 trillion SHIB tokens have been burned from its total supply in circulation. Currently, the total supply of SHIB tokens in circulation is sitting at approximately 589.35 trillion tokens, according to CoinMarketCap.

The Importance Of SHIB Revealed

A Shiba Inu community member has recently revealed the importance of the SHIB tokens in the Shiba Inu ecosystem. The member suggests that people need to read the Shibpaper to know the role of the token.

They took to X (formerly Twitter) to share a screenshot of the project’s whitepaper on the role of the SHIB token. According to the screenshot, the tokens serve as the ecosystem’s legislative instrument as it states that SHIB tokens “propels legislative machinery.” It also grants every Shibizen an equitable voice in molding the project’s journey.

The screenshot read:

The Shib token allows for symbolically propels our legislative machinery. Embodying our democratic fabric, it grants every Shibizen an equitable voice in molding our shared journey. From council elections to legislative votes, the Shib token guarantees transparency and participative democracy.

The recent spike in burn rate has provided the SHIB community with a newfound hope, even though the road to a significant price gain appears long. With over 500 trillion SHIB tokens still in circulation, the community is still positive about potential price gains ahead.

Shiba Inu

Posted on

Solana Price Prediction: ChatGPT Forecasts $1,000 In 2024

AI Chatbot ChatGPT from OpenAI has forecasted a tremendous price movement for the Solana (SOL) cryptocurrency, indicating an 8x price surge for the token from its current price level.

Solana To Hit $1,000 By 2024

ChatGPT believes Solana is well positioned for a bullish run, expecting to be at the $1,000 mark by 2024. The bot’s prediction results from positive market developments and the broad use of the cryptocurrency’s blockchain.

The bot has also been seen predicting that the price of SOL could reach $1,000 by the end of 2024. This is due to the cosmic surge of innovations and widespread adoption. 

Solana propelled by a cosmic surge of innovation and widespread adoption, could potentially reach a stellar price of $1000 by the end of December 2024.

ChatGPT

ChatGPT‘s prospects seem promising due to several recent factors that spark growth for the cryptocurrency. The crypto’s blockchain has recently garnered strong interest from the cryptocurrency community.

Its excellent performance, minimal transaction costs, and scalability have drawn an increasing number of users and developers. This sparks increased adoption of Solana-based innovations, positioning the digital asset for a potential price increase.

In addition, the crypto asset’s increase in demand for leverage longs could also buttress this prediction. SOL reached its highest level of futures open trade since its all-time high price of $260 in November 2021.

The demand for the cryptocurrency is anticipated to increase as the Solana ecosystem grows, pushing up the asset’s price.

The crypto’s asset Total Value Locked (TVL) is not left out. Solana’s TVL recently experienced a significant surge in its TVL. Its TVL was approximately valued at $409.68 million, but now $584.59 million, indicating over a 42% increase, according to DefiLlama.

Current Market Trend Sparks Price Increase For The Cryptocurrency

Another factor that could propel the asset’s price is the current bullish sentiment of the cryptocurrency market. Without a doubt, Solana has been the market’s most optimistic large-cap cryptocurrency this year.

SOL has increased by approximately 550% since the beginning of 2023. This puts it at the fifth position among all the top 100 cryptocurrencies in terms of performance.

Last week, SOL experienced a significant price surge, reaching its yearly high of $68. Due to the general attitude of the market, the price of Solana could thrive in this conducive atmosphere.

Currently, the crypto asset is trading at approximately $60 as of writing, indicating a 0.21% increase in the past 24 hours. Its market capitalization is currently valued at $25,435,629,906, indicating the same percentage increase in the past 24 hours, according to CoinMarketCap.

Solana

Posted on

Bitcoin HODLers Grows As Significant Supply Remains Locked

Despite a larger portion of Bitcoin’s total supply being “inactive” for over a year, recent data revealed impressive growth in investors holding on to their BTCs during the rally.

Bitcoin HODLing Yawns For Growth With Lesser Supply

On Wednesday, November 15, a crypto analyst known as Root took to his official X (formerly Twitter) handle to share valuable data concerning Bitcoin. A yearly BTC supply chart also accompanied the analyst’s X post.

According to the analyst, a significant part of BTC’s total supply has been inactive for over a year. In addition, the inactive supply has recently reached an all-time high (ATH) of 69%. The analyst stated:

69%, an all-time high, of the #Bitcoin supply, hasn’t been active for over a year. Root stated.

This supply for one year or more is only a portion of a bigger group known as long-term holders (LTHs). One of the two major groups of Bitcoin investors comprises these LTHs, while the other is known as short-term holders (STHs).

Investors holding coins longer than five to six months are classified as long-term holders. Meanwhile, those who hold coins no more than this given time are classified as short-time holders.

In addition, even among LTHs, those who have passed the one-year mark would be considered “reliable gems.” However, this variety currently comprises the majority of the asset’s supply. This seems to have also increased significantly lately, as the graph indicates.

Bitcoin

According to statistics, holders are less likely to switch their coins any time the longer they are kept inactive. Due to this, the LTHs tend to be the most devoted segment of the market during periods of Bitcoin’s upsides or downsides.

Double Top Pattern Resurfaces Driving The Crypto To A Downward Trend

BTC has recently formed a double top pattern close to the $38,000 level, causing the token’s drop. The price has since fallen below the 100 hourly Simple moving average and the $36,500 mark.

 

However, it seems the bulls emerged at the $36,500 mark, giving the token momentum to sustain between $36,000 and $36,500. Following the formation of a low at $36,517, the price is currently correcting losses.

