An unknown whale has transferred a large amount of Shiba Inu (SHIB) as the cryptocurrency continues its remarkable surge.
Shiba Inu has become one of the best-performing cryptocurrencies in recent times with a 52% increase in 24 hours and a more eye-catching 289% gain in the past seven days. Amid the price increase, the number of whale transactions has increased significantly.
In the latest of such transactions, on-chain data reveals one entity recently moved 1.25 trillion SHIB valued at over $41 million. The large transfer was made from the crypto trading firm Cumberland to the popular trading platform Robinhood.
While the identity of the individual or organization behind the transfer is unknown, the origin of the movement could suggest that Cumberland may be behind the movement.
A possible explanation is that the exchange handled the transfer for one of its high-profile customers. In this case, the substantial Shiba Inu investment may be owned by a crypto hedge fund or venture capital.
Whatever the case, it is noteworthy that the assets represent the largest holding for the recipient wallet, which holds ties with Robinhood.
At the time of writing, the address holds over $435 million worth of crypto assets. Shiba Inu makes up $345 million of the entire portfolio, with Chainlink (LINK) and Aave (AAVE) completing the top three.
Shiba Inu Rebounds to 2021 Levels
The latest whale movement comes at a time when Shiba Inu is outperforming the rest of the crypto market. Within the past 24 hours, Shiba Inu reached a high of $0.00045, returning to levels last seen in December 2021, or two months after its all-time high.
However, the token has retraced to $0.000037 at the time of writing. According to CoinMarketCap data, Shiba Inu is now 56% away from its ATH, with increased volume backing the token to make an attempt at returning to those unprecedented levels.
Shiba Inu (SHIB) recently clinched a $13.4 billion volume, beating top rivals such as Dogecoin, Solana, XRP and BNB, and ultimately making it to the top ranking of prominent assets.
Shiba Inu finally broke into the top ten ranking of the most valuable cryptocurrencies after rallying 270% in the last seven days. In particular, the asset hit a 24-hour peak of $0.00004533 from a mere $0.00002349. This growth amounts to an explosive 92% in under 24 hours.
On a 30-day scale, Shiba Inu has grown nearly four-fold from a low of $0.000008829. This shocking price trajectory has catalyzed Shiba Inu to shatter multiple records in the crypto trading landscape.
For example, Shiba Inu recently beat Avalanche (AVAX), Polkadot (DOT), Chainlink (LINK), and TRON (TRX) to rank in the top ten. Specifically, SHIB now has a market cap exceeding $23.15 billion, while its closest rival, AVAX, ranks far below, with a valuation of $16.24 billion.
Shiba Inu Beats DOGE, SOL, XRP, BNB in Volume
Moreover, Shiba Inu has recorded a staggering 24-hour volume of $13,402,846,589, a figure over 300% more than the value SHIB witnessed in the past day. Interestingly, $13.4 billion trading volume puts Shiba Inu just behind Bitcoin and Ethereum, excluding stablecoin.
Shiba Inu Among Largest Assets by Volume | CoinMarketCap
In particular, Shiba Inu is the fifth most traded digital asset in the last 24 hours. Effectively, Shiba Inu outranked all other risk assets in terms of trade volume besides Bitcoin and Ethereum.
This includes Dogecoin (DOGE), which had only an $8 billion trading volume, Solana (SOL), which had $5 billion, XRP with $4.47 billion, and BNB with $2.5 billion.
Shiba Inu Lead Reacts
Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, took to X to remark on Shiba Inu’s feat. Kusama proudly asserted:
“Today, SHIB has more volume than BNB, Solana, and XRP combined by over a billion dollars.”
In a subsequent update, Kusama expressed sincere gratitude to the SHIB Army. He stated that despite the challenging journey, they stood united as an army alongside their sworn frenemies. Furthermore, he commended every member of the SHIB Army, noting that while many deemed it impossible, they knew it was inevitable.
Seasoned trader Ali Martinez sees Cardano (ADA) facing a slight correction following its retest of $0.80, but the analyst expects a recovery toward $10 if history repeats itself.
Cardano has been silently recording a gradual but steady uptick amid the latest market run dominated by meme coins. However, while Bitcoin (BTC) is only 2.83% away from reclaiming its all-time high, ADA still requires a 304% surge to recover its ATH of $3.10.
