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Key Reason Why Shiba Inu Slumped 42% Below $0.00004

Sam Wisdom Raphael
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Key Reason Why Shiba Inu Slumped 42% Below $0.00004

Shiba Inu (SHIB) had faced a retracement from its recent high, dumping by as much as 42% in a few hours due to multiple factors such as market dynamics.

The broader crypto market is facing a major correction that has sent prices below major support levels. Shiba Inu has not escaped the onslaught, being one of the most impacted crypto assets in the market, with the token erasing some of the gains of the previous day.

Notably, Shiba Inu initially surged to a high of $0.00004567 yesterday as the market run gained considerable steam. The asset had breached several resistance points, with its sights set on the much-coveted $0.0001 price territory.

Exchange Inflows

However, the bears stationed a formidable roadblock to the uptrend yesterday, with multiple factors contributing to a major dip in Shiba Inu’s price. One of these factors is a sustained selling pressure emanating from massive inflows to exchanges.

Investors often move their assets from cold wallets to exchanges when there’s an intent to sell. As a result, such developments, especially the ones involving whale transactions, typically trigger concerns of large-scale dumps among market participants.

Yesterday, the Shiba Inu market observed two of these large whale exchange inflows. The first transaction, spotlighted by whale-tracking resource Whale Alert, saw the movement of 183,073,161,874 (183 billion) SHIB worth $5.55 million at the time to Binance.

Despite the general consensus surrounding movements to exchanges, the fund flow from Wintermute to Binance could be for several possible reasons, including a shift in investment strategy, profit-taking, or a reallocation of funds based on market conditions. 

The second transaction involved a much larger sum, with Whale Alert highlighting the movement of 1,450,254,597,018 (1.45 trillion) SHIB between two unknown wallets. However, on-chain data confirms that the recipient wallet is a Coinbase address.

Notably, the sending address first procured the SHIB tokens in multiple transactions from September 2021 to November 2022, withdrawing the assets from a Coinbase address within this timeframe. The wallet has now sent all the assets to Coinbase after HODLing for over two years.

Shiba Inu Suffers Market Impact

These movements into exchanges triggered investor angst, as concerns of growing selling pressure mounted. The second factor that contributed to the recent Shiba Inu collapse was the broader crypto market retracement triggered by Bitcoin (BTC) after it breached its ATH.

BTC soared to a high of $69,000 yesterday on Binance, breaching its previous ATH price. Following this surge, the token recorded a significant dump, collapsing by a massive 14.48% to a low of $59,005, as it dropped below the $60,000 mark.

Being the premier crypto token, Bitcoin brought the entire market down with it, and SHIB felt the impact, dropping by 42% yesterday to a low of $0.00002555. The confluence of the mounting selling pressure and Bitcoin’s impact contributed to this massive Shiba Inu slump.

However, the asset has now recovered most of the losses of the previous day. SHIB has gained 10.79% today, but it is still battling to recover the $0.00004 territory, currently changing hands at $0.00003901 as of press time. 

Shiba Inu Lead Teases Upcoming ‘Important’ SHIB-themed Product

Abdulkarim Abdulwahab
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Shiba Inu Lead Teases Upcoming ‘Important’ SHIB-themed Product

The enigmatic Shiba Inu lead developer, Shytoshi Kusama, has hinted at releasing a SHIB-themed service for enthusiasts.

In a recent post on X, Kusama issued a cryptic message about efforts the Shiba Inu ecosystem team has been undertaking behind the scenes to improve the ecosystem. He disclosed that while the teams of competing projects are asleep, the Shiba Inu leadership is in talks with significant entities for pivotal collaborations.

Shiba Inu-themed Product in Horizon

Kusama emphasized that these undisclosed discussions are geared toward releasing a crucial Shiba Inu-themed product and service. In the words of the Shiba Inu ecosystem leader:

“While they sleep… we’re up, in meetings, talking to the other side of the world for the upcoming announcement and release of an important SHIB-themed service/product.”

