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Meme Coins Suffer as BTC Slips Toward $64k
The altcoins are in an even worse shape than BTC, at least the majority of them. ETH is down by more than 3% and sits below the psychological support of $3,500. BNB has declined by a similar percentage to $583.
More losses come from SOL, SHIB, DOT, LINK, XRP, DOGE, ADA, and others from the larger-cap cohort.
However, some of the biggest losers on a daily scale are from the meme coin realm. WIF dumped to a multi-month low today, followed by JASMY, BONK, BRETT, PEPE, and FLOKI – all of them are down by more than 8% in a day.
The cumulative market cap of all crypto assets has seen about $50 billion gone in a day.
The altcoins are in an even worse shape than BTC, at least the majority of them. ETH is down by more than 3% and sits below the psychological support of $3,500. BNB has declined by a similar percentage to $583.
More losses come from SOL, SHIB, DOT, LINK, XRP, DOGE, ADA, and others from the larger-cap cohort.
However, some of the biggest losers on a daily scale are from the meme coin realm. WIF dumped to a multi-month low today, followed by JASMY, BONK, BRETT, PEPE, and FLOKI – all of them are down by more than 8% in a day.
The cumulative market cap of all crypto assets has seen about $50 billion gone in a day.
BTC Price Dumps Toward $64K Again as Spot Bitcoin ETF Outflows Continue (Market Watch)
Bitcoin’s underwhelming price movements continue as the asset was stopped at $66,400 and was pushed down toward $64,000 for the third time this week.
The altcoins have turned red as well, with numerous painful declines, especially from the meme coin niche.
Bitcoin’s underwhelming price movements continue as the asset was stopped at $66,400 and was pushed down toward $64,000 for the third time this week.
The altcoins have turned red as well, with numerous painful declines, especially from the meme coin niche.
Who is Selling Bitcoin? BTC Price Decline Dumps Below $65K
As the crypto market faces a downturn, George from CryptosRUs discusses several key factors affecting Bitcoin’s current market dynamics in his latest YouTube video. Bitcoin has recently slipped below $65,000. It hit an intraday low of $64,544 after reaching a peak of $66,436. This decline is due to several factors, including significant sell-offs by whales and market volatility.
As the crypto market faces a downturn, George from CryptosRUs discusses several key factors affecting Bitcoin’s current market dynamics in his latest YouTube video. Bitcoin has recently slipped below $65,000. It hit an intraday low of $64,544 after reaching a peak of $66,436. This decline is due to several factors, including significant sell-offs by whales and market volatility.
Will Binance Support SHIB Burns Like LUNC?
Meanwhile, Binance is not new to supporting a token’s burn initiative. Recall that the exchange launched an initiative to burn LUNC using 50% of the token’s spot and margin trading fees. The move marks the exchange’s contribution to making victims of the Terra ecosystem collapse whole.
As of May 1, Binance’s total LUNC burns hit a whopping 58.93 billion, valued at $5.6 million at the time. It remains to be seen how the Shiba Inu community hopes to burn SHIB via these top exchanges.
Notably, getting Binance and Coinbase to contribute to the burn campaign could drastically reduce Shiba Inu’s circulating supply and potentially bolster the token’s value in the long run.
Meanwhile, Binance is not new to supporting a token’s burn initiative. Recall that the exchange launched an initiative to burn LUNC using 50% of the token’s spot and margin trading fees. The move marks the exchange’s contribution to making victims of the Terra ecosystem collapse whole.
As of May 1, Binance’s total LUNC burns hit a whopping 58.93 billion, valued at $5.6 million at the time. It remains to be seen how the Shiba Inu community hopes to burn SHIB via these top exchanges.
Notably, getting Binance and Coinbase to contribute to the burn campaign could drastically reduce Shiba Inu’s circulating supply and potentially bolster the token’s value in the long run.
Shiba Inu Community Hints at Burning $SHIB From Binance and Coinbase
Shiba Inu, which launched with a total supply of 1 quadrillion tokens, now has only 583.31 trillion SHIB in circulation. The community and Ethereum co-founder Vitalik Buterin have burned a combined 410,727,009,502,240 (410.72 trillion) SHIB. While Buterin burned 410 trillion SHIB in 2021, the Shiba Inu community has destroyed over 72 billion SHIB since inception.
Data from Shibburn confirms that 37,534,163 (37.53 million) were sent to the dead wallet over the past day, boosting the asset’s burn rate to 529.72%. However, the 37.53 million SHIB destroyed in the past day is only a fraction of the token’s hefty circulating supply.
