Blockchain

The Securities and Exchange Commission (SEC) is poised to follow a similar approach to approving spot Bitcoin (BTC) exchange-traded funds (ETFs) for spot Ethereum ETFs, with the expectation that approval will be granted on the initial final deadline of May 23, as per Standard Chartered Bank analysis.

Ethereum ETFs Face Delays, Approval Remains Likely

According to a report by The Block, Geoffrey Kendrick, head of forex and digital asset research at Standard Chartered Bank, stated that they expect pending applications for spot Ethereum ETFs to be approved on May 23, which is considered the equivalent date to January 10 for Bitcoin ETFs. 

Furthermore, Kendrick predicts that if Ethereum prices follow a similar trajectory to Bitcoin leading up to ETF approval, Ethereum could trade as high as $4,000 by the specified date.

Kendrick further supports the approval of spot Ethereum ETFs based on the SEC’s classification of ether as a non-security in its legal actions against crypto companies. 

Additionally, the fact that Ethereum is listed as a regulated futures contract on the Chicago Mercantile Exchange (CME) adds weight to the expectation of approval.

Following the same line, Scott Johnsson, a financial lawyer, offered insights into the potential roadmap for Ethereum ETFs. Johnsson emphasized that while long-term approval for spot Ethereum ETFs is highly likely, there may be short-term delays due to ongoing regulatory actions involving Coinbase/Binance securities exchanges. 

Shorter Path For ETH ETF Approvals?

Johnsson highlighted the regulatory path from a plain spot digital asset to a spot ETF offering, using Bitcoin as an example. Johnsson noted that the process for Bitcoin took seven years, involving multiple steps and disapprovals along the way. 

However, Johnsson noted that the timeline for Ethereum is compressing, with applications open for both futures ETFs and spot ETFs. He suggested certain prerequisites that Johnsson believes may no longer be necessary for spot approval, such as Step 3, which requires the SEC to issue a formal 19b-4 approval for the futures ETF.

Johnsson highlighted two key factors to understand the SEC’s current approach to future approvals, including Ethereum. Firstly, he discussed the threshold question in the context of the Grayscale ruling, which focused on correlation analysis. 

Secondly, Johnsson emphasized the SEC’s view, as bounded by the recent BTC approval order, which considers correlation with the CME, a lengthy sample period, intra-day trading data, and consistency throughout the sample period.

While the specific threshold for sufficiency remains unknown, the correlation analysis for Bitcoin is within an acceptable range. Therefore, it is expected that Ethereum will likely meet this threshold in the foreseeable future, Johnsson suggests. 

Once the required level of correlation is achieved, Johnsson believes that approval for spot Ethereum ETFs is likely to follow shortly after that, with May being the expected month of approval. 

Overall, industry analysts and experts suggest that the SEC’s approval of spot Ethereum ETFs is a matter of time, barring any major legal shifts. 

ETH is currently trading at $2,370, up more than 2% in the past 24 hours and more than 7% in the past seven days, following Bitcoin’s lead.

Featured image from Shutterstock, chart from TradingView.com 

According to analytics firm Santiment, Artificial Intelligence (AI) and Real-World Assets (RWA) could be future drivers for the crypto market.

AI And RWA Crypto Tokens Have Seen High Interest Recently

As explained by Santiment in a new post on X, topics like AI and RWA have recently seen a surge in interest. The indicator of relevance here is the “Social Volume,” which keeps track of the amount of discussion related to any given topic or term occurring on social media platforms.

This metric makes this measurement by counting the number of unique posts/threads/messages that mention at least one topic in question. The indicator measures the number of posts rather than the number of mentions themselves because the latter can provide a skewed picture.

Consider a situation where many mentions are occurring on these platforms but are limited to only a few posts. Discussion around the topic is happening for sure. Still, the fact that only some users are engaging in it could imply that the average user may not have any interest in the topic.

A large number of posts being made around the topic, on the other hand, would imply discussion is happening across social media, and hence, there has to be some interest outside niche circles.

Now, here is a chart that shows the trend in the social volume of AI and RWA over the last few months:

As displayed in the above graph, the Social Volume for these two topics has been at notable levels recently, implying that the crowd has been paying attention to them. Based on this increased interest, Santiment believes these topics are “projecting to be future crypto market drivers.”