Team No Sleep

Moreover, Kusama stressed that Shiba Inu, like the broader crypto market, does not hibernate but sustains pivotal developments. While reacting to Kusama’s posts, Shiba Inu’s content marketing specialist Lucie emphasized this view, saying the SHIB crew is “TNT: Team No Sleep.”

Other community members appreciated the efforts of the Shiba Inu team, given the positive impact on the ecosystem tokens SHIB, LEASH, and BONE. Notably, Shiba Inu has witnessed a staggering 242% price increase within the past seven days, breaking two years highs.

“Who can Stop SHIB?” Saiiid AL_Yahyaiii, an Arabic Shiba Inu community member, remarked.

Kusama’s teaser of releasing a SHIB-themed service comes hot on the heels of a recently announced collaboration with Zama, a renowned cryptography firm at the forefront of encryption and privacy solutions.

Details of the alliance suggest Shiba Inu, alongside Zama, will establish a product operating with the ecosystem’s upcoming multi-function asset, TREAT. While no specific details have been disclosed about the hinted SHIB-themed service, community members remain eager to witness it.

Dormant Bitcoin Whale Wakes up After 14 Years, Makes Damning Selloff Move

Mark Brennan
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Dormant Bitcoin Whale Wakes up After 14 Years, Makes Damning Selloff Move

A dormant Bitcoin whale has resurfaced after 14 years, contributing to the slump in the BTC price with massive selloff moves.

Bitcoin recorded a new All-Time High (ATH) above $69,000 yesterday. However, it failed to stay at this top for long as intense selloff pressure forced prices down by more than 5%.

Insights from crypto analytics platform Spot On Chain have revealed that among the major sellers is the Satoshi Era whale who dumped 1,000 BTC through Coinbase. Based on the timeline, the coins were sent to the exchange in the runup to the ATH.

The Bitcoin Whale Transaction

Despite its large size, Bitcoin is still susceptible to selloffs, a trend that was showcased with the current whale dump. The whale liquidated the 1000 BTC for approximately $67.1 million at an average price of $67,116.

The address made about $60 million in profit from these transactions, having reportedly minted the 1,000 BTC when Bitcoin traded below the $0.28 level.

Dormant whale addresses could potentially shape the fortune of any asset, including Bitcoin. While it is difficult to project when they could resurface, their impacts are often slightly measurable.

The cumulative action of this whale and others who possibly sold off Bitcoin has caused the price and market capitalization of the coin to slip 0.53% in the past 24 hours to $67,205.67 and $1,320,263,575,085. Volume is up 27.95% within the past 24 hours to $100,307,545,582.

Bitcoin Whale Transactions Spike

Bitcoin whale transactions worth at least $100,000 have recorded a massive upsurge over the past 24 hours. IntoTheBlock data shows that these transactions have jumped 35% in 24 hours to a total of $105.58 billion.

Amid the ongoing rally, Bitcoin is exhibiting intense volatility and these whale accounts have contributed massively to the current market dynamics.

XRP Reaching $100-$500 in Seven Months, Citi Banker Finally Owns Up to Unfulfilled Forecast

Abdulkarim Abdulwahab
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XRP Reaching $100-$500 in Seven Months, Citi Banker Finally Owns Up to Unfulfilled Forecast

Citi banker Shannon Thorp, who gained prominence in the crypto sphere for a daring projection about XRP reaching triple-digit value within seven months, has finally owned up to her unfulfilled price prediction.

In a recent post on X, Thorp remarked on her bold forecast that XRP could be worth $500 in under seven months as the set timeline elapsed. 

Recall that on July 30, 2023, Shannon Thorp proclaimed that XRP was poised to reach a market value of $100 and $500 within four to seven months from the time of the commentary. The tweet exploded to become one of her most famous statements on X, as it has been viewed over 1.8 million times. 

Notably, the main factor that guided the daring forecast was the multi-trillion-dollar size of the cross-border payment market. Considering its supply, Thorp believes a low-priced XRP cannot fit into such a market.

At the time of the claim, XRP traded at $0.712. The banker expected XRP to have grown by 70,124% by February 29—instead, the asset dipped by at least 15%.

