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Shiba Inu’s Scaling Marvel: 3-Month Triumph Unveiled

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Breaking new ground, Shiba Inu is gearing up to reveal major updates, putting the spotlight on the remarkable progress within the Shibarium ecosystem. Last week witnessed a surge in activity, with an impressive 7000 NFTs minted at a pace even faster than Mariah Carey’s annual December comeback. In just three months since its launch, Shibarium has become a major player in the blockchain arena.

The layer-2 scaling solution of Shiba Inu has broken records, with over 7.5 million daily transactions. This momentum reached an all-peak last weekend, contributing a stunning 25 million transactions to the total count, which has now surpassed 30 million since the platform’s inception. To witness this achievement, interested parties can explore Shibariumscan.io.

Amidst this transactional milestone, another intriguing aspect has come to the fore: the transaction fees on Shibarium remain remarkably low, and the network maintains an impressive speed. Standard operations cost less than a penny, while more intricate transactions are as affordable as a dime. These aren’t just numbers; they stand as a testament to the extraordinary scaling capabilities inherent in the entire Shibarium ecosystem.

BONE Accelerating Towards a Massive Shiba Inu Burn

But the saga doesn’t stop there. Thousands of Bone tokens have been utilized in transaction fees during the SRC-20 minting process, setting the stage for an eagerly awaited Shiba Inu token burn. Witnessing this historic burn transaction adds another layer to the unfolding narrative [insert link], showcasing the ecosystem’s evolution and forward momentum.

The continuous adoption and growth within the Shibarium and Shiba Inu ecosystems extend beyond mere statistics; they represent transformative forces. These developments signal a monumental shift, ushering in a new era in the blockchain and cryptocurrency realms. And this is just the beginning. Big plans are in store to amplify this impact, promising to reshape the landscape of digital currencies and decentralized applications.

Shibarium’s rapid succession of breakthroughs isn’t just impressive; it marks a pivotal chapter in the unfolding saga of Layer 2 blockchain history. This addition to the narrative emphasizes the transformative impact of Shibarium’s growth and adoption, hinting at exciting plans and adding a sense of anticipation and forward momentum to the unfolding story.

XRP Wealth Blueprint: Returns Analysis for 1K, 5K, or 10K Tokens in Diverse Price Landscapes

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The world of cryptocurrency is known for its unpredictable nature, offering both prospects and challenges to investors. Notably, XRP, a well-established digital asset, experienced a decrease below the $0.600 mark, sparking inquiries about its prospective trajectory. Within this piece, we explore the potential returns for investors possessing 1,000, 5,000, or 10,000 tokens in different situations where the coin attains values of $1, $5, or $10.

XRP in Retreat

Despite Bitcoin surpassing the $42,000 threshold, XRP experienced an unexpected decline in its value. While the usual positive correlation between Bitcoin and XRP often influences the altcoin, one plausible reason for this downturn may be the growing preference of institutional investors for alternative cryptocurrencies such as Solana over XRP.

Currently valued at $0.61, acquiring 1,000 tokens necessitates a conservative investment of $610. If the asset reaches the $1 mark, this investment could transform into a $1,000 digital asset portfolio, generating a profit of $390. A $5 valuation would raise the 1,000 tokens to $5,000, resulting in a more substantial profit of $4,390. For those envisioning a $10 future for XRP, the 1,000 tokens might be valued at $10,000, showcasing a noteworthy return on investment (ROI) of $9,390.

With an investment of $3,050 for 5,000 XRP, the potential returns become more significant. At $1, the portfolio’s value would hit $5,000, yielding a profit of $1,950. If the asset surges to $5, the value of the 5,000 XRP tokens could escalate to $25,000, displaying a more substantial ROI of $21,950. In the optimistic scenario of $10, the 5,000 tokens might be valued at $50,000, demonstrating an impressive ROI of $46,950.

For the more daring investor committing to 10,000 tokens, the initial investment at $0.61 would be $6,100. If the asset reaches $1, the portfolio’s value would be $10,000, resulting in a profit of $3,900. If XRP climbs to $5, the 10,000 tokens could potentially be valued at $50,000, offering a substantial ROI of $43,900. In the ambitious scenario of $10, the tokens might be valued at $100,000, providing returns of $93,900.

