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Over 180K Bitcoin Taken Off Exchanges Since Trump Victory

Okoya David
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Over 180K Bitcoin Taken Off Exchanges Since Trump Victory

Market participants have moved a substantial amount of Bitcoin from exchanges since the U.S. election victory of Donald Trump.

The crypto market has seen optimism following Donald Trump’s election victory, leading to a rush on crypto assets, particularly Bitcoin. Recent data suggests that the asset’s exchange supply has decreased at an astonishing pace following the U.S. presidential election.

Bitcoin Investors Swipe Over 180,000 Coins

Investors have taken off a staggering 181,000 BTC, worth nearly $18 billion at current rates, from exchanges in the month since the U.S. elections, according to data from Steno Research senior crypto analyst Mads Eberhardt on Monday, December 9.

For context, this figure alone represents 36.2% of the 500,000 Bitcoin tokens that have been taken off exchanges year-to-date (YTD).

 

The Bitcoin rush comes as the president-elect has made several pro-Bitcoin promises, including the establishment of a national Bitcoin reserve.

The recent data could have significant implications for the asset’s price, as a decrease in supply with sustained or increased demand could see prices rise.

Notably, the exchange withdrawals have contributed to the asset’s run since the election. Specifically, the asset has surged over 47%, from around the $67,850 price point to record highs above $100,000.

Interestingly, public corporations are leading the recent Bitcoin rush. In the past few weeks, corporations like MicroStrategy, Marathon Digital, and Metaplanet have been on an accumulation spree.

MicroStrategy alone has purchased over 171,430 bitcoins worth nearly $17 billion since the election, per data from Bitcoin Treasuries. The firm announced its most recent acquisition on Monday, December 9, disclosing that it purchased 21,550 bitcoins worth $2.1 billion between December 2 and December 8.

Corporations have increasingly begun adding Bitcoin to their balance sheets as a means of driving value, as stocks tied to these firms often become proxies for investors seeking exposure to the leading digital asset.

Bhutan Government Moves Fresh 502 BTC Worth $49M+ to Binance, QCP Capital

Elendu Benedict
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Bhutan Government Moves Fresh 502 BTC Worth $49M+ to Binance, QCP Capital

The Bhutan government continued its profit-taking ploy after sending fresh Bitcoin worth over $49 million to QCP Capital and Binance.

Per blockchain tracking platform Arkham, the Bhutan government extended its Bitcoin selling streak on Monday, moving 502 BTC to QCP Capital and the leading exchange Binance. Notably, the shuffle coincided with a southbound Bitcoin momentum, with the asset correcting considerably in the past day.

Bhutan Shifts $49.42M in Bitcoin to Exchanges

Arkham’s data shows that a wallet tied to the Bhutan government moved bitcoins to two trading platforms. The first transaction involved QCP Capital, a Singapore-based trading platform, on Monday at 10:16 (UTC).

Bhutan transferred 402 BTC over four transactions to QCP Capital, worth $39.56 million at the time. After the series of transactions to the trading platform, the wallet made another notable transfer.

Per data, the wallet moved 103 BTC ($10.14 million) to a new wallet, “bc1qwug,” by 11:54 (UTC) the same day. Notably, the wallet held on to the tokens for nearly two hours before subsequently moving 100 BTC ($9.81 million) to the Binance Hot wallet.

Bhutan

BhutanNotably, the recent transactions are the latest in a series of movements carried out by Bhutan since October. Data shows that addresses linked to the country’s on-chain wallet have sold 1,696 BTC ($139 million) over the past two months at an average price of $81,999 per coin.

However, the Royal Government of Bhutan still holds 11,688 BTC, worth $1.15 billion at the time of writing. The small country remains the fourth-largest Bitcoin-holding government and the largest holder of the asset excluding balances from government confiscations.

 Bitcoin Trades Under $100,000

Meanwhile, the sales coincided with a broader market correction, with Bitcoin and other assets retracing substantially. The pioneering cryptocurrency is down nearly 2% in the past 24 hours, trading below the psychological $100,000 level.

However, Bitcoin has still appreciated 3.49% in the past seven days and an impressive 29% in the past 30 days. At the time of writing, Bitcoin trades at $98,966 with a market cap of $1.95 trillion.

