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Binance Now Holds 61,269,444,642,101 Shiba Inu, Latest PoR Shows

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Binance recently released the 23rd edition of its ongoing proof of reserves (PoR) snapshot, and the latest record still shows notable Shiba Inu holdings.

According to the record for October, the exchange now has a net balance of 61,269,444,642,101 (approximately 61.27 trillion) Shiba Inu tokens. Of this figure, approximately 59.7 trillion SHIB tokens account for funds customers have secured with Binance. Overall, Binance maintains a 102.63% ratio of users’ Shiba Inu assets in its net balance.

Notably, the exchange also entrusts 98,196,131,599 (or 98.2 billion) SHIB tokens to a third-party custody service. Based on this, Binance’s exchange balance of SHIB tokens stands at 61.17 trillion as of October 1.

Binance Shiba Inu Holdings Take Hit

While Binance continues to maintain a significant reserve of SHIB tokens, the current figure reflects a slight reduction from the figures observed in the proof of reserves report for September.

As of last month, Binance had around 61.456 trillion SHIB tokens, with 59.81 trillion being customer funds. This implies that Binance’s Shiba Inu balance dropped by 186.43 billion over the last month, with customers withdrawing 114 billion tokens.

The reduction becomes even more substantial when compared to the figures from just two months ago. Specifically, in August, Binance had a net balance of approximately 62.8 trillion SHIB tokens. With the current figures for October, it indicates the exchange has been drained of around 1.53 trillion Shiba Inu assets in two months.

SHIB Reserves of Centralized Exchanges Drop by 4T

This trend of consistently fewer tokens on the largest crypto trading platforms suggests market participants are either moving their tokens to other outlets or accumulating them in private wallets for long-term holding.

This is further confirmed by data from CryptoQuant, which shows a steady decline in available Shiba Inu assets across all centralized exchanges. A month ago, all tracked centralized exchanges on the platform had a collective balance of 143.31 trillion SHIB tokens.

However, as of today, the figure is now at 139 trillion, implying about 4 trillion fewer available SHIB tokens.

Shiba Inu reserive on exchanges
Shiba Inu reserves on exchanges

Other Assets Also Decline on Binance

Notably, the declining trend of Shiba Inu on Binance is also observed across other assets on the exchange. The October proof of reserves shows that the exchange saw its Bitcoin holdings drop by 1.58%, while Ethereum holdings also decreased by 1.37%. Meanwhile, its native token, BNB, saw a positive change of 2.17%.

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Image by Colin Wu https://x.com/WuBlockchain/status/1843542545932124520

XRP Stagnant as Only Price Glitches Push Prices Higher: Investors Lament

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XRP, one of the largest cryptocurrencies, has faced criticism in recent years due to its seemingly stagnant performance amid recurrent price glitches.

Despite being one of the most widely discussed digital assets, XRP has struggled to reclaim the heights it once achieved. Investors have become increasingly frustrated as price glitches on major platforms appear to be the only catalyst for momentary price spikes, while real growth remains elusive.

XRP Price Glitches

Over the past few years, as XRP’s price struggles to even breach the $1 level, numerous technical glitches across various exchanges and platforms have triggered sudden, albeit temporary, price spikes for the altcoin. 

These glitches have created confusion among traders and provided fleeting moments of excitement for frustrated investors. For instance, in October, an error on Binance caused XRP to momentarily surge to different prices, including $579, $5,791 and $5,805. 

Notably, these technical issues have been rather widespread. In August 2023, a dried-up market depth on Gemini saw XRP briefly reach $50 shortly after the exchange listed the token. 

Also, this August, XRP’s price surged to $22.54 on America’s largest exchange Coinbase. Crypto exchange MEXC witnessed another occurrence in July, when XRP’s price skyrocketed to $2 on the platform.

While several community figures have repeatedly discussed these glitches, some community members have expressed frustration, arguing that the focus should be on real growth, not technical errors that create false price inflation.

7-Year Stagnation

For context, XRP reached its all-time high of $3.31 in early 2018 during the bull run at the time. However, since that peak, the asset has underperformed, failing to even come close to those levels in the past seven years. 

