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Shiba Inu FOMO Kicks In With 23% SHIB Price Surge, What’s Next?

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6 hours ago

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The world’s second-largest meme coin Shiba Inu (SHIB) has once again triggered a storm in the crypto space with 23% gains in the last 24 hours and moving closer to $0.0000191. Interestingly, the SHIB Price surge comes along with a 240% surge in the daily trading volumes, above $1.36 billion, reminiscent of the 2021 mega bull run.

Shiba Inu FOMO Kicks In Again

Crypto analytics platform Santiment reported that the Shiba Inu has experienced a major surge of 43% in the last nine days amid the heightened on-chain activity. Key metrics behind this rally include the strong volume spurt, strong SHIB circulation, and the SHIB whale transactions that have surged to 10-week highs. Besides, with the increase in the SHIB social dominance, there’s a strong FOMO (fear of missing out) kicking-in among the traders.

Courtesy: Santiment

Furthermore, the Santiment data suggested that the sharp price rise could lead to the potential for a local top. As of press time the Shiba Inu price is trading at $0.00001901 with a market cap of $11.3 billion making it the 13th largest cryptocurrency in the market. For the SHIB Price to hit the February high of $0.000043, the bulls need a breakout above $0.000020 with strong trading volumes. 

Derivatives data for the world’s second-largest meme coin also shows strength with the open interest surging by 65% all the way past $60 million. Further, the Coinglass data shows that the 24-hour Shiba Inu liquidations have surged to $2.23 million, of which, $1.29 million are short liquidations. Also, the chart below shows a strong surge in the funding rate, showing bullish sentiment among SHIB futures traders.

Courtesy: Coinglass

SHIB Price Rally to Continue?

As said, if the bulls manage a SHIB Price breakout above $0.20, there’s potential for another 100% rally immediately thereafter in a few weeks. However, investors are curious about whether the meme coin can replicate a 2021 bull run, which surged by 45000% between January and May.

There have been calls for the Shiba Inu rally to $1, however, this would need an exponential volume spurt. Additionally, despite the burn effort, there are trillions of SHIB still in circulation which would make it difficult for such a massive rally.

On the other hand, the SHIB ecosystem has continued to make progress on the SHI stablecoin launch. Furthermore, the total value locked (TVL) on Layer 2 network Shibarium has surged to a new high of $3.64 million.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitcoin Price Hits $65K Since August, Will BTC Reach $80K in Uptober?

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2 hours ago

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September 27, 2024

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The Bitcoin price has hit $65,000 for the first time since early August, thanks to several recent developments that provide a bullish outlook for the flagship crypto. These developments are also why there is the belief that this BTC rally can extend, with its price rising to $80,000 in Uptober, a term used to describe Bitcoin’s bullish nature in October.

Bitcoin Price Can Reach $80,000 In Uptober

Several factors support the Bitcoin price reaching $80,000 in October. One is the macro side, which has provided a major boost for the crypto market, with investors again allocating a significant amount of their capital to risk assets. These macro developments began with the US Fed rate cuts last week when the Federal Reserve cut interest rates by 50 basis points (bps).

This week, the People’s Bank of China (PBoC) also announced interest rate cuts and stimulus policies to improve the country’s economy. CoinGape reported that that move was bullish for BTC, noting that the Bitcoin price targets $100,000 following China’s stimulus package and its crypto trade with Russia.

Meanwhile, the latest US GDP data and jobless claims showed that the US economy is healthy, supporting the Fed’s move to cut interest rates by two more 25 bps this year. These world governments will continue adopting monetary easing policies to boost their economies.

In line with this, more liquidity will flow into the BTC ecosystem in October. A Coingape report states that this market liquidity will aid Bitcoin’s surge, which is one of the reasons why its price is likely to keep rallying in October. 

From A Historical And Technical Perspective

From a historical and technical perspective, the Bitcoin price also looks poised to rally to $80,000. Coinglass data shows that October has been one of the most profitable months for BTC in the last eight years.

For context, the flagship crypto has only recorded monthly losses once in October over this period. Moreover, Bitcoin’s gains in October have been double digits. The only time the crypto recorded a single-digit gain was in 2022 when it closed the month with a 5% gain.

In his recent analysis, crypto analyst Jelle suggested that Bitcoin can reach $80,000 in October. The analyst noted that the market structure is now bullish, considering that BTC has breached the $65,000 resistance level. The analyst’s accompanying chart showed that $80,000 was the price target as the flagship crypto continues its uptrend.

ImageImage

Market Volatility Ahead Of October

A lot could still happen between now and Uptober, with the Bitcoin price gearing up for heavy market volatility. CoinGape reported that 89,027 Bitcoin options will expire today, with a notional value of $5.8 billion. The put-call ratio is $0.64, which suggests a bullish sentiment ahead.

The US Core PCE inflation data is also set to be released today by 1:30 p.m. UTC. This could also spark a lot of volatility for the BTC price. The current forecast is that the PCE price index rose by 0.2% in August.

For now, $65,000 remains the key level that Bitcoin bulls must defend if the BTC rally is to extend. Crypto analyst Ali Martinez revealed that 57.77% of Binance users with open positions are currently shorting BTC. This is also something to watch out for, although Bitcoin is currently on course to record its most profitable September ever, having surged by over 10% this month.

