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Coinbase, Robinhood Move 9,607,185,765,731 Shiba Inu as SHIB Retests $0.000022

Sam Wisdom Raphael
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Coinbase, Robinhood Move 9,607,185,765,731 Shiba Inu as SHIB Retests $0.000022

American trading platforms Coinbase and Robinhood move 9.6 trillion Shiba Inu in 24 hours as SHIB retests $0.000022 amid the latest market crash.

Robinhood Moves 600 Billion Shiba Inu

On-chain tracking and analytics system Whale Alert spotlighted the development in a recent post on X, calling attention to the Robinhood movement. Per Whale Alert’s disclosure, Robinhood transferred 600 billion SHIB worth $13.7 million at the time of disclosure to an unknown wallet address yesterday.

The post garnered attention due to the sheer amount of the assets moved. However, more interestingly, it triggered bullish sentiments among market participants, who had believed that the transaction involved an exchange outflows. Such outflows typically curtail selling pressure and provide strength to the bulls during a downtrend.

However, further investigation confirmed that the movement involved an in-house fund shuffling carried out by Robinhood. Notably, the recipient wallet, though labelled unknown by Whale Alert, actually belongs to the American trading platform. The wallet now holds 3.4 trillion SHIB worth $78.2 million, its second-largest holding.

Coinbase Transfers 9 Trillion Shiba Inu

Meanwhile, in addition to the Robinhood transaction, crypto surveillance resource Arkham Intelligence called attention to multiple SHIB movements carried out by Coinbase over the past 24 hours. The largest of these transactions involved an inflow of 5.55 trillion Shiba Inu valued at $126.6 million to a Coinbase hot wallet yesterday. 

Coinbase Robinhood Shiba Inu Movements Arkham Intelligence
Coinbase and Robinhood Shiba Inu Movements | Arkham Intelligence

The U.S.-based exchange further moved between 417 billion and 468 billion SHIB tokens to different wallets across eight transactions. In each of these transactions, Coinbase transferred the funds to an unknown address and then routed them to another wallet tagged “Coinbase 10.” All 8 transactions occurred within 3 hours.

Following these transactions, Coinbase 10 now holds 4.5 trillion SHIB worth $102.8 million. The wallet has consistently moved out Shiba Inu tokens to addresses unaffiliated with Coinbase. This pattern suggests that Coinbase leverages the wallet to meet withdrawal requests from customers.

Notably, all the whale transactions carried out by Robinhood and Coinbase over the last 24 hours amounted to a cumulative volume of 9.6 trillion SHIB, representing 1.62% of Shiba Inu’s circulating supply. These tokens are currently worth $215.7 million, marking one of the largest 24-hour clusters of movements in recent times.

SHIB Retests $0.000022

The latest slew of whale transactions have come up at a time when Shiba Inu is witnessing a slump amid market turbulence. Bitcoin (BTC) dropped 2.5% overnight to break below the $68,000 territory, bringing down the rest of the market. In response, SHIB is down 3.27% below the $0.000023 support, now changing hands at $0.00002247.

Market Analyst Unveils Shiba Inu Buy Zone in Anticipation of a Spike to $0.00006765

Sam Wisdom Raphael
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0
Market Analyst Unveils Shiba Inu Buy Zone in Anticipation of a Spike to $0.00006765

Notable market analyst SHIB Knight identifies the appropriate level to accumulate more Shiba Inu tokens in anticipation of a price spike to $0.00006765.

The analyst disclosed this as Shiba Inu (SHIB) continues to battle bearish pressure. Notably, SHIB recently leveraged Bitcoin’s resurgence to record a price surge toward $0.00002945 in an attempt to retest the $0.00003 price threshold. However, this price upswing met fierce resistance from the bears, leading to the current bearish situation.

The correction that followed resulted to a retest of the $0.00002145 floor price on June 7. Though Shiba Inu immediately recovered from this level, it faced a roadblock at $0.000024, experiencing a pullback to the $0.000023 threshold. Shiba Inu struggles to break out of this bearish trend, with a push above $0.000025 capable of triggering a shift in momentum.