With the seven-month window expiring, Thorp took to X to admit the failure after enduring severe backlashes in recent weeks.

A “Bittersweet” Loss

“Well, if you’re still with me today, then you’ll know my XRP price opinion expired as of midnight last night,” Thorp confessed.

Reflecting on the outcome, Shannon Thorp described the experience as “bittersweet.”

Furthermore, Thorp reflected on various factors that have shaped the XRP landscape through the past few months since XRP secured regulatory clarity.

Specifically, she highlighted several significant events, including digital asset and banking conferences, the Ripple Proper Party, new partnerships, and the exposure of ETHGATE.

She expressed gratitude to attorney Steven Nerayoff and other prominent figures within the XRP community for their roles in these developments.

In light of these occurrences, the banker remarked, “Are we really to believe that XRP will fail?” 

Thorp underscored her unwavering faith in XRP. She remains optimistic about XRP’s future amid its resilience in the face of adversity.

Major Crypto Exchange Teases New XRP Listings   

Lele Jima
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Major Crypto Exchange Teases New XRP Listings   

Popular Singapore-headquartered crypto exchange Bitrue has taken to social media to disclose plans for the potential listing of new XRP trading pairs. 

According to a recent X post, the exchange stated that it plans to list new XRP pairs soon while asking proponents to comment on what they would like to see. 

XRP Community Members React 

Expectedly, the Bitrue post has stirred reactions from the XRP community, as holders take to the comment section to suggest new trading pairs that the exchange should add. 

While some enthusiasts urged Bitrue to pair XRP with high volumes and liquidity tokens, others suggested that XRP should be paired with the top 10 liquid tokens on its platform. 

Bitrue’s XRP Pairs Could Reach 100  

At the moment, Bitrue has over 80 tradable pairs for XRP, including XRP/BTC, XRP/USDT, XRP/ETH, ADA/XRP, MANA/XRP, APE/XRP, and ETC/XRP.

Bitrues XRP trading pairs
Bitrue XRP trading pairs

With the exchange planning to add new trading pairs for XRP, the number of supported tradable pairs for the sixth-largest cryptocurrency by market cap could spike to a greater number.

Bitrue’s Pro-XRP Stance 

Bitrue’s plans to add new XRP trading pairs do not come as a shock to many, given that the exchange has been promoting the widespread adoption of the coin over the past months. 

Besides urging its X followers to buy XRP, Bitrue has made numerous bullish comments about the coin. Specifically, Bitrue emphasized last month that its relationship with XRP will last forever. 

On February 11, the exchange also called on XRP community members to speculate on when the asset’s price would record a massive spike, given Bitcoin’s rally at the time. 

To further portray its love for XRP, the exchange airdropped Evernode (EVR) tokens to eligible XRP holders in January. Additionally, Bitrue also announced a $1 million prize pool trading competition for XRP, BTC, and ORDI the following month. 

The potential listing of new trading pairs for XRP comes at a pivotal time when the bull market is in top gear. Although XRP has not made much gains in the ongoing run, the prices of other crypto assets have spiked tremendously in the past week. 

For instance, Bitcoin broke its all-time high (ATH) price above $68,000 yesterday. However, the top asset retraced shortly after, leading to a major dip across the broader market. 

At press time, XRP was down 5.02% over the past 24 hours to $0.61. Conversely, XRP’s performance in the weekly charts has been bullish, with the coin marking a 5.22% growth within the timeframe. 

Here is When Cardano Could Reach $56, $68, $81, $100, $140, or $165

Mark Brennan
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Here is When Cardano Could Reach $56, $68, $81, $100, $140, or $165

With Cardano (ADA) proponents tipping the token to record substantial surges, here are projected timelines for the asset to hit $56, $68, $81, $100, 140, and $165.

Notably, Cardano is down by more than 76% from its All-Time High (ATH) of $3.10. However, some analysts forecast that this peak will not only be surpassed, but more bullish valuations will be inked in the long term.

Generally, many consider the crypto ecosystem to be in its nascent stage. With more mainstream adoption, expectations for projects like Cardano to skyrocket are high. 

