Blockchain

The NEAR Foundation has announced a strategic partnership with Eigen Labs, a startup focused on building the Ethereum restaking protocol Eigen Layer. 

While addressing the challenges of liquidity fragmentation between Layer 2 (L2) solutions, the collaboration aims to reinvent Ethereum (ETH) roll-up transactions, making them “more cost-effective and efficient.”

Rapid And Affordable Ethereum Transactions? 

In a joint statement released on November 10, the NEAR Foundation and Eigen Labs unveiled their plans to develop a “fast finality layer” to power rapid and inexpensive transactions for Ethereum rollups, including cross-rollup transactions. 

Per the announcement, the collaboration seeks to significantly reduce transaction processing times to a mere 3-4 seconds, a notable improvement compared to the minutes, hours, or even days it currently takes. Moreover, it aims to make transactions 4000 times cheaper than existing options, providing a cost advantage for users.

Furthermore, one of the partnership’s key objectives is to establish “secure and low-latency” cross-rollup communication, resolving the challenges faced by developers and founders working with rollups. 

As announced, the Fast Finality Layer will maintain the “security guarantees” of Ethereum while introducing additional guarantees from the NEAR and EigenLayer technologies.

Both protocols believe this solution promises to enhance liquidity by reducing fragmentation between Layer-2 solutions, empowering developers to make informed decisions regarding the sequencers they prefer for transaction processing.

NEAR And Eigen Labs Partnership For ‘Seamless Web3 Integration’

Illia Polosukhin, co-founder of NEAR Protocol, expressed pride in partnering with Eigen Labs, emphasizing that the fast finality layer showcases the technological strengths of NEAR while making the Open Web more user-friendly. Polosukhin further stated:

NEAR Foundation is proud to partner with such an excellent team as Eigen Labs to offer a fast finality layer for ETH rollups. The fast finality layer showcases the strengths of NEAR’s technology while making the Open Web more usable, which has always been the core goal for NEAR. It will also help defragment liquidity for Ethereum rollups and make all of Web3 more interoperable as a result.

For his part, Sreeram Kannan, founder of Eigen Labs, shared his enthusiasm for the partnership and highlighted the mutual benefits it brings. In his words, the collaboration will leverage the innovative technologies of both NEAR and EigenLayer, enabling faster, cheaper, and easier development on the Ethereum network.

The collaboration between NEAR and Eigen Labs marks a significant milestone for EigenLayer, as it enables fast settlement for cross-rollup transactions and demonstrates wider adoption of restaking across the Ethereum ecosystem and beyond. 

For NEAR, the partnership extends to enhancing the NEAR-Ethereum Rainbow Bridge by transitioning it to an actively validated service (AVS). This transition is expected to enhance bridging capabilities between NEAR and Ethereum, enabling faster transaction finality, increased security guarantees, and improved decentralization.

The collaboration is expected to launch a testnet in Q1 2024, and further details will be shared then. This partnership between the NEAR Foundation and Eigen Labs holds great promise for advancing Ethereum rollup transactions, improving liquidity, and driving the broader adoption of Web3 technologies.

Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin is still seeing an impressive run but speculations on where the asset is headed next are running wild. A crypto analyst has shared their own expectations for the leading cryptocurrency, considering both sides of the coin and the possible price marks it can achieve.

Bitcoin Price Gunning For $40,000

In an extensive analysis, crypto analyst and trader FieryTrading has mapped out how the Bitcoin price could reach $40,000. The analysis which was posted on TradingView starting November 8 points out the fact that the BTC price has continued to trade in a tight bullish channel since October.

This was proven to be true when the price of the asset actually jumped above $37,000 later before the pullback to the mid-$36,000s. The steady recovery that has categorized Bitcoin dips since the rally began in October has been making higher lows, as the analyst points out. FieryTrading refers to this as something that shows that an asset is “classically getting ready for the next pump.” Further adding that: “I think that the same goes for BTC.”

The analyst expects that Bitcoin will continue to move up in the coming, and their first target of $37,000 was already crushed on November 9. Then following this, the analyst expects “a retest of the top channel is to be expected as a confirmation of the break out.”

Naturally, the price target for this resurgence has been placed at $40,000 by FieryTrading as long as the top of the channel mentioned has been hit. In a subsequent post, the analyst confirms that this has indeed happened.

BTC Marks Time For Recovery

In a November 9 update, FieryTrading revealed that Bitcoin has indeed hit the top of the channel which could lead to a rejection. However, the analyst explains that this rejection will only be temporary and could be followed by a breakout to the upside.  The chart marks a retracement after which, the price does move toward the $40,000 target.

However, it is not set in stone that a rally to $40,000 will take place, and like any analysis, there is always the risk of it being invalidated. FieryTrading points out that Bitcoin could see massive selling that could drag the price back down to $37,000. But even this does not deter the trader who believes “It’s healthy if the price retests the top resistance of the channel.”

The latest update to the analysis acknowledges a deeper crash than expected but it seems the analyst’s forecast still holds. “Eyes open for V-shape bounce. Whipsaw longs & shorts at the same time while keeping the trend intact,” FieryTrading says.

 

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The Chicago Mercantile Exchange (CME) has recently clinched the title of the largest Bitcoin futures exchange by open interest, overtaking the renowned crypto exchange, Binance.

Data from Coinglass reveals that CME’s open positions have reached roughly $4.04 billion across 108,900 Bitcoin contracts, accounting for 24.22% of the entire Bitcoin futures market.

Open interest in the context of futures trading refers to the total number of outstanding derivative contracts, such as futures, that have not yet been settled. This metric is crucial as it indicates the market’s liquidity level and trading activity.

For BTC futures, it represents the total value of all positions yet to be closed, offering insights into market sentiment and investor behavior. The rise of CME to the top position signifies a notable shift in the market dynamics, indicating a growing preference among institutional investors for regulated derivatives products.