Shiba Inu, which launched with a total supply of 1 quadrillion tokens, now has only 583.31 trillion SHIB in circulation. The community and Ethereum co-founder Vitalik Buterin have burned a combined 410,727,009,502,240 (410.72 trillion) SHIB. While Buterin burned 410 trillion SHIB in 2021, the Shiba Inu community has destroyed over 72 billion SHIB since inception.
Data from Shibburn confirms that 37,534,163 (37.53 million) were sent to the dead wallet over the past day, boosting the asset’s burn rate to 529.72%. However, the 37.53 million SHIB destroyed in the past day is only a fraction of the token’s hefty circulating supply.
JUST IN: @Cobratate inspired memecoin $DADDY (@DaddyTateCTO) stays strong amid market turbulence, while $MOTHER declines in value.
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Here’s the Only Reason Shiba Inu Cannot Surge to $0.01 or $0.001
Shiba Inu might never reach the much anticipated $0.01 or $0.001 price thresholds due to its substantial circulating supply sitting above 589 trillion tokens.
The crypto market features multiple opportunities that could allow investors transform modest investments into fortunes. Shiba Inu is one of the assets that presented this opportunity in the past, yielding $1 million with a meager capital of $12 in 2021.
$SHIB currently priced at
Shiba Inu Circulating Supply Presents a Roadblock
Nonetheless, these goals might be too ambitious for Shiba Inu due to a simple roadblock. SHIB’s extensive circulating supply poses a problem to such targets. Due to the massive supply, Shiba Inu would either need an unimaginable volume of capital inflow to reach the goals or a massive increase in burn rates.
For context, if SHIB ever clinches the $0.001 price level, its market cap would skyrocket from the current $13 billion figure to $589 billion, making it the second largest crypto asset in the market. At this valuation, Shiba Inu would surpass Ethereum, which currently boasts a market cap of $426 billion.
Meanwhile, at the audacious $0.01 price territory, SHIB’s market valuation would spike above $5.89 trillion. Such market cap would make Shiba Inu larger than Bitcoin (BTC) by over 4.5 times. In addition, this valuation is larger than those of Apple ($3.27 trillion) and Microsoft ($3.28 trillion).
The implication of price surges to $0.001 and $0.01 on Shiba Inu’s market cap makes it highly difficult for the canine-themed asset to reach these targets. As a result, a massive reduction in its circulating supply could be necessary to allow for such a price increase.
However, at the current burn rate, incinerating any significant portion of Shiba Inu’s circulating supply might take years. As a result, the community have turned their attention to layer-2 network Shibarium, which burns SHIB with a portion of its base gas fees. Notably, the Shibarium team is looking to pivot the burn mechanism to an automated one.
The crypto market features multiple opportunities that could allow investors transform modest investments into fortunes. Shiba Inu is one of the assets that presented this opportunity in the past, yielding $1 million with a meager capital of $12 in 2021.
$SHIB currently priced at
Shiba Inu Circulating Supply Presents a Roadblock
Nonetheless, these goals might be too ambitious for Shiba Inu due to a simple roadblock. SHIB’s extensive circulating supply poses a problem to such targets. Due to the massive supply, Shiba Inu would either need an unimaginable volume of capital inflow to reach the goals or a massive increase in burn rates.
For context, if SHIB ever clinches the $0.001 price level, its market cap would skyrocket from the current $13 billion figure to $589 billion, making it the second largest crypto asset in the market. At this valuation, Shiba Inu would surpass Ethereum, which currently boasts a market cap of $426 billion.
Meanwhile, at the audacious $0.01 price territory, SHIB’s market valuation would spike above $5.89 trillion. Such market cap would make Shiba Inu larger than Bitcoin (BTC) by over 4.5 times. In addition, this valuation is larger than those of Apple ($3.27 trillion) and Microsoft ($3.28 trillion).
The implication of price surges to $0.001 and $0.01 on Shiba Inu’s market cap makes it highly difficult for the canine-themed asset to reach these targets. As a result, a massive reduction in its circulating supply could be necessary to allow for such a price increase.
However, at the current burn rate, incinerating any significant portion of Shiba Inu’s circulating supply might take years. As a result, the community have turned their attention to layer-2 network Shibarium, which burns SHIB with a portion of its base gas fees. Notably, the Shibarium team is looking to pivot the burn mechanism to an automated one.
Avalanche price analysis
Avalanche has been trading inside a large range between $29 and $40 for several days, which suggests that traders are buying near the support and selling close to the resistance.