This reality has been a source of concern for Cardano investors, who have bemoaned the crypto asset’s seemingly sluggish growth since the start of the bull run phase. These concerns prevail despite ADA recording an impressive 23% rise over the past seven days.
Cardano leveraged the latest market push to retest the $0.80 high, facing resistance at $0.7986 yesterday before witnessing a mild drop. Amid this battle with the bears, Ali Martinez recently stressed that ADA is currently following a similar path to the previous market cycle.
Imminent Mild Correction for Cardano
The analyst identified a particular pattern ADA followed in an accompanying chart before recording the 2021 bull surge. Notably, Cardano first witnessed a consolidation phase from September 2018 to July 2020, marked by accumulation.
#Cardano seems to be mirroring its previous bullish cycle. If this pattern continues, we could witness a brief correction before $ADA goes parabolic toward $10! pic.twitter.com/6kDxDhxsEg
After breaking out of this consolidation in July 2020, ADA pumped to a high of $0.149 before facing a mild correction that brought it back to the lower spectrum of $0.10 in November 2020. Following the correction, Cardano engineered a massive rally, surging 3,217% to its ATH above $3 in August 2021.
Martinez’s chart suggests that ADA is following this same pattern. Interestingly, after collapsing from the ATH, ADA found itself in a similar consolidation phase from September 2022 to November 2023. ADA broke out when it staged a rally last December amid the market-wide upsurge.
This rally has continued until now, with ADA recently retesting the pre-Terra high of $0.80. However, like in the previous market cycle, Martinez sees Cardano witnessing a mild correction before eventually skyrocketing to $10.
ADA to $10: How Feasible?
The analyst sets a target surge of 2,084% from ADA’s low of $0.448 in January 2024, which could propel the token’s price to the $9.7 territory, bordering on the pivotal $10 threshold. Meanwhile, as ADA changes hands at $0.766, its RSI currently sits at 68, moving toward overbought regions.
Cardano Weekly RSI
The last two times ADA’s weekly RSI gained momentum to breach the 70 mark, the token faced a correction. Cardano witnessed this pattern in August 2021 following the ATH and then recently recorded it last December, as it collapsed from a $0.647 high to the $0.448 low in January.
A seasoned trader with more than two decades of experience shared his journey from modest beginnings with XRP to becoming a crypto millionaire.
Cameron Fous, the author of “Wolf Principles,” recently divulged how XRP delivered massive gains to him, catapulting him into one of the crypto millionaires in the community. Fous detailed his XRP journey in a recent post on X as he provided answers to questions about his first real capital gains in the crypto market.
Specifically, he responded to a question about his first altcoin investment that presented defining gains. Fous, who had spent 20 years of his life trading forex and stocks, noted he had retired from trading in 2018.
Turning $20,000 to $1.7M with XRP
However, Fous re-entered the trading sphere with crypto upon the recommendation of a friend who urged him to invest in XRP. He noted this conversation came in late 2019 when XRP traded at a much lower price.
Fous revealed that XRP was trading at $0.2 when he entered the market. However, the asset rallied to $1, eventually transforming his initial investment of $20K to $100K. Essentially, he bought $20K worth of XRP when the asset traded at $0.2, and this $20K rose to $100K when XRP hit $1.
Chart data corroborates this story, as XRP changed hands between a low of $0.1750 and a high of $0.2320 from November to December 2019. Significantly, XRP reclaimed the $1 mark by April 2021 amid the surge to the $1.96 high.
Furthermore, Fous noted that the $100K he realized from his XRP investment was further re-invested. According to him, within 420 days after trading various cryptocurrencies, his crypto portfolio surged to a value of $1.7 million.
Intrigued by his revelation, a user on the X platform inquired whether Fous still holds his XRP holdings from last year. As of press time, Fous has not responded to this question.
Furthermore, a commenter, adopting a sarcastic tone, remarked that XRP changed his life by disposing of it to invest in other coins that have shown promising performance.
Shiba Inu (SHIB) has resumed its bullish momentum, recently soaring 76% in a mere 24 hours to reclaim a two-year high above $0.00004, with just a 148% increase now required to hit $0.0001.
