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What’s Stopping Shiba Inu From Reaching $0.0001?
The renowned dog-themed meme crypto Shiba Inu has continued birthing market speculations, primarily in the wake of its sluggish performance despite ecosystem developments. On Wednesday, January 1, SHIB price soared roughly 1% intraday, struggling to reach the $0.0001 level. In turn, crypto market enthusiasts are now anticipating whether the token could achieve gains ahead, primarily in the wake of broader market trends and ecosystem developments.
Here’s Why Shiba Inu Price Unable To Reach $0.0001
In an unprecedented turn of events, the meme coin Shiba Inu has garnered significant scrutiny, primarily as investors speculate over the token’s future potential. As per the latest market data, the leading dog-themed meme crypto has encountered substantial hurdles.
Notably, the SHIB burn rate has witnessed a sluggish performance in recent days, with only 55.54 million coins burnt in the past week. Interestingly, this feat marks a much lower burn rate as compared to past chronicles. The waning burn rate, in turn, lines with the sluggish performance, underscoring that the circulating supply has not taken a drastic hit. Further, even the intraday burn rate witnessed only a 55% uptick, aligning with the asset’s sluggish performance. Altogether, the recent decline in burn activity has significantly impacted Shiba Inu’s price.
On the other hand, recent market trends further rationalize the coin’s price volatility. Notably, the broader crypto market faces immense heat moving into 2025, in tandem with the broader trends and a holiday sentiment brewing. Notably. investors continue showcasing a low-risk appetite, aligning with the crypto seeing downside pressure in the market.
Besides, despite recent ecosystem developments, such as the SHIB Metaverse launch and the looming TREAT token launch, the token is yet to show its potential in this bull cycle.
What’s Ahead For The Meme Coin?
At the time of reporting, SHIB price traded at $0.00002015, up marginally by 0.4% over the past day. Its 24-hour low and high were $0.00002052 and $0.00002178, respectively. Notably, the current volatility falls in line with the broader market trend following the U.S. Fed’s hawkish stance on rate cuts.
Nevertheless, long-term prospects for the asset continue to reflect bullishness, indicating more price gains ahead. Notably, as the Shiba Inu community has seen remarkable advancements in recent days, such as the Metaverse launch and the looming TREAT token launch, market participants remain optimistic about future movements as the coin enjoys enhanced market visibility.
In addition, a recent SHIB price analysis by CoinGape revealed that a $0.0001 target is achievable for the token despite the broader market turmoil as of now. A rally to the abovementioned price target is possible by January 2025, given that the market has recovered and SHIB has leveraged its strong market technicals. Market watchers continue to eye the coin for further price shifts.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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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Crypto market today looks bullish as Bitcoin crossed the $99,000 mark and is trying to touch $100,000 again after a two-week bearish trend. SPX6900 (SPX) and Filecoin (FIL) became the top gainers for today, with a 12% surge in price. Major altcoins also showed a positive trend, with most of the top 10 coins in green.
The global crypto market is also up by 1%, reaching $3.49 trillion. However, the trading volume has decreased by a minor 2%, standing at $83 billion. The Fear and Greed Index now shows a reading of 60, indicating that greed has overtaken fear in the market sentiment.
Crypto Market Today: Bitcoin Eyes $100K as Major Altcoins Show Positive Momentum
Crypto prices today showed a strong upward momentum, with Bitcoin (BTC) eyeing the $100K mark. Major altcoins, including Ethereum (ETH), XRP, and Solana (SOL), each gained around 1% in the last 24 hours. Meanwhile, Bitcoin miner Marathon Digital Holdings (MARA) lent 16% of its reserves, driven by rising interest in BTC lending.
Bitcoin Price Today
Bitcoin price today was trading at $99,100, marking a 1% increase in the last 24 hours. Its 24-hour low and high were $97,314 and $99,265, respectively. The market cap stands at $1.96 trillion, with a trading volume of $24 billion. As per SoSo Value data, BTC ETF recorded a weekly inflow of $244 million, reflecting growing institutional interest.
Ethereum Price Today
Crypto market today showed Ethereum (ETH) price trading at $3,668, reflecting a 1% increase in the last 24 hours. Its 24-hour low and high were $3,595 and $3,682, respectively. Ethereum’s market cap stands at $441 billion, with a trading volume of $15 billion.
XRP Price Today
XRP price today was trading at $2.40, showing an approximate 1% increase in the last 24 hours. Its 24-hour low and high were $2.33 and $2.43, respectively. Ripple CEO Brad Garlinghouse highlighted the positive impact that Donald Trump’s victory has had on the company’s operations.
Solana Price Today
SOL price was up by 1% today, trading at $216. Its 24-hour low and high were $211 and $218, respectively.
Top Crypto Gainers Prices Today
SPX6900
SPX price was up by 12% in the last 24 hours, trading at $1.48. In the past week, it surged by 63%. Its 24-hour low and high were $1.27 and $1.56, respectively. Crypto market today reflects SPX’s market cap of $1.38 billion and trading volume of $94 million.
Filecoin
FIL price was up by 12% and is among the top gainers for today, trading at $6.23. Its 24-hour low and high were $5.52 and $6.28, respectively. The market cap stands at $3.86 billion, with a trading volume of $424 million.
Besides this, Movement (MOVE), Injective (INJ), and Artificial Superintelligence Alliance (FET) also gained 8 to 10% in the last 24 hours. Crypto market today highlights that FET token could reach $3 amid its token burn plan.
Top Crypto Losers Prices Today
Virtual Protocol
VIRTUAL price was down by approximately 7%, making it the worst performer for today. It was trading at $4.10, with a 24-hour low and high of $3.96 and $4.40, respectively.
