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Shiba Inu Hits Overdrive With 500% Surge

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Whales’ interest in Shiba Inu has reached a fever pitch this week. Data from IntoTheBlock reveals a surge of over 500% in large transactions on SHIB, indicating a return of the meme coin frenzy. This massive jump from 1.2 trillion SHIB tokens to a whopping 6.6 trillion has occurred in a timeframe of just two days.

In terms of dollar valuation, the growth in the large transaction volume is worth over $70.45 million from a mere $12 million, an impressive surge of 590%. A transaction from these cohorts ranging from a minimum of $100,000 to $1,000,000 highlights the increased interest among whales. Subsequently, the uptick in transaction volume has sparked a 1,701% rise in netflow, according to on-chain data.

While a surge in netflow is a testament to the robustness of the meme coin ecosystem, offering insights into the strategic moves of major players, it can also indicate significant accumulation. Market experts perceive these whale movements as an ongoing accumulation of SHIB tokens with a probable intent of depositing in exchanges. All these can be indicators of an upcoming sell-off.

Shiba Inu
Source- IntoTheBlock

Since last week, a staggering 90 billion Shiba Inu has flowed within the network of large holders, intensifying speculation and market scrutiny. Still, a significant 77% of SHIB addresses have maintained their holdings for over one year, underscoring strong investor confidence. These whale movements coincide with an increased push from the meme coin proponents for a SHIB ETF.

Shiba Inu ETF Proposal

Ramping up efforts, Shiba Inu team members have put up a change petition to gather community support for a spot SHIB ETF at Grayscale Investments. Addressing the CEO of Grayscale, Michael Sonnenshein, the petition asserted that an ETF would simplify for a broader audience the process of investing in SHIB, removing the hurdles associated with direct purchases and digital wallet management.

By leveraging Shiba Inu’s proven popularity and market demand, Grayscale would not only respond to investor needs but also lead the way in incorporating new cryptocurrencies into structured investment vehicles. We request Grayscale Investments, LLC to assess the viability, market demand, and potential impact of introducing a Shiba Inu ETF.

Represented by a collective of investors, digital currency enthusiasts, and advocates, the petition has garnered 2,455 signatures, all endorsing the spot ETF.

Dogecoin On Fire: Unstoppable With 1M Daily Transactions

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Dogecoin has come a long way from being just a meme coin to becoming one of the most actively traded crypto assets, even outpacing some of its peers. Data from InToTheBlock revealed a notable trend: since the 30th of January, DOGE has initiated and processed more than 1 million transactions daily without any interruptions.

In a testament to its growing popularity as a token of substantial usability in the mainstream space, luxury car producer Ferrari recently announced integrating DOGE as a means of payment in the US. Bitpay is expected to also act as a settlement agent for payments made in DOGE.

Enrico Galliera, Chief Marketing and Commercial Officer of Ferrari, stated that this decision was made in response to customer requests and market trends. Ferrari’s commitment to innovation and catering to the needs of its clients is evident in this groundbreaking move.

Dogecoin
Dogecoin On Fire: Unstoppable With 1M Daily Transactions 3

Starting its journey as a spoof of Bitcoin, DOGE swiftly gained the ranks as one of the leading altcoins, thanks to its active community and host of celebrity endorsements, particularly from billionaire Elon Musk.

Ferrai’s addition has sparked excitement in the community. The Italian automobile firm became the second car manufacturer to integrate payment using Dogecoin, just after electric car maker Tesla. With this, DOGE now joins the likes of crypto behemoths Bitcoin, Ethereum, and USDC as payment options for customers looking to acquire Ferrari with crypto in America.

Dogecoin: More Than Just a Meme

The adoption rate skyrocketed to 86% as newly onboarded users engaged in their first transactions, according to previous insights from IntoTheBlock. This surge in activity is attributed to the renewed interest in Doginals, sparked by the release of Doom on the Dogecoin chain, and rumors surrounding Xpayments potentially attracting new users to DOGE.

