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Largest Crypto Asset Manager Grayscale Mentions XRP as Top Asset

Abdulkarim Abdulwahab
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Largest Crypto Asset Manager Grayscale Mentions XRP as Top Asset

Grayscale, the most prominent crypto asset manager, has spotlighted XRP as one of the most valuable crypto assets in the industry. 

In a recent post on X, Grayscale shared a weekly spotlight of the most prominent crypto assets in the market, specifically highlighting their price performances. XRP was featured in the highlight reel. It stood alongside industry giants Bitcoin and Ethereum with its market cap of $25 billion.

The weekly snapshot revealed a challenging seven-day period for the top ten crypto assets, with all but two experiencing significant declines. While Solana (SOL) and Tron (TRX) bucked the trend with positive returns, the remaining eight assets in the top ten posted negative returns.

The biggest loser for the week was Dogecoin (DOGE), whose value collapsed by 9% between July 3 and 10. Toncoin (TON) followed closely, which tanked by 8.3% during the same time frame, reducing its cap to $18 billion.

XRP, Ethereum, and Binance Coin (BNB) suffered similar losses, each shedding 6% of their value over the week. Bitcoin fared slightly better but still declined by 4.4%.

On the other hand, TRX surged by 2.3% during the same period, while SOL posted a 0.5% gain. Effectively, these weekly losses impacted the year-to-date yields of these top-ranking crypto assets.

XRP Loss Big on YTD Scale

Despite crashing by 8.3% in the past week, Toncoin has still managed to hold onto an impressive 217.4% year-to-date (YTD) gain, making it the top-performing asset among the top ten cryptocurrencies. Its closest competitors trail far behind, with BNB boasting a 67.7% YTD return. 

Solana, Bitcoin, and Ethereum have all seen gains of around 35% since January. Meanwhile, Dogecoin and Tron (TRX) have maintained more modest YTD returns of 20.8% and 22.1%, respectively.

On the other hand, XRP has struggled with a significant year-to-date decline, plummeting 28.6% since January. However, Cardano (ADA) and Avalanche (AVAX) have fared even worse, with their YTD price performances suffering losses of 34.4% and 33.4%, respectively.

Grayscale’s XRP Spotlights

Grayscale’s snapshot is part of the firm’s ongoing effort to provide the public with a clear and informative view of the crypto asset market, showcasing the price performance of the top ten cryptocurrencies. This is not a one-time initiative, as Grayscale has a history of similar endeavors.

In December, for instance, the firm partnered with CNBC TV to exhibit a crypto watch, highlighting the market values of XRP and Bitcoin. Notably, this move came just before Grayscale’s application to list a Bitcoin spot ETF was approved.

Notably, Grayscale’s latest weekly snapshot has omitted the meme coin Shiba Inu (SHIB). In a June edition, SHIB was featured with a market cap of approximately $10 billion. Now, AVAX has taken its place, boasting an additional $500 million in market capitalization over SHIB.

Bitcoin Cash (BCH) Price Surges 27% amid Mt.Gox $9 billion Media Frenzy

Mark Brennan
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Bitcoin Cash (BCH) Price Surges 27% amid Mt.Gox $9 billion Media Frenzy

Bitcoin Cash price rebounded above $368 on July 11, marking a 23% rebound from last week’s bottom. On-chain data shows how increased media traction from the Mt.Gox payouts could further propel the rally.

Bitcoin Cash bounces 27%, printing 4 Consecutive Green Candles

In the first week of July, the global crypto market suffered intense FUD (Fear, Uncertainty, and Doubt), triggered by a sell-off from the German government and the $9 billion payouts to Mt Gox creditors denominated on Bitcoin and Bitcoin cash.

Bearish headwinds from these events saw BTC and BCH sink to historic lows during widespread market liquidations on July 5. However, since then, buying momentum has gradually returned to the BCH markets again amid dovish Jobs reports and inflation data published by US Authorities this week.

