Home Blog Page 2387

Shiba Inu Price May Retrace By Over 47% As Coin Keep Losing Holders And Investors Interest

Mark Brennan
-
0
Shiba Inu Price May Retrace By Over 47% As Coin Keep Losing Holders And Investors Interest

 

Shiba Inu Price can Retrace By Over 47% As SHIB Price Continues To Fall.


 

SHIB price keeps falling despite the launch of a SHIB burn portal and SHIB metaverse.

Top crypto analyst, Ali Martinez, has taken to Twitter to make a bold prediction about meme-themed cryptocurrency, SHIB. In his words, Martinez, said, “Shiba Inu appears to be breaking out of a descending triangle in a bearish posture, which could see SHIB price retrace by more than 47%.” He added that “notice that SHIB is also losing the RSI support at 35.10 on the 3-day chart.”

Though 3 Day Shiba Inu RSI is entering an oversold territory, but the RSI has a tendency to remain for a long time in the oversold state in a bear market.

SHIB price has decreased by over 7.8% in the last 24 hours according to Coinmarketcap data even though the price of the meme-themed crypto. The SHIB price decline represents a 75% decrease from its peak price which it achieved in October 2021.

Most meme-themed cryptos usually gain more value following social media interest and lose their significance when such interests plummet. 

Data compiled by TheCryptoBasic reveals that after a meteoric rise in 2021, interest in the keyword ‘Buy Shiba Inu coin‘ on Google Search has declined dramatically in the last 30 days. Since reaching a peak of 100 on April 19th, interest in the keyword has slumped by 89% to a Google Trends score of 15 on May 6th, 2022.

buy shiba inu keyword

Also, the value of any crypto falls when there is a decrease in the number of its holders. Shiba Inu holders have decreased from 1,198,789 (1.19M) on March 15th to 1,146,348 (1.14M) on May 9th showing a lack of interest in the coin from investors, according to Coinmarketcap data.

shiba inu holders decreasing

SHIB price keeps falling despite recent developments in the SHIB ecosystem

Also, SHIB price keeps falling despite recent developments in the SHIB ecosystem. For instance, SHIB developers recently launched the SHIB burn portal to reduce the supply circulation of SHIB globally and boost the token’s price.

Within fourteen days of launch, the SHIB burn portal has destroyed nearly $0.5m worth of SHIB. However, the burnt tokens haven’t had the desired effect on the SHIB price. As of May 9th, Shib burn portal has burned 26B SHIB tokens.

It is only a matter of time to know whether Ali Martinez’s prediction will come to pass. Another effort made by the SHIB community to push up the SHIB price was the launch of the SHIB metaverse. A prominent member of the SHIB community (@SHIBainuart) revealed that 18,700 plots have been sold in the SHIB: the metaverse.

 

Despite the huge land purchases in the Shiba Inu metaverse, SHIB price hasn’t reflected that huge number of purchases.

Ripple Bags Japan’s First E-Commerce Adoption, as XRP Will be Utilized to Purchase Used Cars on SBI Motors

Lele Jima
-
0
Ripple Bags Japan’s First E-Commerce Adoption, as XRP Will be Utilized to Purchase Used Cars on SBI Motors

SBI Clients Can Now Buy Used Cars Using Ripple (XRP) and Bitcoin (BTC).


The initiative further increases XRP’s utility, which has been on a downtrend since the SEC slammed a lawsuit against Ripple.

SBI Motor Japan, a subsidiary of SBI Africa Co., Ltd., has announced that its customers can now make payments for used automobiles using Bitcoin (BTC) and Ripple (XRP).

According to a press release by the company, the development marks the first time Ripple cryptocurrency will be deployed on a cross-border e-commerce website in Japan.

Notably, the BTC and XRP transactions will be settled through SBI VC Trade Co., Ltd, the SBI Group’s cryptocurrency exchange.

“We are pleased to announce that our company has started supporting crypto assets [BTC and XRP] settlements on the cross-border [e-commerce] site SBI Motor Japan,” Tomoya Kitagawa,  SBI Tokyo’s Representative Director, said.

SBI to Combat Money Laundering & Terrorist Financing

The exchange, according to SBI, will adopt relevant security measures in a bid to combat money laundering and terrorist financing that may arise via these cryptocurrency transactions.

