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Here’s How Much XRP You Need to Be A Millionaire If XRP Hits $500 or $1,000

Abdulkarim Abdulwahab
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Here’s How Much XRP You Need to Be A Millionaire If XRP Hits $500 or $1,000

XRP investors need initial investments of a few hundred dollars to realize $1,000,000 should the asset trade between $500 and $1,000.

During this latest market correction, XRP emerged among the few assets that stood their ground. While Bitcoin drained the altcoin market of past profit, XRP mostly maintained a value between $0.49 and $0.5, boasting a positive one-week performance.

This performance has further bolstered the confidence of enthusiasts who believe XRP will someday stand out, potentially engineering an aggressive rally similar to the one six years ago and ultimately making them millionaires.

This analysis explores the XRP amount an investor would need to become a millionaire if the asset reaches ambitious future price targets of $500 or $1,000.

XRP You Need to Be A Millionaire If XRP Hits $500 and 1,000

At the time of writing, XRP exchanges hands at $0.4886, reflecting a 2.11% gain over the week. To achieve a millionaire XRP portfolio in a future where the trades at $500, one must hold 2,000 tokens.

As of June 21, it costs only $977.2 to acquire 2,000. Meanwhile, this modest initial investment stands to grow by 102,233% in years to come if bullish projections materialize.

On the other hand, investors with the more ambitious outlook of a $1,000 price point for XRP require a less demanding initial investment.

Specifically, one needs 1,000 XRP, valued at $488.6 today, to become a millionaire when XRP trades at $1,000. At that point, the investment must have grown by 204,566%.

When Can XRP Reach $500 and $1,000

Following XRP’s lawsuit victory in 2023, Citi banker Shannon Thorp projected that XRP could reach $500 within seven months. While this projection has gone unfulfilled, the optimistic outlook persists within the community.

In April, analyst BarriC suggested that XRP’s current value would be considered cheap by 2033, implying he anticipates much higher prices in the preceding years. Additionally, he argued for a $1,000 XRP within a decade. Another pseudonymous community pundit, JackTheRippler, also supports the $1,000 prediction, though he provided no specific timeline.

Meanwhile, the prediction platform Telegaon is more conservative, forecasting that XRP is unlikely to reach $500 or $1,000 within the next three decades. Instead, it proposes a maximum value of $105 by 2050.

It is worth noting that a $1,000 XRP puts the asset at a valuation of approximately $100 trillion.

Notcoin Price Prediction: Will NOT Reach $0.1 At The End of Year?

Esra Zuhal
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Notcoin Price Prediction: Will NOT Reach $0.1 At The End of Year?
  • Analysts predict Notcoin could surge to $0.1 at the end of the year.
  • Rebel Satoshi Arcade emerges as one of the best gaming tokens available.
  • RECQ offers its users free-to-play, pay-to-play, and play-to-earn arcade games.

One of the most popular cryptocurrency tokens currently available is Notcoin (NOT), which soared to the top of the TON blockchain’s native coin rankings with a market capitalization of over $1.5 billion. Given its strong trend, many traders and investors are curious about how much NOT could increase this year and beyond.

Built on the TON Network, Notcoin is a top DeFi project and a play-to-earn token initially created by Telegram before being split into its project. Users can earn tokens by tapping virtual coins in the Notcoin game on Telegram. These tokens can then be converted into the NOT token.

The Notcoin game had more than 35 million active users by the time token redemptions for NOT opened on May 16, 2024, demonstrating its growing popularity. The NOT token was listed on the same day for trading on decentralized exchanges. Since its launch at the beginning of June, NOT has increased by over 350%, with a trading volume of more than $900 million. It’s been one of the best altcoins of the year thus far for investors. Since its launch at the beginning of June, NOT has increased by over 350%, with a trading volume of more than $900 million. It’s been one of the best altcoins of the year thus far for investors. Analysts believe Notcoin can continue growing at its current momentum. 