The crypto market bull run is already taking form, as Bitcoin (BTC) breaks $68,000 with a push toward its ATH of $68,789. Meanwhile, assets such as Shiba Inu have outperformed BTC and the rest of the crypto market.
SHIB has restarted the uptrend it initiated last week, and it is now 327% up from its price last Monday, making it one of the best performers in the market within this timeframe. The crypto asset’s latest resurgence has seen it spike 76% within 24 hours to reclaim the $0.00004 price territory.
Amid this impressive performance, Shiba Inu has now sealed its spot as the top gainer among the 100 largest crypto assets in the market. The token now battles to retain the $0.00004 threshold, looking to leverage it as the foundation for the next push toward $0.00005.
SHIB Tops Gainers List | CoinMarketCap
Shiba Inu Now Needs a 148% Rise to Hit $0.0001
Currently trading for $0.00004022, the latest price uptick now puts Shiba Inu on track to hit price territories previously regarded as merely ambitious. The asset is now only 148.6% away from clinching the $0.0001 price territory, essentially erasing one more zero from its value.
In addition, Shiba Inu now requires an additional 119% increase to reclaim its previous all-time high of $0.00008845. Given its impressive 327% surge in less than nine days and the 76% spike in 24 hours, a 119% or 148.6% rise is within the realms of feasible.
Recall that Lucie, the Shiba Inu ecosystem marketing specialist, revealed last week that part of Shiba Inu’s meteoric surge in the previous bull run materialized even before Vitalik Buterin’s historic burn. She anticipated a similar performance now that the asset records periodic burns.
Notably, The Crypto Basic called attention to this statement, suggesting that SHIB could indeed rise to $0.0001206, marking an 800% surge from its price at the time. However, Shiba Inu’s lead developer, Shytoshi Kusama, argued that this target was an “underestimate” of SHIB’s potential.
In a subsequent remark, Oscar Ramos, a seasoned crypto YouTuber and community figure, asserted that Shiba Inu hitting $0.0001 is 100% possible. SHIB traded at $0.000027 at the time. The asset has been up 49% since then, with a mild push-up required to reach the $0.0001 target.
SHIB Clinches 2-Year High
SHIB first engineered its meteoric run last weekend after registering gradual but steady price upticks over the course of the previous week. The token first surged 143% from $0.00000967 on Feb. 26 to $0.00002350 before facing a roadblock.
Following a mild consolidation at the $0.00002 zone, Shiba Inu resumed its rally last night, breaching the $0.00003 and $0.00004 territories in one fell sweep to hit a high last seen in December 2021. The asset now looks to push toward the $0.00004924 level aligning with Fib. 0.618.
The price of Shiba Inu has broken through a major resistance, paving the way for a surge to $0.00006326 amid the latest upsurge that has placed the token among the top gainers.
Shiba Inu (SHIB) has been on a massive run in the past week, gaining a whopping 380% over this period. The price surge has also led to a breach of multiple resistance levels that have historically impeded on the crypto asset’s progress.
The latest of such resistance points broken in the past few hours to press time is the $0.000040 mark. Shiba Inu bulls fought hard at this price territory before eventually staging a breakthrough.
Having overcome the $0.000040 threshold, Shiba Inu rose as high as $0.00004486. This is the highest level that SHIB has traded at since April 2022, just before the Terra-induced market crash.
With the $0.000040 resistance out of the way, the next target for Shiba Inu bulls is the $0.00006326 price range. Shiba Inu last traded above that level in December 2021, just two months after its all-time high.
Shiba Inu Breaks into the Top 10
With its latest price surge, Shiba Inu has left many of its competing cryptocurrencies in the dust. The blockchain project has overtaken prominent names such as Chainlink (LINK), Polygon (MATIC), and Tron (TRX).
Shiba Inu broke into the top ten cryptocurrencies by market capitalization yesterday. Shiba Inu now has a $24.4 billion market cap and is on his way to killing Dogecoin, whose market cap is $27.2B.
Meanwhile, it is noteworthy that Shiba Inu is now only 58% below its previous all-time high of $0.00008845. However, a trip back to an all-time high remains on the card for as long as the current bullish trend continues.