Furthermore, SBI also disclosed that it is currently monitoring and examining its business partners to ensure that they comply with the AML and the company’s rules.

SBI noted that aside from supporting BTC and XRP settlements, it will continue to support other important initiatives that meet the needs of its growing customers.

Reason Behind the Initiative

It is noteworthy that the SBI’s EC site provides used car information to its major export destinations such as Zambia, Kenya, Tanzania, as well as other African and Caribbean countries globally.

Per the announcement, the development comes following the growing demand for cryptocurrencies in developing nations, especially in Africa, where people still do not have access to basic financial services.

Citing a 2017 World Bank survey, SBI noted that over 1.7 billion adults still cannot gain access to basic financial services and it has continued to deprive them of participating in useful initiatives.

Based on this, cryptocurrencies have been widely adopted in these countries as an alternative to traditional payment methods.

Although SBI Motor Japan will commence the acceptance of XRP and BTC payments, the company disclosed that it will be adding other cryptocurrencies to the list in anticipation of the growing demand for crypto payments.

SBI’s Initiative increases Ripple’s Utility

The development was further announced by one of Ripple’s enthusiasts on Twitter, who celebrated the achievement by saying:

“Japan’s first #XRP payment support on the e-commerce site by SBI Motor Japan. They export about 5,000 used cars annually, mostly to Africa. #BTC will be the other crypto assets accepted. @yoshitaka_kitao keeps putting XRP utility in play.”

The development comes as Ripple is still undergoing a lawsuit in the United States for allegedly breaching security laws via its XRP offering.

The lawsuit has dealt a major blow to the cryptocurrency and to XRP holders who have seen major crypto-related businesses halt support for the digital currency.

XRP utility will increase and possibly boost the coin’s value with the latest development.

243 Million Shiba Inu Burnt In 24 Hours, 3.96 Billion In a Week, While 26B SHIB Destroyed Since Burn Portal Launch

Zabi
-
0
243 Million Shiba Inu Burnt In 24 Hours, 3.96 Billion In a Week, While 26B SHIB Destroyed Since Burn Portal Launch

Billions of Shiba Inu Keeps on Burning.


 

24 Hour Burn:

Over 243.06 million SHIB has been sent to the dead wallet by Shiba Inu Community using Burn Portal in the last 24 hours.

Data shared by the Shibburn Twitter account shows that in the past 24 hours, the SHIB community has burned 243,069,460 (243.06M) SHIB tokens, removing them from circulation. That amount of crypto was shifted in 54 transactions.

The burn rate declined by -37.21% over the last day when 311,860,295 (311.86M) SHIB tokens were burned through 46 separate transactions.

Weekly Burn:

According to our calculations, over 3.96 Billion tokens have been taken out of circulation forever in the last seven days through 367 separate transactions.

ShibaDoge (SHIBDOGE) is the top burner of the week. The meme-inspired token has sent a whopping 1 billion Shiba Inu tokens to the dead wallets, worth over $20,000 in a single significant transaction on Thursday.

SHIB Burn Portal:

SHIB Burn Portal went live on April 23, 2022 (16 days ago). The Portal has increased the burn rate dramatically, as the community is taking part in it enthusiastically while burning millions of coins on an hourly basis. The community in return, receives rewards in the form of Ryoshi Vision (RYOSHI), a new official partner token of the SHIB ecosystem.

Since the launch of SHIB Burn Portal, a whopping total of 26,357,419,583 (26.35B) SHIB tokens worth $458,619 have been burned through hundreds of separate transactions.

26b shib burnt
image source: https://burn.shibaswap.com/

Despite aggressive burn in play, the Shiba Inu (SHIB) price is under intense selling pressure. Shiba Inu registered its all-time high price (ATH) on October 28, 2021 (6 months ago). Since then, the dog-themed cryptocurrency has lost its -80.26% of value.

At the time of writing, the Shiba Inu price is trading at $0.00001758, down -7.30% over the last day, with a 24-hour trading volume of $552,903,446 ($552.90M).

Latest: Two Important Scheduling Updates in the Ripple v. SEC Lawsuit 

Mark Brennan
-
0
Latest: Two Important Scheduling Updates in the Ripple v. SEC Lawsuit 

Ripple’s response to the SEC’s attorney-client privilege claims over William Hinman’s documents is due May 13, 2022.