The 1-month chart shows a consistent downward trend, with XRP trading at just $0.5275. Despite occasional swings, XRP consistently fails to break out of its bearish cycle, with many citing external factors such as regulatory pressures for its stagnant price action.

XRP 1M Chart
XRP 1M Chart

 

The long-standing legal battle with the U.S. Securities and Exchange Commission (SEC), which began in December 2020, has added to these concerns. Although Ripple has achieved partial victories in the courtroom, the lawsuit has had a lingering effect on market sentiment.

Analysts Predict XRP Breakout

Despite the ongoing issues, technical analysts remain optimistic that XRP could eventually break out of its bearish trend. The chart shows a multi-year symmetrical triangle pattern forming.

If XRP can engineer a decisive close above $0.70 by the end of the month, it could record a breakout. A rebound from the broader market could help XRP’s cause. This might set the stage for the long-anticipated rally. Targets for when this breakout occurs have varied, ranging from $5 to $27.

Supreme Court Gives US Government Green Light to Sell $4.38B Bitcoin from Silk Road

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The United States Supreme Court refuses to hear a case filed by Battle Born Investments regarding the ownership of 69,370 Bitcoin ($4.32 billion) linked to the dark web marketplace Silk Road. 

There have been legal disputes regarding the ownership of the 69,370 BTC seized by the United States government. Recall that the U.S. government confiscated most of the funds from James Zhong in 2022. 

Courts Deny Battle Born’s Claim Over Silk Road Bitcoin 

In the same year, a district court dismissed Battle Born’s claim that it purchased the right to the Bitcoin. According to the company, it obtained the right to the asset through a bankruptcy estate.

Despite providing screenshots of the wallet where the 69,370 Bitcoins were seized, the court still ruled that Battle Born’s arguments were inadequate. 

Unsatisfied with the verdict, the company appealed the ruling in the U.S. Court of Appeals for the Ninth Circuit the following year. Similarly, the appellate court rejected the claim, finding that Battle Born’s argument was based on mere speculation. 

Now, the apex court in the United States has declined to hear the case, potentially giving the government the green light to sell the Bitcoin. 

Slim Odds of Reviewing Cases in Supreme Court 

The Supreme Court’s decision is unsurprising, as it is strict in selecting cases it hears. Through the Certiorari Act of 1925, the U.S. Supreme Court can decide whether to hear a case.  

Data from United States Courts show that the apex court hears about 100 to 150 cases out of the 7,000 cases filed annually. This indicates that the chances of having a case reviewed by the Supreme Court are low. 

US Government Moves Silk Road Bitcoin Despite Legal Tussle 

Meanwhile, the United States government has been moving the Silk Road-linked Bitcoin despite the legal tussle surrounding the assets. 

In April, the government moved 31,799 BTC (worth $2.09 billion) to one of its wallets holding $13.1 billion worth of cryptocurrencies. The government transferred another 29,999 BTC to the same blockchain address three months later. At press time, the recipient address holds 203,239 BTC, currently valued at $12.72 billion.

With no legal hurdle stopping the U.S. government from selling the Silk Road-linked Bitcoin, there are concerns that the move could negatively impact the market. At press time, Bitcoin was trading at $62,409, reflecting a 24-hour decrease of 1.03%. 

Shiba Inu Recognized as Top Meme Coin for Charitable Donations

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A notable crypto commentator has highlighted Shiba Inu (SHIB) as the top meme coin for charitable donations.

Recently, Ethereum co-founder Vitalik Buterin highlighted the positive impact of meme coin projects donating portions of their token supply to charitable causes. Buterin expressed his appreciation for the initiatives in a Monday post on X, underscoring the role these projects play in benefiting society. 

He noted several meme coins, including “ebull,” as notable examples of projects that have supported various charitable organizations.

This commentary comes amid Moodeng meme token sending several units of their token in billions to Buterin’s address. The Ethereum founder has sold most of the tokens, donating the proceeds to charity. He promised to direct the latest 10 billion MOODENG he liquidated to anti-airborne disease tech.

However, Buterin has noted that it is better for meme coin project teams to donate their funds to charity themselves rather than sending them to him.