Analyst Identifies Buy Zone

Amid these price movements, SHIB Knight confirmed in his latest analysis that Shiba Inu currently trades within a buy zone. This is a region where accumulating more SHIB tokens could be beneficial to market participants. However, SHIB Knight stressed that Shiba Inu could still record steeper dips below $0.000023.

According to him, if the crypto market crashes further, SHIB would drop to the $0.00002197 support. Should the bears exert more pressure, a break below the $0.00002197 support would eventually culminate in a drop to $0.00001859. The last time Shiba Inu saw the $0.000018 level was in April.

Despite the possibility of such bearish pressure, SHIB Knight remains optimistic. According to him, if Shiba Inu witnesses such declines, these low levels represent an opportune zone for amassing more tokens. 

Shiba Inu Eyes $0.0006765

Data from his chart indicates that he has set three immediate targets for Shiba Inu once the uptrend kicks off. The first target rests on the $0.00004528 level, aligning with the resistance SHIB faced during the late February to early March rally. The second target sits at $0.00005388, potentially representing a new yearly peak.

The analyst’s ultimate target is $0.00006765, Shiba Inu’s highest level since November 2021. Meanwhile, at press time, SHIB trades for $0.00002324, looking to transcend the bearish $0.000023 zone. SHIB has witnessed a resurgence of accumulation, a trend that could help bolster chances of a recovery.

Cardano Founder Teases ADA Biggest Milestone to Date

Abdulkarim Abdulwahab
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Cardano Founder Teases ADA Biggest Milestone to Date

Charles Hoskinson, the founder of Cardano, has remarked on what he considers the most significant milestone in the history of the Cardano blockchain.

In an update on X, Hoskinson disclosed that June is set to be a pivotal month for Cardano. The platform is on the verge of update its node to version 9.0, laying the groundwork for the much-anticipated Chang fork.

Specifically, Hoskinson emphasized that the release of Cardano node 9 implies that the blockchain is all set for the Chang technical upgrade. 

According to the Cardano founder, the update is not just a technical step forward but a gateway to the “Age of Voltaire.”  Essentially, it would mark a new era of decentralized governance for the Cardano ecosystem. 

Cardano Set to Welcome its Biggest Milestone Ever

Notably, the upgrade requires the support of the community, specifically the Stake Pool Operators (SPOs), who are to install the new node software. Once 70% of Cardano SPOs have adopted the update, the Chang hard fork can be initiated. 

According to Hoskinson, this would mark the official transition to the Age of Voltaire. He believes the forthcoming transition is a crossroads for not only Cardano but the entire crypto sphere. 

“It’s the most significant milestone in the history of Cardano and for the industry as a whole,” the Cardano founder remarked.

Cardano on Path to Globally Decentralized Civilization

Furthermore, Hoskinson pointed out that after the hard fork, Cardano will evolve into a globally decentralized civilization with millions of participants.

He envisions Cardano boasting the most sophisticated system of blockchain governance, complete with annual budgets and a treasury system—all led by the collective wisdom of the community.

Moreover, Hoskinson reflected on the journey, noting that it has been nearly a decade of remarkable progress for some. He marveled at the fact that within just ten years, the Cardano team had effectively built “a nation.”

In parallel, he expressed his deep pride and appreciation for the members of the Cardano ecosystem. For Hoskinson, achieving this milestone within Cardano instills him with hope for the future of the industry and the world at large. 

Hoskinson concludes with an inspiring call to action, calling on community members to “spend the next decade making a big dent in the universe.”

Community Reacts

The fact that the Chang hard fork requires input from 70% of SPOs has further fueled optimism among community members that Cardano is not controlled by a single entity.

“I thought you made the decision, and you controlled the keys? So, the SPOs actually make the decision? LFG Cardano community,” remarked an ADA enthusiast.

