This month, Shiba Inu (SHIB) has seen a significant resurgence, capturing the attention of cryptocurrency enthusiasts with a 250% increase in value over just two weeks.
This rally recalls the meteoric rise of SHIB in October 2021 when it reached its peak at $0.00008845.
Crypto analyst Alan Santana has made a striking prediction on TradingView about SHIB’s trajectory, foreseeing an 822% price surge.
Santana’s analysis points to a breakout potential for SHIB, suggesting that its current price could be just the beginning of a substantial upward movement.
If SHIB follows Santana’s projection, its value could soar to a new all-time high of $0.00027, marking a significant milestone for the cryptocurrency.
Santana outlined several intermediate targets for SHIB, with prices ranging from $0.00000888 to $0.00001890, and recommended a buying range of $0.00000742 to $0.00000824.
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Despite SHIB having already surpassed these levels, Santana believes now is the opportune time to invest, as the currency aims for the $0.00027 mark, a target that surpasses predictions by other analysts.
It’s important to note that Santana’s forecast is intended for long-term investors, cautioning those looking for quick profits to tread carefully.
He emphasizes the importance of timing and patience for those engaged in leverage trading.
Currently, SHIB has experienced a minor downturn, with a 6% decrease in the last 24 hours and a 17% drop over the past week.
Despite trading 62.42% below its all-time high, according to CoinMarketCap data, the recent performance has reignited optimism for reaching new highs.
The Shiba Inu ecosystem, including developments like Shibarium, and bullish chart signals contribute to the positive outlook for SHIB.
These factors, combined with the current momentum, suggest that a new all-time high for SHIB might not be far off, offering promising prospects for the meme coin and its investors.
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Lookonchain, a crypto surveillance platform, has disclosed concerning updates about the notorious Bitrue Drainer, an address linked to a significant security breach.
The entity behind a massive $23.5 million theft from Bitrue Exchange last year has made a considerable transaction, selling cryptocurrencies.
“The #Bitrue Drainer sold 4,207 $ETH for 16.34M $DAI at $3,885 8 hours ago.#BitrueDrainer stole $23.5M assets on April 14, 2023, including: 137,000 $QNT($17M) 46.4M $GALA($2M) 172.55B $SHIB($1.91M) 756M $HOT($1.54M) 318 $ETH($640K) 310,071 $MATIC($352K) Then sold 137,000 $QNT”
In a recent event, Lookonchain reported that the Bitrue Drainer exchanged 4,207 ETH for $16.34 million in DAI stablecoins, averaging $3,885 per ETH.
This move comes after the April 14, 2023, breach, where the hacker amassed a fortune in various cryptocurrencies, including 137,000 Quant (QNT), 46.4 million Gala (GALA), 172.55 billion Shiba Inu (SHIB), 756 million Holo (HOT), 318 ETH, and 310,051 Polygon (MATIC).
Post-theft activities saw the hacker actively selling stolen assets. Following the breach, 137,000 QNT were sold, fetching $14.74 million in Ethereum, which led to a more than 9% drop in QNT’s price within a few hours.
Subsequent sales included 46.4 million GALA for $1.86 million, 22.55 billion SHIB for $236K, and 310,071 MATIC for $343K.
These transactions were primarily converted into Ethereum.
Despite these sales, the Bitrue Drainer still possesses a substantial amount of digital assets, including 4,650 Ethereum, 150 billion SHIB, and 756 million HOT.
The combined value of these holdings is approximately $17.68 million, $4.7 million, and $2.9 million, respectively.
The original theft’s value was around $23.5 million, but due to recent market gains, the remaining assets’ value has significantly increased, surpassing the initial amount stolen.
This development suggests that the Bitrue Drainer continues to hold a fortune far exceeding the value of the originally stolen funds, despite the large-scale liquidations that have taken place.
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Two prominent voices within the crypto community have recently made a call to action for their followers on X, emphasizing the urgency of acquiring Bitcoin, gold, and silver in the face of escalating U.S. national debt.
On March 11, Balaji Srinivasan, an entrepreneur and angel investor, took to X to express his view that Bitcoin represents a critical solution to counteract the challenges posed by rampant government expenditure and the threat of asset confiscation.
Highlighting the severity of the situation, Srinivasan, with nearly a million followers and a background as Coinbase’s former CTO, painted a grim picture of the current economic landscape, likening it to the decline of empires past due to treasury looting.
He pointed out the alarming growth in government debt, noting a 25% increase since 2020, bringing the total to a staggering $34.5 trillion.
Srinivasan, who also serves as a general partner at venture capital firm Andreessen Horowitz (a16z), outlined possible responses to this crisis.
These range from denial to attempting political solutions or succumbing to apathy.
