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Shiba Inu Shares Kusama Message As SHIB Faces Panic Selling

Lele Jima
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Shiba Inu Shares Kusama Message As SHIB Faces Panic Selling

Lucie, a Shiba Inu ecosystem team member, shares a message from Shytoshi Kusama, as she reflects on the ongoing bloodbath in the crypto market.  

The ongoing market downturn has dealt a heavy blow to major cryptocurrencies, including Shiba Inu (SHIB). SHIB, which soared to nearly $0.000045 in March, has lost 61% of its value ever since, currently priced at $0.00001733. The dog-themed token crashed to $0.00001642 yesterday, marking its lowest since March.  

Current Market Reality 

Amid the ongoing downturn, Shiba Inu’s marketing lead issued a statement reflecting the current challenges in the crypto market. Lucie emphasized that the market is undergoing a challenging phase, with many investors ‘panic selling.’ 

She pointed out that the prevailing market reality differs from investors’ desire for a bull market, which usually leads to a massive increase in crypto prices. According to Lucie, the current situation reminds her of the historical U.S. Gold Rush, stating that patience is required to create a legacy in the blockchain space. 

Furthermore, she characterized decentralization as a painful process that could see many investors exit the market following the difficulties. Nonetheless, the marketing lead believes success is guaranteed for developers who focus on their long-term visions over short-term market fluctuations.

While Lucie is not against any investors who choose to panic sell, she pledged allegiance to enthusiasts walking the path of the ‘Shiba State’ and supporting Shibarium. 

Kusama’s Message About Imperfection 

Furthermore, the marketing specialist disclosed a message she received from Shiba Inu’s lead developer, Shytoshi Kusama. According to her, Kusama acknowledged imperfection during a conversation last week, emphasizing that ‘nothing is perfect.’ 

Kusama’s statement reflects a popular notion that nothing or nobody is without flaws. The remark stands in contrast with the unrealistic views expected from developers in the blockchain space. 

Reacting, Lucie agreed with Kusama’s theory, affirming that humans are not gods but regular people striving to achieve greatness. 

Adversity Shows Strength 

Meanwhile, the Shiba Inu marketing lead said adversity reveals true strength, adding that some trees grow stronger during wild storms. This remark suggests that Shiba Inu could emerge stronger despite the challenges of widespread volatility across the broader market. 

Currently, Shiba Inu is trading at $0.00001733, reflecting a 2.1% surge over the past 24 hours. However, it is currently down 5.43% on the weekly chart, 30.6% in the past 30 days, and 44.7% in the past three months. 

Despite the drawdown, popular pseudonymous market watcher ‘Captain Toblerone’ projected that Shiba Inu could still spike to an ultimate target of $0.00045, marking a 2,496% surge from the current price. 

Total XRP Locked in XRPL AMM Pools Surpasses 10 Million Milestone

Zabi
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0
Total XRP Locked in XRPL AMM Pools Surpasses 10 Million Milestone

XRPScan reports that the total amount of XRP locked in XRPL AMM pools exceeds 10 million, with 334 assets, 317 unique tokens, 282 pairs, and 597 active pools.

XRPScan, an XRP Ledger Explorer and network analysis platform, has reported a significant milestone for the XRP Ledger’s Automated Market Maker (AMM) pools. The total amount of XRP locked within these pools has crossed the 10 million mark, reaching 10,084,968 XRP. This milestone proves the growing engagement and liquidity within the XRP Ledger’s DeFi ecosystem.

As of the latest update, 334 assets are involved in the AMM pools, with 317 unique tokens and 282 XRP pairs. The number of active pools stands at 597. The chart from XRPScan illustrates a steady increase in the amount of XRP locked since April 1, with a notable surge around mid-June. This trend reflects the rising participation and confidence in the XRPL AMM infrastructure.

Top AMM Pools by Locked XRP

Detailed analysis of the top 10 AMM pools in the XRP market reveals significant locked XRP and trading fees. The MAG/XRP (Magnetic) pool leads with 4,699,174 XRP locked, a 0.999% trading fee, and an LP token balance of 46,713,149 LP. 