So far, there are no claims that the increase in Bitcoin HODLing has imparted the price growth of BTC. Nonetheless, this recent development sparks potential for the crypto asset over time if this continues.

Currently, the price of BTC is at $36,422 as of the time of writing, indicating a 2.94% decline over the past 24 hours. The asset’s 24-hour trading volume has also experienced an 8% drop, valued at $26,113,638,790, according to CoinMarketCap.

Bitcoin

Posted on

XRP Turn Around: Price Bounces Back Signaling Upward Trend

XRP experienced a significant decline over the past week due to unprecedented market whirlwinds. However, the crypto asset has regained bullish momentum from this dip, signaling an upward trajectory.

XRP Experiences Rebound After Plunge

XRP daily chart has shown resiliency recently, pulling off a noteworthy rebound following a drop that unnerved traders and investors. The chart shows that the cryptocurrency is speedily recovering from its fall.

The recent price movement indicates that XRP might be approaching the $0.70 mark. The token’s capacity to stay above the 50-day and 100-day moving averages indicates a bullish outlook for the asset.

According to the chart, XRP may be ready for a run at the next resistance level, around $0.65, if it can sustain above the $0.60 mark. If the token manages to go past $0.65, the $0.70 mark seems plausible.

These averages are significant pointers frequently pointing to the market’s long-term prospects. The fact that the price of XRP is rising above these lines indicates that the market is very confident.

In addition, the digital asset’s RSI has leveled off following a brief excursion into the overbought area. This suggests that the recent price rebound was sustained market interest rather than a fluke. The RSI returns to neutral levels without a notable price decline, sparking possible future growth.

XRP’s market is on an uptrend; the token seems to have benefited from these positive market emotions by raising its price. The price of XRP is growing and might keep rising, per a crypto analysis by ProSignalsfx on TradingView. 

Nonetheless, the crypto asset is still relatively down from the $0.75 price mark it experienced on November 13. This was due to a false report shared by an X user about an exchange-traded fund (ETF) filing by BlackRock. However, the crypto experienced a price correction immediately after the report was debunked. 

The Crypto Asset Is Set To Do Well In The Next Bull Run

According to crypto influencer BoringSleuth, since XRP has no ties to the Chinese Communist Party (CCP), its price could gain impressively from the bull market. The influencer believes cryptocurrencies not connected with the CCP will benefit from the next bull run.

“The protocols that weren’t in bed with the CCP will be the benefactors of future bull cycles. A protocol like DAG, which works with the DOD is one example of a well-positioned protocol. XRP is another,” he stated. 

The crypto asset trades at approximately $0.639, indicating a 1.17% decline in the past 24 hours. Its market capitalization is currently at $34,288,273,612, indicating the same percentage decline in the past 24 hours, according to CoinMarketCap.

XRP

Posted on

MATIC Propels Over $0.75, Is $1 Possible?

Amid the bullish trend circling the cryptocurrency market due to the recently concluded Uptober rally, Polygon’s native crypto MATIC has recently gained traction recording a 50% increase in price surge in the last 20 days.

MATIC Experiences Price Growth

The recently concluded Uptober (October) which is believed to be a month of green (gains) saw some cryptocurrencies performing significantly great. Many altcoins experienced price surges during the past month, and one of the notable altcoins that benefited from this is MATIC.

The crypto asset recently went past the crucial $0.75 mark sparking momentum toward reaching the significant $1 mark. However, if the token is fortunate enough to sustain its current pace, it might reach the $1 mark by the end of 2023.

MATIC reaching the coveted $1 mark is expected to happen if the token manages to surpass $0.85 in November. Meanwhile, a reverse below $0.75 will bring the MATIC price down to $0.55, if buyers are unable to maintain their lead at $0.60.

MATIC’s Exponential Moving Averages (EMAs) have also experienced a significant breakout over the recent weeks. The price of MATIC experienced a price surpassing the crucial $0.75 barrier after the crypto’s 200-day EMA breakout. 

MATIC

MATIC surpassing a 200-day EMA puts it on its way to potentially reaching the $1 mark by the end of the year. This is because, in the Polygon chart, a golden crossover opportunity appears when the 50-day and 200-day EMAs are crossed above.

While the 50-day EMA’s upward trend suggests that a golden crossover could take place, the bull run cutting across the 200-day EMA may also suggest a reversal movement. However, the crypto asset has managed to sustain its upward trajectory since it surpassed the 200-day EMA.

Significance Of The Crypto’s Market

Currently, the token’s price is sitting at $0.77, indicating an 8% daily increase in price with a 24-hour trading volume of $489,605,430. The token market is standing robust, ranking 13 in the cryptocurrency market with a market cap of $7 billion.

MATIC has a significant market presence and a circulating supply of 9.24 billion MATIC, which buttresses its long-term technical score and puts it above 48% of all cryptocurrencies in service.

Related Reading: MATIC Price Rally Threatened As Whales Deposit Millions Of Tokens To Exchanges

One significant aspect of the surge in MATIC’s price is that the token experienced a 33% year-to-date (YTD) decline in September. Consequently, the crypto recovered from this within a month.

In addition, the token’s strong bullish candles and rising volumes hint at a continuation of an upward trajectory. As a result of this, buyers have a good chance of maintaining their lead at the current price of MATIC.

So far, MATIC has experienced a 50% increase in the last 20 days, putting it in a profitable position following the 33% year-to-date decline in September. With the current bullish continuation, the token presents more profits in the future.