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Shiba Inu Bulls Gain Momentum, Price Breaks Above Key Support

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  • Shiba Inu’s price has bounced off the support zone at $0.00001680.
  • The price has broken above the 100-day moving average (MA).
  • SHIB could break out of the descending channel if the momentum continues and moves toward its main target of $0.000029.

The price of Shiba Inu has been on a roller coaster ride marked by consolidation and a brief price surge in the past few months. However, the token has recently broken away from a descending channel, hinting at signs of a potential recovery on the horizon. 

As seen in the 1-day chart below, SHIB’s price has recently bounced off the support zone at $0.00001680, breaking above the 100-day moving average (MA). This suggests that the bulls are regaining control and that a further upside move may be in the cards.

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Shiba Inu Bulls Gain Momentum, Price Breaks Above Key Support 2

If the momentum persists, Shiba Inu could break out of the descending channel and move towards its main target of $0.000029. This would represent a significant gain from the current price level.

Shiba Inu’s Burn Rate Soar

Excitement is growing among SHIB investors as speculation intensifies about the possibility of a Shiba Inu exchange-traded fund (ETF) hitting the market. Such a development could significantly boost the token’s exposure and liquidity, potentially driving a substantial price increase.

SHIB is making waves again, up 33.5% in the last 30 days as it breaks out of a bullish reversal pattern! With speculation surrounding a potential SHIB ETF hitting the market, excitement is building for a 2400% surge that could see SHIB hit $0.0004414. If the SHIB ETF mimics Bitcoin’s ETF inflows, SHIB’s market cap could soar to $260B, making it a top 3 crypto asset. First, it needs to break through resistance at $0.00002200-$0.00002300 (a 125% rise from here), followed by a retest of its all-time high at $0.00008854.

Experts also speculate that Shiba Inu’s rise is likely influenced by the overall sentiment surrounding Bitcoin (BTC). Additionally, the bullish momentum is likely fueled by a surge in the burn rate of SHIB which skyrocketed by a whopping 1042%, according to data from Shibburn. Over 6.54 million SHIB tokens have been permanently removed from circulation, marking a significant milestone for the community’s efforts to reduce the token’s supply.

XRP Could Soar 100%: Triangle-Cross Signals Bullish Rally

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  • XRP has hit a “triangle-cross” on the weekly chart, which suggests a bullish breakout is likely to occur.
  • If the token can break out of the triangle pattern, it could see a significant rally.
  • The target price for the breakout is $49.98.

After months of consolidating in a symmetrical triangle pattern, XRP is flashing signs of an imminent breakout. As per technical analysis, the token’s price has hit a “triangle-cross” on the weekly chart, which is a key indicator that suggests a bullish breakout is likely to occur. This positive development comes amidst renewed market optimism, fueled by recent ETF filings.

Market experts suggested that if XRP breaks out of the triangle pattern, it could see a significant rally. The target price for the breakout is set at $49.98, which would represent an impressive gain of over 100% from the current price level.

XRP
XRP Could Soar 100%: Triangle-Cross Signals Bullish Rally 4

The token was constricted within a tight consolidation channel, as investors and traders speculated its next major directional move. In the past 24 hours, XRP continued to fall, although there has been a slight price increase; analysts are predicting further losses unless market conditions change.

Just a day before, reputed analyst Crypto WZRD posted on X that provided insights into the token’s market position. He said that XRP has closed the day without any clear directional movements and had stagnated in the daily trading range.

ETF Filing Could Boost XRP’s Accessibility and Liquidity

To add to that, Canary Capital applied to a spot XRP exchange-traded fund (ETF). This is the second filing after Bitwise last week and is in line with the growing trend where several institutions are entering the marketplace to offer investors alternative ways of exposure to digital assets.

Furthermore, the proposed ETF would allow investors to trade the digital asset without actually buying and holding the cryptocurrency directly via a regular brokerage account, without all the hassles and risks involved in that. In the October 8 filing, it stated that the ETF would track the prices of XRP by using the CF Ripple index provided by the Chicago Mercantile Exchange. Notably, it would avoid the usage of derivatives that may bring further risks.

UN Endorses Ripple and Stellar for Global Payments Network

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  • The United Nations Capital Development Fund (UNCDF) has publicly recognized Ripple and Stellar as key components of a new, open, and regulated global payments network.
  • This endorsement from one of the world’s most influential international organizations solidifies the position of Ripple and Stellar as leaders in the payments industry.
  • The new network aims to enable seamless payments between individuals and businesses worldwide, regardless of their location or currency.

