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Shiba Inu Community Speculates as Shytoshi Kusama Hints at His Presence in New Location

Mark Brennan
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Shiba Inu Community Speculates as Shytoshi Kusama Hints at His Presence in New Location

The pseudonymous lead developer of the Shiba Inu (SHIB) ecosystem, Shytoshi Kusama, has shared his location, sparking speculations he might be attending the ongoing ETHDenver 2024.

Shytoshi Kusama has been known to communicate with the community in an enigmatic manner. His presence at ETHDenver 2024 recently became a major subject of speculation for the past few weeks. 

These speculations have been bolstered by him recently changing his X location to “Denver. Seriously.” To community members who have been curious about his likely presence at the conference, this update somewhat confirmed their speculations.

Shytoshi Kusama and ETHDenver 2024

Shytoshi Kusama first ignited the curiosity of community members earlier this week when he inquired about the Mural at the Denver International Airport (DIA).

The murals are said to occupy everywhere in the airport, with their “dark and symbolic imagery” sparking Kusama’s intrigue.

Notably, he confirmed at the time that he has to come to see the murals for himself. With his X location recently switching to Denver, the developer might be trying to make good on his promise. However, ETHDenver 2024 might be his ultimate destination.

The ETHDenver meetup is a symbolic gathering of like minds, including developers, innovators, and creators in the industry, to connect and forge partnerships that can further stir growth.

With Shibarium in need of Decentralized Applications (DApps) that can stir its mainstream adoption, ETHDenver 2024 comes off as a gathering Shytoshi Kusama could not afford to shun.

Posturing Shiba Inu for Growth

Attending ETHDenver 2024 will be a proactive way to posture Shiba Inu and Shibarium for growth in the long term.

Shibarium was launched in August 2023 at the Blockchain Futurist Conference in Toronto, Canada, an event Shytoshi Kusama attended in person.

Should his presence at the ETHDenver 2024 be officially confirmed, an announcement might come to showcase what is new with the Shiba Inu ecosystem as a whole.

Shiba Inu Lead Thanks This Exchange For New Listing

Lele Jima
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Shiba Inu Lead Thanks This Exchange For New Listing

Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, expresses gratitude to CoinW for listing SHEboshi (SHEB). 

In a recent tweet, Kusama called attention to the listing, which occurred on February 23, 2024, while thanking the exchange for adding support for SHEB.

Kusama’s tweet comes days after the official Shiba Inu X account celebrated the listing of SHEB on CoinW. Notably, Shiba Inu emphasized that the SHEboshi collection got its first listing less than a day after it sold out.

CoinW Becomes First Centralized Exchange to List SHEB

Recall that CoinW made history by becoming the first centralized exchange to list SHEboshi. As reported earlier, the exchange listed the collection under the SHEB/USDT trading pair in the MEME and NFT arena. Trading for the SHEB/USDT pair went live on February 23, 2024, at 13:00 (UTC).

The exchange also announced a $5,000 giveaway to celebrate the listing. Users can win a portion of the prize pool, ranging from $2 to $20, by joining the trading competition or completing a social media task.

According to the exchange, the giveaway event, which started on February 23, 2024, will end today at 13:00 (UTC). The rewards will be distributed three working days after the event ends.

SHEboshi Adopts DN404 Token Standard

For context, SHEboshi is the brainchild of an experiment conducted by the Shiba Inu ecosystem team. Notably, Shiba Inu became one of the first crypto projects to adopt the DN404 token standard on Ethereum. The team used the DN404 token standard to create SHEboshi.

By leveraging DN404, the team integrated the features of Ethereum fungible tokens (ERC-20) and NFT functionalities (ERC-721) into SHEboshi.

The advantage offered by DN404 lies in its ability to fractionalize NFTs and reduce the transaction fees associated with trading assets leveraging the model. Hence, investors can easily acquire and trade SHEB at a considerably lower fee.

Where to Trade SHEB

Meanwhile, SHEB achieved a significant feat recently by selling out in less than five minutes. All 20,000 SHEB tokens were claimed by Shiboshi and LEASH holders before the public minting phase.

