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Shiba Inu Burn Rate Spikes 2,296% as Single Transaction Burns 1,003,266,585 SHIB

Elendu Benedict
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Shiba Inu Burn Rate Spikes 2,296% as Single Transaction Burns 1,003,266,585 SHIB

The Shiba Inu community’s effort to reduce the number of SHIB in circulation has witnessed a boost after a wallet sent 1B SHIB to the burn address on Friday.

In an Etherscan transaction, a wallet sent 1 billion SHIB to the burn address today at 04:37 UTC.

 

Transaction Details

The wallet “0x2C32” moved 1,003,266,585 SHIB ($25,914) to the incineration address, permanently removing them from the Shiba Inu circulating supply.

Meanwhile, on-chain analysis shows that the sending wallet belonged to SquidGrow, a meme-utility project. The wallet bore the “SquidGrow Treasury” tag, confirming that the project was responsible for the 1B SHIB incineration.

Furthermore, SquidGrow’s founder, Shibtoshi, shared the transaction in an X post confirming their involvement. The pseudonymous founder tweeted the Etherscan transaction in response to a report that over 61 million SHIB had been incinerated in the past 24 hours.

Shibtoshi stated he would raise the burnt amount to 1 billion SHIB, then shared the receipt to confirm the transaction. Notably, the incineration has spiked Shiba Inu’s burn rate in the past 24 hours.

Shiba Inu Burn Rate Spikes 2,296%

For context, the SquidGrow burn took the total amount burned in the past 24 hours to 1,285,030,904 SHIB. The spike accounted for a 2,296% upsurge from the number of tokens incinerated a day ago.

Another notable burn transaction saw a wallet send 33.7 million SHIB ($873) to the Shiba Inu burn address. The unidentified wallet swapped its Bone ShibaSwap (BONE) token to SHIB and sent the said amount to the burn address for permanent destruction.

Notably, burns are activities the Shiba Inu community carries out to reduce the token amount in circulation and boost SHIB’s price. Shiba Inu lead Shytoshi Kusama earlier stated that burning 99% of SHIB in circulation is possible but insisted the ecosystem needs to find better ways to grow its utility.

At the time of writing, Shiba Inu trades at $0.00002561, up 1% in the past 24 hours.

Shiba Inu Lead Aspires to Take SHIB to Top 5, Reveals Timeline for This Feat

Mark Brennan
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Shiba Inu Lead Aspires to Take SHIB to Top 5, Reveals Timeline for This Feat

The enigmatic Shiba Inu lead developer Shytoshi Kusama aspires to take SHIB to the list of top 5 cryptocurrencies by market cap within a few years.

In today’s Shiba Inu latest news, Kusama disclosed this while reacting to an AI-generated painting shared by multidisciplinary artist Mac Baconai. The image depicted a man working on a cluttered desk full of books, with a chaotic painting hanging on the wall.

Kusama Ambitious Goal for SHIB 

Reacting, Kusama noted that the painting reflects how he feels when trying to give utility to a memecoin. Despite having a limited budget, he revealed an ambitious goal of taking the asset from the top 15 to the top 5 in less than five years.

In a separate tweet, he emphasized that he was referring to SHIB, pointing out that the idea of making the asset rank among the top 5 cryptocurrencies was not a hint but an aspiration. 

The overall message symbolizes the amount of work the Shiba Inu leader does to elevate SHIB to the top 5.

Shiba Inu Potential Surge to Top 5 

The top five cryptocurrencies by market cap are Bitcoin, Ethereum, Tether, Solana, and BNB. Shiba Inu is ranked among the top 15 crypto assets, currently positioned as the 13th biggest crypto, with a market cap of $15.27 billion. 

This indicates that for SHIB to rank in the top five under five years, its market cap must surge by 517.09% to $94.24 billion, potentially flipping BNB, which has a valuation of $94.23 billion. 

At a valuation of $94.24 billion, SHIB would set a new all-time high of $0.0001599, assuming its circulating supply remains fairly stable.