As the Ripple v. SEC lawsuit drags on for more than a year, XRP investors have continued to hope that a verdict is reached at least by year end in order to see the price of the cryptocurrency stabilize or possibly record a significant surge in value if the case’s outcome favors the blockchain company.

However, a loss for Ripple could wreak further damage to the XRP price, which is around $0.56 at press time.

While motions and replies for summary judgment from both parties are slated to be concluded by mid-November, there are two important scheduling updates that XRP investors need to keep tabs on.

The update borders on the case surrounding the internal documents of SEC’s former staff William Hinman.

Recall that the agency, which claimed that Hinman’s documents reflect the former Corporation of Finance director’s personal views, saw its motion to keep the documents from Ripple’s reach, denied by Judge Sarah Netburn.

With the agency giving the approval to object to the judgment, the SEC moved again to protect the document; however, it asserted that the documents are protected by the attorney-client privilege.

According to the SEC, the 2018 Hinman document contains conversations between the SEC’s former director of corporate finance and some of the agency’s attorneys, and as such, cannot be unveiled to the public.

Two Important Schedule Updates

Ripple, which does not seem to agree with the SEC’s assertion, is currently preparing a response to the SEC’s new claim that the documents are protected by attorney-client privilege, and the reply is due by Friday, May 13, 2022.

Meanwhile, on discovering that Ripple is filing a response to its new assertions, the SEC also filed yet another motion seeking approval to support its attorney-client privilege claims over Hinman’s document.

The request, which was approved in a text-only order despite Ripple’s objection, implies that the agency’s reply brief in support of its recent claims must be filed on or before May 18, 2022.

Attorney James K. Filan tweeted about the development, informing the Ripple community about the next scheduled date in the lawsuit, saying:

“Quick scheduling update. Ripple Defendants’ response to the SEC’s brief claiming the Hinman documents are protected by the attorney-client privilege is due Friday, May 13th. The SEC’s reply to the Ripple Defendants’ response is due May 18th.”

Veteran Futures Trader Peter Brandt Predicts Bitcoin May Fall Below $28k If Price Doesn’t Hold Above $30K 

Albert Brown
-
0
Veteran Futures Trader Peter Brandt Predicts Bitcoin May Fall Below $28k If Price Doesn’t Hold Above $30K 

Brandt has changed his previous predictions for Bitcoin, as he shares a mixed view of the world’s largest cryptocurrency by market capitalization. 


Peter Brandt, a veteran futures trader with nearly 50 years of trading experience, has reconsidered his May 1, 2022 analysis of Bitcoin. He predicted a free fall for the world’s largest cryptocurrency by market capitalization.

The veteran futures had predicted a week ago that the top asset class would dip further till it reached $28,000 following the completion of a “bear channel,” which usually equates to the width of the channel.

Brandt’s New Prediction

However, Brandt, who seemed to have reanalyzed his previous analysis, suggested that following the wide acceptance of the $28,000 BTC price as the downside target, he believes that investors could perform one of two essential movements in the coming days.

Brandt’s first movement could see BTC either hold above the $30,000 price level, while the second movement may see Bitcoin crash below $28,000.

“Now that $28,000 is so widely accepted as a downside target, I am forced to change my view. Either the price holds above $30,000 or tanks through $28,000,” the veteran futures trader shared his views on Twitter.

Earlier on May 2nd, Veteran Futures Trader Peter Brandt Said He Is Not A Bitcoin Hater, But BTC Will Go Down. He predicted that the BTC price would drop further until it reached $28K.

BTC’s Recent Performance and Traders’ Reaction

Meanwhile, Bitcoin has been on a significant downtrend since last week, after the Federal Reserve introduced an interest rate hike in a bid to mitigate inflation in the U.S. economy.

BTC, which soared to nearly $40,000 hours after the Fed announced a spike in interest rates, crashed almost 10% moment after to a low of $33,700 earlier today.

The crash in BTC prices mounted more pressure on investors as they were forced to convert their Bitcoin holdings to stable coins.

According to famous cryptocurrency analyst Ali Martinez, the recent selling pressure of Bitcoin came from 47 whale addresses, which have at least 1,000 BTC or more.

