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Ripple CLO Slams SEC Top Enforcer For Claiming Agency Acts With Integrity

Lele Jima
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Ripple CLO Slams SEC Top Enforcer For Claiming Agency Acts With Integrity

The Ripple Chief Legal Officer Stuart Alderoty has criticized SEC’s top enforcer and head of the Division of Enforcement, Gubir Grewal, following his recent comments about the crypto industry. 

SEC Top Enforcer Bashes Crypto 

During a recent “SEC Speaks” event, Grewal criticized the crypto industry for its alleged noncompliance and attempts to avoid regulation by the securities agency. 

He also addressed criticisms that the SEC regulates the crypto industry through enforcement instead of clear rules. Grewal emphasized that the longstanding Howey test is the only test that determines whether an asset is a security. 

He noted that the SEC has been consistent about the test, emphasizing that there are no secret analyses in determining which asset qualifies as a security. 

Furthermore, Grewal claimed that the multiple criticisms crypto enthusiasts have leveled against the SEC recently are part of a plot to get a different set of rules for the industry. 

He argued that the SEC acts with integrity and that its regulatory approach is consistent with its rules. 

Alderoty Faults Grewal’s Integrity Claim 

Commenting on the development, Alderoty slammed Grewal for claiming that the regulatory agency acts with integrity. 

The outspoken CLO highlighted some crypto-related cases where federal courts have rebuked the SEC for overstepping its legal boundaries and not acting in good faith. 

He recounted incidents in which a federal court sanctioned the SEC for gross abuse of power in its case against DEBT Box, and a district judge admonished the agency for lacking faithful allegiance to the law in the Ripple lawsuit. 

Furthermore, Alderoty said Grewal claims that the SEC operates with integrity yet ignores a court’s characterization of the agency’s action as “arbitrary and capricious” in its lawsuit against Grayscale Investments.  

Alderoty Calls Out Grewal for Ignoring Ripple’s Victory 

Delving deep into Grewal’s recent comment, Alderoty chided Grewal for only citing a portion of the Ripple ruling where the SEC won, while ignoring where the court held that XRP in and of itself is not a security. 

Alderoty also recounted how the SEC dropped most of its case against Ripple, specifically the aiding and abetting charges filed against Brad Garlinghouse (Ripple CEO) and Chris Larsen (Ripple Chairman). 

On Grewal’s claim that the SEC has given the crypto industry guidance, Alderoty said the so-called guidance, which is still available on the commission’s website, arbitrarily adjusts factors of the Howey test. 

He added that the SEC’s modification of the Howey test prompted the agency’s former General Counsel to issue the “greater confusion” comment. 

Conclusively, Alderoty recommended that the SEC “get off its soapbox and own up to these truths” to repair the institutional damage it has inflicted on itself and the crypto industry. 

Fox Journalist Denies Promoting XRP and BTC, Confirms Zero Crypto Ownership

Lele Jima
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0
Fox Journalist Denies Promoting XRP and BTC, Confirms Zero Crypto Ownership

Fox Business journalist Eleanor Terrett has taken to X to react to a recent claim that she was illegally offering financial advice regarding Bitcoin (BTC), Ethereum (ETH), and XRP (XRP).

Notably, an X user who goes by the pseudonym Crypto Guy (@cryptoguy2714) made this claim. In a recent post, Crypto Guy accused Terrett of offering financial advice regarding BTC, ETH, and XRP “when she shouldn’t be.” 

The user claimed that Terrett first got people to buy XRP and also lured them to acquire BTC and ETH. Consequently, he believes the authorities should sue Terrett for allegedly engaging in this act without owning a license. 

Terrett Says She Doesn’t Own Crypto 

It is worth mentioning that giving financial advice without a license in the United States is a violation of the Investment Advisers Act (IAA). Consequently, prominent figures in the financial sector often steer clear of violating these rules as doing so could lead to a heavy penalty. 

Reacting to the recent claims, Terrett characterized the allegation as part of the “trash” that she has to deal with on her vacation. Nevertheless, she denied giving financial advice on anything in her life, including cryptocurrencies.