Kusama Dedication to Shiba Inu 

For context, Kusama took the mantle to lead the Shiba Inu ecosystem in May 2022, following the sudden disappearance of the project’s pseudonymous founder, Ryoshi. Since assuming the role, Kusama has been tasked with transforming Shiba Inu from a memecoin to a utility project.

Recently, he shared insight about his work rate, suggesting that his work is not limited to any particular Shiba Inu ecosystem token. To demonstrate his dedication to the Shiba Inu project, Kusama revealed that he once worked 20 hours daily for weeks.

For him, the grueling work schedule is necessary as Shiba Inu is no longer competing with memecoins but established assets like Cardano and XRP. Whether Shiba Inu will eventually move from the top 15 to the top 5 remains to be seen.

Bitcoin Exchange Net Outflow Spikes 270% to 1,270 BTC as BTC Reclaims $96K

Mark Brennan
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Bitcoin Exchange Net Outflow Spikes 270% to 1,270 BTC as BTC Reclaims $96K

Bitcoin witnesses a massive spike in exchange net outflows as the recent price rebound bolsters bullish investor sentiments.

Market participants are increasingly pulling their Bitcoin (BTC) tokens out of exchanges as bullish sentiments dominate the scene. This turn of events comes on the back of the recent price rebound, which has seen BTC recover $96,000.

For context, after hitting an all-time peak of $99,800 on Nov. 22, Bitcoin faced a massive pullback. As a result, the firstborn crypto asset retested the $90,000 support four days later. Notably, The Crypto Basic confirmed that this retracement was due to profit-taking trades from long-term holders.

Investors Pulling More Bitcoin from Exchanges

However, Bitcoin appears to be mounting a recovery campaign, coinciding with a large spike in exchange outflows. Data from IntoTheBlock shows that Bitcoin’s aggregated exchange net outflows hit a high of 1,270 BTC yesterday.

Bitcoin Exchange Netflow IntoTheBlock
Bitcoin Exchange Netflow | IntoTheBlock

Interestingly, this figure marked a massive 270% increase from the net outflows of 342.33 BTC recorded the previous day. The latest trend of net outflows follows a period of net inflows from Nov. 24 to 26, during which 3,147 more BTC tokens flowed into exchanges as prices dropped.

For the uninitiated, the recent shift to negative flows suggest that investor sentiment in Bitcoin is now improving, as more market participants take out their tokens from exchanges to possibly HODL them. This trend often reduces selling pressure, contributing positively to price action.

A Massive Slump in BTC Exchange Inflows

Meanwhile, further data from IntoTheBlock indicates that the spike in net outflows was primarily due to a drop in inflows rather than an increase in outflows. While outflow volume slumped to 18,580 BTC yesterday, inflow volume fell to 17,300 BTC. This confirms that more BTC left exchanges, leading to an increase in net outflows.

The latest net outflow figure of 1,270 BTC is the largest net outflow recorded since Nov. 23, when 13,980 more BTC moved out of exchanges. CryptoQuant data further reveals that Bitcoin’s Exchange Reserve has continued to slump, dropping to a low of 2.47 million BTC yesterday.

Bitcoin Exchange Reserve CryptoQuant
Bitcoin Exchange Reserve | CryptoQuant

Interestingly, a report from João Wedson, a verified CryptoQuant author, showed that investors are moving less Bitcoin from other exchanges to Binance. He noted that this was a bullish sign, as Binance is often the destination for large-scale dumps, and a drop in transfers to Binance confirms that investors are not looking to sell.

Meanwhile, Bitcoin currently trades for $96,351 at press time, up 0.72% this morning. Market analyst Jason Pizzino suggested today that Bitcoin has slipped into a phase he calls the “Grand Final.” Citing historical data, he says this region could lead to new ATHs for BTC.

Coinbase Discontinues USDC Earn Program in Europe Amid MiCA Regulation

Elendu Benedict
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Coinbase Discontinues USDC Earn Program in Europe Amid MiCA Regulation

Leading US-based exchange Coinbase has discontinued offering yield rewards to USDC holders in Europe, citing MiCA compliance efforts.

