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Shiba Inu Launches Fiat-on-Ramp Service for BONE Purchase

Lele Jima
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0
Shiba Inu Launches Fiat-on-Ramp Service for BONE Purchase

Shiba Inu’s marketing lead, Lucie, reveals that the ecosystem team has collaborated with fiat on-ramp service provider Wert to simplify BONE purchases on Shibarium. 

The partnership led to the introduction of Shibarium’s fiat on-ramp service, which allows users to purchase BONE and USDC directly with Visa or Mastercard payment cards. 

It bears mentioning that Shiba Inu’s lead developer, Shytoshi Kusama, highlighted the development during his presentation at this year’s Blockchain Futuristic Conference (BFC). 

Buy BONE with Credit Cards
Buy BONE with Credit Cards

According to an X post from Lucie, the initiative makes it easier for newcomers to access Shibarium by enabling direct token purchases. 

Furthermore, the move eliminates the complexities of bridging tokens and navigating centralized exchanges to purchase digital assets. The service is expected to boost adoption of the supported tokens, as they can be acquired with familiar payment methods. In turn, it could potentially drive their values in the long term. 

At the moment, users can only purchase BONE and USDC on Shibarium with Visa and Mastercard credit cards. The team did not reveal whether it plans to support other ecosystem tokens, like SHIB and LEASH. 

How to Buy Bone with Credit Card on Shibarium 

Shibarium users can easily purchase BONE and USDC with their credit cards with a few clicks without prior experience. 

To purchase the assets with fiats, visit the home of the Shiba Inu ecosystem, Shib.io. Click “Buy $BONE with Card” at the screen’s top right corner to begin the purchase. 

A new window will appear on your screen, where you can enter the amount of BONE you wish to buy. Click the dropdown arrow close to BONE in this window to change your preferred token to USDC or BONE. For this article, we will use BONE as the preferred asset. 

Enter the amount of BONE you wish to buy and click the “Continue” button below the screen. You must enter your Shibarium address; do so and hit the continue button. 

Enter your mobile number on the next screen and input the verification code sent to you. Furthermore, provide your credit card details, and your BONE tokens will be sent to your wallets upon confirmation of the transaction. A service charge of 4% applies to every transaction, and this fee will be deducted from the transaction amount. 

Team Aims to Drive Shibarium Adoption 

Following the integration of the fiat on-ramp service, Shiba Inu’s ecosystem team expects to boost the adoption of the L2 network, especially regarding transaction count and wallet creation. 

At the time of writing, 1,812,035 (1.81 million) wallet addresses have interacted with Shibarium. The network also boasts a total transaction count of 418,054,984 (418.05 million). 

Ready To Blast, Flare Breakout Run Could Surpass $0.020

Albert Brown
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0
Ready To Blast, Flare Breakout Run Could Surpass $0.020

Despite an intense correction phase, FLARE reveals an impressive trend reversal opportunity with a bullish breakout. But will the breakout run sustain momentum to hit $0.020?

Amid the broader market recovery, the bullish attention towards the altcoins is increasing. With multiple coins giving double-digit returns, FLARE prepares for a massive breakout move. Will this breakout result in an 83% rise in the coming weeks?

FLARE’s Falling Wedge Holds the Fate

In the 1-day chart, FLARE reveals a massive high-momentum correction phase in motion. The altcoin’s market value has dropped by 70% since February 2024, dropping prices from $0.052 to $0.01516.

FLARE Price Chart
FLARE Price Chart

FLARE’s bearish trend forms a wedge pattern in the daily chart with two narrow converging trend lines. This pattern reveals a lack of volatility in the price movement and generally leads to a bullish breakout.

Bulls Reclaiming Shorter Timeframes

In the 4-hour FLARE chart, the bullish chances of reversal are significantly increased compared to the daily chart. Based on the recent correction phase, FLARE highlights a strong resistance trendline at play.

FLARE Price Chart
FLARE Price Chart

In the recent v-shaped reversal from $0.014, FLARE failed to break past the trendline and the 50% Fibonacci level at $0.01750. This results in a pullback to the $0.01487 support level. 

However, the underlying demand at the support level absorbs the incoming supply and defuses the downfall into a sideways consolidation. 

Will FLARE Price Hit $0.020?

The 4-hour RSI line reveals a bullish divergence in the consolidation range, supporting the uptrend chances. Thus, the momentum indicator teases a potential Bullish surge to challenge the 23.60% Fibonacci level at $0.01568.