In a groundbreaking development for Ripple, the United Nations Capital Development Fund (UNCDF) has officially endorsed the blockchain firm and Stellar as an integral part of a revolutionary new global payments network. This announcement, made during a recent webinar, marks a significant milestone for both companies and the broader cryptocurrency industry.

The UNCDF, a subsidiary of the United Nations Development Programme, is a leading organization dedicated to empowering people and communities to escape poverty and achieve sustainable development. By recognizing Ripple and Stellar as key players in the future of payments, the UNCDF has effectively validated its potential to revolutionize the way money moves around the world.

Ripple
UN Endorses Ripple and Stellar for Global Payments Network 6

The proposed global payments network, as outlined by the UNCDF, is designed to be open, regulated, and interoperable, allowing for seamless transactions between individuals and businesses regardless of their location or currency. Ripple and Stellar, with their proven track records in cross-border payments and their commitment to innovation, are ideally positioned to play a central role in this transformative initiative.

This endorsement from the United Nations is a major boost for Ripple and Stellar, solidifying their reputation as leaders in the payments industry. It also signals a growing recognition of the potential of blockchain technology to disrupt traditional financial systems and create a more inclusive and equitable global economy.

Ripple Expands Its Footprint

Recently, Ripple teamed up with Brazilian cryptocurrency exchange Mercado Bitcoin to introduce a cutting-edge cross-border payment solution. As reported by TronWeekly, the new offering aims to transform the way money moves across borders by making cross-border transactions faster, cheaper, and more efficient using blockchain technology.

Additionally, the transaction offers provides Mercado Bitcoin the expertise of Ripple’s end-to-end payment infrastructure, allowing businesses and people to send and receive money internationally 24×7-with minimum delay with certainty that cross-border payments settled in minutes, which is the time that was normally with friction

Solana’s Future Looks Bright : Dev Activity Soars

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  • The surge in development activity suggests a growing interest and investment in Solana’s blockchain platform.
  • Solana’s development activity has increased by 10.7% in the past week.
  • Arbitrum and Avalanche have also seen growth in development activity but at a slower pace.

Solana’s ecosystem has witnessed a significant surge in development activity, outperforming its competitors Arbitrum and Avalanche. According to recent data shared by Santiment, SOL’s development activity has grown by 10.7% in the past week, indicating a heightened interest and investment in its blockchain platform.

As of the first week of October, SOL’s has continued to emerge with a +10.7% rise in notable github events. Arbitrum’s and Avalanche’s ecosystems have also had +5.2% growth in development during this stretch.

Both Arbitrum and Avalanche have also experienced growth in development activity, with increases of 5.2% each. However, Solana’s substantial growth highlights its potential for future innovation and adoption.

This surge in development activity suggests that the smart contract platform is attracting more developers and projects, which could ultimately lead to a more robust and vibrant ecosystem. As the competition in the blockchain space intensifies, Solana’s ability to maintain its development momentum will be crucial for its long-term success.

Solana’s Breakout Potential: Three White Soldiers

On the price front, SOL has exhibited a rare bullish technical pattern known as Three White Soldiers on its monthly chart. This pattern, marked by three consecutive up-trending candlesticks, is often seen as a strong reversal signal, indicating a potential shift from a bearish trend to a bullish one.

Solana
Source: Altcoin Archive

Following the formation of the Three White Soldiers pattern, an asset typically enters a period of consolidation, allowing price to accumulate and gather strength for a subsequent breakout to the upside. This breakout can be explosive, leading to significant price appreciation.

With loose monetary policies and elections on the horizon, the potential for Solana’s price to surge is heightened. Investors who have been following the cryptocurrency market closely may want to consider adding Solana to their portfolios to capitalize on this bullish signal.

Shiba Inu Surges 33.5% Amidst ETF Speculation

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  • Shiba Inu has surged by 33.5% in the past month, breaking out of a bullish reversal pattern.
  • Anticipation of a potential SHIB ETF is fueling optimism for a significant price increase.
  • Shiba Inu’s lead developer, Shytoshi Kusama, has shared a cryptic post on X, sparking speculation about his future involvement in the project.

Shiba Inu, the beloved meme coin is reigniting community enthusiasm with its impressive rally. The token has surged by 33.5% in the past 30 days, breaking out of a bullish reversal pattern that suggests further upside potential. Excitement is growing among SHIB investors as speculation intensifies about the possibility of a Shiba Inu exchange-traded fund (ETF) hitting the market. Such a development could significantly boost the token’s exposure and liquidity, potentially driving a substantial price increase.