As Markets in Crypto Assets (MiCA) regulations in European Economic Areas (EEA) gain momentum, major exchanges are cutting down services to adapt to the new regulatory climate. America’s largest exchange Coinbase becomes the latest to limit services to European users.

In an email to clients on November 28, Coinbase indicated it is terminating its reward program for USDC holders in the European axis. Per the notification, this development would take effect from December 1.

Coinbase Makes Efforts to Comply with MiCA Regulations

The exchange mentioned that the discontinuation came following the classification change of stablecoins in the new MiCA regulatory regime. The latest guideline for stablecoins, categorized as e-money tokens, has forced Coinbase to sunset its USDC yield program for users in the European market.

Notably, the change would affect over 100 European jurisdictions that earn from the USDC yield program. Coinbase offers yearly returns, up to 4.7% annual percentage yield (APY), for USDC holders.

Meanwhile, USDC holders in the EEA would continue to see daily yields on their stablecoin stash until November 30. After expiration, Coinbase would pay the accrued rewards in the first ten business days of December.

Crypto Firms Reaccess Offerings Following MiCA Reality

As the new regime unfolds, crypto firms are reaccessing their offerings to ensure compliance. Coinbase becomes the latest to do so after other major entities have taken caution.

For instance, Tether announced yesterday it has discontinued support for EURt, its euro-pegged stablecoin. The leading stablecoin issuer cited MiCA and insisted it would focus on other products until European regulations became friendlier.

Meanwhile, this move from Tether came after it acquired Netherlands-based fintech Quantoz Payment. The stablecoin issuer announced it would process digital euro-related transactions through the fintech firm.

Nonetheless, Circle announced it had launched a MiCA-compliant EURO stablecoin. The issuer debuted the EURC, becoming one of the first to launch a euro-pegged stablecoin compliant in the new regime.

Shiba Inu Shares Big News for Upcoming Christmas

Lele Jima
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Shiba Inu Shares Big News for Upcoming Christmas

A Shiba Inu ecosystem team member announces an upcoming giveaway event for SHIB community members during the Christmas season. 

Lucie, the marketing lead of the Shiba Inu ecosystem, announced the development yesterday, revealing that the team has approved a budget to organize an ‘incredible Christmas giveaway.’

 

The event, which she called an Amazing Christmas Bone December, promises huge rewards for participants during the promotional event. These could come in the form of Shibarium’s official gas token, Bone ShibaSwap (BONE), or other related incentives. 

Preparation for the Giveaway 

Although the team has not officially launched the giveaway, Lucie urged community members to follow the X accounts of Shiba Inu developers Shytoshi Kusama and Kaal Dhairya. 

Furthermore, she encouraged them to follow the X accounts of two Shiba Inu-related projects, such as TREAT and Shibarium Updates. These followers are encouraged to stay tuned for more updates, as the giveaway event will be ‘HUGE.’  

Community Reacts 

Expectedly, the announcement triggered excitement among Shiba Inu community members eagerly anticipating the giveaway launch. However, some users questioned the rationale behind launching a giveaway around BONE instead of SHIB. 

At press time, neither Lucie nor any Shiba Inu ecosystem team member has addressed the query. Notably, the decision to use BONE as the central asset for the Christmas giveaway might boost its visibility and adoption.

It comes as BONE trades at $0.5378 with a daily decline of 1.99%. However, BONE is up 3.78% over the last seven days and 35.67% in the past month. 

Notable Shiba Inu Giveaways 

Meanwhile, the giveaway is the latest edition of the Shiba Inu promotional event for the Christmas holiday season. As reported earlier, it also flagged off a similar initiative for the community during the 2023 Christmas season.

The promotional event dubbed “Shibarium Giveaway Party” enabled participants to join an X Space featuring top Shiba Inu partners like Bad Idea AI and Welly. After the event, the organizers distributed ten branded Shiba Inu and Bad Idea Tangem blockchain Wallets apiece to participants.