However, some have voiced concerns that a blockchain with governance, treasury, and budgets might resemble a centralized civilization. Hoskinson clarified that this isn’t the case when these elements are managed by tens of thousands of people from over 100 countries.

Ethereum Records Highest Net Inflow in Three Months with 267,000 ETH

Zabi
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Ethereum Records Highest Net Inflow in Three Months with 267,000 ETH

Large Ethereum holders saw a net inflow of 267,000 ETH, the highest since March, reflecting sustained interest despite market fluctuations.

Large holders of Ethereum (ETH) recorded a significant net inflow of 267,000 ETH on Thursday, marking the highest daily accumulation since March, according to data from the market intelligence platform IntoTheBlock. This inflow proves the sustained interest and activity among significant ETH investors despite the crypto market’s fluctuations.

 

Three-Month Netflow and Price Dynamics

The period from March to early June has seen considerable variations in the netflow of ETH among large holders. Significant events include a sharp increase in mid-March, followed by multiple peaks and troughs throughout April, and consistent oscillations in May. A notable spike occurred on June 6th, with a net inflow of roughly 267,870 ETH.

Conversely, the price of ETH, shown in black, has remained relatively stable. Despite these net flows, the price has not shown immediate drastic changes, indicating a resilient market that absorbs large trades without significant volatility. On June 6th, ETH’s price experienced a slight increase to $3,818.90, coinciding with the large net inflow.

Surge in New Wallets

Despite these netflow activities, Ethereum has witnessed a remarkable rise in the number of new wallets. As The Crypto Basic reported, 267,000 new addresses were created on Ethereum on April 28th and 29th, the highest two-day increase since October 2022. This surge suggests a robust expansion of the Ethereum network even amidst a dip in ETH prices.

On the other hand, the number of Ethereum addresses holding a balance of at least 10,000 ETH has seen a significant increase. This surge in such addresses comes as there is a notable resurgence in large-scale accumulation among prominent Ethereum investors, often referred to as “whales.”

As far as ETH price predictions are concerned, VanEck forecasted that Ethereum could reach $22,000 by 2030.

Georgia Expands Partnership with Ripple to Digitize Its Economy

Lele Jima
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Georgia Expands Partnership with Ripple to Digitize Its Economy

The recent partnership between Ripple and the National Bank of Georgia will focus on exploring potential collaboration in the digitalization of the country’s economy. 

San Francisco-based payments company Ripple has expanded its partnership with Georgia’s apex bank, the National Bank of Georgia (NBG). The recent partnership aims to digitize Georgia’s economy and enhance financial technology in country. 

Ripple Exec Meets with NBG Officials 

This was disclosed in a weekend meeting featuring Ripple’s VP of CBDC (Central Bank Digital Currency) James Wallis and two NBG officials. They include Natia Turnava, NBG’s acting governor, and another official from the bank, Varlam Ebanoidze. 

In addition, Alistair Brown, a representative of Ripple’s partner EPAM (Effective Programming for America) System, was also in attendance. The inclusion of EPAM System in the meeting highlights the importance of incorporating fintech solutions to drive the digital transformative initiative.  

As announced in a LinkedIn post on June 8, the agenda of the meeting was to explore opportunities for Georgia’s economic digitalization. 

Previous Partnership Between NBG and Ripple 

NBG said the recent collaboration expands upon the previous partnership between the parties, which occurred towards the end of 2023. 

At the time, The Crypto Basic reported that NBG selected Ripple out of nine shortlisted candidates as its technology partner for the digital Lari (GEL) pilot project. 

Per the announcement, the pilot will leverage Ripple’s CBDC platform to plan and execute the digital Lari project. This move will allow the parties to test the CBDC technology across various sectors, including retail and business. 

Other Ripple CBDC Initiatives 

In addition to the National Bank of Georgia, Ripple has partnered with several central banks for the same project, including Palau, Bhutan, Montenegro, Colombia, and Hong Kong. 

Last year, Wallis disclosed that Ripple was discussing CBDC programs with over 20 countries. To further drive adoption, Ripple released a 23-page paper in December detailing the basics, attractiveness, risks, and barriers of CBDCs. 

