Bitcoin (BTC) Price Prediction for June 24.

BTC/USD.

The price of Bitcoin (BTC) has declined by 4.40% over the last 24 hours.

On the hourly chart, the rate of BTC remains bearish as it is coming back to the local support level of $60,580. If the drop continues, one can expect a test of the vital zone of $60,000 shortly.

On the bigger time frame, there are also no reversal signals yet. If the breakout of $60,000 happens, there is a high chance to see a further correction to the support of $56,500.

Such a scenario is relevant until the end of the current week.

From the midterm point of view, it is too early to make any distant predictions, as the week has just begun. However, if the bar closes around current prices, traders may witness a test of the support level.

Bitcoin is trading at $60,753 at press time.

Top Meme Coins BRETT, PEPE, FLOKI Plummeting as Crypto Dips.

Major meme cryptocurrencies are underperforming today. Ninety percent of top meme coins are in red, while the majority of them are posting double-digit losses. However, two dog-coins from the top 200 cryptos by market cap managed to surge even against such a painful background.

"PEPE's best friend," BRETT, among the worst performing cryptos today.

Today, June 24, 2024, Based Brett (BRETT), one of the largest meme coins on the Base (BASE) blockchain, is down by 9.4%. As such, it is a fourth worst performing crypto in the top 100. It only managed to outperform Ordi (ORDI) and Notcoin (NOT), while Uniswap (UNI) registers similar losses.

Based Brett (BRETT) is close to losing the $1.3 billion market cap level. Other major meme coins are also under pressure today.

Shiba Inu (SHIB) and Pepe (PEPE) are down by 5.2-5.3%. Meanwhile, the market benchmark for cryptocurrency segment is 4% today.

Dogecoin (DOGE) lost 4.1%, while other largest meme cryptos Bonk (BONK) and Floki (FLOKI) are also in the red but are slightly outdoing the market average.

In total, the segment of meme cryptos lost 5% in the last 24 hours, CoinGecko data says.

Dogwifhat (WIF), Mog Coin (MOG) in green despite painful start of week for crypto.

At the same time, two large meme coins managed to post minor gains despite market hostility. Dogwifhat (WIF), a major Solana meme cryptocurrency, added 1.1%, while Mog Coin (MOG) is up by 4% on Ethereum (ETH) and Base (BASE) platforms.

As the cryptocurrency market sees over $300 million erased in shorts and longs due to liquidations in the last 24 hours, meme coins are also among the worst affected by the dropdown.

DOGE and PEPE traders lost over $7.5 million, while ConstituitionDAO (PEOPLE) and Dogwifhat (WIF) are also on the list of the 10 most affected cryptos, CoinGlass data shows.

Bitcoin (BTC) is down by 4.8%, while Ethereum (ETH) lost 5.5% on the news of the multi-billion Mt. Gox compensation plan and geopolitical tensions.

Tron (TRX) Surpasses Shiba Inu (SHIB) in Fresh Market Shift.

Tron (TRX) has surpassed Shiba Inu (SHIB) in market capitalization in a notable shift within the cryptocurrency market rankings.

Shiba Inu has maintained a strong presence on the market, with its vibrant community known as the "Shibarmy." However, its market cap of $9.899 billion, while impressive, now places it just behind Tron.

Tron now holds the position as the 11th largest cryptocurrency with a market cap of $10.42 billion. Meanwhile, Shiba Inu now sits in 12th place, with a market cap of $9.899 billion.

The market shift comes amid a broader drop on the cryptocurrency market partly caused by monetary policy uncertainties, including concerns about the Federal Reserve's ability to cut interest rates fast from a two-decade high.

Shiba Inu fell as much as 9%, trading at $0.00001668 at press time. Shiba Inu prices have likewise dropped by 16.13% in the last week and 29% over the previous 30 days. Conversely, Tron fell 0.49% in the last 24 hours to $0.1194 and is still up 2% weekly.

Tron, a blockchain for creating decentralized applications, has been
gaining momentum of late. In the most
recent milestone, TRON's total accounts
have reached 239,304,736, exceeding 239
million. TRON ecosystem has developed
rapidly and continues to make efforts to
decentralize the web.

Shiba Inu's ecosystem has also been growing, with projects such as Shibarium gaining traction.

Shibarium, the layer-2 scaling solution for Shiba Inu, has recently seen a considerable spike in activity, as evidenced by a dramatic increase in transaction fees and a big increase in new transactions.

