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Cardano Hits Major Network Milestone as Bull Rally Stirs Adoption

Mark Brennan
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Cardano Hits Major Network Milestone as Bull Rally Stirs Adoption

Cardano (ADA) has seen a massive uptick in its active wallet addresses which hit a one-year peak of over 600,000 in the last 30 days.

The data presented by Danogo, a Decentralized Exchange (DEX) on Cardano, shows that the actual active wallets come in at 606,000, up by 533,000 wallets recorded at the start of March.

While the active wallet growth on Cardano did not follow a straight path over the year, it has seen considerable growth since last September when the metric recorded its one-year low of 297,268.

The Cardano User Growth Track

The Danogo data revealed that active Cardano addresses over the past seven days come in at 212,000, with the daily active addresses as of March 12 sitting at 44,100.

The Danogo data also shed more light on the active wallet addresses of the decentralized applications (dApps)  on the blockchain.

Notably, Indigo Protocol remains the dominant DApp on Cardano in terms of total value locked (TVL) with up to $167 million in TVL. Despite this position, Indigo Protocol contributes far less in terms of active wallets when compared with Minswap.

While the 30-day active wallet count on Indigo Protocol comes in at 1,794, Minswap boasts 30,677. Wingriders, another top-ranked Cardano DEX, also recorded an Active Wallet count of 7,398 over the past 30 days.

Cardano Active Address and Price Catalyst

The uptick in active Cardano addresses comes at a time when the price of ADA, the network’s native coin, is recording impressive growth.

Per an earlier report by The Crypto Basic, the number of daily active addresses on Cardano soared to a new yearly high of 76,445 on March 6, coinciding with the push to breach the $0.8 resistance.

Cardano, through Input-Output Global (IOG), is also making moves to introduce new partnerships, products, and services that can help sustain the adoption momentum.

CryptoCom Promotes Shiba Inu on Google Play and App Store 

Lele Jima
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CryptoCom Promotes Shiba Inu on Google Play and App Store 

Popular crypto exchange CryptoCom aims to bolster Shiba Inu’s (SHIB) popularity by promoting the crypto asset on Google Play Store and Apple’s App Store.

Shiba Inu’s popularity has continued to spike in the crypto space, with investors flocking to various trading platforms to acquire it.

CryptoCom Modifies App Name to Promote SHIB

To gain a competitive edge over its rivals, leading crypto exchange Crypto.com silently promoted Shiba Inu’s adoption on two of the world’s biggest mobile stores- Google PlayStore and App Store.

The team behind the exchange slightly modified the title of its mobile app to accommodate Shiba Inu. Before now, the official title for the Crypto.com app on both stores was “CryptoCom—Buy BTC, ETH.”

Following the growing interest in Shiba Inu, the exchange has changed the app’s name to “Crypto.com – Buy BTC, SHIB.”

Notably, renowned SHIB enthusiast Leonidas called the community’s attention to the update on X. The community figure speculated that people are preparing for what is coming for SHIB.

“The true power and raw unseen dominance is coming like nobody has ever seen before. Only the smart ones know,” he added.

Crypto.com Supporting Shiba Inu

It bears mentioning that Crypto.com has been a major advocate of Shiba Inu. The exchange officially listed Shiba Inu in 2022. Since then, it has expanded support for the token, including the addition of new trading pairs.

In January, the exchange paired Shiba Inu with CORGIAI, giving users new ways to trade the canine-themed token. It has also announced multiple giveaways for Shiba Inu, such as the distribution of $15,000 worth of BTC to SHIB traders.

Crypto.com’s subtle promotion of Shiba Inu across two of the world’s largest mobile stores comes days after the token attempted to replicate its performance in the 2021 bull season.

In particular, Shiba Inu recorded a massive uptrend on March 5, soaring to $0.00004534. However, SHIB has lost some of these gains. It is currently changing hands at $0.00003250, down 1.3% over the past 24 hours.

Here Are List of Coins With 5x to 100x Potential

Mark Brennan
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Here Are List of Coins With 5x to 100x Potential

A market expert identified on X as Scofield has named crypto assets he believes could deliver 5x to 100x returns.