NBG’s expansion of its partnership with Ripple suggests that the San Francisco-based payments company has made major progress in the digital Lari project. 

Chris Larsen Explains Why the Company Was Named Ripple

Sam Wisdom Raphael
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0
Chris Larsen Explains Why the Company Was Named Ripple

Chris Larsen, the Ripple Chairman, discloses the inspiration behind the company’s name and the rebranding from the initial name OpenCoin.

Larsen divulged this information in a recent interview with Ben Fong-Torres, discussing the origin of the payments firm. Originally founded as OpenCoin in 2012, Ripple has become a significant player in the digital payment and cryptocurrency scene. The story behind its rebranding to Ripple is interestingly rooted in music history.

XRP community figure XRPDROPZ spotlighted the interview in a post on X. During the interview, Fong-Torres inquired whether the name Ripple was inspired by the famous 1970 Grateful Dead song. Larsen confirmed this, explaining the manner in which they acquired the name.

Origin of the Ripple Brand

According to him, a man who had once operated a 900 number for Grateful Dead information owned the rights to the name Ripple. This individual had been approached by many interested buyers over the years. However, Larsen and his team were able to secure the name by offering shares in their company, a move that proved mutually beneficial.

From Larsen’s disclosure, it appears the inspiration behind choosing Ripple as the new name for OpenCoin had multiple layers. He confirmed that at the time he and his team were developing a Bitcoin competitor, and their vision involved distributing the cryptocurrency to the world freely. 

This concept resonated with the focus of the Grateful Dead song “Ripple,” which speaks of a fountain. Larsen found the idea of a digital currency “rippling around” the world to be fitting, given his experiences attending Grateful Dead concerts. These concerts left a lasting impression on him, influencing the ethos and direction of Ripple.

Larsen also shed light on the financial success of the individual who sold them the Ripple name. Initially worth around $100,000, the shares he received in exchange for the name soared in value, ultimately reaching approximately $30 million. This increase shows the tremendous growth Ripple has experienced since its inception.

Ripple CTO Commends Larsen’s Contributions

Notably, Larsen has been instrumental in this growth. Ripple CTO David Schwartz confirmed this in a recent disclosure during an AMA session. Schwartz identified the Ripple Chairman as the most important individual in the company’s history, stressing how he remained committed to its growth at a point when it was challenging.

It bears mentioning that while Ripple as a company was not involved in the creation of XRP, the native token of the XRP Ledger, there remains a close relationship between the original architects of the ledger and Ripple. XRP was called “ripples” at the time. Schwartz also previously explained the rationale behind the “XRP” currency code.

Bitcoin Dominates with $1.97B as Digital Assets Inflows Hit Record Levels

Zabi
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0
Bitcoin Dominates with $1.97B as Digital Assets Inflows Hit Record Levels

Digital asset investment products saw $2 billion inflows last week, led by $1.97 billion capital flow from Bitcoin and $69 million from Ethereum. 

Citing data from CoinShares, Chinese reporter Colin Wu noted that last week marked a milestone for digital asset investment products, which saw substantial inflows amounting to $2 billion. 

This surge has contributed to a five-week cumulative inflow of $4.3 billion. The trading volumes in Exchange-Traded Products (ETPs) increased to $12.8 billion, a 55% rise from the previous week.

Bitcoin Dominates with Massive Inflows

Bitcoin continues to be the focal point of these investments, registering $1.97 billion in inflows for the week. This notable influx has helped push the total assets under management (AuM) above the $100 billion mark for the first time since March. 

Bitcoin and Altcoin Weekly Inflows CoinShares
Bitcoin and Altcoin Weekly Inflows | CoinShares

Interestingly, there has been a consistent decline in outflows from traditional investment providers, indicating a shift in market sentiment. This shift is attributed to weaker-than-expected macroeconomic data from the U.S., which has led to anticipations of earlier-than-expected monetary policy rate cuts.