Pundit Says Why Can’t Shiba Inu Reach $0.01 if Bitcoin Can Reach $1M

Abdulkarim Abdulwahab
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Pundit Says Why Can’t Shiba Inu Reach $0.01 if Bitcoin Can Reach $1M

In a bold tweet, Lola, a prominent commentator within the Shiba Inu community, sparked a conversation about the potential future of Shiba Inu (SHIB).

She drew comparisons to Bitcoin and posed a thought-provoking question: If Bitcoin can reach $1 million per coin, why can’t Shiba Inu reach $0.01?

Notably, prominent industry leaders have argued for a future where Bitcoin could be worth $1 million per coin. They include Michael Saylor of MicroStrategy, financial author Robert Kiyosaki, and former Twitter CEO Jack Dorsey.

These industry experts have forecasted that Bitcoin could reach this lofty price point as early as 2030, just six years away. At $1 million per coin, Bitcoin would have a total market valuation of $21 trillion. 

While experts are unanimous in their bold forecast for Bitcoin, skepticism remains regarding Shiba Inu’s potential to reach a lofty target like the one-cent dream.

Why Can’t Shiba Inu Reach $0.01 if Bitcoin is Expected to Reach $1M?

As of today, Shiba Inu is trading with four zeros at $0.00003. Attaining $0.01 would require Shiba Inu’s price to increase by 332-fold or 33,233%. 

Market analysts have largely dismissed the possibility of Shiba Inu reaching $0.01, mainly due to its extensive circulating supply. Those who believe in the possibility often set extended timelines like 2040.

Shiba Inu predction
Shiba Inu $0.01 prediction timeline by Telegaon

However, Shiba Inu proponents like Lola remain steadfast in the belief that this dream could become a reality someday.

Lola’s latest comments on the subject focused on the importance of SHIB’s tokenomics and its deflationary mechanism. She emphasized that burn activity plays a crucial role in its future value.

According to Lola, when SHIB was priced at $0.000006, it was the perfect time to reduce the supply. However, as SHIB’s price increases, the need for high-volume revenue-generating activities to support continued burns becomes even more significant.

She pointed to developments within the XRP ecosystem, where the incoming Ripple stablecoin will burn XRP with transactions, which enthusiasts see as a bullish factor. Lola cited this as a prime example of how burn mechanisms can enhance the value of a token.

Propositions for SHIB $0.01 Dream

Accordingly, Lola speculated that platforms like Robinhood could create Layer 2 (L2) solutions to avoid future regulatory issues and use SHIB as their gas token, helping the price soar.

In this hypothetical scenario, Robinhood adopting SHIB as the gas for transactions within their L2 could be a step toward mass adoption and usage of SHIB in a more mainstream context.

Ultimately, whether SHIB can reach $0.01 remains to be seen. Proponents believe that with the right combination of deflationary mechanics, increased adoption, and institutional integration, the path forward could be more promising than many think.

Ancient Dogecoin Whale With 870K DOGE Reawakens After 11 Years as DOGE Slumps 5%

Albert Brown
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Ancient Dogecoin Whale With 870K DOGE Reawakens After 11 Years as DOGE Slumps 5%

An ancient Dogecoin whale address has reactivated after eleven years of dormancy amid a recent pullback in the DOGE price.

Whale Alert, a prominent whale-tracking resource, first called the public’s attention to the recent development. The analytical platform confirmed in a recent post that the whale initially held a balance of 870,019 DOGE. 

Whale Alert on X
Whale Alert on X

The distribution campaign, which began on Dec. 7 at 11:41 UTC, started with the offloading of 50,000 DOGE. Further, the whale moved an additional 100,000 DOGE tokens and then transferred several batches of 67,500 tokens. After this, it then moved out 450,000 DOGE.

Possible DOGE Selloff

Interestingly, the address sent all the assets, totaling 870,000 tokens, to Coinbase, America’s largest crypto exchange. This move was likely an effort toward cashing out on his investment after eleven years of holding the assets. 

However, the latest development has had very minimal impact on the Dogecoin market, as DOGE remains largely unperturbed. Despite this, the market is currently down as the asset has slumped 5% over the past 24 hours due to a broader crypto market collapse. 