Despite a muted price action, the popular meme coin continues to attract new users, defying market expectations. A recent analysis by well-known data aggregator Santiment found a notable surge in non-zero wallets, with roughly 414,000 new wallets added in just two weeks, predominantly holding 0.001-1 DOGE. This represents a 7.2% increase since January 22nd, showcasing the fastest growth in Dogecoin’s decade-long history.

Moonshot For Dogecoin: 86% Spike in New Users

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Dogecoin has experienced an extraordinary surge in adoption, with more than 890,000 new DOGE addresses created in the past seven days. The adoption rate skyrocketed to 86% as newly onboarded users engaged in their first transactions, according to insights from IntoTheBlock. This surge in activity is attributed to the renewed interest in Doginals, sparked by the release of Doom on the Dogecoin chain, and rumors surrounding Xpayments potentially attracting new users to DOGE.

Dogecoin
Moonshot For Dogecoin: 86% Spike in New Users 5

The remarkable growth within the Dogecoin network was further emphasized by crypto analyst Ali Martinez. In a recent post, Martinez highlighted a staggering 1,100% increase in new addresses over the past week. January 29 alone witnessed an unprecedented creation of 247,240 new DOGE addresses, setting an all-time high. The sustained uptrend in network expansion has the potential to positively impact the price of DOGE.

Adding to Dogecoin’s momentum is a major endorsement from entrepreneur and former Dallas Mavericks principal owner Mark Cuban. During a recent Ask Me Anything [AMA] session on an undisclosed platform, Cuban reaffirmed the NBA team’s unwavering support for the meme coin. Responding to community queries, the business magnate assured that the Mavericks would continue to accept Dogecoin as a form of payment.

This endorsement builds upon the Mavericks’ pioneering decision in March 2021 to integrate Dogecoin into their payment options for tickets and merchandise. The team’s commitment underscores their willingness to embrace the growing mainstream acceptance of digital currencies. As Dogecoin’s adoption and network expansion continue to surge, there is growing optimism about its future trajectory and potential impact on its market value.

Top Dogecoin Holder Defends Against Hacking Attempt

Despite the notable increase in DOGE activity, the corresponding surge in its price has been minimal over the past 24 hours. Currently valued at $0.07 and holding the 10th position in market rankings with a market cap of $11 billion, DOGE has seen slight gains. Notably, amidst this activity surge, a major Dogecoin wallet successfully thwarted a hacking attempt.

The top Dogecoin wallet, MyDoge, shared the details of the recent hacking attempt on X. MyDoge Wallet reported that it detected an unauthorized effort by malicious actors to take control of its X account.

A hacker was able to post messages on our account using ‘Delegate Access,’ which was added during the previous hack and was undetected until now. We’ve regained control, removed the bad actor, and informed X of the situation. Everyone should check the ‘Delegate Access’ section in their X settings for anything suspicious.


Ethereum Whales Fueling Recovery As Accumulation Surges To $920 Million

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In a pivotal move, renowned analyst Ali Martinez unveiled a notable uptick in Ethereum (ETH) whale activity, signifying a significant shift in the cryptocurrency’s trajectory. Over the past month, these influential investors have amassed a staggering 410,000 ETH units, valued at a staggering $920,745,200.

This substantial accumulation by whales ranging from 1000 to 10,000,000 ETH units marks an unprecedented high since at least November 24, 2023. The implications of this accumulation hold the potential to impact the cryptocurrency’s price, albeit by a fraction.

Despite Ethereum’s recent price fluctuations, ETH is trading at $2,238, exhibiting a modest 0.10% increase in the last 24 hours from a low of $2,219.78. While its short-term growth trajectory has trailed behind Bitcoin, the resurgence of interest from these whales might steer ETH’s course in the coming days.