Furthermore, the super trend indicator reveals that the consolidation range has yet to break below the green line, making the pullback an excellent dip to buy. 

A bullish breakout of the overhead resistance trend line in confluence with the 23.60% Fib level could result in a massive upside movement in the FLARE prices. Optimistically, the uptrend could reclaim the $0.020 psychological mark and head for the 1.618 Fibonacci level at the $0.02782 

Peter Schiff Warns MicroStrategy Bitcoin Strategy Could Crash MSTR, Despite Saylor’s BTC Success Claims

Albert Brown
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0
Peter Schiff Warns MicroStrategy Bitcoin Strategy Could Crash MSTR, Despite Saylor’s BTC Success Claims

Peter Schiff, a well-known Bitcoin critic and gold advocate, recently criticized MicroStrategy’s Bitcoin-focused strategy.

Peter Schiff’s recent remarks came in response to a post by MicroStrategy’s Michael Saylor, which highlighted the company’s significant gains since adopting Bitcoin. Saylor’s post, shared with his 3.5 million X followers, stated that Bitcoin had empowered MicroStrategy to rise above the competition over the last four years.

However, Schiff challenged this notion, warning that the same strategy could lead MicroStrategy to crash below the competition in the coming years.

 

MicroStrategy’s Performance 

MicroStrategy’s decision to incorporate Bitcoin into its treasury strategy in August 2020 has contributed to an impressive 995% increase in its stock price. This growth, nearly tenfold, highlights the impact of Bitcoin on the company’s market value. 

In comparison, the Magnificent 7, a group of leading tech stocks, including giants like Apple and Microsoft, saw a 194% increase during the same period. Meanwhile, the S&P 500, a broad measure of the stock market, rose by 59%. 

Community Reactions

Schiff’s criticism of MicroStrategy and Saylor’s Bitcoin strategy has sparked varied reactions within the crypto community. Many users quickly pointed out that Schiff’s mutual funds have not performed as well, with some suggesting that he might be envious of Bitcoin’s success. 

Notably, one commenter highlighted that Bitcoin outperformed gold by 49 times over the same period. Another questioned why Schiff’s prediction of a crash had not materialized in the past four years, while others emphasized that MicroStrategy’s performance, driven by Bitcoin, clearly surpasses that of gold.

Schiff’s Stance on Bitcoin ETFs

In a related criticism this month, Schiff expressed concerns over Bitcoin ETFs, arguing that they undermine Bitcoin’s decentralization and peer-to-peer nature. Schiff believes that Bitcoin ETFs make the asset more susceptible to seizure by authorities and less useful as a currency.

Interestingly, Schiff’s stance on this matter gained unexpected support from prominent figures in the crypto industry, including Cardano founder Charles Hoskinson. This agreement highlights a shared concern over the potential risks associated with Bitcoin ETFs, particularly regarding the true ownership and security of Bitcoin when held through these financial instruments.

Shiba Inu Highlights 7 Key Updates That Shaped the Year

Lele Jima
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0
Shiba Inu Highlights 7 Key Updates That Shaped the Year

Shiba Inu’s official X handle posts a new video highlighting SHIB’s development and advancement in 2024. 

The Shiba Inu ecosystem team presented the video during this year’s Blockchain Futuristic Conference (BFC), which began yesterday. Shiba Inu was one of the title sponsors of BFC and other blockchain-related conferences, like ETHToronto. 

 

Shiba Inu’s Overall Performance 

In the video’s opening minutes, Shiba Inu’s pseudonym lead, Shytoshi Kusama, first highlighted SHIB’s growth since its launch on August 1, 2020. 

The screen displayed that Shiba Inu has witnessed a lifetime increase of 25,000,000% and other massive feats, including 100 million weekly media impressions and over six million social media followers. 

Despite plunging to an all-time low (ATL) of $0.00000000005637 on November 28, 2020, SHIB’s price rose to a peak of $0.00008845 exactly two years later. 

Major Feats in 2023

After highlighting its overall performance, Kusama provided insights into Shiba Inu’s growth in 2023. According to him, SHIB was the second most searched cryptocurrency in the world in 2023. 

He talked about how Shibarium, its Layer-2 blockchain solution, saw widespread adoption shortly after its August 2023 launch. Notably, Kusama boasts that Shibarium recorded over 1.36 million wallets and over 400 million transactions in 2023 alone. 