On-chain data shows that the address began accumulating Dogecoin in its early days. Notably, the wallet received the 870K tokens between December 2013, about two weeks after the launch of Dogecoin, and January 2014. 

The address received the assets in several uneven batches, with the first inflow involving 67,500 DOGE on Dec. 21, 2013. Afterward, the wallet then witnessed three more batches of 67,500 tokens as inflows across several minutes on the same day.

At the time of the transactions between December 2013 and January 2014, Dogecoin traded at an average price of $0.0007. This indicates that the tokens were procured with a meager $609. Eleven years later, the whale has now dissolved the investment at a price of $391,889, representing an ROI of 64,249%.

Dogecoin Eyes Second Push

This massive return comes despite Dogecoin’s recent pullback. Notably, market analysts insist that the meme coin is still on the verge of another parabolic upsurge. A prominent analyst Kevin believes the next leg will come up soon, with targets at $3.8 to $4.

Interestingly, while this address dumped, larger investors have been accumulating more tokens in anticipation of this upsurge. For instance, late last month, some whales procured 550 million DOGE tokens amid a price drop. Another set of addresses amassed 160 million tokens in mid-November. 

Meanwhile, Dogecoin has held above the pivotal $0.40 psychological support amid the ongoing market correction. The meme coin is down 5.92% over the past 24 hours, currently trading for $0.4345 at press time.

Pundit Predicts Unexpected XRP Explosion As XRP Eye More Gains

Okoya David
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Pundit Predicts Unexpected XRP Explosion As XRP Eye More Gains

Amid an over 340% gain in the past 30 days, XRP has stolen the spotlight in recent weeks, with market analysts expecting further upside.

While an asset jumping over 300% in a short time can often spark broad expectations of significant corrections, many still believe that XRP has significant gas left in the tank.

An Explosion Waiting to Happen?

“Love it or hate it, the XRP explosion will begin unexpectedly,” prominent XRP influencer “Amonyx” asserted in an X post on Sunday, December 8, surmising the bullish sentiment surrounding the asset.

Along with this statement, Amonyx shared a chart showing that despite the latest rally above $2, XRP has traded within a range over the past seven years when viewed from a larger timeframe, particularly over a 1-month period.

Data confirms that XRP slipped into this range after it soared to claim the $3.31 all-time high in January 2018. The chart, which the analyst presented to tickle the fantasy of XRP holders, suggests that XRP has unlimited upside potential should it break above the range.

Charts and views like this around XRP are not new, as core proponents and ‘permabulls’ have long prophesied that the asset was due for a face-blistering run. Still, many believe this time is different, as prominent analysts are also sharing these significantly bullish views.

XRP to $20?

Recently, crypto analyst “BarriC” suggested that XRP is getting ready for another leg up with a potentially astronomical target.

For context, XRP is trading at the $2.40 price point at the time of writing, representing a 4.8% decline in the past 24 hours. A price jump to $20 will represent an almost 1,000% gain from current prices.

Still, BarriC has suggested that the price target could be even higher if recent bids for XRP ETFs get the SEC’s green light in 2025.

XRP’s recent rally comes as the dark regulatory cloud that has long hindered its prospects appears to be clearing, with the broader crypto industry anticipating more friendly conditions under the incoming Donald Trump administration.

El Salvador Bitcoin Advisor Raises BTC Price Target From $220,000 to $2.2 Million: Here’s Why

Elendu Benedict
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El Salvador Bitcoin Advisor Raises BTC Price Target From $220,000 to $2.2 Million: Here’s Why

Bitcoin maxi and El Salvador’s Bitcoin Advisor Max Keiser has raised his target for BTC by tenfold following MicroStrategy co-founder Michael Saylor’s gold rug pull strategy.

Saylor’s artistic portrayal of Bitcoin has been the evangelist’s mandate since MicroStrategy adopted the asset in 2020. The chairman has unapologetically spread the Bitcoin gospel, leading MicroStrategy’s new “Bitcoin bank” endgame.

Meanwhile, Saylor’s recent description of how the United States can alter the BRICS’s attempt to demean its economy has caught the attention of Bitcoin maximalist Max Keiser.

The advisor to Nayib Bukele, El Salvador’s pro-Bitcoin president, raised his Bitcoin price prediction from $200,000 to $2.2 million in a Sunday tweet, citing Saylor’s grand gold rug pull masterclass.