While these projections offer insights into potential earnings, it’s crucial to recognize the unpredictable nature of the crypto market. Investors are advised to approach these scenarios with caution, conducting thorough research before making any investment decisions. Furthermore, the dynamic nature of the crypto market means external factors can significantly impact price movements.

Shiba Inu Soars: $0.00001 Resistance Broken

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In a significant milestone for the Shiba Inu (SHIB) cryptocurrency, the token has finally breached the long-awaited $0.00001 resistance level. This breakthrough marks a turning point for SHIB, as this level has previously acted as a reversal point for its price movements throughout the year. Surpassing this barrier is akin to reaching the summit of its local rallies.

The importance of this breakthrough lies in its potential to signal a new chapter for SHIB. Unlike previous instances when the token reached this price level only to experience sharp reversals, the current market conditions offer a more promising outlook. The cryptocurrency landscape is currently witnessing its first bullish phase of 2023, which could provide a solid foundation for SHIB’s sustained growth in the new year.

Shiba Inu Signals Potential Sustainable Growth

A closer look at the price chart reveals a decisive upward trend, with Shiba Inu’s price ascending within a rising channel pattern. This pattern suggests that the token could even break through the upper border of the channel, which would significantly increase its momentum and potentially propel it to higher levels.

Furthermore, the Relative Strength Index (RSI), a technical analysis indicator that measures the speed and magnitude of price movements, indicates that Shiba Inu is not yet in overbought territory. This suggests that there could still be room for upward movement before any significant pullback occurs.

Adding to the bullish sentiment, the moving averages (MA) are aligning in a bullish configuration. Shorter MAs crossing above longer ones hint at a potential golden cross formation in the near future. Such a cross would further bolster confidence in SHIB’s positive trajectory and could serve as a catalyst for further gains.

However, it is important to exercise caution, as SHIB’s encounters with this price level have often led to sharp corrections in the past. Investors should closely monitor for signs of stability and the establishment of support above the $0.00001 threshold to confirm the validity of the breakout.

Overall, SHIB’s recent breakthrough through the $0.00001 resistance level, coupled with favorable market conditions and promising technical indicators, paints a positive picture for the token’s future prospects. While a cautious approach is warranted, the potential for sustained growth in the new year is evident, making SHIB an intriguing investment opportunity worth considering.

Lugano Adopts Tether & Bitcoin As Legal Tender

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Lugano, the Swiss city, has officially embraced Bitcoin [BTC] and Tether [USDT] as legitimate forms of payment for taxes and various fees. The municipality is set to enforce this decision through the reputable Swiss institutional-grade cryptocurrency platform, Bitcoin Suisse. This development allows both individuals and businesses to settle all local invoices, regardless of service type or invoiced amount, using Bitcoin.

According to the announcement blog post, Lugano residents now have the option to pay taxes and services with Bitcoin by utilizing the Swiss QR bill. This process involves scanning the code on the invoice and making payments through their preferred mobile wallet, using the selected cryptocurrency.

Tether
Lugano Adopts Tether & Bitcoin As Legal Tender 2

Switzerland has earned a reputation for its crypto-friendly stance, and this recent move is rooted in a partnership established in 2021 involving Lugano Mayor Michele Foletti, Tether and Bitfinex CTO Paolo Ardoino, and other leaders associated with PlanB. Launched in September 2021, PlanB aims to position Lugano as a hub for crypto and blockchain innovation.

In addition to announcing $50 million in dedicated startup funding for the cryptocurrency and blockchain sector, the initiative disclosed plans for a 16-office blockchain hub and co-working space in central Lugano, scheduled to open in March 2024. This centralized space will serve as a hub for companies, developers, and entrepreneurs in the cryptocurrency and blockchain space.

Leaders emphasized Lugano’s commitment to becoming a role model for cryptocurrency and blockchain innovation, with the next PlanB conference scheduled for October 2024, marking the third anniversary of the initiative’s launch.

