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Price Glitch Takes OKB From $40 to $30 on OKX Exchange

Lele Jima
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0
Price Glitch Takes OKB From $40 to $30 on OKX Exchange

Popular crypto-focused Chinese reporter Colin Wu calls attention to an OKB price glitch that recently occurred on the OKX crypto exchange. 

According to Wu, the price glitch occurred yesterday within a 15-minute window from 20:00 to 20:15 UTC+8. During this time, the price of OKB crashed from $40 to a low of $30, reflecting a 25% decline within 15 minutes. 

Wu stated that OKB’s price returned to normal levels following the 15-minute price glitch. The crypto-focused reporter attached a screenshot to the post, confirming the development. 

Meanwhile, Wu recounted a similar incident that occurred earlier this year, specifically on January 23. At the time, OKB’s price dropped significantly to a low of $25.1 from $48, representing a 47.7% decline. 

The reason behind the latest glitch remains uncertain at press time. However, Wu noted that the January incident was caused by an unknown individual who sold large OKB tokens. Both incidents follow the same pattern, involving massive price drops and sharp recoveries. 

OKB Down Over 13% in 24 Hours  

At the time of writing, OKB is trading at $35.28 per token on OKX, the third largest exchange by 24-hour trading volume. Like most crypto assets in the market, OKB is down over the past 24 hours, recording a 13.82% decline within this period. 

Launched in March 2018, OKB is OKX’s utility token. It allows holders to access special features on the exchange, including reduced trading fees. 

Previous Crypto-related Price Glitches 

Meanwhile, this is not the first time that crypto assets have experienced hefty price glitches on exchanges. Notably, crypto price glitches can be caused by multiple factors, including large sell-offs or buy-ins by crypto whales, liquidity issues, or technical glitches from the exchange. 

The Crypto Basic has reported numerous price glitches involving some prominent cryptos, like XRP. Last month, XRP experienced a 10-minute price glitch that pushed its value to a whopping $62,032 on Kraken.  

In March, a price glitch on Coinbase also took Shiba Inu’s value from $0.000044 per token to $0.00002, representing a 55% dip. 

Here’s Why Shiba Inu is Down Today as Liquidations Surpass $2M

Sam Wisdom Raphael
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0
Here’s Why Shiba Inu is Down Today as Liquidations Surpass $2M

Factors such as the sustained selling pressure around Bitcoin have contributed to the Shiba Inu drop today, with liquidations exceeding $2 million toward a four-month high.

Notably, the crypto market has slipped into another round of declines. This time, prices have dropped to shocking levels, triggering long liquidations across the board. Shiba Inu is one of the biggest victims of this selloff round, now down by over 21% this month. Zoomed out, SHIB has collapsed by 46%% since June 1.

Shiba Inu Monthly Performance
Shiba Inu Monthly Performance

This bearish situation positions Shiba Inu as one of the biggest losers of the market-wide collapse. For context, this steeper drop is due to its higher volatility. Currently trading for $0.00001359, SHIB has now given up multiple support levels amid a 7.11% drop this morning. These levels include the thresholds at $0.000015 and $0.000014.

Shiba Inu Long Traders Shoulder Losses

Most investors who held long positions on Shiba Inu placed their hope on the defense these thresholds could mount. Following this breach, most of these long positions have faced liquidations. Derivatives data from Coinglass confirms that SHIB liquidations have reached $1.616 million just this morning.

Shiba Inu Liquidations Coinglass
Shiba Inu Liquidations | Coinglass

Notably, about $1.54 million, representing over 95% of total liquidations, is attributable to long positions. Despite the day being far from over, the $1.54 million long liquidation figure is the highest for SHIB in four months. The last time long investors lost this much money was on March 19, when long liquidations exceeded $2.77 million.

Market tracker Crypto Crunch called the public’s attention to a large liquidation that contributed to this figure. Interestingly, a market whale saw his long position worth $980.7K wiped out at 3 AM (UTC) today when SHIB dropped to the lower end of $0.000014. 

However, Shiba Inu’s liquidations are relatively small when compared to data across the broader market. Over the past 24 hours, SHIB has witnessed $2.31 million in liquidations. However, this represents only 0.3% of the total liquidations across the market, totaling $679 million. 

With $226.94 million, BTC accounts for the largest liquidated figure. Ethereum (ETH) comes second, having witnessed liquidations worth $166.48 million in the last 24 hours. The single largest liquidation also involved Ethereum, with a trader losing $18.48 million in one trade on Binance.

