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Shiba Inu (SHIB) has established a critical price support level amidst the market-wide downtrend, which has kept crypto prices down. This support level has been established thanks to a host of Shiba Inu holders who have invested in the meme coin at that price level with a 2 trillion SHIB buy order.

Shiba Inu Establishes Support At $0.00001

Data from the market intelligence platform IntoTheBlock shows that over 397,000 Shiba Inu addresses currently in the money bought the meme coin at an average price of $0.000010. Meanwhile, the minimum price for those buy orders is $0.000008, while the maximum is $0.000014. 

Therefore, that price range acts as a significant support for the meme coin since most of its buying pressure came at those price levels. This could prove pivotal if the downtrend in the crypto market continues to subsist. Specifically, Shiba Inu is expected to hold above this level in the event of more price drops as these holders will most likely move to avoid the meme coin dropping beyond their buy price.  

So far, Shiba Inu holders, especially the whales, haven’t been deterred by the meme coin’s price declines and have seen it as an opportunity to accumulate more SHIB tokens. Bitcoinist recently reported an anonymous whale who purchased 223 billion SHIB tokens after its price crashed to a low of $0.00001830.  

Such buying pressure can help the meme coin stay afloat and avoid losing the year-to-date (YTD) gain of over 100%, which it already made this year. Meanwhile, the reason for this bullish sentiment among Shiba Inu investors isn’t affected, considering that the meme coin is projected to be one of the leading gainers in this bull run. 

Shibarium Back In Business

Network activity on Shibarium has picked up significantly in the last seven days, with the layer-2 network recording a recent high of 958,000 daily transactions on April 15. This network resurgence could prove timely as Shiba Inu needs every bullish momentum it can get to push it to new highs. 

Network activity on Shibarium is expected to keep rising. The network recently announced a significant upgrade, which makes it “faster, smoother, and more accessible than ever.” As network activity continues to pick up, SHIB’s burn rate will spike, which will ultimately affect Shiba Inu’s price positively. 

The burn rate had been decent, even in the absence of the massive Shibarium-led token burns, which the SHIB community had become accustomed to towards the end of last year. Therefore, things can only get better from here on. 

At the time of writing, SHIB is trading at around $0.00002265, up over 4% in the last 24 hours, according to data from CoinMarketCap. 

Dogecoin has been in a bearish sentiment among investors in the past week that even a tweet from Elon Musk referencing the cryptocurrency earlier in the week failed to do much to cause a price reversal. However, recent transaction volume indicates this might be changing into a bullish sentiment soon, as Dogecoin is finally getting some traction after a week of what seemed like an eternity of corrective price action. 

According to data from CoinGlass, Dogecoin trading volume on the derivatives market is currently up by 23% in the past 24 hours to reach $3.96 billion. Similarly, Coinmarketcap shows a 16% increase in the spot market, with the price of DOGE once again surpassing the $0.15 threshold.

Bullish Spike In Volume For DOGE

Dogecoin is currently experiencing fierce competition in the meme coin space. Coins like Shiba Inu, Floki Inu, Dogwifhat, and others are gaining major hype and popularity, threatening DOGE’s dominance. Furthermore, recent bearish action in the wider crypto market has seen DOGE losing bullish steam and reversing most of its price gains in March. 

Although the meme token continues to find itself in a bearish state, it has attracted an uptick in trading volume in the past 24 hours. A breakdown of the $3.96 billion in the DOGE derivatives market reported by Coinglass shows the majority of action coming from crypto exchange Binance with $1.94 billion in trading volume. Next is OKX, which has registered a $1.13 billion trading volume in the past 24 hours. Bybit and BingX come in third and fourth, with $538.84 million and $137.61 million respectively. 

At the same time, Coinmarketcap reports a 16% increase in the spot market to $2.35 billion in the past 24 hours. Most of this also came from Binance, with the DOGE/USDT pair experiencing a $444 million trading volume in the past day.

Will Renewed Interest Lead To Sustained Dogecoin Price Rally?

As expected, the uptick in trading volume has led to a corresponding price increase for DOGE. At the time of writing, DOGE is trading at $0.1533 and is up by 6.06% in the past 24 hours. However, the next few days will be crucial in seeing if this volume spike translates into a sustained price rally.

If trading volume continues to increase and Dogecoin can break through resistance levels at $0.16 and $0.17, it may be able to start climbing back to its previous monthly high of $0.22. Shiba Inu and Dogwifhat are up by 4.5% and 16%, respectively, in the same time frame. 

According to Whale Alerts, a private whale wallet acquired 100 million DOGE tokens worth $15.2 million from crypto exchange Robinhood in the past 24 hours.

On-chain data shows that Ethereum transaction fees have dropped to their lowest level since January, a sign that a bottom could be close.

