Leading crypto exchange Binance announces plans to delist a trading pair associated with dog-themed token Shiba Inu (SHIB).
According to a blog post today, Binance will remove the SHIB/TUSD trading pair effective on June 28 at 03:00 AM (UTC).
The decision aligns with the exchange’s periodic reviews of all listed spot trading pairs to guarantee users’ protection. Following these reviews, the exchange usually delists trading pairs with low liquidity and volume. Consequently, it has decided to delist the SHIB/TUSD pair due to its low volume or liquidity.
Data from Binance shows that the SHIB/TUSD pair has a minimal 24-hour trading volume of $17,577, which equates to over 992 million SHIB tokens.
SHIBTUSD on Binance
Binance noted that it plans to terminate spot trading bot services for SHIB/TUSD on June 28. Hence, users are advised to update or cancel their trading bot for SHIB/TUSD to avoid incurring potential losses.
It bears mentioning that this is not the first time Binance has removed a Shiba Inu trading pair. Last year, the top exchange removed the SHIB/BUSD margin pair, as part of plans to discontinue support for the BUSD stablecoin.
Binance Still Supporting Other SHIB Spot Pairs
Despite the upcoming removal of SHIB/TUSD, Binance will continue to support eight other Shiba Inu trading pairs, such as SHIB/USDT, SHIB/FDUSD, SHIB/USDC, SHIB/EUR, SHIB/TRY, SHIB/BRL, SHIB/DOGE, and SHIB/JPY. This suggests that Binance users can still trade SHIB on the aforementioned pairs.
Besides SHIB/TUSD, Binance also revealed plans to delist other crypto spot trading pairs on June 28 at 03:00 AM (UTC). The affected pairs include BLUR/FDUSD, MEME/ETH, LINK/TUSD, OSMO/BTC, NFP/BNB, and METIS/FDUSD.
Meanwhile, the decision did not have a negative impact on SHIB’s price action. At press time, SHIB was changing hands at $0.00001750, with a 24-hour increase of 0.63%. The token, which was plagued by the recent market downturn, currently boasts a trading volume of $355.51 million.
Coin98 Super Wallet now supports Shiba Inu domain names, enabling seamless crypto transactions and identity management within the Web3 ecosystem.
Coin98 Super Wallet has announced support for .shib domain names, enhancing its identity service for Web3 communities. In addition to Shiba Inu, the wallet disclosed plans to also support Viction (VIC) and Coreum (CORE) domain names.
This development allows users to seamlessly send, receive, and store various cryptocurrencies and NFTs using Shiba Inu, Viction, Core Names. The update has received positive feedback from the community, with Lucie, known for her active role in SHIB’s marketing, emphasizing the importance of this integration.
By supporting SHIB Names, Coin98 Super Wallet is making it easier for users to manage their digital assets. The inclusion of SHIB Names syncs with the broader vision of creating interoperable digital identities. These names can be used across multiple platforms, enhancing the user experience within the Web3 ecosystem.
D3’s Role in Enhancing Digital Identity Services
D3, an On-Chain Domain Network, also shared this update, highlighting their partnership with Shib. This collaboration aims to develop future-proof digital identities through Shib Names and to secure the .shib domain (TLD) in the future.
According to D3, users will be able to use their SHIB Names as multichain wallet addresses, cross-platform Web3 usernames, and infrastructure identifiers.
D3 Marketplace Beta Launch and Features
Recall in May, D3 Global, a prominent DNS domain provider, announced the beta launch of the D3 marketplace. This platform allows users to trade Shiba Inu (SHIB) Name Tokens. The beta version of the marketplace supports buying, selling, or making offers on Name Tokens, including those based on Shiba Inu.
Currently, D3 supports two top-level domain name extensions: .shib and .core. The marketplace features a search box for users to check name availability and a payment system supporting both crypto and credit cards.
Meanwhile, the Shiba Inu (SHIB) token currently trades for $0.00001761, with a 24-hour trading volume of $315,019,686.90. This marks a 2.91% price increase in the last 24 hours but a 5.90% decline over the past week.
Crypto analyst Crypto Lalit highlights that Shiba Inu must break the key resistance level above $0.00001765 for a potential breakout, while current market sentiment shows a balanced distribution.