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Source: TradingView

Ethereum’s On-Chain Surge

On-chain metrics provide additional insights into ETHs evolving landscape. Daily Active Addresses have surged by 2.21% to 480,990, as crypto analytics platform IntoTheBlock reported. Moreover, ETH whale transactions have witnessed a substantial 15.83% surge in the last 24 hours, amounting to over $4.79 billion traded.

The ongoing whale accumulation hints at intriguing future trends and complements Ethereum’s developmental strides. Vitalik Buterin, the co-founder, recently emphasized the necessity for Layer-2 scaling solutions to prioritize integrating the Ethereum Name Service (ENS). This strategic focus aims to enhance adoption rates and streamline user accessibility within these L2s.

Moreover, Ethereum is eagerly looking forward to launching a spot ETF, a significant step that might come to fruition once the expected approval of a spot Bitcoin ETF takes place. The realization of this pivotal event has the potential to enhance Ethereum’s standing and fortify its market presence, offering a promising opportunity for further consolidation within the crypto space.

Ethereum’s resurgence is gaining momentum amid these ongoing developments, buoyed by the substantial accumulations orchestrated by influential whales and the simultaneous progression of fundamental improvements. These combined factors are shaping ETH’s recovery and laying the groundwork for potential alterations in its trajectory within the cryptocurrency landscape, which could extend its influence across the broader market in the foreseeable future.

Bitcoin Whales Boost Holdings To 22K+ BTC Amid $41K Surge

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In a week marked by price fluctuations and market turbulence, Bitcoin whales are making significant moves, accumulating over 22,000 BTC as the cryptocurrency’s price hovers around $42,000. According to IntoTheBlock, this strategic accumulation underscores their confidence in Bitcoin’s long-term value despite recent dips in the market.

CC15Capital, a prominent player in the cryptocurrency space, also reported a noteworthy development – the 17th largest Bitcoin holder purchased 823 Bitcoin today for $35 million. This follows a broader trend, signaling the return of large Bitcoin buy orders.

https://twitter.com/Capital15C/status/1735840652741460022

Bitcoin’s Rollercoaster Week

The crypto landscape witnessed a dramatic turn of events precisely one week ago when Bitcoin’s late 2023 surge peaked at an impressive $44,700. This marked the highest price point in over 18 months. However, the bullish momentum faced challenges as Monday saw shedding over $3,000 in hours, slipping below the $41,000 threshold.

BTC 7D graph coinmarketcap 13 1
CoinMarketcap

Tuesday witnessed a further decline, with the cryptocurrency reaching a weekly low of $40,200. Despite efforts by the bulls to counteract the downtrend and push BTC north to $43,000, market forces remained unpredictable. External factors added to the volatility, including the release of US CPI data and the latest Federal Open Market Committee (FOMC) meeting.

The week unfolded with heightened market activity, as vulnerabilities in the Ledger wallet contributed to sudden fluctuations. Bitcoin experienced rapid swings of $1,500 within a few hours on Thursday. As of Friday, BTC’s rally showed signs of stalling, with the cryptocurrency trading at $42,408.13.

BTC 1D graph coinmarketcap 22
CoinMarketcap

Meanwhile, on-chain data reveals a notable increase in profit-taking activities, with $860 million in net inflows into crypto exchanges during the week – the highest level since March, as reported by analytics firm IntoTheBlock. Moving assets to exchanges is often seen as a precursor to selling, indicating that a significant number of investors chose to capitalize on profits following BTC’s impressive 65% rally from $27,000 in October.

As the week unfolds, all eyes are on whether Bitcoin can maintain its momentum and finish above $43,800. A failure to do so would end an unprecedented eight-week winning streak, the longest since April to June 2017. However, the coming days will be crucial in determining the trajectory of BTC’s price and the resilience of its recent bull run.

