Home Blog Page 1470

Cardano Founder Reveals Why He Can’t Apologize to XRP Holders 

Lele Jima
-
0
Cardano Founder Reveals Why He Can’t Apologize to XRP Holders 

Cardano founder Charles Hoskinson has called to what he perceives as an unjust attack from XRP community members as a reason he believes an apology to them is unwarranted.

Following recent developments over the weekend, the dispute between Cardano founder Charles Hoskinson and the XRP community does not seem likely to end soon. 

In a recent exchange, Hoskinson countered the suggestion of apologizing to XRP holders and Ripple executives following controversies emanating from the ETH Gate debate. 

ETH Gate Controversies 

For context, the ETH Gate theory has stirred several debates within the XRP community, with two notable theories emerging.

On the one hand, some critics speculate that Ethereum officials fostered relationships with top insiders at the SEC to give ETH a favorable regulatory environment. However, the second theory alleges that Ethereum officials instigated the legal tussle against Ripple and XRP. 

Hoskinson has repeatedly debunked the second ETH Gate allegation, calling it a conspiracy theory. He noted that there is no evidence supporting allegations that Ethereum officials bribed the SEC to attack Ripple and XRP. 

Cardano Founder Doesn’t Think an Apology Is Necessary 

Cardano founder’s fresh comment on his dispute with the XRP community comes after an X user suggested that he apologize to XRP holders and Ripple executives. The user made the suggestion in response to a recent poll Hoskinson created. 

In the poll, Hoskinson asked his followers to vote on whether he should hold an X Space with Cardano-based assets, such as Snek, The Ape Society, and Hosky. 

Interestingly, some X users saw the poll as an opportunity to suggest certain initiatives to the Cardano founder. As a result, an XRP community member suggested that Hoskinson apologize to the XRP community and Ripple execs following the ETH Gate saga. 

However, the Cardano founder does not see any need to apologize to XRP enthusiasts, as he thinks he was unjustly targeted. 

He countered the request, saying that XRP community members misrepresented his statement, harassed him online for several years, and even called for his arrest over an unspecified corruption.  

Previous Peace Attempt Fails 

Hoskinson had previously attempted to make peace with XRP holders. However, this push ended in futility, as both parties could not end the hostilities. 

According to Hoskinson, XRP community members refused his plea for peace because they do not want to acknowledge that they have been discussing two different things. 

He noted that while someone from Ethereum might have influenced the SEC to declare ETH a non-security, there is no proof that the same person or another Ethereum staff paid the regulator to specifically attack Ripple and XRP. 

Shiba Inu Team Says Auto SHIB Burn Still Requires Shibarium Activity 

Lele Jima
-
0
Shiba Inu Team Says Auto SHIB Burn Still Requires Shibarium Activity 

Shiba Inu community figure DaVinci emphasizes the importance of Shibarium activity on the upcoming auto SHIB burn portal.  

Many Shiba Inu enthusiasts believe burning a massive chunk of SHIB’s supply is the fastest way to boost the token’s price. This has led the community to embark on a burn campaign to reduce SHIB’s enormous supply drastically. 

Interestingly, Shiba Inu’s ecosystem team has also participated in the campaign via various initiatives, including incinerating SHIB using a portion of Shibarium gas fees. 

Despite these efforts, Shiba Inu still has a hefty supply of over 589 trillion tokens. To intensify burns, the community has been urging the team to launch the highly anticipated Shibarium auto-burn portal. 

They believe that the auto-burn portal would reduce SHIB supply and subsequently bolster its price action. Consequently, several Shiba Inu enthusiasts urged the team to sustain significant SHIB burns via Shibarium. 

DaVinci Addresses Complaints About Burns   

Responding, prominent Shiba Inu ecosystem team figure DaVinci noted that the team promised significant burns due to enthusiasm observed in the community before Shibarium’s launch. 

