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Polygon (MATIC) Displays Bullish Setup That Might Drive Price to $1.7

Mark Brennan
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Polygon (MATIC) Displays Bullish Setup That Might Drive Price to $1.7

Polygon (MATIC) currently displays a bullish set-up which, according to a market analyst, might eventually trigger a massive rally in its price.

Polygon is in the spotlight amid a pivotal rebound that has set its price on a new bullish path. According to market analyst Ali Martinez, Polygon shows promising signs when viewed for the long term. 

Martinez recently shared a chart that shows Polygon’s multi-year symmetrical triangle with key highlights that can determine the next trend for the token.

MATIC to $1.73: Bullish Conditions Defined

Market data shows MATIC is currently trading for $0.9817, up 2.87% in the past 24 hours. According to Martinez, maintaining sustained growth above the $0.96 level is a good omen that might spark a new bull rally.

Martinez presented a chart that shows the historical trend of MATIC from December 2021 to date. Within this period, Polygon dropped from its ATH of $2.92 to a low of $0.32 in June 2022.

The altcoin has printed lower highs and higher lows since it recorded these 2 distinct price ranges, trading within an extended symmetrical triangle.

MATIC recently rebounded from the $0.7384 support recorded on January 26 and now that it has broken free from the long-term symmetrical triangle, Martinez has set new targets.

The first significant target on Martinez’s radar is pegged at $1.2504. If the crypto asset sustains the bullish momentum, the analyst foresees its price jumping as high as $1.7304 in the long term.

Polygon Growth Mantra

Polygon is on a major development ride with the developers in its ecosystem doing all they can to roll out new products with unique innovations on display.

From Polygon CDK, a tool that allows other Web3 projects to build their DApps, to the Polygon zkEVM protocol and other advances in tokenization, Polygon is becoming increasingly attractive to crypto-focused non-crypto firms.

Over the past years, Polygon has scored numerous partnerships, with those featuring Starbucks and Flipkart taking the limelight. The Layer-2 scaling solution’s growth strategy is to create an ecosystem of enterprises and Web3 users that can grow its userbase and place demand on MATIC.

Whale Amasses 323B+ Shiba Inu as SHIB Stages Recovery to $0.00001

Sam Wisdom Raphael
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Whale Amasses 323B+ Shiba Inu as SHIB Stages Recovery to $0.00001

A new whale address just accumulated over 323 billion Shiba Inu (SHIB) worth $3 million as the crypto asset makes a push toward recovering the $0.00001 price threshold. 

Shiba Inu capitalized on the recent market run to reclaim the $0.00001 zone on Feb. 15 for the first time in a month. However, the momentum came to a halt after it retested $0.00001, facing a correction that saw it collapse to a low of $0.00000930 yesterday amid the broader market retracement.

Whale Scoops 323B Shiba Inu

However, while this collapse triggered widespread panic, some investors took to augmenting their holdings in an elaborate buy-the-dip campaign. One of these cases involved the purchase of over 323 billion Shiba Inu tokens spotlighted by on-chain analytics resource Arkham Intelligence.

Notably, the address behind the movement is new, with the SHIB purchase pegged as its first transaction. Data from Etherscan confirms that the wallet procured exactly 323,478,691,679 (323.48 billion) Shiba Inu tokens yesterday at 18:14 (UTC). 

The assets were valued at $3.053 million at the time of purchase, with SHIB changing hands at $0.00000944 amid a sustained decline over a one-hour period. Following the transaction, SHIB collapsed further to hit the $0.00000930 low before setting off on a recovery path.

Shiba Inu has now recovered some of the losses of the past two days, currently changing hands at $0.00000962 as it hops on the latest market-wide recovery push. Amid this price jump, the 323.48 billion tokens are now worth $3.11 million, marking an increase of $58,000 in the whale’s holdings.

The Coinbase Connection

Interestingly, the new whale address only holds Shiba Inu, having retained the recently-purchased assets. Arkham Intelligence indicates that the wallet address that sent the funds might be affiliated with Coinbase, the largest exchange in the U.S. 