Related Reading | XRP Under Scrutiny: Analyst Dispels Misconceptions Surrounding Ripple & XRP

Cardano’s Profitability Peaks in 2023

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Cardano investors are reveling in significant windfalls, with the latest data indicating that ADA holders are experiencing some of the highest profits of 2023. According to data sourced from the prominent on-chain platform IntoTheBlock, as of November 11, almost 37.6% of all ADA holders are currently in a profitable position, marking the peak for this year. Profitability, a crucial metric that assesses the price at which coins were last transacted in comparison to the current market value, is witnessing a surge, resulting in a notable increase in ADA holder’s profit.

This spike in ADA holders’ profits holds particular significance when considering that merely a few weeks ago, on October 19, only 3.91% of all ADA holders were enjoying profits. This turnaround is noteworthy, especially considering the challenging year experienced by Cardano holders, marked by multiple price dips and losses.

Cardano
Cardano's Profitability Peaks in 2023 10

A more in-depth analysis reveals that the recent surge in profitability has also elevated the year-to-date average of holders in a profitable position. Presently, 716,540 addresses show profits on a year-to-date average, constituting 16% of the overall holder base. In contrast, 3.51 million addresses, making up 80%, find themselves in losses, while 179,510 addresses, equivalent to 4.08%, are in an ‘At The Money’ position.

The increased profitability metric might signal a potential sell-off among ADA holders. When holders who have endured losses for an extended period transition into profit territory, it often prompts them to sell some or all of their holdings to capitalize on gains. The impact of this profit-taking can be substantial, depending on the size of the holders selling and the volume they introduce into the market. The reintroduction of this supply into circulation could potentially outpace demand, leading to a market decline.

Cardano’s Value Hit 5-Month High

The recent decline in ADA’s price, falling from $0.39 to $0.36, could be attributed to profit-taking. However, the losses over the past day have been marginal, at 1.48%, suggesting that investors may not be hastily offloading significant portions of their tokens.

Remarkably, Cardano’s ADA has witnessed a surge in its price, reaching $0.39, marking its highest level in over five months. This uptrend has been evident throughout November, with a notable 58% gain in the monthly chart, supported by ADA whales, as indicated by on-chain data.

Cardano (ADA) Surges Over 20% In Weekly Chart Following Integration Of Polkadot SDK

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Cardano (ADA) has experienced a surge of over 20% in the weekly chart following a significant announcement that piqued investors’ interest. Currently, ADA is trading at $0.3547, and in the daily chart, it has seen a 2.88% rise. The ADA community is excited as the bullish trend in play since early October continues to gather momentum.

The latest surge above the $0.35 mark indicates a path of least resistance towards higher values. If ADA can maintain this level, it may sustain upward momentum in the coming weeks. The driving force behind this resurgence lies in the increased confidence of investors in the Cardano token. 

ADA 7D graph coinmarketcap 8
Source: CoinMarketcap

According to blockchain analytics platform IntoTheBlock, ADA whales and investors accumulated a substantial 1.89 billion ADA during October, equating to an investment of over $600 million. Interestingly, a significant portion of this accumulation occurred within the price range of $0.249 and $0.271. This suggests that large holders may accumulate ADA long-term, potentially fueling a price rally toward $0.4.

Cardano’s recent price surge is a testament to its growing popularity and widespread support from both retail and institutional investors. Crossing the $0.37 resistance level represents a significant milestone for the project. Furthermore, introducing products like Midnight Protocol adds even more value to the Cardano ecosystem.

Cardano (ADA) Price Driving Factor

The catalyst behind this latest surge is the announcement of Cardano’s partnership with Polkadot SDK (formerly Substrate) in its partner chain. This strategic move aims to enhance scalability and promote interoperability between specialized blockchains while leveraging the liquidity and security offered by Polkadot’s technology. Midnight Network is poised to become one of the first adopters of these partner chains, highlighting the project’s promising future.

Cardano’s decision to utilize Polkadot SDK reflects a well-thought-out strategy, as Polkadot’s technology boasts numerous advantages, including a modular and flexible design for an interoperable future. The project’s choice to adopt Polkadot’s consensus mechanisms, BABE and GRANDPA, effectively balances liveness and safety, addressing a common issue in consensus models.