Ethereum Transfer Fees Has Plunged As Network Has Gone Cold

According to data from the on-chain analytics firm Santiment, Ethereum transaction fees have taken a notable hit recently. The “transaction fees” here refer to the average fees (in USD) that senders on the ETH network are currently attaching to their transfers.

This metric’s value generally reflects the traffic conditions the blockchain is witnessing. When many users are making moves on the network, the average fees tend to go up.

This is a result of the blockchain’s limited capacity to process transactions, which can cause the network to get clogged during periods of high activity and cause transactions to wait for a while.

Users who don’t want to deal with the wait times attach a high fee to their transfers, allowing the validators to prioritize their moves. As many senders compete against each other like this, the average can quickly blow up, and blockspace can become more precious.

When the Ethereum blockchain is observing little activity, though, the transaction fees may remain low, as the users wouldn’t have much incentive to go for any significant fees.

Now, here is a chart that shows the trend in the Ethereum average fees over the last few months:

As displayed in the above graph, Ethereum transaction fees have slumped recently and hit a low of just $2.07. This is the lowest value that the metric has touched since January of this year.

This cooldown in fees would imply that the network activity for cryptocurrency has dissipated. Traffic is usually interlinked with the mood around the asset; as Santiment explains:

The market historically moves between sentimental cycles of feeling that crypto is going “To the Moon” or feeling that “Crypto is Dead”, which will very often be observed through transaction fees.

A lack of activity on the network suggests the investors may not be too interested in the coin at the moment. This, however, may not be bad news for the asset’s price.

According to the analytics firm, low average fees tend to coincide with bottoms in Ethereum, while peaks of the metric may occur alongside top formations.

As the chart shows, ETH’s price was near a bottom in January when the fees last hit a low of $1.75. Similarly, the indicator spiked to $15 in the leadup to the top last month.

It now remains to be seen if a similar pattern will play out this time around, and whether Ethereum will now approach a bottom.

ETH Price

Ethereum had plunged under $2,900 earlier, but the asset seems to have rebounded as its price recovered to $3,100.

Cardano has been struggling in the market over the last few weeks, completely erasing its gains from March. This continuous decline has put the digital asset in a perilous position as it has dropped drastically on the list of the top 10 cryptocurrencies by market cap.

Cardano Bows Out To Toncoin And Dogecoin

The first negative headwinds for Cardano began to blow when Toncoin, a cryptocurrency enjoy serious backing from Telegram, began to rise. As the Toncoin price rose, so did its market cap and in not time it was on its way to knocking a number of assets from their positions.

After beating Dogecoin, the Toncoin price continued to rise, reaching over $7. At this time, its market cap had jumped above $20 billion. This quickly placed it ahead of Cardano and then Dogecoin as it enjoyed a massive rally.

Next up was Dogecoin coming for Cardano’s spot on the top 10 list. Dogecoin began to see more upside as Elon Musk tweeted about the meme coin once again. Dogecoin’s price rose above $0.2 before being rejected at this level. However, it continues to trend high, maintaining most of its gains from March, and its market cap above $20 billion.

Cardano, on the other hand, has suffered crash after crash, bringing its price back down to $0.46. At its current price, its market cap is sitting at approximately $16.5 billion, putting it well below the likes of Toncoin and Dogecoin.

Shiba Inu Wants 10th Spot

Despite the market being on a recovery trend, it seems the worse is far from over for Cardano. After falling behind Dogecoin and Toncoin, Cardano is currently the 10th largest cryptocurrency in the market, down four spots from 6th about a year ago.

This time around, the coin is seeing steep competition from Shiba Inu, which currently occupies the 11th position on the list. Currently, Cardano’s market cap is only around 30% higher than that of Shiba Inu, which sits at $13.4 billion compared to $16.5 billion for ADA.

Now, given the positive headwinds predicted for the Shiba Inu price, it may not be long until SHIB claims the 10th spot. With the Bitcoin halving happening and Shiba Inu’s track record following a halving event, the meme coin could see an over 100% increase from here.

For Cardano to maintain its spot, it would have to rise rapidly alongside SHIB. However, if it fails to do so, Cardano could fall out of the top 10 cryptocurrencies by market cap for the first time in over three years.

Криптовалютная биржа HashKey Exchange объявила о скорой приостановке операций ввода и вывода цифровых активов с крупнейшей торговой криптоплощадки мира Binance.

In a recent interview with Fox on April 18th, Ripple CEO Brad Garlinghouse shared his insights on the crypto market, particularly weighing in on his recent forecast suggesting a doubling digital currency market size by 2024.

In the interview, Garlinghouse also remained bullish on the long-term trajectory of the digital currency market despite recent market fluctuations, citing key factors such as the approval of spot BTC Exchange-Traded Funds (ETFs) and the upcoming Bitcoin Halving.