To own a piece of the SHEboshi pie, one can purchase the token at CoinW, ShibaSwap, Uniswap, and OpenSea.

At press time, SHEB’s floor price on OpenSea was 0.103 ETH ($353). Also, the token was changing hands at $297.51 on CoinW, down 0.59% in the past day.

Analyst Expects Shiba Inu to Rally with Dogecoin in Coming Bull Run

Sam Wisdom Raphael
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Analyst Expects Shiba Inu to Rally with Dogecoin in Coming Bull Run

Veteran crypto analyst and trader Altcoin Sherpa believes Shiba Inu (SHIB) would mirror the expected rally from Dogecoin (DOGE), which could push the asset to $1.

The analyst has continued to share his outlook on multiple altcoins, recently centering on memecoins. In one of his latest analyses, Altcoin Sherpa spotlighted Shiba Inu, expressing a generally bullish stance on the crypto asset for the coming bull run.

Before his Shiba Inu commentary, the veteran analyst highlighted Dogecoin’s position. He stressed that the DOGE chart remains bullish, with an expectation for the asset to record massive price surges in the current cycle. According to him, a rally to $1 would not be surprising.

Despite admitting that DOGE might not deliver as much gains as newer memecoins such as dogwifhat (WIF), Pepecoin (PEPE) and Bonk (BONK) due to its current market cap, he noted that investors could still size up as the token boasts ample liquidity.

Shiba Inu Could Mirror the Dogecoin Rally

Interestingly, Altcoin Sherpa called attention to Shiba Inu during his Dogecoin analysis, emphasizing that SHIB and DOGE could alternate the leading role in the memecoin domain during the upcoming bull run. 

Following the post on DOGE, the analyst then switched to Shiba Inu in a subsequent analysis. According to him, the Shiba Inu chart is similar to DOGE, with data suggesting a 658-day accumulation phase for the asset. SHIB has recorded a top of $0.00001484 and a floor of $0.00000714 within this period.

Altcoin Sherpa’s reasoning for suggesting a similar price action for DOGE and SHIB is based on several factors, including the fact that they are both memecoins with similar market capitalizations despite Dogecoin having $10 billion more valuation than SHIB.

The analyst stressed that he expects Shiba Inu to “do big numbers” in this cycle, but chose not to give specific price projections. However, he noted that while SHIB has good liquidity, much like Dogecoin, investors should not expect the asset to replicate its historic run from 2021.

SHIB Could Target $0.0001

Recall that Shiba Inu recorded one of the most substantial price rallies in crypto history during the 2021 bull run. According to CoinGecko research, the asset transformed $12 to $1 million in 453 days. While many investors expect a similar run, Altcoin Sherpa expressed doubt.

However, if SHIB mirrors Dogecoin’s movements, as predicted by the analyst, the token could equally witness massive price surges. DOGE currently trades for $0.1215 at the reporting time. For the token to hit the much-coveted $1 price, it would need to rally 723%.

Meanwhile, Shiba Inu changes hands at $0.00001280. Should SHIB follow the growth path of DOGE, surging by 723% would help the crypto asset erase one zero from its price, leading to a value of $0.0001054. 

Whale Accumulates 75B+ Shiba Inu After Selling PEPE Profits

Mark Brennan
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Whale Accumulates 75B+ Shiba Inu After Selling PEPE Profits

A blockchain address that made millions in profit from investing in PEPE has now moved money into Shiba Inu (SHIB) and the GameFi ecosystem.

With the cryptocurrency bull market now in full swing, investors are on the lookout for opportunities to rotate into different assets for profit maximization. This has proven to be the case with one whale spotted switching his portfolio.

Precisely, on-chain tracker Lookonchain identified an Ethereum address that made huge profits investing in green frog-themed memecoin, PEPE. The whale realized a profit of $3.49 million on their PEPE investment, booking his profit into other cryptocurrencies.

The whale purchased 75.9 billion Shiba Inu (SHIB) valued at around $893,000. This allocation to Shiba Inu may suggest that the whale believes that Shiba Inu has a higher upside than the recently liquidated PEPE position.