AVAX/USDT daily chart. Source: TradingView
The price is attempting to start a relief rally from $30.59. Any recovery is likely to face selling at the moving averages. If the price turns down from the moving averages, the bears will make one more attempt to sink the AVAX/USDT pair below $29. If they succeed, the pair could drop to $20.
Conversely, if the price rises and breaks above the moving averages, it will suggest that the pair may extend its stay inside the range for some more time
Avalanche has been trading inside a large range between $29 and $40 for several days, which suggests that traders are buying near the support and selling close to the resistance.
AVAX/USDT daily chart. Source: TradingView
The price is attempting to start a relief rally from $30.59. Any recovery is likely to face selling at the moving averages. If the price turns down from the moving averages, the bears will make one more attempt to sink the AVAX/USDT pair below $29. If they succeed, the pair could drop to $20.
Conversely, if the price rises and breaks above the moving averages, it will suggest that the pair may extend its stay inside the range for some more time
Cardano price analysis
Cardano turned down from the triangle’s support line on June 10, suggesting that the bears are trying to flip the level into resistance.
ADA/USDT daily chart. Source: TradingView
Buyers purchased the dip to $0.41 and are trying to push the price back above the moving averages. If they manage to do that, it will signal that the breakdown below the triangle may have been a bear trap. The ADA/USDT pair could then climb to the resistance line.
Contrarily, if the price turns down from the moving averages, it will suggest that the sentiment has turned negative and traders are selling on rallies. The bears will then try to sink the pair to $0.35.
Cardano turned down from the triangle’s support line on June 10, suggesting that the bears are trying to flip the level into resistance.
ADA/USDT daily chart. Source: TradingView
Buyers purchased the dip to $0.41 and are trying to push the price back above the moving averages. If they manage to do that, it will signal that the breakdown below the triangle may have been a bear trap. The ADA/USDT pair could then climb to the resistance line.
Contrarily, if the price turns down from the moving averages, it will suggest that the sentiment has turned negative and traders are selling on rallies. The bears will then try to sink the pair to $0.35.
Shiba Inu price analysis
Shiba Inu has been stuck between $0.000020 and $0.000030 for the past few days, indicating buying on dips and selling on rallies.
SHIB/USDT daily chart. Source: TradingView
The bulls will try to vigorously defend the $0.000020 level because a break and close below it will start the next leg of the downtrend. The SHIB/USDT pair could then plunge to the 78.6% Fibonacci retracement level of $0.000017.
Contrary to this assumption, if the price turns up from the current level and breaks above the moving averages, it will signal that the range-bound action may continue for some more time. The bulls will have to clear the hurdle at $0.000030 to gain the upper hand.
Shiba Inu has been stuck between $0.000020 and $0.000030 for the past few days, indicating buying on dips and selling on rallies.
SHIB/USDT daily chart. Source: TradingView
The bulls will try to vigorously defend the $0.000020 level because a break and close below it will start the next leg of the downtrend. The SHIB/USDT pair could then plunge to the 78.6% Fibonacci retracement level of $0.000017.
Contrary to this assumption, if the price turns up from the current level and breaks above the moving averages, it will signal that the range-bound action may continue for some more time. The bulls will have to clear the hurdle at $0.000030 to gain the upper hand.
Toncoin price analysis
The bears tried to pull Toncoin (TON) below the uptrend line on June 11 but the bulls held their ground.
TON/USDT daily chart. Source: TradingView
The upsloping 20-day EMA ($6.88) and the RSI in the positive zone suggest that the bulls have an edge. Buyers will try to push the price above the overhead resistance of $7.67. If they can pull it off, the TON/USDT pair may surge to $10.
Instead, if the price turns down from $7.67, it will signal that bears are active at higher levels. That will increase the likelihood of a drop below the uptrend line. Such a move will invalidate the bullish ascending triangle pattern setup and sink the pair to $6.
The bears tried to pull Toncoin (TON) below the uptrend line on June 11 but the bulls held their ground.
TON/USDT daily chart. Source: TradingView
The upsloping 20-day EMA ($6.88) and the RSI in the positive zone suggest that the bulls have an edge. Buyers will try to push the price above the overhead resistance of $7.67. If they can pull it off, the TON/USDT pair may surge to $10.
Instead, if the price turns down from $7.67, it will signal that bears are active at higher levels. That will increase the likelihood of a drop below the uptrend line. Such a move will invalidate the bullish ascending triangle pattern setup and sink the pair to $6.