However, Shibarium’s adoption has not matched the support the network received before its launch. Consequently, the developer questioned the whereabouts of these enthusiasts, who seemed to have disappeared after Shibarium went live. 

Impact of Surging Shibarium Activities on Burns 

Specifically, DaVinci emphasized the importance of boosting Shibarium activities to intensify burns. DaVinci said the team burned billions of SHIB tokens in March due to a surge in Shibarium activities. 

In particular, Shiba Inu burned 13.4 billion SHIB in two transactions in March. Notably, the developer said community members would see more of these burns when they use Shibarium. 

Furthermore, the developer stated that even the upcoming auto burn portal still requires Shibarium activity to incinerate SHIB. 

It bears mentioning that the auto burn portal aims to automate Shibarium-powered burns. Instead of the team manually burning SHIB using a portion of Shibarium gas fees, the upcoming portal will automate the process by following predefined rules. 

DaVinci urged Shiba Inu enthusiasts to promote Shibarium across different platforms instead of joining critics in spreading misinformation about SHIB. Prominent Shibarium Tech Telegram and Discord group moderator Special K shared DaVinci’s comment on X. 

Shibarium Transaction Volume Slumps 

Meanwhile, Shibarium activity has plunged heavily since April 15, when transaction volume spiked to nearly 1 million. Since then, the volume has been on a free fall, crashing below 4,000 on May 2, 2024. At press time, Shibarium’s daily transaction volume was around 4,840. 

The current stats are low compared to the figure recorded in December when the daily count spiked to over 5 million. The slump in Shibarium’s activity can be attributed to several factors, including the recent downturn in the crypto market and investor apathy.

However, enthusiasts are confident about a positive reversal in Shibarium activity upon the commencement of the bull run. So far, Shibarium has processed 417.37 million transactions, interacted with 1.79 million wallets, and minted 4.57 million blocks.

Cardano Founder Defends Altcoins Against Michael Saylor’s Claims

Albert Brown
-
0
Cardano Founder Defends Altcoins Against Michael Saylor’s Claims

Charles Hoskinson, founder of Cardano, criticizes Michael Saylor’s view that only Bitcoin is a commodity, not other cryptocurrencies like Ethereum, XRP and Cardano.

Tensions between Bitcoin maximalists and proponents of other cryptocurrencies have come into sharp focus. Charles Hoskinson, the founder of Cardano, recently voiced his concerns about the dismissive attitude of Bitcoin maximalists towards other cryptocurrencies in the wake of Michael Saylor’s recent remarks.

Hoskinson noted that Bitcoin proponents brand enthusiasts of other cryptocurrencies as toxic, with a penchant for attacking them but fail to realize that their constant dismissive comments against altcoins are responsible for triggering these responses.

Hoskinson’s Critique and Saylor’s Stance

Saylor, executive chairman of MicroStrategy, suggested that all cryptocurrencies other than Bitcoin, including Ethereum, Ripple’s XRP, Solana, Binance Coin, and Cardano, are likely to be treated as unregistered securities rather than commodities. 

He expressed skepticism regarding the approval of ETFs based on these cryptocurrencies, predicting institutional investors and Wall Street might continue to shun them.

Saylor’s comments followed the SEC’s approval of multiple Bitcoin ETFs earlier this year, sparking debates about the regulatory future of other cryptocurrencies.

The SEC’s Deliberation on Ethereum ETFs

Amidst these controversies, the U.S. Securities and Exchange Commission (SEC) is deliberating on proposed spot Ethereum ETFs by Grayscale and Franklin Templeton. The decision, initially expected soon, has been deferred to June 11, 2024. 

Notably, the SEC stated the need for additional time to consider the proposed rule changes and address raised concerns adequately. However, recent reports suggest that the securities regulator might be looking to brand some Ethereum offers as securities.

Interestingly, despite the uncertainty surrounding the regulatory status of Ethereum, Larry Fink, CEO of BlackRock—one of the entities aiming to launch a spot Ethereum ETF—remains optimistic. He believes that even if the SEC categorizes ETH as a security, the possibility of an Ethereum ETF going live still exists.