Shiba Inu
Source: Black Pearl

The fervor surrounding the token has led some SHIB members to compare it to Amazon Prime Day, where shoppers flock to the online retailer to score incredible deals on a wide range of products. Similarly, the cryptocurrency market is also experiencing some movement. Members speculate that Shiba Inu’s rise is likely influenced by the overall sentiment surrounding Bitcoin (BTC).

But what has truly captured the community’s attention is a recent cryptic post by Shytoshi Kusama where the lead developer referenced Japanese mythology and a famous woodblock print, leaving many wondering what it could mean for the future of the Shiba Inu ecosystem.

Shiba Inu Community Buzzes Over Kusama’s Enigmatic Post

Kusama, whose real identity remains a mystery, has been handling the Shiba Inu project ever since, Ryoshi, the original creator stepped down from the position in 2022. His leadership has been instrumental in guiding the project’s growth and development, and his continued involvement has been a source of confidence for many SHIB investors.

The cryptic message from Kusama has sparked rumors that he may be preparing to step away from the project, similar to Ryoshi. While no concrete evidence supports these claims, the post has fueled speculation that a significant change may be on the horizon.

As the Shiba Inu community decodes the message behind Kusama’s post, investors are closely watching for any further developments that could impact the price of SHIB.

FTX Bankruptcy Plan Finalized: 118% Return for Creditors

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  • A U.S. court has approved FTX’s bankruptcy plan, concluding two years of complex legal proceedings.
  • 98% of creditors will receive at least 118% of their claim value in cash.
  • FTX never had enough cryptocurrency to make in-kind distributions to creditors.

A US court has officially approved the bankruptcy plan for crypto exchange FTX, paving the way for the process of distribution of funds to its creditors and restructuring its remaining assets. This concludes two years of one of the most complex legal cases in the cryptocurrency industry.

During a court hearing on 7th Oct, Judge John Dorsey in the U.S. Bankruptcy Court for the District of Delaware finalized the plan where 98% of creditors will receive at least 118% of their claim value in cash. In a statement following the decision, Dorsey stated, “I want to say congratulations. This is a model case for how to deal with a very complex Chapter 11 bankruptcy.” ‘

FTX
Source: Radar

A majority of the creditors who voted on FTX’s bankruptcy plan voted in favor of the reorganization plan, However, some creditors criticized the plan because it didn’t pay them back in cryptocurrency, which was worth a lot when FTX went bankrupt.

David Adler, legal representative of some of the creditors stated that creditors would pay a lot in taxes if they got paid in cash instead of cryptocurrency. He also asked Steven P. Coverick, managing director at Alvarez & Marsal North America, LLC, about the FTX’s plan on in-kind distributions. Coverick said although the topic “was discussed at length” the plan did not include those in-kind distributions.

“The debtors do not have cryptocurrency that would be required to make in-kind distributions and, in fact, never had the cryptocurrency and the proportions in which customers believed they had in their accounts,” Coverick added.

When enquired why FTX didn’t pay creditors back in cryptocurrency, Judge Dorsey reaffirmed FTX never had enough cryptocurrency to do that. The judge also said the value of FTX’s cryptocurrency is now zero.

FTX Creditors’ Repayment Process

Following court’s approval, the bankrupt crypto exchange is set to initiate the repayment process which might extend over the next two to three years. According to Sunil Kavuri, a representative of the largest creditor group, roughly $5.5 billion in claims have been bought, with 50% of those claims not coming from crypto investors, meaning that these holders are unlikely to reinvest in the crypto market.

The update also hints at a possible timeline for distribution. Claims under $50,000 could see resolution by the end of 2024, while larger claims above $50,000 are projected to receive between 70% to 100% of their petition date value.

For claimants holding more than $50,000, Sunil indicated that if the recovery hits 100%, it would result in a $5.5 billion recovery for both claim buyers and original holders.

Shiba Inu Developer Goes Wild Over UAE’s Crypto Tax Break

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  • Shytoshi Kusama praised the UAE for its progressive stance on cryptocurrencies, highlighting its potential as a global leader in the industry.
  • The UAE’s recent VAT exemption for cryptocurrency transactions is a significant step towards fostering a more favorable environment for digital assets.
  • The exemption has drawn positive attention from the crypto community and could contribute to increased adoption of Shiba Inu and other cryptocurrencies in the region.

Shytoshi Kusama, the lead developer behind the Shiba Inu cryptocurrency ecosystem, has lauded the United Arab Emirates (UAE) for its recent decision to exempt cryptocurrency transactions from value-added tax (VAT). The reaction has drawn the interest of the crypto community and might signal the increased adoption of Shiba Inu and other cryptocurrencies in the region.