Institutional Appetite For BTC And Implications For SEC Spot ETF Approvals

Binance, once the leader in BTC futures open interest, now trails CME with $3.90 billion in open interest, comprising 23.37% of the total market. This change underscores a significant trend: institutional investors increasingly favor Bitcoin as an investment vehicle, as evidenced by entities like MicroStrategy.

This enterprise software company, known for its substantial Bitcoin holdings, recently acquired an additional 155 BTC for $5.3 million. With Bitcoin’s current trading price above $37,000, MicroStrategy’s investment boasts roughly $1.1 billion in paper profits, underscoring the asset’s appeal to corporate investors.

In October, @MicroStrategy acquired an additional 155 BTC for $5.3 million and now holds 158,400 BTC. Please join us at 5pm ET as we discuss our Q3 2023 financial results and answer questions about the outlook for #BusinessIntelligence and #Bitcoin. $MSTR https://t.co/w7eRUcGobi

— Michael Saylor (@saylor) November 1, 2023

The overtaking of Binance by CME in Bitcoin futures open interest has captured market participants’ attention and raised crucial questions among regulatory observers.

Notably, Bloomberg Intelligence ETF research analyst James Seyffart, echoing sentiments from Will Clemente, has speculated on whether CME’s growing Bitcoin futures open interest might address the US Securities and Exchange Commission’s (SEC) concerns about market depth and potential manipulation in Bitcoin markets.

Okay this is interesting… Does this constitute ‘market of significant size’ now? haha https://t.co/eQb7QXvO3H

— James Seyffart (@JSeyff) November 9, 2023

This shift in market leadership from a crypto exchange like Binance to a traditional and regulated derivatives marketplace like CME could signal a maturing BTC market. Such a development might influence the SEC’s stance on approving spot Bitcoin ETFs.

Bitcoin Latest Price Action

While CME is overthrowing Binance regarding Bitcoin’s open interest, the crypto asset has recently reclaimed its $37,000 zone in the past hours after retracing slightly below that price mark following the quick spike on Thursday.

Notably, BTC currently trades for $37,350 at the time of writing, up by 2.1% in the past 24 hours and nearly 10% over the past 7 days.

Featured image from Unsplash, Chart from TradingView

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Algorand (ALGO), a smart contract platform employing the Proof-of-Stake (PoS) consensus mechanism, has showcased notable progress in the third quarter (Q3) of the year, as reported by Messari. 

Despite facing some challenges, the platform has seen remarkable growth in its ecosystem and significant developments in various aspects of its platform.

Algorand Witnesses Surge In Transaction Volume In Q3

Per the report, the non-fungible token (NFT) Rewards program implemented by Algorand garnered notable success, leading to a significant increase of 321% in NFT-related transactions compared to the previous quarter. 

This program, initiated through a governance vote in Q2, allocated 500,000 ALGO in rewards to NFT marketplace users to stimulate activity.

Furthermore, during Q3, Algorand experienced a surge in user adoption, adding 1.1 million new addresses and witnessing a 2% increase in total daily average transactions compared to the previous quarter. 

However, Algorand’s total stablecoin market cap faced a decline of 58% in Q3, largely attributed to the decreasing market caps of stablecoins on the platform. Despite this, USDC (USD Coin) surpassed USDT (Tether), accounting for 76% of the stablecoin market cap.

In the decentralized finance (DeFi) space, Algofi, Algorand’s largest DeFi protocol by Total Value Locked (TVL), began winding down operations in July. 

As a result, Folks Finance emerged as the dominant DeFi protocol on Algorand, capturing 55% of the DeFi TVL in Q3. Algorand’s quarterly revenue, including fees collected by the protocol, grew by 25% in ALGO terms; however, it declined by 23% in USD terms due to the daily average ALGO price.

Algorand’s governance participation experienced a decline of 8% in Q3, accounting for 30% of the circulating supply. The platform’s network upgrade in Q3 allowed for increased throughput, lower blocktime, and support for quantum-secure interoperability via State Proofs.

Looking ahead, Algorand has announced plans to launch AlgoKit 2.0, a developer-focused tooling that aims to simplify the developer experience. It also intends to shift its network topology to a peer-to-peer design and transition to an incentivized consensus economic model in 2024.

ALGO Struggles To Break Key Resistance

Regarding price action, ALGO, currently ranked 53rd among the largest cryptocurrencies in the market, has faced challenges amid the recent bullish surge in most cryptocurrencies. 

The token is currently trading at $0.1217, experiencing a decline of over 7% in the past 24 hours. Despite this retracement, ALGO has shown impressive gains across other time frames.

Over 7 and 14 days, ALGO has recorded significant gains of 10% and 21%, respectively. The best performance was seen in the 30 days, with a surge of 28%. 

However, ALGO has faced a year-to-date decline of over 62%, in contrast to most of the crypto market, where major cryptocurrencies have nearly doubled in value since the end of the crypto winter.

Moreover, ALGO has struggled to surpass its 200-day moving average (MA), a significant resistance level. This has resulted in the recent pullback, preventing the token from reaching levels not seen since July, where it reached $0.1364.

The future trajectory of ALGO remains uncertain. It will depend on continued developments and growth in its ecosystem to propel the token towards its yearly high of $0.2898, reached in February. Alternatively, ALGO may consolidate below its moving averages.

Featured image from Shutterstock, chart from TradingView.com 

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The cryptocurrency industry has experienced significant growth in recent weeks with an influx of capital. This influx of capital has forced Bitcoin over various price resistances, with the latest being a brief cross over the $37,000 level. MicroStrategy has emerged as a prominent public company that has successfully capitalized on this price push.

MicroStrategy’s blockbuster bet on the world’s largest cryptocurrency has certainly paid off so far. The company has posted over $1 billion in unrealized profit thanks to Bitcoin’s 36% increase from $26,750 since October 13. Shares of MicroStrategy have also risen simultaneously, soaring more than 55% since the same time period.