Bitcoin Cash Price Action BCH USD TradingView 12 july 2024
Bitcoin Cash Price Action (BCH/USD) | TradingView

The chart above illustrates how Bitcoin Cash has swung into a steady uptrend since the US Non-Farm jobs data was released on July 5.

At the time of writing on Friday, July 12, BCH price is trading above the $350 level, having climbed as high as $368 within the 24-hour timeframe. More so, BCH has now printed 3 consecutive green candles, a move that affirms the bulls stronghold on the short-term market momentum.

Mt Gox Links Has Propelled BCH up the Trend Tables

When it was announced that the $9 billion payouts to Mt Gox creditors would be done in BTC and BCH, it triggered widespread short-term sell-offs, as expected. But as the market FUD subsides amid positive macroeconomic reports from the US this week, the media buzz generated by the Mt Gox payouts could be driving up BCH prices.

The IntoTheBlock chart presents the daily trends of Bitcoin Cash (BCH) hits across relevant search engines like Google. A rising search trend often implies increased interest from existing investors or discovery by potential new entrants, and vice versa.

Bitcoin Cash Price vs BCH Search Trend IntoTheBlock 12 july
Bitcoin Cash Price vs. BCH Search Trend | IntoTheBlock

The chart above shows that the search score for “BCH” stood at 46 as of July 7. But as the Bitcoin Cash’s involvement in the Mt Gox payouts dominated the news reels, there has been a significant increase in Google users’ search hits for information on BCH.

At the time of publication on July 12, BCH search score has now surged to 67, reflecting a 46% increase over the last 5-days alone.

Historically, increased search interest for a particular asset often leads to a demand surge from both existing investors and new users who may discover the project on the trends tables.

Unsurprisingly, the 46% surge in BCH search score over the last five days, has coincided with a 27% price bounce. Hence, as bulls regain control of the crypto markets following positive US economic indices in July, the rising search trends could propel BCH price further toward the $400 level in the weeks ahead.

BCH Price Forecast: Bumpy Road to $400

Bitcoin Cash (BCH) is currently trading at $349.47, showing a slight increase of 0.68% over the past day. The price has experienced a notable recovery of 27.88% over the past week, signaling a potential bullish trend. The Auto Fib Extension levels provide a clear roadmap for BCH’s price action, highlighting key resistance and support levels.

The immediate resistance for BCH lies at $360.46, corresponding to the 0.236 Fibonacci retracement level. A break above this resistance could propel the price towards the next significant resistance at $406.18, the 0.0 Fibonacci level, marking a potential target of $400.

If BCH can sustain its momentum and break these resistance levels, it could pave the way for a more extended rally.

Bitcoin Cash Price Forecast New 12 july 2024
Bitcoin Cash Price Forecast | BCH/USD 

On the downside, key support levels are crucial for maintaining the bullish outlook. The first support level to watch is at $338.98, the 0.382 Fibonacci retracement level. A drop below this level could lead to a retest of the $318.22 support, the 0.5 Fibonacci level. If BCH fails to hold these support levels, it could signal a reversal and a move towards lower support at $297.46, the 0.618 Fibonacci level.

In summary, Bitcoin Cash shows promising signs of recovery with the potential to reach the $400 mark. Traders should closely monitor the resistance levels at $360.46 and $406.18. On the flip side, maintaining support at $338.98 and $318.22 is crucial for sustaining the bullish momentum. A break above the key resistance could signal a strong upward move, while failure to hold support could lead to a bearish reversal.

Ethereum Price Reclaims $3,200 on Dovish CPI Report: What Next?

Mark Brennan
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Ethereum Price Reclaims $3,200 on Dovish CPI Report: What Next?

Ethereum price gained 14% within the 7-day timeframe, as reclaimed the $3,200 territory on July 11, on-chain data trends suggest ETH retail traders could pile on more demand in the days ahead.