Crypto Market Liquidations Coinglass
Crypto Market Liquidations | Coinglass

Factors Behind the Market Collapse

The market turbulence is largely attributable to selling pressure surrounding Bitcoin, the leading crypto asset. Yesterday, The Crypto Basic spotlighted a series of whale exchange deposits and selloffs contributing to this selling pressure. At the time, BTC had collapsed 5% on the daily chart.

The report confirmed a series of test transactions by the Mt. Gox trustee in preparation for the early July repayments. In the latest update, the Mt. Gox trustee moved 47,228 BTC worth $2.7 billion to a new wallet today. This typically signals an imminent distribution, triggering widespread panic and compounding the selling pressure.

The ensuing decline in Bitcoin’s price below $55,000 has triggered Shiba Inu’s collapse. Besides the contagion from the BTC drop, SHIB is also facing shark and whale selloffs. Santiment data indicates that wallets holding 10 million to 1 billion SHIB have gradually decreased their balances since June 1.

SHIB Shark and Whale Addresses Santiment
SHIB Shark and Whale Addresses | Santiment

Shiba Inu Lead Developer to Reveal Identity in Public Appearance

Lele Jima
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0
Shiba Inu Lead Developer to Reveal Identity in Public Appearance

Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, hints at plans to reveal his identity at today’s IVS Crypto event in Kyoto. 

According to the post, Kusama teased plans to engage in his first-ever meet-and-greet with Shiba Inu community members during the ongoing IVS (Infinity Venture Summit) event in Kyoto, Japan. 

The lead developer disclosed that he would be at Shiba Inu’s dedicated booth at the event today at noon for the meet-and-greet session. 

“I’m excited to meet you all in Kyoto #shibarmy,” Kusama remarked. 

The development comes days after Kusama revealed plans to get rid of his “shy and quiet” nature. 

Shiba Inu Enthusiasts Express Mixed Reactions 

As expected, the announcement has stirred a major debate within the Shiba Inu community, with members deliberating whether Kusama would actually reveal his identity.  

While some users expressed excitement to finally meet Kusama in person, others seemed skeptical. Additionally, some users believe the move is laudable and could bestow credibility on the Shiba Inu lead. 

Community member LFC Kev commended the initiative, noting that Shiba Inu enthusiasts are exhausted by the cryptocurrency’s unending riddles and mysteries. 

Kusama’s Real Identity Remains Unknown 

The real identity of Kusama has been a major topic of discussion among SHIB enthusiasts for years. Since Kusama started leading ecosystem developments in 2022 following Ryoshi’s sudden exit from the project, he has maintained an anonymous persona while engaging with the community. 

Last year, the community was excited when Kusama was announced as one of the speakers for the Blockchain Futuristic Conference. However, their excitement was short-lived after he revealed plans to deliver his speech using AI technology. 

Interestingly, speculations have emerged that this time could be different, as Kusama specifically mentioned that he would be at the Shiba Inu booth at the IVS today by noon for his first-ever meet-and-greet with SHIB community members. 

It remains to be seen whether the Shiba Inu lead developer will reveal his identity today as promised. 

In the meantime, the IVS conference is currently ongoing. Today marks the second day of the conference. As reported earlier, Shiba Inu emerged as a Gold Title sponsor for the event, giving the cryptocurrency a dedicated booth. 

Shiba Inu is expected to showcase its products and utilities at the booth to attract prominent investors and partners. At this booth, Kusama could also reveal his identity for his first-ever meet-and-greet with SHIB enthusiasts. However, this remains uncertain at the reporting time.

Analyst Predicts XRP Pump to Fib 1.618 at $27, Citing Historical Performance

Sam Wisdom Raphael
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Analyst Predicts XRP Pump to Fib 1.618 at $27, Citing Historical Performance

Based on historical data, market analyst EGRAG believes XRP has the potential to rally to $27, which aligns with Fibonacci 1.618 on the weekly timeframe.

EGRAG made this assertion in his latest analysis of XRP’s price action amid the ongoing market uncertainty. Following a period of sustained resilience, XRP eventually succumbed to bearish pressure. Consequently, it has recorded bigger declines than Bitcoin (BTC) in recent times, down over 8% in the past three days.