MicroStrategy’s Bold Bitcoin Bet Paying Off

MicroStrategy started buying in Bitcoin in 2020 but the latest acquisition came in October, amidst the influx of money into Bitcoin, where the company announced it had acquired an additional 155 BTC for $5.3 million. 

MicroStrategy now owns a total of 158,245 BTC, acquired at an average total value of $4.68 billion. At BTC’s current price of around $36,500, MicroStrategy’s BTC investment is now worth over $5.77 billion, representing an unrealized 26% return of $1.1 billion in around three years.

The company’s investment in Bitcoin has also paid off on the back end of its stock price, as it has outperformed many stocks and assets since the adoption of its Bitcoin strategy. The share price has shot up 242% from its open price of $145 at the beginning of the year. 

At the time of writing, MicroStrategy share is trading at $497, and Michael Saylor noted that this growth has been largely in part to its innovative Bitcoin strategy.

BTC Putting Microstrategy On The Map

MicroStrategy’s Michael Saylor has been an outspoken proponent of Bitcoin. Saylor’s belief in Bitcoin spearheaded MicroStrategy’s investment in the asset, and a cursory look through his social media page on X shows various posts promoting Bitcoin. 

#Bitcoin is Coming. pic.twitter.com/5oE42SQvgC

— Michael Saylor (@saylor) November 9, 2023

Saylor recently stated, in an interview with Fox Business, that MicroStrategy’s BTC investments were part of a well-planned strategy to rival tech giants like Google, Microsoft, and Apple. 

“What we did in August of 2020 was recognize that there’s no way we’re going to outgrow Google and Microsoft and Apple Computer as a mid-sized software company. We realized Bitcoin is like a high-tech dominant digital network growing at 40% or 50% a year, and so we bought it,” he said in the interview.

Saylor also expects the demand for BTC to double in the next 12 months amidst its next halving and the approvals of spot Bitcoin ETFs in the US. Ultimately, he believes that the price of BTC will eventually reach $5 million. 

MicroStrategy isn’t the only company with Bitcoin on its balance sheet. Public companies now own a total of 239,494 BTC, representing 1.23% of the total supply. Marathon Digital, Galaxy Digital, and Tesla are a few of these companies, holding 13,286, 12,545, and 10,500 BTC, respectively.

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The Shiba Inu cryptocurrency stands out as a vibrant and intriguing player. Rising from the quirky world of internet memes, Shiba Inu coin has pawed its way to prominence in the crypto market. This article will serve as an essential explainer, guiding you through the SHIB ecosystem, analyzing price dynamics, and offering insights into Shiba Inu price prediction trends.

Introduction To Shiba Inu (Cryptocurrency)

Here’s what you can expect:

What Is Shiba Inu: Here, we’ll uncover the genesis of Shiba Inu coin, explore the unique culture that surrounds the cryptocurrency Shiba Inu, and discuss Shibarium – a milestone that represents a pivotal development in the SHIB narrative.
Shiba Inu Price Prediction: Understanding what drives the Shiba Inu price is crucial. We will dissect the factors influencing its market value, explore various Shiba Inu price predictions, and examine how the Shiba Inu burn rate potentially affects its price.
The Technicalities of Shiba Inu Cryptocurrency: A closer look at the technical framework of SHIB, the role of ShibaSwap in its ecosystem, and an explanation of the Shibarium platform will provide technical context to the Shiba coin.
The SHIB Army And Network: Who are the Shiba Inu holders? We’ll look into the demographics and psychographics of Shiba coin investors and discuss the significance of Shiba Inu adoption from obscurity to mainstream acceptance.
The Ultimate Shiba Inu Guide: For those ready to dive in, we will outline the practical steps on how to buy Shiba Inu, the best practices for storing it, the functionalities of Shibarium, using ShibaSwap, and where to engage with the best Shiba Inu discussions across social media platforms.
FAQ About Shiba Inu: Finally, to clear any remaining doubts, we’ll address the most common inquiries surrounding the Shiba Inu coin, from its basics to its future forecasts.

By the end of this article, you will not only understand the Shiba Inu burn rate mechanism and the groundbreaking Shibarium release but also gain a comprehensive view of the current Shiba Inu price and its future potential. Whether you’re a seasoned investor or a curious observer, the world of SHIB awaits, and we’re here to navigate it with you.

Overview: What Is Shiba Inu

Shiba Inu (SHIB) is a decentralized cryptocurrency that was created in August 2020. It is often considered an alternative to Dogecoin and has gained popularity as a meme coin. Shiba Inu ecosystem has its own decentralized exchange, layer-2 blockchain and leverages smart contracts on the Ethereum network. It’s known for its strong and active community, often referred to as the “Shib Army,” that plays a significant role in its development and promotion.

The Genesis Of Shiba Inu Coin

In the annals of history, the creation story of the cryptocurrency Shiba Inu will certainly be one for the ages. Launched in August 2020 by an anonymous entity or group known as Ryoshi, SHIB was positioned as an Ethereum-based counterpart to the joke cryptocurrency Dogecoin (DOGE). But right from its inception, Shiba Inu, represented by the ticker SHIB, was meant to be more than just a meme coin; it was to embody a decentralized movement.

The tokenomics of SHIB were quite unorthodox. The total supply was fixed at a whopping one quadrillion coins (1,000,000,000,000,000 SHIB). In a strategic maneuver aimed to create scarcity and a fair distribution, Ryoshi locked 50% of the total supply in Uniswap for liquidity. The remaining half was sent to an address known to belong to Ethereum co-founder Vitalik Buterin. This act of sending 500 trillion Shiba Inu tokens, which at one point were valued at billions of dollars, was not just a publicity stunt but also a testament to the trust in Buterin’s stewardship over the token.

