Blockchain

Both the Shiba Inu and the LUNC tokens have seen their growth hindered by the fact that their circulating supply is incredibly large. As a way to curb this, both communities have come up with a burn initiative to reduce the supply of the tokens as much as possible. So far, there have been significant amounts of tokens sent to burn addresses by members of the community. But which community’s effort has had the best impact on the token price?

LUNC Community Hits 85 Billion Mark

The LUNC community burn has gained a lot of traction since it began around a year ago. Every week, millions of tokens are being taken out of circulation in an effort to reduce its over 5.8 trillion supply. This has resulted in tens of billions of tokens being burned so far.

According to the LUNC Metrics website, the community has been able to hit the 85 billion tokens burned milestone. This was hit after over 1.7 billion tokens were burned by the community in a single-week timeframe, bringing the total all-time token burned to approximately 85 billion.

On the back of this milestone, the prices of LUNC and USTC have begun to rally once more, suggesting a correlation between the burn and the price performance. Not only the Terra Classic ecosystem tokens are rallying but also the rebranded LUNA token has been on the rise.

The LUNC burn initiative has seen a lot of support from the Binance exchange which continues to burn fees generated from the altcoin’s trading activity. Burning has also extended to the USTC token which sees thousands of coins burned daily.

Shiba Inu Burn Sees 2875% Explosion

Compared to the LUNC burn, the Shiba Inu community burn has had more impact on the price. Unlike LUNC, around 45% of the total token supply has been burned. Most of this can be attributed to Ethereum founder Vitalik Buterin who received half of the SHIB token supply in 2021. Buterin eventually burned the majority of the tokens after donating some of it to a COVID relief fund.

The community has, however, not relented in its efforts to reduce the supply. Last week, the burn rate saw one of the most significant spikes after rising over 7.6 million percent in a 24-hour period. This increased burn momentum has continued into the new week with Sunday’s figures coming in over 152 million tokens burned.

This 152 million figure saw the SHIB burn rate rise another 2875%, data from Shibburn shows, starting the week off on a high note. The majority of the burned tokens came from a single wallet which incinerated 107.6 million tokens in a single transaction.

However, unlike LUNC, the spike in the SHIB burn rate hasn’t seemed to have affected the price much with the token trading at near breakeven for the same time period.

The flagship cryptocurrency, Bitcoin, is currently flying high on the back of potential approval of the pending Spot Bitcoin ETF applications in January. However, this upward trend could cool off as this prominent crypto analysis platform outlined key events that are set to happen this week.

“Huge Week Ahead” For Bitcoin

In a post shared on their X (formerly Twitter) platform, The Kobeissi Letter noted that the November CPI Inflation data is coming in this week. Specifically, it is set to be released on December 12. Meanwhile, The Federal Open Market Committee (FOMC) is scheduled to meet on December 12 and 13.

These two events are significant for Bitcoin’s price. The CPI inflation data is usually a factor in the FOMC’s decision on whether or not to increase interest rates in its fight against inflation. A dovish stance is seen as bullish for the markets (including Bitcoin), while a hawkish one usually affects the market negatively. 

Therefore, all eyes will be on the inflation data and whether or not the FOMC will choose to raise the interest rates. The Federal Reserve Chairman Jerome Powell had recently stated that talks about rate cuts are still “premature,” although he admitted that “inflation is moving in the right direction.”

The financial markets reacted positively to Powell’s remarks, with many experts of the opinion that the Feds are raising the interest rates and would possibly stick to the current rates between the range of 5.25 to 5.50 percent. If that happens, there is a high chance that Bitcoin’s price will react positively to it. 

Other Inflation Indicators To Watch Out For

The OPEC Monthly Report and November Producer Price Index (PPI) Inflation data are also set to be released on December 13. These two events are also known to have a significant effect on Bitcoin’s price as they are key inflation indicators. 

For one, the OPEC monthly report contains issues affecting the world oil market. It will also show whether there has been a significant increase in oil prices and the key supply and demand metric. An increase in oil prices could be bad news for Bitcoin as this would mean that inflation is still on the high which could lead to higher interest rates. 

