Shibarium, the Layer 2 network of the Shiba Inu cryptocurrency (SHIB), has witnessed a significant surge in transaction activity.
According to data from the Shibarium explorer, transaction counts escalated from less than 6,000 on April 10 to an impressive 288,690 at the time of writing.
This increase indicates a growing adoption among SHIB users seeking to overcome challenges such as lower throughput.
However, despite this recent surge, the transaction volume is still considerably lower than historical highs noted on March 16, when it exceeded 1 million transactions, as observed by AMBCrypto.
Simultaneously, the broader cryptocurrency market experienced a downturn, affecting SHIB’s value.
Currently, SHIB’s price stands at $0.000024, marking a 10.60% decline over the past 24 hours.
BONE ShibaSwap, the governance token of the Shibarium ecosystem, also experienced a downturn, trading at $0.63—a 9.73% drop within the same period.
Despite the overall market slump, there is speculation about whether Shibarium could bolster SHIB’s price.
Historical data from March 16 shows a significant price increase eight days following a peak in transaction volume.
However, with the current transaction count four times lower than during that period, expectations for a similar price rally remain cautious.
Other metrics, however, suggest potential upward movement for SHIB.
The number of active addresses in the last 24 hours has risen, nearing 6,000 compared to less than 5,000 a few days earlier.
This uptick in active addresses indicates increased interest in the token, which could potentially drive up its price.
This optimistic view is echoed in the market sentiment as well.
The Weighted Sentiment, which gauges the tone of comments about the project, was positive at the time of reporting.
This positive sentiment reflects a general confidence among market participants about a possible recovery in SHIB’s price.
However, realistic expectations are essential. Unless there is a significant increase in demand for SHIB, the transaction boost in Shibarium might not be sufficient to counteract the recent price decline.
Nonetheless, if the rise in active addresses leads to increased buying pressure, there’s a chance SHIB could recover from its recent low points.
This scenario hinges on the cryptocurrency community’s response and broader market dynamics.
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The Shiba Inu cryptocurrency has experienced a significant rise in its burn rate, soaring by 64,201% with a record 657 million SHIB tokens permanently removed from circulation in the last 24 hours, as per the Shibburn X account. This burn involved eight transactions totaling $13,878.
Notably, a single transaction accounted for the removal of approximately 650 million SHIB to dead addresses, highlighting the community’s active role in influencing market dynamics during a time when many other digital assets are facing steep declines in a period often described as a “crypto bloodbath.”
Despite this large volume of tokens being burned, the 657 million SHIB only represents a small fraction of the cryptocurrency’s initial one quadrillion token supply.
However, this recent activity marks one of the most significant burn rates observed in recent weeks.
At the time of reporting, the value of SHIB had dropped by 5.84% over the last day to $0.0000227, reflecting the broader downturn in the cryptocurrency market.
According to data from IntoTheBlock, Shiba Inu is struggling to maintain its position within a critical trading range of 51 trillion SHIB, valued between $0.000022 and $0.000025.
This range is crucial as it is supported by 57,520 addresses holding 51.27 trillion SHIB at an average purchase price of $0.000023.
If this range can be reclaimed, the next resistance could occur between $0.000025 and $0.000030, while a drop below might find support within the $0.000019 to $0.000022 range.
Furthermore, the Shiba Inu community has been alerted to the rise of several fraudulent groups on Telegram.
These impostors mimic legitimate channels, offering deceptive incentives such as exclusive content, giveaways, and investment opportunities, or they may pose as helpers resolving transaction issues.
The Shibarmy scam alerts handle has issued a critical warning advising holders of SHIB to confirm the authenticity of any channel, avoid suspicious links, and refrain from sharing personal wallet information publicly.
Community members are encouraged to remain cautious, verify all communications, and avoid making hasty decisions based on unverified information.
This proactive stance is crucial to safeguarding against potential scams and maintaining security within the Shiba Inu community.
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In the last 24 hours, the cryptocurrency market, including Solana, has witnessed a significant decline. Solana’s open interest (OI) dropped to $1.62 billion, marking a 21% decrease from the previous day.