Saylor Proposes Strategy to Defend BRICS Attack

In an interview with Yahoo Finance, Saylor inferred that the United States could use Bitcoin to stop BRICS’s dollar harassment. He stated that a massive adoption of Bitcoin as a reserve asset would hedge against the attack on the US economy.

The MicroStrategy chairman advised the US government to acquire 20% to 25% of Bitcoin’s circulating cap and store it as a global reserve asset. He argued that the move would steer a global Bitcoin buying spree, boosting the asset’s value and, consequently, the US economy.

Furthermore, Saylor also teased a “great twist” on the strategy, which involves the US selling all its gold reserves to stack Bitcoin. The chairman insisted the ploy would demonetize the entire gold asset class, affecting the US enemies, who hold a substantial amount of the precious metal.

Notably, this plot would ensure that gold’s $20 billion market cap would shift to Bitcoin, rug-pulling holders of the asset class. Saylor noted that the twist will see the US control over $100 trillion in assets and the world’s reserve currency network.

Keiser Says Strategy is Feasible

Meanwhile, the Bitcoin maxi insisted that Saylor’s gold rug pull strategy is largely feasible. He stated that the potential $20 billion market cap diversion from gold to Bitcoin has a “very high probability of success.”

Keiser implied that Saylor just revealed MicroStrategy’s incessant fixed-income market exploration endgame. He stated that the software firm has been raising funds from the $200 trillion sector to rug-pull gold, speculating that it would come to fruition.

On this basis, Keiser raised his Bitcoin projection tenfold from $220,000 to $2.2 million. Notably, the price call still falls below Saylor’s $13 million Bitcoin prediction.

Meanwhile, a surge to $2.2 million from the current market price of $98,680 would entail a 2,129% upsurge. Bitcoin’s market cap would also hit $43.5 trillion, surpassing gold’s current valuation by a mile.

Avalanche (AVAX) Struggles Below $50 Amid Market Pullback: Will $45 Hold?

Albert Brown
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Avalanche (AVAX) Struggles Below $50 Amid Market Pullback: Will $45 Hold?

The price of Avalanche (AVAX) has fallen below the psychological mark of $50 amid a broader market pullback. Will this bearish trend push the price below $45?

Amid the broader market pullback, Avalanche’s market price has dropped by 2.19% in the past 24 hours. This has resulted in a price fall under the $50 psychological mark while the project maintains a market cap of $20.41 billion. 

As the selling pressure increases, the price chart reveals a breakdown of long-coming support. Will this result in an extended crash? Let’s find out. 

Avalanche (AVAX) Price Analysis

On the 4-hour chart, the AVAX price formed a rising channel pattern. However, amid the broader market pullback and increased volatility, a brief consolidation near the support trendline led to a bearish breakdown.

Avalanche Price Chart
Avalanche Price Chart

With three consecutive bearish candles, AVAX is now trading at $49.70. These bearish candles signal a downtrend continuation below the broken support trendline. Additionally, the price has dropped below the 50 EMA on the 4-hour chart.

As the price breaks below this crucial psychological level, the bearish outcome from the consolidation indicates a potential downtrend continuation. Due to increased selling pressure, the MACD and signal lines have failed to regain positive alignment.

Thus, the bearish trend continues on the MACD, and the signal lines, along with negative histograms, are reappearing, signaling an increase in bearish momentum.

The downturn in the 20 EMA on the 4-hour chart warns of a potential bearish crossover with the 50 EMA. Therefore, technical indicators signal a sale for the AVAX token.

AVAX Price Targets

As the selling pressure grows, AVAX is inching closer to the crucial dynamic support of the 100 EMA line. The dynamic average line is priced at $46.95, followed by the crucial support of the 200 EMA at $41.68. 

On the positive side, the bulls could regain trend control if AVAX gives a lower price rejection to sustain the closing price above the $50 psychological mark in the 4-hour chart. 

In such a case, closing above the broken support trendline would be necessary for the price rally to continue. The uptrend could potentially surpass the 7-day high of $55.86 and test the $60 psychological zone.

Shiba Inu Lead Addresses Misconceptions About the Role of Burns to SHIB Success

Lele Jima
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Shiba Inu Lead Addresses Misconceptions About the Role of Burns to SHIB Success

Mysterious Shiba Inu lead developer, Shytoshi Kusama, addresses the community’s misconceptions regarding the role of token burn in SHIB’s success. 