Shibarium transaction fees increased by a whopping 388%, from 16.22 BONE on June 17 to 78.18 BONE on June 23, according to statistics from blockchain explorer Shibarium Scan. This increase in transaction fees implies higher network transaction demand, indicating more user activity and engagement with Shiba Inu- related applications and services.

Shytoshi Kusama's Crucial Message on Crypto Market Sent to SHIB Community.

The official social media marketing expert of the SHIB team, called Lucie, has
published a post on the X platform to
address the current negative state of the
cryptocurrency market and to send a
message from SHIB leader Shytoshi
Kusama to the meme coin's vast community.

Shytoshi Kusama
sends controversial message.

Lucie took to her X handle to talk about the state that the cryptocurrency market is in. While everyone wants a bull run, she wrote, "we are facing challenges and seeing bad actors rushing in" to take advantage of the situation and inexperienced investors.

Lucie has compared the cryptocurrency space to the gold rush that the U.S. saw in the 19th century. The key observation the SHIB executive pointed out to the SHIB community here was that "it takes time to build a legacy.” Besides, Lucie reminded the community that not every one will want to see decentralization rule since this is "a painful process." Many players would prefer to leave Shibarium and move on, but in the end, the efforts of the developers who work hard to embody their visions will succeed, according to her tweet.

Lucie also quoted what the mysterious lead developer Shytoshi Kusama told her this week; he admitted to not being perfect. Lucie says that nobody really is, however, they are together trying to "create something great."

SHIB price plummets.

Over the last 24 hours, the second most popular meme cryptocurrency on the market, SHIB, has painted a substantial 8.13% decline, as it fell from $0.00001815 to the $$0.00001675 price mark, where it is changing hands at the time of this writing.

Over the past week, since June 16, Shiba Inu has shed a whopping 20.37% of its price, falling from the $0.00002101 level to the current price line.

25 Million Dogecoin (DOGE) in 24 Hours, Is Market Bottom In?

The broader digital currency ecosystem is under water with the price of the top assets slipping by a mile overnight. Total market liquidations have grown to $171 million in 24 hours, with Dogecoin (DOGE) coming off as one of the most impacted digital currencies.

Dogecoin liquidation figures.

Per data from CoinGlass, Dogecoin has seen a total of $3.09 million in liquidations over the past 24 hours. This figure positions the dog-themed meme coin as the third asset, after Bitcoin (BTC) and Ethereum (ETH), with the most liquidations.

Per the data, long traders suffered the worst capital melt-off as a total of $2.89 million was liquidated from this group. Short traders saw a total of $193,460. The total liquidations imply that more than 25 million Dogecoin were liquidated overnight, a figure that might imply the price bottom is in.

This liquidation was triggered as the price of DOGE slipped to $0.1191, down by 5% in the past 24 hours. At the current price, DOGE is now trading at one of its lowest levels over the past month, a trend that suggests a price floor might have formed.

What comes next for DOGE?

Dogecoin has very sensitive price action, often influenced by both market trends and its bullish on-chain activities. Should the bottom have finally formed, chances are that DOGE will start printing a major price rebound from the current level.

The ambitious resurgence in the price of the coin will be fueled by whale accumulations moving forward. Additionally, sustained bullish buying sentiment, showcased by the 111% jump in trading volume to $673,997,088, might also be a catalyst that will drive price resurgence across the board.

In the short term, DOGE's price target is set at $0.1745, the highest level it has recorded over the past month.

Dogecoin Price Prediction: How To Survive Escalating DOGE Price Dive.

Dogecoin Price Prediction: DOGE, a leading meme coin, has experienced a significant downturn over the past 24 hours after the bearish trend. As of the time of the report, Dogecoin price is trading at $0.1159, with a strong decrease of 7.30% in the European trading session.

According to data from CoinMarketCap, Dogecoin now ranks ninth by market capitalization, which has also dipped by 7% to $17 billion.
The trading volume substantially increased, up 124% to approximately $724 million over the last 24 hours.

Dogecoin Price Prediction: Anticipating the Next Moves.

The meme coin Dogecoin has entered a phase of market stabilization over the
last week, with its price orbiting the
$0.12 mark. In recent times, specifically since early June, the
cryptocurrency has seen a 26%
reduction in value, breaching a critical
level at $0.16.

This shift has contributed to a
pessimistic sentiment among traders, resulting in a downward price action. During the past week, Dogecoin's trading activity fluctuated between $0.12 and $0.1180, mirroring broader market volatility prompted by a decrease in Bitcoin price, now below $63,000.

This bearish trend is further evidenced by a 13% decrease in the daily count of active DOGE addresses engaging in transactions, as reported by analytics firm Santiment. Moreover, data from IntoTheBlock indicates a noticeable drop in the volume of large Dogecoin transactions within the last 30 days, signaling a potential pullback by major investors.

Technical Indicators Point to Continued Bearishness.

Dogecoin is currently teetering on a pivotal support level. If this level breaks, DOGE could push the price below $0.11. Such a move would likely target a descent to the $0.1 support area. A further souring in market sentiment could drag Dogecoin down to the $0.09 mark. This scenario would indicate a market heavily dominated by sellers.

Conversely, a revival in bullish forces might drive the Dogecoin price prediction above the $0.12 threshold.

Millions of XRP Exit Binance as Whales Show New Wave of Rising.

According to recent reports published by the popular blockchain tracker Whale Alert, which traces massive and large cryptocurrency transactions, over the past 24 hours, anonymous whales have moved two massive XRP chunks from the largest crypto exchange in the world, Binance.

These mysterious transactions got the XRP community excited and puzzled, as can be seen in the comments to those tweets. In the meantime, the XRP price has faced a major price decline but has begun making attempts to recover.

54.4 million XRP on move.

Whale Alert has shared that two large XRP transactions, carrying 26,234,427 XRP and 28,218,783 XRP, were made from the Binance exchange to blockchain addresses tagged by the aforementioned data source as unknown.

These XRP chunks were evaluated at $12,389,973 and $13,455,894 at the time the transfers were made.

Over the past few months, Binance has been seeing these large-scale XRP withdrawals nearly every week with rare exceptions. Besides, regular large XRP deposits have been hitting such top exchanges as Bitso and Bitstamp, when tens of millions of XRP landed on these cryptocurrency trading platforms. These regular transfers, which have intensified over the past few weeks, underscore whales' increased activity regarding the top 10 XRP coin affiliated with the Ripple giant.

XRP recovers after recent price drop.

Over the last 24 hours, the seventh largest coin by market capitalization size, XRP, has plunged by more than 4%, falling from $0.48864 to the $0.46806 level.

Over the past few hours, though, XRP has managed to recover nearly 2% from that loss and is changing hands at $0.47732 as of this writing.

XRP's drop followed that of cryptocurrency market leader Bitcoin as it plummeted from above $64,000 to the $62,300 area over the last 24 hours.

Justin Sun Bullish on Potential Ethereum ETF Approval? Data Suggests So.

Founder of the Tron blockchain crypto billionaire Justin Sun has acquired yet another large ETH lump as he may be expecting the SEC to grant a permission to launch spot Ethereum ETFs at the start of July.

Last year, Sun already bought more than $1.1 billion worth of Ethereum, according to the recently shared analytics data.

Justin Sun scoops up more ETH.

Analytics account on X (formerly known as Twitter) @spotonchain spreads the word that more than eight hours ago, the owner of a cryptocurrency wallet -Oxdbf (@spotonchain believes it to be the founder of Tron Justin Sun) transferred a large amount of Ethereum from Binance. It happened while ETH traded at $3,472. This ETH chunk was valued at $16.07 million at the time when the purchase was
made.

The above-mentioned data source shared that over the last three days, the same wallet belonging to the Tron creator bought (at an average price of $3,494) and withdrawn from Binance 13,967 ETH worth almost $49 million.

A few days ago, @spotonchain shared with the crypto community that Justin Sun had made a massive Tron-USDT deposit (89.57 million coins) to Binance and spent $32.9 million from that amount of buying more Ethereum, which he later withdrew to his wallet.

In another tweet today, @spotonchain suggested that Sun may be "bullish on the rumored launch of the Ethereum Spot ETF” next week.

Ethereum ETFs approval expected on July 2.

on Friday, the spot Ethereum ETF emitters updated their S-1 filings to the SEC. Among the details made public, Franklin set its Ethereum ETF fees at 0.19%, while VanEck's fees were announced to be 0.2%. Besides, BlackRock revealed that it has had $10 million worth of future Ethereum ETF shares bought in advance by a major undisclosed investor.

The anticipated date of the SEC announcing their positive decision on this is July 2, according to Bloomberg analysts.

Bitcoin (BTC) Can Easily Hit $72,500, Here's Why.

Despite Bitcoin trading at the lower levels of the monthly trading range, the first cryptocurrency is unlikely to have any problems moving upwards, considering the current distribution of liquidity. The provided chart shows that the majority of selling pressure is located far above the $70,000 threshold, and the only thing needed for a reversal right now is some buying volume.

Liquidity in the $70,000-$80,000 range indicates a significant concentration of liquidation leverage. Given the upper-level liquidity, it is possible that Bitcoin will rise swiftly to reach these high-liquidity zones once it starts to rally.

Below these levels, the selling pressure becomes much less, which fosters an environment that is favorable to price growth. Right now, Bitcoin is finding support slightly above its 200-day moving average at $57,000. The bullish momentum needs to hold onto this level of technical support. The path to $72,500 and higher becomes more accessible if Bitcoin can maintain this support, and buyers intervene. In this case, the dynamics of market liquidity are crucial.

Significant buying activity can set off a chain reaction of liquidations that will quickly drive the price higher because there is ample liquidity sitting above $70,000. Furthermore, historical patterns and the behavior of the market indicate that when liquidity is strongly skewed to the topside, Bitcoin frequently sees abrupt increases in value.

Increased buying volume and upbeat market sentiment could act as catalysts for this upward trajectory, so traders and investors should keep an eye out for them. In conclusion, there is a good opportunity for Bitcoin to possibly reach $72,500 based on liquidity distribution and technical support levels.

Despite recent price declines making the market sentiment seem bearish, the underlying liquidity indicates that a significant rally may be approaching. It is advisable to remain vigilant regarding purchasing opportunities and market indicators that may signify the start of this expected movement.

Reasons Why Bitcoin Price Suddenly Dropped Το $62k.

The recent downturn in Bitcoin's price, dropping to $62,000, has prompted concerns within the cryptocurrency market. Investors and analysts are scrutinizing the factors contributing to this decline and assessing the potential for further decreases. This period of heightened volatility underscores the dynamic nature of digital asset markets.

Factors Contributing to Bitcoin's Decline.

Recent market sentiment suggests investors are playing it safe, holding back due to several factors dampening their appetite for risk. These elements have not only affected Bitcoin's price but have also cast a shadow over the entire cryptocurrency market prices.
Here are the key reasons behind the recent drop in Bitcoin's price:

Technical Resistance and Market Sentiment

Bitcoin's descent below the $62,000 threshold has triggered technical alarms among traders, particularly focusing on the critical support level near $61,500. Analysts, such as Markus Thielen from 10X Research, have highlighted a potential double top formation in Bitcoin's chart, a technical indicator signaling a reversal in trend.

Such patterns often lead to increased selling pressure as investors react to breaches of key support levels. This technical analysis has contributed to a cautious atmosphere, influencing market dynamics and driving Bitcoin's price closer to $60,000.

Federal Reserve Interest Rate Speculation

Uncertainty surrounding Federal
Reserve interest rate policies has also
weighed heavily on Bitcoin's recent
performance. Traders are apprehensive about potential interest rate hikes amid persistent inflation concerns. The Fed's upcoming
decisions, particularly influenced by
economic indicators like the PCE price
index, are pivotal for market sentiment. Speculative assets like
cryptocurrencies are particularly
sensitive to changes in interest rate
expectations, contributing to increased
volatility and downward pressure on
Bitcoin's price.

👛Sunwaves Token Mining Event
➖Powered by ICE Networks 🔥

✅Register:

Download the Sunwaves application from the Google Play Store, register and generate currency for free from your phone.

⏩Invite or Refer Code: abdoes

➖Register with Email
➖Verify Code
➖Enter Refer Code: abdoes
➖Complete Profile [Real]
➖Keep Earning

💎Already we know that ICE Mining has given us Profit to Everyone. This Event is also from Ice Mining. So,Try to join everyone.

❗️You can join using web or App or Telegram Bot.

Binance Receives 12.66 Million WIF in Whale Moves as Dogwifhat Drops 30%.

According to Lookonchain, a whale has made a significant move by depositing 12.66 million WIF, valued at approximately $23.4 million, into the Binance exchange. The massive WIF stash was moved in two transactions to the Binance crypto exchange. Depositing indicates an intent to sell, while withdrawals might suggest buying.

The deposit of 12.66 million WIF into Binance is significant not only because of its size but also due to the timing amid volatile market conditions.

The substantial transfer comes at a time when the Solana-based meme coin Dogwifhat is experiencing a downturn, with a 7% decline in the last 24 hours and a 34% drop over the past week.

The decline in Dogwifhat's value is reflective of the broader market sentiment, which has been bearish in recent times. Bitcoin fell to a more than one-month low, as the lack of new market drivers slowed this year's record-breaking surge.

Dogwifhat plunges 31%.

Solana meme coin Dogwifhat (WIF) has dropped significantly since the past day, as the crypto market saw fresh bearish pressure.

In this context, WIF has steadily declined since reaching highs of $4.07 on May 29. The most recent sell-off has seen WIF fall for six days in a row since June 17.

At the time of writing, WIF was trading at $1.68, down 3% since the past hour and overall 7% in the last 24 hours. If today closes in red, WIF might mark its seventh day of losses. The Solana-based meme coin is currently down 35% weekly.

Other Solana meme coins have dropped since the past week, including BONK, which is down 17.58%, and Book of Meme (BOME), which is down 15%.

Solana meme coins have followed Solana's negative trend over the last week; Solana is the only cryptocurrency in the top 10 save Dogecoin, whose price has declined by nearly 10% in the last seven days.

Cardano Skyrockets Epic 34% in Volume: Thanks to New Meme Coin?

Trading volume in open-ended futures on the popular cryptocurrency Cardano (ADA) has increased by more than 34% over the past 24 hours, according to CoinGlass data. According to the platform's data, turnover in ADA derivatives reached more than $272 million, putting the instrument in the top 15 by this metric.

At the same time, similar figures were demonstrated by trades of the Cardano token on the spot market. At the same time, however, the rest of the crypto market experienced a decline in trading volumes on Sunday, which seems more logical.

Is Nike behind Cardano's rise in popularity?

It is likely that the spike in Cardano was caused by the hype surrounding a new meme coin called Nike.

However, despite the name, this cryptocurrency has nothing to do with the world-famous sports brand. Nike is the nickname of Cardano founder Charles Hoskinson's pig, which he posted on his social media accounts last week.

To cut a long story short, enthusiasts quickly turned Nike into a meme coin that soared more than 40,000% in one week, reaching a capitalization of more than $15 million at its peak. And this coin was only created six days ago.

Amid the hype, many started saying that Nike would be the asset that would put Cardano back on top. With this in mind, we can recall the story of BONK, which was the trigger for the rebirth of Solana (SOL) after the collapse of FTX at the end of 2022.

ΤΟΝ and NOT Price Prediction for June 23.

TON/USD

Toncoin (TON) has gained a lot of value today, rocketing by 7.20%..

On the daily chart, the rate of TON is rising after yesterday's bullish closure. If today's bar closes around the current prices, the upward move may continue to the resistance of $8.250 within the next few days.

TON is trading at $7.699 at press time.

NOT/USD.

Notcoin (NOT) is not an exception, going up by almost 6%.

From the technical point of view, NOT is looking less bullish than TON. Buyers may only start thinking about a further rise if the rate returns to $0.016.

In that case, the accumulated energy might be enough for a rise to the $0.017 zone.

NOT is trading at $0.0154 at press time.

5 Meme Coins With the Most Vibrant Communities.

• Meme Coins- Dogecoin (DOGE)

Dogecoin, the largest meme coin, is known for its charitable initiatives and active participation in social media. Over the past three months, the DOGE price has showcased a steady downtrend under the influence of a flag pattern formation.

• Shiba Inu (SHIB)

Dubbed the "Dogecoin killer," Shiba Inu has built a massive community that continues to grow, driven by innovative projects and DeFi integrations. An analysis of the daily chart in SHIB shows the formation of the flag pattern. In theory, the chart setup is known to lead a temporary pullback within two trendlines to regain bullish momentum.

• Pepe Coin (PEPE)

Inspired by the Pepe the Frog meme, Pepe Coin has quickly gained popularity for its playful branding and strong community-driven initiatives. Throughout June, the PEPE coin has witnessed a steady downtrend, tumbling its price from $0.00001725 to $0.0000113 accounting for a 34.5%.

• Floki

Named after Elon Musk's dog, Floki Inu
leverages celebrity influence and
strategic marketing. It has a vibrant
community engaged in charitable
initiatives and environmental projects.
Amid the recent market correction, the
FLOKI price witnessed a V-top reversal
from the high of $0.00035.

• Dogwifhat (WIF)

A newer sensation in the meme coin world, dogwifhat has quickly gained traction due to its unique and humorous branding. Its presence on social media platforms and participation in viral trends have contributed to its vibrant community and increasing adoption.

Ripple CTO Clarifies Unexpected Bitcoin Post.

In a recent and somewhat unexpected Bitcoin-related post, Ripple CTO David Schwartz clarified his thoughts regarding crypto holding and selling strategies.

Schwartz shared an approach from his personal Bitcoin holdings, shedding light on the behavior of Bitcoin's early investors, particularly those from the early days of the cryptocurrency's rise.

The Ripple CTO stated, "When I was long Bitcoin, I sold when I needed anything to pay taxes, to buy a new computer, and so on," shedding light on his crypto strategy.

During Bitcoin's first significant bull run, many companies began accepting it as payment, with Schwartz highlighting a trend by early miners and buyers of liquidating their holdings for real-world expenses.

"More and more companies were taking Bitcoin during the first big bull run precisely because this was what everyone long (early miners/buyers) was doing," Schwartz noted.

Stirring up the discourse, Schwartz had previously posed a thought-provoking scenario involving two hypothetical Bitcoin holders: Alice, who has recently sold a lot of Bitcoin, and Bill, who has not sold any. The question put forth was, "Which is more likely to be very long Bitcoin?"

This question sparked a long discussion thread on X, as it touched upon the essence of what it means to be "long" on a particular cryptocurrency.

In response to the speculation stirred by his initial post, Schwartz elaborated, "The whole time you are slowly both acquiring and selling, you are long. Someone who constantly keeps selling a lot must either be very long or constantly buying."

Schwartz however agreed with the premise that the moment all holdings are being sold, it represents exit rather than being "long."

As previously reported, Schwartz revealed some insights on his XRP and BTC holdings. Schwartz disclosed selling some Bitcoin (BTC) holdings in the past and that at the pinnacle of his holdings, he had around 26 million XRP.

Grayscale Ethereum Trust Discount Shrinks to 1%.

As noted by ETF analyst Nate Geraci, the Grayscale Ethereum Trust discount has plunged to 1.45% from a peak of nearly 50% within a year.

Such a stunning development is due to the approval of a slew of Ethereum exchange- traded funds.

Just a month ago, the fund was trading at a more than a 20% discount to net asset value (NAV). However, the U.S. Securities and Exchange Commission made a sharp U-turn by approving several 19b-4 forms. The sudden reversal shocked seasoned market observers who expected the SEC to shoot down spot Ether ETF filings and paved the way for a significant price rally in May.

However, it is worth noting that these products are yet to start trading since their approval is a two-step process. Now, the SEC has to green-light numerous S-1 registration forms. SEC Chair Gary Gensler said that he expected the products to launch this summer without giving a more precise time frame.

Geraci recently suggested that the final approval of Bitcoin ETF products could take place as soon as next week.

Earlier this week, prospective ETF issuers, including BlackRock, Fidelity and Grayscale, submitted their updated filings.

Will Grayscale drop fees?

Grayscale's GBTC found it hard to compete with other ETFs from such heavyweights as BlackRock and Fidelity due to its exorbitant fees that are five times higher than the average fee for the other products (0.3%). Grayscale refused to lower fees for its crown jewel despite facing massive outflows.

While some believe that Grayscale might now move to lower fees in order to record horrendous outflows, Geraci does not believe that this will be the case. The analyst has predicted that Grayscale will conduct the fee war via the Ethereum Mini Trust.

Moreover, Geraci does not expect Grayscale's Ether ETF to record massive outflows: "My guess is decent outflows, but not as bad as we saw w/ GBTC."

Bitcoin (BTC) Miners' Capitulation Is Still On: Will It Ever End?

Bitcoin miners have been actively selling their holdings since the halving effect kicked in. As the on-chain data suggests, the amount of selling pressure coming from Bitcoin miners is not descending, and at the current pace, there will be very little BTC left to sell.

The halving event usually results in a period of miner capitulation because it halves the block reward for miners. This occurs when mining loses money, forcing miners to liquidate their Bitcoin holdings to pay for running expenses.

Because of how long this phase has been, the market is under constant pressure to sell. On-chain data from multiple analytics platforms demonstrate this continued surrender. An indicator of miner surrender and recovery stages, the Bitcoin hash ribbons are still displaying stress.

The hash ribbons chart, which shows a significant period of miner capitulation that has not yet been resolved, makes this prolonged phase clear. The persistent selling pressure has blocked Bitcoin's price recovery from reaching its previous highs. One of the primary reasons behind Bitcoin's inability to break above significant resistance levels is the miners' unceasing selling.

Bitcoin is stumbling to maintain its position above the 50 EMA and 100 EMA as it moves dangerously close to the 200 EMA. The relative strength index or RSI at 43.10 indicates that the price of Bitcoin is not overbought or oversold, but the ongoing selling pressure from miners has kept the market moving in a bearish direction.

Different levels of long and short interest in
Bitcoin are indicated by funding rates on
well-known exchanges such as Binance,
OKX and Bybit. The sentiment of traders
and prospective price movements are
revealed by these rates. An even-handed
attitude toward trading is indicated by the
comparatively neutral funding rate for
Bitcoin.

493% Spike in Shiba Inu Token Transaction Fees Shocks Shibarium.

Recent data from Shibariumscan reveals a significant surge in transaction fees within the Shibarium network, increasing by 493% over the past week. This surge is primarily attributed to heightened network activity driven by increased interest in Shiba Inu tokens amid recent market fluctuations. Transaction fees, denoted in BONE, the native token of the ecosystem, rose sharply from 16.22 BONE to 79.18 BONE.

The notable increase in fees correlates with a substantial uptick in transaction volumes, which surged by 278.5%, escalating from 5,865 to 16,337 transactions within the same seven-day period.

Of significant relevance to SHIB holders is the mechanism through which these transaction fees contribute to the ecosystem. BONE, used to cover transaction costs on Shibarium, are partly converted into SHIB and then burned. This process effectively reduces the circulating supply of Shiba Inu tokens, potentially enhancing their scarcity and value proposition.

Economically, the reduction in SHIB's supply due to burning can push up its price. This is because of the basic principles of supply and demand. When there is less supply and demand stays the same or goes up, prices go up too.

The recent rise in transaction fees shows how important Shibarium is for making the network more active. It also shows how much impact it can have on SHIB's market. As the ecosystem actively manages token economics through burning mechanisms, it may give long-term investors more confidence in SHIB's value proposition.

Shiba Inu Nears Pivotal Moment With 416 Trillion SHIB Ahead.

Dog-themed cryptocurrency Shiba Inu (SHIB) has reached a pivotal point in its price action. The dog coin is now trading at a crucial range of 416 trillion SHIB, according to on-chain data. This critical level has become the center of attention, as market participants speculate on the meme token's price swings.

According to Into TheBlock data, 416.38 trillion SHIB were bought by 19,120 addresses in the range between $0.000017 and $0.000018 at an average price of $0.000018.

Shiba Inu's price currently hovers around the $0.000018 level, making it a make-or- break point for the token's short-term trajectory. At the time of writing, SHIB was up 1.49% in the last 24 hours to $0.00001814.

The 416.38 trillion SHIB acquired around this price level add to the weight of its significance, as it could either act as a strong support or a prelude to further declines.

Road ahead?

Shiba Inu's trading at the 416 trillion SHIB level might be a moment of reckoning for the token. The cryptocurrency community is on the edge of its seat, waiting to see whether this will be a turning point for Shiba Inu or just another bump in the road.

As Shiba Inu trades at this pivotal level, several potential scenarios could unfold. The token may bounce back from the 416 trillion SHIB level, leveraging it as a springboard for future gains.

On the other hand, a break below this key level might trigger a sell-off, leading to a further decline in price. In this scenario, Shiba Inu's next support lies at $0.000014 and $0.000017, where 91.92 trillion SHIB were bought by 60,560 addresses at an average price of $0.000016.

SHIB might also enter a period of consolidation, trading within a range while the market awaits the next major move. This scenario might bring relative stability in price as buyers and sellers find equilibrium.

Consolidation periods frequently precede large swings, so traders will be watching for breakout signals.