Tether Spearheads Lugano’s Crypto Adoption

As part of the PlanB initiative’s objectives, Tether, a prominent player in stablecoin technology, is set to create a noteworthy intersection of sports legacy and digital innovation by partnering with the esteemed Swiss football club FC Lugano. FC Lugano players will display the Plan ₿ symbol during international games, and the partnership goes beyond symbolism, offering football enthusiasts the chance to purchase team merchandise and other stadium items using Bitcoin, Tether [USDT], and LVGA.

Speaking on the significance of this alliance, Paolo Ardoino, the CTO of Tether: “This collaboration not only underscores our commitment to the vibrant Lugano community but also signifies our belief in the power of crypto to drive positive change locally and globally.”

Grayscale Ethereum Trust ETF Application Faces Delay from SEC

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The Securities and Exchange Commission (SEC) has extended the timeline for making a decision on the Grayscale Ethereum Trust’s spot exchange-traded fund (ETF) application by 45 days to January 25, 2024. This delay comes as the SEC continues to carefully consider the risks and implications of approving a spot ether ETF.

Grayscale Investments, the company behind the Grayscale Ethereum Trust, filed an application with the SEC in October 2023 to convert its trust into a spot ETF. A spot ETF would track the price of ether (ETH), the native cryptocurrency of the Ethereum blockchain, and would allow investors to gain exposure to ETH without having to purchase and store the cryptocurrency themselves.

The SEC has yet to approve any spot ether or bitcoin ETFs, and it has delayed decisions on all of the applications it has received. This is due to the SEC’s concerns about the potential for market manipulation and investor protection issues associated with spot ETFs.

In its filing, Grayscale argued that its ETF would be subject to rigorous oversight and that it would not pose any undue risks to investors. The company also pointed out that there is already a significant amount of trading in ether futures contracts, which are similar to spot ETFs but are not subject to the same regulatory scrutiny.

Grayscale ETF Faces SEC Scrutiny

Despite Grayscale’s arguments, the SEC has decided to take more time to consider the application. This suggests that the SEC is still not fully convinced that a spot ether ETF would be in the best interests of investors.

The delay in the SEC’s decision is a disappointment for Grayscale and other proponents of spot ether ETFs. However, it is also an opportunity for the SEC to conduct a thorough review of the application and to address any concerns it may have.

The SEC’s decision on the Grayscale Ethereum Trust ETF application is expected to have a significant impact on the cryptocurrency industry. If the SEC approves the application, it would open the door for other companies to list spot ether ETFs. This would likely boost the price of ETH and make it easier for investors to gain exposure to the cryptocurrency.

However, if the SEC denies the application, it would send a signal to the cryptocurrency industry that the SEC is not yet comfortable with spot ETFs. This could have a negative impact on the price of ETH and could discourage other companies from pursuing spot ETF applications.

The SEC’s decision is expected to be announced on January 25, 2024.

Bitcoin Inscriptions: A Vulnerability Exploited for Spamming

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Bitcoin Core, the reference implementation of the Bitcoin protocol, has been found to contain a vulnerability that is being exploited by “Inscriptions” to spam the blockchain. Inscriptions, which are essentially data embedded into BTC transactions, have been on the rise in recent months, causing concerns among some Bitcoin developers and community members.

The vulnerability in question allows users to bypass the -data-carrier-size limit, which was introduced in BTC Core in 2013 to prevent the blockchain from being filled with excessive data. By obfuscating their data as program code, Inscriptions creators have been able to embed large amounts of data into BTC transactions, effectively spamming the blockchain.

Bitcoin Core Developer’s Concerns over Inscriptions

Bitcoin Core developer Luke Dashjr has been vocal about his concerns regarding Inscriptions, claiming that they are exploiting a vulnerability in the protocol and using it to spam the blockchain. He has also stated that Ordinals, a project that utilizes Inscriptions technology, was an attack on BTC from the beginning.

In response to these concerns, BTC Knots, an alternative BTC implementation, has already released a fix for the vulnerability in its v25.1 release. However, BTC Core, the most widely used implementation of BTC , is still vulnerable in the upcoming v26 release. Dashjr hopes that the vulnerability will be fixed before the v27 release next year.

The debate surrounding Inscriptions and their potential impact on Bitcoin is ongoing. Some argue that Inscriptions are simply a creative use of BTC technology, while others argue that they are harmful to the network and should be discouraged. It remains to be seen how the BTC community will ultimately address this issue.

