Can Shiba Inu Repeat Its 2021 Rally in 2024?
The Shiba Inu (SHIB) ecosystem stunned the globe with its upward trajectory since its inception. The meme coin changed the lives of many following its rally in 2021.
This year, SHIB surged to its all-time high of $0.00008845. The asset currently remains 85% below this peak. At press time, SHIB was trading at $0.00001316, with a 1.30% drop over the last 24 hours.
Amidst this volatility, Lucie, the marketing expert at SHIB, hinted at the possibility of the meme coin repeating its August 2021 rally, which was considered a turning point for the asset.
Analyzing SHIBâs Past and Future Performance
Looking Back At August 2021
The 2021 Rally
The meme coin reportedly spiked significantly between January and May 2021. Following its peak in May, the asset dipped by over 35% over two months.
However, the asset ended its consecutive monthly losses in August 2021 after surging by 9.77%. Shiba Inu had a massive increase in October 2021, equal to an astonishing 827% leap, after recording a measly 4.62% spike in September of the same year. SHIB soon reached its all-time high.
Current Scenario
The current scenario is somewhat similar. Shiba Inu has been declining since March when it peaked at $0.000045 annually. Losses have occurred in June and July recently, resembling the events of 2021. As a result, Lucie highlighted SHIBâs historical performance and reignited hope in the SHIB market.
According to data from Changelly, Shiba Inu is slated to reach a high of $0.0000294 this month.
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â ïžâïžâ ïžThe elusive Altcoin Season! đ€ Here's a breakdown of when to expect it:$DOGE $BTC đ‎ïžđȘ
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*What is Altcoin Season?*
A period when alternative cryptocurrencies (altcoins) outperform Bitcoin, gaining significant value and attention. đ
*When to Expect Altcoin Season:*
1. *After a Bitcoin halving*: Historically, altcoins surge 1-2 years after a Bitcoin halving event.
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2. *During a Bitcoin consolidation*: When Bitcoin's price is stable or consolidating, altcoins tend to gain traction. đž
3. *When Bitcoin dominance falls*: Altcoins thrive when Bitcoin's market dominance decreases, indicating a shift in investor interest. đ
4. *In a bullish market*: Altcoins tend to perform well during overall market uptrends, driven by investor enthusiasm and risk appetite. đ
5. *After significant adoption and partnerships*: Altcoins with strong fundamentals, adoption, and partnerships tend to attract more investors and attention. đ€
*Keep in mind:*
- Altcoin Season is unpredictable and may not follow exact timelines. đ°ïž
- Market conditions, sentiment, and global events can influence altcoin performance. đ
Stay informed, do your research, and make informed investment decisions! đ
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The cryptocurrency market focused on two critical developments this week
The cryptocurrency market will take eyes this week, as in all markets, in two important developments: the first, the Fed minutes, and more importantly, Powell's statements in Jackson Hole.
The new week in the cryptocurrency market has entered. This week, there will be two important developments in the market that may affect pricing. The first is the Fed minutes, which will be published on Wednesday. More important than that, Fed president Jerome Powell will be speech at the Jackson Hole symposium on Friday, which brings together central bank leaders from around the world.
'All attention will be in Jackson Hole'
Market actors expect to hear new things about monetary policy from Powell's speech. Sharing his evaluations on the subject, Morgan Stanley global chief economist Seth Carpenter said, "All attention will be in Jackson Hole this week. We expect Powell to focus on the Fed's medium-term strategy,â he said.
The question that is curious about the answer in this year's Jackson Hole will be how much the Fed will lower interest rates in September. Whether Powell will give a clue about it will be carefully monitored. In his speech in 2022, Powell emphasized that the necessary will be done to reduce inflation to the 2 percent target, and after this statement, sharp decreases in the markets started. The Fed president also underlined last year that they are ready to further increase interest rates in order to meet the target in inflation. After reaching 2.9 percent in inflation and poor employment data, Powell's statements on Friday are thought to be in a much different tone.
Holonym raises $5.5M in a Seed funding round
#Holonym secures $5.5M in a Seed funding round co-led by Finality Capital and Paper Ventures with participation from Draper Dragon, Arrington Capital, Lightshift, Zero Knowledge Ventures, Zero DAO, Protagonist, Selini Capital, WAGMI Ventures, UDHC and others.
Holonym is building critical middleware and applications that allow users to own, govern, and selectively share their data with strong privacy and security guarantees. Its goal is to build a global open-source layer that upgrades the abilities of each citizen with basic access to a digital identity using cryptography to prove their personhood.
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Ceffu Continues Large Bitcoin Transfers to Binance
Ceffu, a prominent institutional custody and liquidity provider, has once again moved a substantial amount of Bitcoin to Binance. In the past three hours, the company transferred 127 BTC, valued at approximately $7.34 million, to the leading cryptocurrency exchange.
Ceffu's Bitcoin address: 14fa9FPEC2EZLYceFZYpwZ24KpbYnbyqYR
This latest transaction is part of a larger trend. Since July 31, 2024, Ceffu has deposited a staggering total of over 3,691 BTC, worth roughly $218.8 million, to Binance. This consistent outflow of Bitcoin from an institutional custodian raises concerns about potential selling pressure in the market.
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đ„đ„đ„ #Litecoin Surges: Analysts Predict a 40% Rally Amidst Rising Whale Activity
Litecoin Surges Amid Whale Activity, Potential for 40% Rally
- Litecoin has gained attention with a 10.32% weekly surge, trading at $67.62, and analysts predict a potential 40% rally. Whale transactions totaling $17.3 billion have fueled this bullish momentum, signaling strong market confidence.
Whale Influence and Technical Indicators
- Significant whale activity, with large holders averaging $3.6 billion in daily transactions over three months, has played a crucial role in Litecoin's recent rise. Breaking out from a falling wedge pattern, analysts are now eyeing a resistance level at $94.7. Key technical indicators support this bullish outlook: the Advance Decline Ratio (ADR) is 1.93, and the Aroon indicator shows a strong uptrend.
Market Sentiment and Future Projections
- Analysts suggest that Litecoin may embark on a more significant bull run between October 2024 and March 2025, aligned with historical cycles and halving events. The current market conditions, supported by whale activity and technical indicators, present promising short-term opportunities for investors, with strong upward momentum expected to continue.
Source - en.coinotag.com
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