However, he advocates for a more radical approach: leveraging Bitcoin to “starve the beast,” thereby limiting the government’s ability to confiscate or inflate currency.
He highlighted the current daily deficit spending of $10 billion as a sign of escalating problems.
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Echoing Srinivasan’s concerns, Robert Kiyosaki, author of “Rich Dad Poor Dad,” also advised on the importance of readiness, recommending investment in assets like Bitcoin for their value preservation qualities.
Kiyosaki’s post referenced the rapid increase in national debt, painting a bleak picture of America’s financial health.
Furthermore, Srinivasan warned of potential aggressive actions by a financially desperate state, such as asset confiscation.
He cited various international and domestic precedents where governments have taken control of private assets under different pretexts, underscoring the safety Bitcoin offers as an asset beyond state control.
In 2023, Srinivasan placed a significant bet on Bitcoin’s value skyrocketing due to U.S. hyperinflation.
His stance is particularly relevant as the U.S. prepares to release crucial economic data, including inflation rates, which could influence upcoming Federal Reserve decisions.
With interest rates holding steady at 5.5% since July 2023, the crypto community closely watches these developments, seeking refuge in decentralized assets amid financial uncertainty.
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Shiba Inu ($SHIB) has had a relatively modest week by its standards, posting a gain of just 2.64% over the last 7 days as it currently trades around the $0.000033 mark.
However, over the last 30 days, it is 247% up and has outperformed most rival cryptocurrencies, including Dogecoin ($DOGE).
Meanwhile, Zap Protocol ($ZAP), which was launched back in 2018, has enjoyed a rally of around 110% over the last 7 days – and it’s poised to breach the $0.01 barrier in the coming days or even just hours.
Despite its recent rally, Zap’s token still just has a market cap of less than $2 million and it would deliver a 100x return if it were to return to its all-time high.
Shiba Inu and Zap Protocol Price Prediction
Despite SHIB encountering some resistance and trading somewhat sideways for the last week, the memecoin is in a good position to capitalize on growing interest in the crypto space and breach the $0.00004 mark sometime in March.
In the longer term, we expect SHIB to at least recover to its all-time high – which would deliver a 100% return at the current entry price.
ZAP token, on the other hand, is well positioned to rally as high as the $0.02 mark before the end of March, delivering a circa 150% return on investment at the current entry price of circa $0.0075.
By the end of 2024, we expect Zap Protocol’s token to be trading between $0.20 and $0.45, although this is contingent on Bitcoin continuing to enjoy a strong run, buoyed by the recent approval of spot Bitcoin ETFs in the US.
Both SHIB and ZAP are attractive tokens to buy in the current bull market, and it would be wise to simultaneously allocate capital to both of these tokens – plus Bitcoin – to give your portfolio a degree of balance.
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In a recent turn of events, the Decentralized Finance (DeFi) platform Unizen has suffered a significant security breach, leading to a loss of approximately $2.1 million in user funds.
The compromise was initially detected on March 9 by PeckShield, a blockchain analytics company, which identified an “approve issue” resulting in the drain of over $2 million.
PeckShield’s discovery prompted them to advise users to revoke their platform approvals immediately to prevent further losses. Additionally, SlowMist, another security firm, confirmed the total losses to be around $2.1 million, revealing that the attacker had exchanged the stolen Tether for Dai, a stablecoin.
In response to the incident, Unizen communicated directly with the hacker via an on-chain message on March 10, proposing a 20% bounty for the return of the pilfered assets.
The platform also disclosed that they were collaborating with law enforcement and forensic experts to unmask the hacker’s identity.
Despite the ongoing negotiations for the return of the stolen funds, Unizen made a prompt decision to reimburse the affected users.
By March 11, the protocol announced its intention to compensate 99% of the victims as swiftly as possible.
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The statement detailed plans for individualized distribution processes, emphasizing a cautious and thorough approach to ensure accuracy.
Unizen’s commitment to rectifying the situation was further underscored by an announcement that founder and CEO Sean Noga had provided personal funds to facilitate the reimbursements.
Starting March 11, users who incurred losses of up to $750,000 were assured of receiving their refunds, either in USDT or USD Coin. For those who faced greater losses, Unizen promised tailored resolutions.
Moreover, Unizen released an instructional video to guide users on reviewing and revoking platform approvals, aiming to forestall any additional vulnerabilities.
Martin Granström, Unizen’s chief technology officer, affirmed on X that sufficient evidence had been gathered for a comprehensive analysis of the breach.
Granström announced the forthcoming release of a detailed incident report and pledged an investment in enhanced security measures to prevent future exploits.
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The London Stock Exchange (LSE) is gearing up to broaden its financial product offerings by incorporating crypto exchange-traded notes (ETNs) for Bitcoin and Ether.