Besides the Christmas giveaway, Shiba Inu ecosystem team has also announced other notable promotional events this year. They include a $2,000 contest for Shibarium users, an airdrop of 500,000 PHIL tokens for SHIB holders, and 300 Shibacals store credits for three lucky winners. 

XRP Nike Swoosh Pattern Suggests Price Surge to $6.4 or $13

Sam Wisdom Raphael
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XRP Nike Swoosh Pattern Suggests Price Surge to $6.4 or $13

XRP price movements over the past seven years have generated a Nike swoosh setup, which a notable analyst recently leveraged to identify lofty targets.

Market analyst EGRAG identified this bullish setup for XRP, representing a “Nike swoosh” pattern that dates back to January 2018, when XRP plunged from its all-time high of $3.31. 

The analyst believes this formation could create the pathway for a major rally. However, to initiate this momentum, XRP first needs to conquer the critical $1 level that XRP recently has.

XRP’s Nike Swoosh Pattern

The swoosh pattern suggests a bottoming phase preceding a potential upward arc in XRP’s value. Data from the chart suggests that if XRP follows the upward arc of the swoosh pattern, it could push toward greater heights.

XRP remained below the $1 mark for nearly three years, But XRP broke that long-standing resistance. EGRAG analysis suggests a solid break above $1.10 would act as a launchpad for higher targets. EGRAG sees $1.10 as the ignition point. The expert sees $1.10 as a foundational level for further upside movement. This support could transform $1 into a long-term floor.

In EGRAG’s view, achieving these targets will depend on market momentum, with $6.4 acting as a primary resistance on the non-logarithmic scale. On a logarithmic scale, the chart points toward a loftier $13 target. These levels represent long-term goals.

As XRP has successfully reached and established support above $1.10, it may now set its sights on EGRAG’s projected targets of $6.4 and $13. However, achieving these levels would likely require support from the broader market and strong buying momentum.

Ethereum Road to ATH Confirmed as 91% of Holders in Profit

Mark Brennan
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Ethereum Road to ATH Confirmed as 91% of Holders in Profit

Recent data shows that an overwhelming majority of Ethereum (ETH) holders are now in profit amid the ongoing major rebound in the price of the ETH token.

Ethereum News Now: Analysis platform IntoTheBlock disclosed on X today that up to 90.8% of ETH investors are seeing profit on their investments. This level of profitability has not been seen in the last five months. The latest bullish metric emerged as Ethereum’s price rebounded to $3,687 today.

ETH last traded at this level in June. Notably, Ethereum reestablished this price range as Bitcoin rallied back to $97,500 after a brief dip to $90,500 earlier this week. While Ethereum initially lagged behind Bitcoin’s uptrend, it is now capitalizing on its momentum to break higher resistance levels.

Despite Ethereum trading 26% below its all-time high of $4,890, only 9.2% of investors are holding the asset at a loss. Interestingly, these holders control just 2.8% of Ethereum’s total supply.

Ethereum Faces No Significant Bearish Pressure Ahead

According to IntoTheBlock, the current statistics suggest that any selling pressure from this group will likely have a limited impact as ETH continues its uptrend.

Ethereum holders in profit
Ethereum holders in profit/ Image Source: IntoTheBlock

Moreover, IntoTheBlock data shows that most Ethereum holders are long-term investors, with 74% holding ETH for over a year. Only 23% bought ETH within the last 12 months, and 3% entered the market in the past month.

Essentially, Ethereum is now at a level where it faces minimal resistance and selling pressure, which makes the path open for it to rally toward its all-time high. This situation is further reinforced by data showing that the available reserves of ETH on centralized exchanges have continued to diminish since last year.

Ethereum Targets as Bulls Continue to Dominate

Analysts such as Ali Martinez have become more confident in their bullish outlook for Ethereum. With Ethereum trading at a five-month high, Martinez has reiterated that the most immediate target for Ethereum is a rally to $6,000. 

Notably, Ethereum needs to rise by just 66% to reach this all-time high value. Martinez has even set his target at a much higher level for ETH, proposing a more significant 178% surge to $10,000 on a longer-term scale.

