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Pundit Says Money Flow Entering Shiba Inu as Robinhood’s SHIB Stash Grows 28% to 47T Tokens

Mark Brennan
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Pundit Says Money Flow Entering Shiba Inu as Robinhood’s SHIB Stash Grows 28% to 47T Tokens

Shiba Inu community figure Lola has drawn the attention of the broader community to data signaling massive SHIB accumulation.

In a post late Sunday, Lola shared an image showing that the amount of SHIB held by US-based crypto trading platform Robinhood has grown by almost 28% since her post last year, signaling increased traction towards the asset.

According to her, investors are flocking into the ecosystem. Notably, this confirms that speculations that the Shiba Inu ecosystem is losing value are false. Lola asserted that the “flow of money” is coming to SHIB, insisting on a bullish outlook for the asset.

Notable Accumulation on Robinhood

Per Lola’s post last year, Robinhood held 34 trillion SHIB. However, the SHIB enthusiast pointed to a 28% increase in the exchange’s stash of the dog-themed token, as Arkham Intelligence shows. According to the data, Robinhood now holds 47.25 trillion SHIB, valued at $680 million.

Interestingly, Shiba Inu is Robinhood’s third-largest crypto holding, below only Bitcoin and Ethereum. The exchange has 143,254 BTC valued at $9.08 billion and 1.55 million ETH worth $4.11 billion.

Other assets in the California-based exchange’s top five crypto stash included Avalanche and USDC. Robinhood holds 5.7 million AVAX with a monetary valuation of $156 million and $154 million of stablecoin USDC. On aggregate, the exchange has $14.4 billion worth of crypto assets.

Lola Teases SHIB Dominance

Meanwhile, Lola teased Shiba Inu’s dominance among other assets, except the two largest cryptocurrencies by market cap.

Furthermore, Lola shared another interesting statistic showing increased attraction to the Shiba Inu ecosystem. She stated that the number of wallets holding SHIB grew from 1.3 million to 1.4 million, adding 100,000 users without any airdrop. Data from Etherscan confirms this claim, as the number of addresses holding SHIB now stands at 1,408,313.

Nevertheless, SHIB has failed to hit $0.000015 despite growing bullish sentiments. The asset was trading at $0.00001455 at the time of writing. However, market analyst Charting Guy has tipped SHIB to reach $0.00008841.

Shiba Inu Lead Says Next 2 Weeks Will Be More Interesting for SHIB

Lele Jima
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Shiba Inu Lead Says Next 2 Weeks Will Be More Interesting for SHIB

The Shiba Inu ecosystem lead, Shytoshi Kusama, hints at plans to unveil interesting updates for SHIB in the coming weeks. 

The lead developer made this known during his meet-and-greet campaign at the recently concluded TOKEN2049 Conference in Singapore. 

Next 2 Weeks Will Be Interesting for SHIB 

Notably, popular crypto YouTuber Raajeev Anand shared a video of him conversing with Kusama, who attended the TOKEN2049 conference in a masked costume. 

According to Anand, Kusama said the next two weeks will be more interesting for Shiba Inu. However, the enigmatic leader did not provide explicit details about the so-called upcoming interesting updates. 

Something Big Is Coming in Q4 

Several Shiba Inu community members expectedly asked Anand to elaborate on what Kusama shared with him during their brief conversation. The YouTuber pointed out that the Shiba Inu ecosystem team is planning something big for SHIB in the fourth quarter of this year. 

In a follow-up comment, he suggested that the team would unveil “some real use cases for the Shiba Inu ecosystem” in the next two weeks. While details of the upcoming use case remain unclear, the project is expected to further bolster Shiba Inu’s utility.

Kusama’s Appreciation Post 

Meanwhile, Kusama confirmed that he attended the conference in an appreciation post last week. He expressed gratitude to everyone he met at the TOKEN2049 Conference, including those with whom he exchanged pleasantries. 

The Shiba Inu ecosystem lead mentioned that he wished he spent more time at the conference, indicating that he left early to attend to other private matters. 