CoinGlass data reflects this slump in OI, which represents the total unsettled value of all Solana futures contracts across exchanges.
Concurrently, Solana’s price decreased by 11% to $136.54, according to CoinMarketCap.
This downturn resulted in the liquidation of $36.55 million in long positions for traders, dampening the optimism of those who anticipated a price surge prior to the Bitcoin halving scheduled for April 20.
Similarly, other major cryptocurrencies also faced declines, with XRP, Dogecoin, and Cardano dropping 12.12%, 10.86%, and 10.20% respectively.
Despite the market’s current state, the sentiment among traders remains somewhat positive.
A notable trader, GCR Classic, after a long period of silence, resurfaced on social media platform X on April 14, advising his 273,500 followers that the downturn poses “a good opportunity to scale into high conviction tokens.”
READ MORE: XRP Shows Signs of Recovery Ahead of Bitcoin Halving, Poised for Bullish Reversal in 2024
Moreover, on April 13, crypto entrepreneur Kyle Chasse optimistically predicted on X that altcoins might increase by 20-30% by the following Monday.
However, Glassnode, an on-chain analysis firm, presented a more cautious perspective.
In an April 12 post, Glassnode pointed out that current Bitcoin drawdowns are less severe compared to those in past ‘euphoria phases’, where retracements often surpassed 25%.
Additionally, the Solana network has been experiencing operational challenges.
Reports on April 9 highlighted intermittent congestion which led several projects to delay their launches.
Solana developers have acknowledged these issues and are aiming to implement a fix by April 15.
As for network reliability, users have reported ongoing problems with congestion and transaction errors over recent weeks, prompting new projects, particularly those planning token launches, to postpone their initiatives until the technical issues are resolved.
These combined factors contribute to a cautious yet hopeful outlook among cryptocurrency traders and participants.
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Doctor Doge (DRDOGE) is an exciting new memecoin that is set to challenge other dog-themed memecoins, including Shiba Inu (SHIB) and Dogecoin (DOGE).
Doctor Doge (DRDOGE) has rallied 1,350% in the last 24 hours, reaching $0.0000491, as it begins its journey to eventually challenge the likes of Shiba Inu (SHIB) and Dogecoin (DOGE).
DRDOGE, a Solana memecoin, began trading on Raydium and Jupiter on 15 April, and its market cap is currently only around the $220,000 mark despite the huge gains it has already posted.
This means that Doctor Doge has massive potential to grow further, with it targeting a $5 million market cap before the end of April.
When this happens, investors who buy tokens at the current price will generate a 2,300% return on their investment.
For example, if an investor buys $500 of Doctor Doge at the current price, their coins would be worth $11,500.
Furthermore, DRDOGE (contract address: 8uckaPYZWDs57Lm5eeEVnx4FGJDLhXuvrmryzKj7yUvv) is poised to continue to aggressively rally even once a $5 million market cap is reached, as it looks to become as mainstream as Shiba Inu (SHIB) and Dogecoin (DOGE).
If this happens, early DRDOGE investors could turn hundreds or thousands of dollars into millions.
DRDOGE’s recent rally comes ahead of the first-ever listing on a centralized exchange for this coin – which is likely to cause its price to skyrocket once the listing is publicly announced.
This is because the listing will make it easier for millions of additional crypto investors to buy Doctor Doge, and lead to massive inflows into the coin.
Amid DRDOGE’s rally, most altcoins have dropped in value due to mounting tensions between Israel and Iran.
Bitcoin has reached a significant milestone, achieving its highest level of market cap dominance in three years.
This surge has occurred amidst a downturn for altcoins, which have experienced notable price declines.
According to data from Cointelegraph Markets Pro and TradingView, as of April 12, Bitcoin’s share of the total cryptocurrency market capitalization spiked to 56.3%.
This increase marks a shift in market dynamics, emphasizing Bitcoin’s growing influence compared to other cryptocurrencies.
The price of Bitcoin itself faced challenges as the weekend approached, with a drop below $65,300 due to a series of liquidations.