The PPI inflation data is also key. Some even argue that it is more important than the CPI inflation data since the producers indirectly determine how much consumers pay for these goods. An increase in the PPI inflation data also suggests that inflation is on the high. That would also be a factor when the Feds decide whether to raise interest rates or not. 

At the time of writing, Bitcoin is trading at around $42,100, down by over 3% according to data from CoinMarketCap.

According to AlphaScan data on December 12, social media activity on Injective Protocol (INJ) has steadily increased in the past day and week. This surge in interest has propelled INJ to the second-most mentioned token on social media, trailing only Bitcoin (BTC).

Injective Social Media Activity Rising

Specifically, data reveals that INJ received nearly 30% of its weekly mentions in the past 24 hours alone. Furthermore, 37% of all monthly mentions of INJ occurred in the past seven days, further highlighting the growing attention surrounding the project. 

While this is impressive for the project, it seems like INJ is also popular, looking at the very short-term data over the past trading day. Looking at weekly and monthly mentions, Solana, Avalanche, and Ethereum are ahead. 

The uptick in Injective Protocol’s social activity also coincides with expanding prices. Based on Alpha Scan data, INJ has outpaced Bitcoin and other top 10 crypto assets in the last data. If the spike in social activity is behind rising prices, INJ may likely extend gains in subsequent sessions.

From the INJ daily chart, the coin is at 2023 highs, ripping even higher. As it is, the coin is within a bullish breakout formation, comprehensively easing past November 2023 resistance levels. Of note, the rally is with expanding trading volumes, meaning the leg up is supported and could continue, further drawing more social activity to the project. 

Injective Protocol is a decentralized exchange (DEX) platform that operates on a layer-2 solution, allowing faster and more scalable trading than traditional DEXs. It supports various decentralized finance (DeFi) applications, including derivatives trading and synthetic asset issuance.

Is INJ On The Cusp Of Exploding Above $25?

The growing interest in Injective Protocol is likely due to a combination of factors. Beyond the project’s unique features, like near-gasless transactions and growing adoption, improving crypto sentiment and strategic partnerships might have supported prices and revived social media activity.

To illustrate, Injective recently joined Google Cloud, encouraging developers to build on the platform.

Despite the current optimism, it is not immediately clear whether the spike in social media activity could be a precursor to more price gains for INJ. Even so, with the coin trending at new 2023 highs and trading volumes expanding amid a broader recovery across the crypto scene, it is likely that INJ may explode to record new all-time highs above $25.

Solana-based memecoin BONK has enjoyed a rally of more than 18% today, but the asset may be in trouble if this sell signal is to go by.

BONK Has Formed A TD Sequential Sell Signal On Its Weekly Chart

As explained by analyst Ali in a post on X, the same indicator that signaled the latest rally for BONK is now predicting a decline for the cryptocurrency instead. The metric in question is the “Tom Demark (TD) Sequential,” which is generally used for pinpointing probable tops and bottoms in any asset’s price.

The indicator gives such a reversal signal after nine candles of the same type are following a previous top/bottom in the asset. This nine-candle phase is called the “setup.”

If the setup completes with nine red candles, then the TD Sequential suggests a likely buying point, while green candles imply the asset might have encountered a top.

A TD Sequential setup has been completed for memecoin BONK on its weekly price chart just recently. Here is the chart shared by the analyst that shows this pattern in the cryptocurrency:

As displayed in the above graph, the weekly BONK price has completed a TD Sequential setup phase with green candles recently as the asset has been enjoying a sharp rally.

Ali notes that a few months ago, the same indicator had presented a buy signal for the meme coin, which ended up leading to the current rally. So far, the asset has enjoyed profits of more than 8,400% during this run.

The analyst thinks based on the latest TD Sequential sell signal, BONK may be heading towards a correction period that could last anywhere from one to four weeks.

The Dog-Based Coin Has Registered A Rise Of Over 18% During The Past Day

During the weekend, BONK continued its recent bullish momentum and made a push above the $0.00001487 mark, but the meme coin soon noticed a sharp correction as it plunged to $0.00000996.

The bulls appear to be back for the coin, though, as it has seen a rapid 18% recovery in the last 24 hours, reclaiming the $0.00001237 level. The below chart shows how the token has performed during the past month.