Data from Arkham Intelligence suggests that the sending address is a Coinbase Prime Custody address. Notably, the address first received the Shiba Inu tokens from another Coinbase Prime wallet last month, but retained them until now.

Due to the sending wallet’s affiliation with Coinbase, some market participants speculate that the recipient wallet might actually be another Coinbase wallet, suggesting that the transaction could involve an in-house fund movements by Coinbase Custody.

However, there is limited information as of press time to accurately ascertain the entity behind the recipient wallet and the reason for the transaction. The Crypto Basic has previously called attention to similar price movements in the past, with one involving a whopping 4.2 trillion SHIB last December.

Most of these transfers have occurred when the price of Shiba Inu is pushing to reclaim or retain the $0.00001 territory. SHIB’s latest recovery campaign has seen the cryptocurrency rise 1.15% over the past 24 hours, as it moves to recover $0.00001.

Analyst Says XRP Primed For 1350% Pump to $27 After Bullish Pattern Emerges

Mark Brennan
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0
Analyst Says XRP Primed For 1350% Pump to $27 After Bullish Pattern Emerges

One analyst believes that a potential cryptocurrency market bull run will propel XRP to new all-time highs following the emergence of a bullish pattern.

After a recent spike, the price of XRP has dropped to around $0.548 amid a short-term bearish trend that has enveloped the crypto market in the past 48 hours. Nonetheless, many analysts are backing XRP to bounce back in grand style, especially if the bullish momentum fully returns to the market.

Prominent analyst EGRAG Crypto is among those in favor of a parabolic XRP price recovery when market conditions improve. In a recent update, the analyst used the popular Fibonacci Speed Resistance Fan (FSRF) as an indicator to predict future XRP price action.

In his analysis, EGRAG Crypto noted that the FSRF indicator is a reliable tool that makes it easier to identify key resistance and support areas. In the case of XRP, the analyst points out that an FSRF resistance limited XRP’s continued surge after the landmark July 2023 ruling.

However, he expects the bulls to put on a fine fight as the bull market progresses. One factor triggering this prediction is the fact that XRP has achieved several daily closes above FSRF 0.5 in recent weeks.

A sustained play above that level opens up other key resistance levels, including $0.75, $1, $1.5, and $1.96, which is at FSRF 1.

Moving beyond that price point, the analyst expects greater FOMO among investors. Such FOMO, he believes, will set the tone for XRP to surge to $27, a near 1,350% increase from the $1.96 price level.

Will XRP Break Its Previous All-Time High?

At its peak in January 2018, XRP hit an all-time high of $3.84, a price mark that the cryptocurrency failed to reach during the previous market peak in 2021.

However, multiple analysts tip XRP to break that milestone in the coming years, especially with Ripple’s legal battles gradually coming to a climax. Some predict a surge as high as $10, while others believe a moderate $2 target in the short term and recovery to all-time highs remain on the cards.

SEC Suffers Major Blow in Lawsuits Against Ripple and Coinbase: Details 

Lele Jima
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SEC Suffers Major Blow in Lawsuits Against Ripple and Coinbase: Details 

A prominent SEC attorney who spearheaded litigation against Ripple and Coinbase has announced her departure from the commission, resulting in a major setback for the agency.

Ladan Stewart, SEC’s head of crypto litigation unit, has left the commission. Following Stewart’s departure, she joined White & Case, an international law firm that advised Fidelity Investments on its Bitcoin ETF filings. 

The development was shared by Bloomberg’s Senior ETF analyst Eric Balchunas, who pointed out that Stewart mentioned Bitcoin exchange-traded funds in a press release regarding her departure. 

Her comment raises questions about the SEC’s regulatory approach towards cryptos in the future. Besides playing a crucial role in shaping the U.S. crypto landscape, she also made significant contributions to other crypto-related matters.  

Stewart’s Involvement in Ripple Case 

Being the head of SEC’s crypto litigation unit, Stewart was involved in the commission’s legal tussles against Ripple and Coinbase. Recall that the SEC sued Ripple in December 2020, at a time when Stewart was part of the commission’s enforcement division. 