What happens when the decentralized nature of cloud computing meets the incentivization of the crypto economy? In the swirling vortex of digital innovation, decentralized tech is snagging the spotlight, transforming our digital interactions in ways we’re only just starting to grasp.
At the heart of this transformation is DePIN – decentralized peer-to-peer internet networks. They’re shaking up the tech scene by ditching the old-school central server playbook for a more democratic, direct user-to-user vibe. In the tech world, being ahead of the curve is crucial for one’s financial growth and success. Let’s dive in and also explore three standout DePIN projects set to make waves in 2024.
What Is DePIN?
Imagine a world where your internet doesn’t hinge on some mega-corporation’s central server. That’s basically DePIN – a network model that’s all about connecting users directly, making data sharing more secure, private, and resistant to outages or censorship. DePIN is the backbone of various innovative applications, from file sharing to blockchain technologies, paving the way for a more democratic and efficient digital ecosystem.
Top 3 DePIN Projects Building In 2024
nuco.cloud
At the forefront of the DePIN revolution in cloud computing is nuco.cloud, a platform that distinctly outpaces traditional cloud services with its unique decentralized approach. nuco.cloud leverages the world’s first decentralized mesh hyperscaler, enabling users to access computing power from various servers in professional data centers worldwide. This means you get to tap into a global network of servers without the sky-high costs or rigidity of traditional cloud services.
Why nuco.cloud Stands Out:
Cost-Effectiveness: Compared to giants like AWS, nuco.cloud offers computing resources at a fraction of the cost, thanks to its decentralized nature and efficient use of distributed computing power.
Scalability and Flexibility: The platform can dynamically allocate resources, ensuring businesses have access to the computing power they need without the overhead associated with traditional cloud services.
nuco.cloud’s Product Lines:
nuco.cloud GO: Tailored for small to medium-sized projects, GO provides an accessible entry point for businesses seeking to leverage decentralized computing without significant investment.
nuco.cloud PRO: Designed for professional users requiring more robust and dedicated resources, PRO offers enhanced performance and security features for demanding applications.
nuco.cloud SKYNET: Representing the bleeding edge of nuco.cloud’s offerings, SKYNET combines the PRO infrastructure with the GO distribution technology to offer unmatched scalability and cost efficiency, particularly for large enterprises and complex computing tasks.
Each product line caters to different use cases, from startups experimenting with AI to large corporations managing vast data sets, demonstrating nuco.cloud’s versatility and its superiority in the DePIN space.
HealthBlocks
HealthBlocks is stepping onto the scene as a groundbreaking web3 health app, rewarding users for healthy living while providing secure access to health services and data sharing. It’s redefining health data ownership, offering a live-to-earn model that incentivizes wellness and data monetization under a veil of privacy.
Transforming Health Data Ownership:
With global health data’s economic value in the trillions, Healthblocks champions the idea that individuals should own and profit from their health data. This shift from centralized data control to user ownership opens up new avenues for private data analysis and innovation in health management.
How HealthBlocks Empowers Users:
Supply Chain Transparency: Combating counterfeit medical goods through blockchain-tracked life cycles.
Patient-Centric Records: Offering a unified medical history view that respects patient consent for data sharing.
Seamless Insurance Processes: Direct and immediate confirmation of healthcare services to insurers.
Digital Health Solutions Platform: Supporting virtual consultations and a marketplace for anonymized medical data.
By leveraging blockchain, IoT, and AI, HealthBlocks is poised to transform how we manage and benefit from our health data.
Hivemapper
Last but not least, Hivemapper is tech that revamps how we map the world. Drawing inspiration from the collaborative efforts of a beehive, Hivemapper utilizes a network of dashcam-equipped vehicles to create detailed and up-to-date maps of the world.
This unique drive-to-earn project is pushed by its community-powered mapping that not only keeps your navigation fresh but also rewards you with $HONEY tokens for your contributions.
What Sets Hivemapper Apart:
Community at its Core: With real-time updates from drivers worldwide, Hivemapper keeps its maps fresher than your morning coffee.
Earn as You Explore: Share your drives, earn HONEY tokens, and become part of a mapping revolution.