 

Furthermore, the prominent journalist disclosed that she does not own any crypto due to her line of work. Terrett explained that it would likely be a conflict of interest if she chose to own cryptocurrencies.

Former SEC Official Declares Support  

Expectedly, the development elicited reactions from crypto enthusiasts who have backed Terrett. Also, former SEC official Marc Fagel reacted to the recent claim. 

Fagel described the claim as amusing to securities lawyers because they are well aware that Terrett does not give financial advice. However, the securities lawyer said he would love to see the Fox Business journalist foster more professional skepticism towards crypto. 

Terrett’s Crypto Stance 

For the uninitiated, Terrett has become a popular figure in the crypto space due to her work in the industry. She has provided commentaries on many events in the industry, including the SEC’s regulatory approach and lawsuits against crypto entities like Ripple, Binance, and Coinbase. 

Her commentary on the crypto industry prompted Binance founder and former CEO Changpeng “CZ” Zhao to follow her on X. The top crypto entrepreneur also praised her crypto commentary – a moment Terrett considers a “definite career highlight.” 

While many see her as a pro-crypto journalist, she has desisted from offering financial tips regarding the nascent asset. During an interview last year, Terrett declared that she does not have stock or crypto trading tips for her growing followers. 

Top 10 Altcoins With Massive Buying Opportunity: Market Veteran Van de Poppe

Sam Wisdom Raphael
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Top 10 Altcoins With Massive Buying Opportunity: Market Veteran Van de Poppe

Seasoned analyst Michaël van de Poppe has recently highlighted a golden opportunity for investors, identifying ten altcoins showing promise amid the latest market correction.

The general downturn has caused multiple digital assets to witness slumps below key support levels. Despite this trend, van de Poppe optimistically views the current phase as an ideal moment to acquire altcoins at discounted prices.

In a recent post on X, van de Poppe pointed out the correction in the altcoin market. Notably, the altcoin market has lost over $2 billion in valuation this month. Its valuation has collapsed from a high of $1.22 trillion on April 1 to the current figure of $1.095 trillion.

 

However, van de Poppe suggests that although this drawdown signifies dip-buying opportunities, the correction has not been significantly large. This hints at the potential for more gains.

He focuses on Bitcoin’s behavior in this context, noting its consolidation phase and peak in dominance. This scenario often precedes a surge in altcoin valuations, especially in their BTC pairings, a pattern familiar from previous cycles.

With altcoins slumping below pivotal support levels, Michaël van de Poppe views this period not as a setback but as a ripe opportunity for acquiring valuable assets at a discount. 

Chainlink (LINK)

Chainlink, a decentralized oracle network, is at a cycle low, having plummeted by 40% from its recent peak against BTC. LINK surged to a high of $22.89 on March 11 on the back of the market uptrend. However, LINK has collapsed to the current price of $17.4.

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This significant drop positions LINK as an attractive buy, according to van de Poppe. This attractive buy opportunity presented by LINK is not only due to its current low price but also for its critical role in the blockchain ecosystem, facilitating secure interactions between blockchains.

Celestia (TIA)

Celestia is a novel player in the scene. Following the TIA airdrop last October, the token spiked 427% to a high of $14.79 in December 2023 before consolidating. TIA further rallied to a new ATH of $21.14 in February.

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However, TIA faced a massive slump as the market collapsed, with van de Poppe stressing that it is now 61% down from its peak. The substantial decline in price may well be the entry point for investors eyeing the next big wave in blockchain infrastructure.

Arbitrum (ARB)

Arbitrum, a layer-2 scaling solution for Ethereum, its native token ARB has been one of the top performers during the current bull phase, reaching a yearly top of $2.42 on Jan. 11. 

ARB witnessed a $2.32 billion unlocking event on March 16, which compounded selling pressure as investors looked to cash in on their holdings. 

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ARB is down 60% from its peak, creating a potential buy-in moment. Its promise of reducing the congestion and high fees associated with Ethereum makes Arbitrum a compelling choice for future gains.

Polkadot (DOT)

With its price currently trading at a cycle low, Polkadot currently presents an attractive buy opportunity. The protocol itself stands out due to its innovative multi-chain architecture, presenting sufficient utility for its token DOT.

