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Is Shiba Inu Coin Burn Rate Hinting At SHIB Price Crash?

Published

3 months ago

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Shiba Inu witnessed retracement after a recent bullish rally to the $0.000034 target. Shiba Inu coin burn rate and addresses have dropped in a week, hinting at a decline in sentiment for further upside. As a result, SHIB price has tumbled 2% today and 13% this week. Is a crash to the $0.000024 support level imminent?

Shiba Inu Coin Burn Rate Slumps

SHIB burn rate declined more than 100% this week, as per burn tracker Shibburn data as of December 14. In the last 24 hours, the burn rate has increased by nearly 425% after a Shiba Inu coin wallet sent 70,605,175 tokens to the burn address, according to Etherscan data.

Shiba inu coin burnShiba inu coin burn
Source: Shibburn

The Shiba Inu coin community has burned 410.74 trillion tokens from the initial supply. The circulating supply has dropped to 584.01 trillion amid the recent burn rate jump. While the relation between Shiba Inu burn rate and value is complex, the recent rally was supported by a massive increase in SHIB burn. Developer Kaal also burned a significant amount of tokens.

Meanwhile, Shytoshi Kusama has hinted at TREAT token launch and SHIFU coin launch, adding to investor curiosity on the matter.

Shiba Inu On-Chain Data

Shiba Inu coin sentiment for further upside has waned amid a drop in the broader crypto market. This has led to SHIB price fall this week.

The Exchange Netflow Total metric from on-chain data platform CryptoQuant indicates that net deposits on exchanges are high compared to the 7-day average. The deposits on crypto exchanges rose in the last few days, indicating higher selling pressure.

SHIB Exchange Netflow TotalSHIB Exchange Netflow Total
Source: CryptoQuant

In addition, the number of active addresses fell by 7% in the last 24 hours. The recent decline in SHIB price due to profit booking and whale activity likely triggered negative sentiment.

SHIB Price Looks Weak After Recent Selloff?

Shiba Inu price fell more than 2% in the past 24 hours, with the price currently trading at $0.00002755. The 24-hour low and high are $0.00002741 and $0.0000288, respectively. Furthermore, the trading volume has decreased by 13% in the last 24 hours, indicating a decline in interest among traders.

The technical chart shows weakness amid the change in trend and signals from indicators such as Ichimoku cloud, RSI, and exponential moving averages. SHIB will likely touch the 50-day EMA at $0.0000275.

Moreover, The Fibonacci retracement analysis indicates Shiba Inu price will hit the 0.382 Fib Retracement level. However, the direction depends on trading volume and sentiment in the market as Shiba Inu coin burn rate also dropping. Notably, $0.000024 is the strong support level for the dog-themed meme coin.

SHIBUSDTSHIBUSDT
Source: TradingView

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Varinder Singh

Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.

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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Ethereum Price Eyes 50% Drop Amid Heavy ETH Whale Profit Booking

Published

6 hours ago

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March 21, 2025

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Despite the recent attempt by the bulls, Ethereum price has struggled to regain past $2,000 levels recently. Market analysts believe that there’s enough possibility that ETH could see another 50% drop to $1,000 as some early ETH whales resolve to heavy profit booking.

Ethereum Price Struggles to Regain $2,000

Amid the overall market uncertainty, Ethereum continues to face some selling pressure as bulls fail to regain control over $2,000 levels. Crypto analyst Ali Martinez has stated that investors should maintain caution before building fresh positions in ETH.

“Ethereum hits $2,000. Cool, but zoom out! The big picture is brewing something bigger,” Martinez stated. As per the below chart shared by Martinez, if bulls fail to hold the Ethereum price above $2,050, it risks further falling to the next support at $1,500, and even below all the way to $1,095 levels, per his recent ETH price prediction.

Source: Ali Charts

As of press time, the ETH price is trading 2.26% down at $1,973 with its daily trading volume dropping over 40% to $12.21 billion. Furthermore, the ETH futures open interest has also dropped 4% under $20 billion. A recent ETH price prediction also hints that the crypto will hover near $2K for some time ahead.

Early ETH Whale Sells 34,125 Coins

Blockchain analytics platform SpotonChain reported that a major ETH whale appears to have secured a massive profit of $65.66 million, marking a staggering 4,156% return on investment. The whale’s holdings date back to March 2017 when they acquired the ETH from platforms like Changelly, Bitfinex, ShapeShift, and Binance at an average cost of just $46.3 per token.

The whale, identified as “0x086,” deposited its entire ETH holdings of 34,125 ETH to crypto exchange Coinbase a few hours ago. This transaction happened at an average Ethereum price of $1,970.

Source: SpotonChain

Currently, the ETH whale activity remains mixed as some big players are moving it from exchange and moving it to staking to earn the extra yield. These are specifically the long-term ETH holders holding with diamond hands.

BlackRock Explains Why Ethereum ETFs Are Struggling

Despite Ethereum price eyeing a relief rally past $2,000, there’s no major relief for spot Ethereum ETFs. The outflows have continued through March 2025 so far, highlighting a major drop in institutional sentiment.

While speaking at the Digital Asset Summit (DAS) in New York City, BlackRock’s head of digital assets Robbie Mitchnick explained the real reason behind this fall. Mitchnick suggested that the ETFs could have performed better if they had included staking, noting that the absence of this feature made the launch “less perfect.”