Notably, data shows that PEPE is now only 34% away from its all-time high, having gained over 240% in the past month. Shiba Inu, on the other hand, is 85% away from its all-time high and may witness significant growth if the current bull market continues.

Whale Doubles Down on GameFi

Beyond his memecoin game, the smart whale in question also made significant investments in the Web3 gaming ecosystem. The address invested around $4 million in the most popular GameFi projects, including Decentraland (MANA), The Sandbox (SAND), and Gala Games (GALA). 

The rotation into GameFi suggests that the smart whale believes the nascent space will be the next to boom in the current market cycle. Nonetheless, currently, Bitcoin, top altcoins, and memecoins continue to dominate the narrative.

Meanwhile, many analysts believe that the crypto market bull run is just in its infancy. Some project that the upward trend will last well into 2025, with Bitcoin hitting $200,000. However, at this time, the crypto market is valued at $2.3 trillion, around 25% away from its $3 trillion peak in late 2021.

Expert Gives Timeline For XRP to Hit $0.9191

Mark Brennan
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Expert Gives Timeline For XRP to Hit $0.9191

Pundits expect XRP to break above its current position, with a prominent market analyst recently setting a March 13 target for the coin’s price to hit the $0.9191 mark.

The Analyst Dark Defender took to X to reveal that XRP has retested previously defined support levels. He noted that XRP has entered into the third wave of an Elliott Wave structure consisting of five waves.

Within this third wave, Dark Defender confirmed that XRP recently hit a resistance level marked by an orange trendline on the mid-level around $0.5972.

With the new expectations, Dark Defender shares the expected targets he wants his more than 103.2K followers and the broader XRP community to watch out for.

XRP Timeline to Hit $0.9191

Since the start of this year, XRP has maintained a price trend below the $0.64 resistance level. However, per Dark Defender’s permutations, the digital currency is on track to hit a target of $0.6462 by March 1.

On a more sustained bull case scenario, the analyst is optimistic that the XRP price will hover around $0.7707 to $0.9191 from 10 to 13 March, 2024. These price targets are quite ambitious considering XRP’s cautious run over the past few weeks.

Per the accompanying chart, the analyst highlighted how the Moving Average Convergence Divergence (MACD) is signaling a crucial trend change. Despite his bullish targets and timeline certainty, the analyst also set key support levels that should be watched out for.

However, the asset also takes a cautious approach, identifying three support levels to watch out for in the event of a downturn. These support levels currently sit at $0.5419, $0.5198 and $0.5066, all above the $0.50 threshold.

Justifying Third Wave Forecast

XRP has not been a particularly impressive asset when it comes to printing a sustained growth trend during the early stages of a bull market. It is not also uncommon to see XRP print a higher correction than its previous pump percentage. 

When quizzed by a community member on what he thinks of this trend, Dark Defender noted that following the 140,999% jump the coin recorded in 2017, a correction was imminent. He said the coin has been undergoing this correction for about 6 years.

He said his optimism stems from the understanding that a third wave looks after the first and second waves run their course. While there are many bullish price forecasts for XRP, Dark Defender noted that XRP can move from its current price of $0.5868 to $333 based on Elliott Waves set-up.

Shiba Inu Community Burns 643M SHIB in February Without Shibarium Support

Lele Jima
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Shiba Inu Community Burns 643M SHIB in February Without Shibarium Support

Despite not recording any Shibarium-powered burns in February 2024, Shiba Inu still witnessed the incineration of over 643 million tokens last month. 

Leading canine-themed crypto project Shiba Inu witnessed hundreds of millions of SHIB tokens burned in the past month.

According to data shared by Shibburn, the Shiba Inu community incinerated a total of 643,656,418 (643.65 million) tokens worth $8,264 in February 2024. Shibburn noted that the 643.65 million tokens were sent to Shiba Inu’s official dead wallets in 134 transactions.

The amount of SHIB burned in the month of February represents a tiny chunk of Shiba Inu’s massive supply of nearly 590 trillion tokens. 