Buterin suggested that meme coins could further maximize their positive influence by establishing DAOs and encouraging community participation in charity-related decisions.

Amid this disclosure, members of the Shiba Inu community have come out to claim the SHIB project lead regarding charity donations.

Shiba Inu Leads in Donations?

According to crypto analyst Del Crxpto, Shiba Inu has stood out among meme coin projects for its commitment to charitable donations. In response to Buterin’s tweet, Del Crxpto noted that no other meme coin comes close to its level of charitable contributions. 

Shiba Inu’s charitable activities have gained significant attention, with the ecosystem team recently making a donation to the Seungil Hope Foundation in Seoul, Korea. This donation, made as part of the “Treat Yourself” tour, supports Korea’s first specialized ALS hospital and reflects Shiba Inu’s dedication to social causes.

The focus on giving back has strengthened the relationship between the Shiba Inu community and its development team.

Additionally, Shiba Inu has a track record of supporting global initiatives, including its 2022 contribution to the fight against the coronavirus pandemic, which earned Buterin’s gratitude. This donation helped fund projects through the Balvi project, aimed at mitigating the impact of the pandemic.

Initiatives Also Accept SHIB For Donations

Shiba Inu’s growing reputation as a vehicle for donations extends beyond charitable organizations to political campaigns. Notably, the Kamala Harris campaign began accepting SHIB donations in early September 2024, among other cryptocurrencies, to fund expenses for the upcoming November election. 

Through the Future Forward political action committee (PAC), the Harris campaign has partnered with Coinbase Commerce to facilitate these donations. In addition to SHIB, other cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin are also being accepted.

Dogecoin Struggles After Breakout: Will $0.10 Support Hold Amid Volatility?

With the bullish trend faltering, Dogecoin (DOGE) is hovering near the psychological mark of $0.10. Will this lead to a significant downturn?

As the bullish trend in meme coins continues in the low-cap coins, the top coins find a bearish opposition. While the meme coin segment drops below the $50 billion market cap threshold, Dogecoin, the segment leader, is experiencing a slowdown.

With Dogecoin failing to lift off, the meme coin hibernates after a crucial breakout run. Will the meme coin manage a post-retest reversal for a bull run ahead?

Dogecoin Price Analysis

In the daily chart, the Dogecoin price action reveals a bullish breakout of a medium-term resistance trendline. This marks a bullish breakout of a falling-wedge pattern. 

However, the breakout rally struggles to gain sustained momentum as the broader market remains volatile. During the market’s correction phase, Dogecoin is undergoing a retest of the broken trendline, causing its price to move laterally near the 50-day exponential moving average (EMA).

DOGE price chart
DOGE price chart

Despite increasing volatility and uncertain price movement, Dogecoin maintains its position above the $0.10 psychological mark. Currently, it is trading at $0.10739, reflecting an intraday pullback of 0.92%. This pullback follows a 2.83% drop the previous night. Meanwhile, Dogecoin still boasts an impressive 12% month gain.

Where’s Dogecoin Headed?

Amid the resurfacing selling pressure, Dogecoin is losing grip over the 50-day EMA. The MACD indicator shows a declining trend on the average lines with the rising intensity of bearish histograms. Hence, the technical and momentum indicators give a sell signal for Dogecoin. 

The meme coin trades between the support level of $0.09783 and a resistance ceiling of $0.14026. In the event of a bullish breakout, the next target for Dogecoin would be the 200-day EMA at $0.1170.

Meanwhile, if the $0.10 psychological support breaks down, a continuation of the bearish trend will likely challenge the $0.09783.

Cardano Next Move “Will Shock” the Masses, Says Top Analyst

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Crypto commentator Dan Gambardello believes that Cardano (ADA) is on the verge of a major move, one that could catch many investors by surprise.

Gambardello shared this perspective in a recent analysis, reflecting on Cardano’s performance during the 2020 bull run and drawing parallels with the current market cycle.

He highlighted that precisely four years ago, in October 2020, ADA traded at $0.09. At that time, he posted an analysis projecting an uptrend for Cardano. Remarkably, this upswing materialized over the following months.