Dogecoin price analysis
Dogecoin turned up sharply from $0.13, indicating that the bulls are not waiting for a deeper correction to buy.
DOGE/USDT daily chart. Source: TradingView
The moving averages are likely to act as a substantial hurdle on the way up. If the price turns down from the moving averages, the bears will make one more attempt to sink the DOGE/USDT pair to $0.12.
On the contrary, if buyers kick the price above the moving averages, it will suggest that the pair may continue its range-bound action between $0.12 and $0.18 for a while longer. The bulls will be back in control on a break above $0.18
Dogecoin turned up sharply from $0.13, indicating that the bulls are not waiting for a deeper correction to buy.
DOGE/USDT daily chart. Source: TradingView
The moving averages are likely to act as a substantial hurdle on the way up. If the price turns down from the moving averages, the bears will make one more attempt to sink the DOGE/USDT pair to $0.12.
On the contrary, if buyers kick the price above the moving averages, it will suggest that the pair may continue its range-bound action between $0.12 and $0.18 for a while longer. The bulls will be back in control on a break above $0.18
XRP price analysis
The bulls could not build upon XRP’s bounce off the crucial support at $0.46 on June 7, showing a lack of demand at higher levels.
XRP/USDT daily chart. Source: TradingView
Both moving averages have started to turn down, and the RSI is in the negative zone, indicating that the bears are in control. If the price turns down from the moving averages, the bears will again attempt to sink the XRP/USDT pair below $0.46.
On the upside, a break and close above the moving averages will suggest that the bears are losing their grip. The pair may extend its consolidation between $0.46 and $0.57 for a few more days.
The bulls could not build upon XRP’s bounce off the crucial support at $0.46 on June 7, showing a lack of demand at higher levels.
XRP/USDT daily chart. Source: TradingView
Both moving averages have started to turn down, and the RSI is in the negative zone, indicating that the bears are in control. If the price turns down from the moving averages, the bears will again attempt to sink the XRP/USDT pair below $0.46.
On the upside, a break and close above the moving averages will suggest that the bears are losing their grip. The pair may extend its consolidation between $0.46 and $0.57 for a few more days.
Solana price analysis
Solana broke below the 50-day SMA ($157) on June 11, but the price recovered sharply from the support line of the descending channel pattern on June 12.
broke below the 50-day SMA ($157) on June 11, but the price recovered sharply from the support line of the descending channel pattern on June 12.
SOL/USDT daily chart. Source: TradingView
The bulls will attempt to propel the price above the resistance line. If they succeed, it will suggest that the short-term corrective phase may be over. The SOL/USDT pair will try to rise to $176 and subsequently to the overhead resistance at $189.
This optimistic view will be negated if the price turns down sharply from the 20-day EMA ($162) or the resistance line and plunges below the channel. That could clear the path for a drop to $116.
Solana broke below the 50-day SMA ($157) on June 11, but the price recovered sharply from the support line of the descending channel pattern on June 12.
broke below the 50-day SMA ($157) on June 11, but the price recovered sharply from the support line of the descending channel pattern on June 12.
SOL/USDT daily chart. Source: TradingView
The bulls will attempt to propel the price above the resistance line. If they succeed, it will suggest that the short-term corrective phase may be over. The SOL/USDT pair will try to rise to $176 and subsequently to the overhead resistance at $189.
This optimistic view will be negated if the price turns down sharply from the 20-day EMA ($162) or the resistance line and plunges below the channel. That could clear the path for a drop to $116.
BNB price analysis
BNB tickers down fell below the 50-day SMA ($605) on June 11, but the bears could not sustain the lower levels. This suggests buying on dips.
BNB/USDT daily chart. Source: TradingView
The bulls are attempting to push the price above the overhead resistance of $635. If they manage to do that, it will suggest that the correction may be over. The BNB/USDT pair may try to rise toward $722.
Alternatively, if the price turns down from the overhead resistance and breaks below $591, it will indicate that every relief rally is being sold into. There is minor support at $560, but if it cracks, the pair may drop to $536.
BNB tickers down fell below the 50-day SMA ($605) on June 11, but the bears could not sustain the lower levels. This suggests buying on dips.
BNB/USDT daily chart. Source: TradingView
The bulls are attempting to push the price above the overhead resistance of $635. If they manage to do that, it will suggest that the correction may be over. The BNB/USDT pair may try to rise toward $722.
Alternatively, if the price turns down from the overhead resistance and breaks below $591, it will indicate that every relief rally is being sold into. There is minor support at $560, but if it cracks, the pair may drop to $536.