The current downturn affecting DOT comes despite the bullish sentiments surrounding the imminent launch of Polkadot 2.0, which aims to further its interoperability and scalability features. 

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DOT currently trades for $8.39, down 29% from its yearly peak of $11.889 attained on March 14. The project’s commitment to a decentralized web positions DOT as a strategic long-term asset.

Cosmos (ATOM)

ATOM, the native token for Cosmos, an interoperability and scalability solution, is also experiencing a downturn. Despite identifying that ATOM is still collapsing further, van de Poppe noted that it shows signs of a bullish divergence on the weekly timeframe. 

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This suggests that despite the current price corrections, ATOM has the underlying strength for a potential uptick, making it an undervalued project ready for pickup. ATOM currently changes hands at $10.78, down from the $14.58 peak.

DYDX (DYDX)

As a decentralized exchange running on Ethereum, DYDX has continued to garner attention from industry participants. Nonetheless, the DYDX token has not been immune to the market onslaught. DYDX trades for $3, down 33% since March 7.

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According to van de Poppe, DYDX is hitting a cycle-low in against Bitcoin, indicating a potential bottoming out. With the decentralized finance (DeFi) sector poised for growth, DYDX’s role in facilitating secure and transparent trading could see its value surge.

Woo Network (WOO)

Michaël van de Poppe also spotlighted Woo Network, a liquidity provider in the DeFi space. WOO, its native token, is also at a cycle low against BTC, with its value down 18.85% over the past two days. 

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Van de Poppe emphasized that he expects to witness massive growth in the DeFi scene. WOO could ride on this anticipated expansion to engineer an impressive push. The protocol’s efforts to offer deep liquidity could translate into substantial price recovery, making WOO a notable contender for investment.

SEI (SEI)

Sei Network, a new layer-1 protocol, launched on the mainnet last August and has seen considerable attention since then. Its token SEI has continued to record new all-time highs during the current market cycle, reaching the latest peak of $1.14 on March 16.

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However, the token has collapsed below $1, currently changing hands at $0.7056. As newer projects often carry a high-risk, high-reward profile, SEI’s ambition to redefine blockchain scalability could well position it as a dark horse in the race for dominance.

Skale Network (SKL)

Skale Network was designed to enhance the scalability of Ethereum. Despite its token SKL following the ongoing market path, it has shown more resilience than other altcoins. Currently trading for $0.1103, SKL is only 11% down from its yearly peak.

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Van de Poppe identified it as one of the assets showing resilience against Bitcoin. Its technical indicators suggest a consolidation phase, with a potential breakout that could see its value increase by 240% to reach the next resistance level. 

Covalent (CQT)

Covalent, a competitor to Celestia, offers a data querying solution for blockchains. With its price more than 40% down against BTC, similar to Celestia, CQT is an attractive investment for those who believe in the data infrastructure space within the crypto ecosystem.

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CQT currently changes hands at $0.2723, down 14.7% this month amid a price collapse that resumed on March 26. Despite the downward momentum, CQT token is up 10% year-to-date (YTD).

3 Fresh Wallets Accumulate 183,989,266,898 Shiba Inu from Exchanges

Abdulkarim Abdulwahab
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0
3 Fresh Wallets Accumulate 183,989,266,898 Shiba Inu from Exchanges

Three new wallets have amassed 183,989,266,898 Shiba Inu from prominent trading platforms Binance and Coinbase in the past two days.

The crypto surveillance X account, “The Data Nerd,” recently called attention to the movement of approximately 184 billion Shiba Inu tokens from Binance and Coinbase.

According to the update, the SHIB tokens were moved from the exchanges to new wallets over the past day. The Data Nerd estimated that the Shiba Inu tokens were worth approximately $4.9 million.

184 Billion Shiba Inu Accumulated from Exchanges

Notably, on-chain data confirms the three wallets that received the 184 billion Shiba Inu had no prior transaction histories. 

The oldest transaction occurred about 31 hours ago, involving the Shiba Inu wallet with the initials “0x6dFEF96E.” This address received 71,831,666,275 SHIB tokens in four transactions from Coinbase.

