Home Blog Page 1546

Big Investors Gather Over 392M XRP From Binance in Search of Price Increase

Sam Wisdom Raphael
-
0
Big Investors Gather Over 392M XRP From Binance in Search of Price Increase

Big or Whale investors have continued to amass more XRP tokens in anticipation of a price rise, recently cupping over 373 million tokens in an accumulation spree.

Despite leveraging the latest market uptrend to record a bullish run, XRP has not caught up to other crypto assets in the market. Amid this underperformance, some investors have taken to amassing more XRP tokens at lower prices, awaiting an imminent price rally.

Whale Alert, a leading whale-tracking resource, recently spotlighted a cluster of large transactions involving the accumulation of millions of XRP by different wallets. The trend involved over 392 million XRP across six different transactions.

Details of the Transactions

The first transaction saw the withdrawal of 18.346 million XRP valued at $11.207 million to an unknown wallet. In the second transaction, a whale address amassed 18.345 million XRP worth $11.389 million at the time. The third transaction involved the flow of 18.399 million XRP worth $11.580 million to another unknown wallet.

Notably, two of the last three transactions followed a similar pattern, involving a little above 18 million XRP. For the fourth transaction, the whale moved 18.916 million XRP valued at $11.749 million. Meanwhile, the fifth movement involved an inflow of 18.585 million XRP worth $11.617 million.

These five transactions cumulatively saw the movement of a total of 92.558 million XRP into unknown wallets.

Interestingly, all five transactions originated from Binance, with Binance activating the recipient wallets on Jan. 3, 2024. This has raised speculation that the transactions could involve in-house fund flows by Binance.

However, the sixth and largest transaction took a different pattern, witnessing the accumulation of a whopping 300 million XRP worth $187.1 million at the time by an unidentified whale.

Though the transaction also originated from Binance, the recipient’s wallet was not activated on Jan. 3. Shortly after receiving the funds, the whale moved 257 million XRP to a new address. The address has continued to hold onto the tokens at the time of reporting.

Similar Whale XRP Movements

Such whale movements have increasingly become prevalent in the current market cycle. Last month alone, The Crypto Basic called attention to the movement of 63 million XRP on the 13th, 60 million XRP on the 22nd, and 300 million XRP on the 28th. All these transactions came from Binance.

The latest movements have come at a time when XRP is struggling to recover from the latest market retracement. The asset registered a massive 8.72% decline on March 5 but is looking to reclaim the lost value amid the recovery campaign. XRP is up 0.42% to a current value of $0.6265.

SEC Chair Gary Gensler Labels Bitcoin a “Highly Speculative Asset Class”

Mark Brennan
-
0
SEC Chair Gary Gensler Labels Bitcoin a “Highly Speculative Asset Class”

Despite approving the trading of spot Bitcoin ETF products, SEC Chair Gary Gensler has labeled the top crypto asset a “highly speculative asset class.”

Bitcoin has always been labeled “speculative” by market regulators with many law enforcement bodies still restrictive about how the public embraces the digital currency.

In the latest TV appearance, Gary Gensler compared Bitcoin to a rollercoaster, cautioning investors to beware of investing in the digital currency noting that its foundation is uncertain.

Gensler’s latest comment hinges on the volatility in the price of Bitcoin over the past few weeks.

Bitcoin Rally – An Uncertain Growth Trajectory

Bitcoin’s price has shown an erratic trend since the SEC approved 11 spot Bitcoin ETF products in January. The price of the cryptocurrency was pegged at around $46,376 when the ETF products were approved.

The hype that trailed the acquisition of Bitcoin by the issuers helped drive the price of the flagship cryptocurrency to a new All-Time High (ATH) of $69,170.

Rather than stay up, Bitcoin’s price backtracked in what appears as intense profit-taking campaign, a trend that led to about $1 billion in total market liquidations.

Gary Gensler is calling investor’s attention to trends like this, questioning the reliability of Bitcoin’s foundation to forestall intense valuation cuts. 

Legitimacy With Institutional Capital

While market proponents are almost always silent about the volatility in the price of Bitcoin, many acknowledge that Bitcoin now has legitimacy riding on the institutional capital it boasts.

Despite the volatility scare, CryptoQuant Founder and CEO Ki Young Ju has reiterated how Bitcoin may not retest $43,376, the listing price of its spot ETFs. He based this projection on the precedence set by Gold, following the listing of its ETF product back in 2004.