XRP large transactions 24 hour
XRP

Following are the XGO/XRP (xGO) pool with 931,885 XRP locked and a trading fee of 0.985%, and the CRYPTO/XRP pool with 756,634 XRP locked. Other notable pools include SOLO/XRP (Sologenic), with 612,899 XRP locked, and BTC/XRP (Bitstamp), with 436,969 XRP locked.

Recent Developments in XRPL DeFi Sector

The Crypto Basic’s recent update on April 17 noted a substantial increase in XRP tokens locked within XRPL AMMs, peaking at 2,272,919 XRP in a 24-hour period. At the time, the XRPL DeFi sector saw remarkable growth, with AMM pools increasing from 277 to 316 and the volume of locked XRP rising from 1.8 million to 2.15 million.

XRPScan data showed a sharp increase, with the ecosystem hosting 209 total assets, 203 unique tokens, and 184 XRP pairs for trading at the time. The active pool count also surged to 324, with the total XRP locked exceeding 2.27 million.

During this press, XRP is changing hands at $0.4759, with a 24-hour trading volume of $1,064,194,318.05. This reflects a 0.96% increase in the last 24 hours but a 3.24% decline over the past seven days. 

XRP Outperforms Bitcoin, Holds Above $0.47 with Only 3.6% Drop as BTC Slumps 7%

Abdulkarim Abdulwahab
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0
XRP Outperforms Bitcoin, Holds Above $0.47 with Only 3.6% Drop as BTC Slumps 7%

XRP defies the recent Bitcoin-influenced market downturn, largely holding steady while the altcoin market experienced significant declines.

Yesterday, Bitcoin shredded over 7.4% of its value when it plunged to $58,601. With this new low, Bitcoin crashed by approximately 19% in less than three weeks, considering it was worth $71,907 just 18 days ago.

Meanwhile, Solana (SOL) bottomed at $123 yesterday after losing approximately 10% of its daily high. This bottom price represents a 29% depreciation from its June 5 high of $175.48. Cardano (ADA) has faced a similar decline over the same period.

In the meme coin terrain, market leaders like Dogecoin (DOGE) and Shiba Inu (SHIB) have now seen their value collapse by 31% and 38%, respectively.

XRP Holds Steady, Resisting the Bears

In contrast, XRP only fell by 3.68% yesterday, dropping to a low of $0.4636 from its intraday high of $0.4813. This means XRP retained most of its gains from earlier in the day despite the bearish momentum that caused Bitcoin to drop by 7.4%. At press time, XRP trades at $0.473.

When considering XRP’s monthly peak of $0.5307, established on June 5, the asset has been down significantly by 12.64%. Yet, this figure is more favorable to investors compared to the roughly 19% loss Bitcoin investors recorded when BTC collapsed to the $58,000 threshold from its monthly peak above $71,000.

Essentially, XRP has defied the Bitcoin-led bearish trend, showing more stability while its closest competitors succumbed.

This resilience comes at a time when sentiment toward XRP has been marked by frustration. XRP is often seen as an underperformer in a bull market, failing to achieve significant gains in Q4 2023 and Q1 2024 while the broader market rallied. 

During previous market corrections, XRP was similarly affected. However, in this latest round, it largely resisted the trend.

Interestingly, The Crypto Basic reported that XRP posted a substantial one-week gain of 4.1% last week, even as all top-ranking crypto assets, including Bitcoin, Ethereum, and Solana, were trading in the red.

Factors Influencing XRP Stability

Notably, XRP’s challenge to the bearish trend coincides with explosive growth in the total value locked (TVL) in XRP Ledger-based AMMs. As of June 20, the TVL of AMMs on XRPL reached 15.6 million XRP, an increase of 5.3 million XRP in 17 days. 

Now, the latest record shows XRP TVL has climbed to 21.1 million XRP just five days after that report.

Shiba Inu Officially Celebrates This New Opening

Lele Jima
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0
Shiba Inu Officially Celebrates This New Opening

Welly Friends, the Shiba Inu fast-food partner, expands its operations in Italy, with a second store now opened in Reggio Emilia.

In an X post yesterday, Welly Friends revealed that it organized an opening party to celebrate the launch of its second Shiba Inu-themed restaurant. Welly’s official X handle shared a short footage showing how the restaurant marked the event.  