Vitalik Buterin Performs Inaugural Shiba Inu Burn

Remarkably, Buterin’s involvement took a dramatic turn when, in May 2021, he donated more than 50 trillion SHIB, worth more than $1 billion at the time, to the India COVID-Crypto Relief Fund. This move was both celebrated for its philanthropic impact and scrutinized for its significant influence on SHIB’s market dynamics.

Buterin later “burned” — or permanently removed from circulation — approximately 410 trillion SHIB, sending them to an inaccessible wallet, effectively taking them out of the total supply and increasing the scarcity of the remaining tokens. Buterin explained:

I’ve decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to cryptorelief (preventing the large-scale loss of life) but with more long-term orientation.

The decision by Buterin to burn a majority of his Shiba coin holdings was a pivotal moment for the token. By reducing the available supply by sending SHIB to a “dead wallet” address, Buterin performed the first ever “Shiba Inu burn” (or shorter “SHIB burn”). With this, Buterin created a precedent for the future where Shiba Inu burns are an important tool for the SHIB community, often dubbed as “SHIB army”, to create an upward pressure on the price per token based on supply and demand dynamics.

Understanding The Culture Behind Shiba Cryptocurrency

The Shiba Inu cryptocurrency is not just another altcoin; it’s a cultural phenomenon, just like Dogecoin. It is the epitome of how memes can influence the digital economy. The coin thrives on a narrative that is light-hearted and community-driven, but it’s also underpinned by a serious technology that has attracted a broad investor base.

The culture of the cryptocurrency Shiba Inu extends beyond speculation; it is about being part of a “Shib Army,” a group of supporters and holders who share a common love for the meme and the vision of the project. This community supports the token with artistic contributions, social media presence, and various projects that promote the Shiba adoption and use of SHIB as a currency in real life.

Shiba Inu Coin: Shibarium Goes Live

On August 16, 2023, the community witnessed the launch of Shibarium, its layer-2 blockchain solution. This Shibarium launch was not just a milestone – it was the dawn of a new era for the SHIB army.

However, the initial excitement was tempered by unforeseen technical issues on the Shibarium release date. The layer-2 blockchain experienced a rocky start due to an overwhelming surge in traffic. This unexpected volume led to network congestion, affecting the user experience. The community reported a “non-functional” RPC, a subpar blockchain explorer, and an overall “sloppy” experience on day one.

Remarkably, the Shiba Inu coin developers were quick to address these concerns. They clarified that there were no issues with the Shibarium bridge itself. Instead, the problems arose from the massive influx of users eager to engage with the new platform. The team worked diligently to manage the situation, ensuring that test blocks on the network processed as normal.

Despite the initial challenges, Shibarium’s importance cannot be overstated. It is designed to significantly reduce transaction fees and increase speed, which is crucial for the token’s mass adoption. Shibarium also enables developers to build decentralized apps (dApps), fostering a more robust and versatile SHIB ecosystem.

Overall, Shibarium’s potential is transformative. By operating on top of Ethereum, it promises a more scalable and cost-effective platform for transactions. Ultimately, this layer-2 solution is not just a technical enhancement but a strategic move to position the Shiba coin as a formidable player in the Web3 space.

Shiba Inu Price Predictions: What You Need To Know

Shiba Inu Price And What Influences It

The Shiba Inu price, like any cryptocurrency, is subject to a complex interplay of factors. Market conditions, social media trends, and the inherent volatility of the meme coin sector play significant roles. Shiba Inu price predictions are dependent on the following factors:

Market Conditions: The broader cryptocurrency market’s health often sways the Shiba Inu price. Bullish trends can lift it, while bearish sentiments can drag it down.
Social Media Influence: SHIB’s origins and popularity are deeply rooted in social media hype. Tweets from influential figures or viral hashtags can trigger price swings.
Investor Behavior: Both retail and institutional investors impact the Shiba Inu price. Their investment and divestment patterns can cause notable fluctuations.
Technological Developments: Updates like the Shibarium launch can affect prices. They can signal improvements in utility and potential for growth.
Supply and Demand: The circulating supply versus demand for Shiba coins can influence its price. Events like Shiba Inu burns, which reduce supply, can increase value if demand remains steady.
Regulatory News: Cryptocurrency regulations can instill fear or confidence among investors. Positive regulatory news can lead to price surges, while negative news can cause declines.
Economic Indicators: Global economic indicators, such as inflation rates and currency values, can also affect the Shiba Inu price. Investors may turn to or away from cryptocurrencies based on economic conditions.

Understanding these factors is crucial for anyone looking to invest in the Shiba Inu coin. While making Shiba Inu price predictions can be very challenging, keeping an eye on these influences can provide insights into its potential price movements.

Shiba Inu Price Prediction

From a technical analysis standpoint, the SHIB/USD chart showcases intriguing patterns that investors should be aware of. For a long-term Shiba Inu price prediction, we observe the weekly chart.

A few key elements stand out:

Quadruple Bottom: Often regarded as a bullish reversal pattern, the quadruple bottom indicates a strong level of support where the price touches a particular level four times and rebounds each time. In the SHIB/USD weekly chart, this pattern can be visualized at points labeled 1, 2, 3, and 4. Each time the Shiba Inu price dropped, it bounced back within two weeks, showcasing resilience.
Descending Triangle Pattern: Contrasting the bullish inclination of the quadruple bottom is the descending triangle. This is typically viewed as a bearish formation, characterized by a series of lower highs (blue line) converging to a horizontal support line at $0.00000715. The descending triangle seen on the Shiba Inu price chart suggests that while there’s a robust support level, buyers are becoming less aggressive as time goes on, reflected by the decreasing peaks.