“In the ever-changing climate of trader interests over the years, such as DeFi, NFT‘s, memecoins, or staking, these more recent topics have been a major focus, and many related tokens have taken turns benefiting from market decouplings,” notes the analytics firm.

Santiment has also listed some cryptos that connect with these topics. For the AI side, there is The Graph (GRT), Fetch.ai (FET), SingularityNET (AGIX), Ocean Protocol (OCEAN), and Bittensor (TAO).

Meanwhile, for RWA, the analytics firm has pointed out cryptos like Avalanche (AVAX), Chainlink (LINK), Internet Computer (ICP), and Maker (MKR). Given the high interest backing both these topics, it’s possible these assets could be ones to keep an eye on in the future.

Avalanche Price

Avalanche has observed a strong surge during the past week as the asset’s price has shot up almost 30%. Following this surge, the crypto has cleared the $35 level.

The chart below shows how AVAX has performed recently.

dYdX, a decentralized exchange (DEX), will unlock over 33 million DYDX worth approximately $90 million on February 1. This significant token unlock is the second event in the last week, following a previous unlocking on January 23.

dYdX To Unlock $90 Million Of Token: What Happens Next?

According to Token Unlocks on January 30, the release will see the protocol distribute $49 million of tokens to investors. At the same time, the team and future employees will each receive approximately $27 million and $12.5 million, respectively. 

The upcoming token unlock event is part of dYdX’s ongoing cliff unlock schedule, which will continue for the next five months. During this period, more DYDX will be unlocked.

For token holders, the frequency and size of these token unlocks raise concerns about the potential impact on DYDX prices. While some experts believe that the gradual unlock schedule will help mitigate any adverse effects, others fear that a deluge of DYDX into the secondary market could lower prices. 

So far, the token remains in a general uptrend, looking at the price action from a top-down preview. Presently, DYDX is changing hands at around $2.8. Though it is down 35% from the December 2023 peaks, bulls are optimistic. The token has support at about $2.3, and the uptrend formation remains valid, provided bulls reject any attempt lower below this reaction level.

The protocol still has over 60% of tokens locked up. Of this, 233.86 million have not been allocated a release timing. Additionally, Token Unlocks notes that in H2 2023, the protocol will decrease the amount of tokens it unlocks. For this reason, prices might stabilize and even rally should the market recover from the year’s rough start.

V3 Deployed, Adds New Features To Trading Platform

On January 29, dYdX Chain successfully deployed v3 at block height 7147832. The update introduced improvements impacting efficiency, trading performance, and general user experience. 

A big addition is the introduction of the Interchain Accounts Host Module, which enhances interoperability, reducing the time taken for users to switch between blockchains and manage assets. 

Moreover, the DYDX v3 sees the introduction of liquidation daemons. This system will make it easier for traders to manage their margin positions and execute liquidations. The protocol reduced their requirements to simplify margin management and onboard more users.

As of January 30, the protocol has generated over $545 million in trading volumes. More than $37 million in open interest and over 411,000 unique trades are posted on the platform.

Despite the recent market conditions that saw Bitcoin’s value dip below the critical $39,000 mark, large-scale BTC holders, often called ‘whales,’ have demonstrated their confidence in the flagship crypto.

Crypto analyst Ali has shed light on this development via a post on X, indicating that these major investors have capitalized on the recent price correction to augment their Bitcoin portfolios.

Ali’s analysis revealed that about 67 new entities have joined the elite group of Bitcoin holders who own more than 1,000 BTC, marking a 4.50% increase in such holdings within just two weeks.

While some shivered with fear during the recent price correction, #Bitcoin whales were accumulating more $BTC!

Around 67 new entities now hold 1,000 #BTC or more, marking a 4.50% increase in two weeks. pic.twitter.com/tje3fhznRR

— Ali (@ali_charts) January 30, 2024

This move by the whales goes against the prevailing market sentiment. Despite the price volatility and uncertainties that have gripped the broader crypto space, it suggests a bullish outlook from these major players.

Bitcoin Resilience And Recovery: Factors At Play

In stark contrast to its recent price slump, Bitcoin has shown resilience, charting a course of recovery. The cryptocurrency has witnessed a surge of over 10% in value over the past week, with a notable increase of 3.2% in the last 24 hours alone, bringing its trading price to approximately $43,412.