Interestingly, the Shiba Inu ecosystem’s X handle also shared in the excitement, celebrating the milestone and congratulating everyone who played a part in the opening of Welly’s Reggio Emilia branch. 

The newly opened store is part of a franchise agreement signed last year between Welly and its partner in Reggio Emilia. 

Welly Reveals U.S. Expansion Plans

According to a press release, the store is equipped with 40 indoor dining seats and Welly to-go options. The Reggio Emilia-based restaurant was designed by multiple award-winning architecture studios, MASQUESPACIO. The design was in accordance with inputs from Shiba Inu community members. 

In the meantime, Welly is planning to expand its operations to different Italian regions and other parts of the world. This includes the United States. 

“We look forward to bringing this unique, one-of-a-kind experience to more locations in Italy, new locations in the United States, and elsewhere in the world,” Welly’s spokesperson Gianmaria D’Aniello remarked.  

The development comes a year after Welly revealed plans to open two community-linked stores. 

Shiba Inu and Welly Partnership 

Launched in 2021, Welly is a Web3 fast food restaurant that initially commenced operations in Naples, Italy. Welly officially partnered with Shiba Inu in 2022, giving the ecosystem 15% ownership of its business. 

Following the partnership, Welly rebranded its operations and design to align with Shiba Inu. This includes integrating the SHIB mascot into its official logo. Furthermore, the partnership also involves Welly’s integration with Shibarium, Shiba Inu’s Layer-2 blockchain.  

Besides rebranding its business and integrating Shibarium, Welly commits to reducing SHIB’s hefty circulating supply by participating in the burn campaign. As reported earlier, the restaurant aims to burn SHIB using percentages from its franchise fees and net profits. 

Burning SHIB is a major step towards reducing SHIB’s supply and potentially boosting the token’s value in the long term. Shibburn’s data reveals that the community and other individuals have burned 410,727,043,380,538 (410.72 trillion) SHIB tokens so far. 

Here are Shiba Inu Addresses that are Millionaires as SHIB Slumps to $0.000017

Sam Wisdom Raphael
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Here are Shiba Inu Addresses that are Millionaires as SHIB Slumps to $0.000017

The number of Shiba Inu addresses that are millionaires based on their SHIB holdings has drastically declined due to the massive price collapse to $0.000017.

This is according to data from market analytics resource IntoTheBlock (ITB). Notably, the ongoing large-scale correction has dealt a heavy blow to the broader crypto market, and Shiba Inu is one of the most affected. Bitcoin (BTC), the leading crypto asset, has dropped 9% this month, nearly erasing all the gains from May.

Concurrently, Shiba Inu has collapsed by a more substantial 31.22% in June. This decline completely offsets the 13.58% increase it recorded in May. Yesterday, the bears threatened to push prices to the pre-March rally levels, but the robust support at $0.000016, reported by The Crypto Basic, held firm.

Shiba Inu Millionaire Addresses Drop to 986

Shiba Inu has since reclaimed $0.000017 but remains in a downtrend. As a result, the worth of investors’ holdings has reduced drastically. According to on-chain data provided by IntoTheBlock, the number of addresses whose SHIB holdings are worth at least $1 million has dropped to just 986.

Shiba Inu Millionaire Addresses IntoTheBlock
Shiba Inu Millionaire Addresses | IntoTheBlock

This figure represents about 0.08% of the total Shiba Inu addresses. Of the figure, about 909 addresses hold between $1 million and $10 million. Meanwhile, only 77 addresses, representing 0.01% of total holders, have balances greater than $10 million.

The millionaire wallets in question collectively hold 915.74 trillion Shiba Inu tokens. This is more than SHIB’s current circulating supply of 589 trillion tokens because the data includes the Shiba Inu burn address, which holds over 410 trillion SHIB permanently taken out of circulation.

Notably, the 986 figure represents a significant drop in millionaire addresses since March. The Crypto Basic confirmed on March 23 that millionaire addresses stood at 1,319, with SHIB trading for $0.00002740 then. The current figure shows that about 333 addresses have lost their millionaire status amid the current price drop.