A crypto analyst, Crypto Lalit, has highlighted the importance of Shiba Inu (SHIB) breaking a significant resistance level. According to the analysis, SHIB has been following a downward trendline since early June, consistently testing this resistance without successfully breaking above it.
As of the latest data, Shiba Inu is trading just below this trendline at $0.00001765, showing slight upward movement that suggests a potential breakout attempt.
The analyst suggests that if SHIB breaks above this trendline, it could lead to a significant upward movement. The strategy recommended involves going long on SHIB/USDT with a 10x leverage upon a confirmed breakout.
This approach relies on the common market behavior, where breaking a long-standing resistance often triggers substantial price increases. Currently, SHIB has a price of $0.00001762. Despite a 1.75% price increase in the last 24 hours, Shiba Inu has seen a 6.03% decline over the past week.
Bulls and Bears Analysis
IntoTheBlock data shows a relatively balanced distribution between bulls and bears from September 2020 to May 2024. During the 2021 bull run, there was a notable increase in bullish addresses, indicating a significant number of large addresses purchasing Shiba Inu.
Shiba Inu Bulls and Bears | IntoTheBlock
However, post-2021, the chart reveals a rise in bearish addresses as the price corrected. From 2022 to early 2023, the market showed stability with a balanced distribution between bulls and bears, suggesting consolidation. Recent activity in 2023-2024 indicates a slight increase in bearish addresses due to a downturn in SHIB’s price.
Meanwhile, according to Ali Martinez, an on-chain analyst, the TD Sequential indicator has recently flashed buy signals for SHIB in addition to Solana and Cardano on the daily timeframe.
This signal emerged after a market shakeout where most altcoins hit new multi-week lows. For SHIB, this resulted in a bottom at $0.00001642, marking a 38% dip from its June 5 high. The technical indicators suggest that patient investors might find this a prime buying opportunity, anticipating a significant rebound.
A market analyst expects XRP to outperform Bitcoin in a surge to an XRPBTC ratio of 0.0006040, which aligns with XRP price at $36 if BTC remains fairly stable.
Alex Cobb, a market commentator and prominent member of the XRP community, drew the public’s attention to this expert opinion. Notably, the analysis was provided by Cryptobilbuwoo, a notable chartist who has maintained that XRP could perform impressively during the ongoing bull market.
In this report, the analyst identified market trends on the weekly XRPBTC chart that point to an imminent breakout. Notably, the XRPBTC chart tracks XRP’s price performance against Bitcoin. When the ratio rises, it indicates that XRP is performing better than Bitcoin. However, if the ratio drops, it shows that Bitcoin is performing better than XRP.
XRP’s Rollercoaster Ride Against Bitcoin
This ratio observed an impressive spike in the week leading to July 16, 2023. This was due to the XRP price surge to $0.93 on July 13 in the wake of Judge Analisa Torres’ ruling. The ratio rose to a two-year peak of 0.00002970 before witnessing a sharp drop.
As XRP corrected the July 13 gains in the following months, this ratio continued to decline. Market data confirms that XRP has declined by 74.11% against Bitcoin since its peak in July 2023. Consequently, the XRPBTC ratio has now collapsed to 0.00000768.
XRPBTC Weekly Chart
However, Cryptobilbuwoo believes a recovery for XRP is imminent, citing historical trends. Notably, he identified a confluence of patterns on the weekly chart that eventually led to XRP’s surge in 2017. These patterns involved a downtrend in the XRPBTC ratio, followed by a massive spike, a subsequent correction, and then a second spike.
Specifically, the XRPBTC ratio recorded a steep decline to hit a low of 0.00000476 in March 2017. It then recovered as XRP outperformed BTC, surging 5,055% to 0.0002454 in May 2017. The ratio saw a massive correction after this, and then spiked again to 0.000229 in January 2018 when XRP hit an ATH of $3.31.
XRP Could Target $36
This series of price movements came up after a bullish divergence and bearish divergence popped up on the weekly chart. Interestingly, the chart has now witnessed this series of divergence patterns amid the current market conditions.
The repetition of the patterns coincided with the ongoing drop in the XRPBTC ratio, a trend observed in 2017. Cryptobilbuwoo now projects a breakout from this downtrend and then a subsequent correction. Projecting a repeat of the 2017 pattern, he expects a second spike to take the XRPBTC ratio to 0.0006040.
