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Shiba Inu (SHIB) burn rate explodes by over 50,000%
Shiba Inu (SHIB), a meme-inspired cryptocurrency, saw its burn rate surge by over 50,000%, resulting in the token supply vanishing in just 24 hours. The burn rate is the rate at which tokens are intentionally destroyed to reduce the total supply and increase the value of the remaining tokens.
According to data from Etherscan, over 1.6 trillion SHIB tokens were burned within a day, causing the token supply to decrease from 394 trillion to just 223 trillion. This increase in burn rate is attributed to the launch of a new burning mechanism, which allows users to burn their SHIB tokens in exchange for a share of a newly created "burn pool."
#SHIB #cryptocurrency #cryptotrading #crypto2023 #shibainu
Shiba Inu (SHIB), a meme-inspired cryptocurrency, saw its burn rate surge by over 50,000%, resulting in the token supply vanishing in just 24 hours. The burn rate is the rate at which tokens are intentionally destroyed to reduce the total supply and increase the value of the remaining tokens.
According to data from Etherscan, over 1.6 trillion SHIB tokens were burned within a day, causing the token supply to decrease from 394 trillion to just 223 trillion. This increase in burn rate is attributed to the launch of a new burning mechanism, which allows users to burn their SHIB tokens in exchange for a share of a newly created "burn pool."
#SHIB #cryptocurrency #cryptotrading #crypto2023 #shibainu
đPepe the Frog-themed cryptocurrency PepeCoin surpasses $27B in spot trading volumes
PepeCoin, a cryptocurrency inspired by the controversial meme character Pepe the Frog, has exceeded $27 billion in spot trading volumes. According to CoinGecko, PepeCoin's price has surged by over 160,000% since its launch in 2018, making it one of the best-performing cryptocurrencies in recent years.
PepeCoin's success is attributed to its active community and partnerships with various businesses, including a Pepe-themed clothing brand and a blockchain-based gaming platform. Despite facing criticism and controversy due to its association with the Pepe meme, the cryptocurrency's popularity continues to grow.
#pepe #cryptocurrency #community #pepecoin
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PepeCoin, a cryptocurrency inspired by the controversial meme character Pepe the Frog, has exceeded $27 billion in spot trading volumes. According to CoinGecko, PepeCoin's price has surged by over 160,000% since its launch in 2018, making it one of the best-performing cryptocurrencies in recent years.
PepeCoin's success is attributed to its active community and partnerships with various businesses, including a Pepe-themed clothing brand and a blockchain-based gaming platform. Despite facing criticism and controversy due to its association with the Pepe meme, the cryptocurrency's popularity continues to grow.
#pepe #cryptocurrency #community #pepecoin
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XRP at a Critical Juncture as the Coin Fails to Leverage Above $0.45 Price Mark
Following a remarkable March, Ripple's native XRP has not really been able to impress since then. Since April 18th, XRP has failed to surpass the $0.50 price mark. However, the support of $0.45 is maintained.
Over the past 30-days period XRP has underperformed relative to other mainstream cryptocurrencies, particularly the Bitcoin. In the meantime while Bitcoin has gained value by 3.8%, XRP has lost it by 8.8%. Similarly, during the week, Bitcoin's price has remained unchanged and XRP has gone down by 3.3%.
The Technical Analysis
With XRP barely able to hang onto $0.45, the technical indicators show an even worse picture. XRP is currently below the 50-Simple moving average of $0.480 and 50-Exponential Moving Average of $0.467, which indicates a clear bearish trend.
XRP's RSI or Relative Strength is 45 at the moment, which means that XRP is neither overbought or oversold. Remember, a RSI of above 70 means that the asset is overbought, and a RSI of below 30 means that the asset is oversold.
Further, XRP's future price action will be influenced by mainly two factors, Bitcoin's price action and the litigation proceedings. As for Bitcoin, the premier cryptocurrency is currently trading above $29k as it faces resistance upwards.
Looking at the charts it seems that Bitcoin will take another correction phase before it returns above $30k. In that case XRP would also take a similar trajectory and may go downwards before the market finds support.
Further, the SEC lawsuit is currently going quite good for Ripple. As the summary judgement is just around the corner, a positive outcome will drive XRP's price high.
The article was first published on RippleCoinNews.com
Over the past 30-days period XRP has underperformed relative to other mainstream cryptocurrencies, particularly the Bitcoin. In the meantime while Bitcoin has gained value by 3.8%, XRP has lost it by 8.8%. Similarly, during the week, Bitcoin's price has remained unchanged and XRP has gone down by 3.3%.
The Technical Analysis
With XRP barely able to hang onto $0.45, the technical indicators show an even worse picture. XRP is currently below the 50-Simple moving average of $0.480 and 50-Exponential Moving Average of $0.467, which indicates a clear bearish trend.
XRP's RSI or Relative Strength is 45 at the moment, which means that XRP is neither overbought or oversold. Remember, a RSI of above 70 means that the asset is overbought, and a RSI of below 30 means that the asset is oversold.
Further, XRP's future price action will be influenced by mainly two factors, Bitcoin's price action and the litigation proceedings. As for Bitcoin, the premier cryptocurrency is currently trading above $29k as it faces resistance upwards.
Looking at the charts it seems that Bitcoin will take another correction phase before it returns above $30k. In that case XRP would also take a similar trajectory and may go downwards before the market finds support.
Further, the SEC lawsuit is currently going quite good for Ripple. As the summary judgement is just around the corner, a positive outcome will drive XRP's price high.
The article was first published on RippleCoinNews.com
#XRP #RIPPLE #crypto #crypto2023 #news
XRP at a Critical Juncture as the Coin Fails to Leverage Above $0.45 Price Mark
https://ripplecoinnews.com/xrp-at-a-critical-juncture-as-the-coin-fails-to-leverage-above-0-45-price-mark/
XRP at a Critical Juncture as the Coin Fails to Leverage Above $0.45 Price Mark
https://ripplecoinnews.com/xrp-at-a-critical-juncture-as-the-coin-fails-to-leverage-above-0-45-price-mark/
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FOMC
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Market Update -
We are seeing low volumes for $BTC at the moment which is to be expected considering tommorows FOMC will be the most important of the year. Many people are waiting to position, so right now patience could be the best trade for $BTC. $59k remains resistance where we have the DM VAH and Daily EMA200.
If we get another sell off after the US stocks open, we are looking for $57.5k (Monday Low) to hold or it is likely we will visit closer to $56k. Let's see how things develop in the next couple of hours.Â
The Monday Range this week is $57,445 - $59,182.
#FOMC #Write2Earn!
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