For instance, addresses holding 36.496 billion SHIB tokens were sitting on $1 million worth of investment. However, following SHIB’s collapse to the current price of $0.00001749, these 36.496 billion tokens are now worth $638,231. Consequently, for an investor to be a SHIB millionaire now, they need to hold 57.175 billion tokens.

Investor Selloffs

The drop in millionaire addresses is also due to investors selling off their holdings amid sustained bearish sentiments. Derivatives data sourced by Coinglass shows that the SHIB Long/Short Ratio now stands at 0.9849, showing a predominance of short positions.

This bearish sentiment has led to investors trooping to dump their tokens as a result of fears around steeper declines. According to the Shiba Inu Exchange Netflow from CryptoQuant, exchanges saw a net inflow of 1.011 trillion SHIB yesterday. This represents the highest positive inflow this month, contributing to the selling pressure.

Shiba Inu Exchange Netflows CryptoQuant
Shiba Inu Exchange Netflows | CryptoQuant

In addition, IntoTheBlock data shows that Shiba Inu saw more sales than purchases yesterday. Per market data, investors selling at least 1% of the volume yesterday sold 5.9 trillion tokens. However, those buying at least 1% of the volume purchased 5.78 trillion tokens yesterday. With this, sales surpassed buys by 122.75 billion tokens.

Shiba Inu Bulls and Bears IntoTheBlock
Shiba Inu Bulls and Bears | IntoTheBlock

Expert Shares Strategy to Turn $1,000 into $1M and Retire Early

Abdulkarim Abdulwahab
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0
Expert Shares Strategy to Turn $1,000 into $1M and Retire Early

The crypto analyst from the Altcoin Daily channel recently revealed a “retire early,” which proposes turning a mere $1,000 into a million-dollar fortune.

In a recent analysis, the Altcoin Daily host warned that BlackRock’s Larry Fink and key figures in the U.S. political scene, like Donald Trump, are about to pump crypto markets higher than ever before. He asserted that current participants are in a position to amass “generational wealth” as a result.

First, he drew attention to the incoming phase of the currently successful Bitcoin spot ETFs market. According to the latest records, the U.S. Bitcoin spot ETF market has seen a cumulative inflow of $14.56 billion after 112 trading days.

Meanwhile, the Altcoin Daily analyst and Brian Dixon, CEO of Off the Chain Capital, believe the best is yet to come. They argued that the buying pressure of BTC by ETFs is just about to heighten. 

Inflows to Bitcoin ETF Set to Explode

In an interview with CNBC, Dixon argued that much larger allocations to Bitcoin spot ETFs are on the horizon. He explained that large investors like sovereign wealth funds, endowments, pension plans, and foundations are still in the process of conducting due diligence.

He noted that these investors must complete their research, move through investment mandates and committees, and educate their clients before making allocations. Accordingly, Dixon expects the most significant inflows into Bitcoin spot ETFs to surface towards the end of this year and early next year.

Crypto Now Politically Relevant 

On the political side, U.S. presidential candidates Donald Trump, Joe Biden, and Robert F. Kennedy Jr. are courting the crypto community, which now boasts over 50 million Americans. 

Moreover, even traditionally anti-crypto Democrats are becoming more supportive of crypto, further underscoring its increasing relevance in politics. Trump, in particular, has expressed a strong desire even to build a “Crypto Army.”

To stress the significance of the current situation, Dixon highlighted that Bitcoin has historically followed its cycles regardless of the election, generating significant performance gains.

He emphasized that this pattern has occurred independently of election cycles. Dixon noted that the addition of ETFs further amplifies the performance potential for this cycle as ETFs provide an easier onramp for people to gain exposure to Bitcoin.

Dip is Normal

Regarding the growing negative sentiment in the market, Dixon stressed that market dips should not deter investors. The industry pundit pointed out that Bitcoin experiences several 20-30% drops during bull markets before reaching new highs. 

This pattern was observed in 2017 and 2021 and is already in play in 2024. As a result, he highlighted that volatility is necessary for the market to allow for more significant price movements on the upside.