These addresses have continuously sold or redistributed their BTC holdings since May 2, 2022.

A Different Perspective from Brandt’s

Bitcoin is currently trading around $33,725 in the hours leading up to press time. At this price level, Michaël van de Poppe, the CEO, and founder of Eight Global, noted an interesting bullish divergence on BTC, where there seems to be a heavy buy order of around $34,000.

Poppe predicted that BTC could have some upward movements around the $34,000 level by sharing a different view from Brandt.

Peter Schiff Slams Bitcoin

Meanwhile, Peter Schiff, the popular Bitcoin critic and gold proponent, did not fail to aim another swipe at BTC following the asset’s over 6% drop in price.

Schiff took to Twitter to say that BTC’s recent dip suggests a “leading indicator of weakness” in the world’s largest cryptocurrency. Other financial instruments, like gold, have only dipped 1% since the Fed introduced a hike in interest rates.

“Once investors figure out that Fed rate hikes will result in recession but not a significant reduction in #inflation, gold will soar,” Schiff added.

Ripple v. SEC: New Facts Further Suggests William Hinman’s Links With Ethereum Before His “2018 ETH Free Pass Speech” 

Lele Jima
-
0
Ripple v. SEC: New Facts Further Suggests William Hinman’s Links With Ethereum Before His “2018 ETH Free Pass Speech” 

New fact shows that Hinman’s affiliations with Ethereum went beyond being a managing partner of Simpson Thacher before his SEC appointment. 

Many Ripple investors still regard William Hinman, the former director of SEC’s Division of Corporation Finance, as the major cause of XRP’s underperformance following his 2018 comments stating that Ethereum (ETH) was not a security.

Hinman’s speech paved the way for Ethereum to become the second-largest cryptocurrency by market capitalization, of which Ripple (XRP) was a major contender at the time.

Ripple enthusiasts believe that Hinman made the Ethereum free pass speech because of his affiliation with Simpson Thacher & Barllett LLP, a member of Enterprise Ethereum Alliance (EEA).

It is worth noting that the EEA is responsible for marketing the Ethereum blockchain as an enterprise solution, and as such Hinman was accused of possible conflicts of interest during his time at the SEC.

More Facts Link Hinman to Ethereum 

What many Ripple investors did not realize is the fact that Hinman’s affiliation with Ethereum goes beyond being a managing partner at Simpson Thacher.

The SEC’s former corporation finance director was the managing partner of Shearman & Sterling’s San Francisco and Menlo Park offices prior to joining Simpson Thacher in 2000.

According to an EEA report, Shearman & Sterling officially became a member of the EEA and Legal Industry Working Group on August 14, 2017, less than three months after Hinman was appointed Director of the Division of Corporation Finance.

In the first month of Hinman’s stint at the SEC, he proceeded to appoint Robert Evans III as the Deputy Director in the agency’s Division of Corporation Finance. Evans was also a managing partner at Shearman & Sterling LLP before his appointment.

While it is not clear whether Hinman and Evans collaborated to favor Ethereum over Ripple, there is a possibility of conflicts of interest, which resulted in ETH becoming the undisputed second-largest cryptocurrency by market cap.

Meanwhile, less than a month before Hinman made the speech declaring ETH as non-security, Shearman & Sterling LLP wrote about the regulatory scrutiny facing Ethereum and Ripple.

Why Ripple is Yet to Sue Hinman

Many Ripple enthusiasts will be wondering why Ripple has still not slammed a lawsuit against Hinman following the amount of information gathered so far, suggesting possible conflicts of interest during his stint at the SEC.

However, attorney John Deaton stated why Ripple’s attorneys have still not filed a lawsuit against Hinman.

“BlueWhale0073” Adds 83.43 Billion SHIB, worth $1.67 Million to Its Stash Amid Ongoing Accumulation

Zabi
-
0
“BlueWhale0073” Adds 83.43 Billion SHIB, worth $1.67 Million to Its Stash Amid Ongoing Accumulation

BlueWhale0073 Transfers another 84.89 Billion SHIB, Worth $1.70 Million to the Mysterious Wallet Address; Mysterious Wallet Now Holds 7.62 Trillion SHIB, Worth $152.44 Million in Her Wallet.