Ethereum Price Bounces 5% on Positive CPI Report

Ethereum price bounced 5% within the daily timeframe on June 11 as the crypto markets reacted positively to the latest US economy inflation report. On Wednesday, the US Bureau of Labour Statistics published the Consumer Price Index (CPI) report which showed that inflation slowed for the first time in 4 years, adding more luster to calls for interest rate cut. 

The dovish US CPI report of June 2024 sparked a way of buying pressure across the crypto markets, but Ethereum’s ETF impending launch further fuelled the ETH price surge on Thursday. 

Ethereum Price Action ETH USD TradingView 12 July 2024
Ethereum Price Action (ETH/USD) | TradingView

Looking at the chart above, Ethereum price surged by more than 4% on Thursday, to reach a weekly timeframe top of $3,213 on Thursday, July 11, marking a 14.37% recovery from the 100-day low record during the market crash last Friday. 

While the positive CPI report, and louder calls for rate cuts have boosted investor confidence across all risk assets markets, ETH price is also receiving bullish tailwinds from the Ethereum ETF anticipated launch slated for July 15 according to Bloomberg analysts. 

After Thursday’s gains, the ETH price retraced toward the $3,100 level at the time of writing on Friday, July 12. However, according to on-chain data, more retail traders are looking to pile on additional demand for Ethereum as the ETF launch date draws closer. 

The exchange order book data from IntoTheBlock provides comprehensive information on the total number of active buy and sell limit orders for a specific asset. This data is aggregated from 16 well-established cryptocurrency exchanges, such as Binance and Coinbase.

A higher volume of buy orders often precedes a price bounce, as it means that market demand has exceeded the current short-term supply of the asset and vice versa. 

 

Ethereum Exchange Order Books Data ETH USD IntoTheBlock
Ethereum Exchange Order Books Data ETH USD IntoTheBlock

The chart above depicts that Ethereum buyers have listed active bids to purchase 300,000 ETH at the average price of $3,099. Meanwhile traders have only placed 232,000 ETH up for sale close to the current prices. 

Essentially, this means there is currently an excess market demand for over 68,000 ETH. Valued at the current prices, the bears must now place another $321 million worth of sell-pressure to halt Ethereum’s current price rebound phase. 

But with the spot Ethereum ETFs due to launch in less than a week, existing ETH investors could opt to sit-and-watch approach and consolidate on their holdings. Other strategic short-term traders may also be waiting to sell into the expected market euphoria around the launch date. 

As this cooling sell-side pressure persists on the dovish CPI report and the anticipated ETF launch, ETH price could be on the verge of a parabolic breakout towards $3,500.  

Ethereum Price Forecast: ETH Bulls Can Target $3,500 Rebound

Ethereum (ETH) has shown signs of recovery, currently trading at $3,092.12 as of July 12. The price has rebounded by 14.37% over the past six days, suggesting a potential continuation of the bullish trend. The Parabolic SAR indicator at $3,256.23 signals a possible upward momentum, with ETH aiming to break key resistance levels.

The immediate resistance is at the Parabolic SAR level of $3,256.23. A break above this could open the door for a retest of the $3,500 level, a significant psychological and technical barrier. The Relative Strength Index (RSI) is at 39.20, indicating that ETH is still in the oversold territory but showing signs of recovery. If the RSI continues to rise, it could further confirm the bullish outlook.

Support levels are crucial to monitor in the event of a pullback. The first support level to watch is around $3,000, which has proven to be a strong psychological support. Below this, the next significant support is at $2,800. A drop below $3,000 could weaken the bullish momentum and lead to a retest of the lower support levels.

In summary, Ethereum’s price action and technical indicators suggest a bullish outlook with a target of $3,500. Traders should watch the key resistance at $3,256.23 and the support at $3,000. A successful break above the resistance could see ETH retesting $3,500 while maintaining support at $3,000, which is crucial for sustaining the bullish momentum.