Turning $1K to $1M

Commenting on this, the Altcoin Daily presenter posited that once Bitcoin clears $100,000, “altcoins will go crazy,” leading to opportunities for generational wealth. 

Accordingly, he emphasized that now is the time to get involved in the crypto market. He urged investing in altcoins before Bitcoin embarks on a rally towards $500,000 by next year, as depicted in his presentation.

Notably, altcoins are known for outperforming Bitcoin. A hypothetical surge of Bitcoin to $500,000—a gain of over 7x from its current value—could set altcoin investors up for even greater returns, especially with meme coins renowned for their potential 100x gains. 

For example, during the 2021 bull run, Shiba Inu soared by over 884,000%, while Bitcoin only surged 720%.

XRP to $20: Industry Pundit Outlines 4 Factors That Could Trigger 7,637% XRP Surge

Sam Wisdom Raphael
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0
XRP to $20: Industry Pundit Outlines 4 Factors That Could Trigger 7,637% XRP Surge

Armando Pantoja, a Bitcoin analyst, recently presented four factors capable of triggering a 7,637% price increase for XRP toward the $20 territory.

Pantoja, who also serves as a member of Benzinga’s crypto advisory board, recently made these projections in a commentary on X despite the prevailing bearish market condition. 

Notably, XRP has not escaped the ongoing market bloodbath, now down 8.77% this month, as it retests the $0.47 low. However, the ongoing market dump has not impacted investor confidence. Consequently, bullish predictions have sprung up, with one of the latest ones coming from Pantoja.

The market commentator predicts XRP to clinch a two-digit price of $20 in the future, representing a massive 7,637% increase from the current value. Pantoja went further to outline four different factors that could push XRP to this price target, expressing confidence in the ambitious goal.

XRP Elliott Wave Structure 

Pantoja pointed out that XRP is adhering to an Elliott Wave pattern, a common technical analysis tool used to predict market trends by identifying repetitive wave patterns. This pattern was observed in a monthly chart accompanying his disclosure.

According to him, XRP is nearing the completion of the current five-wave structure. Historical data supports this analysis, as seen in 2017 when XRP’s price skyrocketed by 7,784% after a similar pattern was completed. This wave theory suggests that once the fifth wave is completed, a significant price surge is likely. 

XRP’s Market Resilience 

Despite the ongoing downturn affecting the broader cryptocurrency market, XRP has shown remarkable resilience compared to other altcoins. Pantoja emphasizes that XRP’s ability to outperform its peers during such challenging times is a significant indicator of its strength and potential. 

As earlier disclosed, XRP has dropped 8.77% in June. However, the crypto asset has demonstrated impressive resilience against the bears, as other cryptocurrencies have witnessed more brutal declines.

For instance, Bitcoin (BTC), which typically boasts lower volatility and greater resilience during market declines, is down 10.69% this month. Ethereum (ETH), the leading altcoin, has collapsed 12.35% and Shiba Inu (SHIB) is facing a massive 34.8% price slump within the same timeframe. Solana (SOL) is down 22.29%.

XRP Boasts Legal Clarity

One of the most significant overhangs for XRP has been its legal battle with the U.S. Securities and Exchange Commission (SEC). However, XRP secured legal clarity last June when Judge Analisa Torres ruled that the token in itself is not a security.

However, with the case lingering into its fourth year, XRP still retains the legal shadow cast over it. Multiple institutions have still not embraced XRP, as the lawsuit drags on. Pantoja asserts that a definitive and absolute win in the lawsuit would eliminate regulatory uncertainties that have long plagued XRP. 

According to the industry commentator, a victory for Ripple would restore investor confidence and also likely lead to an influx of capital as regulatory fears dissipate. 

Improved Technology on the XRP Ledger

The technological advancements in the XRP Ledger are another crucial factor in Pantoja’s analysis. Notably, recent developments have demonstrated a growth in the XRPL DeFi ecosystem. One such development involved the introduction of AMM functionality.

Since then, multiple AMM tools have launched with millions of XRP locked. In addition, Ripple is looking to introduce a lending protocol native to the XRPL in another effort to boost the network’s DeFi ecosystem. Another forthcoming development is the imminent launch of the XRPL EVM sidechain.