SHIB Price Analysis Using Fibonacci Levels

Navigating the Fibonacci retracement landscape, we can make several Shiba Inu price predictions. These are the pivotal levels:

4.236 at $0.00005599
3.618 at $0.00004870
2.618 at $0.00003690
1.618 at $0.00002509
1.0 at $0.00001780 (August 2022 high)
0.786 at $0.00001527
0.618 at $0.00001329
0.5 at $0.00001190
0.382 at $0.00001051
0.236 at $0.00000878

Currently, SHIB is testing the waters around the $0.00000878 (0.236) level, which serves as a crucial resistance. Should the Shiba coin breach this, the price might venture to higher Fibonacci levels, aligning with the bullish Shiba Inu price prediction of the quadruple bottom.

Conversely, if SHIB starts trending downwards, breaching the descending triangle’s neckline, it might signal a shift in momentum towards the bears.

The support at $0.00000715 is crucial for bullish Shiba Inu price prediction. Only if this line holds on a weekly or 2-week view, bullish momentum for SHIB can be assumed in the long term. Ultimately, the SHIB must break through the descending trend line (blue) and make new highs on the weekly chart in order to break out of the current bearish territory.

To summarize our Shiba Inu price prediction: While the quadruple bottom on SHIB’s chart offers a beacon of bullish hope, the descending triangle tempers this optimism. These patterns highlight the tug-of-war between bulls and bears, making it vital for investors to stay alert to volume indicators and potential pattern confirmations or violations. As always, investors should balance chart analysis with other fundamental and macro factors before making any trading decisions.

The Shiba Inu Burn Rate And Its Impact On Price

The concept of “Shiba burning” or “SHIB burns” is a deflationary mechanism used by many cryptocurrencies, including SHIB. It involves permanently removing tokens from circulation, which can impact the price by altering the supply-demand dynamic.

Understanding The Shiba Inu Coin Burn Rate: The Shiba Inu burn rate refers to the speed at which tokens are being burned. An increased Shiba burn rate means more Shiba coins are being destroyed over a given period.
Impact on Shiba Inu Price Predictions: Theoretically, reducing the supply of tokens available should increase the value of the remaining tokens, assuming demand stays the same or grows. However, the impact of the Shiba Inu burn rate on its price is not always straightforward or immediate. Moreover, one has to consider that the SHIB supply is massive which means that even 100 million SHIBs burned, for example, is quite small compared to the circulating supply.
Long-Term Effects Of Shiba Inu Burns: While short-term price movements may not always reflect changes in the Shiba Inu burn rate, over the long term, consistent Shiba burning can lead to a reduced total supply, which could potentially drive up the price if the demand for SHIB remains strong or increases.

In summary, while the Shiba Inu burn rate is an important factor that can influence Shiba Inu price predictions, its impact must be considered alongside other market conditions. The effect of the Shiba Inu burn on price is a complex interplay and may not always yield immediate results.

Shiba Inu Coin Future: What To Expect

The Shiba Inu future hinges on several key factors that go beyond mere speculation and Shiba Inu price predictions. Here’s what to anticipate in the broader scope:

Utility and Shiba Inu Adoption: For SHIB to sustain and potentially increase its value, the development of real-world utility is crucial. The coin’s ability to prove itself as more than a meme can lead to greater Shiba Inu adoption. This includes its use in transactions, in decentralized finance (DeFi), and within its own ecosystem for services and goods.
Ecosystem Development: The success of the Shibarium platform and other ecosystem projects will be pivotal. A robust and user-friendly platform can attract developers and users, contributing to the coin’s longevity and relevance.
Community Engagement: The SHIB Army’s enthusiasm and collective action are significant drivers of SHIB’s popularity. Continued community engagement and growth can lead to increased visibility and demand.
Market Integration: Integration with broader crypto markets and financial systems can enhance SHIB’s legitimacy. Partnerships with payment processors and financial institutions could be a sign of maturation.
Innovation: Staying at the forefront of blockchain and cryptocurrency innovation can set SHIB apart. This includes embracing emerging trends like SHIB: The Metaverse and technologies that add value to the token.
Competitive Landscape: SHIB will need to navigate a crowded market of altcoins and memecoins. Standing out in this competitive space requires clear differentiation and value proposition.

The Technicalities of Shiba Inu Cryptocurrency

SHIB is a token that operates on the Ethereum blockchain, which is a decentralized, open-source blockchain with smart contract functionality.

How Shiba Inu Token Works: A Technical Overview

Here’s how Shiba and the SHIB coin work technically:

Blockchain Technology: SHIB is an ERC-20 token, which means it follows a set of standards allowing it to be shared, exchanged for other tokens, or transferred to a crypto wallet. The Ethereum blockchain tracks and manages the SHIB coin, verifying transactions and recording them in a secure and immutable way.
Transactions And Smart Contracts: Transactions with SHIB are secured by Ethereum’s network, which uses smart contracts to execute, control, and document legally relevant events and actions according to the terms of a contract or an agreement.
Decentralized Nature: As a decentralized digital currency, SHIB transactions occur directly between peers, facilitated by the Ethereum network without the need for intermediaries like banks or financial services companies.

The Role Of Shibaswap In The Shiba Inu Ecosystem

ShibaSwap is the proprietary decentralized exchange (DEX) of the SHIB ecosystem, which plays a significant role:

Automated Market Maker (AMM): ShibaSwap functions as an AMM, using smart contracts to create markets for any pair of tokens. It allows users to swap tokens, provide liquidity, and earn rewards.
Liquidity Provision and Staking: Users can lock their tokens into liquidity pools to facilitate trading on the platform and earn passive income in the form of interest from trading fees.
Decentralized Governance: Bone ShibaSwap (BONE) is the governance token of ShibaSwap. The token is used for decentralized governance, allowing users to have a say in the future direction of the platform.

Shibarium Explained

Shibarium is a Layer-2 blockchain network closely associated with the Shiba Inu cryptocurrency ecosystem. This technology is designed to enhance the functionality and scalability of the Shiba Inu blockchain.