Cardano not only recovered but went on to set a peak of $3.10 in September 2021. Emphatically, Cardano’s rally from October of the previous year to its all-time high amounted to an incredible 3,340% return for investors.

Gambardello revisited this history to reassure current Cardano holders that the asset is on course and that the coming days are promising.

Cardano Still on Course: Not Late for ATH

In the video, the analyst stressed that the six-month consolidation following Bitcoin’s April halving could “end in a flash,” similar to what was witnessed four years ago, allowing altcoins like Cardano to stage commendable comebacks.

Meanwhile, given ADA’s lackluster performance during this period, some market participants are concerned about a scenario where Cardano fails to follow Bitcoin’s lead. Gambardello acknowledged that this sentiment is popular. However, he countered that this perception is misplaced based on available data.

The analyst reiterated that altcoin season historically occurs several months after Bitcoin’s halving. At the moment, the market is nearing the end of the post-halving consolidation phase.

He noted that while market participants are anxious for new all-time highs, the timing is not yet right based on historical trends. Gambardello compared Cardano’s current position to that of the last cycle and pointed out that ADA is down 88% compared to 92% during a similar period in the previous cycle.

Consequently, he emphasized that Cardano’s current underperformance is not unusual based on historical trends. Moreover, he noted that ADA’s position this time is even more robust than during the last cycle.

Specifically, Gambardello argued that Cardano has grown tenfold stronger since the 2020/2021 cycle. In his view, this makes ADA’s bullish thesis more compelling for the 2024/2025 season.

Among the factors that make Cardano stronger are improvements in infrastructure, including advancements in Hydra scaling, unmatched Layer 1 security, and the fact that the project is now community-owned.

How Quickly ADA Could Crack $1

According to Gambardello, the current consolidation phase could end abruptly, and Cardano could quickly break above the $1 mark by December. He hinted that a broader crypto market breakout could propel ADA to the $5-$10 range. He considers this range a more realistic target.

Nevertheless, Gambardello also cautioned that downside risks remain, with the possibility of further consolidation before ADA makes its anticipated move.

Bitcoin Drops to $62K as Historical Golden Cross Nears: Potential Upsurge?

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Bitcoin price fluctuates as a golden cross pattern approaches, signaling potential bullish momentum.

The premier crypto asset’s price climbed to $64,400 on October 7, only to face resistance from bearish market participants. The selling pressure pushed Bitcoin down to $62,000, reflecting the ongoing battle between bulls and bears. 

As this struggle unfolds, a golden cross could be taking shape, fueling expectations for potential upward momentum. The golden cross forms when the 50-day moving average crosses above the 200-day moving average, a signal historically associated with bullish price trends.

Past Golden Crosses and Market Trends

Market analysts draw comparisons to previous instances where the golden cross formed. According to insights shared on X, Bitcoin experienced its first major golden cross in mid-2020, following a significant price correction. 

This crossover preceded a remarkable bull run, with Bitcoin’s price surging from below $10,000 to over $60,000 by 2021.

A similar pattern emerged in mid-2021 after another price correction, once again signaling a period of bullish momentum that saw the price rise after the crossover. This year, another potential golden cross approaches, as traders anticipate the possibility of renewed upward movement.

Bitcoin’s Resilience in 2024

Despite market challenges in 2024, Bitcoin remains resilient. NYDIG, a financial services and infrastructure provider, reported that Bitcoin saw a modest 2.5% gain during the third quarter of this year.

This followed a slight dip earlier in the year, though Bitcoin’s price largely stayed within a narrow range, fluctuating between $70,000 and $54,000 over the past six months. The report noted that, despite weaker gains in Q3, Bitcoin outperformed other asset classes, maintaining its position as the best-performing asset in 2024.

NYDIG’s analysis highlighted several factors that have supported Bitcoin’s performance throughout the year. ETF inflows and increased corporate adoption were seen as primary drivers of Bitcoin’s resilience, even as market conditions remained uncertain.

Bankruptcy Judge Gives FTX Approval to Repay $16B to Users

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U.S. District Judge John Dorsey approves FTX’s reorganization plan, paving the way for the distribution of $16 billion to customers of the exchange. 