This upward trajectory is mirrored in the cryptocurrency’s trading volume, which has escalated from below $15 billion to over $24 billion in a single day, indicating renewed investor interest and market confidence.

The resurgence in Bitcoin’s price can be attributed to multiple factors, with the diminishing impact of Grayscale’s sell-off being a primary contributor.

Bloomberg analyst James Seyffart recently highlighted a milestone event where BlackRock’s Spot Bitcoin ETF, IBIT, nearly matched Grayscale’s GBTC regarding trading volume. This was a significant moment, as it marked the closest any spot Bitcoin ETF has come to challenging GBTC, which has long held the “liquidity crown” in the crypto spot ETF space.

The positive implications of this development for Bitcoin’s price are clear. With IBIT’s volume mainly consisting of inflows, it can potentially offset the outflow-dominated volume from GBTC.

Reduced Selling Pressure And Market Optimism

Notably, Grayscale’s conversion of GBTC to a spot Bitcoin ETF had been a key factor in Bitcoin’s drop below $39,000 in the past week, leading to a wave of sell-offs from GBTC investors.

However, recent trends indicate a cooling off among GBTC investors in their rush to take profits. BitMEX Research, in a post on X, pointed out that GBTC had registered its lowest daily outflow since its launch day, amounting to $192 million yesterday.

Bitcoin ETF Flow – Day 12

GBTC flow data out

$192m outflow

— BitMEX Research (@BitMEXResearch) January 29, 2024

This declining trend in outflows signals a reduction in selling pressure in the Bitcoin market, contributing to the cryptocurrency’s price recovery.

Adding to the positive sentiment, Glassnode co-founders Jan Happel and Yann Allemann, known as Negentropic on X, have recently noted that Bitcoin’s recent rise above $42,200 has created substantial liquidity for long positions.

This situation suggests that Bitcoin is filling the liquidity void above the $42,000 mark, which could lead to volatility and market shifts. Negentropic points out that approximately $659 million in liquidations have already occurred.

If Bitcoin maintains its upward trajectory, it could trigger further liquidations amounting to $1 billion in short positions, potentially leading to a ‘short squeeze.’ This scenario, where short sellers are forced to exit their positions due to a rapid price increase, could catalyze further growth in Bitcoin’s value.

Featured image from Unsplash, Chart from TradingView

Dogecoin (DOGE) is getting ready to “pop,” as this crypto analyst predicts that the next move to the upside could see the meme coin break a critical resistance level. DOGE’s price has, in recent times, lived off the hype regarding several use cases that could be added for it soon. However, it remains to be seen if these narratives can propel the meme coin to hit new highs. 

Dogecoin Could Rise To $0.083 Soon

Crypto analyst Muro Crypto hinted in an X (formerly Twitter) post that another bounce by DOGE from its current support level might give it another push to break its current resistance levels. From the accompanying chart that he shared, one could see that the analyst was predicting that another move to the upside could see DOGE rise to as high as $0.083. 

In a previous X post, Muro had shared his belief that DOGE was going to pop soon enough. Not long after, the meme coin saw a move to the upside. However, that momentum didn’t last for long, as the analyst noted, with the meme coin dropping back to its entry point, halfway to the $0.83 target. 

It is worth mentioning that DOGE has recovered and risen above the $0.80 psychological level, something which could mean that it was gearing up for a further move to the upside. Mark Cuban revealed that his Dallas Mavericks team still receives Dogecoin as a payment method, which has partly contributed to this most recent price surge. 

The meme coin has also recently rallied on the back of speculations that the X platform could include DOGE as a payment method in its X Payments, which is expected to go live this year. The fondness that Elon Musk, who happens to own X, has for the meme coin is the primary driver behind this narrative. 

Another Factor That Could Spark A Surge In DOGE’s Price

Crypto analyst Ali Martinez revealed in an X post that the Dogecoin network has been witnessing a “remarkable surge in growth.” New addresses on the network are said to have increased by a remarkable 1,1000% over the past week. Specifically, he highlighted how a record-breaking 247,240 new DOGE addresses were created on January 29 alone. 

The analyst noted how a sustained uptrend in the network’s expansion “could soon reflect positively” on DOGE’s price. Usually, such a development means that more users are acquiring the meme coin, with an increased demand for the meme coin likely to spark a surge in its price. 

At the time of writing, DOGE is trading at around $0.081, up in the last 24 hours, according to data from CoinMarketCap. 