“A staking yield is a meaningful part of how you can generate investment return in this space. And all the [Ether] ETFs, of course, at launch did not have staking,” he said.

On Thursday, crypto asset manager Bitwise filed a proposal to introduce staking on Ethereum ETFs. The New York Stock Exchange (NYSE) has proposed amendments to allow the listing and trading of shares for the Bitwise Ethereum ETF, incorporating staking capabilities.

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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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Analyst Confirms XRP Price Is Still On Path To $130

Published

14 hours ago

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March 20, 2025

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Crypto analyst Egrag Crypto has again provided a bullish outlook for the XRP price. This time, the analyst alluded to a previous analysis, in which he predicted that XRP could reach $130, a move which confirms that the altcoin is still on the path to this ambitious target.

XRP Price Set To Rally To $130

In an X post, Egrag Crypto confirmed that the XRP price could rally to $130. He alluded to a previous analysis in which he predicted that the altcoin could rally to this target while stating that only a few understand what is coming for the altcoin. Back then, the analyst had highlighted $130 as one of the massive macro targets as XRP eyes a parabolic breakout.

He also raised the possibility of XRP entering its most explosive phase yet and added that the “eruption is near.” Indeed, XRP might be about to enter its most explosive phase, considering that the US SEC has agreed to drop the Ripple lawsuit. This development is very bullish for the XRP price, as the long-running legal battle had negatively impacted the altcoin during the 2021 bull run.

In another X post, Egrag Crypto revealed how XRP could rally to as high as $8 in the midterm. He stated that a close above $2.66 would be a good sign, followed by another close above $2.97, which would be a second bullish confirmation.

The analyst asserted that the ultimate confirmation for a bullish trend would be a close at $3.40. Egrag Crypto stated that the next targets are between $5 to $8 if XRP hits $3.40, which is the current all-time high (ATH).

What Next For The Altcoin As Key Structure Holds

Crypto analyst CasiTrades revealed that the XRP price has held its structure. She noted that the altcoin took a strong dip to a local 0.5 retracement level but held structure right where it needed to. She added that even with the break below $2.40, XRP respected the channel structure and closed at the 1.236 extension for Wave C.

ImageImage

The analyst remarked that this price action is textbook Wave 4 behavior and, as long as XRP doesn’t witness further breakdowns, new highs could be loading. She warned that this is still a critical moment. If the channel continues to hold, CasiTrades predicts that the altcoin should make a push toward $2.65 to $2.70 with the breakout.

She again affirmed that $2.70 is the next major level to flip to support to continue the macro trend up towards ATH. The analyst revealed that the $2.45 price level is the resistance that will help confirm this push. Coincidentally, XRP is currently testing this level. CasiTrades warned that if the altcoin can’t break it, it could record another dip to the deeper 0.618 retracement level at $2.36.

ImageImage

Regardless of any dip, the crypto analyst asserted that the XRP price remains bullish on the macro degree, sitting above its major 0.382 retracement level at $2.25. She remarked that new highs above $3.40 should be printing soon.

Besides the SEC’s decision to drop the Ripple lawsuit, fundamentals such as Bitnomial’s launch of XRP Futures contracts also provide a bullish outlook for the altcoin and could spark a significant price surge.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. 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, a traveler 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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Why Is Solana Price Up 6% Today?

Published

1 day ago

on

March 20, 2025

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Solana price has gained by a strong 6% in the last 24 hours moving to $135 amid the optimism surrounding the launch of futures Solana ETF by Volatility Shares on Thursday. As a result, traders have charged in with daily trading volumes for SOL surging by 61% to more than $3.57 billion.

Solana Price Action Draws Trader Interest, Is Bottom In?

Today’s Solana price action happens along with significant trader interest in the altcoin. Popular crypto analyst Ali Martinez pointed out that the Solana futures open interest has shot up to $2.7 billion, the levels last seen in October 2024. This shows a renewed interest in the Solana derivatives market while signaling growing participation from investors and traders alike.

Source: Ali Charts

After hitting the highs of around $270 in November 2024, the Solana price corrected more than 50% from the top in just the last four months. However, market analysts believe that SOL is showing signs of a bottom formation, and could reverse its trajectory from here onwards.

As shown in the below image, the Solana price has broken out of the converging triangle pattern. As a result, the immediate target on the upside could be in the range of $150-$180. Once the bulls successfully cross this range, we can see another leg of the rally to %260 and beyond.

Source: Trader Tardigrade

Tuesday’s FOMC meeting saw the Federal Reserve keeping interest rates unchanged at 4.5%, which is the expected line. Bitcoin and the broader crypto market took this as a positive indicator with investors showing strength. The current SOL price prediction by analysts suggests that the bullish sentiment is once again picking up with the hope of an altcoin market revival.

Solana ETFs Go Live Today

In a major development for the crypto community, Florida-based investment giant Volatility Shares will bring the first-ever futures Solana ETFs to the US market. This marks the stepping stone for getting the spot ETF products into the market in the future. This is the same trajectory that was followed to bring spot Bitcoin ETF and spot Solana ETF to the market.

Volatility Shares LLC will introduce two Solana Futures ETFs with tickers – SOLZ and SOLT. Here, the standard Solana ETF (SOLZ) will directly track Solana futures, while the leveraged Solana ETF (SOLT) will provide investors with double the exposure to Solana price movements.

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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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