Even though trading volume has decreased, a significant number still amounts to almost the whole market capitalization of NOT that is exchanged daily. Also, Notcoin still has a significant catalyst: becoming listed on the two biggest exchanges in the world, Binance and Coinbase. Studies have indicated that tokens listed on Binance usually see a steady 41% growth; this gain might be considerably more significant given the amount of attention that NOT has already received. Coinbase listing can potentially drive NOT even higher, making it one of the best altcoins to add to your portfolio.

Notcoin is rising significantly, suggesting a bull market may be on the horizon. Notcoin’s Relative Strength Index (RSI), which stands at 58, suggests that it is neither overbought or oversold. The coin is about to go up against the $0.03 resistance level. If this trend persists, Notcoin’s price may increase toward $0.05 and possibly reach $0.1 by the end of the year. 

Amidst the excitement around the Notcoin price surge, top cryptocurrency analysts have taken a keen interest in a new project called Rebel Satoshi Arcade (RECQ). This platform is among the best gaming tokens since it has effectively included several popular cryptocurrency themes, such as memes, GameFi, and NFTs (non-fungible tokens).

Rebel Satoshi Arcade (RECQ): Top Gaming Token With Potential

Rebel Satoshi Arcade is not your typical meme project; it is a top DeFi project leading a revolution and can potentially bring in a sizable profit for investors this year. Renowned investors in the market have taken notice of Rebel Satoshi Arcade due to its goal of challenging the cryptocurrency space. Integrating the NFT collection makes the project the best crypto investment for significant market returns. 

One of the ecosystem’s unique qualities is that it is entirely decentralized and driven by the community. Adding NFTs enhances RECQ’s appeal; these digital assets promote RECQ as a top gaming token for investors by embodying the community’s solidarity and struggle against tyranny. Rebel Satoshi is notable for its robust ecosystem, supported by a dual-token model that combines RBLZ and RECQ. RECQ is Rebel Satoshi’s utility token, while the RBLZ is the membership and governance token. Rebel Satoshi Arcade’s presale is currently in Stage 2, and at $0.0044, it has increased in value by 120% from its $0.0020 Early Bird Round pricing. When the token eventually reaches its listing price of $0.0125, investors in Stage 2 will have profited by 184.09%, making RECQ the best gaming token in the upcoming cryptocurrency bull run. 

Given that RECQ is intended to serve as the platform’s base currency for routine operations like rewards, purchases, and fees, the token has many applications in the fascinating Rebel Satoshi universe. As a result, holders can explore Rebel Satoshi’s amazing NFT collection and buy special goods items with RECQ. Thus, investors consider Rebel Satoshi Arcade one of the most alluring choices in the current cryptocurrency market.

Conclusion

Notcoin’s potential future gains are limited because it is already a large-cap cryptocurrency. RECQ is a good place for investors to hunt for the best deals in the cryptocurrency market. Rebel Satoshi Arcade allows you to participate in this incredible enterprise in its amazing project that has the potential to yield enormous profits. This project offers more than simply the NFT collection and cutting-edge gaming platform. Before moving on to stage three, make the most of the opportunity the presale offers in stage two. To do this, go to the website and adhere to the comprehensive guidelines for purchasing RECQ tokens. 

For the latest updates and more information, be sure to visit the official Rebel Satoshi Website or contact Rebel Red via Telegram.

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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.

Top Analysts Say Bitcoin Has Bottomed at $64K, Set for Major Rebound

Abdulkarim Abdulwahab
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Top Analysts Say Bitcoin Has Bottomed at $64K, Set for Major Rebound

Notable analysts cite various market indicators to support arguments for a major price recovery for Bitcoin after days of consistent pullback.

In the latest market downturn, Bitcoin has dropped by approximately 11%, falling from its early-month high of $71,907 to a low of $64,066 two days ago. During this period, prominent altcoins have slumped more than twice that rate.

Now that Bitcoin has stabilized around the $64,000 range, market observers are increasingly convinced it has reached its bottom for this dip, projecting a significant rebound as the next phase. 

Bitcoin Poised for Major Rebound

In a recent post on X, widely followed Bitcoin commentator Michaël van de Poppe expressed confidence that Bitcoin has likely bottomed around $64,000. According to him, Bitcoin is now gathering upward momentum. 