Short-bitcoin products, however, experienced outflows for the third consecutive week, totaling $5.3 million. Regionally, the U.S. dominated the inflows last week, contributing $1.98 billion, with one day recording the third-largest daily inflow on record. The iShares Bitcoin Trust notably outperformed the longstanding Grayscale fund, now boasting $21 billion in AuM.

Ethereum Sees Significant Inflows 

Meanwhile, last week, Ethereum had its most significant week of inflows since March, totaling $69 million. This surge is likely in response to the SEC’s unexpected approval of spot-based ETFs. 

This regulatory decision is expected to channel substantial capital into the Ethereum market, potentially driving its price higher. VanEck, a leading asset manager, has projected Ethereum to reach a price of $22,000 by 2030, driven by a sixfold increase in price per unit and a $66 billion cash flow.

This optimism is reinforced by the positive market response to the recently introduced spot Bitcoin ETFs, which have collectively attracted $15.69 billion in net inflows since January.

While Bitcoin and Ethereum dominated the headlines, other crypto assets also saw minor yet noteworthy activity. Fantom and XRP stood out, with inflows of $1.4 million and $1.2 million, respectively. 

Ripple CEO: Real U.S. Institutional Money Will Drive Unimaginable Crypto Growth

Abdulkarim Abdulwahab
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0
Ripple CEO: Real U.S. Institutional Money Will Drive Unimaginable Crypto Growth

Brad Garlinghouse, the Ripple CEO, argues that the crypto industry could witness an unimaginable upside when real institutional money flows from the U.S. economy.

Garlinghouse voiced this during his appearance at the 2024 Consensus conference. He was asked to offer his perspective on the crypto industry’s trajectory over the next ten years. He began by lamenting the U.S.’s current market position amid unfavorable moves against crypto firms. 

Specifically, Garlinghouse highlighted that the U.S. falls into the lowest tenth regarding clear regulatory frameworks globally. He finds this paradoxical, considering that the U.S. is recognized as having the world’s leading economy.

Notably, other jurisdictions like Hong Kong, UAE, Singapore, and Europe have made considerable strides in establishing crypto regulations, catalyzing innovation within the crypto sector.

When Real U.S. Institutional Money Enters Crypto

In parallel, Garlinghouse contended that if the U.S. economy truly opened its doors, allowing substantial institutional investments to pour into the crypto market, the scale of potential growth would be almost beyond prediction. In his words:

“I think when you get the real unlock of the United States economy with the real institutional money flowing in, it’s just hard to predict some of the upside opportunity.”

Widely followed community figure KING VALEX recently spotlighted Garlinghouse’s statement.

Public U.S. Institutions Investing in Crypto

According to information from Bitcoin Treasuries, several U.S.-based public institutions are currently investing in Bitcoin. MicroStrategy, Marathon Digital Holdings, Tesla, and Coinbase Global are among the most prominent entities. For instance, MicroStrategy alone boasts a Bitcoin portfolio exceeding $14 billion.

In the ETF scene, the leading funds include BlackRock, which holds over $21 billion in Bitcoin, and Grayscale, with holdings exceeding $19.8 billion. Other U.S.-based ETFs collectively hold Bitcoin valued at over $20 billion.

Now, the crypto industry boasts a market worth over $2.53 trillion amid these involvements from the U.S. Ripple’s CEO believes the value would be unimaginable in years to come.

Ripple CEO Says $5 Trillion Possible This Year

Meanwhile, in an earlier interview, Garlinghouse forecasted a bold $5 trillion valuation by year-end. Interestingly, he stated that the $5 trillion estimate is not overly ambitious when considering the wider financial landscape. 

Garlinghouse cited the decreasing supply of Bitcoin following its recent halving event and the increased demand driven by the ETFs.

Expert Analyzes XRP Bullish and Bearish Outlook at Key $0.45 Level

Zabi
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0
Expert Analyzes XRP Bullish and Bearish Outlook at Key $0.45 Level

Analyst sees XRP outlook flipping bullish if it reclaims $0.75, neutral at $0.45, and bearish below $0.45 with key support at $0.30.