With the bull run fully set in as Bitcoin jumps to a new All-Time High (ATH) above $73,000, investor sentiment is now at “Extreme Greed.” As investors look for promising coins in the market, Scofield’s list is generating a buzz, particularly for users whose picks resonate with the projects on the list.

Modest 5x to 10x Potential Assets

According to Scofield, Solana (SOL), XRP, Ethereum (ETH), Polkadot (DOT), and some others, as shown in the image below, fall within this category. Besides Polkadot, these assets are among the top 10 largest cryptocurrencies by market cap and have yet to retest their respective ATHs.

The assets in this category made it to the list because of what they represent, which includes the technology to boost the growth of dApps and facilitate fast and low-cost payments in the case of XRP.

Bullish 10x to 20X Coins

Scofield’s list in this category spans L1s to AI projects. He believes projects like Injective (INJ), Avalanche (AVAX), and Fetch.ai (FET) have what it takes to increase their valuations from 10x to 20x.

While he gave no specific reasons for the picks in this category, the diversity of the list and the market cap of each project, which ranges from $4.5 billion for Injective to $20.2 billion for Avalanche, underscore the potential for future growth.

5x To 100x altcoins
Image Source: https://twitter.com/Crypto_Scofield/status/1767580967516934283

Cryptocurrencies With 50x to 100x Growth Potential

Per the Scofield list, the more volatile mid-cap altcoins made it to the list of assets that might bring a 50x to 100x return.

The featured assets in this category include FLOKI and its sister assets, TokenFi (TOKEN), SingularityNET (AGIX), Aleph.im (ALEPH), and Vechain, among others. Though Floki is a memecoin, it has gained considerable traction and influence in the industry over the past year with the introduction of TokenFi as it looks to wade into the Tokenization ecosystem.

SingularityNET is a Cardano-linked AI project, while Aleph is an open-source Decentralized Physical Infrastructure that powers TwentySix Cloud.

Smart Money Makes $504M With Shiba Inu

Abdulkarim Abdulwahab
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Smart Money Makes $504M With Shiba Inu

Renowned crypto surveillance platform Lookonchain has identified a savvy Shiba Inu investor who has transformed barely $4K into a million-dollar fortune.

In a recent tweet, Lookonchain called attention to an influential Shiba Inu investor who has moved to take a profit after holding the asset for nearly four years.

Smart Money Acquiring 15T Shiba Inu

According to blockchain data, the trader’s Shiba Inu accumulation spree began in 2020. He was among the early adopters of SHIB, purchasing it in August 2020, the same month the asset launched. 

Specifically, the trader exchanged 10 Ethereum tokens valued at around $3,793 for 15,276,550,595,808 SHIB (15.27 trillion).

After the price of Shiba Inu picked momentum later in 2021, the trader orchestrated a series of sales, dumping as much as over 10 trillion SHIB tokens via decentralized exchange Uniswap.

The sales continued even after Shiba Inu’s price peaked at $0.00008845 in October 2021. By this time, Shiba Inu had secured major listings from centralized exchanges, including Binance, Kraken, and Crypto.com. 

As a result, the trader began re-accumulating SHIB piecemeal via the exchanges as the 2021 bull season gradually ended, with SHIB’s price collapsing. The accumulation spree ended in November 2022. Lookonchain estimated that this smart Shiba Inu trader bought back 535 billion SHIB tokens. 

SHIB Investor Takes $127M Profit

However, this early Shiba Inu adopter resumed selling Shiba Inu in the concluding weeks of 2022 and maintained the trend until 2024 without any purchases. 

One of his recent selloff moves includes the transfer of 200 billion SHIB to Gemini and Crypto.com exchange. According to Lookonchain, the prominent Shiba Inu investor has profited $127 million from the initial investment of $3,793.

Data from Etherscan indicated that this early SHIB adopter still holds 2.6 trillion Shiba Inu, valued at over $85.67 million as of press time.

Assuming this smart trader retained his initial 15.27 trillion SHIB without taking profit until today, the portfolio would be worth a staggering $504,126,169 with SHIB price at $0.000033.