Fast and Furious Blockchain: Thanks to Solana, transactions are quick and cheap, making Hivemapper a no-brainer for the community-minded cartographer.
Hivemapper’s innovative model not only challenges conventional mapping services but also demonstrates the power of decentralized networks in creating valuable, community-driven resources.
Conclusion
As we move into 2024, the DePIN landscape is ripe with innovation, led by projects like nuco.cloud, HealthBlocks, and Hivemapper. Each of these platforms leverages the decentralized model to offer solutions that are not only more efficient and secure but also pave the way for a more interconnected and democratized digital future. These DePIN projects are just the beginning of a broader shift towards decentralized internet networks, promising a more resilient, equitable, and efficient digital world.
Disclaimer: This article is provided by the Client. The Client is solely responsible for this page’s content, quality, accuracy, products, advertising, or other materials. Readers should conduct their own research before taking any actions related to the material available on this page. The Crypto Basic is not responsible for the accuracy of info and any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods, or services mentioned in this article.
Please note that The Crypto Basic does not endorse or support any content or product on this page. We strongly advise readers to conduct their own research before acting on any information presented here and assume full responsibility for their decisions. This article should not be considered investment advice.
Welcome to our guide on Top ICOs or Initial coin offerings in the crypto market. Explore a wide range of the best ICOs available right now to invest in 2024 and get handsome benefits. Early investment in ICO is your key to success in today’s digital world. Whether you’re a beginner or a seasoned crypto trader, this guide will give you comprehensive details of top ICOs with the potential to transform your financial future. We shall also cover various factors you must consider while evaluating the best ICO to diversify your Crypto portfolio.
6 Best ICOs to invest in for 2024: Grab them now!
Here is the list of Top ICOs available to grab right now in the market
Let us explore and find all the relevant information about each. It will help you decide which one suits your investment style. You can also select one from the list that has high potential and aligns with your investment goals.
5thScape aims to transform the gaming world by offering exclusive access to premium 3D VR content to its 5SCAPE token holders. The 5SCAPE token serves as a bridge to open special in-game features and foster the dynamic community within the VR space. This token is best for the beginner as its current value is low, requiring lower investment capital and a high guaranteed potential return in the future.
Having the cutting-edge technology used in developing immersive gameplay, this is at the top of the list for many futuristic investors who think from the future returns perspective. Another reason to select this token for investment is the unbelievable growth in the future. According to a report, this VR sector will witness a 104% rise in the coming years, which makes it a must-have token in your crypto portfolio.
yPredict addresses the challenge observed in the Cryptocurrency market. You might find hundreds of software to analyze stocks, derivatives, currencies, etc., but there was none for cryptanalysis. Thus, yPredict found and addressed this problem by developing a prediction platform. It offers data-driven insights about various coins in the market. It also has a prediction marketplace where data scientists can sell their predictive models on subscription-based services.
yPredict
Further, the platform is not limited to the prediction and analysis of digital assets; it also offers various built-in tools required throughout your journey. As the presale round of these tokens has ended and they are about to get listed on two of the greatest crypto exchange platforms, Bitmart and MEXC, they make an attractive investment opportunity. This is one of the great opportunities for crypto traders, as they can save time on the analysis part and utilize the same to make more transactions to make money.
Remember, 5thscape and yPredict ICOs offer exciting opportunities in their respective domains. These ICOs promise high value and growth potential as the crypto landscape evolves.
3. Smog (SMOG)
ICO Overview:
Launch Date: February 2024
Unique Feature: Airdrop rewards for holding $SMOG tokens (35% of supply reserved for future airdrops)
Recent Momentum: Experienced a 1000% pump
Project Type: Meta Meme, Play-to-Earn (P2E)
Purchase Methods: Buy Now
Smog (SMOG) emerged as a pioneering ICO in the environmental sector, focusing on overcoming the pervasive issue of air pollution using blockchain technology. Leveraging decentralized platforms, Smog seeks to incentivize individuals and corporations to adopt eco-friendly practices through its token ecosystem. With a focus on transparency and accountability, Smog envisions a future where every contribution to reducing smog levels is rewarded, further fostering a global movement towards cleaner, healthier air for future generations.