However, altcoins were hit harder, with many of the top twenty cryptocurrencies by market cap experiencing declines exceeding 15%.
This decline in altcoin values has resulted in a significant shift in market share towards Bitcoin.
The cryptocurrency landscape now appears more “Bitcoin-heavy” than it has been since April 2021, underscoring a reversal in the broader market’s composition.
Social media commentator and trader Bagsy noted the significance of this trend on the platform X, stating, “I don’t typically look at Bitcoin dominance, but the chart is impressive considering the amount of new altcoins birthed into the market every day.”
The sentiment was echoed by Daan Crypto Trades, another trader who pointed out the comparative resilience of Bitcoin during this period.
“Yes, the actual hit on $BTC was very minimal and the total downside also wasn’t very relevant,” he commented on X.
READ MORE: XRP Shows Signs of Recovery Ahead of Bitcoin Halving, Poised for Bullish Reversal in 2024
He further highlighted the severe impact on altcoins, noting, “The real damage was done in the Altcoin sector which wiped out billions of Open Interest and made for wicks up to 50%.”
Historically, Bitcoin bull markets are characterized by an initial dominance breakout, followed by a catch-up phase for altcoins after a period of Bitcoin price stabilization.
This pattern has not yet been observed in 2024 for altcoins, which have performed well but haven’t sustained a rally.
Looking ahead, trader Mikybull Crypto predicts a shift in the current dynamics. In a post on X, he suggested, “Altcoins market cap is perfectly following the previous Alts season step.
This is the last shake-off before it rips explosively upward coupled with Bitcoin dominance downward trend.”
These observations are supported by a chart shared by Mikybull Crypto, which draws parallels between the current market situation and the late 2020 period when Bitcoin last broke out of its macro trading range below $20,000.
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Victims of an investment fraud scheme orchestrated by Tianjin Lantian Gerui Electronic Technology in China are attempting to reclaim $4.3 billion in Bitcoin.
This amount, originally purchased with funds misappropriated from the victims, has been seized by the U.K. government.
Represented by a group, the victims have reached out to the Chinese Ministry of Foreign Affairs, urging it to collaborate with the U.K. to facilitate the return of their assets.
From 2014 to 2017, the fraudulent scheme amassed over $6.2 billion.
In response, the victims’ group has also engaged with China’s Ministry of Public Security and gathered nearly 2,500 signatures in support of their plea.
They intend to submit these to both the ministries involved.
The crux of their request was articulated in a letter to the Chinese government, stating, “We do not want, and will never accept, a situation where Bitcoins are confiscated by the UK and not returned to us.”
The letter appeals for the Chinese authorities to assist by proving the victims’ rightful ownership of the Bitcoin to the U.K.
READ MORE: Bonk Cryptocurrency Faces 4% Overnight Decline Amid Market Volatility
The matter came to light following a botched attempt by Jian Wen, a former hospitality worker, to launder part of the stolen funds through the purchase of a $30-million mansion using Bitcoin.
The transaction drew suspicion as Wen failed to account for the origin of the funds, triggering a U.K. investigation.
This investigation led to a 2021 raid on a property rented by Wen and her boss, Zhimin Qian—who is believed to be the mastermind behind the scheme—where authorities discovered 61,000 BTC.
At the time of the seizure, the cryptocurrency was valued at $1.7 billion, but its value has since escalated to approximately $4.3 billion, reflecting the volatile nature of Bitcoin prices.
Initially, Wen claimed the Bitcoin had been mined but later described it as a “love present” from Qian, who has since fled the U.K.
Following these events, Wen faced legal proceedings and was found guilty of three counts of money laundering by Southwark Crown Court on March 20, spanning activities from October 2017 to January 2022. She contested all charges but was nonetheless convicted.
The outcome for the seized Bitcoin and the victims’ efforts to reclaim their funds remains uncertain as the U.K. government has yet to disclose how it will handle the situation.
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In the last 24 hours, Bitcoin’s value plummeted by over 7%, which resulted in significant financial losses amounting to $256 million for traders holding long positions.