The regulator alleged that Ripple offered and sold XRP as an unregistered security. However, the judge rejected most pleas made by the SEC while declaring that XRP in itself is not a security. 

Stewart’s departure is coming at a critical time when the court is close to determining the appropriate penalty that will be leveled against Ripple following its securities law violation via its institutional sales of XRP.

The remedies-related discovery ended on February 20, with the parties preparing to file the relevant legal briefs in March. 

Her Role in Coinbase Lawsuit 

Similarly, Stewart also played a major role in the SEC’s legal battle against San Francisco-based exchange Coinbase. 

As reported last June, the SEC charged Coinbase with violating federal laws by operating as an unregistered national securities exchange, clearing agency, and broker. 

The commission also accused Coinbase of facilitating the trading of 10 crypto assets deemed as unregistered securities. Coinbase denied the allegations and subsequently filed a motion to dismiss the lawsuit. 

A hearing regarding Coinbase’s dismissal pleading was held last month in a Manhattan federal court, with U.S. District Judge Katherine Failla expected to issue a decision soon. 

Meanwhile, Stewart’s departure could negatively impact the commission’s litigation strategies in the Coinbase and Ripple lawsuits going forward, as her role in both lawsuits has officially ended following her exit from the agency.

XRP Whales Move Nearly 60 Million XRP from Binance

Mark Brennan
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XRP Whales Move Nearly 60 Million XRP from Binance

At least 3 different whale XRP transfers from Binance were recorded within the space of 24 hours, suggesting a possible accumulation trend.

While whale XRP transactions are not uncommon in the market, a recent unusual trend involves the consistent XRP outflows from the same exchange. This move typically signals a likely coordination between a whale or institution.

These transfers have drawn comments from some members of the XRP community due to their prevalence in such a short period of time.

Breaking Down the XRP Transfers

According to data insights from Whale Alerts, the largest of the transfers from Binance involves 20,898,914 XRP worth $11,286,635.

Notably, the recipient of the funds was also activated by Binance, per data from Bithomp. This has led to speculation that the transaction could be an internal fund movements from Binance.

Besides this, another 18,544,887 XRP worth $10,016,690 was also moved from the trading platform to another Binance-activated wallet. In addition, the third transaction is worth 19,905,635 XRP or $10,751,673.

A proper analysis of the activating wallets shows a unique trend, all three transfers are traceable to the same wallet, implying that a single whale might be behind this movement with strong ties to Binance.

Over the past months, most XRP transfers have always had a strong tie to Ripple Labs with the preferred exchanges being Bitstamp and Bitvavo amongst others. This Binance-linked transfer shows a new major trend.

Complementary Transfer

While these XRP transfers show accumulation, another major whale transaction emerged involving an inflow to Binance. The Whale Alert data shows 95,000,000 XRP valued at $51,369,170 at an average price of $0.5407 were transferred to the exchange.

This 90 million XRP can also be traced to Binance but with a different wallet compared to the one linked to the three outward transactions analyzed earlier.

Amid these transfers, XRP’s price and market capitalization have dropped to $0.5469 and $29,843,688,415. The asset’s trading volume is also down 11% to $1,382,001,359.

Former BitMEX CEO Names Eight Hot Altcoins To Watch Out For

Mark Brennan
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Former BitMEX CEO Names Eight Hot Altcoins To Watch Out For

The former CEO of crypto derivatives exchange BitMEX has outlined the altcoins he will be turning his attention to ahead of the coming bull run.

Former BitMEX CEO Arthur Hayes is considered an influential figure in the cryptocurrency scene, given his adventures in the industry’s early years and his wealth accumulation from accurate calls on key projects.

Going into another potential bull market, Hayes has outlined the altcoins he will be adding to his portfolio to achieve maximum returns.

In his latest blog post, the BitMEX founder set a backdrop for his altcoin picks by highlighting how crypto projects form strong narratives. According to Hayes, the most successful projects combine an appealing story and strong tech. 