The Top Ethereum whale labeled “BlueWhale0073” accumulated a total of 83.43 Billion SHIB, worth $1.67 Million through three separate transactions in the last 24 hours. However, the whale prefers to transfer these Shiba Inu assets to the mysterious wallet than holding them.

A recent report by WhaleStats shows that BlueWhale0073 has purchased 4,318,320,742(74.31B) SHIB, worth $1.49 million in one significant transaction.

However, Etherscan.io data shows that following this transaction, she has made two more “Buy Transactions” and added 9,119,916,985 (9.11B) more SHIB, worth $183,120 to her portfolio.

In doing so, a whopping total of 83.43 Billion SHIB, worth 1.67 Million has been scooped up by the biggest Ethereum whale through three separate transactions in the last 24 hours.

Transfer of Shiba Inu Assets to the Mysterious Wallet Address:

Following this accumulation, she is found to interact with a mysterious wallet and appears to transfer 84,890,168,431 (84.89B) SHIB, worth $1,704,528 ($1.70M) out of her total SHIB balance to it, through one significant transaction.

“BlueWhale0073” continues to transfer its Shiba Inu assets to this mysterious wallet since Robinhood made SHIB available to trade on its platform to its 22 million users. Since April 12, she has transferred 2.74 trillion SHIB tokens, worth 54.69 million USD to this mysterious wallet. However, this mysterious wallet was exclusively discovered by TheCryptoBasic on April 20.

“BlueWhale0073” now holds only 291.40 million SHIB, worth $5,787 USD in her wallet.

Interestingly, the newly emerged mysterious whale now holds a whopping total of 7.62 trillion SHIB, worth $152.44 million in her wallet, as per data provided by Etherscan.io.

Cardano (ADA) Overthrows Terra (LUNA) to Become 8th-Largest Cryptocurrency Amid Market Dip 

Lele Jima
-
0
Cardano (ADA) Overthrows Terra (LUNA) to Become 8th-Largest Cryptocurrency Amid Market Dip 

Cardano has once again overthrown Terra and the coin looks set to overtake Solana in the global cryptocurrency rankings. 

The mid-sized correction that wiped off over 8% of the market valuation in two days has led to several developments in the digital currency market. 

While the recent dip has not been a pleasant experience for cryptocurrency traders, many who missed out on previous opportunities to increase their cryptocurrency holdings in the past have racked up more digital currencies in recent price dips. 

ADA Market Cap Soars Above LUNA

The continuous accumulation of cryptocurrencies, including Cardano, saw the ADA coin overtake Terra (LUNA) to become the eighth-largest cryptocurrency by market capitalization, nearly a month after the latter flipped ADA in the crypto ranking. 

Cardano recorded the milestone after seeing its market valuation increase by nearly $1 billion in the last 24 hours. At the time of writing this line, ADA currently boasts a market capitalization of $26.05 billion with a 24-hour trading volume of $1.09 billion. 

On the other hand, Terra’s market cap slumped significantly during the mid-sized correction over the past two days. LUNA, which is the native cryptocurrency of Terra Labs, slumped to ninth position in the global cryptocurrency rankings after its market cap dipped to $25 billion. 

At press time, LUNA boasts a market capitalization of $25.03 billion, with a 24-hour trading volume of $2.48 billion. 

With Cardano overtaking Terra to become the eighth-largest cryptocurrency by market cap, the ADA coin is less than $1 billion away from usurping the seventh-biggest cryptocurrency Solana (SOL), which boasts of $27.02 billion market capitalization. 

Massive ADA Accumulation Bolstered Cardano’s Position

The recent development may come as a surprise to many people, who have not been following the happenings around Cardano in recent times. 

There has been an increased amount of whale accumulation of ADA this week. As reported, over 750,000 Cardano addresses bought a whopping 37.4 billion ADA this week, as part of efforts to keep the price from further dip. 

In a similar development, Cardano addresses holding between 1 million and ten million ADA purchased a combined 196 million ADA in the past week. 

Meanwhile, ADA is trading at $0.77 across major exchanges at the time of writing. 