Chart analyst Leb Crypto has provided a detailed analysis on XRP’s midterm outlook, particularly focusing on the symmetrical triangle pattern formed since early 2021. According to Leb Crypto, XRP’s price movement is currently bearish on daily and higher timeframes (HTF). 

He notes that a bullish sentiment will emerge if XRP can reclaim the $0.75 level, turning neutral if it holds at $0.45. However, if the price drops below $0.45, the sentiment will turn extremely bearish, with $0.3 being the next significant support level.

Leb Crypto stressed the importance of respecting price action and trading based on charts rather than emotions or project perceptions. He maintained a long-term bullish outlook, highlighting that XRP has been printing higher macro lows since early 2021.

In previous analysis, U-copy provided a timeline for when XRP can break the 7-year symmetrical triangle. According to U-copy, the period from May 15 to August 2024 is highlighted as a critical time frame for XRP to break the long term triangle.

Meanwhile, World of Charts in his previous analysis was optimistic that XRP could soar to $2.3719, after a breakout.

XRP is changing hands at $0.4955, with a 24-hour trading volume of $546,855,721. Despite a recent 0.26% increase in the last 24 hours, XRP has experienced a 4.21% decline over the past week. 

Market Analyst Predicts Potential Price Surge

Elsewhere, market analyst EGRAG has offered a more optimistic view, predicting a 41% price upswing for XRP, which he believes will lead to a substantial breakout.

Despite XRP’s struggles around the $0.5 price level, EGRAG’s analysis suggests that this initial 41% increase could be a precursor to a more significant rally, echoing patterns observed in 2017 before XRP’s meteoric rise.

This potential increase is noteworthy amidst XRP’s current underperformance, providing hope for investors anticipating a bullish reversal. 

Shiba Inu Exposes Latest Scam Targeting SHIB Wallet Owners 

Lele Jima
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0
Shiba Inu Exposes Latest Scam Targeting SHIB Wallet Owners 

Shibarmy Scam Alerts issues new warnings about fake wallet connection tools designed to steal users’ Shiba Inu (SHIB) tokens. 

In an X post dated June 8, Shibarmy Scam Alerts cautioned SHIB holders about the rapid surge of fraudulent websites claiming to be crypto wallet connection tools. The channel warned SHIB holders that these websites are designed to steal their funds. 

Furthermore, it clarified that no legitimate website requires users to connect their wallets for network syncing, refreshing rewards, and fixing liquidity pool issues. 

The scam alert channel shared safety tips to protect users, which involve verifying the legitimacy of any website before connecting wallets, using only official links, and spreading awareness about the latest scam tactics.  

Overall, the latest alert reminds Shiba Inu and other crypto enthusiasts to remain vigilant, emphasizing the need to double-check before connecting their wallets to any website. 

Our Findings 

Shibarmy Scam Alerts shared a screenshot of one of the malicious wallet connection tools to provide more details about the latest scam. The Crypto Basic launched a brief investigation into the malicious website. 

The website’s homepage contained links to help users “connect their wallets” and “restore all networks.” Additionally, the homepage contains links to resolve different issues relating to asset swapping, connecting decentralized applications (dApps), whitelisting, missing funds/irregular token balance, high gas fees, transaction error, staking/unstaking, migration, airdrop, and minting. 

While the platform contains links to resolve all wallet-related issues, connecting wallets to the website could lead to a loss of funds. Thus, it is advisable not to click on any link affiliated with a wallet connection tool. 

Shiba Inu Combats Growing Scam Targeting SHIB Holders 

Scammers have been deploying different tactics to steal users’ funds, ranging from fake airdrops to the launch of malicious tokens relating to popular crypto projects, like Shiba Inu. 

The Shiba Inu ecosystem team has been actively combating these scams over the years. For instance, the team now has an official channel focused on exposing any scam targeting SHIB holders. 

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