Shibarium is a Layer-2 blockchain solution built on top of the Ethereum network. It serves as an additional layer to facilitate faster and more cost-effective transactions within the Shiba Inu ecosystem. It aims to address the limitations of the Ethereum network, such as slow transaction speeds, by providing a more efficient infrastructure for Shiba Inu’s operations. Notably, one of its primary objectives is to offer a scalable solution for the Shiba Inu community, enabling them to handle increased system demands and applications.

The SHIB Army And Network of Shiba Inu Coin

Shiba Inu holders, affectionately known as the SHIB Army, encompass a broad spectrum of individuals and entities. According to the latest data from CoinMarketCap and other on-chain analytics sources, the SHIB Army has grown to over 1.3 million known holders.

This diverse group ranges from retail investors who hold small amounts of SHIB for speculative purposes to large entities or “whales” who hold a significant portion of the token’s supply.

Shiba Inu Holders: Who Are They?

Insights from CoinMarketCap provide a clearer picture of who these holders are based on their holdings and investment duration (as of November 2023).

Distribution by Holdings:

Small-Scale Investors: The majority of addresses, accounting for 50.21%, hold between $0 and $1,000 worth of SHIB. This significant percentage indicates a large, grassroots base of individual investors with smaller positions in the token.
Mid-Level Investors: A smaller segment, 4.12% of addresses, hold between $1,000 and $100,000. These may be more serious investors who have a moderate stake in the currency’s performance.
Large-Scale Investors: Addresses holding over $100,000 in SHIB make up 45.67%. This substantial portion suggests that while the number of addresses may be smaller, the amount of SHIB they control is significant.

Whale Holdings:

Whales: A considerable 66.61% of SHIB is held by whales, indicating that a significant majority of the token’s supply is concentrated in the hands of a few large holders. This concentration can have a substantial impact on the token’s liquidity and price volatility.
Others: The remaining 33.39% is distributed among the rest of the holders, highlighting the disparity in token distribution among the SHIB Army.

Addresses By Time Held:

Cruisers (Medium-Term Holders): Those who have held SHIB for an intermediate duration make up 30.74%. These investors may be looking for medium-term gains or are waiting for specific project milestones before deciding on their investment’s future.
Traders (Short-Term Holders): A small fraction, 3.52%, are traders. These holders likely engage in short-term buying and selling to capitalize on market fluctuations.
Holders (Long-Term Investors): The majority of addresses, at 65.74%, are long-term holders. This indicates a strong conviction in the long-term potential of SHIB, with many investors holding onto their tokens despite market volatility.

The Ultimate Guide

How to Buy SHIB

Buying the Shiba Inu coin (SHIB) is a straightforward process that can be completed on various cryptocurrency exchanges. Here’s a step-by-step guide:

Choose A Cryptocurrency Exchange: Select a reputable exchange that lists SHIB. Some popular options include Coinbase, Binance, and Robinhood.
Create an Account: Sign up for an account on the chosen exchange. You will need to provide some personal information and possibly verify your identity to comply with Know Your Customer (KYC) regulations.
Deposit Funds: Once your account is set up, deposit funds into it. You can usually do this via bank transfer, credit card, or even other cryptocurrencies.
Buy Shiba Inu: Navigate to the SHIB trading page on your exchange. Enter the amount of SHIB you want to buy and execute your trade. You can either buy at the current market price or set a limit order to purchase at a specific price.
Confirm The Transaction: Review the transaction details, including any fees that apply, and confirm your purchase.

How To Store SHIB

After purchasing SHIB, you need to store it securely. Here are the options:

Exchange Wallet: You can keep your Shiba Inu coins in your exchange account’s wallet. While convenient for trading, it’s not recommended for long-term storage due to security risks.
Software Wallet: A software wallet, also known as a hot wallet, is a more secure option. These are applications that can be installed on your computer or smartphone. They offer a balance of security and convenience.
Hardware Wallet: For the highest level of security, consider a hardware wallet. These are physical devices that store your SHIB offline, making them immune to online hacking attempts.
Paper Wallet: A paper wallet is a physical document that contains all the data needed to generate your SHIB private keys. It’s secure but can be damaged or lost.

Shiba Inu Discussion: Best Social Media Accounts To Follow

To stay updated on Shiba Inu news and join the Shiba Inu discussions, here are some social media accounts and platforms to follow:

X (formerly Twitter): The official Shiba Inu account (@Shibtoken) is a primary source for updates and announcements. Further interesting accounts include: the core developer Shytoshi Kusama (@ShytoshiKusama), marketing lead Lucie (@LucieSHIB) and the official account for Shibarium’s blockchain (@ShibariumNet).
Reddit: The Shiba Inu community on Reddit (r/SHIBArmy) is active and offers a place for discussion and support.
Telegram: There are several Shiba Inu Telegram groups where enthusiasts discuss the latest news and strategies.
Discord: The Shiba Inu Discord server (https://discord.com/invite/shibatoken) is a hub for real-time chat with fellow SHIB holders.
Official Blog: The Shiba Inu official blog (blog.shib.io) provides detailed updates and insights from the development team.

Frequently Asked Questions (FAQ) About SHIB

What Is Shiba Inu Cryptocurrency?

Shiba Inu (SHIB) is a decentralized cryptocurrency that began as a meme coin and has evolved into a vibrant ecosystem. It operates on the Ethereum blockchain and includes platforms like the decentralized exchange ShibaSwap and the layer-2 solution Shibarium.

What Is Shibaswap?

ShibaSwap is a decentralized exchange platform within the Shiba ecosystem that allows users to trade cryptocurrencies without an intermediary. It also provides additional features such as liquidity pools, staking, and yield farming.

What Is The Shibarium Launch Date?

The Shibarium launch date was August 16, 2023. Shibarium, Shiba Inu’s layer-2 solution, aims to enhance transaction efficiency and scalability for the SHIB ecosystem on the Ethereum network.

What Is The Shiba Inu Burning Rate?