Moreover, the Shiba Inu portfolio would have been valued at over $1.35 billion at SHIB’s all-time high of $0.00008845.

Notably, this speculative guess has a real-life equivalent. The Crypto Basic has reported the account of a similar smart Shiba Inu investor who carted away $5.7 billion with a mere $8k investment.

XRP in Forbes Top 10 Cryptos to Invest In

Lele Jima
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XRP in Forbes Top 10 Cryptos to Invest In

XRP made it to the list of top 10 digital assets that Forbes recommended for cryptocurrency investors this month.

Leading media outlet Forbes released its list of the top 10 cryptocurrencies suitable for investment in March 2024. Interestingly, XRP made this month’s list of the top 10 crypto assets worthy of investment.

Although XRP is ranked sixth on the list, this does not imply that the coin should be the sixth asset investors need to consider when investing in cryptos this month.

It is worth mentioning that the top 10 cryptos were ranked based on their market capitalization as of March 12, with Bitcoin and Ethereum securing the first two positions, respectively. Other top crypto assets like BNB Coin, Solana, and Shiba Inu were also on the list.

Reason Behind XRP Selection

Specifically, Forbes advisors mentioned that XRP had a market cap of $38.5 billion, with each unit of the coin priced at $0.7. They also shared a brief history of XRP, including stating that some of Ripple’s execs created the coin.

Furthermore, Forbes emphasized that XRP can be used as a bridge currency on the Ripple network to facilitate the exchange of different fiats.

Growing Interest in XRP Amid Court Victory

The development suggests a growing interest in XRP among retail and institutional investors. XRP gained the crypto community’s attention after the SEC charged Ripple with offering the token as an unregistered security in 2020.

Interest in the coin skyrocketed in July 2023 after New York Federal Judge Analisa Torres declared that XRP in itself is not an investment contract.

Following the verdict, many expected XRP to embark on a rally and possibly surpass its previous all-time high (ATH) price of $3.40, recorded in 2018. However, despite the positive court verdict, it failed to hit $1.

Analysts Issue Favorable Predictions for XRP

Despite XRP’s underperformance, several analysts are optimistic that the sixth-largest cryptocurrency would still embark on a rally that could send shockwaves into the market.

As reported earlier, top analyst Mikybull recently revealed that XRP broke out of a symmetrical triangle, where it has been trading since April 2021. Following the breakout, the analyst projected the XRP price to soar to $6.

Similarly, another popular analyst, EGRAG, made an audacious prediction for XRP, projecting that the coin could hit $17 by May before soaring to $27 six months later. In the meantime, XRP has risen 0.28% in the past 24 hours to $0.69. The coin is also up 13.5% in the weekly charts.

Shiba Inu: Exodus Wallet Responds To Shibarium Integration Request

Mark Brennan
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Shiba Inu: Exodus Wallet Responds To Shibarium Integration Request

A Shiba Inu community member has made an informal request to the Exodus Crypto Wallet team to support Shibarium.

The campaign, which now has full community support, started with a community member identified as Chubibi (@Pika_Shib), who made the request directly to the official X account of the wallet.

It is pivotal to facilitate the integration of a blockchain protocol on exchanges, wallets, and other infrastructures to expand its reach and create more avenues for users to explore it. Chubibi argued that Shibarium deserves to be added to Exodus, considering its status as a Layer-2 scaling solution.

Shibarium Integration Request In Process

Exodus Wallet has acknowledged the demand for Shibarium support, noting that they have sent the request to the appropriate team for consideration.

While there is no confirmation of a possible integration of the Shiba Inu-based Layer-2 network, it is noted that all feedbacks are logged for consideration.

Since Shibarium’s launch in August 2023, it has recorded integration on different platforms. Earlier in February, Tangem Wallet unveiled that it had started the process of integrating Shibarium. 

As a key partner of the Shiba Inu project, Tangem’s integration is mutually beneficial to both the wallet’s users and the Shibarium community. With the ability to store native Shibarium assets and the Shiboshis NFT, the diversity the wallet offers is pivotal for the network’s growth.