Kusama issued the statement in response to Shiba Inu enthusiasts who emphasized that burns are crucial to driving SHIB’s demand. 

Community Reacts as 1 Cent Dream Burns 250M SHIB 

For context, the exchange started after the 1 Cent Dream’s official X handle announced its second Shiba Inu burn campaign, featuring the incineration of 250 million SHIB. 

1 Cent urged the Shiba Inu community to support its project to remove more SHIB tokens from circulation. In response, some users instead criticized Kusama for not significantly enhancing SHIB burns. 

Notably, a community member with the pseudonym Gunz0369 emphasized that burns are necessary to attract new investors. The user noted that this move might help propel Shiba Inu into the future. 

Kusama Refutes Claim, Highlights Factors Driving SHIB Success 

Reacting, Kusama pointed out the inconsistency in the claim. According to him, while critics argue that burns are relevant in attracting investors to the ecosystem, they also claim that there are not enough burns. 

He characterized the claims as false, referencing Shiba Inu’s spectacular performance this year despite limited burns. For context, the price of Shiba Inu has witnessed a year-to-date (YTD) surge of 192% to $0.00003035. 

The Shiba Inu leader suggested that Shiba Inu’s growth is not entirely reliant on burn but other factors. They include increased utility, partnerships, and a complete ecosystem featuring the Shibarium blockchain. 

Instead of focusing solely on burns, Kusama emphasized utilizing a holistic strategy featuring utility, governance, and influence to impact SHIB’s success. 

According to Kusama, key partnerships within the Shiba Inu ecosystem and revenue will increase burns and positive sentiment in the long term. 

Furthermore, the Shiba Inu lead suggested that increasing utility and completing more projects to attract new users to the ecosystem are the perfect ways to enhance burns. 

“Finally, and again, Shib is going well. And it isn’t because we burnt an enormous amount of Shib, ONLY, it’s because WE ARE SHIB. ZOOM OUT,” he added. 

Shiba Inu Success Cannot be Tied to Only Shibarium 

Meanwhile, some community members downplayed Shibarium’s role in reducing SHIB’s supply. Specifically, a user questioned how Shibarium has impacted SHIB burns despite being labeled the ‘game changer.’

Responding, Kusama emphasized that the price of SHIB has soared 3x since Shibarium launched on the mainnet. However, another user alleged that SHIB’s incredible performance was not driven by Shibarium, adding that the L2 blockchain requires SHIB to be successful, not the other way around. 

Interestingly, Kusama used McDonald’s success as an analogy to explain why SHIB’s growth cannot be attributed to a single factor like Shibarium. The Shiba Inu leader suggested that just like McDonald’s success cannot be attributed to its fries alone, SHIB’s growth cannot be tied to only Shibarium. 

He asserted that the success is driven by a total package, ranging from marketing to location. 

It bears mentioning that Shibarium has facilitated the incineration of over 56 billion SHIB since its launch last year. The team manually burned these tokens using a portion of Shibarium gas fees. Following the launch of the burn portal, the system has automatically removed over 300 million SHIB from the circulating supply. 

In the meantime, over 410.74 trillion SHIB tokens have gone up in flames since Shiba Inu launched on August 1, 2020. 

PEPE Meme Coin Hits $11B Market Cap Amid 1,539% Surge

Albert Brown
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PEPE Meme Coin Hits $11B Market Cap Amid 1,539% Surge

PEPE hit $0.00002716, flipping UNI and LTC with an $11 billion market cap, fueled by a 1,539% yearly surge.

PEPE surged to a new all-time high of $0.00002716 following a 25% increase in the past seven days. Accordingly, the meme coin’s market capitalization exceeded $11 billion, driven by substantial whale activity and widespread accumulation. 

The rally extended PEPE’s monthly gains to 157%, while its yearly growth stands at an extraordinary 1,539% surge. As a result, PEPE flipped prominent crypto assets such as Uniswap (UNI) and Litecoin (LTC).

While PEPE achieved significant milestones, Uniswap (UNI) and Litecoin (LTC) faced contrasting outcomes. UNI recorded a 37.5% gain over the past week but dropped 3.3% in the last 24 hours, with its market capitalization standing at $10.56 billion.

