Category: Cryptocurrency News

The Shiba Inu open interest has hit a snag after a particularly good run. The open interest had risen quickly alongside the price of the meme coin, which climbed close to its previous all-time high earlier in March. However, the cryptocurrency has been unable to maintain this uptrend, leading to a significant drop in the open interest. Shiba Inu Open Interest Sees Over 40% Decline According to data from Coinglass, the Shiba Inu open interest had hit a new two-year high on March 6 when its price crossed over the $0.000032 threshold. Since then, however, it has been on a decline, seeing a near-constant decline each day since. Related Reading: Bernstein Analysts Convinced Bitcoin Is Headed For $150,000, Here’s Why By Monday, March 18, the Shiba Inu open interest had dropped from its $135 million all-time high to just $80 million. This decline translates to an over 40% decrease in the space of two weeks. At the same time, the price of the meme coin has followed the same trend and has dropped from its yearly highs above $0.00004 to $0.000028 at the time of writing. Now, the open interest for any cryptocurrency is important because it serves as a measure of the total interest in that asset at any given time. It basically shows the total number of all futures and/or options contracts for a particular asset. So in this case, it shows the amount of money invested in SHIB derivative products at any time. Given this, an increase in the open interest can be bullish for a cryptocurrency such as Shiba Inu, while a decrease can be bearish. This is because, the lower the open interest, the less money is being put into that particular asset, thereby decreasing the demand. So this could negatively affect the price. Will SHIB Price Continue To Decline? As seen historically, a decline in open interest has often coincided with a decline in price. As such, the present decline being experienced by Shiba Inu could spell bad news for its price going forward. The effect is already being felt with the price of SHIB dropping significantly over the weekend, although it has started to recover as the new week opens up. Related Reading: Crypto Pundit Says God Candle Is Imminent For This Solana-Based Meme Coin To get an idea of where the price might be headed next, we can take a look at the last time that the Shiba Inu open interest was this high, back in 2021. The open interest had reached its current all-time high in October 2021, but after peaking, both the open interest and the SHIB price would suffer tremendously. Over the course of the next few months, the SHIB price would fall more than 50%, following the same trend as the open interest. If this trend were to continue this time around, then the SHIB price may be headed for a price crash. However, 2021 marked the end of the bull market, while the current bull cycle is only in the beginning stages. In this case, there is more demand, which would mean there is more of a cushion to mitigate a price crash. SHIB price drops to $0.00002783 | Source: SHIBUSDT on Tradingview.com Featured image from Bitcoin News, chart from Tradingview.com

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Over the past week, bitcoin and ethereum faced declines, while a number of alternative cryptocurrencies enjoyed significant appreciation. Notably, JUP soared by 99.5% against the dollar, with WIF climbing 42% and SOL increasing 37% in the same period. Alternative Crypto Assets Outshine Bitcoin and Ethereum with Double-Digit Growth This Week A plethora of cryptocurrencies, other […]

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Shiba Inu (SHIB), a prominent Ethereum-based cryptocurrency, witnessed a substantial rally, bolstering the interest of crypto enthusiasts worldwide. The nearly 10% surge in price on Monday has been attributed to a wave of market optimism, coinciding with a significant burn surge revealed by Shibburn, the meme coin’s burn tracker. The recent rally of meme coins can be attributed to various factors. Firstly, the growing market sentiment and excitement surrounding meme coins have attracted investors seeking high-risk, high-reward opportunities. Additionally, the influence of social media platforms, viral marketing, and endorsements from celebrities and influencers have played a significant role in driving up the prices of meme coins. Related Reading: Forget Dogecoin, Shiba Inu Set To Become The Top Dog: Expert Predicts $100 Billion Market Cap Shiba Inu Burn Surge Analysis According to Shibburn’s data, the burn rate for Shiba Inu skyrocketed by a staggering 2,367% over the past 24 hours, resulting in the destruction of a whopping 186 million coins. This surge in burning activity has further heightened market optimism surrounding the meme token, as the Shiba crypto community continues to make remarkable efforts to enhance the SHIB tokenomics. Source: Shibburn The continuous depletion of SHIB’s supply through burning activities has triggered discussions about the dynamics of supply and demand, igniting a hurricane of bullish sentiments for Shiba Inu. Notably, it is the community’s concerted efforts, including significant transfers to a dead wallet, that have primarily contributed to the rise in the burn rate. Shibburn’s insights shed light on two massive transactions by the Shiba crypto community, both involving transfers to a dead wallet. The first transaction saw a transfer of 168 million coins, while the second involved the transfer of 16.68 million SHIB. These actions reflect the community’s determination to bolster the tokenomics of Shiba Inu and have further contributed to the burn surge witnessed recently. Bitcoin price action. Chart: TradingView SHIB Price Climbs Amid Optimism The positive momentum extends beyond burning activity, as Shiba Inu’s price experienced a substantial uptick of 10% over the past 24 hours, reaching a current trading value of $0.0000287. This surge in price has been accompanied by a surge in trading volume by nearly 23% and a market cap increase of 10%, firmly establishing a bullish stance for SHIB. However, it is important to note that the recent correction in Bitcoin’s price led to a temporary dip for Shiba Inu, which reached a low of $0.0000238. Related Reading: Bitcoin Threatens To Retreat To $60,000 As Bulls Seek Solid Ground With the recent upward movement, there is growing optimism that SHIB may breach the $0.00003 mark, potentially paving the way for a recovery trend that could push prices above the previous swing high of $0.000045 and even surpass the $0.00005 milestone. Market observers are particularly encouraged by the burning chronicles of the meme coin, which further contribute to the prevailing market optimism. Featured image from Pexels, chart from TradingView