The Shiba Inu burning rate refers to the process of permanently removing Shiba Inu tokens from circulation by sending them to a “dead wallet.” This is done to reduce supply and potentially increase the Shiba Inu token’s value. The exact rate varies as it depends on specific burn events and community initiatives.

What Is The Shiba Inu Forecast?

The forecast for the Shiba Inu coin is speculative and varies widely among analysts. It is influenced by factors such as market trends, technological developments within the ecosystem, and the overall sentiment in the cryptocurrency market.

How Many Shiba Inu Holders Are There?

There are over 1.3 million known Shiba Inu holders, a number that reflects the widespread interest and diverse investment in SHIB across the global community.

What Is The Shiba Inu Price Prediction?

Shiba Inu price predictions vary significantly and should be approached with caution. They are based on market analysis, historical trends, and sometimes speculation, but the volatile nature of cryptocurrencies makes accurate long-term Shiba price predictions challenging.

How Many Shiba Inu Coins Are There?

Initially, SHIB had a total supply of 1 quadrillion coins. However, a significant portion has been burned, including the notable burn by Ethereum co-founder Vitalik Buterin, who removed approximately 41% of the total supply. After various burn events, the circulating supply of SHIB is now closer to 589 trillion tokens. The exact number is dynamic, as ongoing burn initiatives continue to gradually reduce the supply.

What Is The Shiba Inu Value?

The Shiba Inu value is subject to market fluctuations. With a circulating supply of around approx. 589 trillion Shiba Inu coins, its market capitalization ranks it within the top 20 cryptocurrencies. The value of SHIB can be tracked on various financial and cryptocurrency platforms, which provide real-time updates on its price.

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The latest trend in the Bitcoin taker buy-sell ratio could suggest a bearish reversal may be coming soon for the cryptocurrency.

Bitcoin Taker Buy Sell Ratio 100-Day EMA Has Encountered Resistance

An analyst in a CryptoQuant Quicktake post explained that the asset may be heading towards a correction due to the taker buy-sell ratio coming across strong resistance. The “taker buy sell ratio” is an indicator that keeps track of the ratio between the Bitcoin taker buy and taker sell volumes.

When the value of this metric is greater than 1, it means that the taker buy or the long volume is greater than the sell volume right now. Such a trend implies that the majority shares a bullish sentiment as the investors are willing to pay a higher price for the asset.

On the other hand, values under the threshold suggest the dominance of a bearish mentality in the sector, as the selling pressure is greater than the current buying pressure.

Now, here is a chart that shows the trend in the 350-day moving average (MA) and 100-day exponential MA (EMA) of the Bitcoin taker buy-sell ratio over the past few years:

In the graph, the quant has highlighted an interesting pattern that has repeated for these two averages of the Bitcoin taker buy-sell ratio over the years. It would appear that whenever the 100-day EMA has crossed above the 350-day MA, the cryptocurrency’s price has gone on to observe bullish momentum shortly.

On the other hand, the opposite type of cross has usually been a bearish predictor for the asset. Besides these two crossovers, the interaction of the 100-day EMA with the 1-mark has also been relevant to the coin.

The line crossing above the 1-mark, which serves as the boundary between the bullish and bearish sentiment regions, has often meant a reversal for the cryptocurrency.

From the chart, it’s visible the bullish type of crossover happened between the 100-day EMA and 350-day MA of the Bitcoin taker buy sell ratio just recently, and what has followed so far has been a sharp rally for the asset that has now taken it to the $37,000 level.

The 100-day EMA initially continued its rise after the cross above the 350-day MA, but the line has stopped around the 1-level, implying that it has been finding resistance.

A break above here would have naturally been another bullish signal for Bitcoin, but as the line has been unable to go beyond so far, rejection might take place instead. If such a pattern forms, the asset might see a bearish reversal in the coming days.

BTC Price

Once again, Bitcoin is challenging the $37,000 level after dipping below it during the past day.

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Polygon (MATIC) has caught the attention of pseudonymous analyst Dave the Wave, who sees promising signs for the cryptocurrency. According to Dave, Polygon is poised to enter a significant uptrend against Bitcoin, and his optimism is based on a thorough analysis of the current market dynamics.

As the broader crypto market experiences a surge, with Bitcoin reaching the $36,000 level and maintaining its momentum at the time of writing, MATIC is emerging as a standout performer. 

Dave the Wave is particularly bullish on MATIC, stating, “If MATIC did a 3x against BTC, and BTC did a 5x against USD (US dollar)… you do the math.” 

The analyst supports his claim by presenting a chart that suggests MATIC could replicate a similar pattern against Bitcoin, potentially witnessing a remarkable 200% increase from its current value to approximately 0.0000618 BTC, equivalent to $2.25.

If MATIC did a 3x against BTC, and BTC did a 5x against USD….. you do the math. pic.twitter.com/qbbzjwT1f3

— dave the wave (@davthewave) November 8, 2023

The MATIC Surge: A Closer Look At The Numbers

Examining the current data on CoinGecko reveals that MATIC is currently priced at $0.837571, showcasing a 2.6% increase over the past 24 hours. What’s even more impressive is the seven-day surge, with MATIC experiencing a substantial 26.7% rise.

This upward momentum aligns with Dave the Wave’s positive outlook on the cryptocurrency, hinting at the potential for further gains in the near future.

The #btc one year moving average corroborating the LGC. pic.twitter.com/3y4wbWPhF6

— dave the wave (@davthewave) November 7, 2023

Dave the Wave’s optimistic predictions for MATIC raise the question: What is driving this confidence in the cryptocurrency? The analyst’s focus on MATIC’s performance against Bitcoin suggests a belief in its ability to outperform the leading cryptocurrency.

By drawing parallels with historical trends and presenting a compelling chart, Dave the Wave implies that MATIC has the potential for substantial growth, positioning itself as an attractive investment option.