Shiba Inu Partnership with These Two Top Projects Looks to Enhance Shibarium DeFi

Sam Wisdom Raphael
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Shiba Inu Partnership with These Two Top Projects Looks to Enhance Shibarium DeFi

The Shiba Inu partnership with K9 Finance and Unification seeks to enhance the Shibarium DeFi ecosystem with attractive offerings.

The Shiba Inu ecosystem is about to undergo a significant transformation through the partnerships with K9 Finance and Unification. Together, they seek to enhance decentralized finance (DeFi) within Shibarium, the blockchain layer of the ecosystem.

Shiba Inu Partnership with K9 and Unification

Shiba Inu’s long-term partnership with Unification has been pivotal to the development of Shibarium. The platform has provided key infrastructure for the development of the layer-2 solution as well as its launch in August 2023.

Meanwhile, the Shiba Inu ecosystem also boasts a collaboration with DeFi protocol K9 Finance. This partnership, formed in February, has since extended to further solidify the alliance. Consequently, K9 Finance has positioned itself as the official liquid derivatives partner of the Shiba Inu ecosystem.

Interestingly, a disclosure from the latest iteration of the Shib Magazine suggests that the collaboration shared by Shiba Inu, K9 Finance and Unification is aimed at bringing enhancements to the Shibarium DeFi ecosystem. Unification spotlighted this in a recent X post, touting the full deployment of its toolkits for Shibarium enhancement.

According to the latest magazine issue, K9 Finance and Unification are gradually bolstering Shibarium DeFi. By leveraging their strengths, they are offering advanced DeFi solutions and dependable infrastructure to improve the financial experience for users.

K9 Finance and Unification Seek to Enhance Shibarium

Buzz, founder of K9 Finance, emphasized that the DeFi protocol introduces a new utility for BONE. He stressed that their Liquid Staking Derivative (LSD) platform will allow BONE holders to delegate their tokens to validators, an avenue through which they can earn yields.

This utility will also help to address issues surrounding liquidity as it pertains to staking. In addition, holders of BONE can scoop up liquid staking tokens through this utility. Buzz stressed that market participants can further use these tokens within Shibarium and products in the K9 Finance ecosystem.

Meanwhile, recall that the FUND token from Unification recently landed on Shibarium. According to the Shib Magazine, this development could allow for a broader spectrum of services and products. Mazi, the product lead at Unification, stressed that it could give market participants the opportunity to fully leverage UNoDE.

For the uninitiated, UNoDE is a blockchain product from Unification looking to provide improved network RPC services. Unification touts its RPC services, which will initially support the Shibarium, Ethereum and Unification networks, as fast, private and lean. The team opened private beta testing in May and is now developing UNoDE 2.0.

Meanwhile, the Shib Magazine further called attention to Unification’s ability in blockchain interoperability. The report highlighted this feature as potentially crucial for Shibarium. Notably, with UNoDE further bolstering this interoperability, Unification could help connect Shibarium to other networks.

Ultimately, the products and services offered by K9 Finance and Unification would help introduce improved DeFi capabilities to the Shibarium ecosystem and greater liquidity. These enhancements will help Shibarium in its growth path, potentially driving new users and developers.

Shiba Inu Lead Says SHIB to Become First Trillion-Dollar Decentralized Entity

Lele Jima
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Shiba Inu Lead Says SHIB to Become First Trillion-Dollar Decentralized Entity

Shiba Inu’s lead developer, Shytoshi Kusama, reveals the project’s ambitious goal of becoming the first trillion-dollar decentralized economy.

The Shiba Inu leader made this known in his first-ever interview with Arabian Business. Kusama, who was accompanied by top developer Kaal Dhairya, shed light on Shiba Inu’s goal and explained why they have both chosen to remain anonymous.