However, he argues that the tech does not matter as much as the story. He next revealed seven key stories and the altcoins he will be banking on to succeed if the narratives take off in the upcoming bull run.

BitMEX’s Hayes Eight Altcoin Plays

According to Arthur Hayes, one story that will most likely be driven in the next few months is that retail derivatives trading volume would shift from centralized exchanges to decentralized ones. 

While he does not necessarily believe this, Arthur Hayes believes the story will be strong enough that it gains traction. Therefore, he is investing in leading derivative DEXes, dYdX, GMX, and any other project that challenges the incumbents.

Still on retail volume moving to DEXes, the former BitMEX CEO picked Krav as an altcoin that will grow significantly as the platform will make it possible for users to enjoy quanto derivatives trading volume powered by low-cap cryptocurrencies (or so-called shitcoins).

Another coin that comes into the DEX conversation is Elixir, which Arthur Hayes speculates will disrupt the market. The project could potentially take on the role of market makers on decentralized exchanges by being the primary source of on-chain liquidity.

The last altcoin play named by Arthus Hayes for the DEX sector is Flare, a project that provides on-chain oracles. Hayes notes that as “DEXs become the primary venue for price discovery,” on-chain oracles will become more important for their role in liquidation and settlements.

The last three projects on the BitMEX founder’s list are Pendle, Ethena, and Axelar. Hayes tips Pendle to capture interest by powering interest rate swap trading on-chain, while Ethena will dominate the stablecoin narrative by delivering a stablecoin that does not rely on traditional finance (TradFi).

Lastly, Axelar will make cross-chain bridging seamless by letting users move assets across networks in a manner different from the current bridges in the crypto space.

It is noteworthy that while the former BitMEX CEO is picking potential winners in the altcoin market, he has recently been dunking on other more popular altcoins such as Cardano (ADA).

In a recent exchange, Hayes described Cardano as lacking utility, and outlined that none of the leading decentralized applications (dApps) in the crypto space were originally built on the network.

Meanwhile, Hayes remains bullish on Bitcoin and Ether hitting higher prices off the back of ETF launches. However, he looks to shift his focus to altcoins, and will provide further insights into his favorite plays as the cryptocurrency bull run takes shape.

Shiba Inu New Trading Feature Introduced By Leading Crypto Exchange

Lele Jima
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0
Shiba Inu New Trading Feature Introduced By Leading Crypto Exchange

Popular cryptocurrency exchange Crypto.com expands its support for Shiba Inu (SHIB).

The exchange expanded Shiba Inu’s support following the introduction of an advanced trading feature for SHIB, dubbed Strike Options.

According to the exchange, users can trade SHIB contracts using Strike Options, a feature that allows them to speculate the token’s price movement within a 20-minute window.

Notably, the Strike options feature requires users to commit a minimum investment of $10 in order to predict SHIB’s price movement within the time frame.

Demystifying Strike Options

For context, Strike Options offer a unique opportunity in the crypto derivatives market, allowing users to speculate on the future prices of any asset.

Regulated by the U.S. Commodity Futures Trading Commission (CFC), Strike Options requires users to forecast whether the price of a digital asset, like SHIB, will surpass a predetermined level by the end of a specific period.

In the case of Crypto.com, users will be given a 20-minute window. The trader will have the option of selecting “Yes” or “No” regarding whether SHIB’s price will surge above the specified level by the end of a 20–minute window.

Clicking “Yes” implies that the user is confident about a possible price rise; hence, the contract is bought with the potential of earning a predetermined profit if this happens.

However, selecting “No” will lead to the SHIB contract being sold. This option will help you limit the losses you would have incurred if the prediction turns out to be incorrect.

How to Trade SHIB Contracts in Strike Options

It is worth noting that SHIB holders can use the trading feature via the official Crypto.com app.

  • Locate the Strike Options feature in the app and choose SHIB as the preferred market.
  • Choose the contract duration (20 minutes, 2 hours, or intraday) and select a Strike price.
  • Predict whether the price of SHIB will rise above the selected Strike price at the expiration of the 20-minute window.
  • Carefully reveal the details of the trade and proceed if everything checks out.