Community Reactions to Crypto Maximalism

The crypto community has also reacted strongly to the maximalist positions, with influencers like the XRP YouTuber Moon Lambo criticizing the toxic nature of maximalism and questioning the sincerity behind Saylor’s assertive claims. 

Robert Sasu, core developer at MultiversX, echoed this sentiment, highlighting the negative impact of such attitudes on the broader crypto ecosystem. Sasu emphasized the potential of blockchain technology beyond mere store of value, advocating for collaboration and innovation rather than destructive criticism.

Expert Says He is Accumulating Shiba Inu as He Knows What’s Coming for SHIB

Abdulkarim Abdulwahab
-
0
Expert Says He is Accumulating Shiba Inu as He Knows What’s Coming for SHIB

Industry pundit Del Crxpto has claimed to possess inside information about undisclosed Shiba Inu developments, which is influencing his SHIB accumulation spree.

In a recent post on X, Del Crxpto, a well-known Shiba Inu advocate, asserts having exclusive insights into yet-to-be-revealed Shiba Inu developments. According to him, he “knows the future,” and he is fully aware of “what’s coming for SHIB.”

Continued Accumulation for What’s Coming for Shiba Inu

However, Del Crxpto declined to share this information. He noted he is unable to share undisclosed details to maintain his relationship with Shiba Inu officials.

Meanwhile, in a bid to bolster his assertion, Del Crxpto disclosed that he has been consistently accumulating SHIB tokens based on the privileged information he possesses. Essentially, he is positioning himself to capitalize on potential gains once the information is made public and a buying frenzy ensues.

Responding to the update, other Shiba Inu enthusiasts also revealed their continued accumulation of SHIB tokens amid firm belief in its future. One commenter disclosed that they have been purchasing SHIB daily since last year, driven by their aspiration of the “one cent dream.”

This trend is evident in on-chain data, which shows a trend of sustained network growth. Notably, data from Santiment indicates that addresses holding between 10,000 and 10 million Shiba Inu tokens have continued to increase since March. These addresses currently amount to 831,362, marking an addition of 36,095 new addresses since March 5.

Shiba Inu Addresses Santiment
Shiba Inu Addresses | Santiment

SHIB One Cent Dream in Focus

In a parallel discussion, Del Crxpto reiterated the SHIB one-cent dream alongside the eagerly awaited developments related to Shiba Inu.

He first remarked on the growing frustration about the absence of Shiba Inu’s ecosystem leader Shytoshi Kusama. He suggested that those apprehensive of his passive presence are either new or have lost touch with how Kusama operates.

Indeed, Shiba Inu’s Kusama has been silent for the past few weeks. His last appearance on X was during the announcement that Shiba Inu had secured $12 million in a funding round involving established names such as Animoca Brands.

Meanwhile, Del Crxpto stressed that Kusama’s passive presence should not be an issue for the SHIB Army. He suggested that Kusama has demonstrated an impeccable ability to read market cycles and discern optimal launch times effectively.

“This is always how he has operated,” the Shiba Inu community figure remarked, stressing the SHIB one-cent dream.

At press time, Shiba Inu trades at $0.00002541. The popular one-cent dream in the SHIB community anticipates the future where Shiba Inu cancels out three more zeros to trade at $0.01. However, as The Crypto Basic has reported, it could take nearly two decades for Shiba Inu to hit $0.01.

Market Expert Identifies When XRP Can Reach $3.84

Sam Wisdom Raphael
-
0
Market Expert Identifies When XRP Can Reach $3.84

Crypto market analyst EGRAG forecasts a potential timeline for XRP to attain its peak value within the current market cycle, envisioning a new all-time high exceeding $3.84.

Discussions surrounding XRP’s price action have centered on its inability to record as much growth as the broader crypto market. For context, while Bitcoin (BTC) is up 52% this year and Ethereum (ETH) has gained 39%, XRP is down by 13% within the same timeframe, having dropped to seventh place among the top 10 largest crypto assets.