Shiba Inu to Become First Trillion-Dollar Decentralized Entity

During the interview, Kusama revealed that his goal is to make Shiba Inu the first trillion-dollar decentralized entity.

“Our goal is to be the world’s first trillion-dollar decentralized entity,” Kusama remarked.

This suggests that he envisions Shiba Inu hitting a jaw-dropping market capitalization of $1 trillion. Given Shiba Inu’s current market cap of 589.27 trillion SHIB, hitting a $1 trillion valuation could see a unit of SHIB trade at $0.001697, up 10,386% from the current price of $0.00001618.

Explaining how Shiba Inu could achieve the $1 trillion valuation, Kusama anticipates an explosion in global crypto adoption from less than 5% to unprecedented levels.

He indicated that while memecoins will be the gateway to blockchain and crypto, Shiba Inu will pioneer the world’s transition from Web2 to Web3.

SHIB Is Still a Puppy

Kusama’s ambitious goal of elevating Shiba Inu to a trillion-dollar decentralized entity comes days after he called SHIB a puppy, suggesting that the token is in its infancy stage.

The Shiba Inu lead developer made the declaration while acknowledging that many people are unaware of his long-term vision for the dog-themed token.

He introduced a global tour that would see the ecosystem team engage celebrities, industry leaders, and companies seeking to transition to Web3 from Web2.

According to him, the tour, which started last week in Kyoto, Japan, will help convince the world that Shiba Inu is here to stay.

Kusama Explains Why He Wants to Remain Anonymous

Recall that Kusama, alongside Dhairya, visited Mumbai, India, in masked costumes as part of the global tour.

His decision to conceal his identity with a mask has triggered concerns among SHIB enthusiasts, who are eager to see the face of the person leading the dog-themed project.

In the interview with Arabian Business, the lead developer said he values anonymity over money, adding that he is not planning to reveal his identity.

“Maybe one day in many years to come, I’ll be sitting on a beach somewhere, and I’ll show my friends a story about Shiba Inu and say, ‘I did that.’ But they probably won’t believe me,” he added.

Expert Believes XRP May Hit $57 This Bull Run, Riding on Utility and SEC Lawsuit Resolution

Mark Brennan
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Expert Believes XRP May Hit $57 This Bull Run, Riding on Utility and SEC Lawsuit Resolution

XRP Captain predicts XRP could surge to $57 in the next bull run, driven by increased utility and a favorable outcome in the ongoing SEC lawsuit.

The market watcher’s analysis on X presents a compelling case for XRP’s involvement in the next bull run. He highlights historical price trends, potential future targets, and key factors that could drive XRP’s performance.

He presented a price chart of XRP from 2013 to 2024, showcasing notable peaks and troughs that reflect substantial volatility. The chart features an upward channel delineated by two yellow curved lines, suggesting a long-term bullish trajectory. These lines have consistently served as robust support and resistance levels.

Aiming for a 11,745% Surge?

XRP CAPTAIN’s analysis points to several factors that could propel XRP into the forthcoming bull run. The growing utility of XRP, through increased adoption and use cases, could serve as a significant driver. 

Additionally, the resolution of the ongoing SEC lawsuit is expected to positively influence market sentiment. The lawsuit, once settled, could remove a major uncertainty hanging  XRP. Notably, XRP has not recorded as much institutional adoption as pp1

The analysis sets a minimum target of $57 for XRP during this bull run, implying a dramatic increase from current levels, particularly a 11,745% rise. 

However, XRP CAPTAIN also notes the likelihood of substantial selling pressure around $10, a psychological barrier and a potential resistance point. This could create temporary resistance as investors lock in profits at this level.

Skepticism on $57 Target

Community reactions to XRP CAPTAIN’s analysis vary widely. JD suggests the upward curve should be adjusted lower on a logarithmic scale. However, he concedes that if the structure breaks with a confirmation candle on higher time frames, prices could exceed current expectations. 