4. Sponge V2
ICO Overview:
Launch Date: December 2023
Highlights:
Trending meme coin with P2E utility and staking rewards
Price surged 10x in the past month
Project Type: Meta Meme, Play-to-Earn (P2E)
Purchase Methods: Buy Now
Sponge V2 emerged as a pioneering force in Initial Coin Offerings (ICOs), redefining fundraising dynamics with its innovative approach. Using blockchain technology, Sponge V2 offers a secure, transparent, and efficient platform for token sales, empowering projects to access capital and engage with a global investor base seamlessly.
With its strong features ensuring compliance, investor protection, and streamlined processes, Sponge V2 is paving the way to change the ICO space, driving great accessibility and inclusivity in the DeFi landscape.
5. Bitcoin Minetrix
ICO Overview:
Launch Date: 2023
Innovative Concept:
Stake-to-mine project for easy BTC mining
Over $6.5 million was raised during the presale
90%+ staking APY during the presale
Project Type: Meta Staking, Mining
Purchase Methods: Buy Now
Bitcoin Minetrix is one of the foremost players in the realm of Initial Coin Offerings (ICOs), presenting a visionary approach to cryptocurrency mining. With a commitment to sustainability and efficiency, Bitcoin Minetrix uses cutting-edge technology to optimize the mining process while minimizing environmental impact. Its innovative tokenomics and transparent governance model have garnered widespread acclaim, positioning it as a trailblazer in the rapidly evolving digital asset landscape.
6. Meme Kombat
ICO Overview:
Launch Date: 2023
Promising Aspects:
Raised over $5 million, indicating huge potential
Stake during presale with 170%+ APY
Innovative P2E game based on meme battles
Project Type: Meta Meme, Play-to-Earn (P2E)
Purchase Methods: Buy Now
Meme Kombat, standing at the forefront of the evolving world of blockchain-based entertainment, emerges as a top ICO contender, promising a transformative fusion of memes and gaming together. With its innovative approach, leveraging decentralized technologies, Meme Kombat aims to disrupt the gaming industry by providing a platform where users can create, share, and compete with meme-inspired characters in a dynamic virtual arena.
Backed by a dedicated expert team and a clear vision, Meme Kombat’s ICO presents an exciting opportunity for investors seeking to ride the wave of meme culture’s influence on digital entertainment.
Factors to consider while evaluating the Top ICO for your next investment:
While assessing the top ICOs for your next investment, several key factors should be considered to make an informed investment decision; they are as follows:
1. Project Viability
Assess the viability of the project behind the ICO. Consider the problem it aims to solve, the uniqueness of its solution, and whether there is a genuine need for it in the market. Here, yPredict has done it efficiently.
2. Team Expertise
Evaluate the team behind the ICO, including their experience, expertise, and track record in relevant fields such as blockchain technology, finance, and business development. A strong team inspires confidence in the project’s ability to deliver on its promises. We can see that 5thscape has the best team from around the globe with all the necessary theory and practical knowledge in the field.
3. Technology and Innovation
Evaluate the technological aspects of the project, such as the underlying blockchain protocol, smart contract functionality, scalability, and security features. Look for projects that introduce innovative solutions or improvements to existing technologies.
4. Market Potential
Analyze the project’s market potential, including the target market size, competition, and growth prospects. Projects targeting large and rapidly growing markets are more likely to succeed. As it is said, slow and steady wins the race. Instead of high spikes in the chart, one must check for low but consistent spikes in the price.
5. Community and Partnerships
Assess the project’s community support and partnerships with other companies, organizations, or blockchain platforms. A strong community and strategic partnerships can help drive adoption and growth. 5thScape can be the winner here as it has a dedicated community manager who looks after all the problems faced by any of the users and tries to resolve them as soon as possible.
6. Tokenomics
Evaluate the tokenomics of the ICO, including the token distribution model, token utility within the ecosystem, and potential for token value appreciation over time. Look for projects with clear token use cases and incentives for token holders, as this is the main reason for your investment to get appreciation on your investments.
7. Regulatory Compliance
Consider the regulatory environment in which the project operates and ensure that it complies with its country’s relevant laws and regulations. Projects with a clear legal framework and compliance strategy are more likely to succeed in the long term without any hiccups.