BONK is still a decent distance from making a full retrace towards its top, however, so it’s hard to say anything about whether this fresh rally is going to last for any sizeable period.

And given the TD Sequential sell signal in the weekly chart, it’s possible that this recovery surge is just a dead-cat bounce, and BONK will be heading down from here instead.

At present, the meme coin is up more than 364% during the past month and stands third on the top meme coins by market cap list, meaning that it’s only smaller than Dogecoin (DOGE) and Shiba Inu (SHIB) in total valuation.

Bitcoin (BTC) recently experienced a sharp decline, tumbling towards $40,000 amid a broader sell-off across the cryptocurrency market. While the most significant token managed to recover some losses, currently trading 4% lower at $42,000, concerns persist regarding the potential for further downside price action before a potential recovery.

Investors Show Caution With Short-BTC Position Inflows

According to a recent CoinShares report, digital asset investment products witnessed their 11th consecutive week of inflows, totaling $43 million. Notably, there was a significant increase in short position inflows due to recent price appreciation and perceived downside risks. 

Europe led with $43 million in inflows, followed by the US with $14 million (with half in short positions). On the other hand, Hong Kong and Brazil experienced outflows of $8 million and $4.6 million, respectively. 

Bitcoin remained the primary focus for investors, attracting $20 million in inflows, bringing the year-to-date inflows to $1.7 billion. Short-Bitcoin positions saw $8.6 million in inflows, suggesting some investors view the current price rises as unsustainable. 

Ethereum (ETH) also saw increased interest, with its sixth week of inflows totaling $10 million, marking a turnaround from previous outflows.

Selling Pressure Mounts As Miners Decrease Bitcoin Holdings

According to Satoshi Club, there are indications that miners are selling their Bitcoin holdings following the recent price drop. Data shows a significant decrease in miners’ BTC holdings, with increasing flows to exchanges, suggesting selling pressure in the market. 

Satoshi Club’s analysis highlights that this trend could be attributed to the anticipated halving in 2024, which will reduce miners’ rewards by half. 

Additionally, Bitcoin’s net unrealized profit/loss, which indicates the investor profit ratio, has surpassed 0.5 for the first time since December 2021. This suggests that a significant portion of Bitcoin investments are currently profitable, potentially leading to increased selling pressure at current price highs.

BTC’s Bullish Structure Intact, But Deep Correction Threatens Run

In the 1-day chart for Bitcoin, the current trading price is closely aligned with a support level. Despite briefly dipping below this level, Bitcoin has managed to recover and trade above it, mitigating further declines.

However, in the event of continued selling pressure and an inability to maintain its current price level, Bitcoin’s next critical level of support would be $39,990. 

It is worth noting that during the previous hype surrounding Bitcoin’s milestone, many traders entered long positions below the current levels. This influx of long positions could trigger a liquidation hunt before a recovery ensues.

If such a scenario unfolds, the hunt for liquidations could drive Bitcoin’s price further down, potentially testing support levels at $38,700 and $37,800.

On a positive note, Bitcoin’s current bullish structure would remain intact unless a significant correction occurs, pushing the price below the $29,900 level. This level began Bitcoin’s current bull run in late October.

The future outcome hinges on whether Bitcoin can successfully hold its nearest support levels and facilitate a recovery that shifts the focus from hunting long positions to hunting short sellers, eventually regaining previously conquered territories.

Featured image from Shutterstock, chart from TradingView.com

The fintech world is abuzz about the launch of TradeWire, an innovative analytics platform utilizing cutting-edge artificial intelligence to provide traders with game-changing insights and capabilities.

TradeWire aims to revolutionize the playing field by democratizing access to robust technology that was previously only available to well-funded institutional firms. For the first time, ordinary investors can now leverage the immense power of machine learning and AI once reserved for quantitative hedge funds.

TradeWire: An Advanced AI-Driven Smart Trading Platform

TradeWire offers traders an end-to-end solution for implementing data-driven investing strategies. The full suite of TradeWire tools include:

Deep analysis of financial reports to detect signals and opportunities
Customizable economic calendar tracking market-moving events
Intelligent screeners combining fundamentals, technicals, valuations
Dynamic infographics visualizing market data and trends
Powerful analytics uncovering insights from big data
Curated news and alerts on market-moving developments
Custom scripts automating indicators, strategies, and algorithms

At the core of TradeWire is an advanced analytics engine powered by sophisticated neural networks continuously processing massive financial data sets. This engine analyzes everything from fundamentals, earnings reports, news developments, and more across all asset classes in real-time. Analytics are automated through TradeWire’s partner RevenueBot, enabling a direct connection with exchanges for real-time data.