Another analyst is more skeptical, dismissing the $57 target and focusing on even higher long-term goals. He expresses willingness to hold out for more substantial gains. Conversely, one community member questions the impact of utility on XRP’s price and asserts that the lawsuit’s conclusion, already in the final stages, will not significantly affect the price.

Wealth Advisor Predicted 1,000X

Despite the excitement surrounding XRP’s previous 20% spike above $0.74, it has underperformed relative to other assets. After hitting $0.6685, XRP saw an 8% drop below $0.60. Nevertheless, the occurrence of a golden cross on the daily chart, with the 50-day EMA crossing above the 200-day EMA, also signaled potential bullish momentum.

Elsewhere, U.S.-based wealth advisor Mickle projected a 1,000X price surge for XRP, encouraging market participants to hold onto their investments. He recalls the period between 2014 and 2017 when XRP traded below $0.01, characterized by low volumes and sideways movement. Despite widespread skepticism during this stagnant phase, XRP eventually soared.

“I’m Not Elon Musk,” Confirms Shiba Inu Lead Kusama, “But I Can Show Him How It’s Done”

Abdulkarim Abdulwahab
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“I’m Not Elon Musk,” Confirms Shiba Inu Lead Kusama, “But I Can Show Him How It’s Done”

Shytoshi Kusama, the pseudonymous leader of the Shiba Inu ecosystem, has confirmed he is not Elon Musk, but he’s willing to share his expertise on maintaining anonymity with the billionaire.

Kusama shared these thoughts during his first exclusive interview with Arabian Business. He countered the views of conspiracy theorists who suggested the mysterious figure behind the Shiba Inu cryptocurrency might actually be Elon Musk operating under a pseudonym.

The report reiterated that “Shytoshi Kusama” is merely a pseudonym, and his true identity remains shrouded in mystery. 

Shiba Inu Lead’s Anonymity Story

Despite his prominent role, Kusama has managed to keep his personal life and appearance completely hidden from the public eye. There are no known photographs, audio recordings, or even a hint of his location.

In a surprising turn of events, Arabian Business managed to secure a meeting with the elusive Kusama. They meet with him and his right-hand man, Kaal Dhairya, in a quiet café “somewhere” in the world at 3 AM. 

The encounter was the culmination of weeks of negotiations with intermediaries and navigating complex security protocols.

For the first time ever, Kusama and Dhairya agreed to participate in a photo shoot, though with their faces and attributes carefully concealed from the cameras. Remarkably, the enigmatic duo finally broke their silence in the exclusive interview.

Shiba Inu Lead Shytoshi Kusam and Kaal
Shiba Inu Lead Shytoshi Kusam and Kaal Dhairya | Arabian Business

When asked about his preference for anonymity, Kusama expressed that he prefers it that way and has no intention of revealing his true identity. 

He explained that the freedom to move about unnoticed, without security or recognition, is priceless. 

“The fact that I can sit in a coffee shop, with no security outside, and nobody recognizes me, that’s actually worth more than any amount of money,” Kusama said. 

Notably, Kusama recently made a public appearance in Japan during a Web3 conference, albeit masked. He exchanged pleasantries with community members and even took photographs.

Kusama Humble Beginnings and Future Plans

In a rare glimpse into his future plans, Kusama hinted that one day, he might reveal his role in creating Shiba Inu to his friends while sitting on a beach, but he doubts they would believe him.

Notably, Kusama and Dhairya have humble beginnings. Before rising to prominence in the crypto world, Kusama worked as an Uber driver in Los Angeles, while Dhairya was a part-time food delivery courier in New York, per the report.

Today, they helm one of the most influential crypto projects, SHIB, which boasts the largest decentralized community globally.

Kusama shared his ambitious vision for Shiba Inu, aiming to become the world’s first trillion-dollar decentralized project. He believes that the current low adoption rate of cryptocurrency (less than 5% of the global population) is poised to explode, with memes serving as a gateway. 