The Bitcoin market is currently experiencing a turning point, largely driven by recent trends in Bitcoin exchange-traded funds (ETFs). Yesterday, Bitcoin’s price rose above $43,000, a movement closely tied to changing dynamics in ETF inflows and outflows, particularly involving the Grayscale Bitcoin Trust (GBTC).

On January 29, (Bitcoin ETF Day 12), a notable shift occurred. The Bitcoin spot ETFs witnessed a substantial net inflow of US$255 million, while Grayscale’s GBTC experienced a significant net outflow of $191 million. The other nine ETFs, led by Fidelity and BlackRock, saw a combined net inflow of $446 million, making it the third-highest inflow day for Bitcoin ETFs.

New All-Time High Until Bitcoin Halving?

This scenario of high inflows and reduced outflows from Grayscale’s GBTC presents an intriguing change from previous days, where GBTC outflows dominated and weighed heavily on the market sentiment.

Crypto analyst @WhalePanda, who’s part of the “Magical Crypto Friends” YouTube channels (along with Samson Mow, Charlie Lee, and Riccardo Spagni), commented on this development, stating, “Net inflow of $250 million in a day is crazy. That’s 5800 Bitcoin being removed from the market in just one day.”

He highlighted the significance of this volume, especially when compared to the daily Bitcoin mining rate of 900 BTC. MicroStrategy bought $615 million BTC between November 30 and December 26.

While WhalePanda acknowledged that inflows will slow down one day, he expects this to happen later on. “The increased price is driving more exposure, leading to more inflows, which in turn pushes the price even higher. This is a classic example of the bull cycle flywheel mechanics at play, even before the halving,” he remarked.

The renowned crypto expert further elaborated that “the amount of Bitcoin float will significantly drop over the next couple of days and once the price starts moving with limited supply left… Things can go crazy. No, not $1 million crazy. Crazy for me is breaking ATH before halving.”

In a separate post on X, @WhalePanda expressed his outlook for the week, “This is going to be a big week for #Bitcoin. With GBTC outflows decreasing and a strong inflow day last Friday, we might be seeing the beginning of a new trend.” He emphasized the potential of this momentum to become a self-fulfilling prophecy, driving Bitcoin’s price higher.

Spot BTC ETFs Remain The Focus

Thomas Fahrer, co-founder of Apollo Sats, added context to these massive spot BTC figures, noting, “The 9 New ETFs hold more BTC than Tether, Tesla, Block, and all of the Public Miners combined. Soon they will surpass MSTR, and later even GBTC.”

Alex Thorn, head of research at Galaxy, commented on the potential implications for BTC’s price trajectory, especially in relation to ETH: “With Grayscale outflows appearing to slow down and other Bitcoin ETF flows remaining positive, I’m curious about the future direction of the ETHBTC cross. A lower trajectory seems like the path of least resistance in the near term.”

with grayscale outflows seeming to abate and other #bitcoin etf flows now appearing holding positive, i’m again wondering where the ETHBTC cross is headed. lower again feels like the path of least resistance near-term pic.twitter.com/DVPi1pdWP0

— Alex Thorn (@intangiblecoins) January 30, 2024

This confluence of ETF inflows, decreasing outflows from Grayscale, and the anticipation of the upcoming Bitcoin halving are creating a unique bullish market environment. However, at press time, BTC is trading below a key resistance at $43,444.

The short-lived reign of Bitcoin as the leading NFT platform came to an end this month, with Ethereum reclaiming the top spot as NFT sales on the Bitcoin network plummeted over 60% compared to December’s record highs.

Data from NFT analytics platform CryptoSlam reveals a stark reversal in fortunes. After surpassing Ethereum in December with $881 million worth of NFT sales, Bitcoin’s January volume has sunk to $314 million as of two days before month-end. Meanwhile, Ethereum has maintained a steadier pace, registering $328 million in sales over the past 28 days.

Bitcoin NFT Loses Its Appeal

This shift can be attributed to the fading fervor surrounding Ordinals, a technology enabling inscriptions and non-fungible tokens directly on the Bitcoin blockchain. The December surge in Bitcoin NFT activity was largely driven by Ordinals-related hype, leading to high fees for inscription minting. For instance, on December 10th, Bitcoin saw a single-day high fee of $10 million due to inscription transactions.