Solana SOL’s Balancing Act: Support Check At $59

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In a recent analysis conducted by Cryptonary, ominous signs loom over the cryptocurrency market as SOL, the native token of the Solana blockchain, undergoes a critical test of its key support levels. The once robust uptrend for $SOL has been disrupted, sparking concerns among investors and traders alike.

Technical analysis conducted by Cryptonary indicates that Solana has breached its horizontal support at $61 and, more significantly, fallen below its main uptrend line. The immediate support at $59 now faces scrutiny, and a failure to hold this level could pave the way for a more substantial downward movement. Analysts at Cryptonary suggest that the price might retreat to $56 and potentially even $52 in such a scenario.

Delving deeper into the market mechanics, it is revealed that while the positioning of traders appears balanced, Open Interest (OI) has reached heights not witnessed since April 2022. Currently standing at $983 million, a slight decrease from its peak at $993 million, the OI indicates a significant market participation level. However, analysts point out that a flush-out might be on the horizon, as a drop in price could prompt a reduction in Open Interest.

Further insights into the market dynamics show a reset in the OI-Weighted Funding Rate, plummeting from 0.080% to a more neutral 0.012%. This shift implies a more even balance between Longs and Shorts in the market, signaling a potential rebalancing of positions.

Downside Risks For Solana and Strategic Considerations

Cryptonary’s assessment of the situation suggests that while Open Interest remains elevated and may be due for a flush out, the positioning of Longs and Shorts is now more evenly matched. Turning attention to the technical analysis, the charts indicate a potential for further downside in price, especially if Solana breaches the $59 support. Such a scenario could lead to the liquidation of Long positions, reducing Open Interest.

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In light of these observations, Cryptonary anticipates a continued downward trajectory for SOL, particularly if Bitcoin (BTC), the leading cryptocurrency, fails to register a significant upward move. The analysts express a strategic approach, stating that they would consider Dollar-Cost Averaging (DCA) into $SOL at the $52 level if market conditions align with this favorable price point.

Related Reading | Dogecoin Deputizes Doge Army, Captures $88B in Fury

Chainlink’s Rally Hits Roadblock: On-Chain Data Signals $16 Resistance

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According to IntoTheBlock, Chainlink, the decentralized oracle network, has been making waves in the cryptocurrency market, showcasing impressive momentum. However, the digital asset is currently grappling with resistance as it approaches its yearly high.

On-chain data analysis has brought to light a notable obstacle for Chainlink, as a substantial on-chain supply wall looms around the $16 level. More than 10,000 addresses have accumulated a significant amount of LINK tokens, totaling over 15 million at this crucial price point. The presence of this substantial supply wall signifies a potential roadblock that must be overcome for the cryptocurrency to sustain its bullish momentum.

The $16 level has emerged as a critical juncture for Chainlink, with market participants closely monitoring the situation. The ability to breach this level is viewed as pivotal in maintaining the current bullish momentum that has characterized Chainlink’s recent performance. Conversely, failure to breach this hurdle may lead to a period of consolidation or a retracement, prompting market participants to reassess their positions.

Chainlink (LINK) Price Analysis

As of the latest price analysis, Chainlink is currently trading at $15.70, accompanied by a 24-hour trading volume of $707 million, a decrease of 22%. Over the past 24 hours, the coin has experienced a modest 0.76% uptick; in the weekly chart, it boasts a 5.80% increase. Ranked at #12 on CoinMarketCap, Chainlink carries a market cap of $8 billion, with a circulating supply of 556,849,970 LINK coins and a maximum supply capped at 1,000,000,000 LINK coins.

LINK 1D graph coinmarketcap 17
CoinMarketcap

Over the last month, LINK has witnessed a notable surge, registering a 28.09% increase, contributing a substantial $4.30 to its current value. This sudden growth has piqued the interest of investors, establishing the coin as a potentially solid asset if the upward trend persists. The coin’s performance over the last 30 days shows that Chainlink has seen 18 out of 30 days (60%) in the green, accompanied by a 6.22% price volatility.

