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Ethereum Records Spike in Whale Addresses Holding 10K+ ETH

Sam Wisdom Raphael
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Ethereum Records Spike in Whale Addresses Holding 10K+ ETH

Ethereum addresses with at least 10,000 ETH ($37 million) as balance witness a remarkable spike in number amid a resurgence of accumulation among whales.

Notable on-chain analyst Ali Martinez first drew the public’s attention to this bullish trend, confirming that sentiments among whales have quickly flipped to the upside. This sudden switch comes despite Ethereum persistently battling the $3,800 price territory.

A Shift from Distribution to Accumulation

Citing data from Glassnode, Martinez showed that the mega-whale address count for Ethereum has recorded a remarkable shift, suggesting that the trend of distribution, which persisted since earlier this year, has concluded. Instead, mega whales have begun accumulating more tokens.

The chart indicates that addresses holding at least 10,000 ETH ($37.8 million) had seen a drop since the first quarter of this year. This decline in number persisted until May 20, when they plummeted below 1,000. Now, these addresses have continued to increase, surpassing the 1,000 mark again and reaching levels last seen in mid-April.

Breakdown of Ethereum Whale Addresses

Data from IntoTheBlock shares more insights into these wallets. As detailed in the chart below, addresses holding between 10,000 and 100,000 ETH have increased to 1,000 in number. Notably, this number was 980 as of May 25, suggesting an addition of 20 more addresses in four days.

Ethereum Addresses by Holdings
Ethereum Addresses by Holdings | IntoTheBlock

However, in a contrasting trend, those holding between 100,000 and 1 million ETH dropped from 98 on May 25 to the current figure of 95. Meanwhile, the number of wallets with balances greater than 1 million ETH ($3.8 billion) remains fixed at 6. 

The contrast in this trend shows that while the bigger whales have reduced in number, the smaller ones have continued to increase at a greater pace. Interestingly, Santiment data confirms that despite the drop in wallets holding 100,000 to 1 million tokens, their cumulative balance has seen a sharp increase.

As of May 29, these addresses held 19.67 million ETH. Nonetheless, current data shows that they now hold 21.03 million Ethereum. This change indicates that these wallets accumulated 1.36 million ETH tokens worth $5.1 billion within a single day. 

Ethereum Whales Holding 10K+ ETH
Ethereum Whales Holding 10K+ ETH | Santiment

While addresses holding 10,000 to 100,000 ETH and those with 10,000,000 to 100,000,000 tokens have also amassed more tokens within the same timeframe, the increase in their balances is much lower than what was observed with addresses holding between 100,000 and 1 million ETH. 

Whale Wallets Procure 1M ETH in 3 Weeks

As a result of this accumulation spree, wallets with at least 10,000 ETH as balance now hold 100.84 million tokens, representing 84% of Ethereum’s circulating supply. This figure was 99.8 million as of May 10, indicating that these addresses have cumulatively increased their balances by 1 million ETH in the last three weeks.

Meanwhile, Ethereum has failed to decisively tower above the $3,800 price threshold. The previous rally on the back of the spot ETF news saw it breach this level, but it faced resistance at the $3,900 zone. The ensuing retracement has brought it below $3,800, currently trading for $3,789 at the reporting time.

Popular Cardano DEX Danogo Sees 10X Growth in TVL  

Lele Jima
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Popular Cardano DEX Danogo Sees 10X Growth in TVL  

The total value locked (TVL) on popular Cardano-based decentralized exchange Danogo soars nearly 10X over the past seven days. 

Leading Cardano-based decentralized exchange Danogo has highlighted the dramatic increase in the total value locked (TVL) on its protocol. 

Danogo’s TVL Spikes Nearly 10X in Seven Days 

In an X post today, Danogo pointed out that its TVL surged nearly tenfold over the past seven days. Following the jaw-dropping milestone, Dango claimed to be the leading Cardano-based protocol with the highest TVL change in the past seven days. 

Data attached to the tweet shows that Danogo’s TVL spiked 921.43% within this timeframe, bringing the protocol’s total value of assets locked to 4.1 million ADA ($1.84 million). 

It bears mentioning that Danogo surpassed the second project in the leaderboard by a large margin. According to the data, Fluid NFT Collateral Lending sat in the second position, boasting a TVL surge of 98.21% in the past week. 