Ki Young Ju argued that with Gold’s price not dropping below its listing price of $444 since the Gold ETF (GLD) started trading on the New York Stock Exchange (NYSE), the same may happen with Bitcoin. This could make $43,376 Bitcoin’s permanent floor price.

Shiba Inu Forms Bullish Flag, Eyes Move Above $0.000045

Mark Brennan
-
0
Shiba Inu Forms Bullish Flag, Eyes Move Above $0.000045

The ongoing consolidation by Shiba Inu has resulted in the formation of a bull flag, suggesting a retest of the recent highs is on the horizon.

After hitting a new high of around $0.000045, the price of Shiba Inu saw a strong correction that pushed it as low as $0.000027. However, Shiba Inu has since rebounded alongside the rest of the market and now trades at $0.000033.

Technical indicators also point to further gains on the horizon for Shiba Inu investors. Prime among these indicators is the formation of a bull flag on the 4-hour chart.

As originally shared by official MEXC partner Crypto Sheriff, the elegant bull flag puts Shiba Inu on course to surpass the earlier highs in the future.

If such an outcome plays out, Shiba Inu’s recent run would only have been a trailer of what the cryptocurrency will deliver in a full-blown bull market. He urged investors to focus on higher goals, remembering that Shiba Inu, just like the rest of the market, is now in bull season.

Other Indicators Point to Further Gains

Beyond the bull flag, other indicators suggest that the Shiba Inu really may not be done yet. One such indicator is the Moving average convergence/divergence (MACD), which highlights the relationship between two average prices of an asset.

Chart Analysis
Shiba Inu Chart Analysis

As the chart below shows, both lines on the daily Shiba Inu MACD indicator remain widely apart. This indicates the potential start of a bullish trend as opposed to bearish trends that force the purple line to climb over the green line.

Moving away from the charts, Shiba Inu’s price has also enjoyed some significant fundamental boosts. For instance, the team has announced plans to initiate a massive SHIB burn that will provide mild deflationary pressure during a period of strong demand.

In addition, Shiba Inu’s layer-2 network Shibarium has seen significant uptake. The network recently surpassed the milestone of 400 million transactions in less than seven months after its initial release.

Analyst Predicts Wild Timeline for Dogecoin to Reach $1

Mark Brennan
-
0
Analyst Predicts Wild Timeline for Dogecoin to Reach $1

Experienced analyst Ali Martinez believes the price of Dogecoin could soar as high as $1 by mid-April, citing historical precedence.

Dogecoin has shown great recovery strength since the bullish trend returned to the cryptocurrency market. The meme-inspired asset has gained over 114% in the past month alone and trades at price levels last seen since early 2022.

Despite the progress, Dogecoin is still trading 77% below its all-time high of $0.73. Investors have continued to wonder if DOGE could break this ATH and perhaps even cross the $1 mark for the first time in its history. 

Popular analyst Ali Martinez predicts that Dogecoin could reach such high numbers sooner than expected if historical trends continue.

In a recent update, the analyst showed that Dogecoin’s current market performance mirrors similar actions seen between 2016 and 2017, as well as between 2020 and 2021. 

Following a price consolidation within these periods, Dogecoin set new all-time highs, an outcome that could also play out this cycle. The analyst’s chart also continues the timeline during which Dogecoin breaks its previous high and reaches new levels.

Comparing historical action to current price moves, Ali Martinez predicts that Dogecoin could reach $1 by mid-April 2024. Such price action will also require that the broader crypto market witness a remarkable run.

Can DOGE Reach $1 Soon?

Although there is no infallible way to predict Dogecoin’s price, a move to $1 represents a significant hurdle that the cryptocurrency may struggle to clear in the short term. The reason is not far-fetched. 

A move to $1 will put Dogecoin’s market cap at $143 billion, nearly six times its current market value of $24.5 billion. The $143 billion valuation would be nearly 40% higher than Dogecoin’s peak market cap of $88.9 billion.

However, the unpredictable nature of the crypto market means that a move to $1 may not be entirely unachievable for Dogecoin, given its broad investor community.

In the meantime, the cryptocurrency is trading at $0.171 and will need a solid performance in the next few days to start putting such eye-catching predictions within the realm of possibility.