Besides Tangem, K9 Finance, another partner of Shiba Inu, has uncovered how its liquid staking platform can help boost the growth of Shibarium, adding to the list of protocols embracing the L2 network.

As reported previously CoinMarketCap and CoinGecko integrated Shibarium Stats. Frontier Wallet has more than a million users and integrated Shbarium. GroveX, one of Australia’s top exchanges, integrated Shiba Inu’s layer-2 network. NOWNodes also integrated SHibarium last year.

According to DefilLama data, on March 5, the total value of assets locked (TVL) on the Shibarium reached a new high of $2.25 million. Shibarium’s total transactions have now exceeded 400 million.

Shibarium is the Future of SHIB

Despite Shiba Inu’s growing popularity, which recently pushed it to the top 10 digital currencies list, many experts believe in Shibarium’s potential to help catalyze SHIB’s growth.

With the growing integration, there is likely to be an increased user count, which might indirectly place higher demand on SHIB, driving up prices and valuation. Shibarium might also play an instrumental role in burning SHIB from circulation through the integration of a burn portal.

Shiba Inu To $0.01? Expert Highlights 15 Reasons to Believe in SHIB 

Lele Jima
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Shiba Inu To $0.01? Expert Highlights 15 Reasons to Believe in SHIB 

Top crypto pundit Lola highlights 15 reasons why investors should believe in Shiba Inu, as several analysts expect its price to reach the $0.01 level.

Shiba Inu community members have remained optimistic about the future of SHIB, given the asset’s outstanding performance in the past week. Recall that Shiba Inu price soared nearly 300% last week to $0.000045.

15 Reasons Why You Should Believe in Shiba Inu

In the meantime, Lola, a Shiba Inu community figure, recently highlighted 15 reasons why SHIB holders should believe in the token’s future prospects.

SHIB’s Recognition in Hong Kong 

The pundit emphasized the importance of SHIB’s integration into Hong Kong’s virtual asset index. Recall that Shiba Inu, along with 29 other crypto assets, was added to the index in June 2023.

The rationale behind the move was to give investors a suitable way to analyze the virtual assets’ performance and associated risks. Commenting, Lola suggested that SHIB’s listing in the index was massive, as Hong Kong is known as the leading financial hub in Asia.

She emphasized that the Chinese administrative region is currently working on approving Bitcoin spot ETFs, which could bolster the demand for crypto assets, including Shiba Inu.

Robinhood’s Ties With Shiba Inu 

Per Lola, the fact that Shiba Inu is listed on Robinhood is a major reason why investors should believe in the token. She pointed out that Robinhood activated the last bull run, as TradFi investors on the platform channeled some of their funds into crypto. 

The pundit also mentioned that Robinhood currently supports 15 tokens, including Shiba Inu, out of the more than 20,000 cryptocurrencies in the market.

According to Lola, this move shows that Robinhood does not support pump-and-dump tokens. Besides listing Shiba Inu, Lola claims that Robinhood holds over 20 trillion SHIB tokens, a move backed by top asset managers like BlackRock and Fidelity. 

Shiba Inu Isn’t a Security 

According to Lola, the U.S. SEC cannot label Shiba Inu a security as the token does not satisfy the prongs of the Howey Test. She noted that Shiba Inu’s launch was not profit-oriented and that the token’s underlying contract does not involve cloud mining. 

100% Decentralized 

Another reason Lola urged the community to believe in Shiba Inu is that the token is 100% decentralized on the Ethereum network. Additionally, she said SHIB has multi-chain features, confidential computing, and SaaS integration. 

Listed Across Multiple Centralized Exchanges 

For the fifth reason, Lola mentioned that Shiba Inu is currently listed on more than 90 centralized trading platforms and decentralized exchanges (DEX) worldwide. Some of these exchanges include Binance, Kraken, and KuCoin. 

Alternative Payment Method 

In addition, she noted that Shiba Inu is listed on multiple centralized exchanges, which allows users to use SHIB as an alternative payment method to Mastercard and Visa. 