In the same year, Shiba Inu released the SHIB Paper, serving as the cryptocurrency’s constitution, he said. 

2024 Recap 

After its tremendous performance in 2023, Shiba Inu graced the stage of this year’s edition of BFC to present its progress since the beginning of the year. Shiba Inu highlighted these achievements on the screen with no voiceover.   

Shibarium Enhancement 

First, Shiba Inu confirmed that Shibarium has welcomed significant enhancements since its 2023 launch. This enhancement helped reduce Shibarium’s bridge time from 7 days to 45 minutes. Also, the upgrade allows Shibarium users to bridge their NFTs to and from Ethereum. 

The video confirmed that the development team is working behind the scenes to launch an L3 privacy blockchain on Shibarium. Interestingly, Shibarium’s transaction count soared tremendously this year to over 417 million, boasting an average daily transaction of 1 million. At press time, according to Shibariumscan data, Shibarium’s total transactions stood at 418,054,136 (418.05 million). 

Self-Sovereign Identity

Second, Shiba Inu highlighted the introduction of Self-Sovereign Identity (SSI) as one of its achievements for the year. 

Part of the SSI initiative saw Shiba Inu collaborate with popular domain name startup D3 Global for Shib Name Service. This initiative allows users to own their data fully and only share it with trusted decentralized applications (dApps). 

ShibaSwap Upgrade 

Shiba Inu disclosed that its DEX, ShibaSwap, received a major upgrade this year, allowing users to easily “migrate their liquidity.” This comes following the DEX’s migration to Shibarium. The upgrade also introduced new features, including additional mechanisms for liquidity pools and a new reward structure. 

SHIB Torch 

Shiba Inu’s burn mechanism was included as one of the progresses recorded this year. Dubbed SHIB Torch, the project helps reduce Shiba Inu’s circulating supply through burns, with the hope of boosting the value of the remaining tokens. The presentation also revealed how users could burn SHIB to enhance its value potentially. 

Shib Marketplace 

Introduced last month, Shib Marketplace is a platform that Shiba Inu intends to use to revolutionize digital commerce. Users can trade their non-fungible tokens (NFTs) and create new digital collectibles on the platform. 

SHEboshi  

Shiba Inu’s 2024 recap will not be complete without insights into SHEboshi, the cryptocurrency’s DN404 NFT collection. Launched as a “companion” to Shiba Inu’s existing NFT Shiboshi, SHEboshi caught the attention of the broader crypto community after it sold out five minutes after its launch in February 2024. 

Shiba Eternity 

Furthermore, the video highlighted ongoing upgrades on Shiba Inu’s ecosystem game, Shiba Eternity. The development team has added new cards and massive rewards to the collectible card game (CCG). 

Moreover, plans are on the way to transition the game to Shibarium. At the moment, the blockchain version of Shiba Eternity is in closed-beta testing, with public testing planned for a later date. In addition to Shiba Eternity, the team plans to introduce new SHIB Games, including Agent Shiboshi and Shiboshi Rush. 

Other projects in Shiba Inu’s 2024 recap include The Shib Magazine, SHIB: The Metaverse, and Shib Hub. 

XRP Takes Its Most Crucial First Step Toward Spot ETF Launch as Binomial Files with U.S. CFTC

Sam Wisdom Raphael
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0
XRP Takes Its Most Crucial First Step Toward Spot ETF Launch as Binomial Files with U.S. CFTC

Binomial Exchange, a U.S.-regulated crypto derivatives exchange, has officially filed with the Commodity Futures Trading Commission (CFTC) to launch XRP Futures Contracts, which will lead to XRP Spot ETF Launs.

This move, while significant on its own, represents an essential first step toward the potential launch of a spot XRP ETF. The development comes a year after Judge Analisa Torres ruled that XRP is not a security and less than a week after the final ruling in the Ripple v. SEC case.

Overview of Bitnomial’s XRP Futures Contracts

Bitnomial submitted the filing to the CFTC on Aug. 9, two days after the SEC lawsuit’s end, self-certifying its intention to list contracts of XRP Futures on the U.S. Dollar (XUS). Per the filing, the exchange plans to offer these contracts for trading starting Aug. 13, 2024.