This significant development is set to unfold in the second quarter of 2024, with the LSE poised to start receiving applications for these novel ETNs.
The announcement made on March 11 delineates a strategic move towards embracing the burgeoning realm of cryptocurrency within the established frameworks of traditional financial markets.
The LSE has outlined specific criteria for the admission of crypto ETNs in its recently published Crypto ETN Admission Factsheet.
Although an exact commencement date for accepting applications has not been disclosed, the exchange has made clear its requirements.
For an ETN to be considered, it must be physically backed by Bitcoin or Ether and refrain from leveraging.
A critical stipulation is the transparent availability of the market price or value of the underlying crypto asset.
Furthermore, the crypto assets backing the ETNs must be securely stored, preferably in cold wallets, and the custodians of these assets must comply with Anti-Money Laundering legislation from the UK, EU, Switzerland, or the US.
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ETNs, defined by the exchange as debt securities linked to an underlying asset, offer investors an opportunity to engage with the performance of cryptocurrencies within regulated trading hours.
This method presents a less direct approach compared to exchange-traded funds (ETFs), with ETNs being backed by issuer’s credit rather than a collective pool of assets, and is viewed as a softer alternative for those seeking exposure to crypto assets.
Parallel to the LSE’s initiative, the UK’s Financial Conduct Authority (FCA) has also indicated a willingness to accommodate Recognised Investment Exchanges (RIEs) wishing to establish market segments for crypto-backed ETNs, albeit restricted to professional investors.
This category encompasses authorized or regulated credit institutions and investment firms.
The FCA emphasizes the need for stringent controls to safeguard investors and mandates adherence to the UK’s listing regime, including ongoing disclosure and the provision of prospectuses.
Despite this openness towards institutional engagement with crypto-backed ETNs, the FCA maintains a cautious stance towards retail investors, citing the high-risk nature of cryptoassets.
The authority has reiterated its position that such investments are not suitable for the retail market, warning of the potential for total loss and underscoring the largely unregulated status of cryptoassets.
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Elon Musk announced the decision to open source xAI’s artificial intelligence model, Grok, amid a growing lawsuit with OpenAI, a rival AI chatbot developer.
Musk’s announcement on X on March 11 reveals Grok will become open source starting this week, though he provided no further details on the move.
This decision was met with positive feedback on X, where one user suggested OpenAI should follow suit, prompting Musk to criticize OpenAI as “a lie.”
The backdrop to Musk’s announcement is a lawsuit he filed on February 29 against OpenAI, accusing it of breaching the founding agreement by partnering with Microsoft, which had invested nearly $3 billion into OpenAI by the end of 2023.
Musk’s legal action seeks to compel OpenAI to adhere to its original open-source and non-profit commitments, aimed at developing artificial general intelligence (AGI) for humanity’s benefit.
This move comes amid escalating tensions marked by OpenAI transitioning into a profit-driven entity, a change Musk initially appeared to support based on emails released by OpenAI executives after the lawsuit.
Further complicating the scenario, OpenAI reinstated Sam Altman as a board member following a brief dismissal, acknowledging the instability his absence caused within the company.
Musk’s push for making Grok open source echoes his lawsuit’s plea for a return to open-source AGI development for global benefit.
Grok, developed by Musk’s xAI, stands out as it integrates with the X social media platform, providing real-time information access and handling sensitive topics often avoided by other AI systems.
To interact with Grok, users need a verified X account. Performance-wise, Grok is positioned between OpenAI’s ChatGPT-3.5 and the more advanced ChatGPT-4, showcasing its competitive edge in the AI landscape.
Musk’s latest move signals a significant step towards advocating for open-source principles in AI development, amidst ongoing legal and ethical debates surrounding the future of artificial intelligence.
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MicroStrategy, an American software technology firm, has once again made headlines with its aggressive Bitcoin investment strategy.
Completing a substantial $800 million convertible note offering, the company used the proceeds to purchase an additional 12,000 BTC for its treasury reserve.
This latest acquisition was announced after the firm declared its plans to issue new convertible notes on March 6, coinciding with Bitcoin hitting a new all-time high.
The offering was successfully finalized on March 8, reinforcing MicroStrategy’s commitment to Bitcoin.
The company’s founder and chairman, Michael Saylor, shared on the X social media platform that this strategic move utilized the net proceeds from the note offering along with surplus cash, securing the Bitcoin at an average price of $68,477 per unit.
Prior to this purchase, MicroStrategy’s Bitcoin portfolio comprised approximately 193,000 BTC, acquired at an average price of $31,544, totaling a value of $12.9 billion and marking a 112% return since the company first ventured into Bitcoin investments.