Ethereum Addresses In Profit Top 94%, ATH Now In View

Mark Brennan
-
0
Ethereum Addresses In Profit Top 94%, ATH Now In View

Following its recent rally to a 52-week high of $3,958, Ethereum (ETH) addresses in profit have topped 94.3% with limited resistance to retest its previous ATH of $4,891.70.

Data from crypto analytics platform IntoTheBlock (ITB) puts the Ethereum addresses in profit at a total count of 104.71 million. 

This is the highest Ethereum has recorded in more than a year with the crypto asset notably trailing the bullish path that was set by Bitcoin following the approval of its spot Exchange-Traded Fund (ETF) products.

Ethereum On-Chain Data Count

The IntoTheBlock data shows that overall, all addresses on Ethereum are either “In The Money” or “At the Money” at the moment.

The analytics platform outlined that approximately 6.33 million addresses representing 5.7% of all addresses on the platform are at the money or break-even point.

The data shows that this breakeven price ranges from $3,903.45 to $4,811.59. With the current price of Ethereum pegged at $3,949.90 atop a 4.31% jump in 24 hours, the 2.83 million ETH acquired by the 6.33 million addresses are not at immediate risk of selloffs.

The limited selling pressure on Ethereum places the price in a good spot for a continuous rally. The $10.4 billion volume recorded by whales overnight underscores the revived sentiment that might complements ETH’s bid to retest the all-time high.

Favorable Ethereum Growth Catalysts

Ethereum has almost twice as many fundamentals as Bitcoin, further placing much emphasis on its likelihood to keep trailing its bullish path.

The Dencun Upgrade is slated for next week, March 13, an update that will make Ethereum relatively cheaper and more scalable, thus enhancing its usability and ultimately demand. ETH is also on the queue for consideration of a spot ETF product.

With many market experts divided on what to expect from the US SEC, the odds of approval have remained consistently above 50% with the May deadline for VanEck’s application set to be a major defining date.

While these events will shape its future growth, its correlation with Bitcoin is poised to help solidify its resistance in the short term.

XRP Targets $2.37 Amid Potential Breakout of Multi-Year Symmetrical Triangle

Mark Brennan
-
0
XRP Targets $2.37 Amid Potential Breakout of Multi-Year Symmetrical Triangle

XRP is pushing to break out from a multi-year symmetrical triangle, a move which could trigger a major bull run for the coin.

XRP’s price action remains one of the most watched. Per top market analyst, World of Charts, asset is still attempting to breach the $0.6201 resistance region of the multi-year symmetrical triangle. 

This week, XRP managed to break free from the triangle when it touched $0.67 but could not sustain the momentum based on the influence of the broader market’s volatility.

XRP Price and the Erratic Surges

The chart from World of Charts shows how XRP is yet to retest the $1.9761 peak it touched around April 2021. From this time to date, the coin has recorded a series of dumps and pumps that limited the attempt to break free.

From the April 2021 high, it fell as low as $0.5067 in June 2021, before recording another upsurge to $1.4120 in September of that year.

This rollercoaster ride has characterized XRP’s growth and it has failed to impress its community with a break above the $1 price mark since it fell to a low of $0.2883 July  2022.

From this point, XRP’s best breakout came in July last year when it traded for $0.8875 upon the victory secured by Ripple in its legal battle with the US SEC over the status of XRP as a security.

The digital currency quickly backtracked from this level and has not made such notable moves lately even with the emergence of the spot Bitcoin ETF products.

Key Expert Expectations From XRP

With the ongoing attempt to break out from the multi-year symmetrical triangle, World of Charts is optimistic that XRP could soar as high as 360.63% to $2.3719, riding on the bull run that might accompany its breakout.

Another known analyst Captain Faibik also complemented this bullish call. However, he gave a more conservative price target of $1.6458 on a potential 253.36% surge.

While Captain Faibik did not give a potential timeline, World of Charts earlier noted that upon breakout, XRP could jump 2-3x in the mid-term. Overall, the near uniformity in their projection underscores what the future might hold for XRP.

At the time of writing, the coin’s price and market capitalization are down 0.39% to $0.6239 and $34,103,345,012, with its trading volume trading at 29.6% to $1,978,677,545

Shiba Inu Army Rallies to Get BONE Listed on Binance Through New Binance Voting Campaign

Abdulkarim Abdulwahab
-
0
Shiba Inu Army Rallies to Get BONE Listed on Binance Through New Binance Voting Campaign

An avenue to get Shiba Inu ecosystem token BONE on Binance, the most prominent crypto trading platform, has emerged, with community members rallying to support the process.

