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Shibarium Crosses 500 Mln Transaction Milestone, SHIB Reacts
Shibarium, the Ethereum-based Layer-2 scaling solution backed by the Shiba Inu (SHIB) ecosystem has recorded a huge mainnet milestone. According to data from Shibarium scan, the total transactions processed on the platform has crossed the 500 million milestone. As of writing, the total transaction is pegged at 500,623,178.
Shibarium and the Obvious Growth Catalyst
The Shiba Inu-backed layer-2 scaling solution launched in August 2023. For a protocol with a largely rocky start, the new milestone has sparked series of debates on X. Shibarium got a major boost less than a month ago when Shiboshi-linked NFT update triggered enhanced ecosystem adoption.
With the NFT bridge feature on the mainnet, transaction count jumped to millions per day from a few thousands. At the time of writing, the daily transaction count comes in at 4.69 million. Despite this figure, the protocol records at least 2,227 transctions in hours. The new milestone has triggered a comment from Kaal Dhairya, one of the ecosystem’s lead developers.
PAW-some news! 🐾 Shibarium just fetched 500M transactions—proof of pack is unstoppable! 🚀 Here’s to more tail-wagging milestones ahead. #ShibArmy #Shibarium https://t.co/1gBzGyY85E
— Kaal (@kaaldhairya) November 12, 2024
Per the Shibariumscan data, the protocol now have a total block of 7,849,660 with wallet adresses coming in at 1,889,496. With the consistent growth, the protocol hopes to match with some of its peers like Base and Optimism soon.
Shiba Inu Reacts, Will This Boost Market Value?
The memecoin has reacted to the update within the ecosystem as it underscore the relative growth overall. At the time of writing, SHIB price was changing hands for $0.0000264, down by 3.39% in 24 hours. Within this period, the token has traded within a low price of $0.00002457 and a high of $0.0000303.
While the token ought to print a rally, SHIB has recorded an extreme growth trend amid the boom in the price of Bitcoin. In the past week, the token has retained a more than 48% rally overall. With the token’s price largely linked to the broader market trend, it’s recovery might come faster than projected.
Meanwhile, lead developer Shytoshi Kusama has set his sight on his SH.I.B proposal to create the Silicon Valley destination for crypto. He recently pitched this idea to Elon Musk in a bid to get the Donald Trump administration to consider the prospects.
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.
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-based Mubarak meme coin has witnessed huge trading activity surging by another 70% today and moving to $.20 with its market cap hitting $200 million just within two days of launch. An early trader of the meme coin has managed to earn a 4860x return just within two days of launch, converting his $232 investment to a $1.1 million return.
Mubarak Meme Coin Trader Mints Huge Profit
Blockchain analytics platform LookonChain recently pointed out that a trader has achieved extraordinary profits from the newly launched BNB Chain-based meme coin, the Mubarak token. A savvy trader managed to turn an initial investment of just 0.4 BNB ($232) into over $1.1 million, achieving a staggering 4,860x return.
The trader purchased 10.5 million $MUBARAK tokens for $232 and later sold part of the holdings for 576 BNB, worth approximately $363,500. Currently, the trader retains 5.16 million tokens, valued at $764,000, spread across three wallets.
What’s Behind This New Meme Coin Frenzy
The Mubarak meme coin has gained significant traction in the last two days following an investment by Binance founder Changpeng Zhao. This announcement was enough to garnet significant trader attention leading to a sharp rally in a very short time period.
Furthermore, the listing of this meme coin on the Binance Alpha platform has led to a huge trading activity around it. Pseudonymous crypto analyst Thanos has expressed strong optimism about the token, describing it as a “no-brainer” investment at its current price levels.
According to Thanos, the recent Binance Futures listing triggered a market shakeout, eliminating overleveraged long positions. With this correction behind, the analyst believes the token can continue its upward trajectory.
BNB Price Rally to Continue?
The launch of the MUBARAK meme coin on the BNB Chain has led to a huge surge in network activity thereby pushing the BNB price higher to the breakout resistance of $630. As a result of this, the decentralized exchange (DEX) volumes on the BNB chain have also skyrocketed.
In a recent milestone, the daily trading volumes on the BNB chain also surpassed that of the popular Solana network. Over the last few months, the meme coin market has been shifting from Solana to Binance, as the latter sees a strong surge in address activity.
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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The price of Bitcoin (BTC) is undergoing bullish consolidation at the moment after the intense selloff in the broader market cooled off. The current outlook shows relief for a coin that dropped as low as $76,624.25 in the past week. Per the historical trend of BTC prices, this consolidation might be a buildup to a massive rally for the top coin.