Shiba Inu Has a Pseudonymous Founder Like Bitcoin

Lola echoed that Shiba Inu was created by a pseudonymous founder named Ryoshi, the same way Satoshi Nakamoto created Bitcoin. 

All SHIB Tokens Are in Circulation 

For the eighth reason why the community should believe in Shiba Inu, Lola said SHIB has no locked-up token stored anywhere. According to her, all SHIB tokens are currently in circulation, making it difficult for anyone to manipulate or control the ecosystem. 

It bears mentioning that SHIB has a total supply of 1 quadrillion tokens. Over 410 trillion tokens have been burned, while the remaining 589 trillion SHIBs are in circulation. 

Shiba Inu Correlation With Bitcoin 

Per Lola, Shiba Inu is correlated with Bitcoin, as the price of SHIB moves alongside BTC. 

“If BTC moves up, we are moving too as long as the whales do not sell,” She said. 

Vibrant Community 

She added that Shiba Inu’s superpower is its vibrant community, known as the SHIB Army. Members of the community are completely focused on Shiba Inu and promoting the token to attract new investors. 

Market Cap 

At the time Lola made the post, Shiba Inu boasted a market cap of $20 billion, nearly 50% of the peak valuation of $45 billion recorded in 2021. This shows that Shiba Inu has prospects and could reach greater heights in the future. 

Shiba Inu’s Deflationary Feature 

Another reason why people should believe in Shiba Inu, according to Lola, is because SHIB is a deflationary token. She added that it combats inflation through ongoing burn campaigns, global demand, and high volume. 

Notably, a huge percentage of SHIB tokens have been burned since Shiba Inu’s introduction in August 2020. According to data from Shibburn, over 410.72 trillion tokens have been incinerated so far. 

Retail Mindset and Affordability 

She emphasized that Shiba Inu was designed for retail investors, stressing that anyone can acquire Shiba Inu, whether or not the token’s price reaches the projected $0.01 value.

Maximum Security 

She mentioned that the 14th reason investors should believe in Shiba Inu is that SHIB, being an ERC-20 token, can easily fulfill all security requirements. 

Interoperability 

Lastly, she mentioned that Shiba Inu is interoperable in nature and can function on both public and private networks. 

With Lola trying to boost investors’ confidence, it is imperative to note that the canine-themed token still has a long way to go before reaching the projected $0.01 price level. 

However, as more tokens are incinerated daily, Shiba Inu could easily embark on a bullish run toward the $0.01 price. 

SHIB to $0.01 

Shiba Inu’s latest uptrend reignited speculations that the asset might reach the coveted $0.01 (1-cent) price sooner than expected. Shiba Inu’s marketing lead, Lucie, also shared the same sentiment in a recent X post. 

However, the $0.01 goal could be daunting for Shiba Inu, given its enormous supply, which currently stands at 589 trillion tokens.

Projected Timeline For SHIB Rally to $0.01 

As a larger part of the Shiba Inu community believes the $0.01 projection is feasible, top analysts and analytical platforms have presented potential timelines for SHIB’s possible rally toward the price level. 

The research team at Changelly crypto exchange speculated that SHIB could hit the $0.01 price between 2033 and 2040. According to the prediction, SHIB is expected to hit a maximum price of $0.029 by 2040. 

Similarly, Telegaon also projected that Shiba Inu could achieve the 1-cent dream between 2035 and 2040. The analytical platform expects SHIB to reach a minimum price of $0.054 by 2040. 

While these projections look enticing, SHIB is currently changing hands at $0.00003294. This implies that to reach the coveted $0.01 level, the token must rally 30,258% from its current price.  

XRP ETF Around the Corner, Uphold Head of Research Says, Hinting at Bigger Price Impact

Abdulkarim Abdulwahab
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XRP ETF Around the Corner, Uphold Head of Research Says, Hinting at Bigger Price Impact

XRP’s recent price gain has sparked renewed optimism about the asset, with industry commentators like Martin Hiesboeck of Uphold Exchange seeing an ETF impacting XRP’s price even more.

XRP Shocking Price Gains

On Monday, XRP experienced a significant surge, breaking through multiple resistance levels as it rallied 20.5% from $0.6177 to reach a new yearly peak above $0.7440.