Specifically, Kusama envisions Shiba Inu as the brand that will lead the charge in transitioning the world from Web2 to Web3.

SEC Drops BUSD Stablecoin Investigation in Key Win for Paxos

Albert Brown
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SEC Drops BUSD Stablecoin Investigation in Key Win for Paxos

SEC drops inquiry into Paxos’ Binance USD (BUSD) with no enforcement action delivering key development in stablecoins’ regulatory context.  

Paxos disclosed the latest development in a recent  post on X, stressing that the U.S. Securities and Exchange Commission (SEC) quietly closed its investigation into the Binance USD (BUSD) stablecoin. They further announced the update in an official press release on Thursday.

The termination of the investigation further bolsters the crypto industry’s pursuit of regulatory clarity. Notably, the industry has continued to grapple with regulatory uncertainty and a slew of enforcement actions from the SEC.

SEC Terminates BUSD Stablecoin Investigation

In a letter from SEC’s acting head of crypto assets and cyber unit, Jorge Tenreiro, on July 9, the agency informed Paxos that it would not recommend enforcement action. The decision comes a year after the Gary Gensler-led SEC sent Wells notice to indicate possible enforcement action alleging illegality over the dollar-backed BUSD stablecoin that Paxos issued in partnership with Binance.

Paxos downplayed the allegations, noting that the token is not a security and is 1:1 dollar-denominated reserves. The prolonged inquiry raised concerns within the crypto industry and aggravated the call for regulatory clarity.   

Paxos said in its press release that the latest development will help unlock a widespread wave of stablecoin adoption by global enterprises. Paxos’ strategy head, Walter Hessert, hails the closure of the investigation as bringing renewed focus to the pursuit of enterprise partnerships. 

Stablecoins’ Legal Victory

Concluding the inquiry is a monumental development when the stablecoin segment is witnessing progressive growth globally. To Paxos, the termination is timely days after securing approval from the Monetary Authority of Singapore (MAS) to offer Singapore-compliant stablecoins. 

Meanwhile, the abandoned inquiry sets the stage for clarity in the stablecoin segment and the larger crypto scene. The securities regulator alleged Paxos’ BUSD stablecoin, a security in the charge against Binance last year. 

Notably, court filings by the SEC argued that BUSD satisfied the investment contract requirement, thus a security under the Howey Test. Nonetheless, a federal judge dismissed the charges relating to the BUSD sale late last month. 

The SEC’s move to halt the inquiry into Paxos follows the June 28 ruling by Judge Amy Jackson. The judge observed failure in the SEC to plausibly allege Binance’s offer to sell BUSD as an investment contract, holding that it is not a securities offering. 

Circle chief executive Jeremy Allaire hails Thursday’s revelation as confirmation that payment stablecoins are payment money. Also, a recent X post by Bitwise investment strategist Juan Leon considers Paxos’ revelation a legal victory for stablecoins as they realize global traction. 

Chainlink Eyes $15.50 If Bulls Break Key Resistance Levels

Zabi
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Chainlink Eyes $15.50 If Bulls Break Key Resistance Levels

Recent data suggests Chainlink could reach $15.50 if it stays above $12.52, breaking key resistance at $14.44.

According to analyst Ali Martinez and data from IntoTheBlock, the key supply wall at $14.44 serves as a significant resistance level. Breaking this resistance could propel LINK towards $15.50, suggesting a bullish movement.

 

At the current price of $12.89, the most critical support level is between $12.52 and $12.87, where 9.1k addresses hold 38.32 million LINK. This level represents strong support, indicating a substantial number of investors are in profit at this price range.

On the resistance side, the price range of $12.92 to $13.26 is crucial, with 10.93k addresses holding 44.04 million LINK. This volume and number of addresses suggest a strong resistance level that the price needs to overcome for further upward movement.