But actionable insights are only one critical piece of the puzzle. TradeWire also provides users an extensive suite of integrated trading tools to execute on the intelligence uncovered by its AI models seamlessly.

The platform features intuitive screeners with customizable filters, interactive visualizations for engaging with complex market data, a personalized economic calendar that tracks upcoming catalysts, customizable trading scripts to automate strategies, and much more.

The Genesis of a Bold Vision

TradeWire was founded by successful former traders and fintech engineers who recognized the immense potential of democratizing access to game-changing technology. For too long, advanced AI and machine learning capabilities have been locked away in the proprietary black boxes of quantitative hedge funds and investment banks, out of reach for ordinary investors.

TradeWire is the brainchild of its founders’ bold vision to utilize AI not just to benefit wealthy institutions, but to empower all market participants. The platform’s breakthrough innovation makes it possible for any trader, regardless of experience or resources, to leverage the same leading-edge algorithms and analytics previously only enjoyed by large firms.

The company views this democratization of technology access as essential to leveling the trading playing field that has historically disadvantaged individual investors versus Wall Street. TradeWire believes all traders should be able to utilize AI to enhance their market intelligence.

Built For Traders, By Traders

The TradeWire team includes veteran traders and data scientists who built the platform from the ground up based on their own extensive domain expertise. As a result, the product experience is highly intuitive, reflecting a deep understanding of customers’ needs.

The company is driven by the philosophy that transformative technology should benefit all market participants equally, not just the wealthy few. TradeWire’s core vision is tearing down the barriers that have given larger firms an unfair competitive edge for so long by making AI accessible for all.

The Future of Intelligent Trading

Currently in open beta testing, TradeWire is collecting extensive user feedback to optimize the platform before full public launch. Early testers have offered glowing reviews, confirming TradeWire’s immense potential to disrupt traditional trading.

With pricing starting at just $90 monthly, the platform offers unmatched value considering the sophistication of its AI capabilities. TradeWire is poised to rapidly gain mainstream adoption upon its full release.

TradeWire is the future of leveraging invaluable AI insights to gain an edge in financial markets. The possibilities it unlocks for traders are endless.

A crypto analyst has provided some optimism regarding the XRP price as many contemplate whether or not to continue to hold on to their XRP tokens. This comes as the crypto token’s underperformance has been a cause of concern to holders, with talks about a potential manipulation resounding through the community.

XRP Price To Hit $18 In The Short-Term

In a post on his X (formerly Twitter) platform, crypto analyst Dark Defender shared an interesting analysis where he noted that XRP could hit $18 soon enough. To back up his prediction, he noted that XRP was retesting the $0.6649. According to him, this level is “not a joke” as it is a very crucial one. An upward trend is expected from that price level based on his assertions. 

Meanwhile, Dark Defender also shared XRP’s monthly chart in his post. From the chart, he noted that XRP was currently above the price level of $0.6649, which he had earlier referenced. This happening could see XRP move close to $1. On the chart, he highlighted $0.88 and $1.05 as targets that will be “achievable shortly.”

The rally, however, doesn’t stop there, as the crypto analyst claimed the “5 Wave EW Structure in the Monthly Chart is still in play.” This indicator points to XRP hitting $18.22 in the short mid-term. The journey to $18 isn’t expected to be all smooth, as he mentioned that XRP would face a strong resistance at $1.08. 

The good news is that once XRP is able to break from that level, “it will be Kaboom,” in the words of Dark Defender. As to how soon XRP could hit $18, the accompanying chart suggests that this could happen between July and October 2024. 

A Growing Frustration In The XRP Community?

Over the weekend, a pro-XRP crypto influencer, Chloe, released an X post where she voiced her frustration at XRP’s price decline and stated that she had “sold it all.” Before that post suggesting that she had sold her XRP holdings, she had made an earlier post where she seemed very displeased with XRP’s price action. 