Bitcoin currently trades for $60,600 at the reporting time. If it maintains this price, an XRPBTC ratio of 0.0006040 would lead to an XRP price of $36.6. However, Bitcoin is likely to trade at a higher value then. This would in turn result in a much greater price for XRP at the XRPBTC ratio of 0.0006040.
Interestingly, market analyst Tylie Eric also predicted XRP to reach $36, arguing that the token has ticked all boxes to hit this level. Meanwhile, XRP has continued to battle the bears below the $0.50 price. However, with its Commodity Channel Index (CCI) currently at -116, XRP could be oversold and primed for a recovery.
Popular Shiba Inu community figure and expert Del Crxpto contrasts the initial creation and evolution of SHIB with its main rival, Dogecoin (DOGE).
The expert pointed out that Billy Markus, Dogecoin’s pseudonymous founder, created DOGE as a joke. However, the expert portrayed Shytoshi Kusama, Shiba Inu’s lead developer, as someone who does not play around.
The statement suggests that while Dogecoin started as a joke, Shiba Inu, led by Kusama, is a serious project.
Dogecoin Vs. Shiba Inu Debate
The crypto community has been engulfed in a debate over which of these memecoins, DOGE or SHIB, would eventually become a formidable player in the crypto space.
For context, Dogecoin was launched in December 2013 by two software engineers- Markus and Jackson Palmer. Despite launching as a ‘joke’ token, it quickly gained a strong online community, attracting the attention of top businessmen like Elon Musk.
However, Shiba Inu was launched seven years later, in August 2020, by a pseudonymous figure named Ryoshi. SHIB, which initially launched as a joke, aimed to dethrone Dogecoin, thus earning it the title ‘DOGE Killer.’
Kusama Leads Shiba Inu Advancement After Ryoshi Disappearance
With Ryoshi walking away from the community in 2022, Kusama assumed the position of Shiba Inu’s lead, promising to actualize the vision of the pseudonymous founder.
Since the declaration, Kusama has led the development of Shiba Inu ecosystem projects, focusing on shredding the cryptocurrency’s memecoin title. Currently, Shiba Inu’s ecosystem has a Layer-2 blockchain, mobile game, decentralized exchange (DEX), as well as fungible and non-fungible tokens.
The team is working on other initiatives, like transitioning its mobile game, Shiba Eternity, to Shibarium and advancing its metaverse project. It also plans to roll out a Layer-3 privacy blockchain soon.
Dogecoin Outperforms Shiba Inu
Despite Kusama’s efforts to pursue Ryoshi’s vision, Shiba Inu still lags behind Dogecoin in the global crypto and memecoin rankings. With a market cap of $18.13 billion, DOGE is ranked as the ninth-biggest cryptocurrency and the top memecoin by valuation.
On the other hand, Shiba Inu boasts a valuation of $10.35 billion, which positions it as the 12th-biggest cryptocurrency and the second-biggest memecoin. Additionally, while SHIB is down 4.93% in the weekly charts, DOGE secured a slight increase of 0.24% in the same timeframe.
Despite Shiba Inu witnessing a recent price collapse, the ecosystem’s marketing lead, Lucie, still believes the future is bright for SHIB.
She made the declaration while shedding light on the developments and growth happening behind the scenes for Shiba Inu. In an X post yesterday, Lucie characterized these developmental efforts as remarkable.
The marketing lead acknowledged that although these advancements may not immediately impact the price of Shiba Inu, she promised a bright future for the dog-themed token.
Furthermore, she suggested that the ultimate goal is creating ‘something exceptional’ for Shiba Inu through ongoing developments and collaboration.
The amount of development and growth happening behind the scenes is amazing. Yes, this won’t reflect in the price now, but the future is bright.
All the giants working together can build something exceptional.
Lucie’s assertion comes days after she provided an outlook on the current market performance, with an emphasis on SHIB. It is worth mentioning that Shiba Inu suffered significant losses following the recent bloodbath in the market.
The dog-themed token, which spiked above $0.000045 in early March, is currently down 60.8% at the current price of $0.00001762.