Meanwhile, Van de Poppe added that altcoins are starting to show more strength as Bitcoin’s dominance declines, suggesting a significant market reversal is imminent.

Separately, analyst Bitcoinsensus argued that Bitcoin’s chart looks very bullish from an Elliott Wave perspective. The commentator stressed that the market is currently in wave five on multiple time frames, the final phase of an upward impulse wave.

In a subsequent update, the analyst noted that Bitcoin’s illiquid supply has increased since May based on data from analytics platform Glassnode. This trend suggests that investors are holding their assets more rather than trading them.

Furthermore, the case for a BTC price recovery is strengthened by the resilience observed in the Bitcoin derivatives markets. Market watcher Ali Martinez recently noted that 70.27% of all Binance accounts with an open Bitcoin position are going long. This ratio has even slightly increased in the latest figures.

Bearish Momentum Still At Large

Notably, analysts have identified Bitcoin miner capitulation among the factors that triggered the latest market dip. 

Ki Young Ju, the founder of analytics platform CryptoQuant, highlighted that early Bitcoin miners had profited about $550 million this year by selling BTC within the $62K to $70K price range. 

Although this wave of miner selloff is expected to subside soon, the crypto market now faces another potential source of selling pressure that could affect the anticipated Bitcoin rebound.

A few hours ago, Young Ju noted he observed Bitcoin selling pressure emanating from the Coinbase exchange. The observation coincides with reports indicating that the German government has begun sending BTC to exchanges over the past two days, with over $3 billion worth of Bitcoin still to be sold.

MicroStrategy Buys 11,931 Bitcoin with $786M, Now Holds 226,331 BTC Tokens

Sam Wisdom Raphael
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MicroStrategy Buys 11,931 Bitcoin with $786M, Now Holds 226,331 BTC Tokens

MicroStrategy, under the leadership of Michael Saylor, has invested heavily in Bitcoin once again, acquiring 11,931 BTC at a cost of about $786 million. 

The disclosure was made in a recent Form 8-K submission to the U.S. Securities and Exchange Commission (SEC). The firm financed this purchase via a private placement of convertible notes, finalized on June 18, 2024. The Crypto Basic called attention to this offering in a report last week. 

The offering featured a 2.25% coupon and a conversion premium of 35% over the average price of MicroStrategy’s class A stock. Initially intended to raise $700 million, strong market demand resulted in the offering being increased to $800 million, including the option for purchasers to acquire more notes.

The net proceeds from the offering were approximately $786 million. MicroStrategy utilized these funds, along with surplus cash, to buy the Bitcoin between April 27, 2024, and June 19, 2024. The company purchased the BTC at an average price of $65,883 per coin.

After this recent acquisition, MicroStrategy and its subsidiaries collectively own 226,331 Bitcoin. This entire holding was obtained at an aggregate cost of roughly $8.33 billion. The average purchase price for their Bitcoin holdings, including all related fees and expenses, is about $36,798 per coin.

MicroStrategy Bullish on Bitcoin

With Bitcoin currently trading at $64,876, MicroStrategy’s holdings are now valued at $14.68 billion, resulting in an unrealized profit of $6.35 billion. It’s worth noting that during the 2022 bear market, when Bitcoin’s price dropped below $20,000 at times, the company experienced losses on its Bitcoin investment.

The recent market turnaround has changed MicroStrategy’s fortunes. The firm’s commitment to investing in Bitcoin highlights its conviction in the asset’s role as a reliable store of value. Chairman Michael Saylor has consistently championed Bitcoin, advocating it as a hedge against inflation.

The cryptocurrency market has seen significant volatility, with BTC now below the $65,000 support, but MicroStrategy remains bullish in the long-term. The company’s strategy involves using Bitcoin as its primary treasury reserve asset. 

This approach is somewhat unique among publicly traded companies. Saylor previously noted that the firm does not wish to sell any of its BTC. MicroStrategy bought $632 million worth of Bitcoin on March 19, and procured 12K BTC for $821 million on March 11. They had also purchased 3,000 more tokens in February.

German Government Moves $438M in Bitcoin to Exchanges as Price Stabilizes at $65K

Zabi
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German Government Moves $438M in Bitcoin to Exchanges as Price Stabilizes at $65K

The German government just moved $438M in Bitcoin to exchanges from the 50,000 BTC seized from Movie2k.to operators, triggering selloff concerns.

The German government has transferred 6,500 Bitcoin tokens worth approximately $438 million worth of Bitcoin (BTC) to crypto exchanges. This move follows the seizure of these assets from the operators of the film piracy website Movie2k.to.

Seizure and Transfer Details

Recall on January 31, Arkham reported the German Government’s presence on its platform, following the Federal Criminal Police Office’s (BKA) seizure of nearly 50,000 BTC from Movie2k.to operators. 

These Bitcoin tokens, valued at approximately $2.12 billion at the time, were received by the BKA in mid-January after a voluntary transfer from the suspects. The BTC had been inactive since mid-January.

Portfolio and Market Analysis

As of the latest data, the German Government’s Bitcoin portfolio holds 47.859K BTC, valued at around $3.16 billion. The price of Bitcoin stood at $66,050 at the time of the snapshot.

German Government Bitcoin Holdings
German Government Bitcoin Holdings

This portfolio value has seen fluctuations, ranging from approximately $2.2 billion to $3.6 billion between February and June 2024. The movement of such a large amount of Bitcoin to exchanges typically signals an intention to sell, which could impact the direction of the market.

Global Bitcoin Holdings

It is crucial to note that the German government’s Bitcoin holdings are a part of the larger landscape of global government-held BTC. As of now, the United States leads with 207,189 BTC valued at $13.66 billion, followed by China with 194,000 BTC worth $12.79 billion. 

Bitcoin Holdings by Governments
Bitcoin Holdings by Governments

The UK and Ukraine hold 61,000 BTC and 46,351 BTC, valued at $4.02 billion and $3.05 billion respectively. El Salvador, Finland, and Georgia hold smaller amounts, contributing to a total of 566,336 BTC held by various governments. This figure represents 2.697% of the total 21 million Bitcoins.

Ultimately, Bitcoin is priced at $65,584.72 with a 24-hour trading volume of $21.05 billion. This marks a 0.45% price increase in the last 24 hours but a 3.36% decline over the past week.

Consensys Product Manager Says Ethereum ETF Approval is Days Away

Lele Jima
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Consensys Product Manager Says Ethereum ETF Approval is Days Away

Jimmy Ragosa, product manager at Consensys, estimates that the SEC could be days away from approving the S-1 documents relating to Ethereum spot-based ETFs. 

The Consensys exec issued the prediction in reaction to Bitwise’s amended Ethereum ETF S-1 document, submitted on June 18. Comparing the amended filing with the previous one, Ragosa highlighted that Bitwise did not reveal the fee structure and initial investment in the revised S-1 document. 

He also said Bitwise’s June 18 filing with the SEC contained updates on risk factors, legal & regulatory statements, contact information, and distribution plan. Notably, Ragosa said if the aforementioned updates were the only SEC comments, the regulator could approve the S-1 filings in the coming days. 

SEC Requests ‘Light’ Comments

The development comes less than a week after the SEC staff sent comments to prospective issuers of Ethereum ETFs regarding their S-1 filings. Bloomberg ETF analyst Eric Balchunas confirmed the development on June 14, noting that the SEC’s remarks were ‘pretty light.’ 

He said the SEC mandated the prospective Ethereum ETF issuers to submit the amended S-1 filing this week. 

Last month, Ethereum ETFs took a major step toward launching in the U.S. after the SEC approved eight 19b-4 documents from exchanges requesting to list these products. Currently, the SEC’s approval of the S-1 documents is the only factor preventing the launch of Ethereum ETFs on U.S. exchanges. 

Potential Timeline for Ethereum ETF Launch 

Interestingly, Balchunas estimated that the SEC could approve the S-1 documents on or before July 2, paving the way for the launch of Ethereum ETFs. 

Before his projection, the Bloomberg analyst set July 4 as the potential launch date for the Ethereum ETF. However, with the SEC asking the issuers to update their S-1 filings with limited comments, Balchunas revised the timeline to July 2, less than two weeks from now. 

It is unclear whether the SEC might request more updates on the S-1 filing. In the meantime, the SEC has wrapped up its investigation into whether certain Consensys’ sales of ETH qualify as security.

The SEC did not recommend any enforcement action based on the conclusions of its investigations. Therefore, this suggests that the regulatory status of ETH would not hinder the potential launch of Ethereum spot-based ETFs. 

Cardano and XRP See Increased Shorts, But Santiment Unveils How This is Bullish

Sam Wisdom Raphael
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Cardano and XRP See Increased Shorts, But Santiment Unveils How This is Bullish

Santiment has called attention to a predominance of short positions involving Cardano and XRP, suggesting this metric could be bullish for both assets.

In the wake of the recent market collapse, prominent altcoins Cardano (ADA) and XRP have experienced significant declines. However, analytical insights from Santiment suggest a potential bullish turnaround for these assets. As traders continue to heavily short these cryptocurrencies, certain technical indicators imply that a rebound may be imminent.

Cardano and XRP Record an Increase in Shorts

Santiment recently highlighted on X that Cardano and XRP are currently among the most notable altcoins facing heavy shorting activity. Despite the recent relief bounces, traders continue to bet against these assets. Santiment views this as a positive signal, suggesting that the liquidation of short positions could serve as a catalyst for a substantial price increase.

For Cardano, data from the accompanying chart indicates that the Binance Funding Rate stands at -0.013743, showing a predominance of short positions. Moreover, derivatives data sourced by analytics resource Coinglass shows that the the long/short ratio for ADA is 0.9755, confirming the increase in shorts.

Cardano Derivatives Data Coinglass
Cardano Derivatives Data | Coinglass

Interestingly, despite the surge in shorts, the Binance long/short ratio for accounts is significantly higher at 2.51. This divergence indicates that while traders have opened more short positions than long ones, Binance accounts that betting on a price upsurge are more than those betting on further dips.

For XRP, a similar pattern emerges. The Binance Funding Rate is -0.002935, suggesting more short positions. Data from Coinglass shows that the long/short ratio for XRP stands at 0.9623. Yet, the Binance long/short ratio for accounts is 2.98, reflecting a more optimistic stance from individual traders on Binance.

XRP Derivatives Data Coinglass
XRP Derivatives Data | Coinglass

Potential for Rapid Resurgence 

Santiment explained that when traders heavily short an asset, it creates a situation where any upward price movement can trigger short covering. This, in turn, can lead to a rapid and substantial price increase as shorts are forced to buy back the asset to cover their positions.

Further supporting the bullish perspective, a previous analysis from Santiment discussed ADA’s and XRP’s 30-day Market Value to Realized Value (MVRV) ratios. This metric compares the market value of an asset to its realized value. Lower MVRV ratios indicate that the asset is undervalued, which often precedes a price rebound.

Santiment revealed that for XRP, the 30-day MVRV is at -3.5%, classified as mildly bullish. Meanwhile, Cardano’s 30-day MVRV is even lower at -12.6%, categorized as very bullish. These figures suggest that both cryptocurrencies have significant upside potential in the short term, as undervalued assets typically attract buying interest.

The recent price movements further show the potential for a recovery. XRP has seen a modest gain of 0.42% over the past 24 hours, currently trading for $0.4932. Meanwhile, Cardano has increased by 0.34% during the same period, changing hands at $0.38. These small upticks could be the initial signs of a broader market resurgence.

Bitcoin Traders Withdraw $3B Amid 14-Day Market Dip: What Lies Ahead?

Mark Brennan
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Bitcoin Traders Withdraw $3B Amid 14-Day Market Dip: What Lies Ahead?

Bitcoin price tumbled below the $64,050 on June 18 2024, as bears forced the month-long BTC downtrend to a 35-day bottom, but the current dynamics in the derivatives markets signal bullish resilience among traders.

Bitcoin Price Dives to 35-Day Low

After a promising start to the month, Bitcoin price retested the $71,900 mark on June 6. But since the overheated labor market data release by the US authorities on June 7 which signalling unrelenting inflation, BTC has succumbed to bearish pressure.

On June 18, the Bitcoin downtrend reached a record low unseen in over 30 days, dating back to May 15, sparking massive liquidations across the rest of the crypto markets.

Bitcoin Price Action | June 2024 | TradingView
Bitcoin Price Action | June 2024 | TradingView

Looking at the TradingView Chart above, Bitcoin’s retraction towards $64,047 brings its monthly timeframe losses to 11%. But over the last 48 hours, bulls traders have made frantic covering purchases to halt the downtrend.

Consequently, at the time of writing on June 19, Bitcoin price has managed to stage an instant rebound above the $65,000 mark.

Bulls Traders Showing Resilience Despite Market FUD

Curiously, the BTC rebound phase has been subdued by retail traders exiting the market to ape into stock markets as the S&P 500 hit a new all-time high on June 19.

However, a rare market data trend observed in the derivatives markets signals hopes for a more pronounced upside in the days ahead.

Coinglass’ Open Interest chart shows the total dollar value of all active derivatives BTC futures contracts listed across recognized exchanges and trading platforms.

When compared to the prevailing price trends, the open interest chart provides key insights into speculative traders’ dominant sentiment around the assets’ short-term prospects.

Bitcoin Open Interest vs. BTC Price | Coinglass
Bitcoin Open Interest vs. BTC Price | Coinglass

As seen above, Bitcoin open interest stood at $37.65 billion on June 6, just before the  the price dip began. But while BTC price has now retraced 11% since then, the open interest has only reduced by $3.51 billion, reflecting 9% decline as it dropped to $34.14 billion at the time of writing on June 19.

This means that Bitcoin’s price has declined by 2% faster than open interest over the last 14 trading days.

When the price of an asset declines faster than open interest during a market dip, it suggests that traders are reluctant to close out their positions.

This can indicate that there is still significant interest and engagement in the market despite the falling prices, potentially highlighting the strong conviction among Bitcoin traders that current price dip is temporary and are holding onto their positions in anticipation of a rebound.

If this scenario plays out, Bitcoin price could be set for a major breakout towards $70,000 when the market sentiment flips bullish again.

Kraken Accuses CertiK of Stealing $3 Million in Bug Bounty Program Clash

Zabi
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Kraken Accuses CertiK of Stealing $3 Million in Bug Bounty Program Clash

Kraken accuses CertiK of exploiting a critical bug to withdraw $3M, while CertiK denies wrongdoing, highlighting Kraken’s security vulnerabilities.

In a security update on June 19, Kraken’s Chief Security Officer, Nick Percoco, accused CertiK of stealing $3 million from a white-hat bug bounty operation. The dispute arose after a security researcher reported a critical vulnerability to Kraken, leading to a heated exchange between the two companies.

Bug Discovery and Exploitation

On June 9, 2024, Kraken received an alert about a critical bug allowing artificial balance inflation. Despite frequent fake reports, Kraken’s team took this seriously and quickly identified an isolated bug. 

The flaw permitted malicious deposits to be credited without full completion, posing a risk despite no client assets allegedly being at risk. Kraken’s team triaged and mitigated the issue within 1 hour, 47 minutes.

Further investigation revealed three accounts exploiting this vulnerability, with one linked to the self-identified security researcher. Instead of following protocol, the researcher disclosed the bug to others, resulting in nearly $3 million being fraudulently withdrawn from Kraken’s treasury. 

Kraken requested the return of the funds and full disclosure of the activities, but the researchers refused, demanding a speculative reward instead. Interestingly, these researchers were affiliated with CertiK.

CertiK’s Response and Accusations

CertiK responded to Kraken’s accusations by disclosing their findings. They highlighted critical vulnerabilities in Kraken’s deposit system that could lead to massive financial losses. CertiK’s testing revealed that fabricated deposits and withdrawals were possible without triggering Kraken’s risk controls.

CertiK accused Kraken of threatening its employees to repay mismatched amounts of crypto within an unreasonable time frame, without providing repayment addresses. 

