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Shiba Inu's Shibarium Skyrockets 3,436% in New Accounts in 24 Hours Shiba Inu's blockchain platform, Shibarium, has seen a significant increase in activity, with the number of new accounts rising by 3,436% in just 24 hours. Data from Shibariumscan shows that new accounts on the network jumped from 30 to 1,031 overnight, indicating a substantial rise in user engagement. This increase follows concerns about Shibarium's declining activity and attention. The rapid change within a single day has altered this narrative. In addition to the rise in new accounts, the transaction volume on the Shibarium network also increased, growing from 4,751 to 8,527 transactions. This represents an 80% increase in transaction activity over the same period. NOTE : DYOR
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Can Shiba Inu delete another zero and surpass its ATH? Deleting one more zero from its price means Shiba Inu [SHIB] would surpass its all-time high. Can it achieve it? This is one question that holders of the token have been asking themselves. At press time, SHIB’s price was $0.000023.— 73.02% down from $0.000088 which was the peak it hit in October 2021. Furthermore, this decrease was a 3.20% fall in the last 30 days. However, SHIB KNIGHT, an analyst who has been very bullish on the token opined that the price can hit $0.0001. According to his post on X, he mentioned that Shiba Inu could reach the target within a short period. Bears are not giving up The last time SHIB erased a zero from its price was in February. At that time, AMBCrypto reported how the price moved from $0.0000095 on the 22nd. By the last day of the month, SHIB’s price had hit $0.000012 before its incredible surge to $0.000035 within the first 10 days in March. However, it is important to note that the market condition was extremely bullish during that period. Recently, the euphoria has been non -existent, suggesting that it could be challenging for SHIB to reach such heights. AMBCrypto found a metric that supported the invalidation of the thesis. This was the Bulls and Bears indicator provided by IntoTheBlock. NOTE: DYOR
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Crypto trader turns $500K into $5.3 million in six months A crypto trader has realized nearly $5 million in profits from a six-month position trade with the meme coin PEPE. The position had a dollar-cost average of around $500,000 and an approximate valuation of $5.3 million on sale. Essentially, the address ‘0x42C8‘ withdrew a total of 365.96 billion PEPE from the crypto exchange MEXC in three days. At that time, from December 13 to 16, 2023, this stack was worth approximately $496,000, as reported by Lookonchain. Six months later, on June 4 at 03:26 am UTC, the crypto trader deposited all the tokens to Binance. Interestingly, this usually means selling intention and suggests the trader has closed the six-month PEPE position with realized profits. BNB Chain rockets to new heights: What’s fueling the surge? PEPE was trading at $0.00001452 by the time of the Lookonchain post on X, resulting in a $5.3 million sell-off. Moreover, this sell-off represents 0.6% of the cryptocurrency‘s 24-hour trading volume and less than 0.01% of its capitalization. Meme coins, such as PEPE, often lack fundamental value, while the hype and social media buzz drive their price action. Crypto traders who buy these coins are essentially gambling in the hope that someone else will buy them at a higher price. This mentality aligns with the “Greater Fool Theory,” which suggests that profits can be made by buying overvalued assets and selling them to a “greater fool.” The ‘0x42C8’ whale could profit in this six-month position trade due to an increased retail demand for PEPE. However, this theory also highlights the inherent risk of such investments, as the market eventually runs out of willing buyers. When the hype dies down and demand dwindles, traders can remain holding worthless assets, leading to substantial financial losses. NOTE; DYOR.
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Donald Trump Asks If Bitcoin Could Solve US Debt Issue Over the last 100 years, the U.S. federal debt has grown from $403 billion in 1923 to $33.17 trillion in 2023. To understand if a country can manage its debt, it’s useful to compare the debt to the country’s total economic output, known as the Gross Domestic Product (GDP). This comparison helps show how capable the country is of paying off its debt. During an X space discussion on Sunday night, David Bailey, the CEO of the highly popular Bitcoin news website BitcoinMagazine and a cryptocurrency aide of the Trump campaign, disclosed that recently he met former US president Donald Trump for the first time. Bailey revealed that Trump asked if Bitcoin could help to reduce the $35 trillion debt. BitcoinMagazine CEO replied to Trump that he had some ideas but failed to talk about his ideas, as he wasn’t ready to talk about them in their first meeting. David Bailey, CEO of Bitcoin Magazine and a cryptocurrency aide of the Trump campaign, revealed that Trump asked if Bitcoin could be leveraged to solve the U.S. national debt problem. The Bitcoin Magazine team is advising Trump on developing a policy that is friendly to Bitcoin… — Wu Blockchain (@WuBlockchain) May 28, 2024 This is very big news for Bitcoin enthusiasts, as Trump is most expected to be the next US president. However recently Trump passed several Bitcoin-friendly statements to get political benefits from the crypto community but this disclosed information is totally different, as he is actually looking toward Bitcoin adoption for the USA & he didn’t talk about this thing publicly. In the past many times, the US current president Joe Biden has been criticized by the opposition political leaders because of the surged national debt in the USA. As per survey reports, currently, Donald Trump has a 56% winning chance against Biden.
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2 Trillion Shiba Inu (SHIB) in Last 24 Hours: Are Whales Coming Back? Shiba Inu whales are on the verge of waking up as transactional activity on large wallets seems to be surging and reaching almost 2 trillion. However, the lack of momentum in the market suggests that it is too early to celebrate, and those transfers might simply be tied to funds redistribution rather than anything significant for the price. Fresh data has emerged that more transactions are happening within the Shiba Inu network. For the last 24 hours, 147 large transactions have occurred, whose cumulative volume is valued at 1.9 trillion SHIB. The activity bounces off a seven-day low of 82 transactions that took place on May 19, 2024. Analyzing surge A sudden spike in big transactions could mean numerous things. For one, it's a good probability that large holders in the market are just redistributing their assets. This movement of funds might be related to internal wallet reorganizations, with preparations for future market moves, or simple asset redistribution for liquidity purposes. Disclaimer:DYOR
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