LTC showed muted performance, gaining only 3.7% over the week and falling by 4.2% in the past day. LTC’s market capitalization remained at $9.88 billion.

Whales Propel PEPE Rally

An analysis of PEPE’s on-chain data, shared by Ali Martinez, revealed significant whale activity during its rapid ascent. Whales with a typical portfolio size of $10 million saw their balances rise to $7.56 billion by December 7, reflecting a 147.81% increase over the past month. 

Meanwhile, wallets holding between $1 million and $10 million PEPE tokens recorded a 120% surge in holdings, underscoring aggressive accumulation by higher mid-tier wallets.

Similarly, wallets holding $100,000 to $1 million reported a 108% growth, signaling strong interest from mid-sized investors.

In contrast, smaller wallets with balances below $10,000 sharply declined. The $0-$1 and $1-$10 categories experienced drops of 12.78% and 29.69%, respectively, suggesting reduced participation from retail investors during the same period. 

Major Whale Transactions Fuel PEPE Rally

Amid PEPE’s rise, notable whale transactions were key in driving trading volumes and market sentiment. Lookonchain reported on December 4 that a significant holder removed 337 billion PEPE tokens, valued at $6.92 million, from Binance.

The market watcher also tracked large acquisitions over the weekend, including purchases by two wallets likely linked to the same entity. These wallets collectively spent $4.89 million in USDC to secure 190.14 billion PEPE tokens. The purchases, at an average price of $0.00002572, reflected strategic timing as PEPE’s price soared to a new peak.

Shiba Inu Surge Just Beginning, Analysts Say SHIB Looks Insanely Strong

Okoya David
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0
Shiba Inu Surge Just Beginning, Analysts Say SHIB Looks Insanely Strong

The recent crypto bull market tide appears to lift all boats, including the prominent meme coin Shiba Inu (SHIB).

Since mid-September 2024, the token has enjoyed a rally that has seen its price surge as much as 153% from about $0.00001317 to as high as $0.00003343. However, several prominent analysts say this over 150% rally may be the tip of the iceberg.

“SHIB Looks Insanely Strong”

On Saturday, December 7, prominent crypto analyst “Bluntz” opined in a post on X that SHIB looked poised to post several price multiple gains.

In the same post, the analyst shared a chart setting short-term price targets above $0.00006 and $0.00009, representing over 94% and 191% gains from the token’s price of $0.00003089 at the time of writing.

Bluntz’s set targets are dependent on SHIB repeating a pattern observed in March 2024 when its price shot up to peaks of $0.00004567 from around $0.00000907 after its 14-day RSI broke above 70 and surged over 90. This RSI is currently over the 70 mark again amid the latest rally, with more room for growth.

Meanwhile, Bluntz is one of many analysts who have expressed a positive outlook on SHIB in the past few days.

On Sunday, “King’s Chart” asserted that SHIB was “looking good.” Unlike Bluntz, however, the analyst shared a more conservative 35% price gain prediction that would see the token trade at the $0.00004518 price point, citing a potential breakout of an ascending triangle chart pattern.

At the same time, “CAPT. PARA80LIC TOBELERONE” shared a parabolic outlook of SHIB that could see the token surge as high as $0.0001 in the coming weeks and hit a peak of $0.0005 in Q1 2025, representing over 220% and 1500% gains from current prices.

These analysts’ views come as some may see an opportunity in SHIB lagging behind other leading meme coins like Dogecoin (DOGE) despite its recent gains in the broad crypto market rally. For context, while DOGE has been up over 110% in the past 30 days, SHIB has been up only about 60%. 

These views of SHIB presenting a high return opportunity are further strengthened as the token also has some fundamental factors going for it.

Shibarium Recording New Milestones

As reported by The Crypto Basic on December 7, Shiba Inu’s Ethereum Layer 2 Shibarium has recorded several milestones that suggest it is seeing significant interest. For one, wallets on the network have surpassed 2 million.

At the same time, total network transactions have surpassed 600 million, with daily transactions sometimes reaching nearly 5 million.

This rising interest in Shibarium bodes well for SHIB as the network has an automatic mechanism that burns the token with 70% of network fees.

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