While these four factors are capable of bolstering XRP’s price action, there is no guarantee that a confluence of them would actually lead to a $20 price. As a result, market participants should not take this commentary as investment advice. XRP currently trades for $0.4698, down 2% over the last 24 hours.

How Pyth’s Latest Moves Shape Its Future As A Leading Oracle Network

Esra Zuhal
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How Pyth’s Latest Moves Shape Its Future As A Leading Oracle Network

As links between the blockchain and real life, oracles bring in outside data to enhance the use and relevance of smart contracts. Of them, Pyth Network has a lot of potential. It guarantees quick and correct price information by tying blockchain applications with market data providers.

Pyth has recently made some remarkable strides, broadening its market and beginning to seriously challenge Chainlink, the industry leader. These advancements show how significant Pyth is becoming and suggest that it may completely change the blockchain oracle space.

Closer Look at Pyth Network

The Advanced Oracle protocol Pyth Network connects blockchain applications with market data. Its primary responsibility is to give precise, real-time price data to decentralized apps and smart contracts. This is accomplished by connecting data providers with an Oracle program running on the chain and the applications requiring this data.

Leading exchanges and market makers provide Pyth’s Oracle software on Pythnet with their price data. Here, the information is merged into a single, trustworthy pricing feed, including a confidence interval. Thanks to the several sources flowing into the system, this aggregated data is then made public on the blockchain, guaranteeing the information’s reliability and accuracy.

A vast network of first-party data publishers distinguishes Pyth Network. The price feeds are incredibly precise and dependable because over 100 credible sources provide market data. With over 365 protocols spanningb60+ blockchains trusting this vast network, Pyth has demonstrated its legitimacy and broad acceptance.

Pyth provides developers with a selection of products to suit different requirements. Over 500 assets in numerous blockchain ecosystems, including Solana, many Ethereum Virtual Machine (EVM) chains, Aptos, Sui, NEAR, and other Cosmos chains, are priced in real time via Price Feeds. Pyth provides real-time data together with historical price data and Entropy, which is essential for many decentralized apps to efficiently generate safe random numbers on the blockchain.

Pyth Network is a major participant in the blockchain industry because of its robust infrastructure and extensive data offering, which satisfy the increasing need for dependable data solutions.

Recent Developments

Python Network is becoming more well-known by joining other blockchains. The fascinating newcomer Taiko is an Ethereum-like blockchain. Developers may thus easily switch by using the same tools and code they are currently acquainted with.

A further significant development is SeiNetwork V2, which offers a novel approach to concurrent transaction processing. Quicker and more effective processes make better decentralized applications and the solution of one of the primary issues with blockchain technology possible.

Another recent addition is Layer N. It includes Custom virtual machines known as XVMs and a common liquidity and communication layer. With this configuration, transactions between several blockchains go more smoothly and effectively.

New dApp Connections

Additionally connecting with emerging decentralized apps (dApps) is Pyth Network. One prominent integration is with the one-stop shop for trading, lending, staking, and more, LineHub. For users, this improves the accessibility and functionality of DeFi services.

Addition of New Price Feeds

Pyth is increasing the number of pricing feeds it offers, therefore fortifying its standing as a leading Oracle supplier. New price feeds include the following: the governance token of Safe; the native staking token of StakeStone; the stable token by Mountain Protocol; the Solana meme currency $BODEN; and the GenesysGo token $SHDW. Pyth now offers more varied and practical products thanks to these additions.

New Data Providers Added

Pyth Network is expanding its data capabilities by adding more data suppliers. Leading decentralised exchange SynFutures Protocol now provides data, enabling trading on any asset anytime. Pyth’s data offers are, therefore, deeper and more trustworthy.

Additionally, Alphanonce, a profitable trading company with six years of steady operation, is joining Pyth as a data supplier. This guarantees excellent data for blockchain applications by adding insightful information and making Pyth’s pricing feeds even more reliable and accurate.

Comparison of Pyth and Chainlink

Two of the biggest names in Oracle are Chainlink and Pyth Network. Longer in the market, Chainlink is well-established and has several integrations with blockchain projects, including business solutions, NFT platforms, and DeFi applications. Its broad reach raises the standard.