Meanwhile, the wallet 0xf77013F8 received 37,139,408,714 SHIB from Binance precisely 24 hours ago in a signal transaction. 

The Shiba Inu wallet “0x59132e96” has the latest transaction, amassing 21,496,679,522 SHIB as early as 11 hours ago. Notably, this third address cumulatively took a store of 75,018,191,909 SHIB tokens in five transactions from Coinbase. 

Collectively, these private Shiba Inu wallets have accumulated 183,989,266,898 SHIB tokens from exchanges in the last 48 hours. At press time, the tokens are worth $5,004,508, with Shiba Inu witnessing a 2.58% gain over the past day.

Considering that SHIB registered a 9% decline yesterday, the recent movements possibly represented an accumulation frenzy that these Shiba Inu investors went into while the asset dipped.

One Trillion SHIB on Move 

Meanwhile, as these three wallets moved to store their assets off centralized platforms, other more enormous Shiba Inu whales moved their tokens to the exchange Robinhood.

As The Crypto Basic reported, the move occurred while Shiba Inu’s price crashed. In particular, Robinhood saw an approximately one trillion SHIB influx on April 1.

While the exchange received an additional 384 billion SHIB yesterday, it later drained 999.7 billion Shiba Inu. The funds went to an anonymous wallet that now boasts a staggering SHIB portfolio of 6.64 trillion.

Legendary Trader Brandt Hints at Bitcoin Ruling Over Gold and Silver 

Lele Jima
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0
Legendary Trader Brandt Hints at Bitcoin Ruling Over Gold and Silver 

Peter Brandt, a legendary financial markets trader, asserts that Bitcoin is king over gold and will remain on the throne for a long time. 

The market veteran and author made this known in a recent X post. 

In the post, Brandt predicted that Bitcoin would reign supreme over the precious yellow metal gold in the long term. He asserted that the premier cryptocurrency would remain on the throne for a long time. 

In terms of the top financial instruments, Brandt depicted Bitcoin as the ruler, demoting the precious yellow metal to the status of a baron, while silver is tagged the “court jester.”  

Gold Value Slumps Heavily in 12 Years 

Notably, the experienced financial markets trader backed his prediction with an interesting chart, illustrating gold’s consistent decline against Bitcoin since 2012. 

The chart shows that gold’s value has slumped from an equivalent of 740 BTC to a paltry 0.0352 BTC over the last 12 years. This is majorly due to Bitcoin’s value recording an impressive uptrend within this timeframe, currently pegged at $65,000.

Although Brandt expects Bitcoin to reign supreme over gold in the long-term, the current landscape paints a different picture, as the latter has attracted more interest recently. 

Investors Lean Towards Gold Over BTC 

This was reflected in a recent analysis by Bloomberg ETF analyst Eric Balchunas yesterday. The prominent expert pointed out a shift in market sentiment as investors’ appetite for gold gains momentum compared to Bitcoin. 

In a post yesterday, Balchunas stressed that gold is mounting a comeback and had recorded more trading volumes than BlackRock’s iShares Bitcoin Trust (IBIT), the asset manager’s spot Bitcoin ETF product.

He noted that the potential shift in market sentiment could be a result of gold’s recent relief rally in the wake of Bitcoin’s bloodbath. 

Furthermore, the ETF expert speculated that BlackRock’s IBIT could soon witness its outflow day, ending its 54-day record streak of inflows.

As Brandt sees Bitcoin becoming the king over top financial instruments in the long-term, Balchunas speculates that exhaustion in Bitcoin ETFs, especially IBIT shares, could pave the way for a temporary diversion of funds to other instruments like gold. 

Meanwhile, Bitcoin is still trying to recover from the correction that wreaked havoc on its price and the broader crypto market in less than a week. 

The top crypto asset is currently changing hands at $65,781, up 1.1% in the past 24 hours. Conversely, an ounce of gold is down 0.35% in the past day to $2,272. 

Will XRP Finally Reclaim $1 Mark this Month

Abdulkarim Abdulwahab
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0
Will XRP Finally Reclaim $1 Mark this Month

XRP would need to rally approximately 70% this month from its current price of $0.59 to regain the $1 value lost since the last bull market.