This drop is part of a broader trend, not considered unusual by experts, even amid rising geopolitical tensions in the Middle East.
According to Benjamin Cowan in a recent post on X dated April 13, such drops are par for the course in the current market cycle.
“So far, this is a normal drop. In fact, we’ve had several 20-22% drops this cycle,” Cowan explained.
Similarly, Michael Saylor, CEO of MicroStrategy, remains bullish, asserting on the same day on X that, “Chaos is good for Bitcoin.”
In the face of these declines, Rekt Capital, a pseudonymous cryptocurrency trader, suggested that Bitcoin’s current price dip is a precursor to a recovery, though it will likely test investor resolve.
“Bitcoin will retrace deep enough to convince you that the Bull Market is over,” Rekt stated, indicating a belief in the eventual resurgence of Bitcoin’s value.
On the specific details of the plunge, Bitcoin’s price fell to a low of $60,919 before stabilizing around $62,060, and later recovering slightly to $63,858, as reported by CoinMarketCap.
The sharp decline also triggered broader market liquidations, with a total of $319.15 million wiped out from leveraged Bitcoin positions in the same timeframe, comprising $256.58 million from long positions and $62.58 million from shorts, according to data from CoinGlass.
READ MORE: Ethereum’s Upcoming Pectra Upgrade to Transform Crypto Wallets with Enhanced Smart Contract Features
Further risks loom as short traders are poised for potential liquidations worth $1.05 billion should Bitcoin revert to its previous 24-hour high of $67,000.
The larger cryptocurrency market felt the ripple effects, with a staggering $945.9 million liquidated from 253,554 traders overall.
Market sentiment, as measured by the Crypto Fear and Greed Index, also saw a downturn to a greed level of 72 from last week’s 78, indicating a shift in trader perception.
Additionally, the global crypto market cap has decreased by 8%, dropping to $2.23 trillion.
Despite these challenges, demand for Bitcoin remains robust, particularly among long-term investors or “permanent holders.”
Cointelegraph reports that according to CryptoQuant, demand now surpasses the supply of new Bitcoin entering the market, a trend expected to intensify following the upcoming Bitcoin halving, further underscoring the growing scarcity of the cryptocurrency.
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The meme coin sector of the cryptocurrency market has recently suffered significant losses amid broader declines across the industry.
The general downturn was magnified last week as cryptocurrencies struggled to maintain positive momentum, largely due to escalating tensions in the Middle East that have unnerved investors.
The conflict’s impact on the crypto market became particularly evident when news surfaced of Iranian fighter drones heading towards Israel.
This development triggered a rapid drop in the value of popular meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF), each falling by more than 10% within hours.
Meme coins, known for their extreme volatility and susceptibility to market sentiment shifts, derive their value from hype and speculation rather than practical utility or widespread adoption.
This was reflected in a recent 12% decline in the meme coin market over the past 24 hours, as reported by Coinmarketcap.
The downward trend has been persistent, with notable declines in key meme coins since the start of the month.
Over the past week, DOGE, SHIB, WIF, PEPE, and Floki recorded losses of 18%, 23%, 33%, 25%, and 32% respectively.
DOGE, the pioneer among meme coins, experienced a significant setback, dropping to $0.135—the lowest in three weeks—on April 13 at 5:30 pm Eastern Time.
The coin’s trading activity has decreased, with other cryptocurrencies like DOG and DEGEN surpassing its weekly active trader count.
Competitors SHIB and WIF also faced substantial declines, often moving in correlation with DOGE. At the time of this report, SHIB was down 14%, while WIF had decreased by over 11% in just 24 hours.
Similarly, PEPE saw a 14% reduction in its value, continuing a week-long decline, with other coins like FLOKI and BONK experiencing falls of 15% and 11% respectively during the same period.
Market analysis suggests a likely continuation of the selloff in the short term. In times of geopolitical tension and general market instability, investors typically retreat from speculative, high-risk assets.
Data from Coinglass indicated significant reductions in open interest for DOGE, WIF, PEPE, and SHIB, with decreases of 23.91%, 13.78%, 36.62%, and 18.68% respectively, pointing to a withdrawal of capital and a reduction in trading positions.