8. Roadmap and Milestones
Review the project’s roadmap and milestones to assess its progress and future plans. Look for projects with a realistic roadmap and achievable milestones that demonstrate progress toward the project’s goals. A clear vision of the roadmap and plans builds confidence to trade with those tokens.
Conclusion:
Lastly, we have seen how 5thScape will be one of the best investment opportunities to diversify your crypto portfolio. Also, we can see how beautifully yPredict has identified the problem and offered its solution to all the crypto enthusiasts. Further, we have provided the factors to consider while choosing the best ICO to invest in 2024; based on that, you can make your selection that aligns with your investment style, risk-bearing capacity, and investment goals.
Disclaimer: This article is provided by the Client. The Client is solely responsible for this page’s content, quality, accuracy, products, advertising, or other materials. Readers should conduct their own research before taking any actions related to the material available on this page. The Crypto Basic is not responsible for the accuracy of info and any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods, or services mentioned in this article.
Please note that The Crypto Basic does not endorse or support any content or product on this page. We strongly advise readers to conduct their own research before acting on any information presented here and assume full responsibility for their decisions. This article should not be considered investment advice.
An Uphold-affiliated XRP address moved over $162 million worth of XRP as the cryptocurrency’s trading volume and price record substantial surges.
On-chain data shows that a blockchain address associated with XRP-friendly exchange Uphold moved a significant sum in the hours leading up to press time. The address transferred 250 million XRP ($162.7 million) to another address tagged as belonging to the exchange.
The dynamics around the fund movements suggests the transaction was an in-house transfer from Uphold. Notably, the recipient address has occasionally moved funds to other exchanges such as Bybit.
Meanwhile, the sending and receiving addresses cumulatively hold 2.1 billion XRP ($1.36 billion) at the time of writing. As previously reported by The Crypto Basic, XRP made up over 62% of the crypto assets held by Uphold as of October 2023.
XRP Recaptures Investor Attention
The recent development could suggest growing attention around XRP, as exchanges shuffle funds to meet increasing withdrawal requests. After lagging for a considerable time, XRP has recorded a price resurgence.
The price of the cryptocurrency has soared by 28% in the past month alone, rising as high as $0.66 in the past 24 hours.
Within the same timeline, the global trading volume for XRP has surpassed $2.7 billion. In addition, the cryptocurrency’s market cap has increased to $35.8 billion, its highest level since November 2023.
The number of Bitcoin addresses in profit has pushed toward 100% as the price veers close to its previous All-Time High (ATH) above $68,000.
The rally in the price of Bitcoin since the start of this year has erased all forms of losses accrued by buyers since the coin last recorded its ATH in November 2021.
Per data from the crypto analytics platform IntoTheBlock (ITB), the number of addresses holding Bitcoin at a profit has surged to 51.94 million, amounting to 99.63% of total holders.
No More Losers
Buying any asset at the top of its bullish cycle is a major bane for traders. Many people bought Bitcoin at the tip of the last bull run. With Bitcoin’s price plunging as low as $25,575.23 on 16 June 2023, most of these investors recorded losses.
As of February 26, a week ago, the ITB data showed that 2.35 million addresses, or 4.54% of the total were in losses. At the time, the profitable addresses came in at 48.93 million addresses accounting for 94.54%. On February 27, the profitability jumped to 95% as the price touched $57,416.
With Bitcoin’s price surging by 6.16% in 24 hours to reach the current level of $66,071, the addresses in loss are now pegged at 0%.
However, there are still some traders at the money or break-even point with these coming in at 192,250 addresses or 0.37% of the total compared to 0.92% last week.
Bitcoin profitability chart. Source: IntoTheBlock
Coinbase Bags Major Win
Amid the ongoing rally, Coinbase has made its mark, with its BTC/USD trading volume dominance printing a yearly high of 53%, according to insights from Ki Young Ju, the co-founder of crypto analytics platform CryptoQuant.
Many exchanges are currently benefitting from the ongoing bull market cycle, with CoinMarketCap pegging the cumulative volume on Coinbase at 72,570 BTC or $4,791,725,299 over the past 24 hours.
For the US market, Coinbase has maintained its dominance, as Kraken, its closest rival, boasts a spot trading volume of $1,739,497,457.34.