Moreover, Polkadot’s NPoS (Nominated Proof-of-Stake) offers a vast validator network of up to 1,000, mitigating stake centralization with fair reward distribution. Polkadot’s multi-chain vision, developed and tested for nearly five years, distinguishes it from Ethereum, making it a compelling choice for Cardano.

The Universal Language, XCM, enables seamless communication between Polkadot SDK chains, promoting interoperability and ease of use. This decision to embrace Polkadot SDK over alternatives like Cosmos SDK is rooted in the project’s priorities, requirements, and trade-offs. Polkadot’s chain-agnostic approach, lack of assumptions about consensus algorithms, and resolution of shared sequencer dilemmas set it apart as a robust choice for Cardano’s future endeavors.

Related Reading | XRP Surges 16% In November, But Analyst Sees A Potential Buying Opportunity At $0.54

Bitcoin Aims For $39,000: Analysts Reveal Critical Factors

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In a recent crypto market analysis, prominent on-chain analytics, IntoTheBlock, has unveiled key insights into Bitcoin’s potential price path. Analysts from IntoTheBlock have identified crucial price levels to monitor, emphasizing pivotal milestones capable of molding the future path of BTC. Their analysis is rooted in the on-chain buying behaviors, unraveling the secrets hidden within the blockchain’s depths.

The analyst pointed to the recent $35,000 peak as a formidable resistance level for Bitcoin, drawing the attention of 664,000 holders who acquired 340,000 BTC at this price point. Should this barrier be breached, the analytics firm anticipates heightened trading activity around the $38,000 to $39,000 range, where 333,000 BTC changed hands, hinting at a potential target of $39,000 once these initial hurdles are overcome.

During the market downturn, a surge of buying activity emerged, focusing just above the $30,000 mark, resulting in a substantial 553,000 BTC changing hands. However, the cryptocurrency sphere witnessed a marked cooldown between Thursday and Friday. This came after a vigorous ascent earlier in the week, driven by the growing anticipation surrounding the imminent launch of a spot Bitcoin ETF. 

Spot ETFs Drive Institutional Interest In Bitcoin

Bitcoin dominated the market capitalization race, clinching profits for a remarkable seven-day stretch. It reached its zenith at $35,157 on Oct. 24, a peak not seen in almost 18 months. This victorious spree stands as the lengthiest since March. Simultaneously, Bitcoin transaction fees shot up by 44.8%, mirroring the surge in transaction volume amid the bullish price momentum.

The analyst also highlights a palpable surge in institutional interest in Bitcoin, with transactions surpassing the $100K mark and hitting fresh 2023 highs. Notably, recent spot ETF applications are considered instrumental drivers, particularly after BlackRock’s ETF filing in June. This uptick in institutional involvement signals a potential turning point for BTC’s broader adoption and mainstream recognition.

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Source: Tradingview.com

Bitcoin is trading at $34,083, reflecting a marginal 0.24% decline in the last 24 hours. However, it has remarkably surged by 15.25% over the past week, demonstrating resilience and growth potential. Analysts anticipate a brief price contraction but maintain a positive outlook for the cryptocurrency’s long-term upward trajectory.

Avalanche (AVAX) Soars Over The Weekend, Faces Stiff Resistance At $11.55

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Over the weekend, Avalanche’s native token AVAX experienced a remarkable rally, breaking past the $10 mark. However, the digital asset faces formidable resistance at the $11.55 level, triggering speculation in the crypto community.

On-chain data, sourced from IntotheBlock, reveals a critical juncture in the $AVAX price range of $11.62 to $12.93, historically held by over 747,000 addresses. In bearish market conditions, these levels often serve as strong resistance zones where investors contemplate liquidating positions to minimize losses.

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Source: IntoTheBlock

The recent week brought immense joy to AVAX investors, witnessing an 8% price surge. This uptick is attributed to heightened activity on the Avalanche network, particularly due to Stars Arena, which facilitated over 215,000 transactions, raking in an impressive $1.7 million, according to DappRadar.