February Burn Less Than Previous Months 

Additionally, the number of tokens burned in February is nothing compared to the total SHIB destroyed in January 2024 and December 2023. 

As reported on February 1, the Shiba Inu community destroyed approximately 9.93 billion SHIB tokens in January alone. Similarly, Shiba Inu witnessed 36 billion SHIB tokens burned in December 2023. 

The reasons behind the surge in SHIB burns for these months can be attributed to the inclusion of Shibarium-powered burns. 

Recall that the Shiba Inu team burned billions of SHIB tokens in the months of December and January using a portion of Shibarium gas fees. Specifically, the L2 network initiated four burns in December 2023 and one incineration in January 2024. 

However, February did not witness any Shibarium-powered burns. The 643.65 million SHIB destroyed last month was initiated by Shiba Inu community members and ecosystem projects.

These enthusiasts and projects are committed to reducing the enormous supply of Shiba Inu to make SHIB more scarce and potentially valuable in the long run. 

Automated Shibarium-Powered Burns to Commence Soon 

Although there was no Shibarium-powered burn in February, the team is expected to resume the exercise in the coming months. 

Plans are underway to launch a portal that will automatically burn SHIB. The development team revealed recently that the mechanism is undergoing rigorous testing on the testnet version of Shibarium, Puppynet. 

After the testing is complete and the automatic burn process is fine-tuned, the protocol will be deployed on the mainnet. 

SHIB Burn Rate Spikes 30,187% in 24 Hours

Meanwhile, Shiba Inu’s burn rate has surged tremendously over the past 24 hours. According to Shibburn data, the burn rate is up 30,187% in the past 24 hours.

The spike occurred following the incineration of 3,759,043 SHIB tokens in the past day.

Shib burn rate
Shiba Inu Burn Rate | Shibburn

Shiba Inu Price Surges By 43% in One Month  

Meanwhile, Shiba Inu’s price has been on an uptrend lately, rallying over 43% in the past month and around 35% in the weekly charts. 

Besides the burn initiative, the recent spike of Shiba Inu can be attributed to other factors like ongoing rally across the broader market and new updates rolled out by the team. 

At press time, a unit of SHIB was trading at $0.00001280, marking a daily decrease of 12.3%. 

Shiba Inu Lead Developer Praises This New Partner

Mark Brennan
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Shiba Inu Lead Developer Praises This New Partner

Shiba Inu’s lead developer, Shytoshi Kusama, has expressed appreciation for the chance to work with its new partner, Zama.

Earlier this week, Shiba Inu unveiled a new partnership with cryptography-focused firm Zama. The partnership is expected to enhance the security and privacy of transactions in the Shiba Inu ecosystem and has been one of the major talking points for the SHIB community this week.

Unsurprisingly, Shiba Inu’s lead developer, Shytoshi Kusama, is still excited about the deal, leading praises to the Zama team. Kusama’s latest post followed an article by a leading crypto media publication about Shiba Inu’s partnership with Zama.

Evidently, one of the perks of the Zama partnership is exposure to a broad audience for both parties. However, another benefit, especially for Zama, is the chance to offer its solutions to the millions of users in the SHIB community.

What Zama Brings to the Table for Shiba Inu

The Paris-based company’s core offering is Fully Homomorphic Encryption (FHE), a cryptographic technology that allows developers to receive, process, and transfer encrypted data. Unlike traditional technologies that require decrypting before information can be processed, FHE allows for full encryption, thus protecting the privacy and security of the data throughout its life cycle.

As previously reported by The Crypto Basic, Shiba Inu will initially adopt FHE for its yet-to-launch TREAT token. The blockchain project may also eventually extend the functionality to its other ecosystem offerings.

While partnerships such as the most recent one between Shiba Inu and Zama may not directly impact prices, they serve the purpose of enhancing Web3 technology, as Shytoshi Kusama noted in the original announcement. Additionally, they also underline Shiba Inu’s long-term commitment to the blockchain industry.

At the time of writing, Shiba Inu is the 16th largest cryptocurrency by market cap, valued at over $7.5 billion. Its trading price of around $0.00001275 represents a 33% increase in the past month.

