Category: Cryptocurrency News

Imperial College London announced a collaboration with AI startup FluidAI to tackle major issues in the crypto market such as liquidity aggregation.

On-chain data shows that Ethereum co-founder Vitalik Buterin moved 600 ETH to U.S. exchange Coinbase amid ongoing market woes.

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On-chain data shows the XRP whales have been sharply accumulating recently, something that can help the price recover. XRP Whales Have Continued To Expand Their Holdings Recently According to data from the on-chain analytics firm Santiment, the largest of the XRP investors have been buying in recent days. The relevant indicator here is the “Supply Distribution,” which tells us about the total amount of the asset that each holder group in the market is carrying in their combined wallets right now. The addresses or investors are divided into these groups based on the total number of coins that they are currently holding. The 10-100 coins cohort, for instance, includes all holders who own at least 10 and at most 100 XRP. In the context of the current discussion, two such groups are of interest: 10 million to 100 million coins and 100 million to 1 billion coins. The combined range of these groups has a lower bound of $5.22 million at the current exchange rate, while the upper bound converts to $522 million. This means that the members of both these groups are the whale entities, with the latter cohort naturally carrying the largest of holders even among these humongous investors. Related Reading: Bitcoin Weekly Chart Completes Double Top: Market Shifts Ahead? Now, here is a chart that shows the trend in the XRP Supply Distribution for both of these whale groups over the last few months: Looks like both these metrics have observed growth in recent days | Source: Santiment on X As displayed in the above graph, the XRP Supply Distribution for the smaller of the two cohorts (that is, the 10 million to 100 million coins group) has been rising for a while now. This means that these whales have only continued to buy more as the asset’s price has observed an extended drawdown. This behavior hasn’t changed with the latest sharp plunge in the cryptocurrency, either, as the metric has now risen toward the 5.1 billion mark. The largest of whales (100 million coins to 1 billion coins), on the other hand, started to actively dump their coins not too long after the coin hit its top in July. They continued their selling until the recent crash, but following it, they have changed their tune and have participated in some pretty significant accumulation. This is naturally a positive sign for the cryptocurrency, as it means that these humongous whales believe that the current lows should prove to be a profitable buying point. Related Reading: Bitcoin Investors Fall Into Fear As BTC Crashes To $26,500 With this accumulation spree, this cohort as a whole now holds an 11 billion tokens stack. This means that these two whale cohorts combined now carry around 16.1 billion coins of the asset, worth around $8.4 billion. It’s uncertain whether XRP would recover anytime soon, but the buying from the whales is at least a sign that these humongous entities would be supportive of such a move if it happens. XRP Price At the time of writing, XRP is trading around $0.52, down 17% in the last week. XRP has fallen hard recently | Source: XRPUSD on TradingView Featured image from Rémi Boudousquié on Unsplash.com, charts from TradingView.com, Santiment.net

Overall, the combination of AI and blockchain represents a massive paradigm shift in modern technology and presents significant opportunities for lives and industries to improve.

Bitcoin mining lands another green energy data center as global powerhouse GDA sets up shop in Sweden.

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Shibarium, the much-anticipated layer-2 network of Shiba Inu is back online but remains under the radar, confined to an extensive private test phase. Shytoshi Kusama, the project’s lead developer, unveiled this update on Saturday. In his remarks, Kusama assured the community that they have resolved all technical challenges previously encountered on this layer-2 platform. Kusama mentioned, “Shibarium is currently live (but in private mode) producing blocks as normal.” He further emphasized the importance of ensuring optimal scaling and functionality before a public re-release, suggesting that the SHIB development team is prioritizing caution above all. Notably, Shibarium’s initial launch wasn’t without its issues. Block production had come to a standstill on the network just last week. Shibariumscan, the network’s designated explorer, indicates that the most recent block on the Shibarium mainnet was produced on Thursday. Related Reading: Shiba Inu Whale Transfers 4.6 Trillion Tokens After A 24-Hour Safekeeping However, among the many challenges faced, the most significant was the unexpected trapping of 965 ETH, valued approximately at $1.7 million during that period. The predicament arose because of the massive, unexpected influx of traffic on the network immediately post-launch, with 1000 ETH tokens and 600,000 BONE tokens deposited within the first 15 minutes alone. This rush resulted in Shibarium recording over 160 million compute units in merely half an hour. Kusama, providing a silver lining, stated that they’ve since amplified Shibarium’s scaling and capacity by a staggering 1,500%. With such promising advancements and the dedication shown by the team, many Shiba Inu enthusiasts are ardently waiting for Shibarium to open its gates to the public. How High Can Shiba Inu Surge Post Shibarium Restart? The ripples of the Shibarium launch and its subsequent hiccups are vividly evident in SHIB’s recent price dynamics. A euphoric surge was observed around August 12, where SHIB’s price ascended to a 4-month high at $0.00001134. However, post the Shibarium’s temporary freeze, SHIB’s value plummeted sharply. This decline was so drastic that SHIB’s price slid below the support levels of all major daily moving averages. Related Reading: Shiba Inu Price Shows Resilience As Shibarium Reboots: SHIB Price Targets The meme coin’s recent trajectory saw it dwindling precariously close to the 78.6% Fibonacci retracement mark at $0.00000717 just last Thursday. However, SHIB price managed to claw its way back, finding support above the 61.8% Fibonacci retracement level pegged at $0.00000806. A brief bounce was witnessed, but resistance at the 50% Fibonacci retracement level and the 100-day EMA at $0.00000869 thwarted its progress, causing it to retrace its steps back towards the 61.8% level. With the potential public restart of Shibarium on the horizon, there’s a beacon of hope for SHIB’s price. A successful relaunch might propel SHIB to soar by 37% and retouch its 4-month peak at $0.00001134. But this ascent won’t be without challenges. The Shiba Inu price will need to navigate a maze of resistance, most notably the area between the 100-day EMA at $0.00000867 and the 50% Fibonacci retracement level at $0.00000869, the area between the 200-day EMA at $0.00000932 and the 38.2% Fibonacci retracement level at $0.00000931, and the 23.6% Fibonacci retracement level at $0.00001009.   Featured image from Coins.ph, chart from TradingView.com