It is noteworthy that Kusama’s trip to Singapore is part of his global tour, which began earlier this year at the IVS Crypto event in Kyoto, Japan. Afterward, the Shiba Inu leader visited India in July and attended the Blockchain Futuristic Conference in Canada the following month. 

Despite attending these events, Kusama maintained his anonymous profile, concealing his identity behind a mask. 

Brandt Predicts Bitcoin Rise Against Gold to 123 XAU, Leading to a $323K BTC Price

Sam Wisdom Raphael
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Brandt Predicts Bitcoin Rise Against Gold to 123 XAU, Leading to a $323K BTC Price

Peter Brandt, a seasoned market analyst, shares a report of the Bitcoin-to-Gold (BTC/GLD) ratio that suggests potential bullishness for Bitcoin’s future. 

He believes Bitcoin could eventually rise to a staggering 123 ounces of gold per BTC. Such a price would lead to a new all-time high for BTC against the precious metal, as the current all-time peak stands at 37.2 ounces, attained in November 2021.

Brandt identified an inverted head and shoulders (H&S) pattern as the dominant structure in the BTC/GLD ratio. The neckline for this formation is around the 32.5 OZ level. This pattern is a bullish signal, and once the price breaks above the neckline, it leads to a continuation of the upward trend. 

In Brandt’s chart, the price has yet to fully break out from this neckline. The left shoulder of this H&S formation bottomed out at a ratio of 14.2. As Bitcoin has recovered, it has created a flag pattern, which forms the right shoulder. 

BTCGLD 1W Chart Peter Brandt
BTCGLD 1W Chart | Peter Brandt

Brandt notes that this flag could potentially lead to a short-term decline, possibly pushing the ratio into the high teens once more, but this pullback would likely serve as the last significant correction before the next major rally.

Brandt’s long-term target is 123 ounces. At gold’s all-time high price of $2,634, this ratio would result in a Bitcoin price of approximately $323,000. Should gold persist in its uptrend and breach its $2,634 ATH, the 123 OZ would lead to a higher value for BTC.

Bitcoin’s Cup and Handle Against the Dollar

Meanwhile, alongside this bullish outlook for Bitcoin in comparison to gold, the firstborn crypto is also forming promising patterns against the U.S. dollar. 

A similar cup and handle formation has also appeared on the weekly Bitcoin-to-USD chart. The cup portion formed when Bitcoin dropped from its 2021 peak of $69,000 to the 2022 low of $15,632 and then recovered to hit the recent all-time high of $73,794 in March 2024.

BTCUSD 1W Chart
BTCUSD 1W Chart

The handle of the formation is currently forming amid the ongoing retracement Bitcoin faces from the recent ATH. Price retracements like this are typical in cup-and-handle patterns and usually precede a breakout to new highs.

In addition, the Directional Moving Index (DMI) supports the bullish momentum. The +DI (positive directional index) is currently increasing, sitting at 19.3, while the -DI (negative directional index) is declining, indicating weakening selling pressure. 

The ADX, which measures trend strength, is dropping at 23.72. This decline in ADX suggests that the current consolidation could soon give way to a strong new trend. If the +DI continues to rise and the -DI keeps falling, Bitcoin could see another push upward. BTC currently trades for $63,213.

XRP Could Be Classified Differently, Says Tokentus CEO at Germany Stock Exchange

Abdulkarim Abdulwahab
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XRP Could Be Classified Differently, Says Tokentus CEO at Germany Stock Exchange

During a recent analysis conducted on the floor of the Frankfurt Stock Exchange, Oliver Michel, CEO of Tokentus Investment AG, shared insights on Ripple and XRP’s current trajectory.

Michel’s comments come at a time when Ripple is positioning itself as a major player in the blockchain financial infrastructure space.

According to Michel, Ripple’s ambition to become the leading digital infrastructure provider for financial services has taken center stage, especially with a recent update outlining the company’s goal to help enterprises integrate blockchain technology. 

