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Bitcoin Whales Amass $1.6 Billion in BTC Within 48 Hours

Sam Wisdom Raphael
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Bitcoin Whales Amass $1.6 Billion in BTC Within 48 Hours

Bitcoin whales accumulate over $1.6 billion worth of BTC tokens within 48 hours as the ongoing market downturn presents a “buy-the-dip” opportunity.

Market analyst Ali Martinez called attention to this accumulation spree in a recent post on X. Citing data from market intelligence resource Santiment, Martinez revealed that these whale addresses have procured 30,000 BTC tokens valued at $1.62 billion within this timeframe. 

The market watcher spotlighted Bitcoin’s exchange outflows, which have witnessed a dramatic surge in recent times. Data from CryptoQuant confirms this trend. Notably, earlier last month, exchange outflows spiked to 131,907 BTC. This marked the largest figure since March 1.

Bitcoin Exchange Outflow Total All Exchanges
Bitcoin Exchange Outflow | CryptoQuant

However, the outflows witnessed a drastic drop as July progressed, spilling into the month of August. Meanwhile, a recovery occurred amid the ongoing market crash. Exchanges recorded a whooping 89,378 BTC outflow on August 5 alone as BTC dropped to $54K. Today, exchange outflows have totaled 33,788 BTC so far.

In addition, the Bitcoin exchange reserve has continued to collapse as a result of the increased outflows. The share of Bitcoin’s supply on exchanges has depleted to a current figure of 2.687 million, the lowest in years. This trend confirms the ongoing whale accumulation trend.

Bitcoin Exchange Reserve All Exchanges
Bitcoin Exchange Reserve | CryptoQuant

Bitcoin Whales Accumulate while Smaller Investors Sell

Interestingly, a recent report from IntoTheBlock further lends credence to this pattern. The on-chain analytical resource disclosed in a post today that large investors holding between 1,000 and 10,000 BTC tokens have been buying the dip amid Bitcoin’s recent collapse.

This cohort of addresses have persistently augmented their bags since Aug. 1, now holding 4.79 million BTC. However, in an interesting twist, smaller addresses with less than 1 BTC have continued to sell off their tokens. This contrast in investor behavior is typical during market downturns.

However, most analysts regard it as bullish. Notably, the pattern shows that less convicted investors are leaving the market, giving more convicted ones an opportunity to scoop up their holdings. With the more resolute HODLers dominant in the market, the bulls can receive enough strength for a rebound.

Veteran trader Peter Brandt has already projected this imminent rebound. Per a previous report from The Crypto Basic, Brandt forecasted a forthcoming “pump” that could push BTC above its recent all-time high. The market veteran expects a price surge above $92K. Bitcoin recently trades for $56,188 at press time, up 3.3% in the last 24 hours.

Analyst Says Cardano Bull Market “Not Canceled” Despite New Yearly Bottom

Abdulkarim Abdulwahab
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0
Analyst Says Cardano Bull Market “Not Canceled” Despite New Yearly Bottom

Prominent analyst Dan Gambardello argues that the Cardano bull market is still in effect despite ADA hitting a fresh bottom for this year.

On Monday, Cardano was a major victim of the bearish force that held the crypto market to ransom. Specifically, ADA collapsed to $0.27 after a 20% dump, establishing a lower low compared to last month’s $0.321 bottom. Accordingly, ADA has tanked by over 65% from the $0.81 yearly peak set in March.

This performance has caused many to lose hope in ADA as it continues to set new lows during each significant market shakeout. However, analyst Gambardello believes there is no cause for alarm for ADA, arguing that Cardano is still on course with expected performance based on historical data. 

Cardano Still on Track with History

Gambardello cited data showing similarities between this cycle and previous ones. First, he pointed out that ADA only shows an 89% decline from its all-time high. He claimed it is comparable to the 93% drop observed around 100 days after the Bitcoin halving in the last cycle.

Furthermore, Gambardello stressed that while the current chart looks grim, Cardano’s fundamentals remain strong. He disclosed that his confidence in ADA increased amid Binance’s recent upgrade to support the impending Cardano hard fork. 

The technical update to the Cardano network will enable on-chain governance and participation from ADA community members. 

Meanwhile, Gambardello highlights potential bullish divergence on the weekly RSI, suggesting that ADA could be setting up for a reversal. He acknowledges the pain of the recent dip but emphasizes that similar patterns have played out in past cycles, often followed by substantial recoveries.

The analyst clarified that ADA is not underperforming in an altcoin season where Bitcon’s dominance is low. Instead, its lackluster movements are on par with the last cycle’s trend before it reversed, leading to the all-time high at $3.10.

What Gambardello is Watching on Cardano Charts

In the short term, Gambardello is watching for ADA to move toward its moving averages (20, 50, 200) and flip the momentum from lower lows to higher highs. Historically, post-Bitcoin halving periods have been altcoin seasons, and he believes ADA is primed to benefit from this trend once Bitcoin dominance starts to fall.

As a result, Gambardello stressed that Cardano’s bull cycle is “not canceled,” and its movements are “normal.” Yet, he urged ADA enthusiasts to be prepared for anything.

XRP Sees Resurgent Demand, Reaching Levels Last Seen Before Lawsuit

Albert Brown
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XRP Sees Resurgent Demand, Reaching Levels Last Seen Before Lawsuit

XRP trade volume spikes to high last witnessed before the SEC’s lawsuit against Ripple, per data sourced by analytics firm Kaiko. 

Citing Kaiko data, blockchain researcher Colin Brown reveals that XRP’s market activity has returned to levels seen before the SEC lawsuit. According to him, XRP trading volumes in U.S. markets have significantly increased since Judge Analisa Torres’ summary judgment decision last July.

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Notably, the court ruling noted that XRP in itself is not a security. It also clarified that Ripple’s XRP sales via secondary trading platforms are not considered securities transactions, whereas direct sales to institutional investors are classified as such. Consequently, multiple U.S. exchanges, including Coinbase and Gemini, listed XRP, tapping into the previously suppressed demand from U.S. traders.

Trading Volume Surge

Kaiko Analytics’ chart, titled “Share of XRP Volume on US Exchanges,” maps out the percentage of weekly trading volume of XRP on U.S. exchanges from January 2020 to July 2024. The chart highlights these critical events that have influenced XRP’s trading activity. 

From January 2020 to December 2020, XRP’s trading volume remained stable between 5-10%, indicating steady market interest. However, on December 22, 2020, the SEC initiated legal action against Ripple, alleging that XRP was sold as an unregistered security. This led to a steep decline in trading volume on U.S. exchanges, falling from about 10% to under 1%.

Throughout 2021 to mid-2022, trading volumes were consistently low, staying below 1%. Notably, from mid-2022 to early 2023, there was a gradual uptick in trading volume, reaching around 3-5%, likely due to developments in the legal case and hopes for a positive resolution.

On July 13, 2023, Judge Torres ruled that XRP is not a security. This resulted in a significant spike in trading volume, jumping from around 5% to nearly 15%. From late 2023 to July 2024, XRP’s trading volume remained elevated, fluctuating between 10-15%.

This Technical Indicator Concur

Technical indicators also signal a renewed interest in XRP, and possible effects on price. A chart from TradingView illustrates the daily price movements of XRP against Tether (USDT) on Binance, incorporating the Demand Index indicator. 

Screenshot 20

The recent uptick in the Demand Index from negative to less negative values suggests that selling pressure is diminishing and buying interest is returning. This resurgence in demand, especially if the DI crosses into positive territory, could signal a potential bullish reversal.

Rising Social Activity 

Meanwhile, according to The Crypto Basic, notable figures in the crypto community, like Nick, an entrepreneur and self-proclaimed “Crypto Crusader,” previously recognized XRP’s substantial growth potential.

Nick expressed amazement at the surging demand, noting it shows no signs of subsiding. Using data from market intelligence tool Fiatleak, he highlighted that XRP had exceeded 1 million trades per minute globally. 

Famous Ethereum Whale Acquires 56,093 ETH Amid Price Dip 

Lele Jima
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Famous Ethereum Whale Acquires 56,093 ETH Amid Price Dip 

An entity dubbed “7 Siblings” capitalized on the recent Ethereum price decline to thousands of ETH tokens, according to Blockchain analytic platform Lookonchain.

Lookonchain data shows that the entity quietly purchased 56,093 ETH, worth $129.3 million at the time.

Details of the Transaction 

Per blockchain data, 7 Siblings started its ETH accumulation yesterday when ETH was trading around $2,600 and continued buying until the price decreased further to $2,191. The average buying price of the 56,093 ETH was $2,305.