He also emphasized the importance of regulatory clarity in driving market growth and expressed concern over US regulators’ perceived “anti-crypto” stance.

$5 Trillion Crypto Market Forecast Was ‘Underpredicted’

During an interview with CNBC, the Ripple CEO projected that the crypto market will double in size to reach $5 trillion by the end of 2024. Garlinghouse noted:

The overall market cap of the crypto industry is easily predicted to double by the end of this year as it’s impacted by all of these macro factors

Garlinghouse mentioned the arrival of the first set of US spot Bitcoin exchange-traded funds and the upcoming Bitcoin “Halving” as the catalyst behind this projected growth.

However, in a recent interview with Fox on Thursday, Garlinghouse suggested that his bullish prediction of the crypto market reaching $5 trillion might just be “underpredicted.”

Covered a lot of ground with @MorningsMaria today – the BTC halving, my predictions for the crypto market by EOY, how pro-innovation policies in the US will prevail (step 1 – replace the SEC leadership and step 2 – Elizabeth Warren’s staff should read some actual facts on crypto… https://t.co/1EB59xUB7J

— Brad Garlinghouse (@bgarlinghouse) April 18, 2024

Garlinghouse attributed this optimism to the increasing demand for crypto assets driven by decreasing supply and growing institutional interest.

Yeah, I don’t even feel like it’s that big of a prediction when you step back and you know like any market, this is driven by supply and demand, you have decreasing supply (…) you have increasing demand, [with] the ETF being a key part of that (…) So basically just predicting it’s going to double by the end of the year, if anything, I think I probably underpredicted that.

Garlinghouse’s Optimism Amidst Regulatory Uncertainty

Meanwhile, despite recent price declines in Bitcoin, Garlinghouse remained optimistic about its future, citing the impact of spot ETF approvals and the impending Halving event. He emphasized that these factors would continue to provide ‘tailwinds ‘for Bitcoin’s price trajectory in the coming months.

Garlinghouse also highlighted the notable “ups and downs” in crypto assets over the past week, urging investors to focus on the market’s long-term potential.

Additionally, the Ripple CEO cautioned against the lack of regulatory clarity in the United States, citing it as a “potential hindrance to market expansion.”

Garlinghouse compared the regulatory approaches of countries like Dubai and Singapore, which have embraced crypto with constructive frameworks, to the US, where regulatory uncertainty prevails.

Despite these challenges, Garlinghouse expressed confidence in Ripple’s prospects, particularly in non-US markets where the company continues to expand its offerings.

Featured image from YouTube/ Bloomberg Television, Chart from TradingView

Полиция изъяла $12 млн у Раджа Кундры, супруга знаменитой местной актрисы Шилпы Шетти, заподозрив его в причастности к мошеннической криптосхеме Gain Bitcoin, выманившей у инвесторов $800 млн.

Халвинг биткоина – одно из самых значимых событий для криптоиндустрии в 2024 году. Все ждут, что оно наступит буквально через несколько часов. Тем не менее, ажиотажа ни вокруг биткоина, ни вокруг альткоинов не наблюдается. Криптовалюты дружно дешевеют.

Эксперты Международного валютного фонда (МВФ) заявили, что жители стран с ограничительным финансовым регулированием все чаще для безопасного совершения трансграничных операций обращаются к биткоину.

Kadan Stadelmann, the Chief Technology Officer (CTO) of Komodo, an open-source technology workshop, has raised concerns about the increasing centralization of the world’s largest cryptocurrency, Bitcoin. Stadelmann asserts that the rising centralization poses a threat to the fundamental principle of BTC as a decentralized digital currency. 

Centralization Poses Existential Threat To Bitcoin

According to Stadelmann, a worrying trend of centralization within the Bitcoin network could threaten the cryptocurrency’s decentralized identity. Citing the increasing concentration of mining power within a few mining pools, the Komodo CTO highlighted that only two mining pools, Foundry USA and Antpool control more than 50% of Bitcoin’s hash rate. 

Based on Blockchain.com’s data, Foundry USA commands a 27.33% share, having mined approximately 164 blocks, while Antpool controls a 24.66% share with 148 blocks mined. The concentration of mining power has also been distributed across five pools, with these pools collectively controlling 80% of BTC’s hash rate. 

This centralization of power effectively threatens Bitcoin’s decentralized nature, as concentrated control over hash rates could give these pools influence over decision-making processes and potential censorship of transactions. 

“A minority of miners control substantial resources, undermining the decentralized ethos that Bitcoin claims to uphold. This scenario questions the egalitarian nature that BTC was purported to represent,” Stadelmann stated to BeInCrypto. 

Financial Accelerate BTC’s Centralization Concerns

The Komodo CEO has also cited the increasing involvement of leading financial institutions in Bitcoin mining operations as another concerning factor that could potentially downplay Bitcoin’s decentralization. 