Fast catching up, Pyth Network is trusted by over 365 protocols and integrates with over 60 blockchains. Its flexibility and expanding impact are demonstrated by its partnerships with well-known chains like Solana, Aptos, and other Ethereum-compatible networks.

Advanced Technology

Chainlink and Pyth Network bring unique technologies. Essential for developers, Chainlink provides safe off-chain data for smart contracts together with tools like Chainlink Keepers for automatic chores and Chainlink VRF for unpredictability.

Pyth Network has also made remarkable strides, enabling sophisticated blockchains like Layer N, SeiNetwork V2, and Taiko. These improve Pyth’s speed, effectiveness, and security by providing features like Ethereum compatibility, parallel processing, and bespoke virtual machines. Pyth is dedicated to innovation, as seen by its emphasis on secure random numbers, historical data, and real-time pricing feeds.

Data Providers Networks

Reliability depends critically on a robust network of data providers. Chainlink guarantees precise and trustworthy pricing feeds by compiling data from several sources.

Because Pyth Network depends on more than 100 first-party publishers, including large exchanges and market makers, its data feeds are incredibly precise. New suppliers like Alphanonce and SynFutures Protocol add additional power to Pyth’s network.

Support of the Community and Ecosystem

Blockchain ventures need community support above all. Strong developer, enthusiast, and partner communities surround Chainlink. Its tools, instructional materials, and active participation provide a dynamic environment that stimulates creativity.

Pyth Network is also developing strong community support. Its solutions demonstrate increasing developer confidence as several protocols swiftly embrace and integrate them across blockchains.

Pyth’s position in the ecosystem is cemented by its involvement in and active support of important blockchain initiatives. As it innovates, Pyth is predicted to gain greater community support, which will spur further growth and acceptance.

Pyth Network is becoming a formidable rival even though Chainlink is still the industry leader with a large data network and market presence. With its expanding community support, variety of data suppliers, and technological breakthroughs, Pyth is positioned to threaten Chainlink’s hegemony in the Oracle market.

Can Pyth Dethrone Chainlink?

With its technological improvements—which include support for blockchains like Taiko and SeiNetwork V2 and custom VMs with Layer N—Pyth Network may be able to compete with Chainlink. Its emphasis on safe random number generation, historical benchmarking, and real-time pricing feeds demonstrate its dedication to complete Oracle solutions.

The way Pyth is growing its ecosystem—integrating with other blockchains, introducing new goods and pricing feeds—showcases its flexibility and adaptability. Including major exchanges and market makers among more than 100 first-party publications, Pyth guarantees correct and trustworthy data. Furthermore, additions like Alphanonce and SynFutures Protocol are improving its data network.

Although Chainlink is a major player in the industry, Pyth Network is a formidable rival that might upset Chainlink’s dominance in the Oracle field thanks to its developments, expanding ecosystem, and extensive network of data providers.

Disclaimer: This article is provided by the Client. The Client is solely responsible for this page’s content, quality, accuracy, products, advertising, or other materials. Readers should conduct their own research before taking any actions related to the material available on this page. The Crypto Basic is not responsible for the accuracy of info and any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods, or services mentioned in this article.

Please note that The Crypto Basic does not endorse or support any content or product on this page. We strongly advise readers to conduct their own research before acting on any information presented here and assume full responsibility for their decisions. This article should not be considered investment advice.

Crypto Investment Weekly Outflows Hit $584M, Bitcoin Loses $630 Million

Abdulkarim Abdulwahab
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0
Crypto Investment Weekly Outflows Hit $584M, Bitcoin Loses $630 Million

The latest market update from digital asset firm CoinShares reveals that crypto-based investment products have recorded a second consecutive week of outflows totaling $584 million.

CoinShares analysts attributed this to investor pessimism regarding potential interest rate cuts by the Federal Reserve this year. The report also noted that last week saw the lowest volumes traded on ETPs globally since U.S. spot ETFs launched this year, with only $6.9 billion traded for the week.

US Sees Highest Outflow

Regionally, the U.S. spot Bitcoin ETF market experienced the largest outflows at $475 million. Yet, its month-to-date (MTD) flow remains positive at $945 million, with a year-to-date (YTD) inflow figure of $16.35 billion.