Interestingly, Lookonchain revealed that the accumulation spree lasted 12 hours on August 4 and 5, 2024. The entity converted $129.3 million worth of USD Coin (USDC) to ETH across multiple platforms, including 1inch and Uniswap.

7 Siblings Strategic Purchase 

The development caught Lookonchain’s attention because the entity’s behavior was quite different from that observed across the broader crypto market. 

Following the recent decline in crypto prices, investors were forced to convert their digital currencies into less-risky assets, like stablecoins. They feared that the downtrend might worsen, leaving them with huge losses.

Conversely, 7 Siblings saw the recent dip as an opportunity to accumulate the second-biggest crypto by market cap.

Data from Arkham Intelligence shows that the entity’s blockchain wallet holds $259.35 million worth of cryptos. Ethereum ranks as the wallet’s largest asset by dollar value, with a holding of 62,958 ETH, currently worth $153.4 million.

Other cryptocurrencies held by 7 Siblings include $51.33 million in Maker (MKR), $46.3 million in USDC, and $4.5 million worth of Wrapped NXM (WNXM), among others.

Other ETH Accumulation 

Meanwhile, 7 Siblings was not the only entity to take advantage of the recent dip to accumulate ETH. Lookonchain also identified four other crypto whales that acquired ETH at discounted prices during the latest dip.

These whale addresses, alongside 7 Siblings, collectively purchased 144,071 ETH, worth $331.11 million. Following 7 Siblings’ purchase, the second-biggest ETH accumulation during the dip saw an unlabeled address 0x267e…f91e spend $101.97 million in USDC to purchase 44,653 ETH at an average price of $2,284.

The exploiter of Nomad Bridge splashed $39.75 million in DAI to purchase 16,892 ETH at an average price of $2,353. Furthermore, the fourth address, 0x5ac5…a17e, acquired 16,407 ETH with 37 million USDT. Another unknown crypto whale, via the address 0xCaf1…666E, scooped 10,026 ETH using 23.08 million USDC.

Meanwhile, Ethereum is trading at $2,450 per token at press time, up 3.22% over the past 24 hours. ETH’s surge comes hours after the token plummeted to $2,122 yesterday.

Rising Wedge Pattern Shows Bitcoin Might Drop to $51K Despite Recent Gains

Albert Brown
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Rising Wedge Pattern Shows Bitcoin Might Drop to $51K Despite Recent Gains

As Bitcoin and the rest of the crypto market observe a recovery campaign from the recent drop, some analysts warn there might be further downturn.

Ali Martinez, an expert analyst on X, recently highlighted a bearish pattern in Bitcoin’s short-term price action. According to him, on the daily chart, Bitcoin is forming a rising wedge, a pattern often linked to downtrends.

Although Bitcoin might climb to $57,000 at the wedge’s upper boundary, there is a potential breakdown that could pull it back to around $51,000. This observation raises important considerations for Bitcoin’s immediate future.

Bitcoin Rising Wedge Pattern 

A rising wedge is a bearish continuation pattern that often appears during uptrends. This pattern is characterized by converging trend lines where both the support and resistance lines slope upward.

Such convergence reflects diminishing upward momentum and often precedes a reversal to the downside. 

abtc

Currently, Bitcoin’s price action on Ali’s chart illustrates this pattern. The price might climb toward the upper boundary of the wedge, ranging between $56,000 and $57,000. A breakdown below the rising support line could signify a trend reversal, potentially leading the price towards $51,000.

Technical Indicators Highlight Bearish Sentiment

Technical indicators on the daily chart support this bearish sentiment. The Bollinger Bands indicate widening volatility, with the price near the lower band, suggesting potential oversold conditions. 

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The Relative Strength Index (RSI) is at 30.04, placing Bitcoin in the oversold territory (below 40). This suggests the asset is potentially undervalued in the short term. Further, the Accumulation/Distribution (Acc/Dist) line shows a slight decline, indicating more distribution (selling pressure) than accumulation (buying pressure) over the recent period, with a current value of 4.619M.

Long-Term Analysts See Potential for Growth

Despite the short-term bearish outlook, some analysts maintain a long-term bullish perspective. Expert chartist Peter Brandt recently highlighted Bitcoin’s potential for further growth. In a recent chart, Brandt used an 8-period moving average to track short-term trends. 