Prominent financial services organizations like BlackRock, Morgan Stanley, Goldman Sachs and Vanguard currently own significant shares in two of the world’s largest Bitcoin mining companies, Riot Blockchain and Marathon Digital Holding. Notably, Vanguard and BlackRock remain the largest shareholders of these two companies. 

Stadelmann has disclosed that the increased involvement of financial giants in BTC mining operations may pose a centralization risk, with decision-making and control over Bitcoin’s network potentially becoming concentrated among a select number of individuals. 

Traditionally, Bitcoin’s fundamental principles were designed to uphold decentralization, distributing power among a diverse group of people and eliminating third-party control from the government and regulatory agencies. 

However, Stadelmann has cautioned that the growing centralization within the Bitcoin network could offset the balance, potentially stripping BTC of its decentralized nature and diminishing its original purpose within the financial sector.  

He has emphasized the need for further discussions regarding the true beneficiaries of this digital currency. This suggests examining whether BTC benefits the broader crypto community and global economy or if it’s potentially falling under the control of entities possibly aiming to monopolize BTC’s power through the domination of mining pools.  

В Российском государственном гуманитарном университете (РГГУ) разгорелась локальная «гражданская война», легко перекинувшаяся в широкое общественное пространство Студенты протестуют против создания под...

Председатель комитета Госдумы по финансовому рынку Анатолий Аксаков заявил, что механизмы использования цифровых финансовых активов в международных расчетах уже проходят тестирование и могут начать действовать до конца года.

Полиция Гонконга сообщила о задержании десятков человек в рамках расследования мошенничества на криптовалютной бирже JPEX. Среди задержанных оказались блогеры, разместившие на своих аккаунтах рекламу JPEX и открывшие собственные обменные сервисы, работающие без лицензии регулятора Гонконга.

Комиссия по ценным бумагам и биржам США (SEC) подала жалобу по делу против оcнователя Tron, утверждая, что его поездки по Америке являются веским основанием для продолжения судебного разбирательства.

Гендиректор Bitwise рассказал, что биткоином все чаще стали интересоваться официально зарегистрированные инвестиционные консультанты (RIA) и компании, которые занимаются доверительным управлением капиталом.

Эмитент стейблкоина USDT, американская компания Tether добавила поддержку сети The Open Network. В сеть TON добавлена ликвидность на $10 млн, ончейн-комиссии можно будет оплачивать в USDT.

Shibarium, the layer-2 blockchain solution crafted by the creators of the Shiba Inu (SHIB) token, have unveiled a comprehensive update to its platform, promising enhanced performance and broader accessibility. This announcement was disseminated through the official Shibarium Network account on X, which emphasized significant user interface improvements and expanded wallet compatibility.

Shiba Inu News: Shibarium Receives Major Upgrade

A key feature of the new Shibarium update is its extensive support for multiple cryptocurrency wallets, reflecting a strategic move to accommodate a wider range of user preferences and financial ecosystems. The platform now supports major wallets including MetaMask, Coinbase Wallet, Rainbow, Trust Wallet, and Wallet Connect.

This expansion is designed to facilitate easier and more flexible user interaction with the Shibarium network by allowing users to choose their preferred wallet services for transactions on the platform.

“SHIB army we’re thrilled to launch the new Shibarium UI update—now faster, smoother, and more accessible than ever! We expanded wallet compatibility […] to let you Shibas connect the way you want. We reworked the platform from the ground-up to prioritize the user experience and speed,” said the Shibarium team via X.

In terms of technological enhancements, the Shibarium update has introduced a complete overhaul of its core system architecture. Utilizing modern web technologies such as NextJS and React, the platform has been re-engineered from the ground up to boost performance metrics significantly. These changes have resulted in faster load times, a more responsive user interface, and an overall smoother experience.

The update’s focus on user-centric design is evident in its streamlined operations and reduced reliance on heavy external libraries. By adopting CSS for animations over JavaScript, Shibarium has significantly cut down on RAM usage, which contributes to a faster and more efficient user interaction. Furthermore, improvements in error handling mechanisms for smart contracts and APIs ensure a more robust and secure environment for executing transactions.

The latest update also underscores Shiba Inu’s commitment to broadening blockchain accessibility. By simplifying the user interface and enhancing the overall user journey, Shibarium aims to attract a diverse group of users ranging from blockchain novices to seasoned enthusiasts.

“We’re constantly making strides towards making blockchain more intuitive and powerful,” stated the Shibarium development team.

As blockchain technology continues to evolve and expand, updates such as the one rolled out by Shibarium are crucial for maintaining relevance and user satisfaction. The Shibarium team has indicated that these updates are just part of a larger roadmap aimed at continuously improving the platform and fostering a robust community.

At press time, Shiba Inu traded at $0.00002343.

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