XRP Futures will be physically settled, margined contracts based on the value of 100,000 XRP, with the contracts traded and settled in US dollars. These contracts will adhere to various core principles set by the CFTC, including ensuring transparency and the protection of market participants.

The filing also provides a detailed overview of the current state of the XRP market. Notably, XRP, the native token of the XRP Ledger, has a circulating supply of about 60.86 billion tokens from a maximum supply of 100 billion tokens. Of the remaining tokens, 39.1 billion XRP are in Ripple’s escrow.

XRP is currently one of the most liquid digital assets, ranking eighth in terms of 24-hour trading volume among all cryptocurrencies. In a historical snapshot, Bitnomial Exchange showed that the average monthly trading volume for the XRP-USD pair stands at over 85 billion XRP.

Futures Contract Specifications and Position Limits

Notably, the XRP Futures Contracts from Bitnomial come with specific safeguards to prevent market manipulation and ensure orderly trading. 

The exchange has proposed a monthly position limit of 300 million XRP, equivalent to 3,000 XRP futures contracts. This position limit is roughly equivalent to the amount of XRP that Ripple releases from its monthly escrow—a detail that has significant implications for the market.

Interestingly, attorney Bill Morgan, reacting to Bitnomial’s filing, pointed out that the 300 million XRP position limit mirrors the amount Ripple typically uses from its monthly escrow releases. 

Morgan argues that this fact will help to counter the ongoing “Ripple dumps FUD” narrative, which claims that Ripple’s escrow releases contribute to XRP’s underperformance in the market.

Bitnomial’s filing also outlines the exchange’s compliance with several core principles required by the CFTC. These principles ensure that the XRP Futures Contracts are not easily manipulated and that they adhere to strict market conduct rules. 

The exchange has taken measures to prevent market disruption, including setting position limits, monitoring trading practices, and enforcing disciplinary procedures.

Broader Implications for a Spot XRP ETF

While Bitnomial’s filing does not directly indicate the launch of a spot XRP ETF, it is a critical step in that direction. The U.S. Securities and Exchange Commission (SEC) typically looks for the existence of futures contracts before approving spot ETF applications. 

As a result, the successful launch and operation of XRP Futures Contracts could lay the groundwork for future ETF issuers to explore launching an XRP spot ETF. Industry leaders such as Ripple CEO Brad Garlinghouse have expressed confidence in the eventual launch of a spot XRP ETF.

Bitnomial’s move aligns with the broader trend of increasing institutional interest in cryptocurrency assets. Last December, Bitnomial procured a U.S. clearinghouse license, making it the first-ever American crypto firm to secure a complete set of broker, derivatives exchange, and clearinghouse licenses.

XRP Hitting $10,000, Pundit Outlines the Key Event That Could Trigger a Massive Rally

Sam Wisdom Raphael
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0
XRP Hitting $10,000, Pundit Outlines the Key Event That Could Trigger a Massive Rally

Cryptonairz founder Robert Doyle, fondly called Crypto Sensei, advocates an XRP spike to $10,000, citing the potential bullish effects if this Crucial Catalyst occurs.

Doyle presented this case in a recent X video, basing his argument on the latest report surrounding U.S. Treasury bills tokenization on the XRP Ledger. For context, OpenEden, a leading tokenization platform, announced an initiative to bring tokenized U.S. T-Bills to the XRPL. The initiative is in partnership with Ripple, with an initial $10 million contribution from the payment firm.

T-Bills Tokenization on the XRPL

According to Doyle, the tokenization of real-world assets (RWA) on the XRPL, such as real estate worth trillions or stocks, derivatives, and bonds, could serve as the stepping stone that XRP needs to record its substantial price upsurge.

Doyle stressed that one of the reasons XRPL could serve as the go-to platform for these tokenization efforts is the KYC and AML practices Ripple persistently carries out amid any partnership with a top company. Recall that the tokenization of T-Bills on the XRPL would mandate these KYC and AML practices.

The stringent screening involved with KYC and AML exercises would help ensure regulatory compliance and security. Doyle emphasized that these top companies might not opt for networks lacking these measures when looking to tokenize RWAs on the blockchain.

The market pundit moved to the official OpenEden website, which shows an opportunity for market participants to earn a Treasury yield of up to 5.02% on the blockchain network. According to him, this represents the future of Treasury bills. 