Although Chloe later came out to clarify that she didn’t sell any “single XRP,” her earlier posts exemplify the growing frustration in the XRP community. At the moment, many seem puzzled by XRP’s abysmal price action. One of them is pro-XRP legal expert Bill Morgan, who recently questioned the reason for XRP’s underperformance.

In an X post, the lawyer stated that XRP has failed to outperform most of the other tokens in the top 10 by market cap despite gaining regulatory clarity. Interestingly, he noted that XRP’s price was higher five years ago than it is now. According to Morgan, there needs to be a better explanation for XRP’s price movement than just “saying it follows the market.”

Among the top 10 cryptocurrencies this week, Avalanche (AVAX) is in the lead after rising by more than 60% in the last seven days. Its price has risen to $36, placing it in the top 10 digital assets in terms of market capitalization.

AVAX prices have been trending higher, which has helped many holders realize gains. The general attitude has not changed notwithstanding this rise in the proportion of holders in profit.

More than half of Avalanche holders kept their assets at a profit, according to recent data from IntoTheBlock. Based on its data, around 70% of holders have experienced financial success.

Avalanche Token Breaks Resistance

Due to this week’s outstanding results, there has been a substantial trade volume, which is a crucial indicator that the uptrend will hold. Notably, it has also propelled the altcoin past its initial lower high, which happened in August 2022 during the bear market’s accumulation phase.

For almost three weeks, the price of Avalanche token fluctuated within a narrow range of $20 to $24, suggesting a lack of strong buying and selling pressure in the market.

AVAX recently gained traction and had a 15% gain; as a result, the price broke through its important resistance level. The coin saw another 15% surge when the price was hovering at its resistance level of $28.

Many causes, all closely related to major developments in its ecology, are responsible for Avalanche’s steady climb. The platform’s rally is a result of its strategic concentration on two intriguing crypto narratives: gaming and real-world assets (RWAs).

RWA tokenization drives Avalanche’s growth! @avax stands out, doubling in value over the last fortnight and rocketing up by 166% in a month.

But what’s fueling this meteoric rise?

Insights from @wacy_time1 shed light on this surge

—————————

1/ RWA Tokenization – The… pic.twitter.com/sRld3NTvJ7

— Unit Network (@theunitnetwork) December 4, 2023

Recently, Unit Network, a crypto analyst, provided an explanation of RWAs on Avalanche. According to Bernstein’s forecast, $3 trillion worth of RWAs will be tokenized over the course of the next five years, and Avalanche is leading the charge in order to meet market demand.

Major Banks Embrace Avalanche

Unit Network observed that major banks using Avalanche and its subnets to create RWA solutions include Bank of America, Citi, and JP Morgan.

Meanwhile, Avalanche has continuously maintained a volume above $1 billion, according to Santiment’s data. An examination of the volume trend revealed a price and volume growth that increased simultaneously, indicating a strong and steady movement.

From a technical perspective, the coin’s MACD is showing a notable increase in the histogram, which suggests that there is more buying than selling pressure in the market. In addition, the chart’s averages display a rapid increase, indicating that the price will likely continue to grow in the days to come.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

The Ethereum price has been among the worst hit in the flash crash that took place on Monday. The crash sent the asset’s price down below $2,200 for the first time in the last week and has continued to trend low around this point. As the market shows a bit of recovery momentum, questions remain about what could have triggered the crash.

Ethereum Price Fell Because Whales Have Been Selling

One of the most obvious causes of the flash crash that affected the Ethereum price is the fact that large holders have been selling. This month, ETH hit its highest level in the last year and this sent a lot of investors back into profit. Now, since there has not been a complete bullish turnover of the crypto market, there are expectations that the market could crash and investors are trying to secure profits before this happens.

Crypto analyst Ali Martinez flagged the selling from these large holders in a post on X (formerly Twitter) on Sunday. According to him, these large holders had actually begun selling when the price had first crossed $2,300. This means that the selling pressure had been mounting for a while before being reflected in the price.

The whales who hold more than 10,000 ETH in their balances had been reducing their holdings toward the end of November. By December, their holdings had fallen to their lowest point in the last three months, showing proof of massive sell-offs by these whales.