In Canada, crypto investment products saw significant outflows of $109 million last week, bringing the MTD total to a negative $111.5 million. Germany and Hong Kong also experienced outflows of $24 million and $19 million, respectively. 

Sweden had the lowest negative flow for the week at $5.3 million, resulting in a negative $28.8 million for the MTD timeframe. Conversely, Switzerland, Brazil, and Australia bucked the trend, with inflows of $39 million, $48.5 million, and $800,000, respectively.

Despite the weekly outflows across all regions totaling $584 million, the MTD remains positive at $857 million, with a YTD figure of $15.95 billion.

Flows by region
Flows by region | CoinShares

Bitcoin ETPs Drained of $630M

Furthermore, the report highlighted that Bitcoin was the primary victim of the outflows, with $630 million in negative flows at the end of last week. This emerged as Bitcoin continued to hit lower prices daily, reaching a low of $60,674 today.

Interestingly, despite the negative sentiment, investors did not add to short positions, resulting in short Bitcoin seeing $1.2 million in outflows.

Flows by crypto
Flows by crypto asset | CoinShares

Meanwhile, Bitcoin’s closest rival, Ethereum, also suffered from the negative sentiment, experiencing $58 million in outflows. However, various altcoins defied the Bitcoin trend and recorded inflows amid broad price weakness. 

Specifically, crypto investment products tied to Solana (SOL), Litecoin (LTC), and Polygon (MATIC) witnessed inflows of $2.7 million, $1.3 million, and $1 million, respectively. At the same time, XRP investment products saw a more modest one-week inflow of 700K. The new figure brings XRP’s MTD total to $2.9 million and the YTD total to $18 million. 

According to CoinShares analysts, the $98 million in inflows into multi-asset products suggest that investors viewed the weakness in the altcoin market as a buying opportunity.

Bitcoin RSI Drops to Oversold Level that Historically Led to an Average 103% Surge

Zabi
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0
Bitcoin RSI Drops to Oversold Level that Historically Led to an Average 103% Surge

Bitcoin RSI hits oversold zone which previously led to price surges of 60%, 63%, and 198% marking an average of 103% price increase in three occasions.

Ali Martinez, a technical and on-chain analyst, has observed a trend in Bitcoin’s price movements over the past two years. According to Martinez, the Bitcoin daily RSI has dipped into oversold territory three times during this period, each time resulting in substantial price surges of 60%, 63%, and 198%. 

According to him, with Bitcoin now trading below $62,000 and the RSI again in oversold territory, this might present a prime opportunity to buy the dip.

Historical RSI and Price Surges

Notably, on November 9, 2022, Bitcoin’s RSI hit oversold territory, dropping below 30. This event triggered a subsequent price surge of 60.11%, with Bitcoin’s price climbing from approximately $15,800 to around $25,000. 

Similarly, on March 10, 2023, another RSI dip into oversold territory was observed. Bitcoin’s price surged by 62.54%, from approximately $19,600 to around $32,000. The trend continued on August 18, 2023, when the RSI again dropped into oversold territory. This was followed by a price increase of 197.77%, pushing Bitcoin’s price from about $25,000 to levels above $70,000.

Current Market Situation

As of June 24, 2024, Bitcoin’s RSI has again entered oversold territory, indicated by a recent sharp dip in the RSI metric below 30. As such dips have been followed by significant price increases, analysts see this as a potential bullish opportunity. 

However, this analysis comes just hours after Bitcoin and the broader crypto market experienced an accelerated price slump. The slump coincided with the announcement from the bankrupt exchange Mt. Gox, confirming its repayment date, which added to the market’s bearish momentum.

Other Indicators Point to Further Daily Declines

Currently, Bitcoin is trading at $61,143.52, reflecting a 4.99% price decline in the last 24 hours and a 7.04% decline over the past week.

However, on the flip side, the daily chart suggests further potential declines. The Bollinger Bands show the price recently broke below the lower band, signaling strong downward momentum and increased volatility. The MACD line is below the signal line, indicating a bearish trend, while the MACD histogram is in negative territory, showing increasing downward momentum.

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