He noted that earlier, one would need to piece together individual bits of information, but this time, it comes directly from Ripple. “This is a clear signal of where Ripple is headed, not just targeting consumers, but major enterprises and even central banks,”  said Michel.

Adding to the intrigue, Ripple’s announcement of a stock buyback program and its work on developing a stablecoin have bolstered speculation that major developments are on the horizon. 

XRP Could Be Classified Differently 

Based on these developments, Michel argued that XRP could soon be classified differently compared to other digital assets. “Ripple (XRP) is positioned differently in the world of cryptocurrencies,” he said.

Meanwhile, what has also caught his attention amid Ripple’s development is XRP’s recent price movement. 

He cited the formation of a wedge pattern on the XRP chart, stressing it is an infrequent occurrence. “We rarely see such a large wedge, and we’re currently at the tip of it,” Michel explained.

Furthermore, Michel noted that, in recent weeks, XRP has shown signs of decoupling from the movements of Bitcoin and Ethereum, exhibiting what he described as a “nervous twitch.” 

In parallel, he noted that, unlike its traditionally sluggish behavior, XRP is now showing an increase in trading volume, signaling something larger may be brewing. In his words:

“This is not just a small movement; it’s a very large one, and the pressure that’s been building up over the years could be released disproportionately.”

Donald Trump Says Crypto Has a Great Future, Teases Possibility of Paying US Debt With It

Mark Brennan
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Donald Trump Says Crypto Has a Great Future, Teases Possibility of Paying US Debt With It

Republican presidential candidate Donald Trump reiterates his belief in cryptocurrencies, stating that the sector will see new highs in the future.

In a conference over the weekend, Trump stated that crypto assets would blossom, insinuating that the sector would gain mainstream adoption. The former president noted that the industry has significantly improved over the years and foresees a “good future” for digital assets.

The response was to a question from famous non-fungible token (NFT) trader Threadguy. The crypto enthusiast quizzed Trump about his thoughts on the future of cryptocurrencies if, “God forbid,” he is not elected in November.

Notably, Trump focused on the future of the crypto sector, ignoring Threadguy’s assumption of the impact on the industry if he does not win the presidential election. Analysts have predicted a market downturn if the Republican nominee fails to win the November election.

Trump Teases Paying US Debt with Crypto

Again, Trump seized the opportunity to tease the use of crypto assets to pay off the United States’ growing debt. While answering Threadguy’s question on the future of crypto, he noted that the country may offset its debt using the asset class.

In August, Trump made the same claim, noting that Bitcoin may be instrumental in the US settling its debt. He teased handing the country’s debtors a little Bitcoin check. 

Logically, Bitcoin would have to surge substantially if the US’s current stash has any possibility of clearing its current debt. For context, the US government holds 203,239 BTC, the highest among countries globally. 

With the current stash, Bitcoin would have to trade at $172.2 million per coin to match the $35 trillion debt valuation. It bears mentioning that Michael Saylor predicted that the largest cryptocurrency by market cap would hit $13 million by 2045.

Trump’s Pro-Bitcoin Stance

Trump’s support for cryptocurrency has been over the roof since his campaign to reclaim power in November. Aside from promising to let go of bad regulatory actors in the sector, the Republican nominee has also pledged to make America the crypto capital of the world.

During the Bitcoin 2024 conference in Nashville, Trump promised never to sell America’s Bitcoin. Instead, he said would make the asset a strategic reserve in the US. Senator Cynthia Lummis backed Trump’s claims as she unveiled a bill to acquire 1 million BTC over a five-year period.

Trump’s pro-Bitcoin disposition saw him become the first president to pay for an item using Bitcoin. On Wednesday, the former president bought $998.7 worth of cheeseburgers for his supporters at PubKey and paid using the Bitcoin Lightning network.

Bollinger Bands Founder Identifies Bullish Flag on Bitcoin Chart, Predicts Imminent Market Upswing

Albert Brown
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Bollinger Bands Founder Identifies Bullish Flag on Bitcoin Chart, Predicts Imminent Market Upswing

Bitcoin is currently exhibiting a bullish flag pattern, signaling potential upside as its price consolidates within a regression channel.