This notable gain emerged amid growing apprehension from the XRP Army about XRP’s sub-par performance in the emerging bull season. As a result, the recent turnaround has attracted significant attention from the crypto community. 

Leading crypto figures who have commented on XRP’s move include Martin Hiesboeck, Head of Research at U.S.-based exchange Uphold. Hiesboeck attributed XRP’s impressive performance to the positive developments around the asset since the regulatory clarity ruling last year. He went on to hint that an XRP investment product is around the corner.

XRP ETF Around the Corner

“We are finally seeing the fruits of increased development on XRP since the lawsuit was settled. An XRP ETP is around the corner, too. There is life in the old girl,” Hiesboeck submitted.

 

As Hiesboeck rightly pointed out, the XRP ecosystem has witnessed expanded development since the July 2023 victory ruling. The most recent includes passive incoming earning potential for XRP holders via the soon-to-implement AMM, having attained the required consensus.

Others include Japan-based financial behemoth SBI, which commenced cross-border payment services in three Asian countries in September 2023 with XRP. Besides, a development about an XRP exchange-traded fund (ETF) surfaced, albeit a counterfeit one. 

Meanwhile, Uphold’s Head of Research asserted that a genuine U.S.-listed XRP investment vehicle is under construction, suggesting that XRP could witness more significant price impacts in the coming weeks.

When XRP ETF?

While the XRP Army eagerly awaits an XRP ETF, given XRP’s clear regulatory standing in the U.S., prominent asset managers like BlackRock have maintained a cautious approach regarding disclosing whether such an investment product is under work.

Yet, like Hiesboeck, other industry pundits believe an XRP ETF is inevitable. Ripple CEO Brad Garlinghouse and Steve McClurg, a top executive at Valkyrie, have voiced this sentiment.

In an interview with Bloomberg, Ripple CEO Garlinghouse said that after Bitcoin ETFs in the US, other crypto ETFs are inevitable. He further said that he would definitively Welcome an XRP ETF.

In parallel, Ripple’s ex-director Sean McBride has boldly asserted that the crypto community will witness the emergence of an XRP ETF this year or 2025.

While the prospects of a U.S.-listed XRP ETF hang in the balance, other countries already have other XRP investment vehicles available for the investing public. One recent addition is an XRP ETP listed on the Swedish Stock Exchange.

Users Can Now Use XRP on EVM and Cosmos Chains as Coreum Launches XRPL Bridge

Sam Wisdom Raphael
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Users Can Now Use XRP on EVM and Cosmos Chains as Coreum Launches XRPL Bridge

Coreum has now launched its XRP Ledger (XRPL) bridge, allowing network participants to move XRP from the XRPL to Coreum, the Cosmos ecosystem, and other supported EVM-compatible chains.

Reza Bashash, the co-founder of Coreum and Sologenic, first spotlighted this functionality in a recent post on X. Bashash shared a snapshot of the XRP dashboard on the official Coreum explorer, showing that the Coreum network is now home to 1.2 XRP tokens. 

Coreum has been hinting at the imminent release of its comprehensive XRPL bridge since last year amid the success of the initial bridge rollout a year ago. Recall that the team first launched a bridge between the XRPL and the Coreum network in Q4 2022. 

However, this bridge had limited capabilities, only allowing the transfer of Coreum (COREUM) tokens from the XRP Ledger to the Coreum blockchain. The Crypto Basic reported last December that network participants had already bridged over 37 million COREUM with this bridge.

In December 2023, the Sologenic team, creators of Coreum, announced plans to enhance the bridge’s functionalities by integrating advanced interoperability features and facilitating the seamless transfer of multiple assets. 

Coreum Now Home to XRP

The recent milestone fulfills this vision, enabling the smooth transfer of XRP and other assets from the XRPL to Coreum. Nonetheless, the team has not released any official announcement on the launch, with plans to hold an X AMA on the bridge’s capabilities tomorrow at 10 AM (PST).