Bitcoin experienced a strong surge in Q1, establishing bullish sentiment. Although this was followed by fluctuations, Bitcoin showed resilience by recovering after each setback and edging closer to previous highs.

Brandt’s analysis suggests that while Bitcoin may face short-term bearish pressures, the longer-term outlook remains positive.

Cardano Price Predictions: Will ADA Smash $0.50 or Face a Massive Crash?

Albert Brown
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Cardano Price Predictions: Will ADA Smash $0.50 or Face a Massive Crash?

In a declining trend, Cardano faces difficulty restarting a bull cycle as the overhead supply grows. Will the intraday growth propel a new ride to the resistance trendline? 

Trading at a 60% discount from its 52-week high of $0.81, Cardano’s market cap is on a steady decline. After making a streak of bearish and Doji monthly candles for six months straight, ADA has lost 48% of its value on a year-to-date scale.

The ongoing correction spree in Cardano forms a bearish channel in the one-day chart and tests the $0.30 support. Amid the suddenly increased volatility, the altcoin stands at the support trendline, waiting for a new bull cycle momentum.

Cardano Delay in Recovery Warns Freefall under $0.30

In the recent negative cycle, coinciding with the broader market fall, Cardano registers a low of $0.277. However, the underlying demand helps push the closing price well above the $0.30 support. 

Cardano Price Chart
Cardano Price Chart

The residual bullish forces pumped the ADA price up by 4.81% today, accounting for a total of 12% surge within the last 24 hours. Furthermore, the sudden surge ended a streak of ten bearish days with a bullish candle and indicated a hope of reversal. 

As per the volume profile of the ongoing downfall, the trading activity between $0.35 and $0.37 shows moderately high volume. Further, the next set of high-volume bars in the $0.45 and $0.47 range reflect the fair value of the bearish range. 

Currently, Cardano trades at $0.32 and readily approaches the $0.35 higher volume range. However, the bearish trend in the MACD and signal lines warns of a profit-booking phase. 

Will Cardano Reach $0.50?

A lower price rejection near $0.30 increases the chances of a bullish cycle within the falling range. Additionally, ADA could surge due to rising rumors and hype around potential talks for an emergency rate cut.

According to pivot point standards, ADA finds support at the first support level (S1) at $0.319 and aims to reclaim $0.387. Beyond this, the indicator reveals the next resistance levels at $0.45 and $0.52.

Furthermore, the upcoming Chang hard fork could significantly impact Cardano’s price trend as it introduces community participation in on-chain governance. Historically, the price of ADA rallied by over 130% leading up to the update that brought smart contracts to Cardano.

However, ADA also has a bearish tendency after major upgrades. Considering the likely bearish influence of the hard fork, the next levels of pivot support for ADA are at $0.24 and $0.18, which could become areas to buy the dip.

What Is Crypto Gaming And What’s The Future of Crypto Gaming Beyond 2024

Albert Brown
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What Is Crypto Gaming And What’s The Future of Crypto Gaming Beyond 2024

Over the past few years, the gaming industry has undergone a significant transformation with the advent of crypto technology. 

Crypto, rooted in blockchain technology, aims to create a safer, more transparent, and user-centric online environment. This shift has led to a new category of games that leverage blockchain and cryptocurrencies to offer players unique experiences and true ownership of in-game assets.

This article explores what crypto gaming is, how it emerged, and its current rise, as well as the future potential of crypto gaming as we look ahead beyond 2024.

What is Crypto Gaming?

Crypto gaming merges traditional gaming entertainment with digital assets’ economic potential. 

Unlike conventional games, where in-game purchases are typically non-refundable, crypto gaming introduces elements of ownership and real-world value. Players can buy unique digital items, such as characters or virtual land, represented by non-fungible tokens (NFTs).

Blockchain technology underpins this ecosystem, ensuring transparency and security in asset ownership. 

Many crypto games incorporate play-to-earn mechanics, where players can earn cryptocurrency or in-game tokens through gameplay. These tokens can often be exchanged for real-world currency, creating a new economic dimension to the gaming industry.

Here are some well-known crypto games:

  1. Axie Infinity;
  2. Decentraland;
  3. PawFury;
  4. Gods Unchained;
  5. The Sandbox.

How Did Crypto Games Start?

Crypto games began to gain attention in the early 2010s, along with games like CryptoKitties and Decentraland. But to really get why crypto gaming took off, we need to look at what came before.