Top Cardano Analyst Says ADA Climactic Bullish Rally Could Activate in 3 Days

Abdulkarim Abdulwahab
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Top Cardano Analyst Says ADA Climactic Bullish Rally Could Activate in 3 Days

A prominent pro-Cardano crypto analyst has hinted that Cardano’s climactic bullish is on the cusp of activation, like in the last cycle, to see ADA potentially reach unprecedented highs.

Cardano has recorded a 9% gain within the last 24 hours, growing from $0.6434 to $0.7022. Furthermore, ADA’s performance over the past 30 days has been remarkable, with a significant increase of over 37%.

This price gain emerged on the back of Bitcoin’s rallies, breaking 2021 highs. 

Despite this commendable rally mirroring Bitcoin’s performance, some Cardano enthusiasts express unease about ADA lagging behind the leading cryptocurrency.

They drew parallels with the previous bull season, highlighting that when BTC first reached $60k between March and April 2021, ADA was trading around the $1.3 mark.

However, in the current cycle, with BTC once again surpassing $60k, Cardano finds itself below $1. This discrepancy has sparked concerns among ADA enthusiasts.

Cardano is Not Lagging Behind Bitcoin 

In response to these concerns, Cardano analyst Dan Gambardello drew comparisons with Ethereum (ETH) market data, highlighting a similar occurrence. 

He noted that during Bitcoin’s initiation to break into the bull market doors in late 2020 at around $17k, ETH was merely at $500. Gambardello underscored that ETH doubled in value within eight weeks, reaching above $1,300. 

He emphasized that since there was no cause for concern regarding ETH’s lag behind BTC in the past cycle, there is likewise no need for concern regarding ADA. 

Furthermore, Gambardello stressed that historically, when Bitcoin begins its trajectory towards new all-time highs, altcoins are typically gearing up for insane rallies.

Ultimately, he remarked that ADA’s current movement is normal and does not warrant concern.

ADA Bull Indicator Could Activate in 3 Days

Meanwhile, the Cardano analyst has hinted at ADA’s impending rally, drawing insights from the asset’s weekly chart. He referenced a technical indicator, observing that ADA’s current trajectory resembles that of December 2020.

Specifically, Gambardello highlighted that a bullish structure ADA exhibited in late 2020 briefly reappeared as the asset surged past the $0.7 threshold within the last 24 hours.

However, he noted that the bullish structure quickly faded as ADA’s price retreated to the $0.6 range.

Consequently, the analyst speculated Cardano could witness a significant action in the next three days. The condition he outlined includes the asset registering a move to the upside and closing above the 200-day moving average. 

Gambardello believes such a move could be the ultimate signal for the much-awaited Cardano rally to a new all-time high.

At press time, ADA trades at $0.67 amid encountering bearish forces in the past few hours.

Here Are the New Key Dates in Ripple Vs SEC Lawsuit

Lele Jima
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Here Are the New Key Dates in Ripple Vs SEC Lawsuit

As the SEC v. Ripple lawsuit edges close to filing the remedies-related briefs, we have highlighted some critical dates that you should look out for in the coming weeks.

Recall that the case saw a significant update this week that could extend the deadline for completing the remedies briefing by one week.

Next Important Dates to Look Out For

The Crypto Basic reported that the SEC filed a motion to modify the remedies scheduling order. Specifically, the commission asked the court to extend the deadline for filing its remedies-related opening brief by nine days to March 22, 2024, from the initial date of March 13.

According to the motion, the nine-day extension the SEC seeks will enable it to review Ripple’s freshly submitted financial records and also complete the remedies briefing.

Not leaving Ripple behind, it also asked the court to extend the deadline for the firm’s opposition to its remedies-related brief from April 12 to April 22, 2024.

Additionally, the commission requested that the time for filing its reply brief be extended to May 6, 2024, from the previous deadline of April 29, 2024.

It is worth mentioning that Ripple agreed to the request. However, there has yet to be an official update regarding whether or not the court has approved the request.