Stars Arena, a social platform deployed on the Avalanche Contract Chain, boasts over 14,000 active wallets. Users linking their $AVAX wallets can seamlessly trade tokens, with some enthusiasts claiming it offers superior features compared to competitors. Notably, there’s no charge for accessing a public feed, distinguishing it from platforms like Friend.tech.

Optimism prevails in the community as Avalanche prices are anticipated to continue surging with successful projects on its blockchain. Speculations hint at a potential doubling of prices in the coming months, aiming to reclaim the highs witnessed in April.

As of the latest update, AVAX is trading at $9.49, displaying a slight decline on the daily chart. Weekly charts, however, showcase a modest 2% gain over the past seven days.

AVAX 7D graph coinmarketcap 4
Source: Coinmarketcap

Avalanche Whale Transactions and Bullish Signs

This week, a significant surge in AVAX transactions supports the positive sentiment surrounding Stars Arena. Notably, AVAX whales have increased their trading activity since the platform’s launch on September 27, recording 64 whale transactions on October 4. This level of whale activity hasn’t been witnessed since around August 22, signaling growing confidence among large investors.

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Source: IntoTheBlock

The historical correlation between Avalanche prices and whale transactions suggests that retail traders might soon mirror this bullish disposition. However, technical analysis warns of potential bearish resistance forming a sell-wall around the $11 region. If the bulls can overcome this hurdle, the $15 territory becomes the next plausible target, making the coming weeks crucial for AVAX enthusiasts and investors alike.

Related Reading | Bitcoin Leads Fidelity’s List as the Safest and Most Decentralized Cryptocurrency

Shiba Inu’s Transactions Skyrocketed to 353% Amidst Price Slump

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On-chain transactions in the Shiba Inu ecosystem have surged at an exponential rate, leaving the crypto community in awe. As revealed in the latest stats from prominent market analyst IntoTheBlock, there has been an increase in large-scale SHIB transactions valued at $100,000 or more by an eye-popping 353% over the course of just one day, commencing over the weekend.

Carefully documenting this unprecedented phenomenon, IntoTheBlock has highlighted a substantial leap, totaling over $18 million. This surge has led to the exchange of approximately 2.6 trillion SHIB tokens, marking an extraordinary impact on the market. The outpouring of transactions at such a scale has significantly contributed to an overall daily transaction volume of 3.6 trillion SHIB, equivalent to nearly $26 million.

Additionally, Shiba Inu has experienced a significant uptick in the number of daily active addresses. Data from IntoTheBlock indicates an almost 200% increase in SHIB’s active address count over the past week. While it’s premature to draw definitive conclusions, this surge in daily active addresses might suggest the potential for an upcoming rally, sparking optimism among investors.

However, amidst these developments, concerns have arisen due to SHIB’s lackluster performance in terms of its price. Over the last seven days, SHIB witnessed a decline of over 8% and continues to dip by more than 3% in daily trading hours. This situation prompted a community member to call on Shytoshi Kusama, the project lead, to address the token’s underperformance despite the team’s efforts.

Shiba Inu’s Shytoshi Kusama Address Price Concerns

In response to these concerns, Kusama acknowledged that SHIB wasn’t created as a “money maker.” He emphasized that while the community’s investments are substantial, “true work” is essential to ensure a significant increase in SHIB’s price. Kusama stressed the importance of focusing on meaningful efforts rather than unnecessary noise, stating that those who “bark the loudest aren’t the ones working.”

Despite SHIB’s fluctuating performance, the surge in large transactions and increasing network activity have added an intriguing layer to Shiba Inu‘s journey. It has solidified its position as one of the most closely watched assets in the cryptocurrency space, drawing the attention of investors, traders, and enthusiasts alike. As the Shiba Inu ecosystem continues to evolve, its trajectory remains captivating, with the community eagerly anticipating how these developments will shape the future of this unique cryptocurrency.