Connect with us

24/7 Cryptocurrency News

Monthly SHIB Burn Rate Indicates Shiba Inu May Hit $0.0001 in November

Published

2 months ago

on


The monthly SHIB burn rate garnered substantial attention on Thursday as it landed a remarkable blow to Shiba Inu’s supply. As per burn data surfacing within the market, nearly 125 million coins were incinerated in the past month, sparking optimism over the meme coin’s future price movements. Intriguingly, with the massive burn surge and recent ecosystem developments coming into play, market watchers are eyeing a $0.0001 price target ahead for Shiba Inu.

Monthly SHIB Burn Data Sparks Optimism As Millions Of Coins Destroyed

According to data from the tracker Shibburn on October 31, nearly 85 burns occurred this month, resulting in the destruction of a staggering 124.5 million Shiba Inu tokens. As per the data, this month saw 2.93 burns and 4.291 SHIB burnt on average per day. The massive amount of coins burnt ignited bullish investor sentiments surrounding the coin’s future movements, abiding by the law of supply and demand. As the crypto’s market supply takes a massive blow this month, tokenomics in turn mirror optimism.

Notably, SHIB’s total circulating supply as of writing totaled 589.26 trillion coins, with the massive burn rate surge coming into play. Further, it’s also worth mentioning that burn data showcased nearly 349 million coins burnt in the previous month, September, adding to optimism on the coin’s future movements. Altogether, the massive decline in the coin’s market supply has added a bullish tint to the token’s future movements.

Further, CoinGape Media reported that while the SHIB burn continued witnessing remarkable spikes this month, Shibarium activity also saw notable growth. This saga has poured additional optimism on the meme crypto’s future movements.

Shiba Inu To $0.0001 Possible?

At press time, SHIB price traded at $0.00001857, down nearly 2% in the past 24 hours. The coin’s intraday low and high were recorded as $0.00001823 and $0.0000192, respectively. Notably, the monthly chart showcased a slight 1% gain value despite the abovementioned massive SHIB burn. This has sparked contrasting speculations among market participants over the meme token’s potential to hit $0.0001 in November.

However, recent ecosystem developments, coupled with the massive burns, have urged investors to keep their eyes on the token. A recent CoinGape Media report revealed that Shiba Inu emerged among the leading cryptocurrencies, which crypto investors have been holding the longest. This data, underscoring increased market confidence in the asset, has added to bullish projections.

Simultaneously, it’s also worth mentioning that the token’s lead developer, Shytoshi Kusama, added to the market frenzy surrounding the meme coin, spotlighting how it outshined BTC. This chronicle has added to market optimism surrounding the meme-themed digital asset’s potential to pump ahead.

Also, a recent SHIB price analysis by CoinGape Media further reveals that a $0.000081 price target looms for the token in light of the broader market’s recent bullish movement, coupled with looming U.S. elections and surging market cap for the meme coin. Given the meme coin tops this level, a run to $0.0001 could also be seen ahead.

✓ Share:

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.





Source link

Related Topics:
Continue Reading

24/7 Cryptocurrency News

Bitwise CIO Reacts As Czech Republic Mulls Bitcoin Reserve

Published

20 minutes ago

on

January 7, 2025

By


Matt Hougan, the Chief Investment Officer (CIO) of American asset management firm Bitwise, has reacted to the news of the Czech Republic’s strategic Bitcoin reserve plans. Having predicted earlier that nation states adoption of Bitcoin will soar this year, Hougan noted that “the dominos start to fall.”

Czech Republic Bitcoin Plans

In a CNN Prima News interview, Aleš Michl, the Governor of the Czech National Bank, revealed they are weighing how to diversify the country’s reserves with Bitcoin. However, he added that there are no active strategies in place to make this move yet.

While Michl said he favors the onboarding of Bitcoin as an asset diversifier for the Czech Republic, he said this decision is not solely his to make. He said there are seven members on the board whose say might also sway the ongoing discussion. Despite the lack of concrete plans, the Governor acknowledged that;

“Bitcoin is an interesting option for diversification against other assets.”

On his part, the Czech Republic National Bank executive said he plans to add just a few Bitcoin units with no plans to make a significant investment. This plan to make Bitcoin a strategic reserve asset aligns with the growing conversations in different nations. While Japan rejected the BTC reserve idea, different states in Switzerland continued to explore the plans.

MicroStrategy bought 258,320 BTC in 2024, and with this, the focus on the top coin has grown over the past few months. While corporate firms are looking to borrow the MicroStrategy playbook, Matt Hougan predicted that governments will firm one of the three insatiable demand sources for Bitcoin this year.

The Wait on Donald Trump Administration 

The Czech Republic is considering adopting Bitcoin as a strategic asset, marking a major advancement in the idea that started with Donald Trump. During his Presidential election campaign, Trump promised to establish a strategic Bitcoin reserve in the United States. The crypto community is now very expectant following his victory.

On his part, the President-elect is convening a crypto advisory council that will help look into the BTC strategy. Many industry leaders are in support of the plan, highlighting how it can help the country solve its growing debt challenge.

However, the economic viability and longer-term impact on the US Dollar remain a concern that might derail the plans overall. In light of this, Peter Schiff proposed USACoin as an alternative to the BTC reserve plans, as reported earlier by Coingape.