In a move to protect the Web3 community, CertiK decided to publicly share their findings and announced the transfer of funds to an account Kraken could access. CertiK emphasized that no real user assets were involved in their testing.

Industry Reactions and Ongoing Dispute

Adam Cochran, a blockchain expert, weighed in on the situation, criticizing CertiK’s actions and labeling them as criminal. He speculated on a potential conspiracy involving CertiK and North Korean entities, alleging they conduct cheap audits and allow subsequent exploits. 

Cochran also noted that CertiK moved funds through the US-sanctioned Tornado Cash, questioning their ethics as a US-domiciled company.

Meanwhile, a commenter on X defended CertiK, noting that the firm had run extensive tests, including on Kraken’s internal alert system, and paid back the funds. The commenter suggested Kraken should be thankful for the free security penetration test they received. 

Shiba Inu Price Forecast: Can this $77M Signal Trigger Instant SHIB Rebound

Mark Brennan
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Shiba Inu Price Forecast: Can this $77M Signal Trigger Instant SHIB Rebound

Shiba Inu price fell to $0.000017 on Wednesday, June 19, its lowest in over 100 days dating back to March 2, 2024, but the latest data from 20 crypto exchanges shows bulls stealthily piling on fresh demand to capitalize on the SHIB price dip. 

Shiba Inu Price Slide to Lowest in 3-Months

On June 19, 2024, the global crypto market halted the 3-day losing streak as bulls traders sought to mitigate the raging market liquidations. However, while mega-cap assets like BTC and ETH have benefited from the growing optimism, the memecoin sector seems to remain deep in the bearish territories.

In effect, both Shiba Inu (SHIB), and Dogecoin (DOGE), the two largest memecoin project, have suffered yet another wave of considerable downswings below critical price support levels within the daily time frame on Wednesday.

Shiba Inu Price Action | (SHIB/USD)
Shiba Inu Price Action | (SHIB/USD)

As seen above Shiba Inu price opened on June 1 2024 trading at $0.000028 per coin. But since then, bears have capitalized on the hawkish macro economic indices published by US authorities to for successive downswings in the SHIB markets.

After three weeks of intense bearish pressure, SHIB’s price has now fallen to $0.000017 on June 19, reflecting 40% losses within the 20-day period.

This latest downsizing could be attributed to investors rotating funds out of the memecoin markets, which are considered riskier and more sensitive to social sentiment. However, the continuation of this downtrend now looks unlikely as retail traders were spotted pilling on demand to purchase SHIB at the current discounted prices.

Investors Pile on Demand to Purchase 5.3 Trillion SHIB

Shiba Inu price has declined 40% in the last 40 days, but looking ahead, the current low prices seems to have attracted the attention of savvy traders seeking to buy-in on promising assets at bargain prices.

IntoTheBlock’s Aggregate Exchange Order Books data tracks active buy orders, and sell order placed for an asset across top 20 crypto currency exchanges globally.

Shiba Inu Aggregate Exchange Order Books | IntoTheBlock
Shiba Inu Aggregate Exchange Order Books | IntoTheBlock

As things stand, SHIB bull traders have placed orders to purchase 5.2 trillion SHIB at the average price of $0.00018, reflecting an effective market demand of around $77 million.

Meanwhile, with price now trending at 3-month lows, many sellers have grown fatigued and unwilling to sell. Consequently, the Shiba Inu supply on exchanges has fallen short of the market demand considerably, with only 4.5 trillion SHIB sell-orders currently listed across the top 20 trading platforms including Binance and Coinbase.

This implies that there is now currently excess demand for 700 billion SHIB. Notably, when the demand for an asset exceeds supply, it puts upward pressure on prices, as buyers are now likely to begin competing for the fewer SHIB token supply by raising their bids marginally.

If this scenario plays out as often observed historically, Shiba Inu’s price could witness some upside towards the $0.000020 level in the days ahead. However, whether that potential SHIB price uptick will evolve into a prolonged rebound phase will largely depend on the swings in the broader crypto market sentiment.

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