ImageImage

At the time of writing, the BTC price is at around $65,400, up over 2% in the last 24 hours. Trading volume is up over 57%, with $39 billion traded during this period.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Binance Executive Tigran Gambaryan’s Release Pushed By US Panel

Published

10 hours ago

on

September 27, 2024

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The U.S. House Foreign Affairs Committee has passed a resolution demanding the immediate release of Tigran Gambaryan, the head of financial crime compliance at Binance. Gambaryan, a former U.S. Internal Revenue Service agent, was detained by Nigerian authorities in February, along with another Binance executive, amid allegations of illegal financial activities by the exchange. The resolution, voiced unanimously, marks a step by the U.S. government in addressing this humanitarian concern.

U.S. Demands Nigeria Free Binance Executive Amid Health Crisis

Tigran Gambaryan alongside Nadeem Anjarwalla, another executive from Binance, faced arrest after their arrival in Nigeria, under accusations related to illegal transaction. The charges against Gambaryan were filed on February 28, with Anjarwalla escaping custody in March. 

The health condition of Gambaryan, who suffers from a herniated disk and pneumonia, has prompted urgent calls from U.S. officials. The resolution, introduced by Republican Reps. Rich McCormick and French Hill, demands Gambaryan’s freedom and insists on providing him unrestricted medical care.

Legislative Support and International Diplomacy

During a session marked by a unanimous voice vote, the U.S. House Foreign Affairs Committee approved H.Res. 1348, urging the Nigerian government to release Gambaryan immediately. The resolution also requests the U.S. State Department to intensify efforts to declare Gambaryan “wrongfully detained” and mobilize all resources to secure his freedom. 

Following its approval by the committee, H.Res. 1348 is set to be presented to the full House for a vote. During the discussions, top Democrat of the committee, Rep. Gregory Meeks, expressed disappointment with Nigerian authorities. Gregory criticized the lack of response from the Nigerian government despite repeated communications.

In addition, Binance recently linked the resolution of Gambaryan’s case with its terms to comply with Nigeria’s Securities and Exchange Commission’s framework for Virtual Assets Service Providers. The crypto exchange has set clear conditions, including Gambaryan’s release, before it considers registration under this new regulatory framework. 

More so, the crypto community is closely monitoring the situation, especially with the upcoming release of Binance founder Changpeng Zhao, set for September 29, 2024. These events could influence the exchange directions and its compliance with international regulatory standards.

Despite the challenges, Binance has seen a 40% increase in institutional investors this year, signaling strong ongoing interest in crypto assets amid regulatory setbacks. 

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Elon Musk’s X Seeks Second Chance In Brazil, Will Supreme Court Agree?

Published

15 hours ago

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September 26, 2024

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Elon Musk’s X is reportedly seeking a second chance to resume its services in Brazil, sparking discussions in the broader tech sector. According to sources with knowledge of the matter, the social media platform has requested the Supreme Court of Brazil to allow resume its services in the region. Notably, Elon Musk has recently been involved in a tussle with the country’s authority for putting a ban on its social media platform.

Meanwhile, it has also sparked discussions about whether the platform would be given a second chance to thrive in one of its largest markets.

Elon Musk’s X Seeks Brazil Entry Again

According to a recent Reuters report, Elon Musk’s X has asked the Brazil Supreme Court to grant him access to the region. The report, citing people with direct knowledge of the matter, has sparked discussions in the broader market about whether Brazil’s top court would give approval to the platform.

Meanwhile, X’s troubles in Brazil began in August when the platform failed to comply with court orders addressing hate speech moderation and the appointment of a local legal representative. This led to a complete shutdown of X’s services in the country.

However, Musk has openly criticized these court demands, labeling them as censorship. Despite that, the recent development indicates a surprising turn for X, shifting its stance. In other words, it signals that the platform is willing to comply with the court’s requirements now.

Meanwhile, X appointed Brazilian lawyer Rachel de Oliveira Conceição as its legal representative recently, signaling a step toward compliance. In addition, the platform has blocked nine accounts under investigation for hate speech and misinformation, addressing one of the major concerns raised by Brazilian authorities.

According to previous reports, X has also paid a fine of $3.31 million, which was previously imposed as part of the sanctions. This financial settlement has further fueled speculation about whether the Supreme Court will now grant Musk’s company a second chance.

Will Brazil Supreme Court Grant Approval?

The legal battle between Elon Musk’s X and Brazil’s authority has intensified over the recent months. Notably, the tensions peaked in August, when X withdrew from the country in response to what Musk deemed as “uncontrollable censorship” orders. This move has led to the freezing of X accounts, making headlines in the broader technology sector.

Brazilian Supreme Court Justice Alexandre de Moraes has gained notable traction amid the ongoing battle. Musk’s opposition to de Moraes’ orders gained public attention, as the tech mogul accused the judge of violating free speech rights.

In addition, Musk even launched an account on his platform, “The Alexander Files,” to highlight what he saw as abuses of power by the judge. Many now believe the recent payment of fines and blocking of accounts is an attempt to broker peace and restore X’s operations in the region.

While the Supreme Court has lifted some sanctions, it remains unclear whether this legal back-and-forth will fully resolve. If granted permission to resume services, X might have to navigate through Brazil’s stringent laws on misinformation and hate speech.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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