Projections for Cardano to Hit $56 and $68

According to projections from Changelly, Cardano has what it takes to add to its valuation year-on-year. The platform pegs the timeline for Cardano to touch $56 between December 2033 and January 2040. 

According to the long term forecast on the platform, Cardano may trade at a maximum price of $34.82 by December 2033. From here, it is projected that it may trade at a minimum price of $70.39, leaving a space of 7 years to achieve the $56 to $68 price range.

Things could get more interesting from January 2040, as the platform predicts that Cardano could jump as high as $617.21 for the year.

Cardano’s Likely $81 to $100 Timeline

A consistent growth in the Cardano ecosystem and heightened embrace can still draw more valuation in the longer term.

According to the Changelly forecast, Cardano will trade at an average price of $74.2 in January 2040 with the maximum price shooting as high as $83.36. The asset is thus poised to trade at $81 anytime within the month.

Changelly 1
Cardano Price Prediction | Changelly

Per Changelly, 2040 holds a major sway for Cardano, as the asset is on track to touch $100 anywhere between January and February of that year. This forecast is solidified with a likely minimal price target of $111.21 in February 2040.

Timeline to Breach $140 and $165

Still drawing on insights from Changelly, Cardano is likely to retest the $140 to $165 price range before March 2040.

Cardano Price Prediction | Changelly

These projections are ambitious, especially considering the current price and market cap of Cardano pegged at $0.7402 and $26,262,521,665. At the current position, the token is a long way from the $65 to $165 projected value.

Investor Makes $1,580,000 Profit with Shiba Inu: Here’s How

Sam Wisdom Raphael
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Investor Makes $1,580,000 Profit with Shiba Inu: Here’s How

Amid the latest Shiba Inu upsurge, a SHIB investor has secured a profit of over  $1,580,000 ($1.58 million) with an initial investment of $2,521 in early 2021.

Lookonchain, a blockchain surveillance platform with a knack for spotlighting these plays, revealed the impressive investment move in a recent post on X. Citing on-chain data, the platform noted that the investor first entered into the Shiba Inu market with a total of $2,521 in 2021.

Investor Procured 49B+ Shiba Inu with $2,521

Data confirms that the individual first swapped 1.33 Ethereum (ETH) to SHIB on March 24, 2021.  Shortly after that, he dumped 0.16 ETH for SHIB on April 16, 2021. These purchases were made when Shiba Inu had not recorded its meteoric run, with the asset changing hands at a paltry $0.000000050588.

With this price, the investor was able to procure a total of  49.833 billion Shiba Inu tokens with $2,521 worth of ETH. He moved 5 billion SHIB to another address, and then staked 44.833 billion SHIB on ShibaSwap on July 6, 2021, the day the decentralized exchange (DEX) launched.

He continued to move some of the leftover SHIB. The investor also purchased Shiboshis, the Shiba Inu NFT collection, with 7.4 million SHIB in October 2021. He then unstaked 4.3 billion SHIB in December 2021, leaving 40.54 billion staked.

A Massive $1.58M Profit

Most recently, he unstaked the 40.54 billion SHIB tokens. After 2.6 years of leaving these assets staked, the tokens were worth a whopping $1.58 million upon the withdrawal yesterday, according to Lookonchain.

The investor eventually transferred the 40.54 billion SHIB to Coinbase, triggering speculation of a sale after years of HODLing. Notably, if he had withdrawn and sold the 40.54 billion SHIB when Shiba Inu traded at its ATH of $0.00008845 in October 2021, he would have seen a profit of $3.58 million.

However, he demonstrated an intent to hold for a long time and has also shown this with recent moves. Significantly, after transferring the 40.54 billion SHIB to Coinbase yesterday, the investor moved the tokens back to his wallet five hours later.

He has retained the assets as balance, but their worth has declined since then due to the market-wide correction that impacted the price of Shiba Inu. SHIB is now down 14.4% over the last 24 hours, currently changing hands at $0.00003514. The asset still sees a 221% gain in the past week.

