Category: Cryptocurrency News

Rich Dad Poor Dad author Robert Kiyosaki has warned that the biggest bubble in history will wipe out baby boomers, emphasizing that the stock market is set to crash. “Time to get real is now,” he stressed, urging investors to buy “real assets” like gold, silver, and bitcoin “before the biggest bubble in history goes […]

Shiba Inu (SHIB) whales have been busy in the market lately, as on-chain data suggests that they are positioning themselves for more moves to the upside from the meme coin. This development comes as the crypto token inches close to its all-time high (ATH).  Shiba Inu Whale Accumulates 332 Billion SHIB Tokens On-chain data shows that over 332 billion SHIB was sent from the trading firm Cumberland to a wallet linked with the crypto trading platform Robinhood. While the nature of the transaction remains unclear, further data from Etherscan shows that the Robinhood-linked wallet has been accumulating SHIB on a large scale these past few days.  Related Reading: Crypto Expert Reveals Why Bitcoin Could Hit $200,000 By April Besides the single transaction of 332 billion SHIB, the wallet has also seen millions of SHIB tokens flow into it. A plausible explanation is the fact that the trading platform is seeing increased interest in the meme coin from its customers and has had to stack up on its SHIB holdings. Data from Arkham Intelligence shows that Robinhood holds almost 40 trillion SHIB tokens.   Meanwhile, Robinhood looks to be just one of many platforms on which SHIB trading has heightened. On-chain data shows that crypto exchange Crypto.com has significantly increased its SHIB holdings in the last 24 hours. Notably, there was an inflow of 2 trillion SHIB tokens sent from one of the crypto exchange’s hot wallets to another.  NewsBTC had recently reported that SHIB had seen a 20 times increase in March from its February average of daily new addresses. Therefore, it is not surprising that there is an increase in SHIB trading on these platforms.  This explosion in SHIB’s adoption is believed to be due to the parabolic surge in the meme coin’s price this month, with investors looking to position themselves ahead of more potential price surges.  Shiba Inu’s Price Expected To Keep Rising Crypto analyst Ali Martinez recently laid out a scenario where SHIB’s price could rise to as high as $0.000052. Moreover, the crypto token looks to be reclaiming the support level of $0.000033, which the analyst highlighted as critical. SHIB’s bullish momentum is buoyed by the fact that meme coins are gaining traction as one of the leading narratives in this bull cycle. Related Reading: 94 Million XRP Exits Binance As Bulls Reclaim Control, What’s Going On? Crypto analyst Michaël van de Poppe also mentioned that altcoins like SHIB are still undervalued, meaning there is still room for a further upward trend. The analyst expects these crypto tokens to break their ATH or move close to it when they make their next run.  At the time of writing, SHIB is trading at around $0.00003256, up in the last 24 hours according to data from CoinMarketCap. SHIB price at $0.000032 | Source: SHIBUSDT on Tradingview.com Featured image from Binance, chart from Tradingview.com

Blackrock, the world’s largest asset manager, has hit a significant milestone with its spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT). The fund’s crypto holdings have reached nearly 204K bitcoins, representing over $14.76 billion in assets under management (AUM). IBIT’s Bitcoin Holdings Continue to Grow Blackrock’s Ishares Bitcoin Trust (IBIT), the world’s largest […]

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The highly anticipated Dencun upgrade for the Ethereum (ETH) ecosystem is on the horizon, promising to bring significant cost reductions and notable changes to Layer 2 (L2) networks. The update, scheduled for March 13, will introduce a new data storage system known as blobs, reducing congestion on the Ethereum network and driving key new features in various areas.  Ethereum Dencun Upgrade As highlighted in a recent Bloomberg report, Dencun aims to reduce the cost of Layer 2 networks such as Arbitrum (ABR), Polygon (MATIC), and Coinbase’s Base by enabling previously costly transactions to become significantly cheaper.  In particular, transactions that used to cost $1 can now cost as little as one cent, the report notes, while others that used to cost cents can be reduced to a fraction of a cent. This cost reduction is expected to improve the end-user experience greatly and is a significant improvement over previous upgrades such as the September 2022 “Merge.” Related Reading: Solana Demand Soars As Institutions Buy Up SOL At A Massive 870% Premium One of the most crucial aspects of the Dencun upgrade is the introduction of blobs, a new type of data repository for Layer 2 networks. Currently, Layer 2 blockchains store their data on the Ethereum network, leading to substantial storage costs passed on to applications and users.  However, with blobs, Layer 2s will store their data for a significantly shorter period, about 18 days, resulting in lower costs. While this shift sacrifices storing a complete record of all transactions forever, it frees up more space on the Ethereum network for other transactions, reducing congestion. AI-Driven Trading Strategies According to the report, introducing blobs through the Dencun upgrade also paves the way for using artificial intelligence (AI) in various applications. For example, games can incorporate AI-driven non-player characters, enabling advanced gameplay capabilities and a deeper experience.  In decentralized finance (DeFi), automated market makers can incorporate “complex trading strategies” driven by AI models. This newfound flexibility and complexity are expected to foster innovation and drive the development of advanced applications in the Ethereum ecosystem. In addition, the Dencun upgrade is expected to reduce the operating costs of Layer 2 chains significantly. Previously, launching and operating a Layer 2 project required considerable venture capital backing. However, Bloomberg reports that with the cost reductions brought about by Dencun, small teams may be able to launch and maintain Layer 2 chains.  While the adoption of blobs and the associated cost advantages are expected to drive immediate benefits, it is worth noting that the cost of blobs may increase over time as demand grows.  How Could Dencun Boost ETH Price? While the price of ETH has corrected by over 3% in the past 24 hours, resulting in a current trading price of $3,916, the Dencun upgrade holds the potential to have a positive impact on its price. The upgrade aims to significantly reduce costs for Layer 2 networks and enhance the overall user experience, making Ethereum a more appealing platform for decentralized applications (dApps) and other use cases. By lowering transaction fees and improving scalability, Dencun could attract more users and developers to the Ethereum ecosystem, potentially driving up demand for ETH tokens. Related Reading: Expect A Bitcoin Scarcity Crisis In 6 Months, BTC To $100,000? Despite the ongoing correction, it is worth noting that the current price of ETH is not far from its two-year high of $4,084. However, it’s important to consider that the price has formed a double top pattern on the daily time frame for two consecutive days, which may present a near-term hurdle for ETH’s price. The market’s reaction and the ability of ETH to surpass its nearest resistance level remain to be seen. Featured image from Shutterstock, chart from TradingView.com