Before crypto games, many gamers were unhappy. They spent countless hours building virtual worlds and collecting in-game items, only to find that when they logged off, all their hard work stayed in the game and didn’t mean anything in the real world. This led to a lot of frustration. 

Gamers felt like they were wasting their time because their virtual achievements had no real-world value. This dissatisfaction and the emergence of cryptocurrencies paved the way for a new kind of gaming – crypto gaming.

The Rise of Crypto Gaming

Crypto gaming emerged as a significant change driven by the frustration of traditional gamers. With blockchain technology at its core, it transformed the gaming landscape.

In this new realm, the in-game items players tirelessly sought after became NFTs – unique digital assets with verifiable ownership. This groundbreaking idea turned virtual items into real-world assets. Players could now truly own, trade, or sell their in-game items and even use them across different games, opening up a world of new possibilities.

Crypto gaming also introduced the concept of rewarding players for their efforts. Imagine completing a challenging dungeon and receiving cryptocurrency or turning your daily jog into a treasure hunt for valuable in-game tokens. The lines between gaming and reality blurred, creating an ecosystem where every action held real value.

Moreover, crypto games brought new and exciting experiences. Augmented reality (AR) became part of the mix, allowing players to battle aliens on their street or discover hidden treasures in their local park. The digital world merged seamlessly with the physical, creating an unprecedented playground for gamers.

The impact went beyond individual players. Crypto gaming fostered a sense of community ownership. Players could have a direct say in the development of their favorite games through DAOs (Decentralized Autonomous Organizations), voting on features and shaping the game’s future. The power shifted from corporations to the players themselves, revolutionizing the gaming industry.

Crypto Gaming: Benefits and Drawbacks

Benefits of Crypto Gaming

Crypto gaming offers several advantages over traditional gaming. Primarily, it provides players with true ownership of in-game assets. Unlike traditional games, where items disappear upon quitting, crypto games allow players to buy, sell, or trade their digital possessions. This creates a sense of real ownership and value.

Another benefit is the potential to earn money while playing. Many crypto games offer play-to-earn models, rewarding players with cryptocurrency for their gameplay. This can provide a supplementary income stream for gamers.

Furthermore, blockchain technology, the foundation of crypto gaming, ensures transparency and security. Players can verify the authenticity of their digital assets, reducing the risk of fraud or theft.

Drawbacks of Crypto Gaming

While crypto gaming presents exciting opportunities, it also has its challenges. One significant drawback is the volatility of cryptocurrency prices. The value of in-game assets can fluctuate rapidly, impacting players’ earnings.

Another concern is the potential for addiction. The play-to-earn model can create an environment where players prioritize gaming over other aspects of life in the pursuit of financial gain.

Additionally, the complexity of blockchain technology can be a barrier to entry for some players. Understanding cryptocurrency wallets, exchanges, and smart contracts can be overwhelming for those unfamiliar with these concepts.

Lastly, the regulatory landscape for crypto gaming is still evolving. This uncertainty can create challenges for both players and developers.

The Future of Crypto Gaming

The gaming industry is on the brink of a major transformation, with crypto gaming leading the charge. Several key trends are set to drive crypto gaming to new heights:

Play-to-Earn (P2E) Revolution 

The Play-to-Earn model has already begun to change the gaming landscape by allowing players to earn real-world rewards through gameplay. Beyond 2024, this trend is expected to become even more prominent, with top crypto games incorporating this feature. Imagine a future where honing your skills in a captivating crypto game not only provides entertainment but also a tangible income, benefiting both gamers and the industry.

The Metaverse Expansion 

The concept of the Metaverse, a vast network of interconnected virtual worlds, has captivated the crypto-gaming community. Beyond 2024, these metaverses are set to expand and evolve. Developers will create immersive experiences that seamlessly blend the physical and digital realms, making the boundary between reality and the fantastical worlds of games increasingly indistinct.

VR and AR Innovations 

With advancements in Virtual Reality (VR) and Augmented Reality (AR) technologies, crypto gaming is on the verge of a major shift. Beyond 2024, players will be able to fully engage themselves in their favorite games through VR or interact with virtual objects in their real-world environments using AR. These technologies promise groundbreaking and immersive gaming experiences.