Uncertainty About Macro Factors

Macroeconomic uncertainty has also played a role in the crypto crash that sent the Ethereum price to $2,200. One example of this is the CPI data release that is expected to take place on Tuesday. As investors eagerly await the results from the announcement, market fluctuations are expected.

The November inflation data is also expected to be released this week, as well as the Fed’s decision and statement happening on Monday. Ahead of these events, high volatility is always expected as investors move to secure some of their positions.

Nevertheless, Ethereum has begun to show some bullish momentum once more. It has since bounced from its lows of $2,170 and is back up above $2,000, where bulls are already providing a lot of support. If Bitcoin’s price continues to rise, Ethereum could reclaim the $2,300 level before the day is over.

The price of ETH is sitting at $2,238 at the time of this writing, down 4.50% in the last 24 hours.

Over the past 24 hours, the cryptocurrency market has witnessed Bitcoin consolidating its position in the digital financial space.

Amidst a wider cryptocurrency selloff, Bitcoin offered yet another example of its infamous volatility, plunging sharply toward the $40,000 region.

The leading cryptocurrency saw an 8% decline to $41,900 before reversing part of the losses and opening Monday’s trading 5% down at $42,090.

Bitcoin Momentum Could Lose Steam

CoinGecko’s price updates show that Bitcoin has only shown slight variations over this period, indicating that it is in an equilibrium phase after its recent price spikes.

The subtle fluctuations in the price of Bitcoin indicate not just a break but also a chance for market players to evaluate the situation as it stands.

The well-known cryptocurrency trader Josh Olszewicz, who goes by the handle CarpeNoctom on X, completed an empirical study that suggests there is a considerable chance that Bitcoin (BTC) could collapse and possibly drop below the $38,000 mark.

$BTC

bear case = 35.7k (daily Kijun)

SL on longs prob prudent around 42.8k pic.twitter.com/NqyLsJS9Nq

— Josh Olszewicz (@CarpeNoctom) December 10, 2023

Based on his analysis of the daily Kijun line—a pivotal technical signal in the world of cryptocurrency trading—Olszewicz maintains a gloomy outlook.

A crucial medium-term trend indication in cryptocurrency trading is the Kijun Line, which is a component of the Ichimoku Cloud indicator.

Averaging the highest high and lowest low across 26 periods, it helps traders determine levels of support and resistance as well as the general direction of the trend.

Prices may suggest a bullish or bearish trend depending on whether they are above or below the Kijun Line.

When Goichi Hosoda created the Ichimoku Cloud in the late 1930s, the Kijun Line was one of the main components.

Share this chart with your financial advisors (and the disclosures below).

Based on your risk tolerance and investment objectives, the addition of #Bitcoin, even in small increments like 0.5%, 1.5%, 2.5%, and 3%, has the potential to alter the dynamics of the traditional 60/40… pic.twitter.com/mfLFsmD4LK

— VanEck (@vaneck_us) December 10, 2023

Meanwhile, prominent asset management company VanEck has emphasized that Bitcoin’s (BTC) historical performance does not guarantee future outcomes.

Dark Road Ahead?

This word of caution is important because VanEck is investigating the possible effects of adding Bitcoin to conventional portfolios, which puts the typical 60/40 investment approach to the test.

Justin Bennett, another cryptocurrency trader and analyst, is issuing an alert that Bitcoin (BTC) might revers its upward trajectory following another surge.

Share this chart with your financial advisors (and the disclosures below).

Based on your risk tolerance and investment objectives, the addition of #Bitcoin, even in small increments like 0.5%, 1.5%, 2.5%, and 3%, has the potential to alter the dynamics of the traditional 60/40… pic.twitter.com/mfLFsmD4LK

— VanEck (@vaneck_us) December 10, 2023

Bennett informs his 110,600 X social media followers that Bitcoin may rise one more time before making a correction.

The analyst provides a chart demonstrating how, on the daily chart, Bitcoin is presently trading inside a sizable ascending channel, with the pattern’s horizontal resistance located at roughly $48,000.

Based on the trader’s chart, it appears that he believes that after reaching his upside target, Bitcoin will drop below $38,000.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Pixabay