Furthermore, Lenfi, Optim Finance, and Levvy ranked as the third, fourth, and fifth Cardano-based protocols with the most TVL growth in the weekly charts. The weekly TVL changes recorded across these protocols amounted to 27.15%, 14.21%, and 12.22%, respectively. 

Danogo Lags Behind in Cardano TVL Leaderboard  

At press time, the total value of assets locked on Cardano is currently around $251.33 million. Minswap, Indigo, and Liqwid are the three most dominant Cardano protocols, boasting TVLs of $68.08 million, $58.61 million, and $31.28 million, respectively.  

Despite Danogo’s TVL surge in the weekly charts, the DEX is still nowhere close to the leading Cardano-based protocols by total value locked. 

According to data from DefiLlama, Danogo is currently ranked 14th, with a TVL of $2.07 million. The figure marks a 24-hour surge of 10.42%, a 561% increase in the past seven days, and a monthly growth of 365%. 

Danogo is a Cardano-based decentralized exchange that facilitates the trading and listing of Bond Tokens issued by Optim without requiring any central intermediaries. 

The protocol recently witnessed a surge in user activity following a growing interest in Bond tokens. Earlier this week, Danogo said it issued 1 million ADA Bond tokens in 24 hours. 

Solana Price Forecast: SOL Short Traders Face $140M Losses if this Happens

Mark Brennan
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Solana Price Forecast: SOL Short Traders Face $140M Losses if this Happens

Solana price retest the $170 territory on Thursday May 28, up 7% in the last 3 days, with investor sentiment improving, SOL could be on the verge of a major rebound. 

Investor Sentiment Around Solana Flips Positive

Solana price has declined considerably in the past week as crypto investors redirected billions of capital toward Ethereum markets in the wake of the spot ETH ETF approval.

 

Solana (SOL) Price Action after Ethereum ETF Approval
Solana (SOL) Price Action after Ethereum ETF Approval

Following the SEC’s green light on ETH ETFs, Solana price entered a 5-day loss streak, shedding 14.67% between May 21 and the close of May 26.

However, this week, on-chain data shows that investor sentiment surrounding Solana has improved significantly. Since May 26, the SOL price has rebounded 7% before rejecting at the $170 resistance on May 30.

Santiment’s Weighted Sentiment chart below monitors the daily difference between the number of positive and negative comments that a project attracts across relevant crypto-based social media channels, including Reddit, Twitter, Telegram, etc.

Solana Price vs. SOL Weighted Sentiment 
Solana Price vs. SOL Weighted Sentiment

As seen above, the Solana weighted sentiment has flipped into positive values of 0.98 at the time of writing on May 30, just days after falling as low as -0.52.

This implies that Solana is currently attracting more bullish and positive online comments than negatives. This phenomenon often occurs when the market price momentum is nearing a local bottom.

As Solana investors back up their optimism with a flurry of purchases, SOL price will likely enter another leg-up in the days ahead.

Solana Price Forecast: Imminent Rebound to $200?

Drawing insights from the aforementioned on-chain insights, Solana price looks set to enter a major rebound phase. In affirmation of this stance, Solana’s 7.76% bounce in the last 48-hours puts it on the brink of reaching the 20-day SMA price of $168.74.

Solana Price Forecast
Solana Price Forecast

If SOL bulls can stage a decisive breakout above the $170 territory, it could catalyze a larger upswing toward the $200 area.

But in the event of a prolonged correction phase, Solana’s price could fall as low as $141 before hitting the next major support cluster.

Shiba Inu Says It Remains Unfazed Despite Pepe Emergence as New Challenger

Lele Jima
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Shiba Inu Says It Remains Unfazed Despite Pepe Emergence as New Challenger

The official Shiba Inu (SHIB) X handle takes a subtle jab at its rival Pepe (PEPE) in reaction to a challenge from top crypto exchange Poloniex. 

For context, Poloniex asked its users and followers to comment on which meme coin they would buy between SHIB and PEPE.  

Shiba Inu Shades Pepe in New Challenge

Reacting to the post, Shiba Inu’s official X handle emphasized that a new challenger has emerged. However, Shiba Inu said it remains confident in its position at the top despite the emergence of this new challenge.

The handle claimed ownership of the top dog position while humorously suggesting that other meme coins, including amphibians, could potentially take second place. Shiba Inu attached a GIF to the post showing a frog crying inside a bowl. 

Notably, Pepe is an Ethereum-based meme coin whose mascot is a frog – a member of amphibians. 

SHIB Briefly Enters Top 10  

Shiba Inu’s subtle jab at Pepe comes a few hours after SHIB captured investors’ attention with a massive rally of 16.4%. As reported earlier, it usurped Cardano (ADA) to become the 10th-biggest cryptocurrency by market cap. 

The rally positioned Shiba Inu among the top-performing meme coins yesterday. Nonetheless, other meme-based cryptocurrencies, like Pepe (PEPE), also witnessed gains in the same timeframe. For instance, Pepe’s price rose by 2.15% yesterday.  

Pepe and Shiba Inu Market Performance 

In the meantime, both SHIB and PEPE have recorded massive corrections over the past 24 hours. While SHIB witnessed a daily loss of 5.49%, PEPE’s price was down 11.27% in the same timeframe. 

Following the dip, Shiba Inu plunged back to the 11th position in the global cryptocurrency rankings, while PEPE currently stands as the 21st-biggest crypto by market cap. 

In the meme coin ranking, Dogecoin holds the number one position with a market cap of $22.9 billion. It is followed by SHIB, which boasts a valuation of $15.35 billion. At press time, Pepe is the third-biggest meme coin with a valuation of $5.6 billion. 

Analyst Sets $0.0000886 as Shiba Inu Target for Next Phase

Sam Wisdom Raphael
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Analyst Sets $0.0000886 as Shiba Inu Target for Next Phase

Market analyst Javon Marks expects Shiba Inu (SHIB) to rally to the $0.0000886 price territory during the next phase of its price movements.

He disclosed this sentiment while providing an optimistic update on Shiba Inu’s price trajectory. Previously, Marks disclosed that SHIB was trading in an “intermission” phase, as reported by The Crypto Basic two weeks back. Notably, this phase featured range-bound movements within a bearish consolidation.

During this period, Shiba Inu faced intense resistance at the $0.000025 level, with attempts at a breakout proving futile. Marks confirmed that, amid the struggles, SHIB had formed a bull flag pattern, a structure that typically comes before a potential continuation of an uptrend after a brief consolidation period.

Now, in his latest analysis, Marks suggested that Shiba Inu has shown robust performance by breaking out of this bull flag. This breakout occurred recently, coming up when SHIB recorded an impressive three-day winning streak. During this period, Shiba Inu spiked 17% to breach the $0.000025 and sail toward $0.000028.

A $0.0000886 Price Target

According to Marks, the breach suggests that the intermission phase might be over, paving the way for a new upward momentum. In his report, the analyst emphasized  that this new phase could drive SHIB’s price to new all-time highs. 

Specifically, he forecasts a potential 240% increase from the present levels, which could push the price to approximately $0.0000886, surpassing the current ATH. The analyst noted that this prediction is based on historical price movements where similar patterns led to substantial gains.

Marks highlighted $0.000081 as a crucial level to watch, which is 210% away from Shiba Inu’s trading price. If SHIB can surpass this level, it might set the stage for even higher targets, with $0.0001553 being the next significant milestone. Achieving these levels would require strong buying momentum and sustained interest from investors.

Shiba Inu Faces Correction

The optimistic outlook from Marks comes as Shiba Inu continues to capture attention in the cryptocurrency market. Notably, The Crypto Basic revealed yesterday that Shiba Inu broke into the top 5 trending assets on CoinMarketCap amid its solo price run. 

Meanwhile, this price rally has cooled, leading to declines. Shiba Inu is now down 6%, shedding off some of the gains it picked up over the last three days. SHIB initially overtook Cardano (ADA) and Toncoin (TON) to secure 9th on the list of largest assets, but it has now relinquished this position, currently at 11th.

Amid the downtrend, Shiba Inu now changes hands at $0.00002609, struggling to hold above the $0.000026 level. Despite this, analysts like Mark expect an imminent price spike. However, potential investors should conduct their own research and consider their risk tolerance before making any investment decisions.

Market Analyst Identifies Crucial XRP Targets as RSI Goes Lowest Ever

Mark Brennan
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Market Analyst Identifies Crucial XRP Targets as RSI Goes Lowest Ever

Market analyst EGRAG Crypto reports that the XRP RSI has hit an all-time low, indicating extreme oversold conditions with a potential rebound target of 80.

XRP’s Relative Strength Index (RSI) has plummeted to an all-time low, signaling a possibly critical juncture for the cryptocurrency. As highlighted by EGRAG Crypto’s recent analysis, this unprecedented dip on the monthly chart points to an imminent shift in market dynamics.

EGRAG Says XRP RSI is at its lowest level in history based on the Monthly Time Frame.

Image Source: https://x.com/egragcrypto/status/1795740339614937592

According to EGRAG, this is a drop to an unprecedented low below the monthly level of 38.02, suggesting that XRP is extremely oversold and could be primed for a trend reversal.

Moreover, historical data in the chart shows that this new low surpasses previous dips in 2017, 2020, and 2021, where the RSI similarly dropped before notable recoveries.

Projected Target

Despite the historic low, the RSI is presently exhibiting an upward curvature, suggesting a potential shift in momentum. The chart emphasizes that the RSI’s upward movement is critical.

EGRAG suggests that XRP could see a major price spike after this low, with such a rally leading to a similar rise in the RSI. Though he failed to provide any XRP price targets, he set specific levels, such as 54.00 and 60.00, as short-term targets for the RSI.

In addition, levels of 70.00 and 79.00 are higher thresholds, indicating more robust bullish activity.

XRP to $1.5

Meanwhile, in a related analysis, EGRAG projected an upward movement for XRP, anticipating that it could reach breakout targets ranging from $1.2 to $1.5. With the current price of XRP hovering around $0.5153, this prediction implies a potential price increase of approximately 182%.

The analyst further emphasized that a rise in the $0.7 to $0.75 range would confirm the path towards the $1.5 target. EGRAG expressed confidence that this breakout could occur within the next few weeks.

However, the expert also noted the possibility of XRP retesting the breakout level, which might result in a temporary dip or encounter further resistance before achieving the anticipated price surge.

Shiba Inu Recalls Vitalik Buterin 410T SHIB Burn: Here’s Why

Abdulkarim Abdulwahab
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Shiba Inu Recalls Vitalik Buterin 410T SHIB Burn: Here’s Why

The Shiba Inu ecosystem team has recalled the historic move of Ethereum founder Vitalik Buterin, who burned over 410 trillion SHIB tokens.

A recent post on X by the official Shiba Inu ecosystem account commemorated the third anniversary of Ethereum founder Vitalik Buterin’s monumental SHIB burn, reviving the memory of this significant event.

Significantly, this remembrance comes amid Shiba Inu’s partner, K9 Finance, seeking to honor Buterin’s gesture by similarly destroying 410 million units of its own native token, KNINE.

Vitalik Buterin 410 Trillion Shiba Inu Burn

During Shiba Inu’s mid-2020 debut, its creator, Royshi, shared 505 trillion SHIB tokens, roughly half of the total supply, to Ethereum’s Vitalik Buterin. About a year later, Buterin began offloading the tokens he received. 

Among his significant transactions was the charitable contribution of over 50 trillion SHIB tokens to a COVID-19 relief fund in India. In monetary terms, the donation was worth over $1 billion.

A few days later, precisely on May 16, 2021, Buterin transferred 410,241,996,771,871 (over 410 trillion) SHIB tokens to a dead address, effectively removing them from the supply. To put it in perspective, Buterin burnt Shiba Inu tokens valued at over $6 billion in one transaction.

In the accompanying transaction note, the Ethereum founder expressed a lack of desire to wield concentrated power over a project. According to him, it would be preferable for the tokens to be directly issued to a deserving charity rather than being gifted to him.

To this day, the staggering 410 trillion SHIB tokens burned by Buterin represent the bulk of the SHIB tokens that have been destroyed. 

Moreover, this act contributed to Shiba Inu’s reaching a record high value five months later, as it introduced a scarcity to SHIB’s circulation. Given the significance of this event, the Shiba Inu community continues to commemorate it.

