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TL;DR Shiba Inu’s price has fallen substantially lately, with declining burn rates and large transaction volumes signaling continued bearish momentum. On the other hand, reduced exchange reserves and SHIB’s RSI nearing oversold territory suggest that a potential rebound may be on the horizon. The Bad Days for the Bulls Might Not be Over The past two weeks have been quite successful for most leading cryptocurrencies. Bitcoin (BTC), for instance, saw its price surging by 10%, while Ethereum (ETH) pumped by 4%. However, some assets have not performed so well . The popular meme coin Shiba Inu is among the biggest losers, with its valuation plummeting by over 15% for that period. Currently, it trades at around $0.00002575 (per CoinGecko’s data), representing a 6% decline on a daily scale. SHIB Price, Source: CoinGecko Some factors and on-chain metrics signal that the bears might continue to prevail in the near future . One example is the red wave going through the entire meme coin sector. The market capitalization of the niche is down 4% in the last 24 hours, with well-known assets like Dogecoin (DOGE), Pepe (PEPE), dogwifhat (WIF), Bonk Inu (BONK), Floki Inu (FLOKI), Peanut the Squirrel (PNUT), and many more charting substantial losses. Another element worth mentioning is Shiba Inu’s burning mechanism. Data shows that the burn rate has decreased by almost 70% in the past week, resulting in just 128 million tokens sent to a null address. The program’s ultimate goal is to reduce the tremendous supply of SHIB, making it more scarce and potentially more valuable (assuming demand doesn’t head south). The Shiba Inu team and community have burned more than 410 trillion tokens since adopting the mechanism. However, the circulating supply remains quite significant, equaling approximately 589 trillion SHIB. Last but not least , we will focus on Shiba Inu’s large transaction volume (a momentum indicator showing the number of transactions greater than $100,000). According to IntoTheBlock, the metric is down 4.2%, entering bearish territory. It’s Not All Doom and Gloom On the other hand, there are some indicators that suggest SHIB could soon return to the green track. An example is the Shiba Inu exchange reserve, which, according to CryptoQuant, has recently plummeted to levels last seen in the spring of 2021. The development signals a shift from centralized platforms toward self-custody methods, which could be considered bullish since it reduces the immediate selling pressure. Last but not least , we will touch upon SHIB’s Relative Strength Index (RSI). The technical analysis tool measures the speed and change of price movements, varying from 0 to 100. It helps traders identify oversold or overbought conditions, with readings below 30 suggesting a potential buying opportunity. SHIB’s RSI has been on a downtrend in the last week, currently standing slightly above the bullish zone. The post Shiba Inu (SHIB) Drops by 15% in 2 Weeks: These Factors Suggest Extended Correction appeared first on CryptoPotato .
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Bitcoin Price Tumbles Toward $100K Despite Fed’s Latest Rate Cut
The United States Federal Reserve announced a third consecutive rate cut, this time by 25 basis points. Unlike the previous such occasions in the past few months, bitcoin and the rest of the crypto market headed south immediately and violently. Perhaps the reason for this lies in Fed Chair Jerome Powell’s words as he hinted that the central bank might halt its current policy of reducing the key interest rates due to the alarming CPI data that came out for November and October. “Today was a closer call but we decided it was the right call,” he said. Bitcoin’s price tumbled hard as the asset plummeted to a multi-day low of $100,250, and the freefall doesn’t seem to be near its end. The cryptocurrency had already retraced from $108,300 to $105,000 within a day, making a 36-hour decline of more than eight grand. Bitcoin/Price/Chart 18.12.2024. Source: TradingView Naturally, the more volatile by nature altcoins felt the pain even more. XRP is among the poorest performers on a daily scale, as it briefly dumped below $2.2 minutes ago before bouncing to $2.3. Nevertheless, Ripple’s native token is down by over 11% on a daily scale. The price declines from DOGE, AVAX, and SHIB are similar, while ETH, BNB, and SOL have posted slightly less painful drops. Still, the total crypto market cap, which had already tumbled by $150 billion since yesterday, has lost another $200 billion and is down to $3,650 trillion on CG. The total value of wrecked positions has skyrocketed to almost $700 million, according to CoinGlass. Longs are responsible for the lion’s share ($600 million), while the overall number of liquidated traders is above 250,000 on a daily scale. Liquidation Heat Map. Source: CoinGlass The post Bitcoin Price Tumbles Toward $100K Despite Fed’s Latest Rate Cut appeared first on CryptoPotato . Crypto Potato
Stablecoins Should Become Mass Export Product of the US, Says Circle CEO Jeremy Allaire
The chief executive of stablecoin issuer Circle says that dollar-pegged digital assets should become a mass export product of the United States. In a new interview on CNBC Television, Circle CEO Jeremy Allaire says that the US should promote “full reserve digital dollars” as a means of preserving the value of the US dollar. Allaire also says the US’ fiscal situation is “not in order” – something that could also be aided by a transparent digital dollar system. “First and foremost, we have to focus on the strength and competitiveness of the dollar first. We have a situation in the world where while the dollar is the reserve currency, there are lots and lots of places in the world that don’t want the dollar to be that currency. So first we need full reserve digital dollars, like stablecoins to become a mass export product of the United States and if there’s going to be a major currency of the internet, make sure it’s a digital dollar… The fundamental issue that we have here is a sound money issue. We don’t have sound money principles embedded in our monetary system right now. Virtually every government in the world is – I won’t say they are all bankrupt – but they are in massive debt. The United States has an enormous amount of debt, its fiscal house is not in order.” The CEO calls upon US regulators to clearly define what digital assets are, how they can be bought and sold, and how they can be used. “The big thing is we need statutes that define what these different types of digital assets are. Digital tokens are a huge innovation and they are an innovation in economic incentives and others. We need laws that say here is what a digital token is, here is how you offer one, here is how you distribute it and users can use it, whether it’s a game or whatever it is.” Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Stablecoins Should Become Mass Export Product of the US, Says Circle CEO Jeremy Allaire appeared first on The Daily Hodl . Crypto Potato