As of the current moment, 93.6% of bitcoin’s total supply has already been mined, leaving only 1.34 million bitcoins remaining to be extracted. After the upcoming halving event, the issuance rate of the leading digital currency will decelerate, significantly reducing its availability more than ever before. Additionally, post the 2028 halving, miners will receive 1.5625 […]

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The Bitcoin Fear & Greed Index shows that the sentiment around the asset has cooled off a bit recently, something that could pave the way for a rebound. Bitcoin Fear & Greed Index Has Gone Through Some Decline Recently The “Fear & Greed Index” is an indicator created by Alternative that tells us about the average sentiment present among the investors in the Bitcoin and wider cryptocurrency market To determine the trader mentality, the index takes into consideration for these five factors: volatility, trading volume, social media sentiment, market cap dominance, and Google Trends. Related Reading: Bitcoin FOMO: Over 533,330 Addresses Bought Above $70,180 The metric uses a numeric scale that runs from zero to hundred for representing this sentiment. A score of 46 or less implies the presence of fear among the investors, while that of 54 and above suggests greed in the market. The territory between these two (47 to 53) naturally corresponds to the neutral mentality. Besides these three sentiments, there are also two extreme sentiments called “extreme greed” and “extreme fear.” The extreme greed occurs at values above 75, while the extreme fear takes place below 25. Historically, these two sentiments have been quite relevant for BTC’s trajectory. Tops have generally tended to form when the investors have held the former sentiment, while bottoms have been probable to happen when the market has been in the latter region. At present, the traders are holding a mentality of extreme greed, as the latest data of the Bitcoin Fear & Greed Index shows. Looks like the value of the metric is 77 at the moment | Source: Alternative As is visible, the indicator’s value is 77 right now, meaning that while it’s indeed inside extreme greed, it’s only so just. This is a fresh change from how it has been recently, as the chart below displays. The value of the indicator appears to have been going down recently | Source: Alternative From the graph, it’s visible that the Bitcoin Fear & Greed Index has mostly stayed deep inside the extreme greed region recently. On the 14th of this month, the indicator hit the 88 mark, and alongside this high, the BTC price registered its current all-time high of about $73,800. Since this peak, though, the asset has plunged, and it appears that alongside it, so has the sentiment among the traders. As mentioned earlier, tops have been more likely to occur when the market has shared a mentality of extreme greed and this probability has generally only gone up the more extreme levels the metric has hit. This could perhaps explain why the recent top occurred when it did. Another top this month, the one that took place on the 5th, also coincided with high values in the Fear & Greed Index (a peak of 90 this time). Related Reading: Bitcoin To $53,200? Why History Says It’s Possible Shortly after this earlier peak and the plummet in the cryptocurrency that had followed, the asset found its bottom as the metric briefly exited the extreme greed region. As the Bitcoin Fear & Greed Index is once again looking to dip outside this territory, it’s possible that a bottom may be near for the price this time as well. It now remains to be seen if the sentiment would cool down enough in the coming days so as to leave the extreme region behind, at least temporarily. BTC Price Bitcoin had plunged towards $64,500 during the weekend, but it seems the coin has made some recovery in the past day as it’s now back at $68,000. The price of the coin seems to have gone through some volatility recently | Source: BTCUSD on TradingView Featured image from Yiğit Ali Atasoy on Unsplash.com, Alternative.me, chart from TradingView.com

Ethereum’s journey through financial markets on March 18, 2024, showcases a complex landscape marked by its recent price movements and technical indicators. Amidst a volatile environment, ether is priced at $3,578 per unit, reflecting the intricate dance between buyers and sellers. Ethereum The 24-hour trading range for ethereum (ETH) oscillated between $3,534 and $3,672, presenting […]