Shiba Inu Partner Burning 410 Million Tokens

To pay homage to Buterin’s 410 trillion SHIB burn, K9 Finance has disclosed plans to incinerate 410 million KNINE tokens on Friday, May 31. The forthcoming transaction will mark the first official burn by K9 Finance DAO.

Through this gesture, the K9 Finance team aims to celebrate Vitalik Buterin’s transformative impact on SHIB, signaling their turn to make a similar move. Additionally, the Shiba Inu partner intends to decrease the fully diluted supply of KNINE, thereby establishing it as a deflationary token and enhancing the value for its holders.

Shiba Inu Team Releases New Update for Shiba Eternity

Lele Jima
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Shiba Inu Team Releases New Update for Shiba Eternity

The development arm of the Shiba Inu ecosystem has released a new update for Shiba Eternity, the cryptocurrency’s card collectible game (CCG). 

Latest Features in Shiba Eternity 

According to an X post shared by Shiba Eternity advisor Mazrael, the team has released v1.2.8, dubbed “Balancing Act.” The update brings a plethora of enhancements to Shiboshis, especially balancing its powers. 

This suggests that the developers tweaked and modified the abilities of the Shiboshis collectibles to ensure fairness within the game. 

“See you in the Dogjo!” said Mazrael, as part of efforts to invite players to explore the latest changes in Shiba Eternity. 

In a follow-up post, a pseudonymous Shiba Inu advocate shared a short clip showcasing the new features that came with Shiba Eternity v1.2.8. In the latest version, players can now stun the target’s enemy card using the frostfire blast, causing damage to its adjacent fighters. 

Recovering from attacks in the upgraded version requires “2 BARK tokens.” Also, players will receive two armors when they use the cybernetic boost feature at the cost of 2 BARK tokens. Furthermore, players will be required to pay a fee of 2 BARK tokens to trade other tokens within the game. 

Ongoing Development of Shiba Eternity P2E Version 

The Shiba Eternity team has been working relentlessly to release the play-to-earn version of the game. This involves releasing important upgrades to fix some technical issues and also enhance its performance. 

Last month, developers unveiled the first internal build of Shiba Eternity. It resolved certain issues associated with some cards, like Stealth Fighters and Princess Andromeda’s interaction with the game. 

These updates are rolled out in preparation for the beta testing, which is expected to commence before the end of this quarter. Shiba Inu’s lead developer Shytoshi Kusama confirmed that beta testing of the P2E version of Shiba Eternity would commence in Q2 2024. 

For the uninitiated, Melbourne-based PlaySide Studios developed the first version of Shiba Eternity, which was released on October 6, 2022.

The game features a Japanese martial arts theme heavily inspired by the Shiba Inu ecosystem. According to CNBC, Shiba Eternity is equipped with 10,000 Shiboshi heroes, 500 collectible cards, six core traits, and 32 passive powers. 

At the moment, the game is undergoing intensive in-house testing as developers continue to identify and resolve all glitches in preparation for the beta testing. 

Shiba Inu: Shibarium Speeds Up Ethereum Bridge Time from 7 Days to 45 Minutes

Abdulkarim Abdulwahab
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0
Shiba Inu: Shibarium Speeds Up Ethereum Bridge Time from 7 Days to 45 Minutes

The time required to bridge tokens from the Shiba Inu blockchain Shibarium to Ethereum now takes 45 minutes instead of the previous seven days.

The Shiba Inu development team disclosed this pivotal change in a recent update on X. Delightedly, the team announced that the SHIB Army can now experience faster and smoother interaction with Shibarium.

According to the notification, the initial seven-day waiting period was to promote price stability by incentivizing users to remain on the layer-2 longer. However, this is no longer the case. Emphatically, the process of moving assets from Shibarium to Ethereum, which typically took a week, can now be completed in less than an hour.

“We’re all about efficiency and user-friendliness now,” the Shibarium team remarked.

What it Means for Shiba Inu Army

Furthermore, the update highlighted that the revamped system employs a checkpoint mechanism for BONE token withdrawals. Consequently, post-upgrade exit transactions will process faster. This enables the users to transfer their BONE tokens more flexibly, enhancing the user experience within the Shibarium ecosystem.