XRP Down with the Rest of the Market

However, despite this bullish turn of events, XRP has not witnessed as much bullish push as anticipated. Notably, XRP skyrocketed above $0.64 on Aug. 7 following the final ruling in the Ripple lawsuit. However, it faced resistance at this high, now trading below the $0.60 psychological price threshold.

Commenting on this, Doyle noted that August is typically a bearish month for the crypto industry. Market data confirms this, with BTC dropping 11.2% in August 2023 and 14% in August 2022. XRP also witnessed declines in August 2022 and 2023. Doyle pointed out that XRP’s downturn is due to the ongoing broader market collapse.

According to him, the geopolitical tension surrounding Iran and Israel is one of the major contributing factors to the market crash. He noted that investor angst has increased as global spectators expect war on different fronts. This has led market participants out of risk assets.

XRP Utility in Cross-Border Settlement

Despite this, Doyle’s confidence is intact. He stressed that XRP is not just any token, but an asset capable of revolutionizing the cross-border settlement scene. The market commentator compared XRP with SWIFT gpi for cross-border payments, attempting to show that SWIFT gpi is not as innovative as presented.

Notably, SWIFT gpi also deals with pre-funded capital, while XRP does not. The program also takes an average of nine hours to settle, but XRP’s settlement time is nearly instant. In addition, transactions with SWIFT gpi could fail at any time, but XRP’s transactions either succeed or fail instantly.

The only advantage SWIFT gpi holds over XRP is its larger penetration. Nonetheless, should XRP catch up, market experts like Doyle believe its price could benefit greatly from the increased adoption. This contributes to the motivation behind the $10,000 price target, a 1,763,257% increase from XRP’s current price.

Accumulate XRP Now While It’s in Cents As Price May Reach $100-$500: Top Investor

Abdulkarim Abdulwahab
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0
Accumulate XRP Now While It’s in Cents As Price May Reach $100-$500: Top Investor

Xena, a widely followed Bitcoin investor, suggested that crypto market participants can amass XRP cheaply now in cents as it could reach an expensive price in the $100 to $500 range.

The investor expressed this sentiment in a recent post on X. She attempted to counter views that suggest lofty highs like $100 and $500 are unattainable for XRP. 

Xena pointed out that rival digital assets, such as Solana (SOL), Quant (QNT), and Ethereum (ETH), have already seen their values enter such lofty price channels and questioned why XRP’s case is an issue.

“What’s the fuss about XRP if it can reach what others did,” she remarked. Xena went on to argue that XRP has the potential to follow a similar path and perhaps even exceed these benchmarks.

Clarifying Issues Around XRP Attaining $100 to $500

However, it is important to note that SOL, QNT, and ETH have significantly lower circulating supplies compared to XRP.

For instance, QNT has a max supply of 14.88 million tokens, Solana has 466 million SOL tokens circulating, and Ethereum has 120.27 million ETH.  At $500 per token, QNT’s market cap would be $7.44 billion, and Solana’s would be $233 billion. 

Meanwhile, XRP has a circulating supply of 99.98 billion tokens, half of which are in escrow. At the same price, it would command a market cap of over $49 trillion—a figure critics often cite to argue that a $500 target for XRP is unrealistic.

XRP Replenishes Missed Opportunities on Bitcoin and Ethereum

Meanwhile, Xena highlighted that many investors missed the early runs of Bitcoin and Ethereum, which have since become dominant in the crypto space. She implied that XRP might be the next big opportunity, one that could provide similar gains for those who invest.

With its current price still in the cents, Xena believes that XRP presents a unique chance to accumulate a substantial amount before it potentially takes off.

Xena also addressed the polarizing nature of XRP within the crypto community, acknowledging that the asset elicits both strong support and criticism. She suggested that this intense focus on XRP could be due to its potential for extraordinary gains, which might explain the heightened emotions surrounding it.

Market Expert Predicts: WIF To The Moon, Presale Coin Has Similar Potential

Albert Brown
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0
Market Expert Predicts: WIF To The Moon, Presale Coin Has Similar Potential

DogWifHat (WIF) has surged 62.7%, outperforming Bitcoin (BTC). Yet, there is a presale that may offer even faster progress soon, according to a crypto analyst.

With DogWifHat (WIF) strong performance and Minotaurus (MTAUR) presale potential for up to 4 times the growth, now might be a prime time to maximize your potential upside. Read on if you want to see strong progress in your portfolio in the shortest time possible.