Shiba Inu plunged to a 3-month low earlier this week, crashing to $0.00001638 on June 24. At the current price, SHIB is down 32.1% MTD, 28.1% in 30 days, and 42.3% in the past three months.
In contrast, Shiba Inu has witnessed a daily surge of 1.76% over the past day, with a daily trading volume of $303.09 million.
Team’s Focus on Long-Term Vision
Although Shiba Inu has incurred significant losses lately, Lucie revealed that the team is focused on the long-term vision and is actively working behind the scenes to ensure future success. This behind-the-scenes effort involves developing utility projects that could potentially drive Shiba Inu’s adoption.
In particular, the team is actively working to roll out the Shibarium version of Shiba Eternity – the ecosystem’s P2E game – for closed beta testing. The closed beta is scheduled to commence in Q3 2024, with public testing expected to follow soon after.
Shiba Inu’s ecosystem team is also developing its metaverse project, SHIB: The Metaverse, with Lucie speculating that it could launch this year or next. Another project undergoing development is Shiba Inu’s upcoming L3 privacy blockchain.
All Shiba Inu ecosystem projects are expected to drive the adoption of the ecosystem tokens, including SHIB, leading to a tremendous spike in their prices in the long term.
Following Ripple’s achievements in the financial sector, XRP community member Ashley Prosper speculates that the company could become a viable contender to replace the Federal Reserve.
Despite the audacious nature of this speculation, the community figure outlined a 16-step strategic plan that could help Ripple achieve the milestone.
Prosper clarified that his commentary does not suggest that Ripple would replace the Federal Reserve. However, he argued that if a financial entity is required to do this, Ripple could be a top contender based on these criteria.
#XRP#XRPCommunity#Ripple Steps Ripple would need to take in order to replace the Federal Reserve…. 1. Legislative Support: Enormous legislative changes would be required. Congress would need to pass laws to dismantle the Fed and establish a new entity. (Like Fit21, etc) 2.…
Topping the list of requirements is legislative support. Prosper pointed out that the U.S. Congress must implement significant regulatory changes, thus dismantling the Federal Reserve and creating a single entity that could perform the functions of the central banking system.
The second step requires Ripple to obtain approval from multiple regulatory bodies, including the U.S. SEC and the Treasury. According to Prosper, some former officials from the SEC and Treasury are currently sitting on the Ripple board.
Monetary policy control is the third requirement in the plan. Prosper stated that Ripple must be able to control monetary policy, including inflation and interest rates, to become the leading contender to replace the Federal Reserve.
For the fourth requirement, the XRP community member recommended that Ripple integrate with the U.S. banking system to achieve the feat.
The fifth strategy requires Ripple to develop and maintain a robust financial infrastructure capable of handling large financial transactions.
Building Trust and Economic Stability
Notably, the sixth and seventh strategies mandate that Ripple implement top-level cybersecurity measures to protect against potential threats and build trust among businesses and financial institutions.
Prosper stated that Ripple must demonstrate its ability to maintain economic stability and effectively manage financial crises to potentially replace the Federal Reserve.
Additionally, he recommended that Ripple establish transparent and accountable governance structures to potentially replace the U.S. central banking system.
For the tenth plan, Prosper said Ripple must coordinate with other central banks and international financial organizations outside the U.S., including the IMF and World Bank, to ensure global economic stability.
Other Strategic Requirements
Currency issuance, lender of last resort, and expert hiring are essential catalysts to help Ripple on this journey. For the 14th recommendation, Prosper said Ripple must conduct adequate research to continuously bolster the U.S. financial system.
Also, he recommended that Ripple should create a detailed transition plan that could enable it to take over the Fed’s responsibilities without causing economic disruption in the country.
Lastly, Ripple must develop an effective strategy that will allow it to communicate benefits, changes, and processes with the public and international community.
Although Ripple has recorded significant achievements in the financial sector, which includes developing effective fintech solutions and partnering with top financial institutions for cross-border payments, the prospect of replacing the Federal Reserve is highly speculative with almost no chances of being a reality.
Ripple President Monica Long explains the dual role the forthcoming RLUSD stablecoin could play alongside XRP for developers and payment utilities.