Should the court decide not to modify the requests, the next important dates to look out for in the lawsuit are March 22, April 22, and May 6, 2024. These dates relate to the filing of the remedies-related briefs.

The remedies briefing is a critical stage of the lawsuit as it determines the appropriate penalty the court will impose for Ripple’s breach of federal securities laws via selling $770 million worth of XRP to institutional clients.

Although the remedies briefing is expected to be extended by one week, some legal experts still expect the judge to issue a final verdict in summer 2024.

Potential Penalty

It is unclear what penalty the judge will impose for Ripple’s violation of securities laws. However, some experts like Attorney John Deaton speculated that the firm will not pay more than what it has spent in legal fees. Last year, Ripple CEO Brad Garlinghouse disclosed that the company has already spent over $150 million defending the case.

The SEC would likely demand more than the $770 million at issue. This is mainly because of the commission’s interest in Ripple’s post-complaint institutional sales.

Recall that Ripple agreed to produce its audited financial statement for the period of 2022 to 2023, post-complaint contracts relating to institutional sales, and information on the proceeds received from institutional sales since the lawsuit’s initiation in December 2020.

These documents would help the SEC convince the judge to impose a more significant fine following Ripple’s violation.

Meanwhile, famous crypto analyst Zach Rector speculates that Ripple might be liable for disgorgement payment of up to $3 billion should the court declare its post-complaint institutional sales to be securities.

XRP Minimal Target at $14 Amid Imminent Monthly Engulfing Candle Close

Sam Wisdom Raphael
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XRP Minimal Target at $14 Amid Imminent Monthly Engulfing Candle Close

XRP could record a massive price push, with a minimal target above $14, on the back of a bullish monthly engulfing candle and a retest of its multi-year ascending trendline.

The latest crypto market run has cooled following the resistance Bitcoin (BTC) faced at the $64,000 mark. As a result, XRP’s hopes of riding the market-wide rally to retain the $0.60 territory have been dashed. Nonetheless, market analysts remain confident of its long-term performance.

One such analyst is JD, a prominent chartist. In a recent post, JD identified the combination of two bullish patterns, which have in the past led to massive price surges for XRP. He emphasized that the crypto asset is looking to repeat these patterns.

A Combination of Bullish Patterns

The first pattern is a retest of a particular multi-year ascending trendline. Data from an XRP market cap chart shows that the formation of this ascending trendline began in May 2014 when its market cap dropped to a low of $24.24 million, coinciding with a price of $0.0031 at the time.

XRP’s market cap has continued to increase since then, owing to both its inflation and price surges, resulting in the formation of the ascending trendline. However, there have been occasions when the asset’s market cap slumped to retest the trendline.

According to JD, whenever this happened in combination with the formation of a monthly bullish engulfing candle, XRP recorded a rally. A bullish engulfing candle occurs when an asset forms a large green candle that completely engulfs or overshadows a previous bearish candle.

XRP Seeks to Repeat History

The first time XRP recorded a combination of the ascending trendline retest and a bullish engulfing candle was in July 2014.

Shortly after witnessing these patterns, its market cap soared 1,921% from $42.8 million in July 2014 to $865.6 million in December 2014, with a price surge to $0.028.

XRP also witnessed the patterns in March 2017, leading to a 16,000% rise in its market cap to the peak of $128.49 billion in January 2018. This market cap high came from XRP’s price surge to the all-time high of $3.31. 

JD believes a similar upsurge could occur if XRP confirms the bullish engulfing candle close this time. Notably, the asset’s market cap has already retested the ascending trendline. Should the bullish engulfing candle form, JD expects XRP’s market cap to soar to new highs.

While the analyst stressed that he is uncertain of the height of such an impending run, data from the chart suggests a rise in market cap to the $800 billion mark. For XRP to attain this valuation, its price would need to surge to $14.6 assuming the circulating supply of tokens remains stable.

XRP currently trades for $0.5934 at the reporting time, up 0.95% today and looking to breach $0.60. The token broke through $0.60 to hit a high of $0.6260 yesterday, but the resistance mounted by the bears at this level has again battered XRP below the $0.60 territory. 

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