You can wait for the contract period to expire or exit early based on new trends in the market.

CryptoCom Unending Support for Shiba Inu

Meanwhile, Crypto.com has continued to release new updates to enhance the trading experience of Shiba Inu enthusiasts.

Last month, the leading exchange increased Shiba Inu’s supported trading pairs, following the addition of the SHIB/CORGIAI pair.

Additionally, Crypto.com recently received a license to offer Shiba Inu trading in Dubai. As reported earlier, the exchange also announced a giveaway of $15,000 worth of BTC for users who traded SHIB and other meme-based cryptocurrencies between December 19 and 25.

Dogecoin Founder Plans to Visit Shiba Inu Cafes in Japan

Abdulkarim Abdulwahab
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Billy Markus, one of the software engineers behind Dogecoin (DOGE), is contemplating a trip to one of Shiba Inu’s cafes.

Markus, who uses the pseudonymous username “Shibetoshi Nakamoto” on X, disclosed this intention in a recent statement on the social media platform.

In the tweet, the Dogecoin co-founder expressed his admiration for the growing count of Shiba Inu cafes in Japan. As a result, Markus hinted at his potential interest in revisiting these Shiba Inu establishments.

“There are a number of Shiba Inu cafes in Japan, which means I need to go back,” the Dogecoin founder remarked on X. 

Shiba Inu Cafes

In recent years, the popularity of animal cafes has surged, not only in Japan but around the globe. Among them, Shiba Inu cafes, also referred to as Mameshiba Cafes, have gained notable attention. 

These establishments offer patrons the opportunity to relax and unwind in the company of their favorite furry companions while enjoying a cup of tea or coffee.

The essence lies in creating a soothing atmosphere where visitors can interact with animals and experience moments of joy and relaxation. 

Shiba Inu cafes embody this concept, providing a unique and delightful experience for animal lovers and enthusiasts alike.

This is illustrated in the photo accompanying the Dogecoin founder’s tweet. In particular, it featured two cheerful individuals in a Mameshiba cafe surrounded by loving dogs.

Community Reacts

Notably, the crypto community responded positively to the Dogecoin co-founder’s contemplation of revisiting Shiba Inu cafes in Japan.

Among the comments that stood out was one from X user Muhammad Azhar, who remarked:

“Exploring the intersection of culture and commerce through Shiba Inu cafes in Japan is a captivating endeavor indeed. The fusion of canine companionship and culinary delights is a nuanced reflection of society’s evolving relationship with animals. A journey back to Japan seems inevitable to partake in this unique experience.”

Unveiling the Path: Here is How XRP Can Surge to $50

Sam Wisdom Raphael
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Unveiling the Path: Here is How XRP Can Surge to $50

Data suggests XRP would need to command a market cap of up to $2.7 trillion to see its price skyrocket to the $50 territory.

XRP has not performed as admirably as most market participants expected following the July 2023 ruling that gave it full legal clarity as a non-security. The token pumped on the back of the ruling but eventually corrected the gains it picked up.

During the pre-bull run uptrend of Q4 2023, XRP failed to completely leverage the market surge, securing a meager gain of 19% from October to December 2023, while Bitcoin (BTC) rallied by as much as 57%. In addition, Ethereum (ETH) recorded a 36% upsurge.

Despite XRP’s underperformance, some market analysts have continued to project lofty price targets such as $50. Last December, analyst EGRAG forecasted that XRP could hit $10 or $50 depending on its trajectory. In November, crypto educator Jason claimed XRP clinching $50 is not a fantasy but a fact.

While most community members have dismissed the $50 projection as wishful thinking, others remain convinced that XRP has the potential to hit such a target. Media personality Zach Rector asserted last September that XRP could only hit ambitious targets such as $50 if there is a currency reset.

XRP Would Need a $2.7T Market Cap to Hit $50

However, in a recent disclosure, CryptoBanker, a pseudonymous crypto YouTuber and member of the Stronghold Token (SHX) community, shared insights into what XRP’s market cap would be should the token hit the $50 price target or a $500 value.