Long provided this insight during an interview on The Scoop podcast yesterday. Specifically, the host asked her to elaborate on the company’s logic behind launching RLUSD for cross-border transactions despite XRP already fulfilling that functionality, seeking clarification on what stablecoins can do that XRP is not already serving.
Long stated that Ripple considers both assets complementary and additive. She addressed XRP and RLUSD’s complementary roles from the perspectives of two customer sets: payment and developers.
RLUSD and XRP in Payment Utility
In the context of payments, Long noted that there are instances where customers find it more cost-efficient to see transactions completed in US dollars. She highlighted ample market liquidity for major corridors like USD/EUR, making a bridge asset like XRP unnecessary.
Furthermore, Long noted that resource consumers on the XRP Ledger envisioned XRP as a neutral cryptocurrency for use as a bridge asset. Accordingly, since the early days of Ripple, the company has promoted XRP’s use case as a bridge asset for the future of the Internet of Value, where various assets are tokenized on-chain.
Ripple sees XRP as essential for efficient cross-currency or cross-token settlements, particularly for long-tail assets and currencies. Long cited instances with the sub-Saharan African region, Europe, and the Middle East where costs can be very high amid insufficient liquidity. In these scenarios, fees can exceed 10% of the payment, making XRP crucial for the transactions.
RLUSD Serving Developers
Regarding developers, Long noted that the US dollar has been the on-ramp for the entire industry. It is the starting point for buying cryptocurrency or other tokenized assets and trading.
She noted that Ripple sees significant upside potential for the decentralized exchange (DEX) within the XRPL. For the DEX to be more valuable to developers, high-quality stablecoins are necessary.
As a result, Long revealed that Ripple has been focusing more on DeFi, with USD stablecoins being a key component of that ecosystem.
The latest commentary about the complementary role of RLUSD for XRP has attracted significant attention from the XRP community. Vet, a dUNL validator on XRPL, remarked on the interview, providing additional context.
That's a great new interview with Monica Long from Ripple
Monica on the 𝐑𝐢𝐩𝐩𝐥𝐞 𝐔𝐒𝐃 Stablecoin and difference to 𝐗𝐑𝐏
1. 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐛𝐚𝐬𝐞
RLUSD is focused on two customer bases 🔹 XRP Ledger 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐞𝐫𝐬, supported via RippleX 🔹 𝐏𝐚𝐲𝐦𝐞𝐧𝐭… pic.twitter.com/ab2OF8vQWd
In earlier interviews, other Ripple executives, including CTO David Schwartz, emphasized that the forthcoming stablecoin would benefit XRP rather than dissolve its utilities.
The XRP community calls attention to a historical XRP price glitch on TradingView, where the platform erroneously presented XRP at a massive $9,864.
XRP has been a subject of multiple discussions over the years, including commentaries on price suppression and projected global adoption in the foreseeable future. However, industry leaders often dismiss these claims as conspiracy theories, suggesting they serve as a coping mechanism for investors.
One such discussion surrounds XRP’s history of experiencing multiple price glitches. Most of these glitches have skyrocketed the price of the token to unimaginable levels. These anomalous prices often do not reflect prevailing market conditions. However, they have captured the attention of community members due to the frequency.
XRP Spikes to $9,864
A recorded occurrence came up on price analysis resource TradingView. XRP community figure Jack The Rippler spotlighted this anomaly, which pushed XRP’s price from $0.22 to $9,864 within seconds. Interestingly, this price surge represented a 4,483,536% increase in less than a minute.
Jack The Rippler noted that this event was one of the most notable XRP price anomalies. The media personality further touted the $9,864 price as XRP’s real value behind the scenes. Notably, there is a section of the XRP community that holds this sentiment concerning the glitches despite dismissals.
A proponent emphasized that these anomalous are merely just glitches and do not necessarily represent any secret price for XRP. In response, a pseudonymous Air Force Veteran and XRP community member clarified that investors don’t actually view these as secretive values for XRP, suggesting such discussions are primarily for entertainment purposes.
Cases of XRP Price Glitch
However, it is important to note that the XRP price glitch highlighted by Jack occurred several years ago. A swift investigation by The Crypto Basic confirms the glitch occurred on May 7, 2020. On that day, XRP traded between $0.20 and $0.22, reaching an intraday high of $0.2211.