Bitcoin experienced a turbulent trading week marked by notable price fluctuations and significant market events. After starting the week with a decline from $60,000 to below $58,000, the crypto’s trajectory shifted dramatically when the U.S. Federal Reserve implemented its first interest rate cut in over four years, reducing rates by 0.5%.

This move spurred significant volatility, initially unsettling the market but quickly igniting a robust rally. By Friday, Bitcoin had increased over $4,000, briefly touching $64,000 before encountering resistance and stabilizing near $63,000 over the weekend.

W pattern on the weekly Chart 

As the week progressed, key technical indicators suggested potential bullish momentum. Notably, John Bollinger, creator of the Bollinger Bands indicator, identified a promising pattern on the weekly Bitcoin chart. He observed a W pattern forming within a downward-sloping regression channel, which he characterized as a flag pattern—often signaling a potential continuation of the previous trend.

 

The flag formation, highlighted by the regression channel, shows Bitcoin’s price oscillating between the upper and lower bounds, indicating consolidation before a possible breakout.

This setup points to significant buying pressure at lower levels, particularly when the price touched the lower band and bounced back, indicating strong market support.

According to Bollinger, this analysis reflects ongoing consolidation within defined boundaries, awaiting a bullish confirmation if Bitcoin breaks above the upper channel.

Halving Cycle Hint at Year-End Surge

Further supporting the optimistic outlook, analyst Ali Martinez highlighted similarities between Bitcoin’s current market behavior and past halving cycles. Martinez emphasized Bitcoin’s cyclical nature by comparing 2024 trends with those of 2016 and 2020. In 2016, Bitcoin maintained steady gains throughout the year, culminating in a 61% surge in Q4. 

However, the 2020 halving cycle showed a more aggressive trajectory, with returns peaking at 171% by the year’s end. Martinez’s analysis suggests Bitcoin may mirror these historical patterns, with a potential uptrend emerging near the year’s final quarter.

Crypto’s Growing Visibility

Adding to Bitcoin’s evolving landscape, Vice President Kamala Harris made headlines by publicly endorsing cryptocurrency for the first time. Speaking at a fundraiser on Wall Street, Harris pledged her support for digital assets and artificial intelligence as part of her economic agenda. This marked her first public acknowledgment of the sector since launching her presidential campaign.

NEAR Protocol Eyes $6 Amid Network Growth Nearing 1 Million Accounts

Albert Brown
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NEAR Protocol Eyes $6 Amid Network Growth Nearing 1 Million Accounts

With a bull run gaining momentum, the NEAR token price targets $5.89, and the network’s unique accounts are nearing 1 million.

With a market cap of $5.56 billion, Near Protocol is experiencing a recovery rally, scaling up 9.49% in the last 24 hours. As demand for the NEAR token grows, trading volume has surged by 98% in the same period. 

As the AI crypto segment rises to $36.29 billion, the top AI tokens are signaling a breakout rally. Among the top performers, the NEAR token has surged 24.26% in the last seven days, demonstrating significant upside potential.

NEAR Token Breakout Run

With a bullish breakout from a falling channel pattern, the NEAR price indicates a trend reversal. Starting from a low of $3.494, the Rounding Bottom Reversal has completed a Double Bottom Reversal.

NEAR Price Chart
NEAR Price Chart

Currently, the Reversal Rally approaches the neckline at the psychological mark of $5. With an intraday gain of 8.54% from the opening price of $4.52, the NEAR token forms a bullish engulfing candle.

Near Protocol Nears 1 Million Accounts as Transaction Fees Surge

Amid the broader market recovery and the NEAR token price increase, the growth of the NEAR Protocol is reaching new heights. From early September, the number of unique accounts on NEAR Protocol has risen from less than 700,000 to nearly 1 million, currently standing at 990,440 unique accounts.

Near Protocol Network
Near Protocol Network

Along with the increasing number of unique accounts, the total transaction fees on NEAR Protocol surged in September. After dipping to $13,017 (or 3,747 NEAR tokens) on September 22, it has skyrocketed to $20,379 (or 4,366 NEAR tokens) amid increased activities.