CryptoBanker’s remarks aimed to assess SHX’s price if the asset could capture even 1% of XRP’s market cap. The media personality stressed that XRP would need to surge by around 100x or 10,000% from its current value to reach a $50 price. 

Notably, such a price jump would dramatically affect XRP’s market capitalization, which currently sits at $29.5 billion, per data from CoinMarketCap. XRP’s current market cap is 75% down from its peak market valuation of $120.5 billion in January 2018.

At the $120 billion market cap, XRP’s price hovered around the $3 territory. If the price of XRP ever surged to $50, its market cap would push to $2.72 trillion, supposing the asset’s circulating supply remains fairly stable at the 54.5 billion tokens mark.

It bears mentioning that CryptoBanker’s insights focused on SHX’s ability to capture 1% of this $2.72 trillion market cap to command a valuation of $27 billion. He cites the strong connection between the XRP Ledger and the Stronghold project as a factor that could drive this push.

Shiba Inu Shares Fresh Update Regarding SHEboshi

Lele Jima
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0
Shiba Inu Shares Fresh Update Regarding SHEboshi

The Shiba Inu ecosystem team outlines three phases for the minting of SHEboshi, a collection of 20,000 uniquely generated NFTs. 

Following the launch of SHEboshi, an ERC-404 NFT for the SHIB community, the Shiba Inu ecosystem team has unveiled the phases of minting the digital collection. 

Phases of Minting SHEboshi

According to an X post yesterday, users can mint the NFT in three phases. 

Phase 1 

The first phase of the minting process is for holders of Shiboshi, Shiba Inu’s original NFT collection. This phase aims to reward Shiboshi holders for their continuous support of the Shiba Inu NFT program. 

Shiba Inu took a snapshot of all Shiboshi wallets at block 19227900, to detail eligible wallets. Users in this category can mint one SHEboshi for every Shiboshi NFT they hold at zero cost. Besides paying for gas fees, Shiboshi holders can claim SHEboshi for free. 

The claim window, which started yesterday, is open for 48 hours. In the hours leading up to press time, Shiboshi holders are required to mint the NFT at zero cost within the next 16 hours or forfeit their claim.  

Phase 2 

According to the announcement, the second phase will commence immediately after the Phase 1 claim window ends. This Phase 2 claim window will be open for 24 hours, with priority given to Doge Killer (LEASH) holders. 

Per the announcement, LEASH holders, irrespective of the amount of LEASH they hold, can mint SHEboshi for a cost of 0.05 ETH ($146), excluding gas fees. 

With LEASH holders given priority, Shiba Inu enthusiasts took to various crypto trading platforms to acquire some amounts of the token to become eligible for SHEboshi claim. 

Consequently, LEASH embarked on a massive breakout, surging from $295 to $313 in the past day. At press time, Doge Killer is priced at $298, marking a 24-hour decline of 3.37%. 

Phase 3 

In the third phase, the SHEboshis minting process will be open to the general public and the broader crypto community. Here, anyone can mint SHEboshi immediately after the Phase 2 claim window elapses. 

Like the second phase, a unit of SHEboshi will cost users 0.05 ETH in the third phase, excluding gas fees. The phase 3 claim window will continue until all SHEboshis have been minted successfully. 

It bears mentioning that all 20,000 units of SHEboshi NFTs will be minted on the Ethereum network. However, plans are underway to bridge the NFTs to Shiba Inu’s L2 blockchain, Shibarium. 

Notably, the proceeds from the sale of SHEboshis will be distributed for various purposes. While some of the proceeds will help incinerate Shiba Inu ecosystem tokens (SHIB, BONE, LEASH, SHI, and TREAT), the remaining revenue will be allocated to the team, non-profit projects, foundation, and expenses. 

In the meantime, the SHEboshi NFTs can be traded on OpenSea at a floor price of 0.109 ETH, equivalent to $318. According to data from OpenSea, SHEboshis boasts a total volume of 1,159 ETH, worth around $3.38 million. 

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