LINK 1M graph coinmarketcap 6
CoinMarketcap

Looking ahead, the most recent Chainlink price forecast suggests a further 8.09% increase, projecting a value of $16.71 by December 7, 2023. Technical indicators currently signal a Neutral Bullish market sentiment at 74%, while the Fear & Greed Index underscores a score of 75, indicating a prevailing state of Greed among investors. However, as Chainlink navigates its way through the resistance near its yearly high, all eyes will be on whether it can overcome the on-chain supply wall and sustain its upward trajectory in the coming days.

Related Reading | Shiba Inu Core Developer Discredits Speculations Around 32M Shibarium Transactions Milestone

PEPE: Taking Crypto World by Storm

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The cryptocurrency world is abuzz with excitement as PEPE, a meme coin based on the popular Pepe the Frog meme, has seen a meteoric rise in recent days. With its value soaring by 38.14% in the past week, the meme token has captured the attention of investors and analysts alike, with many believing that it could be the next big thing in the cryptocurrency space.

One of the key factors driving PEPE’s success is its strong and passionate community of believers. These individuals see the token not just as a meme coin, but as a potential challenger to established meme coins like Shiba Inu (SHIB). They believe that this particular token has the potential to revolutionize the cryptocurrency space and are actively promoting the coin on social media and online forums.

PEPE: A Robust and Energetic Community

PEPE’s community is also behind its impressive trading volume. As more and more people become aware of the coin, they are eager to get involved in the action, leading to a surge in trading activity. This, in turn, has helped to further boost the token’s price and solidify its position as a leading meme coin.

With its strong community and impressive trading volume, PEPE appears to be well-positioned for continued success. However, the absence of deep utility remains a concern. The token needs to learn from other meme coins like SHIB and FLOKI, which have launched products that signal their pivot from just a fun token to one with great utility.

Despite the challenges, PEPE has the potential to become a major player in the cryptocurrency space. With its strong community, impressive trading volume, and a dedicated team of developers, the token is well-positioned for continued growth. However, the coin’s future ultimately depends on its ability to develop deep utility and convince investors that it is more than just a meme coin.

Ethereum Price Prediction: After A 10% Surge, Experts Predict Bull Run For Eth

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In a notable development, the price of Ethereum (ETH) has experienced a substantial surge, surpassing the $2,250 resistance level. Experts are now anticipating a bullish trend for ETH, projecting a potential ascent towards the $2,500 mark.

Ethereum’s Positive Momentum Persists

Maintaining its positive trajectory akin to Bitcoin, Ethereum has sustained its upward movement above the $2,120 threshold. The cryptocurrency extended its rally, breaching key resistance levels at $2,200 and $2,250, prompting a surge in activity from bullish investors and propelling the price beyond $2,300.

Although a new multi-month high was established at approximately $2,316, the current market scenario sees a correction in gains. The price has dipped below the $2,300 level and is currently undergoing a test of the 23.6% Fibonacci retracement level, measured from the $2,188 swing low to the $2,316 high.

Notably, Ethereum is presently trading above $2,250 and the 100-hourly Simple Moving Average. Additionally, an observable bullish trend line is taking shape, offering support around the $2,250 mark on the hourly chart of ETH/USD.

Ethereum
Ethereum Price Prediction: After A 10% Surge, Experts Predict Bull Run For Eth 7

Facing resistance in the vicinity of the $2,320 zone, Ethereum’s immediate hurdle is the $2,350 level. A decisive breakthrough above this resistance could propel the price towards the $2,420 level, with subsequent resistances standing at $2,450. Further gains have the potential to trigger a surge towards the $2,500 level.

However, should Ethereum encounter difficulty in surpassing the $2,320 resistance, a downside correction may ensue. Initial support on the downside is identified near the $2,265 level, followed by key support at $2,250 and the aforementioned bullish trend line. The latter coincides with the 50% Fibonacci retracement level of the recent upward move.

In the event of a more pronounced decline, Ethereum’s primary support lies around $2,200, corresponding to the 100-hourly Simple Moving Average. A breach below $2,200 raises the possibility of an extended decline, with the key support level at $2,120. Falling below this level could expose Ethereum to a potential move towards the $2,080 range in the near term.