Near Protocol Network
Near Protocol Network

As both transaction fees and unique accounts increase, the overall network health of NEAR Protocol is remarkably improving.

Will NEAR Token Price Hit $6?

The bullish engulfing candle marks a post-retest reversal from the broken resistance trendline, surpassing the 23.60% Fibonacci level. Based on Fibonacci levels, the next resistances are at the 38.20% and 50% levels, which stand at $5.32 and $5.89, respectively.

Conversely, a failure to break above the $5.30 mark could lead to a decline to $4.62.

SUI Token Mimics Solana’s Historic Price Trajectory, Sets Sights on $3

Albert Brown
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SUI Token Mimics Solana’s Historic Price Trajectory, Sets Sights on $3

With a breakout run gaining momentum and the TVL surpassing $900 million, the trendy SUI token is targeting the $3 price point.

As the bull run in the crypto market continues, SUI has stood out as a top performer over the past two weeks. With a surge surpassing psychological marks, SUI teases a trend reversal rally to new heights.

Let’s take a closer look at the rising rally of SUI and figure out its next potential target.

SUI Price to Retest $1.50

Following a massive surge over the past week, the SUI token created a new local swing high of $1.64 today. Currently, it is trading at $1.5544 with an intraday pullback of 2.06% from its $1.59 opening price.

However, the SUI token has increased at an impressive rate over the past seven days, with a price jump of 38.22%. In the past 24 hours, the altcoin has increased by 5.97% and has a market capitalization of $4.15 billion.

SUI Price Chart
SUI Price Chart

On the daily chart, the recovery run in the SUI token creates a rounding bottom reversal following the falling channel breakout. The breakout rally exceeds the 61.80% Fibonacci level with a streak of six consecutive bullish candles.

The intraday candle forms a shooting star candle, ending the bullish streak. However, as the SUI token resurfaces above the $1.50 psychological mark, the chances of an upside continuation have significantly increased.

The bullish crossover in the 50-200 day Exponential Moving Average (EMA) near the $1.00 psychological mark signals a golden crossover, establishing a strong trend reversal possibility following a post-retest reversal of the 61.80% breakout run.

On the other hand, the stochastic Relative Strength Index (RSI) shows the K and D lines entering the overbought zone and giving a negative crossover with the intraday pullback. Hence, a minor retest or a sideways trend is possible before the upside trend continues for SUI.

Will SUI Reach $3?

Amid the broader market recovery, the total value locked on the SUI blockchain exceeds $900 million and hits a new all-time high. Furthermore, well-known crypto analyst Martinez Ali tweets about the recent similarity between the SUI and Solana price actions.

Based on the 2021 bull run in Solana, SUI follows a similar pattern and reveals a massive upside if the trend continues to mirror the fifth-largest cryptocurrency. According to Fibonacci levels, the upcoming targets for SUI are at $1.7492 and the $2.02 psychological mark for next week.

In the long term, with the broader market expected to skyrocket in October’s “Uptober” rally, the 1.618 Fibonacci level near the $3.00 mark is a potential target.

Cardano Founder Responds as Developer Introduces Bitcoin to Cardano Bridge

Albert Brown
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Cardano Founder Responds as Developer Introduces Bitcoin to Cardano Bridge

Cardano’s Charles Hoskinson reacts with surprise as a Bitcoin developer unveils a seamless bridge between Bitcoin and Cardano apps.

A Bitcoin developer, known as elraulito, has announced a breakthrough in blockchain interoperability, revealing a seamless bridge between Bitcoin and Cardano applications.

The developer showcased a smart contract on Plutus V3, allowing Bitcoin wallets to interact directly with Cardano’s ecosystem. This enables users to send ADA, manage tokens, and stake in Cardano pools without requiring a new wallet. 

Notably, Cardano founder Charles Hoskinson reacted with surprise as the innovation could mark a new phase in cross-chain connectivity.