This week, the Bitcoin-led bearish market has dragged XRP below the crucial $0.6 threshold. Accordingly, the token continues to stir discontent among holders as it trades farther away from the much-awaited $1 price point.

XRP bottomed at $0.5706 over the past day but has witnessed a fairly notable recovery, hovering around $0.59 at press time. 

In the crypto community, optimistic commentators have voiced ambitious forecasts for XRP in the past month. Among these projections, targets of $5 and $10 have gained popularity.

While some view $10 as the pinnacle of this bullish season for XRP, others are confident that such a price level could be achieved in the short term. 

Meanwhile, XRP has continued to hurt its hopefuls as it fluctuates between $0.5 and $0.7 over the past nine months, with very few attempts to breach the $1 mark.

Last month, there was a momentary glimmer of hope on its journey to $1 when it surged dramatically to $0.74. However, this optimism was short-lived as XRP swiftly retreated back to the $0.6 range within hours.

Some enthusiasts have attributed XRP’s underperformance to the SEC vs Ripple lawsuit. Yet, even after XRP emerged victorious in the lawsuit, its price, though doubling within 24 hours, still fell short of reaching $1.

The closest XRP came was $0.93. Moreover, following this event, the asset resumed its downtrend, establishing lower lows as it continued to consolidate.

Will XRP Finally Reclaim $1 Mark this Month?

Remarkably, XRP was last seen at $1 during the peak of the last bull market. While this cycle’s bullish phase is about six months old, XRP remains at $0.5915.

Effectively, the asset must soar by 69% from its current price to reclaim $1 and potentially continue toward higher bullish targets. But XRP’s ability to engineer a 69% surge remains contestable.

Just last week, analyst Tylie Eric boldly predicted that XRP would experience a 60% surge in nine days, reaching $1.

Tylie Eric made this prediction on March 29. With this bold statement, Eric suggests that the the XRP market could witness a miraculous rally within the next three days to reach $1 by the weekend.

Additionally, other analysts in the community, like EGRAG, have posited that XRP is currently mirroring the pre-bull phase of late 2017, suggesting an aggressive breakout for XRP could occur anytime. 

Meanwhile, researchers at crypto trading platform Changelly do not believe XRP will enter $1 this month. Their highest target for XRP in April is $0.75.

Shiba Inu Sends “Huge Shoutout” to BONE: Here’s Why

Lele Jima
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0
Shiba Inu Sends “Huge Shoutout” to BONE: Here’s Why

The official Shiba Inu X account sends a “huge shoutout” to the Shibarium gas token Bone ShibaSwap (BONE) for becoming the favorite crypto by people’s choice.

According to the X post, BONE ranked as the number 1 people’s choice crypto asset on top crypto analytics platform Coinpedia Markets after receiving the most votes in a recent popularity contest conducted by the platform.

In the contest, which was between BONE and Baby Doge Coin (BabyDoge), the analytics platform urged its followers to vote for their favorite crypto between the meme-based tokens.

The voting exercise commenced on March 25 and ended on March 30, with BONE outpacing BabyDoge to become the top choice.

Reacting, the Shiba Inu ecosystem team expressed gratitude to the Shib Army for their support in helping BONE achieve the feat. 

BONE’s Popularity Soars 

Like SHIB, BONE has also garnered significant interest recently. Data from Google Trends shows that online searches for BONE have spiked in Colombia and Türkiye over the past week. 

Similarly, BONE boasts a global search popularity score of 95, having retraced from the 100 peak score recorded earlier today. The top five search phrases for BONE include “BONE ShibaSwap price,” “BONE coin,” “BONE ShibaSwap price prediction,” “Shibarium,” and “Bone ShibaSwap Coinmarketcap.”  

BONE Google Trends
BONE Google Trends

 

Top Exchanges List BONE 

Since its launch in July 2021, BONE has been listed across major crypto trading platforms, including XT.com, OKX, Gate.io, and Changelly. Despite listing on multiple exchanges, BONE has yet to be listed in at least one of the top 5 trading platforms by daily volume. 