However, with the broader digital asset market facing turbulence, interest in Ordinals has waned significantly. Minting fees have plummeted by 83% since peaking at $5 million on January 14th, now standing at just $848,000 as of January 28th. This decline reflects a drop in demand for blockspace for non-traditional Bitcoin transactions, further suggesting a diminished appetite for Ordinals-based NFTs.

Ethereum, on the other hand, benefits from its established ecosystem and diverse functionalities. Its NFT landscape encompasses a wider range of projects and applications compared to the nascent Ordinals scene on Bitcoin. This, coupled with the relative stability of the Ethereum network, likely contributed to its ability to retain user interest and NFT trading volume throughout December and January.

NFT Landscape Shifts: Adaptability Crucial

The rapid change in the NFT landscape highlights the need for adaptability and innovation within the industry. While Ordinals brought a novel use case to Bitcoin, its technical limitations and niche appeal may hamper its long-term sustainability. Conversely, Ethereum’s flexibility and established infrastructure position it well to adapt to evolving market trends and user preferences.

Furthermore, the broader decline in digital asset class interest likely impacted both Bitcoin and Ethereum NFTs. However, Ethereum’s larger and more diverse user base, along with its established NFT ecosystem, suggest it may be better equipped to weather the current market downturn.

The future of the NFT market remains uncertain, but one thing is clear: the landscape is constantly shifting, and players must be able to adapt to stay ahead of the curve.

Featured image from Pixabay, chart from TradingView

Skybridge Capital CEO Anthony Scaramucci recently predicted that Bitcoin will hit $170,000. Shedding more light on this prediction, Scaramucci stated when this will happen and why he believes this price level is very attainable.

When Bitcoin’s Price Will Hit $170,000

In an interview with Scott Melker, Scaramucci stated that Bitcoin’s price will hit $170,000 after the Bitcoin Halving. Specifically, he hinted that the crypto token was going to rise to this price level 18 months after the Halving event. The Skybridge Capital CEO further explained what he was basing his prediction on.

Scaramucci mentioned that his prediction was based on past Bitcoin Halving cycles, noting that Bitcoin’s price increased about four times 18 months after Bitcoin miners’ rewards were cut in half. He expects that this time won’t be different, as $170,000 represents just over a fourfold increase from $35,000, which Scaramucci predicts will be Bitcoin’s price when the Halving takes place in April. 

The Skybridge Capital CEO stated that his putting Bitcoin’s price at $35,000 by April was him just being “conservative.” If Bitcoin’s price turned out to be higher, at a price like $50,000, the the crypto token will rise to $200,000 in the next 18 months, Scaramucci claimed. Basically, his base prediction was that Bitcoin would do a 4x in the next 18 months after the Halving. 

Bitcoin Will Get To At Least Half Of Gold’s Market Cap

Scaramucci’s long-term prediction is that Bitcoin will “easily” get to half of Gold’s market cap, which stands at $13.7 trillion. That means Bitcoin’s market cap, which currently stands at around $850 billion, could rise to close to $7 trillion. If that happens, the Skybridge Capital CEO believes that Bitcoin’s price will become about 10 times its current price, rising to $400,000 in the process.

Highlighting Bitcoin’s potential, Scaramucci stated that it would be “ridiculous” for people not to understand Bitcoin’s dynamics as a store of value and at least have some exposure to it. He also alluded to the Spot Bitcoin ETFs and how there is bound to be more institutional demand for the flagship crypto token following the approval of these funds.  

This isn’t the first time that Scaramucci has mentioned the effect that Wall Street’s adoption of Bitcoin could have on the market. In September last year, he predicted that the Bitcoin market was going to widen once asset managers like BlackRock had a Spot Bitcoin ETF in their “arsenal.”

At the time of writing, Bitcoin is trading at around $43,300, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

The analytics firm Santiment has explained that the current Bitcoin rally could still have some legs left, based on this on-chain trend.

Bitcoin & Ethereum Leave Exchanges, While Tether Sees Deposits

In a new post on X, Santiment has discussed the recent trends in the Supply on Exchanges for the three largest assets in the cryptocurrency sector: Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

The “Supply on Exchanges” here refers to a metric that keeps track of the percentage of the total circulating supply of any given coin that’s currently sitting in the custody of the centralized exchanges.

When the value of this metric goes up, it means that the investors are depositing their coins to these platforms currently. On the other hand, a decline implies net withdrawals are occurring on the exchanges right now.