Smart Contract Capabilities Explained

The developer detailed how the smart contract was built using a combination of tools and protocols. Notably, the contract employs aiken, a Cardano smart contract language, and CIP69, which enhances the address’s programmability. 

A multivalidator enables transactions, delegations, and reward withdrawals, while MeshJS manages off-chain transactions. Mesh, an open-source library, supports Web3 app development and currently offers one of the few implementations compatible with Plutus V3.

This bridge allows Bitcoin users to engage in Cardano’s ecosystem without additional software, providing a straightforward onboarding process. As the developer noted, these capabilities could potentially extend to every EVM chain, broadening blockchain usability and functionality.

Community Reactions and Technical Insights

The announcement generated questions among enthusiasts, eager to understand the mechanics and applications of the new bridge. One user asked how Cardano actions could be sent from a Bitcoin wallet, to which the developer responded that Bitcoin users can sign Cardano actions from their existing wallets.

If the signature is verified, the action is executed by Cardano nodes. This functionality opens doors to onboarding users from outside the Cardano ecosystem, facilitating interactions like airdrops and liquid staking without changing wallets.

Further discussions focused on the validation process. The contract validates the signature by checking the UTXO, receiver, amount, and asset details against its outputs. This validation ensures that transactions align with predefined rules set within the smart contract, providing secure cross-chain operations.

Kamala Harris Endorses Digital Assets for the First Time, Scaramucci Says She Means Bitcoin

Mark Brennan
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Kamala Harris Endorses Digital Assets for the First Time, Scaramucci Says She Means Bitcoin

Vice President and Democratic presidential nominee Kamala Harris has publicly declared her support for cryptocurrency for the first time.

Harris was seen endorsing digital assets at a fundraiser in Wall Street, New York, marking her first public mention of the industry since the start of her presidential campaign. The Vice President stated that if elected in November, she would support the growth of digital assets and artificial intelligence (AI).

Harris discussed her economic agenda during an in-person fundraiser. The Democrat candidate has come under criticism for failing to mention her strategy to enhance the crypto sector and proffer solutions to the nation’s growing financial troubles.

However, Harris asserted on Sunday that she would foster America’s economy by collaborating with certain vital sectors, including innovators. She further categorized digital assets as part of the technological innovations she would endorse.

Kamala Means Bitcoin: Scaramucci

SkyBridge’s managing partner, Anthony Scaramucci, further elucidated Harris’s comments on digital assets, arguing that she meant Bitcoin. Scaramucci asserted that the Vice President’s comment on digital innovations implied she would endorse Bitcoin if elected.

The comment came after the SkyBridge co-founder stated that he was working with the Harris camp to develop policies ensuring cryptocurrencies thrive in her administration. At this year’s Token2049, Scaramucci said that his agenda had progressed, and Harris will discuss more of her plans for the digital asset sector this week.

Notably, Scaramucci becomes one of the few notable crypto players to publicly endorse Harris. Ripple’s Chairman, Chris Larsen, supported Harris earlier in the month, drawing mixed reactions from the XRP community.

Clear Crypto Regulation Regardless

Some commentators have argued that the crypto sector would be better regulated regardless of who wins the November election.

Trump’s pro-Bitcoin disposition was clear from his early campaign days. His recent burger payment in Bitcoin and establishment of a family-tied DeFi project further help his cause.

However, Harris seems to be warming up to the sector, with comments from her camp and her acceptance of crypto donations. Nonetheless, her latest speech is not sufficient to dissolve the skepticism that the crypto industry will be pegged back if she wins.

Several analysts have stated that the Harris skepticism is oversold and Bitcoin will thrive regardless of who is elected. Notable crypto leaders like Ripple’s CEO Brad Garlinghouse also noted that the Securities and Exchange Commission’s boss, Gary Gensler, will be sacked regardless of who is elected president.

These recent activities have established the crypto sector as a prominent financial industry in the US and dims the light on a continued regulatory clampdown on the sector post-November presidential elections. It is worth noting that Polymarket shows that Harris is leading the race to win the election, with a 52%-48% lead over Trump.

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