Number of On-Chain ETH Transactions Soared Amid Recent Market Capitulation, the Highest in Nearly Four Years  

Lele Jima
-
0
Number of On-Chain ETH Transactions Soared Amid Recent Market Capitulation, the Highest in Nearly Four Years  

More transactions were conducted on Ethereum when the price of ETH was down compared to when the cryptocurrency was in profit.

Following yesterday’s market dip that crashed the prices of all cryptocurrencies aside from stablecoins, the number of transactions on the Ethereum network for a single day soared to a more than three-year high.

According to data from Santiment, a crypto analytics platform that monitors transactions of more than 2,000 cryptocurrencies, there were more ETH transactions on the world’s second-largest blockchain.

Per Santiment, there were 3.4 times as many ETH transactions on the Ethereum network yesterday while the price of the native cryptocurrency traded at a loss compared to when it was in profit.

It is worth noting that yesterday’s record is the highest number of ETH transactions recorded for a single day on the Ethereum network in terms of ETH capitulation trading ratio since November 18, 2018, over three and a half years.

“On the #Ethereum network, there were about 3.4 times as many transactions taken while coins were at a loss compared to in profit. This was the highest day, in terms of $ETH’s capitulation trading ratio since Nov 18, 2018, or 3.5 years ago,” Santiment tweeted.

Ethereum Down Over 10% in Two Days

Like other cryptocurrencies in the market, Ethereum was not spared in the mid-sized correction that took place in the last two days.

The world’s second-largest cryptocurrency by market capitalization saw its price plummet from $2,955 recorded on May 5, 2022 to a low of $2,653 yesterday.

The mid-sized correction that took place in the last two days appeared to have cooled off a bit with ETH currently trading at $2,673 across various cryptocurrency trading platforms like Binance.

Ethereum is down 45.2% from its all-time high (ATH) recorded on November 10, 2021 as a result of the numerous dips that have taken in the market since December last year.

Binance Halts Its Cryptocurrency Derivatives Offering In Spain to Comply With Regulatory Requirements

Lele Jima
-
0
Binance Halts Its Cryptocurrency Derivatives Offering In Spain to Comply With Regulatory Requirements

With Binance moving to get regulatory approval from Spanish authorities, the exchange has discontinued crypto derivative offerings in Spain in a bid to get a regulatory green light from the country’s financial watchdog.

Binance, the world’s largest cryptocurrency exchange by trade volume, has been forced by Spanish financial regulators to discontinue the offering of cryptocurrency derivatives products to Spanish residents.

Spanish local media outlet La Informac!on reported today that the exchange moved to remove the cryptocurrency offering from its platform after a restriction was placed on the service by the country’s financial watchdog.

Binance Quest to Get Approved in Spain

According to the report, Binance has been seeking regulatory approval from the The National Securities Market Commission (CNMV) since the beginning of the year and halting the crypto derivative offering is part of efforts by the exchange to comply with the CNMV requirement.

Notably, Binance is yet to be approved by the National Securities Market Commission because the exchange has not yet secured an operational certificate from the Bank of Spain, forcing the crypto trading platform to continue to remain in the CNMV’s gray list.

It is worth noting that getting approved by the National Securities Market Commission is a necessity for companies who are seeking to offer crypto-related services in Spain.

Despite all efforts to get an approval from the CNMV, the agency headed by Pablo Hernández de Cos,  has rejected all moves to grant the world’s largest cryptocurrency exchange the necessary license.

With Binance discontinuing its crypto derivative offering and its willingness to comply with the relevant authorities, it will help pave the way for the exchange to receive approval from the CNMV soon.

Alberto Ortiz, head of Binance’s operations in Spain, said:

“With our adherence to the Bank of Spain registry, we hope to encourage other firms to do the same.”

The CNMV has always frowned at crypto derivative offering, which it believes increases the chances of investors incurring more losses than their initial investments.

Based on this, the authorities want the service to be limited to investors with extensive knowledge of the offering.

Binance Regulatory Woes

Meanwhile, the development comes a few days after Binance was approved by French regulators to operate in the country.

Toward the end of last year, Binance received several warnings from authorities in various countries that declared the exchange’s operations as illegal.

Italy, Singapore, Canada, Thailand, Iran, etc., were among the nations that placed restrictions on Binance’s activities within their countries.

1...2,3862,3872,388...2,634Page 2,387 of 2,634