What these trends suggest for the given asset and the sector as a whole depends on the type of cryptocurrency it is in question. In the case of volatile coins like Bitcoin and Ethereum, net deposits can be a sign that investors are looking to sell these assets, which can naturally have a negative impact on their prices.

Since the altcoins generally only see a rotation of capital through these largest cryptocurrencies, a bearish trend for them can have a domino effect on their prices as well.

Withdrawals for these volatile coins, on the contrary, can be bullish for the market, as they imply the investors are perhaps looking to hold onto their tokens for extended periods.

Now, here is a chart that shows the trend in the Supply on Exchanges for Bitcoin and Ethereum over the past year:

As displayed in the above graph, the Bitcoin and Ethereum Supply on Exchanges have continued their downtrend following the spot ETF approvals for BTC a few weeks back.

In the same chart, Santiment has also attached the data of the indicator for Tether. It would appear that while BTC and ETH have seen supply move off exchanges, USDT has observed net deposits.

The largest stablecoin in the sector has witnessed around 4% of its entire supply shifting to these platforms over the last five weeks, which has taken the indicator’s value to the highest point in almost ten months.

Investors use stablecoins whenever they want to escape the volatility associated with assets like BTC and ETH. Such holders who seek safe haven in these fiat-tied tokens instead of fiat itself, though, usually plan to return back to the volatile side of the cryptocurrency sector eventually.

Deposits of stablecoins can, therefore, be a sign that these investors want to buy back into Bitcoin and others. As such, the sector could see a bullish effect from this dry powder being deployed by the stablecoin holders.

“The increase in buying power implies that the mid-term 3+ month #bullcycle (starting back in October) could still have some legs, particularly with just 79 days until the #Bitcoin halving, estimated to occur on April 18th,” notes the analytics firm.

BTC Price

Bitcoin has made some notable recovery over the last few days as its price has now broken back above the $43,300 mark.

Shiba Inu, an Ethereum-based meme coin, is presently in the limelight as its burn initiative has witnessed a significant surge in its token burn rate in the past day, suggesting increased engagement from the community.

Shiba Inu Daily Burn Rate Skyrockets

Data from Shibburn reveals that the last 24 hours have seen a notable spike in the Shiba Inu burn rate. The tracker reported that the burn rate has recorded a massive 1,411% increase today, January 30.

According to the platform, over 61 million SHIB tokens have been incinerated in the last 24 hours. The increase in burn rate coincides with a recent rally in the price of Shiba Inu.

Shibburn shows that the present rise in burn rate was caused by two large burn transactions. It was discovered that the two transactions destroyed a total of 48.9 million SHIB in less than one hour.

The first transaction orchestrated by the wallet address 0x85a860003705c56…7eb2f4bcc7 witnessed about 21 million SHIB being destroyed. Meanwhile, the second transaction carried out by another wallet address 0x85a860003705c56…7eb2f4bcc7 saw over 27 million SHIB tokens being burned.

The Shiba Inu burn rate might have been up in the past day, but in the past week, the rate appears to have been down. From the hourly SHIB burn update on X (formerly Twitter), the rate is down by over 48% in the past week. Furthermore, the report noted that over 113.42 million Shiba Inu tokens have been destroyed in the past seven days.

Even though tokens have been burned virtually every day for more than a year now, the burn rate has not made a crater in the supply that is in circulation. So far, Shiba Inu has burned over 410.70 trillion SHIB since the initiative was introduced. 

Currently, the overall supply in circulation is about 581.29 trillion SHIB. This indicates more work to be done by the SHIB community before the incineration has a weighty effect.

SHIB Prices Recovers Amid Burn Rate Rise

Shiba Inu price, as of today, appears to have recovered from a lengthy bearish trend it has been struggling with. However, there is no solid proof that the rise in burn rate had any impact on the crypto asset’s recent rally.

As of the time of writing, the price of Shiba Inu was sitting at $0.000009254, indicating a 2.24% rise in the past 24 hours. CoinMarketCap reveals that its market cap and trading volume are up by 2.19% and 45.16% in the past day.

Furthermore, the digital asset is now ranked 17th overall in terms of market cap due to its recent price recovery. With the recovery, SHIB has attracted attention from investors and sparked fresh sentiments over possible long-term growth.