Despite the current bearish trends, the inherently volatile nature of cryptocurrencies leaves room for meme coins to potentially rebound and enter a bullish phase soon.
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People who invested into Shiba Inu (SHIB) and Dogecoin (DOGE) while these coins had small market caps were able to turn hundreds of dollars into millions.
Doctor Doge (DRDOGE), a newly launched Solana memecoin, is set to go viral and challenge other popular dog-themed coins, like Shiba Inu (SHIB) and Dogecoin (DOGE).
DRDOGE was launched this morning, and the memecoin is inspired by Dogecoin – one of the largest memecoins, with its market cap currently being $23.5 billion.
Due to the fact that Doctor Doge only began trading on decentralized Solana exchanges like Raydium and Jupiter around an hour ago, it has a market cap of just around $16,000.
This means that DRDOGE (contract address: 8uckaPYZWDs57Lm5eeEVnx4FGJDLhXuvrmryzKj7yUvv) has the potential to turn early investors into millionaires if its market cap eventually exceeds the $100 million mark.
In the short term, DRDOGE is set to rally over 8,000% in the next 48 hours, before then targeting further gains.
Additionally, numerous listings on centralized exchanges are planned for Doctor Doge later in April, and these listings could easily propel the memecoin’s market cap to above $20 million.
So it’s not surprising that many investors who bought SHIB and DOGE early are also investing into DRDOGE in the first hours and days of it being launched.
It will be exciting to watch how quickly Doctor Doge’s price will surge in the coming days and weeks, and to see if it can become a mainstream memecoin.
In 2024, Bitcoin exchange-traded funds (ETFs) have drawn considerable attention, primarily fueled by the retail sector, while major banks and traditional financial institutions remain on the sidelines.
During an interview at Paris Blockchain Week, VanEck CEO Jan van Eck shared insights with Cointelegraph about the dynamics shaping the Bitcoin ETF market in the United States.
Jan van Eck expressed his surprise at the rapid success and high volume of capital flowing into these ETFs, which have seen days with inflows in the billions of dollars.
“I was surprised, but I don’t think it’s traditional investors yet.
“I still think 90% of the flows are retail. You’ve had some Bitcoin whales and some other institutions move some assets in, but they were already exposed to Bitcoin,” he commented.
The CEO noted the absence of U.S. banks in the Bitcoin ETF space, as they have not yet permitted their financial advisers to recommend such investments to clients.
He anticipates potential shifts in the coming month with possible entries from big institutional investors, but he remains cautious, remarking on the nascency of the Bitcoin ETF market.
“There’s a lot of maturation to happen. A lot of technology will be developed on-chain, so there’s a long way to go,” van Eck stated.
Addressing the advantages of Bitcoin ETFs over direct purchases of Bitcoin, van Eck highlighted the benefits of convenience, safety, and affordability.
He pointed out the cost benefits of ETFs, noting, “Convenience, safety and affordability.
You had 2% spreads on many centralized exchange platforms like Coinbase.
“We have single-digit spreads for the ETFs and no fees or low fees.
“It’s easier just to do a buy ticket than anything else.”
VanEck, the firm founded by Jan’s father, John van Eck, in 1955, has a history of pioneering new investment avenues, starting with the first gold fund in the U.S. during 1968.
Drawing from his father’s legacy and responding to market trends, Jan van Eck has adopted a cautious yet opportunistic approach to emerging assets like Bitcoin.
“In 2017, we said Bitcoin will not replace gold, but it will significantly complement it in people’s portfolios,” he asserted.
Van Eck also touched on broader economic issues, noting that Bitcoin is increasingly seen as a reliable store of value, potentially more so than gold in the current economic climate.
He also pointed to significant fiscal challenges facing the U.S., suggesting that these will influence market dynamics soon.
Despite the buzz around Bitcoin ETFs, van Eck remains measured in his assessment of their impact, indicating that the global and deep nature of the Bitcoin market limits the influence of U.S.-based ETFs alone.
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