However, market analysts such as EGRAG stress that this unique bearish trend for XRP is not a new phenomenon. In his latest analysis, EGRAG called attention to two phases XRP faces in every market cycle, with each phase determined by the crossover of the 21 and 55 moving averages (MA) on the 2-week timeframe.

Notably, whenever the 21 MA crosses below the 55 MA, it signals an imminent bearish trend. However, when the 21 MA crosses above the 55 MA, this crossover points to a looming bullishness. Citing historical data, EGRAG spotlighted these crossovers during the last two cycles and the durations for each of them.

XRP’s Historical Trends

In Cycle A, which began in 2016, the 21 MA crossed below the 55 MA in the first quarter of that year, leading to bearish price actions which persisted for 574 days. After this, the 21 MA crossed above the 55 MA, signaling an imminent bullish move. Following the bullish cross, it took XRP 294 days before it hit its cycle top of $3.84.

Cycle B began in Q1 2019, with the 21 MA again crossing below the 55 MA. Expectedly, this cross resulted in bearishness that lasted for 658 days. However, the bullish crossover re-emerged after these 658 days, eventually flipping the momentum. After the bullish cross, XRP spent 140 days in consolidation before hitting the cycle top of $1.96 in April 2021.

XRP currently trades in Cycle C, which started in the second half of last year when the 21 MA moved below the 55 MA. This has resulted in XRP’s persistent underperformance since August 2023. Interestingly, after this, the 21 MA crossed above the 55 MA, but XRP has remained in consolidation for 154 days without reaching the top for this cycle.

XRP Could Hit This Cycle’s Top in September

EGRAG pointed out that XRP has surpassed the days it took to reach its top in Cycle B (140 days) but has not exceeded that of Cycle A (294 days). As a result, he believes XRP is mirroring Cycle A. If that is the case, XRP could hit its peak price for this cycle in the next 140 days, placing it on Sept. 9.

In addition, while XRP failed to surpass the $3.84 all-time high in Cycle B, EGRAG expects this cycle to hold a more bullish result. According to him, if XRP does not reach a cycle top above its current all-time high by Sept. 9, then it is taking an entirely different trajectory this time.

Interestingly, XRP is already observing an increase in bullish sentiments, according to derivatives data from Coinglass. With a 6% increase in Open Interest to $580 million over the last 24 hours, the long/short ratio has risen to 1.0657, indicating that traders are betting more on an XRP price increase in the short term.

More remarkably, investors have been pulling off their XRP tokens from exchanges, possibly for long-term storage in self-custodial solutions. These investors have withdrawn over $477 million worth of XRP from exchanges since April 6. On April 12 alone, over $48 million in XRP was taken off exchanges, marking the highest negative netflow this year.

XRP Exchange Netflow Coinglass
XRP Exchange Netflow | Coinglass

Meanwhile, XRP currently trades for $0.5462, up 9.15% this month. XRP is currently flirting with the 20 EMA at $0.5488 on the monthly timeframe, looking to leverage a break above it as the springboard to more substantial gains. 

Shiba Inu Highlights Its Latest Achievements in Dubai

Lele Jima
-
0
Shiba Inu Highlights Its Latest Achievements in Dubai

Shiba Inu outlines its participation in the TOKEN2049 conference, emphasizing its dedication to shaping the financial landscape alongside its community members. 

The team behind the Shiba Inu ecosystem has taken to X to recount its achievement in Dubai at the just-concluded TOKEN2049 conference. 

For context, the first edition of this year’s Token2049 conference was held in Dubai on April 18 and 19, 2024. As reported earlier, Shiba Inu participated in the conference as a gold sponsor. 

According to the recent X post, Shiba Inu’s participation as a gold sponsor allowed the ecosystem team to actively engage with other participants while showcasing the potential that decentralization carries. 