The judge approved the plan yesterday during a Monday hearing in the U.S. Bankruptcy Court for the District of Delaware. Notably, Judge Dorsey praised the plan as a model way of handling Chapter 11 bankruptcies like the FTX case. 

It bears mentioning that 94.48% of FTX Dotcom creditors voted in support of the plan before it was submitted to Judge Dorsey for approval.  

FTX to Commence Repayment of $16B to Users 

The development comes two years after FTX collapsed due to fraud allegations. Following the collapse and subsequent bankruptcy, customers could not access their crypto assets. With Judge Dorsey approving FTX’s bankruptcy plan, the exchange can distribute funds to users. 

However, FTX will repay customers in cash rather than crypto. As detailed in the bankruptcy plan, 98% of FTX creditors will receive a minimum of 118% of their claim in cash. The amount of claim value was calculated in November 2022 when FTX filed for Chapter 11 bankruptcy. 

Criticisms Trail FTX Cash Distribution Plan 

As expected, the decision to pay FTX creditors in cash rather than crypto had received widespread criticism. Sunil Kavuri, who represents one of FTX’s creditor groups, urged the exchange to repay victims in crypto. 

Another representative, David Adler, suggested that creditors might be taxed heavily if paid in cash rather than crypto. Addressing these demands, Steven P. Coverick, managing director at Alvarez & Marsal North America, noted that the exchange does not have sufficient crypto holdings to repay users in kind. 

Similarly, Judge Dorsey rejected the request for crypto payouts, saying that FTT, FTX’s native token, is valueless. The judge added that since there is no plan to revive the exchange, FTT might remain valueless in the future. 

Upcoming Payments

As reported earlier, payment will commence within 60 days of the court’s approval, which indicates that it will begin before the end of the year. 

According to Chinese blockchain reporter Colin Wu, users whose claims are below $50,000 will receive their payment this year, while those with higher claims will get theirs in the first half of 2025. 

There are speculations that many FTX users would use their cash claims to purchase cryptos, thus revitalizing the broader market. However, some enthusiasts speculate that the funds could be used to buy Christmas gifts since the repayment will commence in the Yuletide period. 

Analyst Says the SEC Appeal Does Not Matter for XRP Price

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XRP has maintained its stance above $0.52 despite the FUD around a possible price capitulation on the back of the SEC’s upcoming appeal in the Ripple lawsuit.

The recent notice of appeal by the US Securities and Exchange Commission triggered angst within the XRP community. For context, the securities watchdog notified the Second Circuit of the US Appeals Court on October 3, stating that it intends to dispute the judgment passed by Judge Analisa Torres in the Ripple vs. SEC case.

Notably, reactions sprung in from Ripple CEO Brad Garlinghouse and other proponents of XRP. The XRPL native token also corrected considerably, falling 10% after 24 hours.

However, XRP has quickly moved past the SEC appeal, holding the support at $0.52 sustainably. According to XRP enthusiast Moon Lambo, the SEC has lost its ability to hinder XRP’s price performance.

XRP Drives Past the SEC Hurdle

In a tweet, Moon Lambo emphasized that XRP has grown by 1 cent month-over-month despite the SEC’s foreseen move to appeal Judge Analisa Torres’ August 7 judgment. The YouTuber noted that the growth depicts the market’s lackluster disposition towards the SEC appeal.

Over the years, Ripple’s legal battle with the SEC has had notable implications for the XRP price. The seventh-largest crypto asset by market has underperformed in recent years owing to the Wall Street regulator’s years-long scrutiny.

However, Moon Lambo argued that the recent price performance indicates a sentiment shift in the crypto market, bringing him to the conclusion that the SEC appeal does not matter again for XRP. Notably, the YouTuber is not the only one sharing this thought pattern.

In an X post, analyst Doctor Magic stated that the FUD swelling after the appeal couldn’t even push XRP below the $0.52 support. The analyst noted that circulating speculations of an impending XRP capitulation haven’t materialized as bears have failed to drive prices past the support.

What’s Next for XRP?