DogWifHat (WIF) Bounces Back Amid $40M Withdrawals, Eyes New Highs

DogWifHat (WIF) is making headlines with its impressive recovery after a major market setback. The coin faced a sharp drop when $40 million in withdrawals led to increased short positions. Despite this, DogWifHat (WIF) has rebounded strongly, trading between $1.63 and $1.81. The coin’s RSI is at a moderate 42.6, indicating a balanced market position without extreme buying or selling pressure.

WIF US Dollars Source Trading View
WIF US Dollars Source Trading View

Market sentiment is cautiously optimistic. Analysts are watching closely to see if DogWifHat (WIF) can break through its current resistance at $3.0263 and move towards the next resistance level at $3.8775. DogWifHat (WIF) bounce back from a crucial support level of $1.40 is a positive sign, suggesting that if buying pressure continues, the coin could test these higher levels. Expert opinion, as mentioned above, is also positive – DogWifHat (WIF) may grow further and impact smaller-price projects along the way.

Platinum Capital On X
Platinum Capital On X

In the shorter term, forecasts are mixed. Although there’s hope for hitting $3 in August if it maintains above the 10-day moving average of $1.63, volatility could increase. Overall, once again, the sentiment is positive, with potential for DogWifHat (WIF) to eventually retest its all-time high of $4.83 if market conditions remain supportive.

Minotaurus (MTAUR): -74% Off & Big Promise

As DogWifHat (WIF) shows strong recovery and potential for further development, Minotaurus (MTAUR) also offers impressive growth prospects. With a presale special of -74% and the potential to give you up to 4 times more, Minotaurus (MTAUR) seemingly mirrors DogWifHat (WIF) upward trajectory. It has a number of advantages on its side as well.

Minotaurus MTAUR WIF
Minotaurus MTAUR WIF

With its mixed casual gameplay, Minotaurus (MTAUR) is poised to make waves in the casual gaming industry. The game’s easy-to-understand yet fun design is set to capitalize on the 30% growth in hybrid casual games seen in 2023.

Minotaurus (MTAUR) employs balanced tokenomics with cliff and vesting mechanisms to maintain a stable token supply and demand. Early participants can secure up to 74% off the $MTAUR presale price, which starts at just $0.0000527 per coin, making it an accessible entry point for many.

Tokens offer extensive in-game utility, including character customization, special zones, and mini-games. Minotaurus (MTAUR) also uses cutting-edge AI tools to enhance gameplay and streamline operations. The project is backed by robust technology, ensuring reliable performance and smooth integration of blockchain and gaming features. Token holders also benefit from additional incentives, such as bonuses for extending vesting and referral incentives.

Conclusion

With WIF showing strong performance, MTAUR offers an exciting opportunity for even faster progress. Its presale, at 74% off, and the obvious potential make it a prime pick, but, as many market experts say, you have to be quick since presale opportunities are time-sensitive and can attract significant attention, leading to rapid price changes once the broader market catches on. If you’re reading this, you can be smarter than most by choosing MTAUR early.

Yahoo Finance Recognizes Grayscale’s ETHE and Mini Trust as Top Ethereum Investment Opportunities

Albert Brown
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0
Yahoo Finance Recognizes Grayscale’s ETHE and Mini Trust as Top Ethereum Investment Opportunities

Grayscale’s Ethereum Trust (ETHE) and Ethereum Mini Trust (ETH) have been recognized by Yahoo Finance as top new Ethereum investment products with significant upside potential.

Yahoo Finance recently published a list analysing five most promising Ethereum ETFs the investing public could consider, featuring products listed by Grayscale, Fidelity, BlackRock, and other managers.

Notably, the Fidelity Ethereum Fund (FETH) led Yahoo Finance’s list. The fund currently offers a fee waiver until December 31, 2024, with a 0.25% fee set to take effect at the start of 2025, as detailed in its prospectus. This fee waiver provides a cost-effective opportunity for investors seeking exposure to Ethereum, particularly in the short term.

Grayscale Ethereum Trust and Mini Trust Recognized

In second place is the Grayscale Ethereum Trust (ETHE). As of July 26, ETHE had a share price of $27.70 and a fee structure of 2.5%. This investment launched seven years ago, making it the inaugural Ethereum fund in the U.S. market.

Grayscale has taken to social media platform X to acknowledge the recognition by Yahoo Finance.