Analysis Suggests 200% Potential Gain

For investors eyeing the cryptocurrency market, especially those considering MATIC, the implications of Dave the Wave’s analysis are noteworthy. The potential for a 200% increase against Bitcoin could translate into significant gains for MATIC holders. However, it’s crucial to approach such projections with a degree of caution, as the crypto market is known for its inherent volatility.

As the market continues to evolve, keeping a close eye on MATIC’s performance and monitoring any developments is advisable for investors seeking to capitalize on potential opportunities.

The current analysis of Polygon by Dave the Wave paints a bullish picture for the cryptocurrency, suggesting a favorable trajectory against Bitcoin.

As the crypto market remains dynamic, investors will be closely watching whether MATIC can indeed realize the predicted gains and establish itself as a notable player in the ongoing market rally.

(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

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On-chain data suggests the path to $2,500 could be open for Ethereum now that the asset has managed to cross the $2,100 mark.

Ethereum Has No Major Resistance Levels Until $2,500

In a new post on X, the market intelligence platform IntoTheBlock has provided an update on how the Ethereum levels are looking in terms of on-chain support and resistance. In on-chain analysis, ranges are defined as support or resistance based on how many investors acquired their coins inside them.

The below chart shows the density of addresses at various levels above and below the current spot price of the cryptocurrency:

Generally, whenever the Ethereum price retests the cost basis of an investor, they may be more likely to show some kind of move. When this retest happens from above, the holder may be inclined to believe the price will go up again soon so they may see the retest as a “dip” and thus, might decide to buy more.

Related Reading: Polygon (MATIC) Jumps Another 6% As Whales Show High Activity

On the other hand, the investor may want to exit the market if the retest is from below, as they might fear the price would go down again in the future, and by selling at the break-even mark, they would at least avoid incurring any losses.

A few investors showing such behavior is obviously not enough to cause any visible effects on the market, but if a large number of investors share the same cost basis, the asset could very well feel a sizeable reaction.

From the chart, it’s visible that there are some large cost basis centers below the current Ethereum levels, suggesting the presence of strong potential support ranges.

Earlier, when the asset had still been below $2,000, the $2,000 to $2,100 range posed as the last major resistance boundary to break. Since the coin has now risen above these prices, it’s possible that the range would be switching its role towards being support instead.

Following this latest rally, about 75% of the holders are now in profit (that is, their cost basis is in the levels below). As is visible in the graph, there are no price ranges with a high density of investors in the upcoming price levels, until the $2,500 mark.

“Does this mean it’s a clean run to a new ATH? Not necessarily,” explains IntoTheBlock. “Historically, profit-taking at these levels is common and leads to pullbacks. However, this is unlikely to significantly impact Ethereum’s long-term trajectory.”

Analyst Ali Martinez has also pointed out something interesting in an X post today. He revealed that the latest rally in ETH has occurred without the support of the largest of the Ethereum whales (carrying a balance greater than 10,000 ETH), the so-called “mega whales.”

As highlighted in the graph, the total number of addresses owned by the Ethereum mega whales has been flat recently. “Ethereum has reclaimed the $2,000 threshold, and intriguingly, this is all happening before whales have even started buying ETH!” notes Ali.

ETH Price

After a surge of more than 9% in the past 24 hours, Ethereum has arrived at the $2,100 level for the first time since April.

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Crypto exchange platform Poloniex was attacked by a bad actor, losing over $60 million of its customer’s funds. The Justin Sun led the exchange and launched an investigation, which remains ongoing, to determine the identity of the attackers.

Poloniex Makes Offering To Attackers

The crypto analytics platform Nansen data indicates that over $68 million in tokens left Poloniex over the past day. The image below shows that the attacker stole assets in ETH, BADGER, REN, OKB, NEXO, and 170 other tokens.

Nansen also confirmed that the biggest losses were suffered in top assets, Ethereum and USDT, with around $11 million each. Other tokens such as ELON, USDC, SHIB, and GLM saw inferior losses but still in the millions of dollars.

A few hours ago, as mentioned, the exchange launched an investigation and Justin assured its users that the platform keeps a “healthy financial position.” In that sense, Sun, also the founder of blockchain TRON, claimed that users will be reimbursed for their losses.

The platform is currently exploring a partnership with other crypto exchanges to recover the fund. Sun stated:

We are offering a 5% white hat bounty to the Poloniex hacker. Please return the funds to the following ETH/TRX/BTC wallets. We will give you 7 days to consider this offer before we engage law enforcement.

In the crypto community, some users praised these efforts to recover the fund and encouraged the attacker or attackers to take the bounty for “pointing out vulnerabilities” in the platform’s security. However, other users were critical of the measure. One community member stated:

(…) a white hat doesn’t steal funds and then ask for a bounty, whatever you’re promising, law enforcement will be involved. It’s like saying you can beat someone to death but if you take them to the hospital you’ll be safe (…).

Who Is Behind The Poloniex Attack?

It remains to be seen if the attacker will accept the offer. In the crypto space, many cyberattacks have been conducted by state-sponsored hacker groups, such as the infamous Lazarus Group, allegedly working for the North Korean Government.

According to a report from our sister website, Bitcoinist, this group stole billions of dollars from the nascent industry in the past two years. The terrorist group is allegedly a key component of the country’s nuclear program. Jason Bartlett, a researcher at the Center for a New American Security (CNAS), said:

Cryptocurrency offers Pyongyang a new kind of currency that is substantially less regulated and understood by national governments, financial institutions, and international organizations.

However, cryptocurrencies also operate as an important tool for law enforcement agencies to track down and cut funding for rogue entities. Due to blockchain technology’s transparency, some criminals stay clear of digital assets and crypto exchanges.

As of this writing, Ethereum (ETH) trades at $2,077 with a 7% profit in the last 24 hours.

Cover image from Unsplash, chart from Tradingview

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