At the moment, the Shiba Inu community is embroiled in a campaign that could get BONE listed on Binance, the world’s largest crypto exchange. So far, Binance has yet to list BONE on its platform, even though the Shiba Inu community has constantly called attention to the token.  

In the meantime, the price of BONE has slumped heavily alongside other top crypto assets this month. The token currently trades at $0.76, representing a 16.79% decline in the last week. However, BONE has increased by a mere 1.34% over the past 24 hours.

Bitcoin Analyst Says XRP to Skyrocket 859% to $6, Identifies Final Buying Chance

Abdulkarim Abdulwahab
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0
Bitcoin Analyst Says XRP to Skyrocket 859% to $6, Identifies Final Buying Chance

Prominent Bitcoin analyst Mikybull has proclaimed that XRP is set for a potential eight-fold increase to $6 soon.

This assertion stems from Mikybull’s analysis of XRP’s breakout from a symmetrical triangle pattern spanning three years, as observed on the weekly timeframe. Specifically, the analyst observed the breakout through XRP’s pattern since the 2021 bull season, in which XRP has been consolidating with lower prices.

XRP Prime for 859% Surge to $6

The analyst believes the downtrend is over, having spotted a breakout from the established symmetrical triangle pattern. He asserted that XRP closing above the observed point would set the stage for an 859% surge to $6.

Notably, Mikybull expressed this bullish outlook for XRP as the altcoin market has surpassed the $1 trillion threshold, with Bitcoin establishing a new all-time high.

Accordingly, the analyst voiced confidence that this cycle’s altcoin season would be unprecedented. He listed XRP alongside five other digital assets he believes are on track for astonishing performance soon.

XRP to $6
Image Source: https://twitter.com/MikybullCrypto/status/1764313435133661623

XRP Completing Retest Phase

In a subsequent update on XRP, Mikybull revealed that XRP was undergoing a retest phase following the observed breakout pattern. He reiterated that XRP was getting set for a significant surge to unprecedented price levels. 

In a follow-up post, the analyst highlighted that XRP had completed the breakout phase and was now gearing up for a powerful upward movement. He emphasized that XRP is poised to target between $1 and $6 when the bullish rally commences.

Last Buying Opportunity 

While awaiting the projected bullish rally for XRP, Mikybull remarked in a more recent update that the crypto community is witnessing the final buying opportunity for XRP before the asset takes off.

Responding to this update, Vandell Aljarrah, co-founder of Black Swan Capitalist, pointed out the irony of the situation for individuals who are pessimistic about XRP. Aljarrah stated individuals have had ample time over the years to purchase XRP but are now considering dumping their holdings just before the anticipated bull run. 

 

Aljarrah’s perspective aimed to challenge those who believe holding onto XRP may no longer be prudent, given that the asset has continued to underperform even six months into the current bullish phase of the cycle.

At press time, XRP trades at $0.58; to attain $6, as the Bitcoin analyst suggested, XRP must rally 859% rally.

Can Shiba Inu Claim $0.0001 as SHIB Becomes Most Traded Coin in India

Abdulkarim Abdulwahab
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0
Can Shiba Inu Claim $0.0001 as SHIB Becomes Most Traded Coin in India

Shiba Inu was the most traded token on leading Indian exchange WazirX in March, with the recent feat revitalizing prospects of a push to the $0.0001 price target.

In a recent post on X, WazirX disclosed that Shiba Inu emerged among the most traded cryptocurrencies on its platform for March. The firm disclosed five digital assets its users engaged with the most for the last month. Interestingly, Shiba Inu topped the chart.

Shiba Emerged as Hottest Coin on WazirXI

According to the revelation, WazirX users traded Shiba Inu much more than they engaged with the leading cryptocurrency, Bitcoin (BTC).

Other coins that featured on the ranking include Shiba Inu’s rivals in the meme coin industry Pepe, Floki, and Dogecoin (DOGE). Notably, Dogecoin ranked at the bottom of the top five despite being the most prominent crypto in the meme coin sphere.