An Enduring Symmetrical Triangle 

However, despite the bearishness, EGRAG expects XRP to perform admirably well as the market matures. In his latest analysis, he showed that XRP has remained in a weekly symmetrical triangle amid the ongoing price movements.

This symmetrical triangle pattern began in early 2017 following XRP’s impressive performance that year. XRP eventually reached a new ATH of $3.31 in January 2018, and then faced a correction. Since then, the token has continued to trade in the symmetrical triangle, which has persisted for seven years now.

EGRAG’s chart shows that XRP witnessed a similar symmetrical triangle from late 2013 to early 2017. Interestingly, after breaking above the triangle’s upper trendline, XRP spiked 7,673% to $0.3988 in May 2017. The analyst believes a similar pump will occur once XRP records a breakout of the current triangle.

XRP Eyes $27

At the time of his assessment XRP changed hands at $0.4689. A proportional 7,673% increase in XRP’s value from such a level would push the price to an ambitious $27. EGRAG noted that this price level aligns with his 1.618 Fibonacci retracement region.

Notably, the market analyst has continued to predict a rally toward the $27 price, citing varying factors in each analysis. For instance, four months back, he hinged his projection on a bullish crossover between the 20-day and 50-day SMAs. This also took inspiration from 2017 price movements.

Moreover, in January, EGRAG identified a giant cup formation on the 2-week chart. The analyst also predicted that a breakout could push XRP to $27. Meanwhile, last December, his reasoning for the $27 prediction was a pump from XRP’s third Elliott Wave. In October 2023, EGRAG maintained that $27 is inevitable.

Notably, these consistent projections indicate the analyst’s conviction. However, XRP’s prospect of reaching $27 remains uncertain. The crypto asset would need massive support from market demand to have a chance at this price level. 

One major factor that could bolster chances of such a rally is an increase in accumulation. The Crypto Basic recently confirmed that XRP addresses holding at least 1 million tokens have surged this year. This pattern is due to a “buy-the-dip” frenzy that has triggered massive accumulation among sharks and whales.

However, in a contrasting trend, CryptoQuant data shows that investors deposited over 372 million XRP to Binance on July 2. This development, which spiked the XRP exchange reserve on Binance, could lead to increased selling pressure. Notably, XRP currently trades for $0.4426.

XRP Ledger Exchange Reserve Binance
XRP Exchange Reserve for Binance | CryptoQuant

Here’s How High Shiba Inu Can Go If Someone Burns 410T SHIB Like Vitalik

Sam Wisdom Raphael
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0
Here’s How High Shiba Inu Can Go If Someone Burns 410T SHIB Like Vitalik

Shiba Inu price has the potential to rise to the $0.00018 territory if someone burns 410 trillion SHIB like Ethereum founder Vitalik Buterin did in 2021.

The broader market has continued to dictate Shiba Inu’s price over the years. As a result, SHIB, which has followed in Bitcoin’s (BTC) footsteps since launch, has witnessed a series of price upswings and declines. The meme coin is currently 80.6% down from its ATH of $0.00008845.

Besides the broader market trend, Shiba Inu price is also a product of unique market demand and token burns. A proper combination of increased demand and reduced supply through burns could bolster Shiba Inu price to outperform the rest of the market.

This trend occurred in May 2021, when Ethereum co-founder Vitalik Buterin burned 410 trillion SHIB tokens. These tokens represented over 41% of Shiba Inu’s total supply. Interestingly, SHIB was already on an uptrend when this burn occurred. However, the burn bolstered the uptrend, leading to the $0.00008845 ATH in October 2021.

What if Someone Burned 410T Shiba Inu?

The Shiba Inu community has sustained the burn campaign, but the rate of burns has been rather slow. Amid speculations around the potential effect of burns on Shiba Inu price, we assessed how much SHIB could rise if a burn similar in magnitude to Vitalik’s transaction ever occurred again.

With a market cap of $10.07 billion, Shiba Inu’s circulating supply currently stands at about 589 trillion SHIB. If an entity burned another 410 trillion SHIB tokens, the circulating supply would drop significantly. Consequently, the new circulating supply would be around 179 trillion SHIB.

This massive reduction in supply would likely affect Shiba Inu price, whether or not the market cap changes proportionally. A corresponding increase in market cap would lead to a much higher price. However, if the market cap remains static, the price upsurge might not be as significant.

A Shiba Inu Price at $0.000185 or $0.0000562

For a proportional change in market cap, the supply ratio of the old and new supplies stands at 3.29. This is achieved by dividing the old supply (589 trillion) by the new supply (179 trillion). Multiplying the current market cap ($10.07 billion) by the supply ratio (3.29) gives a new market cap of $33.12 billion.

If Shiba Inu’s market cap increased proportionally to the rate of supply change to $33.12 billion, and its new circulating supply stood at 179 trillion, then this translates to a new price of $0.000185. This price marks a 983% increase in Shiba Inu’s current value.

However, if the market cap remains at the $10.07 billion mark after the 410 trillion tokens burn, the price change will be lower. At a $10.07 billion market cap and a circulating supply of 179 trillion, Shiba Inu price would sit at $0.0000562. This value is still lower than SHIB’s all-time high.

Here’s Why Bitcoin is Down Today as It Slumps by an Extra 5%

Sam Wisdom Raphael
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0
Here’s Why Bitcoin is Down Today as It Slumps by an Extra 5%

One of the reasons behind the Bitcoin drop today, which amounted to a 5% slump, is a slew of selloffs from the U.S. government, the German government and other whales.

Bitcoin (BTC) is currently witnessing one of its most bearish periods this year, having collapsed nearly 21% from the June 7 peak of $72,144. BTC’s downtrend has persisted for four weeks, with multiple support levels breached.

Bitcoin Suffers Additional 5% Slump Today

The premier cryptocurrency displayed commendable resilience against this downturn on June 25 after retesting $58,000. This resulted in a 6-day consolidation period. The consolidation ended with an uptick from June 29 to July 1. With July expected to restore the bullish momentum, investor sentiment saw a favorable shift.

However, despite this shift, some market watchers warned of a resumption of hostilities. Dr. Martin Hiesboeck, Head of Research at Uphold, is one such commentator. As The Crypto Basic reported yesterday, Hiesboeck informed the investing public of a Bitcoin double top on the weekly chart. This is a pattern that signals sustained dips.

Interestingly, this projected downtrend has now materialized, with Bitcoin having dropped by an additional 5% today. The crypto token has now relinquished the $59,000 and $58,000 price thresholds to bearish action, currently trading for $57,426. This renewed slump is a product of multiple selloffs by several whales.

Reason Behind the BTC Drop: Whale Selloffs

On-chain analytics platform Spot On Chain (SOC) called attention to four of these large selloff events. In their report, they identified the movement of 3,500 BTC ($206 million) to Binance. The whale involved, though unknown, is likely depositing them in an attempt to dump. The address still holds 4,368 BTC at a loss.

Besides this whale, another unidentified address sent 1,023 Bitcoin valued at $62.2 million to Binance today. Notably, this has compounded selling pressure, leading to investor angst and bolstering the ongoing downtrend.

Moreover, the German government has also taken the spotlight. The criminal police office, BKA, recently moved 3,000 BTC, sending 1,300 of these tokens to exchanges for selloffs. These tokens are part of the 50,000 BTC seized by the government in 2013 from defunct piracy platform Movie2k. The BKA still holds 40,359 BTC.

Also, the American government transferred 237 Bitcoin worth $13.67 million to a new wallet today. Some entities create such fresh wallets with intentions of dumping their holdings. SOC confirmed that the U.S. government still has a balance of 213K BTC confiscated in multiple enforcement actions.

Mt. Gox Readies for Repayment

In addition to the selloff campaign spotlighted by SOC, blockchain reporter Colin Wu highlighted movements by bankrupt exchange Mt Gox today.

Notably, the exchange carried out several BTC test transactions in the build up to their compensation plan. Recall that Mt. Gox confirmed plans to begin repayment to creditors in early July, with 141.687K BTC ($8.1 billion) as balance. The development comes after the exchange moved 140K BTC to the current wallet in May in preparation for the repayment.

Meanwhile, The Crypto Basic reported today that a dormant Bitcoin whale awoke after 12 years to move out 119 BTC. These movements have contributed to investor angst, leading to further selloffs and triggering the declines today. CryptoQuant confirmed that new investors have been selling off their holdings, having recently dumped $2.4 billion.

Here is Cardano Price if Bitcoin Hits $500K or $1M as Forecasted by Bloomberg and Bernstein

Abdulkarim Abdulwahab
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Here is Cardano Price if Bitcoin Hits $500K or $1M as Forecasted by Bloomberg and Bernstein

While growing by 774% to $500K will mark a new history for Bitcoin, Cardano may just be reclaiming its previous peak value if it replicates a similar surge. 

Today, Bitcoin hit a low of $56,770, causing significant pressure on major altcoins like Cardano (ADA), which has dropped to $0.3757. Despite this decline, Bitcoin’s long-term outlook remains bullish, with industry experts projecting it could reach between $500,000 and $1 million in the coming years.

Consequently, this analysis explores potential valuations for Cardano if Bitcoin achieves these targets.

Bloomberg and Bernstein Projection of Bitcoin Hitting $500,000 and $1M

A December report from Bloomberg cited predictions from industry experts that Bitcoin could surpass $530,000. This projection came as Bitcoin initially reclaimed the $42,000 price point, igniting widespread enthusiasm in the crypto community and marking the onset of this bull market cycle.

More recently, analysts have set even higher targets for Bitcoin. For example, analysts at Bernstein, one of America’s largest asset managers, projected that Bitcoin could reach $1 million by 2033. Meanwhile, Bernstein’s near-term projection is for Bitcoin to hit $200,000 by 2025.

Cardano Price if Bitcoin Hits $500,000 and $1M

Notably, Bitcoin at $500K implies a market cap of at least $9.86 trillion, while $1 million suggests a valuation of about $19.71 trillion. Bitcoin typically controls half the broader market, implying the altcoin market would have a valuation of about $20. 

Cardano ranks among the top ten assets by market cap. As a result, ADA is expected to be among the top beneficiaries of Bitcoin’s $1 million price surge. Moreover, data from the intelligence platform IntoTheBlock suggests that Cardano has an 82% correlation with Bitcoin’s price movement.

With Bitcoin’s current market value at $57,216, a surge to $500,000 would represent a 774% increase. Applying a similar growth rate to Cardano would imply a value of $3.28 for ADA, which is close to its 2021 all-time high. 

In other words, while Bitcoin reaching $500,000 would mark unprecedented growth, ADA would merely reclaim its past peak. Meanwhile, ADA could set a new ATH alongside Bitcoin when it advances by 1,647% to $1 million. In particular, a similar growth rate puts ADA’s price at $6.56.

When consulted, OpenAI’s ChatGPT agreed with these price outlooks of Cardano in relation to Bitcoin.

Cardano price projection ChatGPT
Cardano price projection ChatGPT

However, bullish sentiment within the crypto community suggests that Cardano could be worth more than even $10 by next year, a notably ambitious estimate compared to the projection of only $6.56 by 2033, when Bitcoin is expected to reach $1 million.

It is worth noting that altcoins like Cardano have a history of outperforming Bitcoin in bull runs. Essentially, Cardano could be worth a lot more by the time Bitcoin attains $500K and $1 million.

Dormant Bitcoin Whale Awakens with $6.99M After 12 Years of Inactivity

Mark Brennan
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Dormant Bitcoin Whale Awakens with $6.99M After 12 Years of Inactivity

A dormant Bitcoin whale address holding 119 BTC, now worth $6.99M, has reawakened after 12.4 years, conducting multiple transactions.

A dormant Bitcoin whale holding 119 BTC, valued at approximately $6.99 million, was activated after 12.4 years, according to Whale Alert. The address, worth just $599 in 2012, saw multiple transfers in its latest activity, adding to the growing narrative of evolving investor actions in the crypto market.

 

Detailed Breakdown of the Transactions

Whale Alert also published details of specific transactions totaling 77 BTC. The transfers included amounts such as 1 BTC, 1.9519 BTC, and 50 BTC, among others. Notably, the receiver addresses included 1PUsMdMqwH…zP7ZzBhe1Z receiving 7.9520 BTC and 3Ctd5UVjGn…qunQj9Qztp receiving 69.99 BTC.

Additionally, the address 1NxxietAv8…TQhD6Jv4xG was the most active, with 20 total transactions, including 19 confirmed transactions and one unconfirmed transaction. 

Market Reactions and Investor Behavior

Furthermore, CryptoQuant reported increased selling pressure from beginner investors, with approximately $2.4 billion worth of Bitcoin aged between three and six months moving on the network during the recent price drop.

 

These entities who bought earlier this year are exhibiting traits typical of short-term investors with less conviction. However, long-term holders, with coins held for over a year, have not significantly increased spending, indicating a different strategy amidst market turbulence.