Coinbase Lawsuit Hints SEC Won’t Settle With Ripple

Lele Jima
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Coinbase Lawsuit Hints SEC Won’t Settle With Ripple

An XRP community member said the recent development in the Coinbase insider trading lawsuit suggests that the SEC may not settle with Ripple. 

With a U.S. court recently declaring that certain crypto assets traded on secondary markets are securities, there are ongoing speculations that the case between the SEC and Ripple could be heading to the Second Circuit.

Background of Coinbase Insider Trading Case 

For context, the declaration was made on March 1 in the insider trading lawsuit relating to Coinbase’s former product manager Ishan Wahi, his brother Nikhil, and friend Sameer Ramani.

Recall that the SEC charged the trio with insider trading in 2022. Although the SEC settled its charges against the Wahi brothers in 2023, the court could not arrive at a decision for Ramani because “he fled the country to avoid criminal prosecution” for the charges brought against him in the lawsuit.

Consequently, the court recently issued a default judgment against Ramani, who profited $817,602 from the illicit activity. A default judgment is issued when a defendant does not respond to a court summons.

In the recent ruling, the court emphasized that Ramani engaged in trading selected tokens in the secondary market. It also added that the tokens involved constitute investment contracts under the Howey test.

Diverse Views About Secondary Market Sales

Notably, the ruling could significantly impact the broader crypto market as many stakeholders have argued that crypto assets sold on secondary markets are not securities.

For instance, the SEC v. Ripple case saw a federal judge declare that the defendant did not violate federal securities laws by selling XRP to retail investors through programmatic sales on digital exchanges.

Conversely, U.S. District Judge Jed Rakoff disagreed with Judge Analisa Torres’ reasoning in the SEC case against TerraForm Labs.

No Settlement Until Second Circuit Affirms Ripple Victory

With another district court declaring that certain crypto assets traded in the secondary market constitute securities, there are speculations that the Ripple case will not end in a settlement until the Second Circuit affirms Judge Torres’ decision.

A popular XRP community member, Prosperity Fund, shared the speculation on the X platform.

SEC Could Appeal Ripple Victory 

According to Prosperity Fund, the SEC may appeal Judge Torres’ decision in the Second Circuit in an attempt to overturn the ruling.

The SEC had previously moved to file an immediate appeal challenging the ruling. However, Judge Torres denied the request, ordering the securities regulator to hold on until all pending issues are resolved.

At the moment, the only pending issue in the Ripple case is the remedies phase. The stage will determine the appropriate penalty or fine that could be levied against Ripple following its violation of federal securities law by selling XRP to institutional clients.

Legal experts believe the court will issue its final judgment in the Ripple case this year. It remains to be seen whether the SEC will appeal the decision regarding Ripple’s programmatic sales.

Judge Torres’ Decision Won’t Be Overturned

Meanwhile, top legal experts like John Deaton predict that the Second Circuit will not overturn Judge Torres’ ruling.

The prominent legal expert, who recently declared interest in running against Senator Elizabeth Warren in the upcoming U.S. Senate election, stated that Judge Torres issued the Ripple ruling by strictly applying the rules to the facts of the case.

However, if the Second Circuit eventually overturned the decision, Attorney Deaton said the case would still be remanded to Judge Torres, who would likely arrive at the same decision.

Shiba Inu Lead Drops Next Target for SHIB After Gaining Top Ten Ranking

Abdulkarim Abdulwahab
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Shiba Inu Lead Drops Next Target for SHIB After Gaining Top Ten Ranking

Shiba Inu ecosystem leader Shytoshi Kusama has released a cryptic tweet declaring SHIB a Dogecoin killer amid Shiba Inu’s move to knock out DOGE.

Data from CoinMarketCap shows Shiba Inu is now the tenth most prominent cryptocurrency, having garnered a valuation of approximately $23 billion. This valuation puts Shiba Inu right behind its biggest rival in the meme token landscape, Dogecoin.

DOGE holds a market cap of $26 billion. Essentially, between Shiba Inu and Dogecoin is just about $3 billion. 