Mainstream Blockchain Integration 

As blockchain technology gains broader acceptance, its impact on gaming will continue to grow. Beyond 2024, we might see major gaming companies incorporating blockchain elements into their games. This could include true ownership of in-game assets and player-driven economies powered by blockchain, enhancing the gaming experience with more engaging and rewarding features.

A New Chapter in Gaming

Crypto gaming is an unfolding story of empowerment and ownership, poised to transform the gaming industry. 

As technology advances and challenges are overcome, crypto gaming has the potential to redefine how we interact with and experience games. 

The future of gaming is not just about playing; it’s about creating, owning, and profiting from virtual worlds in ways we never imagined.

Shiba Inu Killer NEIRO Jumps 300%, Eyes $0.50 Ahead

Albert Brown
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Shiba Inu Killer NEIRO Jumps 300%, Eyes $0.50 Ahead

Amid the bullish run in meme coins slowly picking up pace, the Neiro Ethereum is rising, signalling a potential breakout rally ready to hit $0.50 this week.

The NEIRO Ethereum, teased by analysts as this bull cycle’s Shiba Inu and Dogecoin, is making news, particularly with the recent involvement of Ethereum’s founder, Vitalik Buterin. However, the bearish market of August 5 and the massive sale of Buterin’s holdings resulted in a pullback phase for NEIRO.

Nevertheless, with a bullish comeback as the market recovers, the strong and growing NEIRO community anticipates a fresh rally this week ahead. Will the bull run of NEIRO result in a price surge to $0.50?

NEIRO Price Analysis

In the 1H chart, the price trend of NEIRO Ethereum shows a massive upcycle in motion, resulting in a channel breakout. The bullish turnaround comes with the double-bottom reversal from the $0.10 psychological mark.

NEIRO Price Chart
NEIRO Price Chart

The bearish channel fails to hold the rising demand, and the uptrend hits the 61.80% Fibonacci level at $0.2348. However, the meme coin reverses from $0.2348 and tests the 38.20% Fibonacci level. 

Furthermore, the pullback phase results in a bearish crossover of the MACD and signal lines. Hence, the chances of a pullback to retest the broken trendline are increasing, with a potential 12% drop to $0.16510.

Currently, the NEIRO Ethereum token trades at $0.2 with an intraday gain of 4.46%. However, the entire bull cycle in the 1H chart accounts for an 82% rise in 22 hours. Notably, this meme token is up by over 300% from the price it sold for just seven days ago.

Vitalik Buterin Sale of Neiro 

On August 4, the Neiro project airdropped 17 billion NEIRO tokens to Vitalik Buterin, making him the largest holder. Taking it as a positive catalyst, Buterin’s involvement led to a high-momentum bull run in the meme coin. 

However, applying brakes to the moonshot rally, Buterin sold his entire stash for 44.5 Ether (around $103,000), resulting in a bearish reversal in NEIRO’s market value. 

In reaction to his sudden sale, the Neiro community demands that he donate his part of the sale to a stray dog shelter.

Will The NEIRO Price Hit $0.50?

As Vitalik pulls his hand out of the Neiro community, the meme coin takes a solid blow to the gut. However, with the newfound recovery trend, the meme coin will likely hit $0.50 as the breakout run completes a retest phase. 

Top Analyst Says Buy XRP, Go to the Beach, and Relax, As No Lower Lows Are Seen

Abdulkarim Abdulwahab
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0
Top Analyst Says Buy XRP, Go to the Beach, and Relax, As No Lower Lows Are Seen

Analyst Egrag advises crypto investors to stock up on XRP and relax at the beach, highlighting the absence of new lower lows amid market volatility.

In a recent post, pro-XRP analyst Egrag explored XRP’s pattern amid yesterday’s landslide dip in the crypto market. The analyst emphasized that XRP defended some of its earlier gains, avoiding a drop to the lower levels observed in July.

But XRP and Head to beach
Image Source: https://x.com/egragcrypto/status/1820445171344978055

Notably, during the market downturn in July, XRP crashed to around $0.38, a price point last seen over a year ago. The reason for XRP retesting $0.38 was Bitcoin’s fall to the $53K price range, triggered by the German government’s dump of $3 billion in Bitcoin in July.

XRP was significantly impacted, and its reaction was exacerbated by widespread apprehension about its performance prior to the landslide fall. However, before the month ended, XRP staged a commendable comeback.