Bitcoin Price and Potential $200,000 Play
When writing, the BTC price changed hands for $83,927.24, up by 1.38% in 24 hours. The coin has jumped from a low of $82,017.90 to a high of $84,725.32, a show of brewing breakout.
Market analyst Rekt Capital analyzed whether this current price is a short-term relief. He spotlighted a trend from June 2021, when the price of Bitcoin was consolidating between the 21-week EMA and the 50-week EMA. The consolidation came just after a crash.
About a week ago, the BTC price crashed, triggering millions in liquidation across the market. Following this price slump, the coin is consolidating between the same EMA showcased by Rekt Capital.
In June 2021, Bitcoin prices increased from $33,000 to $42,000. This gives an average price of $37,500. From here, the coin jumped by over 123.95% to its current price of $83,927.24. If history repeats, Bitcoin Bitcoin may soar to almost $187,280 or approximately $200,000.
BTC Price and Accumulation Trend
According to market data from Glassnode, Bitcoin currently has a high of 0.1. According to the market analytics platform, this figure indicates sustained buying pressure despite the market selloff.
Rather than steer clear of the market, Glassnode hinted that the coin’s distribution remains dominant overall. Other onchain indications also point to reboot from BTC proponents. IntoTheBlock data points to a 5.34% surge in large transactions to $34.7 billion.
This whale transaction is important as it shows a trend shift among market players that can impact prices. It is also complemented by the 24% surge in BTC trading volume of crypto exchanges, a sign of sustained positive sentiment.
What Next for the Crypto Market?
The growth or fall in the price of Bitcoin has a way of impacting the broader market. In an earlier cryptocurrency price prediction, the impact of Trump and Putin’s peace deal over Ukraine was considered. Experts are convinced the broader market may ignite a bullish rally if the conversations turn positive.
Although spot Bitcoin ETF market has been showcasing outflows over the past week, the coin is positioned to be the biggest beneficiary in this shift. While the Rekt Capital historic forecast teases $200,000, experts like Cathie Wood predict deflationary boom for the market, riding on massive BTC adoption rate by institutions and governments.
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.
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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MUBARAK coin emerged as the latest hot buzz of the crypto sector, securing a prominent mark on traders’ and investors’ radars amid Binance founder CZ’s involvement in the meme coin. CZ recently hinted that he is Mubarak, a shilling cryptic move that sent shockwaves across the meme crypto industry. Now, with the crypto exchange titan itself revealing plans to launch a perpetual contract for the token, market sentiments over the crypto’s price prospects have turned highly bullish.
Notably, MUBARAK price is currently up 22% intraday in the wake of Changpeng Zhao spotlighting the token, further escorted by the CEX’s futures listing.
Mubarak Coin Gains Traction As It Secures Binance Listing
According to an official announcement dated March 17, Binance futures is launching a MUBARAKUSDT perpetual contract today at 13:30 UTC. The platform’s colossal user base remains primed to enjoy up to 25x leverage trading the new token.
This announcement by one of the top crypto exchanges ignited optimistic waves, paving the way for further investor interaction with the new asset. As market participants look to capitalize on emerging opportunities, a gush of money inflow into this meme token remains anticipated.
In turn, bullish market sentiments about MUBARAK coin’s price prevail across the broader market.
Is Binance’s CZ Mubarak?
CoinMarketCap’s data about this new token reveals that “CZ just subtly acknowledged that he’s Mubarak,” a cryptic move that sparked market discussions globally. On the other hand, a recent CoinGape report spotlights that CZ also bought $600 worth of the new meme coin, sparking a market frenzy.
When coupled with Binance’s futures listing, these developments add an extra layer of market optimism to the new token.
What’s More In The Listing Announcement?
Apart from enhanced trading support for MUBARAK coin, the crypto exchange behemoth unveiled Bubblemap’s (BMTUSDT) perpetual contract with up to 25x leverage. This announcement triggered 43% gains in the asset, reaching $0.1289, as indicated by the intraday trading chart.
MUBARAK Price Surges Over 20%
As of press time, MUBARAK price witnessed a 22% pump and exchanged hands at $0.09902. Notably, the coin hit an intraday peak of $0.1458, which was in sync with Binance’s announcement. Further, traders reacted positively to the abovementioned developments, as signaled by a 120% increase in the asset’s intraday trading volume to $165.45 million.
More Support From Binance?
Simultaneously, it’s noteworthy that in a previous announcement on Binance Alpha, the crypto exchange revealed support for the Mubarak coin. Binance Alpha is a platform featuring tokens that can be potentially considered for listings on the exchange moving ahead.
Overall, traders and investors anticipate potential gains in this newly launched token amid rising market demand and interest.
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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