Since this event, XRP has witnessed several instances of anomalous price behavior over the years. In March, the crypto community observed an XRP price surge to $70 on the Atlantis Exchange platform. However, this was later confirmed to be another instance of an XRP price glitch due to low trading activity.
Before then, a similar occurrence was observed last October when XRP traded for $0.5655. Notably, this price anomaly pushed XRP’s value by a massive 6,291,354% to $34,603 on CoinMarketCap. Another notable XRP price glitch sprang up in August 2023, shortly after XRP secured legal clarity. XRP price soared to $50 on Gemini exchange due to a dried-up order book.
Ethereum price consolidated within the $3,550 – $3,400 narrow range over the weekend however, spikes in on-chain activity suggests investors are now bracing up for a major swing in market momentum in the week ahead.
Ethereum Price Volatility Heightens as ETF Launch Nears
ETH, the second-largest cryptocurrency, has been subject to intense market volatility over the past week. Prolonged delays surrounding the official launch of the newly-approved ETH spot ETFs has triggered anxiety, not only among Ethereum holders, but investors across the global crypto markets as well.
However, the latest filings reported by Bloomberg shows that the likes of Blackrock and VanEck have moved the needle in-terms of final adjustments to their Ethereum ETF applications.
On June 21, Bloomberg Analyst Eric Balchunas revealed that the institutional fund sponsors had submitted their final S-1 applications to the US Securities and Exchange Commission (SEC).
This brings the applicants one-step closer to the final approval before official listing date is announced, a moved that could spark massive markets reaction in the week ahead.
Ethereum price action (ETH/USD) after Blackrock, VanECK Confirm S-1 Filings.
The chart above shows that ETH price dipped 4% from the daily timeframe peak of $3,544 recorded on Friday, June 21, before opening trading around $3,419 at on Monday June 24.
This mirror the overall crypto market trend, as investors appear unwilling to mount large positions, instead taking on a neutral stance as the await the SEC next update on the filings.
Ethereum Network Activity Spikes 56% in 7 Days
In terms of price reaction, Ethereum markets did not react to the news surrounding the S1 filings on Friday. However, looking further than the price charts, there has been a significant shift in the Ethereum network usage, a move signaling that investors are bracing up for major trading activity in the week ahead.
IntoTheBlock’s Daily Active Addresses chart below, tracks the total number of unique ETH wallets involved in confirmed transactions on a given trading day. This provides real-time insights into changes in level of network activity and user-participation.
Ethereum price vs. ETH Daily Active Addresses | IntoTheBlock
As depicted in the snapshot above, 515,610 ETH wallets engaged in valid transactions a week ago on June 17. The network usage metric trended within the narrow 5% range until Friday, June 21, when news of the S-1 filling broke.
Ethereum has since recorded a whopping 56% spike in network activity, as it reach 806,500 active ETH addresses at close of June 23.
When there’s a significant spike in the number of addresses conducting transactions on a network, it signals that large number of investors are active and may reacting to or bracing up for a major event. In essence, it’s only a matter of time before this 56% spike in network activity reflects on Ethereum price action.
Ethereum price forecast: Possible $4,000 Breakout?
Ethereum’s price has consolidated within the $3,550 to $3,400 range over the weekend. On-chain activity spikes suggest investors are preparing for a significant shift in market momentum in the coming week.
According to IntoTheBlock’s data, Ethereum’s current price of $3,429.04 sits at a critical juncture. The support level around $3,334, represented by the lower limit of the Bollinger Bands, appears to be holding firm, while resistance looms near $3,575, upper-limit band.
Ethereum Price Forecast | ETH/USD | TradingView
The market is on edge, awaiting updates on the Ethereum spot ETFs from the SEC. A positive update could trigger a bullish breakout, pushing Ethereum’s price towards the $4,000 mark.
With significant support from institutional investors like Blackrock and VanEck, the potential for a major price surge is high. As investors await the SEC’s decision, the network’s heightened activity—marked by a 56% increase in daily active addresses—suggests a readiness to capitalize on any positive developments.
The upcoming ETF news could be the catalyst needed for a breakout. As network activity continues to spike, indicating increased investor interest, there’s a healthy chance that Ethereum could break new highs above $4,000 in the near term.