Hyperliquid
HYPE price was down by 3% in the last 24 hours, trading at $24.81. Its 24-hour low and high were $24.06 and $25.63, respectively. The market cap stands at $8.27 billion, with a trading volume of $90 million.
Other than that, BONK, WIF, and BEAM also declined by 3% to 4% in the last 24 hours. Crypto market today reflects a mixed trend, with some tokens facing sell-offs despite positive momentum in major cryptocurrencies.
Besides this, the hourly chart also looks bullish, with Bitcoin price and major altcoins turning green in the last hour. Fartcoin gained 5% in the past hour, indicating short-term positive momentum in the crypto market today.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
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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Ripple CEO Brad Garlinghouse has highlighted the positive impact that Donald Trump’s victory has had on Ripple’s business. Garlinghouse also referenced the “Trump bull market,” which undoubtedly provides a bullish outlook for coins like XRP.
Brad Garlinghouse Highlights Trump’s Impact On Ripple
In an X post, Brad Garlinghouse discussed the impact of Donald Trump’s election victory on Ripple’s operations. He revealed that 75% of the company’s open roles are now US-based.
This represents a change, as Garlinghouse noted that over the last four years, most of the company’s hires were outside the US. Furthermore, the Ripple CEO revealed they had signed more US deals in the last six weeks of 2024 (since Trump’s victory) than in the previous six months.
Trump’s victory has undoubtedly provided a bullish outlook for the crypto industry because of his pro-crypto stance. Brad Garlinghouse remarked that Team Trump is already jumpstarting innovation and job growth in the US with Scott Bessent, David Sacks, Paul Atkins, and others at the helm.
He added that the “Trump effect” is already making crypto great again through his campaign and in the Administration’s day 1 priority. Ripple looks to have really benefitted greatly from this Trump effect.
The crypto firm finally launched its RLUSD stablecoin after the US president-elect defeated Kamala Harris in November last year. The RLUSD stablecoin has already enjoyed significant success, as it recently flipped PYUSD and EURC in 24-hour trading volume.
The “Trump Bull Market” Is Real
In his X post, Brad Garlinghouse also stated that the “Trump bull market” is real. He remarked that for Ripple, this bull market is even more personal after Gary Gensler’s SEC effectively froze their business opportunities in the US for years.
He added that optimism about the bull market is obvious and very deserved. This Trump bull market undoubtedly provides a bullish outlook for the XRP price especially.
With pro-crypto Paul Atkins set to lead the US Securities and Exchange Commission (SEC) under Trump’s Administration, the Commission could drop its long-running lawsuit against Ripple and Brad Garlinghouse.
This is bullish for XRP because of the crypto’s ties with Ripple. The coin is believed to have remained stagnant in the 2021 bull run because of the lawsuit.
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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Bitcoin miner MARA has lent 7,377 Bitcoin (BTC) to third parties, constituting 16% of its total reserves of 44,893 BTC. The company has confirmed the arrangement in its latest production update describing the loans as part of a strategy to generate yield and manage operating expenses.
Why Is Bitcoin Miner MARA Lending 17,377 Bitcoin
Bitcoin miner MARA has stated that the 7,377 BTC loans are indeed short-term in nature and the company has entered into these arrangements with “credible counterparties only.” Robert Samuels the Company’s Director of Investor Relations said that the lending programme is to achieve ‘modest single-digit yield’ to enhance the operational sustainability.
”The long-term goal is to achieve a level of return on investment adequate to cover operating costs,” Samuels noted. This is in line with the MARA’s continuous involvement in Bitcoin lending in the whole of 2024 where it earned $3.9m in interest income in Q3 and $4.8m in the first half of the year.
Concurrent with the announcement, Bitcoin price trend had turned positive after reclaiming the $98k resistance and trading at $98,194.
As for the third-party borrowers, the MARA did not reveal their identities, but the firm said that the demand for its lending program is still strong in light of increased market risk aversion. The recent failures of BlockFi and Genesis in 2022 have only raised questions about counterparty risks in the crypto lending market.
MARA’s Expanding Bitcoin Reserves
Bitcoin miner MARA closed the year with a total of 44,893 BTC in its reserve which was a 192.5% growth from the initial 15,174 BTC in the year. The company achieved this growth through two main avenues: mining and acquisitions.
Throughout 2024, MARA mined 9,457 BTC and bought 22,065 BTC at an average rate of $87,205. As of now, total reserves are estimated at about $4.4 billion at the current market price. The firm’s approach to acquisition is consistent with its treasury policy of holding all mined bitcoins and increasing reserves through the capital markets.
Fred Thiel, CEO of MARA, confirmed that the company remains steadfast in its decision of holding Bitcoin in the long-term as a part of the company’s strategic asset.
Boost in Mining Performance
MARA reported an energized hashrate of 53 exahashes per second (EH/s) as of December 31, exceeding its year-end goal. However, its realized hashrate—the effective mining power used for production—stood at 47 EH/s, consistent with November figures.
The company’s year-end hashrate performance represented a 15% increase compared to earlier in the year. Mining operations remain central to MARA’s growth, as the firm continues to scale its infrastructure to keep pace with the competitive and energy-intensive Bitcoin mining industry.
Bitcoin miner MARA’s CEO Fred Thiel concurrently shared his optimism about Bitcoin’s future, predicting that the cryptocurrency could reach $200,000 by the end of 2025. Speaking to FOX Business, Thiel emphasized the role of institutional adoption and regulatory changes as key drivers for this anticipated growth.
Thiel encouraged retail investors to consider Bitcoin as a long-term asset, advocating for consistent, small-scale investments.
“My recommendation is to put just a little away every month in Bitcoin and forget about it,” he said.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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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