A representative from Grayscale pointed out that ETHE has grown significantly, becoming the largest and most liquid Ethereum fund. On July 23, it started trading as a spot Ethereum ETP on NYSE Arca. The fund’s liquidity and scale make it a strategic choice for investors seeking to manage risk effectively.

The Grayscale Ethereum Mini Trust (ETH) is ranked third and has a share price of $2.48 today. The fund’s fee structure is initially waived for six months, after which it transitions to a 0.15% fee once the fund accumulates $2 billion in assets or after the waiver period ends.

According to Grayscale, this fund’s lower entry point and fees make it more accessible for investors with limited capital, making it appealing to those new to Ethereum investments.

Grayscale Sees Outflows

Despite being featured on Yahoo Finance’s list, Grayscale continues to experience notable outflows in recent months. 

Data shows that Grayscale Investments faced weekly outflows of $552 million, with monthly-to-date outflows at $809 million and year-to-date outflows reaching $18.3 billion. These figures highlight significant capital exits from Grayscale’s managed funds, even though the firm still oversees more than $21 billion in assets.

Screenshot 69
Weekly asset flows / CoinShares

This recognition by Yahoo Finance comes just after Grayscale acknowledged the insights of Bloomberg ETF analyst James Seyffart regarding their ETF spin-offs. Seyffart detailed the spin-offs, particularly the creation of a mini Ethereum ETF (ETH) from Grayscale’s existing Ethereum Trust (ETHE). 

He also noted that this process had already influenced ETHE’s trading prices, with a drop linked to the upcoming distribution of shares. Grayscale confirmed Seyffart’s analysis, affirming the accuracy of his insights in a post.

Solana Price Plunges Below $150 as Bear Traders Mount $195M SHORT Positions

Mark Brennan
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0
Solana Price Plunges Below $150 as Bear Traders Mount $195M SHORT Positions

Solana price slipped below $150 on Monday, August 13, down 12.68% in the last four days. Derivatives markets data suggest ongoing SOL traders are positioning for further downside in the coming days.

Solana Price Loses $150 Support Amid Sluggish Market Demand

Last week, Solana’s price saw significant upside momentum, with bullish news driving investor enthusiasm. The approval of Solana ETFs in Brazil catalyzed a 49.32% rally between August 5 and August 9. The SOL price peaked at around $163 on August 9, fueled by optimism and increased investor interest.

However, rather than hold out for a potential breakout above $170, short-term traders began taking profit as Solana’s price approached the $165 resistance level.

Solana Price Action (SOL/USD) | TradingView
Solana Price Action (SOL/USD) | TradingView

The SOL/USD price chart above illustrates weakening market demand after recent profit-taking activity. As of August 13, Solana is trading below $148, representing a 12.68% correction from last week’s peak. The psychological support at $150, once a stronghold for bullish sentiment, has now been breached. This loss could signal a shift in market sentiment as investors reassess their positions amid the current bearish outlook.

Bears Regain Control With $172M SHORT Positions.

The breach of the $150 support level on August 13 appears to have emboldened bear traders. According to Coinglass Liquidation Map data, SOL traders have mounted $171.98 million in short positions, while active long contracts stand at $165 million. This indicates a significant shift in market sentiment, with bearish positions outweighing bullish ones.

Solana Liquidation Map (SOLUSD) as of Aug 13, 2024 | Coinglass
Solana Liquidation Map (SOLUSD) as of Aug 13, 2024 | Coinglass

The current landscape suggests that many long traders, who initially benefited from the rally, have now closed their positions amid the 12.68% decline in SOL price over the past four days. With the number of short positions exceeding longs, bear traders could capitalize on this momentum, potentially pushing the price further down now that SOL has lost the critical $150 support.

SOL Price Forecast: Bulls Must Hold $140 Support

The analysis of recent market data points toward a bearish outlook for Solana’s price. The breach of the $150 support level and the growing dominance of short positions suggest that the bearish sentiment may continue to prevail.

Solana Price Forecast (SOLUSD) | TradingView
Solana Price Forecast (SOLUSD) | TradingView

Based on the technical indicators in the SOLUSD chart, Solana could face further downside pressure. The key support level at $140 must hold to prevent a steeper decline. If the price falls below this level, it could open the door for a further drop toward $136.82, the next major support level.

On the upside, resistance is now expected to be around $151.96, and only a sustained move above this level would signal a potential reversal of the current downtrend.

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