Significant Movements Amid Market Fluctuations

On June 12, The Crypto Basic reported intense selling pressure as a large investor moved 8,000 BTC to multiple addresses. This occurred during Bitcoin’s largest OTC selling volume since March. Despite this, Bitcoin’s price experienced a significant recovery, spiking 3.26% to $69,440. Nevertheless, investor caution remains due to potential renewed bearish performance.

In May, Bitcoin addresses held 1,000 to 10,000 BTC and added 20,000 BTC, valued at $1.4 billion, during a price increase to $70,000. According to IntoTheBlock, these addresses significantly increased their holdings from 4.91 million BTC to 4.97 million BTC between May 14 and 22. This increase coincided with Bitcoin’s price volatility and notable peaks.

ChatGPT Predicts 6 Altcoins That Could be next Shiba Inu

Lele Jima
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0
ChatGPT Predicts 6 Altcoins That Could be next Shiba Inu

Popular AI chatbot ChatGPT highlights the top six altcoins that could become the next Shiba Inu, including FLOKI, KISHU, ELON, and SAITAMA.  

Shiba Inu recorded one of the most significant rallies in the 2020/2021 bull cycle, leaving many investors in awe. Reports confirm that its price soared over 45,000,000% between August 2020 and October 2021, hitting a new all-time high (ATH) of $0.00008845. 

Shiba Inu’s jaw-dropping surge elevated many investors to overnight millionaires. Consequently, market participants who missed the rally have been focused on looking for the next Shiba Inu that could potentially experience a similar price surge. 

Finding the Next Shiba Inu 

Finding the next Shiba Inu could be challenging, given the numerous tokens in the market. CoinGecko data suggests that at least 5,300 tokens are deployed to the market daily, with over 540,000 tokens launched this year as of April 2024. 

Most of these tokens are memecoins, with some tactically adding ‘Inu’ to their names as part of a broader trend that began with Shiba Inu. Nonetheless, there is no guarantee that they could replicate SHIB’s 2021 success story. 

ChatGPT Highlights Top 6 Contenders to Become Next Shiba Inu 

However, amid the ongoing search by investors, we employed ChatGPT’s services to find possible answers. According to the popular AI chatbot, finding the next Shiba Inu involves identifying tokens with rapid growth potential, vibrant communities, and real-world use cases. 

Interestingly, ChatGPT highlighted six altcoins that are potential contenders for becoming the next Shiba Inu. 

Floki (FLOKI) 

Topping the list is Floki (FLOKI), a memecoin named after Elon Musk’s Shiba Inu dog, Floki. It was created in July 2021 to combine real-world utilities with memecoins. Thanks to its aggressive marketing and burn campaign, FLOKI has gained significant popularity in the industry, which has helped it build a vibrant community on social media. 

At press time, FLOKI is trading at $0.0001477, with a daily decline of 11.3%. It is currently down 57.67% from its ATH of $0.0003462, recorded on June 5, 2024. FLOKI sits as the 55th biggest token, boasting a valuation of $1.44 billion. 

Kishu Inu (KISHU) 

The second token in the list of contenders as the next Shiba Inu is KISHU. Launched on April 17, 2021, KISHU is a meme-inspired token aiming to build a decentralized ecosystem featuring NFTs and a decentralized exchange. ChatGPT noted that KISHU has similarities with Shiba Inu in terms of community engagement and marketing strategies. 

At the current exchange rate of $0.0000000003743, KISHU is down 5.08%. It has plunged 98.14% from its ATH of $0.00000002, which was recorded on March 14, 2021. The memecoin is ranked as the 618th biggest token with a valuation of $34.62 million. 

Safemoon (SAFEMOON) 

ChatGPT ranked Safemoon as the third asset capable of replicating Shiba Inu’s 2021 feat. SAFEMOON, which went live in March 2021, has succeeded in garnering significant attention in the crypto space due to its unique tokenomics. Some of its essential features include burns, a static reward system, and automatic LP acquisition. 

Like Shiba Inu, SAFEMOON boasts a vibrant community behind it, which keeps driving its adoption. It is currently trading at $0.00003005, down 1% in the past day. SAFEMOON boasts a market cap of $16.73 million, making it the 1,030th biggest token. It recorded its ATH of $0.003383 on June 5, 2022, and has plunged 99.1% ever since. 

Dogelon Mars (ELON) 

Inspired by Dogecoin and American businessman Elon Musk, Dogelon Mars was launched on April 23, 2021. Its aim is centered on community-driven initiatives and space-themed marketing. ELON has gained widespread popularity due to its vibrant community support and memecoin appeal. 