Bitcoin As Biggest Beneficiary

Amid the growing conversations around the adoption of Bitcoin, the coin has a major prospect of continuing to grow. Notably, the top five Bitcoin price predictions for 2025 peg the coin at a range of $200,000 to $500,000, hingeing on its status as a reserve in most nations’ portfolios.

Currently, the coin is down by 4.45% in 24 hours to $97,173.39. The coin dropped from a high of $102,712.48 as investors cooled off from the latest rally.

✓ Share:

Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Follow him on X, Linkedin

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.





Source link

Continue Reading

24/7 Cryptocurrency News

Why Tim Draper Sees BTC as the ‘Next Netflix’?

Published

4 hours ago

on

January 7, 2025

By


Bitcoin’s exponential growth in 2024 brought all the attention to this digital asset. Interestingly, BTC’s achievement led Tim Draper to compare it to the popular streaming site Netflix, a pioneer in the multi-media industry. He presented a metaphorical connection between the two, depicting why Bitcoin is the next Netflix. Let’s explore Draper’s reasoning behind the comparison between the two and what it means for the potential of the crypto industry.

The Netflix Disruption

Netflix has become the mainstream media platform, beating its competitors by a large margin and attaining a $380 billion valuation. Interestingly, the same company was on the brink of bankruptcy in 2010 and was just a CD rental business before. However, it rose and developed from a movie retail business to an online blockbuster media and entertainment platform. Some even call it a real-life example of technological disruption or Netflix disruption, as it changed how people consume media.

Somewhere, there is a big similarity between the rental industry and the TradeFi industry, which is also getting left behind with digital assets, especially Bitcoin, the new mode of payments based on decentralization. The way Netflix left behind its competitors, which failed to rise with new technology and trends, BTC is likely to do the same with third-party controlled, slow, and expensive traditional transactions.

Its growth, where one Bitcoin is priced at $101.5k per coin with a market cap of nearly $2 T, reveals its high adoption rate. This is especially true as the soon-to-be 47th US president, Donald Trump, promised to make the US the crypto capital involving BTC. Based on this, the famous venture capitalist Tim Draper presented a Bitcoin vs. Netflix analysis, drawing a parallelism between Netflix and Bitcoin’s growth.

Tim Draper Bitcoin Prediction on Why BTC  Could Be the ‘Next Netflix’

Tim Draper presents a very interesting key point, hinting at Bitcoin’s dominance among traditional financial systems like Netflix in the media. With the growing adoption of this digital asset and tech giants like Elon Musk, Michael Saylor, Robert Kiyosaki, and many others seeing Bitcoin as the future, much more dominance could be seen.

“Next Netflix vs. blockbuster moments to come is the Bitcoin vs Banks,” outlines Draper, boldly asserting that Bitcoin’s trajectory mirrors Netflix’s disruption.

Although Tim Draper’s Bitcoin Vs. Netflix post did not clearly explain, but his few words were enough to conclude the parallelism between these two. Both, Netflix and Bitcoin are disruptive technologies, grabbing global adoption and mainstream acceptance. More importantly, BTC has already set its foot strong in the financial market, but there is much more to come. Analysts’ Bitcoin price prediction sees it achieving $225k in 2025 alone and much more in the upcoming years.

Bitcoin Vs Netflix analogyBitcoin Vs Netflix analogy

Michael Saylor and many other industry leaders believe that Bitcoin is the US debt’s solution and that this digital asset would disrupt traditional banking institutions. This belief could become more prominent with Donald Trump’s presidency.

Eventually, all this would make Bitcoin the pioneer of the financial industry. More importantly, as Tim Draper sees, BTC is the next Netflix for the TradeFi and banking sectors. However, this is not new Bitcoin news. Draper’s months-old Bitcoin price prediction that this asset per token will hit $3M evaluations describes his ideology, as he believes BTC is the currency of the future.

Conclusion

Tim Draper provided more than just a catchy analogy by calling Bitcoin the next Netflix of the financial sector. Netflix shaped the future of the media and entertainment industry, and BTC would shape the future of the financial industry with its exponential growth, global adoption, and overcoming the TradeFI, which is slow, complicated, and controlled by institutions and government. Draper’s analysis of Bitcoin Vs. Netflix depicts the future of financial freedom and a tech-driven financial system, where one token could grab a price of $3M, far away from any asset’s value.

✓ Share:

Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

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.





Source link

Continue Reading

24/7 Cryptocurrency News

US CFTC Chair Rostin Behnam To Depart On January 20

Published

7 hours ago

on

January 7, 2025

By


Rostin Behnam, the Chair of the US CFTC, has announced to step down from his post effective January 20, 2025. Interestingly, that is when Donald Trump is scheduled to take over the US Presidential office once his inauguration concludes. While Rostin has not mentioned any specific reason behind stepping down from the post, speculations soar over a change in the horizon. 

US CFTC Chair Rostin Behnam To Step Down On January 20


The US CFTC Chair Rostin Behnam is reportedly stepping down from his position on January 20. According to a Reuters report, Behnam is scheduled to exit on the same date as Trump’s inauguration. Interestingly, the US SEC Chair Gary Gensler has also announced his departure on the same date.

✓ Share:

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.





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon