B4Bit
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Shiba Inu eyes a spot in the top 10 crypto club, as its market capitalization neared $17B.
TL;DR
Shiba Inu (SHIB) rose by 16% daily, reaching a market cap of $16.9 billion, making it the 11th largest cryptocurrency.
The surge coincides with an overall meme coin revival, with many other assets witnessing substantial price increases.
SHIB Steps up :-
The meme coin sector has made waves in the past several hours, with its market capitalization surpassing the $70 billion mark. Numerous assets of that type are among the best performers in the market today (May 29), registering double-digit price jumps.
Shiba Inu (SHIB) is a notable example, rising by over 16% on a 24-hour scale. The market cap of the self-proclaimed Dogecoin-killer briefly touched $17 billion before settling at its current level of approximately $16.9 billion (per CoinGecko’s data). Thus, it flipped Cardano (ADA) and became the 11th biggest cryptocurrency.Despite the surge, SHIB remains the second-biggest meme coin, trailing behind Dogecoin (DOGE), which has a market capitalization of over $24 billion.
Shiba Inu’s latest spike coincides with the rise of some important metrics related to its ecosystem. Trading volume in the past 24 hours has pumped to nearly $1.9 billion, outperforming DOGE ($1.2 billion), PEPE ($1.3 billion), and all other meme coins on that front.
SHIB aggregated daily volume (where each transaction exceeds $100,000) reached $214 million, representing a 135% increase compared to the figure observed on May 28.
According to IntoTheBlock, 70% of all Shiba Inu holders currently sit on paper profits. The situation was much more different in September last year when almost 90% of those exposed to the asset were underwater.
TL;DR
Shiba Inu (SHIB) rose by 16% daily, reaching a market cap of $16.9 billion, making it the 11th largest cryptocurrency.
The surge coincides with an overall meme coin revival, with many other assets witnessing substantial price increases.
SHIB Steps up :-
The meme coin sector has made waves in the past several hours, with its market capitalization surpassing the $70 billion mark. Numerous assets of that type are among the best performers in the market today (May 29), registering double-digit price jumps.
Shiba Inu (SHIB) is a notable example, rising by over 16% on a 24-hour scale. The market cap of the self-proclaimed Dogecoin-killer briefly touched $17 billion before settling at its current level of approximately $16.9 billion (per CoinGecko’s data). Thus, it flipped Cardano (ADA) and became the 11th biggest cryptocurrency.Despite the surge, SHIB remains the second-biggest meme coin, trailing behind Dogecoin (DOGE), which has a market capitalization of over $24 billion.
Shiba Inu’s latest spike coincides with the rise of some important metrics related to its ecosystem. Trading volume in the past 24 hours has pumped to nearly $1.9 billion, outperforming DOGE ($1.2 billion), PEPE ($1.3 billion), and all other meme coins on that front.
SHIB aggregated daily volume (where each transaction exceeds $100,000) reached $214 million, representing a 135% increase compared to the figure observed on May 28.
According to IntoTheBlock, 70% of all Shiba Inu holders currently sit on paper profits. The situation was much more different in September last year when almost 90% of those exposed to the asset were underwater.
Bitcoin (BTC) On-Chain Analysis
Profitability is a crucial aspect of market psychology, especially concerning influential participants like whales. Examining these players’ profitability provides valuable insights into market sentiment and conditions. The provided chart illustrates the realized price metric for both new and old whale cohorts, reflecting the proportion of BTC supply in profit.
As shown in the graph, the realized price of old whales has consistently acted as a significant support level for bitcoin throughout th
As shown in the graph, the realized price of old whales has consistently acted as a significant support level for bitcoin throughout th
Bitcoin (BTC) Technical Analysis
The Daily Chart :-
A detailed analysis of the daily chart shows that the $72K-$74K price range has acted as a formidable resistance for bitcoin, halting several upward attempts in recent months. This range is characterized by a high level of supply, resulting in substantial selling pressure and making it a challenging barrier for BTC buyers to overcome.
Bitcoin buyers have been attempting to break through this significant resistance area for several weeks. A sudden breach above this critical j
A detailed analysis of the daily chart shows that the $72K-$74K price range has acted as a formidable resistance for bitcoin, halting several upward attempts in recent months. This range is characterized by a high level of supply, resulting in substantial selling pressure and making it a challenging barrier for BTC buyers to overcome.
Bitcoin buyers have been attempting to break through this significant resistance area for several weeks. A sudden breach above this critical j
Polkadot (DOT) Sentiment Analysis
Polkadot’s price has shown signs of waning bullish momentum, failing to breach the previous swing high of $7.7. Analyzing the futures market sentiment is crucial in determining whether this uptrend will continue, as futures market activity significantly influences price movements.
This chart presents the funding rate and open interest metrics alongside Polkadot’s daily price movements. Despite the recent bullish move, open interest and funding rates have remained near their lowest levels, showi
This chart presents the funding rate and open interest metrics alongside Polkadot’s daily price movements. Despite the recent bullish move, open interest and funding rates have remained near their lowest levels, showi
Polkadot (DOT) Technical Analysis
The Daily Chart :-
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A detailed examination of Polkadot’s daily chart reveals that after a resurgence of demand near the $6.5 support level, the asset experienced a bullish surge. This movement brought DOT to a critical resistance zone defined by the 100-day moving average and the static level at $7.5. Breaking out from this key price range could attract more demand, leading to a sustained bullish movement.
However, the current price action around the $7.5 mark indicates fading bullish momentum
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A detailed examination of Polkadot’s daily chart reveals that after a resurgence of demand near the $6.5 support level, the asset experienced a bullish surge. This movement brought DOT to a critical resistance zone defined by the 100-day moving average and the static level at $7.5. Breaking out from this key price range could attract more demand, leading to a sustained bullish movement.
However, the current price action around the $7.5 mark indicates fading bullish momentum
Ripple (XRP) Analysis
The 4-Hour Chart :-
The 4-hour chart highlights Ripple’s price oscillating within an ascending wedge pattern for nearly three months, with a substantial resistance level repeatedly thwarting upward movements. This key resistance includes the 0.5 ($0.5310) and 0.618 ($0.5574) Fibonacci retracement levels, which are areas of significant supply and selling pressure.
Recently, the asset has reached this critical juncture, experiencing increased volatility and rejections. If buyers manage to overco
The 4-hour chart highlights Ripple’s price oscillating within an ascending wedge pattern for nearly three months, with a substantial resistance level repeatedly thwarting upward movements. This key resistance includes the 0.5 ($0.5310) and 0.618 ($0.5574) Fibonacci retracement levels, which are areas of significant supply and selling pressure.
Recently, the asset has reached this critical juncture, experiencing increased volatility and rejections. If buyers manage to overco
XRP Technical Analysis
The Daily Chart :-
A closer look at the daily chart shows Ripple’s price trapped in a prolonged period of sideways trading, marked by minimal volatility and unclear momentum. The price fluctuates within a tight range, bounded by key resistance at $0.55 and major support at $0.47.
Recently, the asset encountered notable volatility near the upper boundary, leading to liquidation events in both directions. However, XRP failed to overcome the upward resistance and stayed within its familiar region.
A closer look at the daily chart shows Ripple’s price trapped in a prolonged period of sideways trading, marked by minimal volatility and unclear momentum. The price fluctuates within a tight range, bounded by key resistance at $0.55 and major support at $0.47.
Recently, the asset encountered notable volatility near the upper boundary, leading to liquidation events in both directions. However, XRP failed to overcome the upward resistance and stayed within its familiar region.
Friend.tech Co-Founder Hints at Departure From Base, Token Falls 30%
Friend.tech’s token price plummets after co-founder X’s post expressing intent to leave Base, the Ethereum L2 network hosting the project.
Friend.tech co-founder, pseudonymously known as Racer, has hinted at leaving Base, an Ethereum Layer-2 network launched by Coinbase in 2023 that supports the platform.
Following the news, Friend.tech’s token fell sharply and is now trading at $1.02, with a 31.4% drop over the past day.
Racer Hints at Departure From Base :-
Racer posted on X about a system
Friend.tech co-founder, pseudonymously known as Racer, has hinted at leaving Base, an Ethereum Layer-2 network launched by Coinbase in 2023 that supports the platform.
Following the news, Friend.tech’s token fell sharply and is now trading at $1.02, with a 31.4% drop over the past day.
Racer Hints at Departure From Base :-
Racer posted on X about a system