Highlights of Shiba Inu’s Participation at TOKEN2049 Dubai 

Notably, Shiba Inu recently gave a rundown of its participation at the event. 

Crypto Polo Cup Competition Against Bitcoin.Com 

According to the announcement, Shiba Inu took part in the Crypto Polo Cup competition, where it competed against leading wallet provider Bitcoin.com. 

Although Shiba Inu lost the match, the experience showcased its competitive spirit, as observed among its community members. 

Networking with Other Industry Leaders 

In addition, the Shiba Inu ecosystem team stated that it utilized the opportunity presented by its gold sponsorship to network with other industry leaders and innovators at the conference. 

It emphasized that connections like those made at the Token2049 conference help reinforce Shiba Inu’s position at the forefront of the blockchain revolution. 

Community Engagement and Appreciation 

Shiba Inu stressed the importance of its community and how much it values SHIB enthusiasts. 

To express gratitude, the team gave a free AFTER2049 ticket to its VIP table to a community member named A.J. The proponent shared his experience at the AFTER2049 event, highlighting its vibrant atmosphere and mind-blowing entertainment. 

Interestingly, A.J. received some Shib.io gifts, including a light and troll pillow. 

Meanwhile, Shiba Inu emphasized that it does not plan on slowing down, expressing its dedication to continued growth and innovation. The announcement teased future events and updates that Shiba Inu enthusiasts could engage in shaping the financial landscape. 

Bitcoin Analyst Identifies $0.000114 as Shiba Inu Ceiling This Cycle

Abdulkarim Abdulwahab
-
0
Bitcoin Analyst Identifies $0.000114 as Shiba Inu Ceiling This Cycle

A prominent Bitcoin analyst has boldly asserted that Shiba Inu may not surpass the $0.000114 price level this bull season.

Shiba Inu bulls have run out of steam as the SHIB price stalls at $0.00002486. At this value, Shiba Inu marks only a 1.5% gain over the past day, with its 24-hour trading volume down by over 46%. Nonetheless, over the last seven days, Shiba Inu has grown by an impressive 26%, soaring from $0.00002071 to $0.00002615.

Meanwhile, market participants eagerly await the bull rally that would drive SHIB to a new price territory. Shiba Inu last established new price territories three years ago, and the bears have continued to have the upper hand since then.

Emphatically, SHIB is down 72% from its October 2021 all-time high of $0.00008845. However, with the onset of the bull market, anticipations continue to heighten for when Shiba Inu could make a new history. 

Shiba Inu to Max at $0.000114

Recently, a SHIB enthusiast sought Dona’s expert opinion, a widely followed Bitcoin analyst, on Shiba Inu’s outlook. The inquiry came after Dona updated his analysis on Dogecoin with commendable results from his earlier prediction. In particular, he foreshadowed DOGE’s path to $1, and Dogecoin continued to mirror his outlined trajectory.

In response to the inquiry on Shiba Inu, the analyst presented a chart on the 24-hour timeframe, suggesting a path to $0.000114. Accordingly, Dona boldly stated that he does not see Shiba Inu “going any higher than” $0.000114. Essentially, the analyst expects Shiba Inu to max at the projected range in this bull market.

Views of Other Analysts

Other market watchers and commentators agree that the $0.00011 territory could be where Shiba Inu tops out this season. Looking at the asset’s history, Shiba Inu could cancel more zeros this season. Amid the prevailing bullishness, lofty targets at $0.19 have come up. However, analysts with perspective are few.

Notably, Shiba Inu requires only a 358% upswing to break the unprecedented $0.000114 price territory. Interestingly, just two months ago, Shiba established a higher percentage growth in under ten days.

On February 26, SHIB traded at $0.000009483 but rallied by 378% to regain $0.00004534 on March 5, one of its 2021 tops.

Meanwhile, Changelly exchange researchers believe Shiba Inu may not establish a new all-time high this cycle. They project a maximum price of $0.000059994, a view widely contested by independent analysts.

XRP Healthcare Mobile Wallet Launches XRP Swapping

Albert Brown
-
0
XRP Healthcare Mobile Wallet Launches XRP Swapping

XRP Healthcare updates its mobile wallet app, introducing a new feature that allows users to swap XRP for XRPH seamlessly.

XRP Healthcare, the Web3 healthcare solutions company, has enhanced its mobile wallet app, offering a new feature that allows users to easily swap between XRP and XRPH tokens. This update forms part of their ongoing efforts to enhance user experience and functionality in the non-custodial wallet.

Latest App Enhancements

The latest update,  v7.0.9, introduces a swap feature designed to streamline the process of trading between XRP, the gas token of the XRPL, and XRPH, the XRP Healthcare native token. This addition complements other recent improvements including a live balance fix and general app optimizations aimed at ensuring smoother user interactions.

Despite these advancements, user feedback on platforms like Google Play shows mixed reactions. While some market participants have commended the app for its security and ease of use, others express concerns. Some  called attention to issues with disappearing staking balances and difficulty contacting support. 

Utility and Incentives

XRP Healthcare’s mobile wallet supports functionalities beyond token swapping. Users can receive XRPH rewards when using their card at over 68,000 U.S.-based pharmacies, including major chains like Walgreens, CVS, and Walmart. 

Additionally, the wallet facilitates quick and efficient fund transfers among market participants, supports multi-currency displays (USD, EUR, GBP), and allows for staking of XRPH tokens.

The decentralized wallet also provides access to a marketplace and offers an open-source codebase, which could encourage further development and customization by users or third-party developers.

XRPH Market Performance

As of the latest data, the price of XRPH is $0.05231 with a modest daily trading volume, reflecting an increase of 7.88% over the last 24 hours but a slight decrease of 1.27% in the past seven days. These figures indicate fluctuating market interest, impacted by the broader market conditions.

XRP Healthcare previously announced its expansion into the African market through the establishment of XRP Healthcare Africa. This subsidiary aimed to merge with and acquire private healthcare institutions across the continent, leveraging the XRPH token to facilitate seamless payment transactions within these networks. 

Ripple v SEC: Pundit Projects Timeline for Settlement and Final Ruling

Lele Jima
-
0
Ripple v SEC: Pundit Projects Timeline for Settlement and Final Ruling

Ashley Prosper says while a settlement in the Ripple v. SEC case could happen at any time, Judge Torres might issue a final ruling between July and September.

As the XRP community awaits the SEC’s remedies-related reply in the Ripple lawsuit, prominent crypto commentator Ashley Prosper has outlined upcoming stages of the case, including a potential settlement and final ruling timeline.

Potential Timeline for Final Ruling

Prosper pointed out that the U.S. Securities and Exchange Commission (SEC) will file its final reply in the remedies phase today, May 6, 2024.

According to the court’s scheduling order, the SEC’s reply will be filed under seal today. This will allow Ripple and the regulatory agency to deliberate on the necessary redactions before a redacted version is filed in the public docket on May 8.

The industry pundit stated that after the SEC’s reply, Judge Analisa Torres could issue a final ruling around July – September 2024.

Potential Appeal and Settlement

Prosper speculated that one of the aggrieved parties could appeal the judge’s ruling, thus moving the lawsuit to the Second Circuit.

It bears mentioning that several legal experts project that the final resolution of the Ripple lawsuit could be pushed to 2026 should any of the parties appeal.

In his recent analysis, Prosper said the appeal might not take as much time to resolve as many people anticipate.

Interestingly, he stressed that the parties could settle at any time during the appeal. He projected that a final resolution via a mutual agreement or settlement could occur between now and a potential decision by the appellate court.

Since the lawsuit started in December 2020, XRP community members have discussed the likelihood of a settlement in the case. This has birthed a series of speculations about the timeline for a settlement.

Notably, the SEC and Ripple have participated in different settlement conferences to resolve the lawsuit by mutual agreement. However, these efforts have ended in futility, with no signs of a settlement happening any time soon.

Despite Ripple’s willingness to settle with the SEC under the condition that XRP is officially recognized as a non-security, the regulatory agency seems uninterested in adopting this approach.

Meanwhile, the crypto community looks forward to the SEC’s reply regarding remedies, which would take the lawsuit closer to a final resolution at the district court level.

It remains to be seen whether any of the parties might pursue an appeal at the Second Circuit after Judge Torres issues her final ruling

Shiba Inu to $0.0005, Analyst Argues Case with Elliott Wave Theory

Sam Wisdom Raphael
-
0
Shiba Inu to $0.0005, Analyst Argues Case with Elliott Wave Theory

A market analyst has outlined a scenario wherein Shiba Inu (SHIB) could potentially reach a $0.0005 projected value, supported by the imminent completion of a fifth Elliott Wave on the weekly chart.

Shiba Inu has faced a roadblock on the journey to recovery as the broader market loses momentum. Following the sustained drop to a low of $0.00002057 on May 1, SHIB rallied 28% to reclaim a high of $0.00002632 on May 4 before witnessing resistance to the uptrend. 

This resistance was felt throughout the broader market, with leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) also losing steam. After the roadblock, SHIB has held above the Fibonacci 0.382 level at $0.00002311, awaiting a resumption of the market momentum.

A Possible Spike to $0.0005

Amid the current market conditions, market analyst Big Mike has projected an ambitious price target for when Shiba Inu eventually takes off. Citing data from the weekly chart, the analyst noted that SHIB has been trading within a complex web of multiple Elliott Wave structures since last year.

In the largest wave structure (designated in white), Shiba Inu completed the first wave when it soared to a high of $0.00001135 in early August 2023. After this, the second wave pushed SHIB to the low of $0.0000661 in October 2023, marking a correction of over 41.7%. 

Shiba Inu is currently on the third wave, which Big Mike expects to help recover the losses incurred from the second wave. Wave 3 could also help SHIB breach both this year’s peak of $0.000045 and the all-time high of $0.00008845, with projections of a rally to $0.0005059. This would mark a 1,941% increase from the current price of $0.00002478.

Shiba Inu Faces Prevalent Bearishness 

However, the current market realities could pose problems to a substantial Shiba Inu rally, as sentiments have remained largely bearish. Since April 22, investors have deposited a net value of $11.359 million in Shiba Inu to exchanges amid the market turbulence, per Coinglass data.

SHIB Exchange Netflow Coinglass
SHIB Exchange Netflow Coinglass

Increased deposits to exchanges typically bolster selling pressure, presenting a roadblock to an upward momentum. Data from Santiment further confirms this selling pressure, as addresses holding between 1 million and 1 billion SHIB have continued to sell off or distribute their holdings, as observed in the chart below. 

Shiba Inu Address Balance
Shiba Inu Address Balance | Santiment

The biggest cohort of sellers are those holding between 100 million and 1 billion tokens. Notably, these wallets have sold off 1.98 trillion Shiba Inu since Feb. 24, with their cumulative balance now sitting at 19.73 trillion. 

In addition, while Shiba Inu Open Interest (OI) has increased 2.57% to $65.19 million in the last 24 hours, its long/short ratio has seen a steady drop, currently sitting at 0.8443. This signals an increase in short positions, as traders bet on an imminent price drop.

Despite the prevalent bearishness, Shiba Inu is seeing a gradual uptick in social dominance, a trend that often precedes an imminent price increase. SHIB’s social dominance has spiked from a low of 0.6595 on April 30 to the current value of 1.14%. As of press time, Shiba Inu trades for $0.00002478, up 1.64% in the last 24 hours.

Shiba Inu Social Dominance Santiment
Shiba Inu Social Dominance | Santiment
1...1,4691,4701,471...2,670Page 1,470 of 2,670