TradFi Firms Invest in Ethereum ETFs as Netflows Rebound

Mark Brennan
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TradFi Firms Invest in Ethereum ETFs as Netflows Rebound

Ethereum ETFs are now gaining traction as traditional finance (TradFi) institutions ramp up investments amid a rebound in daily netflows.

The positive shift in netflows syncs with recent market trends, as confirmed by Kaiko Research. While Ethereum’s year-to-date performance lags behind Bitcoin, it briefly outpaced the leading cryptocurrency in November. 

Ethereum’s price has climbed nearly 40% since late October, bolstering interest in related financial products. Notably, ETH largely consolidated from Nov. 21 to 26, but recently rebounded, ending yesterday with an impressive 10% gain to reclaim the $3,500 region.

TradFi Firms Invest in Ethereum ETFs

Traditional financial firms are driving this surge. Institutional players, including major hedge funds and investment managers, are increasingly allocating capital to Ethereum ETFs. 

Firms like BlackRock and Grayscale lead this charge, presenting diverse options for exposure to Ethereum. BlackRock’s Ethereum ETF (ETHA) is particularly notable, attracting massive interest from prominent financial institutions.  

Notably, data from the recent 13F filings shows that Michigan’s state pension fund holds Grayscale’s ETHE shares. Digital Currency Group, the parent of Grayscale, remains the top holder of ETHE. Other major holders include Wealthfront Advisers and Colony Group LLC. 

Grayscale Ethereum ETF Investors Kaiko
Grayscale Ethereum ETF Investors | Kaiko

Conversely, BlackRock’s ETHA ETF attracts a different mix of investors. Millennium, a $70 billion hedge fund, is the largest holder of ETHA. Susquehanna International Group and Parkwood LLC also rank among the top investors.

BlackRock Ethereum ETF Investors Kaiko
BlackRock Ethereum ETF Investors | Kaiko

Ethereum ETF Netflows Turn Positive 

Meanwhile, according to market data from Sosovalue, inflows into Ethereum spot ETFs recently turned positive, signaling increased confidence in the asset class. This comes after a challenging period of outflows, followed by a sharp recovery.  

Between Nov. 18 and 21, total netflows into Ethereum ETFs experienced significant outflows amounting to $162 million. However, beginning November 22, the trend reversed. 

Netflows surged by $224.81 million, with $90.10 million in inflows recorded on November 27 alone. Cumulatively, Ethereum ETFs have garnered $240.41 million in inflows, indicating growing institutional interest as Ethereum prices rise.  

Ethereum ETF Flows Sosovalue
Ethereum ETF Flows | Sosovalue

The recovery in netflows shows growing adoption of Ethereum ETFs as a vehicle for institutional exposure. As Bitcoin ETFs have gained traction, Ethereum ETFs are beginning to follow suit. 

While Ethereum futures on platforms like CME still trail Bitcoin in trading volume, increased participation from major financial firms may drive growth.  

Total trading volumes for Ethereum ETFs have mirrored the recent inflows, as market activity picks up. On Nov. 27, Ethereum ETFs recorded $881.61 million in total trading value, the highest in recent weeks. Total net assets now stand at $10.80 billion, confirming the expanding market share of the asset class.

Solana Cup and Handle Formation Suggests Incoming 92% Surge to $375

Albert Brown
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Solana Cup and Handle Formation Suggests Incoming 92% Surge to $375

While Solana (SOL) trades at $235, down 10.13% from its ATH, a bullish “cup and handle” pattern signals potential growth.

Solana has registered a notable price decline after hitting an all-time high of $263.21 on November 23. At the time of writing, SOL is worth $235.21, with a slight 0.1% increase over the last 24 hours.

However, on the 14-day and 30-day timeframes, Solana maintains more significant upward momentum, with gains of 6% and 30%, respectively.

Now, analysts and on-chain metrics suggest that Solana is riding a broader bullish trend, supported by positive technical indicators and growing ecosystem developments.

