Category: Cryptocurrency News

Shiba Inu (SHIB), a popular memecoin, has experienced a notable decline. It dropped nearly 20% over the past week and continued a 13% fall in just the past 24 hours. This downturn occurs amid a broader bearish trend across the crypto landscape. However, detailed on-chain analysis has uncovered specific factors contributing to SHIB’s sharp decline. Related Reading: Crypto Analyst Optimistic About A Shiba Inu Short-Term Surge To $0.000066 Whale Movements And Market Influence Insights from IntoTheBlock have shed light on large transaction activities, often indicative of “whale” movements, which have seen a general decrease since March 5, further compounding the downward pressure on SHIB’s price. The role of speculative trading in influencing SHIB’s market performance has also become increasingly apparent. Data pointing to the holding time of transacted coins suggests a shift towards short-term trading strategies among investors, possibly in pursuit of quick profits. Such behaviors are underscored by a significant reduction in the average holding period of coins, from four weeks to just two months as of mid-March, accompanied by a transaction volume of 2.12 trillion SHIB. This trend towards speculative trading has been a key driver behind the memecoin’s recent price movements, reflecting the broader dynamics within the cryptocurrency market. The decrease in large transactions involving Shiba Inu signifies dwindling confidence among whales, whose actions can profoundly impact market direction. The observed decline in whale activities aligns with a broader caution in the crypto market, where investors reevaluate their positions amid shifting market conditions. Shiba Inu Bright Horizon Despite the current downturn, Shiba Inu remains a focal point within the altcoin sector, buoyed by optimistic predictions from crypto analysts. Related Reading: Crypto Expert Says Dogecoin, Shiba Inu, PEPE, Others Are About To Explode Michaël van de Poppe, a well-regarded figure in the crypto analysis community, has recently posited that altcoins,  are set for significant rallies, potentially positioning Shiba Inu for a notable rebound as the market stabilizes.   There’s still around 40-60% market capitalization to gain for the #Altcoins. That’s going to be a fun ride for the altcoins in the coming period. pic.twitter.com/qT0FRU4qpY — Michaël van de Poppe (@CryptoMichNL) March 7, 2024 This sentiment is echoed by Shiba Inu’s co-founder, Shytoshi Kusama, who has expressed confidence in SHIB’s ability to lead in the next bull market, citing the project’s comprehensive plans, community support, and execution as key differentiators. No. The community with the strongest tech, vision, plan, supporters, partners, and execution will. #SHIB But if you wanted some impressions why not say hi? https://t.co/jc6qJ11GJ6 — Shytoshi Kusama™ (@ShytoshiKusama) March 6, 2024 Regardless, SHIB has continued its bearish trajectory, with a market price now sitting at $0.00002916 at the time of writing. Featured image from Unsplash, Chart from TradingView

El Salvador has transferred “a big chunk” of its bitcoin holdings to a cold wallet, President Nayib Bukele has announced. “You can call it our first bitcoin piggy bank,” he said. As of writing, the wallet’s balance totals approximately 5,690 bitcoins. El Salvador Establishes Its First ‘Bitcoin Piggy Bank’ El Salvador’s President Nayib Bukele announced […]

Hello all. I recently tried to endstake on Eth at https://pulsebitcoin.app/#/mine . I sent a low gas fee transaction and it took days and did not complete. I did all the normal things such as sending a higher gas fee transfer with the same nonce. Does anyone have any idea of how to fix it.…
Read more

Amid the bullish sentiment around the crypto landscape, the Altcoin overall market cap has displayed positive strength as many investors and traders are throwing capital into several altcoins ahead of the bull cycle.  Altcoin Market To Rally Toward $425 Billion Since Bitcoin has surged to a new record high, many cryptocurrency analysts anticipate a surge in the altcoin market cap. Rekt Capital, a cryptocurrency expert and trader, has shared a positive prediction regarding the altcoins market cap with the community on X. The expert analysis delves into the current state of the market and its potential to surge higher in the coming months. His projections came in light of the altcoin season index showing advancement, which suggests that its season is almost here. Related Reading: Crypto Analyst Projects $7 Trillion Market Cap For Altcoins – Here’s When According to the analyst, the market has been “redirected into the blue-circled testing area,” which was caused by rejection from the “red-circled circle zone.” However, the market has rebounded since then, indicating an increased interest from market investors. Furthermore, Rekt Capital noted that the market has surpassed the “$315 billion red line of resistance.” As a result, the red line resistance level has now been changed to a “new support level.” Due to this, the crypto analyst anticipates a surge to the “light blue circle” at the $425 billion threshold in the upcoming months. The post read: The red-circled area rejected the Altcoin Market back into the blue-circled retesting zone. Since then, the Altcoin Market Cap has recovered, broken beyond the red $315bn resistance, and turned recently into new support. Next is the light blue circle, over time. However, Rekt Capital also asserted in another recent post that the “$315 billion mark is still being retested by alts market cap new support.” It has been unable to move past it despite today’s double-digit declines on several altcoins. Even though the market is still retesting the aforementioned level, Rekt Capital is confident that it will “revisit the $425 billion resistance” soon. He anticipates the market revisiting the level before the Bitcoin Halving event, expected to take place in April. Alts Gains Are Sustable And Likely To Crash Chief Executive Officer (CEO) of Bitcoin technology firm JAN3, Samson Mow, has also shared his insights regarding the altcoin market. Despite anticipating a rise in the altcoin market, Mow highlighted that he expects alts to “crash in the upcoming weeks.”  Related Reading: Altcoin Market Cap Break From “Wyckoff Accumulation Phase”: Will Ethereum, XRP Fly? According to Mow, alts have been monitoring the “increase in Bitcoin” after launching BTC Spot Exchange-Traded Funds (ETFs). However, altcoins do not possess “the $500 million to $1 billion” daily inflows seen with Bitcoin. Consequently, this should be the “major sign” that their gains “can not” be maintained. “MSTR has a $30 billion market cap, Solana is $73 billion. That is absurd. A correction is overdue,” he added. Featured image from Shutterstock, chart from Tradingview.com

submitted by /u/sasko12 [link] [comments]

submitted by /u/sasko12 [link] [comments]

submitted by /u/abcoathup [link] [comments]

Nigeria is not yet among Binance’s top markets despite being a leading global crypto market. However, the crypto exchange said it recognizes the West African country’s “extraordinary potential,” which is one reason why it is eager to invest there. ‘Extraordinary Potential’ The cryptocurrency exchange Binance has clarified that Nigeria, despite being one of the world’s […]