Ranked as the 406th largest cryptocurrency, ELON boasts a market cap of 77.37 million, with a token priced at $0.0000001408. It is currently down 99.57% from its all-time high of $0.00003263, witnessed on July 31, 2021. 

EverGrow Coin (EGC) 

Introduced in September 2021, EverGrow Coin is a deflationary token designed to give holders passive income via transaction fees and burn mechanisms. EGC’s emphasis is centered on rewarding holders and developing a sustainable ecosystem. 

With a token priced at 0.00000007575, EGC is down 5.79% in the daily charts and 97.76% from its ATH of $0.000003379. EGC is ranked as the 4,529th largest cryptocurrency, boasting a valuation of $35.34 million.

Saitama Inu (SAITAMA) 

The last coin in the list of contenders to become the next Shiba Inu is Saitama Inu (SAITAMA). It began trading on May 30, 2021, and has evolved over the years to Saitachain Coin. 

The ecosystem team behind the token is focused on providing financial services to everyone, especially the unbanked and underbanked. Its emphasis is on building a transparent and community-driven ecosystem with educational resources. 

SAITAMA currently trades at $0.0009465 per token, down 4.51% over the past 24 hours. With a market cap of $40.11 million, the token sits as the 573rd biggest on CoinMarketCap. 

Meanwhile, ChatGPT encouraged investors to conduct due diligence before investing in any of the aforementioned tokens. This is because these assets, like most meme coins, are highly volatile and carry enormous risks. There is no guarantee that any of them will record any significant gains in the future.

XRP Eyes Potential Rebound to $0.95 as Key Support and Resistance Levels Hold Firm

Mark Brennan
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0
XRP Eyes Potential Rebound to $0.95 as Key Support and Resistance Levels Hold Firm

XRP, down 86% from its ATH, stabilizes with key support at $0.28 and resistance at $0.66, indicating a potential rebound.

XRP has experienced significant fluctuations since its all-time high of $3.40 in January 2018. Currently, XRP is down approximately 86% from this peak, an analysis by crypto researcher Bitcoin Ape confirms. Despite this downturn, XRP remains in the top 10 of the most valuable cryptocurrencies, showcasing its resilience and potential for a rebound.

XRP Stabilizes Amid Key Levels

Technical data pertaining to XRP reveals critical support and resistance levels that are vital for its future direction. The support level is around $0.28, while resistance stands at approximately $0.66.

Notably, the target for a potential bullish run is $0.95. According to the researcher, XRP’s last significant bullish price action was in Q1 2021. At the time of the post, the coin was oversold, as indicated by the Stochastic RSI. This condition reportedly suggests a potential buying opportunity for investors.

The current price movement shows XRP stabilizing around $0.4831 despite a recent 7% loss over the past 30 days. However, the cryptocurrency has gained 7% over the past year, indicating a mildly positive long-term trajectory.

Short Term Indicators Signal Imminent Rebound

Daily technical indicators provide further insights into XRP’s current market situation. The Relative Strength Index (RSI) is sitting at 32.98, indicating that XRP is close to the oversold territory. This suggests that the selling pressure may be overextended, and a potential reversal or stabilization could be expected.

XRP RSI and Stoch RSI
XRP RSI and Stoch RSI

The Stochastic RSI shows that the %K line is below the %D line, indicating bearish momentum. However, the %K line’s behavior in the recent past suggests a potential shift towards bullish momentum if it crosses above the %D line. These indicators ultimately point to a potential buying opportunity as XRP’s price could stabilize or rebound.

Fundamental Analysis and Ecosystem Growth

Despite the significant dip from its ATH, XRP continues to hold a strong market position. According to Bitcoin Ape, Ripple, one of the biggest XRPL builders and the largest XRP holder, remains a major player in the Layer-1 blockchain space. 

Additionally, the XRPL boast some of the cheapest transaction fees in the cryptocurrency market, making it an attractive option for users. The XRPL ecosystem continues to grow, with recent developments including the forthcoming launch of a native stablecoin. 

Analyst Javon Marks echoes this sentiment, emphasizing the potential for a major development in XRP’s price pattern. Marks notes the high trading volume and confirmed hidden bullish divergence as indicators that a significant move is imminent. The coiling formation observed in XRP’s current price patterns further supports this outlook.

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