It quickly rallied to a four-month high above $0.65 in less than two weeks. XRP defended the $0.6 level into August before the onset of another bearish momentum.

XRP Shows Greater Resilience Amid Massive Dump

This time, the selling pressure in the crypto market was so massive that Bitcoin relinquished multiple support levels and broke back into the $49K region for the first time since February, following a 19% drop. 

Altcoins like Cardano, Ethereum, and Solana experienced even more pronounced declines. Meanwhile, XRP crashed from an intraday high of $0.5253 to $0.4335. This was the lowest value XRP reached yesterday before its recovery began. 

Essentially, despite the shocking dump that wiped out over $1 billion from leveraged traders, XRP did not set a lower low yesterday.

On the other hand, Cardano hit $0.2799, a significantly lower bottom compared to the initial yearly low of $0.321 set on July 5. Similarly, Solana crashed to $110.61 yesterday, establishing a new bottom from last month’s $121 level.

Given the resilience XRP exhibited compared to other rival altcoins, analyst Egrag humorously advised crypto market participants to amass more XRP tokens and relax at the beach. 

Notably, XRP set an intraday high at $0.5185 at press time and is defending its gains above $0.5.

One commenter responded to Egrag’s update by saying that the current market fluctuations are nothing to worry about in the grand scheme of things. He cautioned that the recent price bounce might be temporary. However, the commenter suggested that buying XRP now and holding it for the long term could be a profitable strategy regardless.

Notably, Egrag is among the most ambitious XRP analysts, expecting XRP to become much more valuable in the coming weeks. In various analyses, he has charted the paths XRP could follow to reach higher price points beyond the $10 range.

How Many Millions of Shiba Inu Can You Buy with $1,000, $5,000, and $10,000 as Prices Dip to $0.00001

Abdulkarim Abdulwahab
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0
How Many Millions of Shiba Inu Can You Buy with $1,000, $5,000, and $10,000 as Prices Dip to $0.00001

As Shiba Inu continues to hover around the lower thresholds of the $0.00001 range, the market presents an opportunity for investors to procure more tokens at a discount.

Yesterday was a challenging day for seasoned Shiba Inu holders, as SHIB touched a new bottom since attaining a yearly high in March. In particular, Shiba Inu hit $0.00001087 on August 5, dangerously close to losing a leading zero.

While this performance caused holders significant angst, it represents a favorable entry point for Shiba Inu admirers. This article examines the quantity of SHIB tokens new buyers could fetch with investments of $1,000, $5,000, and $10,000.

Shiba Inu You Can Buy with $1,000, $5,000, and $10,000

Notably, at press time, Shiba Inu has reclaimed most of the losses from yesterday’s fallout with a 15% rebound. At press time, SHIB hovers around $0.00001345, which is still a dip considering that the asset sold for $0.0000201 last month.

A $1,000 investment would fetch an investor 74.3 million SHIB tokens at its prevailing market value. However, if Shiba Inu sustains its ongoing bullish momentum to reclaim $0.00002, the $1,000 sum would amount to $1,486, representing around 50% short-term profit. 

Notably, a higher risk exposure of $5,000 in Shiba Inu would give one a portfolio of 371.75 million tokens. Similarly, a Shiba Inu rebound to the $0.00002 channel would elevate this $5,000 sum to $7,434.

Also, with $10,000, an investor would amass approximately 743.49 million Shiba Inu tokens. By the time SHIB recaptures $0.00002, this investment would have accrued an extra $4,869.

Meanwhile, Shiba Inu dip buyers stand to earn even more substantial returns when considering popular projections by analysts.

Shiba Inu Comeback Targets

Last week, analyst Kerschne identified a key support level Shiba Inu needs to maintain to confirm a rally to $0.000033. In another analysis, market watcher Javon Marks highlighted that Shiba Inu is due for a recovery to the $0.000045 yearly high. Marks projected that the comeback would spark a continuation to new price levels in the $0.00015 range.

At the $0.00015 hypothetical price, $1,000 invested in Shiba Inu today would be worth $11,152, while a $10,000 investment would amount to $111,524.

Overall, the prospect of earning substantial returns from Shiba Inu may be tantalizing to investors. However, it is essential to consider the potential impact of Bitcoin’s performance on Shiba Inu’s uptrend. Specifically, if Bitcoin exhibits more bearish volatility, it could delay Shiba Inu’s ascent.

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