Bone ShibaSwap (BONE), the gas token of L2 blockchain Shibarium, has yet to be listed on Binance despite constant calls from enthusiasts. Interestingly, the SHIB Army has found an opportunity to have BONE listed on Binance, calling on one another to join the movement.

Leading this voice is Shiba Inu content specialist Lucie. In a recent post on X, Lucie called on Shiba Inu community members to vote for BONE’s listing via the Binance Futures Next platform. 

“Let’s unite as the superheroes we are, SHIB ARMY. Time to cast our votes for BONE on Binance,” Lucie tweeted.

Binance Next Pool

Notably, the Binance Next Pool introduces a fresh service that enables users to earn rewards by accurately predicting upcoming token listings on Binance Futures without bearing any costs or risks. 

Participants in the service must acquire “Picks,” each costing 1 USDT, which they can then utilize to predict these forthcoming listings on the Binance USD Margin futures market. Participants can allocate up to 100 “Picks” for each potential listing. 

Road to Potential BONE Listing

At press time, BONE holds a top position in the nominated tokens pool, garnering 8,384 “Picks” from community members. Other community members have urged the SHIB Army to participate to get BONE on Binance potentially.

“SHIBARMY, if you want your BONE on Binance, do your part and don’t complain later. I did mine,” remarked a pseudonymous community member. The screenshot accompanying the tweet suggests they committed 20 Picks for BONE.

Meanwhile, Binance stressed that while participants can allocate Picks to coins, a token’s popularity on the NEXT platform does not ensure its listing in the Futures market. 

Additionally, the exchange highlighted that Binance Futures upholds a careful and impartial listing review process. All assets undergo similar evaluation criteria, regardless of their popularity and performance on the NEXT pool.

Notably, BONE has garnered listings from other prominent crypto trading platforms such as OKX, HTX, Gate.io, MEXC, Bitget, and Crypto.Com Exchange. 

Analysts Says Bitcoin On Track for $76K After V-Shaped Recovery

Mark Brennan
-
0
Analysts Says Bitcoin On Track for $76K After V-Shaped Recovery

Glassnode co-founders recently predicted that Bitcoin’s recent retracement to the $59,000 region has paved the way for a climb towards $76,000.

On Wednesday, the price of Bitcoin suffered a steep retracement after surpassing its previous all-time high above $68,000. Within a few hours, the price dropped as low as $59,000 but only met a swift V-shaped recovery that took it back well above $65,000.

Using the X handle (Negentropic), Glassnode co-founders Jan Happel and Yann Allemann have shared insights into what that swift recovery means for Bitcoin’s prospects in the short term. For newcomers, Glassnode is one of the most widely used Bitcoin analytics platforms, with its founders having unparalleled market experience.

Bitcoin Now Poised for New Highs

According to the co-founders, Bitcoin’s initial drop constituted a retest of a former consolidation triangle. Hence, the $59,000 to $62,000 region has taken on new meaning for BTC, evidently becoming a new support zone.

With such a strong support level below, Jan Happel and Yann Allemann expect Bitcoin’s rally to continue in the coming days. Precisely, they forecast a rally towards $76,000 once Bitcoin breaks above the recently set all-time high. 

At the time of writing, the leading cryptocurrency is trading at around $67,400, representing a 9% gain in the past seven days. Yet, many market participants expect prices to go much higher in the coming months.

Galaxy Digital CEO Michael Novogratz has predicted that Bitcoin will hit $100,000 before the end of the year. Similarly, popular author Robert Kiyosaki expects BTC to go as high as $300,000 and recommends that investors put at least $500 into the cryptocurrency.

These predictions rely on Bitcoin’s historical price action following its pre-scheduled halving events, which lowers the supply of block rewards issued to miners. Additionally, the newly launched spot Bitcoin ETFs in the United States have attracted significant capital to BTC, contributing immensely to the rally witnessed since the turn of the year.

Researcher Claims Judge Torres Didn’t Define XRP as a Non-Security in SEC v. Ripple Case

Lele Jima
-
0
Researcher Claims Judge Torres Didn’t Define XRP as a Non-Security in SEC v. Ripple Case

Dark Horse, a pseudonymous crypto researcher, stirs up controversies in the XRP community following his recent analysis of Judge Analisa Torres’ decision regarding XRP.

In a tweet yesterday, Dark Horse claimed that XRP is only a digital asset with no legal definition. The researcher noted that Judge Torres, the ruling judge in the SEC v. Ripple lawsuit, never categorized XRP as a security or commodity.

How Judge Torres Was Clever With Her Words

Furthermore, he claimed that the judge was clever in not using specific terms to define XRP in her summary judgment. Instead, Dark Horse shared an excerpt from Judge Torres’ statement where she said:

“XRP, as a digital token, is not in and of itself a ‘contract, transaction, or scheme’ that embodies the Howey requirements of an investment contract.”

Reacting, Dark Horse said Judge Torres’ wordings show that XRP and other crypto assets are not securities by definition. However, he added that the judge was not specific in labeling XRP as a security, commodity, or currency.

“The judge never pressed that point; she merely side-stepped and said they aren’t in amongst themselves a security transaction, therefore not governed by the Howey Test,” Dark Horse remarked.

Dark Horse Faults Popular Claim About XRP

He emphasized that since the judge did not classify XRP as a security or commodity, enthusiasts of the asset are wrong to claim that “XRP is the only one with legal clarity.”

According to him, the correct statement should be “every crypto asset has legal clarity” based on her decision.

XRP Community Reacts

As expected, XRP community members reacted to the post, with some users describing Dark Horse’s analysis as a joke. In addition, other enthusiasts suggested that Dark Horse should sell his XRP assets and never return.

Experts Scrutinize Judge Torres’ Decision

Notably, Judge Torres’ decision in the Ripple case has been in the limelight for several months. Recall that while Judge Torres declared Ripple’s past XRP sales to institutional investors as investment contracts, she held that programmatic sales and other distributions do not constitute securities.

Consequently, some experts described the mixed ruling as controversial. Specifically, Fox Business journalist Charles Gasparino said Judge Torres’ mixed ruling implies that XRP is simultaneously a security and a non-security.

He asserts that the controversial ruling makes it difficult for asset managers like BlackRock to introduce a spot ETF for XRP.

Shiba Inu Partner Officially Launches Its Token, Soaring by 240%

Abdulkarim Abdulwahab
-
0
Shiba Inu Partner Officially Launches Its Token, Soaring by 240%

Shiba Inu’s partner, K9 Finance DAO, has officially launched its native token, KNINE, in the crypto trading sphere.

KNINE Now Live

K9 Finance announced this development in a post on Thursday via its official website and X account, sharing the official contract address.

Data from market tracking resources such as CoinMarketCap attest that KNINE is live for trading. The asset has garnered a market cap of over $14.12 million.

At press time, KNINE is worth $0.0001782. Popular decentralized exchanges that have listed the token include Uniswap and Dodoex.io.

Notably, KNINE has already garnered over 3,500 holders within 24 hours of launch, recording over 11,290 transactions. 

Shiba Inu Lead Reacts to KNINE Launch

KNINE’s unveiling also attracted Shiba Inu’s leader developer, Shytoshi Kusama, who used the opportunity to caution community members against interacting with information from unofficial sources.

“Only use official guys here. [There are] lots of scammers [out there]. Pay attention,” Kusama urged the community.

Before KNINE’s official launch on Thursday, March 7, fraudulent entities falsely asserted that the token was already trading on Uniswap, attempting to sell counterfeit tokens to unwary individuals. 

Initially, the K9 Finance team deployed KNINE but halted its trading, implementing an unlocking schedule that concluded yesterday. Accordingly, the team injected $100k liquidity into KNINE to facilitate its trading availability via the Uniswap DEX.

Members of the crypto community have voiced a bullish stance for KNINE, given the team’s affiliation with Shiba Inu. Besides, the token has surged over 240% since its launch.

Shiba Inu Partner K9 Finance

Notably, K9 Finance is an official liquid staking protocol on Shiba Inu’s blockchain Shibarium. Its goal is to establish the fundamental principles of DeFi within the Shibarium ecosystem.

Last month, the Shiba Inu team announced K9 Finance as its official partner for Shibarium. Consequently, K9 Finance became a Shibarium validator, enabling stakers to earn rewards in the BONE token.

The newly launched KNINE token governs K9 Finance’s decentralized DAO. It allows holders to stake the asset and earn DAO fees and real yield from validators.

1...1,5451,5461,547...2,670Page 1,546 of 2,670