The official Coreum X account also teased the launch on Monday, depicting a connection between the EVM-compatible blockchains supported by Coreum and the XRPL. Responding to the depiction, Bob Ras, co-founder of Coreum, provided a detailed overview of the bridge’s capabilities.

According to him, the bridge would facilitate interoperability with EVM-compatible networks, including Polkadot, Avalanche, Ethereum, and BNB Smart Chain. This interoperability will be possible through the use of the Inter-Blockchain Communication (IBC) protocol.

For the uninitiated, Inter-Blockchain Communication is a set of protocols and standards that allow different blockchain networks to communicate and transfer assets or data between each other in a decentralized manner. 

Implications for XRP

Bob Ras emphasized that the use of IBC for blockchain interoperability will allow market participants to transfer assets from the supported blockchains to Coreum and also between the supported blockchains. Essentially, users could bridge XRP to Coreum and other networks like Ethereum or Polkadot.

Seeing as the Cosmos team is behind the IBC protocol, this development would also allow XRP to be bridged to the Cosmos ecosystem. Data from the Coreum explorer indicates that market participants have bridged 4.1 XRP with 3 holders as of press time. 

XRP on Coreum Blockchain
XRP on Coreum Blockchain

This low figure, coupled with the absence of an official announcement, could indicate that the bridge is not yet fully operational for the public. Once operational, it could open doors for users to leverage XRP on AMMs in the Coreum ecosystem and other possibilities, such as staking and smart contract functionalities.

Shiba Inu Accumulation Trend Indicates Potential Rally Above $0.000054

Sam Wisdom Raphael
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Shiba Inu Accumulation Trend Indicates Potential Rally Above $0.000054

Shiba Inu has slipped back into an accumulation phase, with analysts such as Myles G Investments expecting an eventual push beyond $0.000054.

The broader crypto market run has cooled, with some assets trading flat while others have recorded mild losses. However, market watchers remain confident that this could be the calm before the imminent explosion that would increase prices.

The recent consolidation phase has also impacted Shiba Inu, which has failed to register any more impressive surges since collapsing from the $0.00004567 multi-year high on March 5.

Recall that SHIB skyrocketed from $0.00000954 on Feb. 23 to a 27-month high of $0.000045 on March 5, a 371% increase in just 11 days. Nonetheless, since slumping from the $0.000045 high, Shiba Inu has been trading within a range.

Shiba Inu in Accumulation

SHIB also failed to leverage Bitcoin’s (BTC) March 11 upsurge, with which the leading crypto breached $72,000. Data suggests Shiba Inu’s range-bound movements could be a precursor of a much more substantial price run.

Crypto analyst and YouTuber Myles G Investments highlighted this in a recent post. The seasoned trader leveraged a 4-hour chart to show that Shiba Inu had slipped back into accumulation territory. 

Image Source: https://twitter.com/MylesGinvest/status/1767575263167086710

This phase typically comes up following a sharp decline in prices and features large buys from whale investors. IntoTheBlock data confirms this trend, indicating that large holders have continued to augment their balances, with inflows skyrocketing by 5,102% over the past 30 days.

In addition, addresses with at least $100 worth of Shiba Inu have increased in the last 30 days, with those holding more than $10 million spiking by 338%. This trend could suggest steady accumulation or it could reflect the positive increase in balances due to the recent uptrend.

A Possible Surge Beyond $0.000054

Notably, an asset in accumulation exhibits range-bound movements before eventually surging. Myles G Investments expects this eventual price surge to lead to new highs, projecting another run above $0.00004 before a mild drop. After this drop, he believes SHIB could push above the $0.000054 zone.

Data from the daily chart shows that Shiba Inu witnessed similar price movements during the 2021 bull run. SHiba Inu first surged 406% from $0.00000697 in September 2021 to a high of $0.00003528 in October 2021. Following this rally, SHIB dropped from the $0.000035 high.

Shiba Inu SHIB 1D Chart
Shiba Inu 1D Chart

SHIB then consolidated within the accumulation phase for a few weeks before experiencing a massive surge in late October 2021. This surge led to the $0.00008845 high on Oct. 28, 2021. SHIB currently trades for $0.00003302, looking poised to repeat this push.

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