This close margin has raised significant hopes among the SHIB Army that Shiba Inu could knock out DOGE soon. The foundation of this optimism stemmed from the fact that just nine days ago, Shiba Inu ranked 18th with a valuation of $5.69 billion.

Meanwhile, DOGE stood at position nine with a market cap of $12.33 billion. Emphatically, SHIB has defeated eight leading rivals by securing an additional $17 billion market share within the last ten days.

Shiba Inu To Be Dogecoin Killer

With a mere $3 billion gap ahead of SHIB to outrank DOGE, Shiba Inu ecosystem leader Shytoshi Kusama took to X to share a mysterious tweet about the development. Kusama remarked:

“Closing in fast… may thy arrows fly swiftly past the cars they put on our way back to their fortifications,” alongside the hashtag “Dogecoinkiller.”

He further said that the SHIB army was marching to kill Doge, and XRP and Cardano were also nervous as SHIB prepared to take them down as well.

 

Reacting to Kusama’s post, members of the SHIB Army see the development as inevitable. “I believe we will dash like lightning to kill the Dogecoin. Keep going, SHIB Army,” remarked an X user.

Another exclaimed: “SHIB is in 10th position on CoinMarketCap rankings. SHIB will surpass DOGE! Quickly!”

SHIB vs DOGE

Notably, Shiba Inu’s current position built on its astonishing performances in the last few days that dwarfed Dogecoin’s trajectory. 

For example, in the last 24 hours, SHIB has registered a 44% gain, with its price at $0.000038. DOGE has seen only an 8% gain through the same period.

Similarly, while Shiba Inu’s cumulative seven-day performance stands tall at 268% gains, DOGE is about three times below with a 93% growth.

Besides, SHIB has registered a 24-hour trading volume exceeding $13 billion, with Dogecoin’s volume at around $8 billion. Now, how quickly SHIB will surpass its biggest rival in the ranking remains to be seen.

Here Are Shiba Inu Addresses in Profit As 77% Hold SHIB for More Than 1 Year

Abdulkarim Abdulwahab
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Here Are Shiba Inu Addresses in Profit As 77% Hold SHIB for More Than 1 Year

On-chain data shows that the majority of Shiba Inu holders are profitable as the asset continues to record shocking gains in the past few days.

Shiba Inu Performance

Shiba Inu has emerged as one of the leading performers in this unfolding bull season. At press time, Shiba Inu’s 24-hour peak stands at $0.00004533 following a 78.3% rally.

The asset broke the bull market doors barely ten days ago when it traded in the $0.000009 range. Since then, it has recorded over 350% gains, tripling holders’ investment portfolios.

Updated statistics from market intelligence platform IntoTheBlock have underscored the substantial number of SHIB investors enjoying profits due to the asset’s impressive performance.

SHIB Holders in Profit

Per IntoTheBlock’s record, 84% of Shiba Inu holders are in profit at its price of $0.00003892. Conversely, just 12% are still at a loss, suggesting investors that entered the Shiba Inu market at a much higher price valuation. Also, 4% of SHIB holders are at break-even points, making no profit or significant losses.

Furthermore, IntoTheBlock’s statistics suggested that most Shiba Inu holders have held on to the asset for more than a year. Specifically, 77% of SHIB investors bought the asset over a year ago. 

Also, just 20% of holders acquired the asset within the last 12 months. Meanwhile, new Shiba Inu investors, who have held the asset for less than a month, account for just 3%.

Shiba Inu chart IntoTheBlock
Shiba Inu chart | IntoTheBlock

Notably, 1,376,344 wallets currently hold SHIB tokens, with a large holder concentration reaching 73%. This concentration is mainly due to large wallets associated with crypto exchanges, smart contracts, and other significant entities.

Whale Transactions Hit $3.79B

Meanwhile, the cumulative value of whale transactions exceeding $100k in the past seven days now stands at $3.79 billion. According to IntoTheBlock’s data, 2,222 of such transactions occurred on March 4.

This marks a significant increase compared to the 495 whale transactions observed on the final day of February.

In terms of investor sentiment, IntoTheBlock indicates that participants in the crypto market are increasingly bullish on SHIB, expecting further gains in the coming days.

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