Further resistance is identified at the $14.04 to $14.44 range, with 18.14k addresses holding 35.84 million LINK. According to the analyst, overcoming this range could push LINK to $15.50.

Historical Recovery Trends

The recent analysis comes two days after Chainlink experienced a significant trader capitulation spike, with realized losses reaching $60 million on July 8. However, the spike, the largest in 2024, signaled potential market bottoming as traders exhibited fear, uncertainty, and doubt (FUD).

ChainLink

Historical data suggests that such capitulation events often precede market recovery. For instance, a similar spike on April 13 led to a 17% price increase over the next ten days. Additionally, dormant LINK tokens have started to move, indicating a possible shift in market sentiment or anticipation of significant market changes.

Experts Remain Bullish

Renowned analyst Michaël van de Poppe highlighted Chainlink’s recovery from a critical support zone, suggesting potential significant price increases. Chainlink, currently trading for 0.0002485 BTC, has formed higher lows and higher highs, indicating a bullish trend. Van de Poppe’s analysis aligns with the current data, suggesting that if LINK breaks its resistance levels, a notable price increase could follow.

Today, Chainlink’s price stands at $12.42 and a market cap valued at $7,554,923,477. Despite a 2.34% price decline in the last 24 hours, LINK has seen a 7.73% price increase over the past week. 

Shiba Inu Burn Rate Soars 3,641% with 71M SHIB Burned

Lele Jima
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0
Shiba Inu Burn Rate Soars 3,641% with 71M SHIB Burned

Shiba Inu’s 24-hour burn rate sees massive spike after the community incinerates over 70 million SHIB in seven transactions.  

According to data from Shibburn, the community incinerated a total of 71,187,963 (71.18 million) SHIB, worth $1,151, across seven transactions. 

The hefty incineration led to a spike in Shiba Inu’s daily burn rate, marking an impressive surge of 3,641.09% compared to the figure recorded the previous day. 

LumiBots Burn 69 Million SHIB

The data also provided insights into the seven burn-related transactions that occurred over the past day. The largest single burn occurred yesterday at 13:17 PM (UTC). 

Shibburn data shows an unknown wallet sent 69 million SHIB to the dead wallet. With SHIB trading at $1,116, the dollar equivalent of these tokens is worth $1,116. 

Although Shibburn data did not reveal the identity of the user behind the transaction, our investigation shows that LumiBots, a Shibarium-based NFT collection, destroyed the 69 million SHIBs. 

The Bus, a pseudonymous Shiba Inu community figure, expressed gratitude to LumiBots for permanently removing 69 million SHIB tokens from circulation. 

Aside from LumiBots’ incineration, the other Shiba Inu burn-related transactions over the past 24 hours contain between 5,000 and 1.22 million SHIB. 

Community Wants More Burns Despite Destroying 41.07% of Initial Supply  

Following the recent transactions, the total number of SHIB tokens removed from circulation currently stands at 410,727,566,358,907 (410.72 trillion). This represents 41.07% of Shiba Inu’s initial total supply of 1 quadrillion tokens. 

Following the incineration of 410.72 trillion, SHIB is now left with a total supply of 589.27 trillion. While 583.35 trillion SHIB tokens are currently in circulation, about 5.91 trillion are staked. 

Although the community, with the help of Ethereum’s co-founder Vitalik Buterin, has drastically reduced SHIB’s initial total supply by 41.07%, it is still pushing for more burns. 

As reported earlier, Shiba Inu enthusiasts want the world’s largest crypto exchange, Binance, to burn SHIB using a portion of the token’s transaction fees. They suggested that Binance replicate its Luna Classic (LUNC) burn initiative on SHIB to reduce the token’s hefty circulating supply drastically. 

At press time, Binance has burned 62.13 billion LUNC, worth $4.45 million, using 50% of the token’s trading fees. Extending similar support to Shiba Inu could significantly bolster the number of SHIBs destroyed. 

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