With the latest addition, MicroStrategy’s Bitcoin holdings have swelled to 205,000 BTC, acquired at a total cost of $6.91 billion, averaging $33,706 per Bitcoin.
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This latest note offering introduced by MicroStrategy features a modest annual interest rate of 0.625%, with payments due semi-annually starting September 2024.
The notes can be converted into cash, MicroStrategy stocks, or a combination thereof, with an initial conversion rate set at 0.6677 shares of MicroStrategy’s class A common stock per $1,000 of note value.
This conversion rate translates to a share price of approximately $1,497.68, a significant 42.5% premium over the share price on March 5, 2024.
MicroStrategy’s bold move to invest a significant portion of its capital into Bitcoin began in August 2020, under the guidance of Michael Saylor.
This strategic decision was motivated by the belief in Bitcoin’s reliability as a store of value and its potential for long-term appreciation over holding cash.
Saylor emphasized Bitcoin’s superiority over fiat currency as the mainstay of the company’s treasury reserve strategy.
Since then, the value of the company’s Bitcoin holdings has escalated by over $1 billion by early January 2024, underscoring the lucrative nature of its investment approach.
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The Layer-2 blockchain network Arbitrum is gearing up for a significant event on March 16, as it plans to release $2.32 billion worth of Arbitrum (ARB) tokens from vesting.
According to data from Token Unlocks, this release will involve approximately 1.1 billion ARB tokens, constituting about 76% of the token’s current circulating supply.
The breakdown of the distribution includes 673.5 million tokens, valued at roughly $1.41 billion, allocated for the Arbitrum team and advisers.
Additionally, 438.25 million tokens, with an approximate value of $915 million, are earmarked for the project’s investors.
This event is characterized as a “Cliff Unlock,” meaning that all these tokens will be made available at once on the unlock date, without any gradual release leading up to this point.
The impending unlock has stirred discussions within the cryptocurrency community, with expectations of potential price fluctuations for the ARB token.
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Some community members are considering short positions against ARB in anticipation of the unlock, while others have opted to sell their holdings beforehand.
In contrast, JJcycles, a crypto influencer on X, offered a more optimistic view by drawing parallels to a similar event with Solana, which saw its token price increase following a token unlock, contrary to common expectations.
The coming week will also see other blockchain projects releasing their vested tokens.
Specifically, on March 13, Aptos is set to unlock about 24 million of its tokens, valued at around $329 million, which represents 6.73% of its current circulating supply, designated for its foundation, community, core contributors, and investors.
Additionally, several other projects, including APE, Flow, CyberConnect, Moonbeam, and Euler, are scheduled to release vested tokens, contributing to a total of approximately $53 million in digital assets.
Consequently, the total value of tokens expected to be unlocked this week amounts to around $2.7 billion, highlighting a significant period of activity within the digital asset market.
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The cryptocurrency world is once again abuzz with excitement as Shiba Inu (SHIB), a meme-based digital currency, experiences a surge in its market price, echoing sentiments of a possible repeat of its meteoric rise back in 2021.
Investors are on edge, speculating on a potential resurgence that mirrors the past glory of SHIB’s performance.
In the midst of this growing anticipation, Ali Martinez, a well-regarded cryptocurrency analyst, has brought to light a critical observation in SHIB’s price movement.
Through a meticulous technical analysis, Martinez has pinpointed a symmetrical triangle pattern on SHIB’s four-hour chart.
This pattern is characterized by two converging trendlines, one ascending and the other descending, meeting at a point and is widely recognized in the trading world as a harbinger of a possible price breakout, which could swing in either direction.
This technical formation was identified following a period of heightened price volatility that commenced on March 5th. Such volatility often leads to a phase of consolidation before the market makes a decisive move.
Martinez posits that if SHIB can sustain a closing price above the pivotal resistance level of $0.000038, it could trigger a bullish rally, potentially enhancing its value by up to 40%, aiming for a target price of $0.000052.
Shiba Inu has not only demonstrated a significant increase in its valuation since the beginning of March, with its price more than tripling, but it has also cemented its position as a formidable player in the cryptocurrency arena.
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As of the latest figures, SHIB trades at $0.00003273 and proudly stands as the 10th largest cryptocurrency by market capitalization, which is currently valued at $19.22 billion.
This remarkable achievement highlights the meme coin’s enduring appeal and market strength.
However, the future for Shiba Inu remains uncertain and highly dependent on several market dynamics.
The investor community is keenly observing SHIB’s price behavior for any signs of the anticipated breakout.
While Martinez’s analysis hints at a bullish journey towards $0.00005, stakeholders must also brace for the inherent volatility that comes with the territory of cryptocurrency investments.
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