This disclosure from WazirX has caught the attention of the Shiba Inu ecosystem team. Remarking on the development, Shiba Inu’s official X handle emphasized SHIB’s feat and praised the  community’s resilience: “SHIB was one of the hottest coins on WazirXI in March! The Shib Army is growing strong in India, Namaste!”

Shiba Inu Volume on Exchanges 

Over the past day, Shiba Inu recorded a trading volume of $427,317 on WazirX, trailing Bitcoin by a margin of under $40K. Globally, Shiba Inu ranked as the 17th most traded cryptocurrency, with a total volume reaching $910,062,491. 

Binance emerged as the primary exchange for Shiba Inu trading, generating a volume of $203,664,581 on the USDT pair alone. Other notable exchanges where Shiba Inu saw significant trading activity include Coinbase, OKX, and Bybit.

Can Shiba Inu Claim $0.0001 with Increased Volume?

The recent feat in India has rejuvenated optimism of substantial price surges for Shiba Inu. Last month saw astonishing breakthroughs for meme coins. Many meme-inspired tokens like Shiba Inu re-entered price ranges last witnessed in 2021. For instance, SHIB regained $0.00004534 on March 5 for the first time since the last bull run.

On that day, SHIB sold for a low of $0.00002622. With a recorded volume of $16.01 billion that day, Shiba Inu soared by 72.92% to the intraday peak of $0.00004534. 

Meanwhile, eight days before this rally, Shiba Inu traded at a low price of $0.000009483. This represents an astonishing 378% gain in about a week.

At press time, the token sells for $0.00002727. To attain $0.0001, SHIB must rally by 266.7%. Interestingly, this required percentage growth is not impossible for Shiba Inu, considering that it engineered a more daring 378% rally in eight days last month.

Shiba Inu Burns Over 15,000,000,000 SHIB in March as Burn Rate Spikes 2,330%

Lele Jima
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0
Shiba Inu Burns Over 15,000,000,000 SHIB in March as Burn Rate Spikes 2,330%

Shiba Inu burns for March surge past 15 billion SHIB as the community triggers a 2,330% spike in the token’s monthly burn rate.

Members of the Shiba Inu community consider March a success for the canine-themed token. In addition to seeing the price of Shiba Inu skyrocket significantly, recent data released by Shibburn shows that SHIB witnessed a spike in burns last month.

Over 15.6B SHIB Destroyed in One Month

Specifically, the Shiba Inu community removed a whopping 15,644,329,668 (15.64 billion) SHIB tokens from circulation. According to Shibburn data, the token witnessed 217 burn transactions in March.

The most significant burn occurred on March 9, when 13.4 billion SHIB was sent to the dead wallet in two transactions. As reported earlier, the Shiba Inu ecosystem team initiated both transactions on March 9, using a portion of Shibarium gas fees.

Other burn transactions in March involved Shiba Inu community members sending thousands to millions of SHIB to the dead wallet.

Shiba Inu Burn Rate Hits 2,330%

It bears mentioning that the total amount of SHIB destroyed in March marks a massive resurgence of Shiba Inu’s monthly burn rate. The March burns represent a 2,330% spike in SHIB burns compared to the figure recorded in February.

In February, the community burned only 643,656,418 (643.65 million) Shiba Inu tokens. However, a total of 9,937,949,070 (9.93 billion) SHIBs were destroyed in January.

Unlike January and March, the Shiba Inu ecosystem team did not initiate any Shibarium-powered burn in February, leading to the low number of tokens burned that month.

Shiba Inu Burns Heat Up

Overall, the Shiba Inu community has removed 26,225,935,156 (26.22 billion) SHIB from circulation in the first three months of the year.

April also looks promising for Shiba Inu burns as over 160 million SHIB have been destroyed in less than three days.

SHIB Price Surges 145% in March

The incineration of 15.64 billion SHIB last month coincided with a 145.2% increase in SHIB’s price for the month. However, Shiba Inu has been down 1.2% over the past 30 days amid the corrections recorded since the beginning of April.

At press time, SHIB is trading at $0.00002714, up 12.3% over the past 14 days. Conversely, the token is down in the daily and weekly charts, with losses ranging between 0.5% and 13%, respectively.

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