Technical Patterns Indicate Bullish Continuation

Chart analysis from TradingView reveals a “cup and handle” formation for Solana’s price action. This pattern, which typically signals a bullish continuation, emerged after prolonged accumulation.

The “cup” section of the pattern, visible between late 2022 and mid-2024, formed a rounded bottom, with the lowest point recorded near $7. The “handle” followed, forming a downward channel from March 2024 before the breakout occurred.

SOLUSDT 1-week Chart, TradingView
SOLUSDT 1-week Chart, TradingView

Further supporting the bullish outlook is an AB=CD harmonic pattern on the same chart, showing symmetry in price movements. The AB segment began with a dramatic 1797% increase, rising from $7 to $179.

Following the handle’s consolidation, the CD segment is projected to mirror this movement, targeting $375.98. This suggests a potential 92.39% surge from its current price. However, analysts warn that confirmation of this breakout will depend on a weekly candle close above key resistance levels.

In another analysis on TradingView, Solana is seen trading within an ascending channel on the 4-hour timeframe, with a key resistance level at $260. A break above this resistance could push the price towards $290, the next significant target.

Alternatively, if Solana faces rejection at the $260 resistance, a temporary pullback within the ascending channel could affect short-term price action.

SOLUSDT 4-hour Chart, TradingView
SOLUSDT 4-hour Chart, TradingView

Rising TVL Reflects Strength

In addition to price action, Solana’s ecosystem continues to show signs of resilience, particularly in its Total Value Locked (TVL).

As of November 28, TVL rose to $8.97 billion over the past seven days, reflecting increased user activity and growing confidence in the platform.

SOL TVL, DefiLlama
SOL TVL, DefiLlama

While TVL remains below its historical high of around $10 billion, this recent growth signals further potential if favorable market conditions persist. Historically, increases in TVL have been strongly correlated with Solana’s price appreciation, further supporting the cryptocurrency’s bullish outlook.

Top Analyst Says Cardano Could Target $10 After Redistribution Around $1

Albert Brown
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Top Analyst Says Cardano Could Target $10 After Redistribution Around $1

Analyst Dan Gambardello recently reflected on the $1 milestone for Cardano (ADA), stating that the ongoing consolidation and redistribution phase will likely propel the token toward $5–$10 targets.

Cardano’s recapture of the long-lost $1 mark this month represents a significant milestone, especially considering its recent challenges. After struggling to break this psychological barrier for years, the token’s recent performance demonstrates its resilience in the market.

ADA is currently ranked as the ninth-largest cryptocurrency by market capitalization. Over the past 24 hours, ADA registered a 2.19% increase, adding to its 27.07% gain over the last week. At the time of reporting, Cardano’s price stood at $0.9987.

Cardano Could Target $5–$10 After $1 Consolidation Phase

The price movement has generated significant commentary from analysts and the broader crypto community. In his commentary, Gambardello noted how many observers failed to conceive that ADA could ever hit $1 again. He also mentioned how some holders have considered the $1 mark a favorable point to exit the Cardano market.

Notably, since surpassing the $1 level, Cardano’s bull run lost momentum, and the asset has been consolidating around the $0.999 region. Gambardello views this ongoing consolidation in a favorable light, seeing it as a window for redistribution.

He went on to project that once this phase is over, Cardano could focus on breaking higher milestones, such as $5 and $10.

Interestingly, more optimistic forecasts from other analysts predict that ADA could reach $10 to $12 within the next 6 to 12 months. This projection aligns with broader bullish expectations for large-cap cryptocurrencies, such as Bitcoin (BTC) at $250,000 and Ethereum (ETH) at $7,000.

Cardano Whale Accumulation is Growing 

Meanwhile, whales are positioning themselves for the Cardano bull run. As reported, ADA whales recently accumulated over 130 million ADA following the dip after the asset surpassed the $1 mark. Following this accumulation, their holdings were elevated to 3.2 billion ADA tokens as of November 27.

Notably, these whales’ accumulations have mirrored Cardano’s uptick over the last month. While instances of profit-taking have been observed, the price of ADA has barely shown any impact, maintaining a consistent uptrend over the last three weeks.

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