Overall, the recent update signifies that Shiba Inu enthusiasts can now handle their assets with lightning speed, respond instantly to market fluctuations, and capitalize on emerging opportunities without delay.

The Shiba Inu team stressed that this decrease in bridging duration marks a transformative development as it also enables the creation and launch of time-critical applications more swiftly than previously possible.

They emphasize that the enhancement demonstrates their dedication to advancement, empowering users to participate more actively in governance.

Shiba Inu community members have enthusiastically embraced the update, expressing gratitude to the development team for the significant improvement. “Just when you thought Shibarium couldn’t get any better,” said an X user.

Shibarium Overhaul

Notably, the 7-day to 45-minute bridge time reduction is part of the broader efforts to overhaul the Shibarium blockchain. Last month, the Shiba Inu team launched an updated Shibarium interface with enhanced speed and efficiency. 

The update came with new support for industry wallet solutions like MetaMask, Wallet Connect, and Trust Wallet, improving accessibility.

Ripple Files New motion, Dismisses Claim About XRP Price Suppression

Lele Jima
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0
Ripple Files New motion, Dismisses Claim About XRP Price Suppression

Attorney Bill Morgan says the recent filing from Ripple in the SEC lawsuit addresses claims about the impact of ODL-related sales on XRP price.  

San Francisco-based crypto payments company Ripple Labs has filed a reply letter to further support its motion to seal exhibits relating to the SEC’s motions for remedies and judgment. 

As usual, Attorney James K. Filan shared Ripple’s latest filings on social media platform X. 

Recall that the U.S. SEC opposed Ripple’s omnibus sealing motion on May 21, arguing that the sealing requests could conceal vital information from the public, which might be relevant to the court’s determination on remedies.

In particular, the SEC requested that the court reject Ripple’s request to seal financial figures and terms used to determine and justify the remedies requests. The regulatory agency also opposed Ripple’s demand to seal the financial details of the discounts offered to institutional buyers of XRP.

Ripple’s Latest Filing  

In the latest filing, Ripple emphasized that it had already addressed several of the SEC’s arguments in its opposition to the regulatory agency’s remedies-related opening brief. However, it responded to two arguments the SEC raised in its May 21 opposition brief. 

Ripple contends that the SEC incorrectly asserts that details regarding its current financial status are relevant to the court’s determination on remedies. The company clarified that it is not arguing about its inability to pay the measured penalty but instead pushing to seal highly confidential business information to protect its interests and those of third parties.  

“The SEC should not be able to force disclosure of Ripple’s highly sensitive confidential financial information merely by raising arguments that have no basis, especially where the court can reject those arguments without considering any of the highly confidential facts,” the company remarked.

Secondly, Ripple also criticized the SEC’s assertion that its past contracts are irrelevant due to its alteration in the method of selling XRP. 

The company referenced the declaration of its CFO, Jonathan Blitch, which emphasized the confidentiality of these contracts and how future counterparties could gain leverage from learning about the negotiated terms of past contracts. 

Additionally, Ripple contended that its XRP sales no longer meet the characteristics that the court determined were “institutional sales” at summary judgment. 

“Ripple’s current sales of XRP to customers for use in connection with Ripple’s ODL product do not have any of the relevant terms of the over-the-counter contracts, such as discounts offered to sophisticated counterparties,” Ripple added. 

Ripple Dismisses Claim About XRP Price Suppression 

Interestingly, pro-XRP lawyer Bill Morgan highlighted the significance of Ripple’s argument about ODL-related sales. Attorney Morgan noted that the statement shows Ripple does not suppress XRP price via its ODL-related sales. 

It bears mentioning that critics have accused Ripple of suppressing XRP’s price through its continuous sale of XRP for ODL purposes. For context, Ripple unlocks 1B XRP from escrow on a monthly basis. While the firm re-locks 80% of these coins, 20% remain unlocked and are possibly sold to ODL clients, thus increasing XRP’s circulating supply.  

According to critics, Ripple has been indirectly dumping XRP on retail investors via these ODL-related sales, a move they believe has impacted the coin’s price negatively. 

However, Attorney Morgan noted that Ripple’s argument indicates that the company does not dump XRP on retail investors nor suppress the coin’s price. 

He emphasized that Ripple’s statement shows that ODL sales have zero impact on XRP price action.

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