With the asset holding the support at $0.52, analysts have given different price speculations for XRP. For context, analyst Charting Guy noted that XRP will continue to consolidate between $0.43 and $0.67 until Bitcoin breaks to price discovery.

Conversely, market speculator Bobby A stated that XRP will repeat its 2020 price prowess. Per his analogy, he expects XRP to surge over 800% to $4.23 following historical patterns. For context, the XRPL native token grew by 1,772% in 2020 when the SEC sued Ripple and its founders and branded the asset as a security.

Is Ethereum Headed for a Breakdown? Key Levels to Watch Below $2,400

Another slip in Ethereum price warns of the local support trendline crackdown. Will the altcoin survive?

The Ethereum price currently trades at $2,418, with a 24-hour drop of 2.85%. In the past seven days, it has dropped by 8.56% and lost the $300 billion market cap threshold. Ethereum’s valuation now stands at $291 billion, with a 24-hour trading volume of $16.11 trillion. 

Can Ethereum maintain its position above $2,400 as selling pressure resurfaces amid increased market volatility? Let’s examine the key support levels and potential price trends.

Ethereum Price Analysis

The daily chart indicates a larger falling channel pattern, signaling an ongoing downtrend. Additionally, the bullish momentum within the bearish channel is struggling to gain traction due to the significant supply at the 50-day EMA.

COINBASE:ETHUSD Chart Image by Trojan69420

Following the recent market correction, ETH’s price has decreased from a 14-day high of $2,729 to its current level, representing an 11.52% drop. However, bullish sentiment remains intact as long as the price stays above the crucial support level of $2,350.

On the 4-hour chart, there is an increasing likelihood of a breakdown rally.

The bullish resistance in this timeframe has led to another pullback. With rising selling pressure, the ETH price is approaching the local support trendline near the $2,350 mark.

COINBASE:ETHUSD Chart Image by Trojan69420

Moreover, the MACD indicator on the 4-hour chart shows a bearish crossover. The 50, 100, and 200 EMA have also given bearish crossovers, aligning with a downward trend.

Consequently, technical indicators on the 4-hour chart signal a sell opportunity. If a bearish breakdown occurs, the next significant support levels for ETH are $2,150, the psychological $2,000 mark, and the $1,900 support level.

Analyst Highlights Crucial On-chain Support at $2,300

According to the Global In and Out of Money Indicator from IntoTheBlock, 77.54% of Ethereum’s current supply is “in the money,” amounting to approximately 105.62 million ETH tokens, valued at $255.43 billion.

Ethereum IntotheBlock
Ethereum IntotheBlock

The “At the Money” range currently spans from $2,412 to $2,511, encompassing 6.66 million ETH, or 4.85% of the current supply, valued at $15.97 billion. Meanwhile, 23.99 million ETH tokens, worth $58.02 billion, are classified as “out of the money,” accounting for 17.61% of the total supply.

Analyst Ali Martinez noted the importance of this profitability indicator, emphasizing that Ethereum’s crucial support level is approximately $2,300, as nearly 2.77 million addresses hold 52.65 million ETH tokens.

Ethereum Option Open Interest Exceeds $5B

As Ethereum’s price approaches the $2,400 threshold, the open interest in Ethereum has dropped by 1.02%, now standing at $11.44 billion. The options market reflects volatility, highlighted by a 28.50% surge in options volume, amounting to $46.465 million.

Data from CoinGlass indicates that open interest in Ethereum options has increased by 2.44%, reaching $5.07 billion.

ETH derivatives data
ETH derivatives data

The long-to-short ratio over the past 24 hours is at 0.96, indicating a mildly bearish sentiment. However, top traders on Binance show strong bullish expectations for Ethereum, with a long-to-short account ratio of 3.48 and a position ratio of 2.12.

In the past 24 hours, the market has liquidated $51.23 million in Ethereum positions, with $43.17 million of long positions liquidated compared to $8.05 million in short positions.

With over five times more long positions liquidated than short positions, the overall sentiment for Ethereum’s price trend remains bearish. In this environment, Ethereum is likely to test crucial support levels around $2,350, $2,300, or $2,150 if broader market sell-offs continue.