In a post on X (formerly Twitter) on Sunday, Kusama responded to the news with a GIF of Vegeta, a character from the popular anime series Dragon Ball. The pseudonymous developer dubbed the UAE the “cryptocurrency capital,” expressing his enthusiasm for the country’s progressive stance on digital assets.

Recently, the UAE’s Federal Tax Authority made significant changes and amended its VAT laws to eliminate taxes on the transfer and conversion of virtual assets. According to the accounting firm PricewaterhouseCoopers (PwC), this move will retroactively take effect on January 1, 2018.

Shiba Inu: UAE Next Big Adoption?

The exemption is the latest in a series of steps the UAE government took to promote the country as a crypto-friendly hub. Earlier this year, Binance, the world’s largest cryptocurrency exchange, secured a full regulatory license in Dubai. Last week, Ripple Labs also received in-principle approval to offer blockchain-enabled payment services from the Dubai International Financial Centre (DIFC).

Ripple’s current CEO Brad Garlinghouse believes UAE’s favorable approach to regulation is the critical factor that could prompt blockchain and cryptocurrency adoption. He said:

With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.

Earlier Kusama has expressed admiration for the UAE’s cryptocurrency landscape, culture, and his connections within the country. His praise for the VAT exemption further underscores the growing appeal of the UAE as a destination for cryptocurrency businesses and investors.

SUI Token Breakout Expected as TVL Surges Past $1B

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  • SUI recently flipped Polygon and Avalanche, surpassing $1 billion in TVL.
  • The token is poised for a major breakout, with strong bullish momentum pushing it past resistance levels.
  • Analysts believe a pullback to $1 is unlikely, with $1.4 being the lowest potential drop.

The SUI token is exhibiting strong bullish signals, as it nears a critical breakout point. According to the latest 1-week chart analysis, the token is on the cusp of a major breakout, reinforcing its growing dominance in the market.

In the past few days, SUI achieved a major milestone by securing $1 billion in Total Value Locked (TVL), flipping major competitors like Polygon and Avalanche in the process. The token’s performance has captured investor attention and reinforced confidence in its potential for further gains. Many believe that the token’s momentum indicates a sustained upward trajectory, driven by strong buying interest.

While some traders wonder if they’ll get another chance to buy SUI at that price, market experts predict that the lowest potential pullback could be around $1.4—if such a correction occurs at all. A drop back to $1 is highly unlikely, as per experts.

SUI
SUI Token Breakout Expected as TVL Surges Past $1B 11

The 1-week chart shows clear indications that the major resistance level, which SUI is currently testing, is likely to be broken soon. If this happens, the token could see a rapid rise, with analysts setting targets far beyond its current levels.

SUI’s Strong Fundamentals

The altcoin made waves after a blistering 300% rally last month. This surge has catapulted it into one of the top-performing Layer 1 tokens. However, market analysts like Ali warned of potential short-term correction in the token’s price, despite its remarkable growth.

Jamie Coutts, Chief Crypto Analyst at Real Vision, has emphasized the layer-1 network’s impressive net inflows, which amount to $737.6 million for the year. These inflows make up 18% of SUI’s market capitalization, a stark contrast to Solana’s 2%, highlighting the former’s growing popularity in the cryptocurrency space.

SUI’s recent developments highlight its growing influence in the altcoin market, and many believe it could continue to outpace other major players. As more investors take notice, SUI is becoming a prime candidate for potential long-term gains, particularly if the bullish breakout materializes in the coming weeks.

XRP’s Moment Has Arrived: Dual Filing Sparks Frenzy

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  • Bitwise’s dual filings for an XRP ETF and ETP have generated significant buzz in the crypto market.
  • Despite negative market sentiment, the altcoin saw increased whale activity and a surge in transaction volume.
  • The SEC’s ongoing legal battle with Ripple could influence the future of XRP-based products and the broader crypto market.

Bitwise’s recent filing for an XRP ETF and subsequent announcement for an ETP gained significant traction in the cryptocurrency market. With the potential for increased regulatory flexibility and a surge in the token’s price, investors are eagerly awaiting the outcome of these groundbreaking moves.

On Sept. 30, the prominent asset manager applied for an XRP exchange-traded fund (ETF) through its agent, CSC Delaware Trust Company. While the filing could be part of early-stage preparation, it has sparked hopes for a spot ETF amidst regulatory uncertainty. Notably, its ETP (Exchange-Traded Product) filing the next day is seen as a strategic move to navigate the challenges ETFs face, increasing its chances of an SEC approval later this year or early 2025.

This could be why the market response to this news was mixed, marked by initial excitement and a huge social volume spike. Santiment’s social data revealed a spike in XRP transaction volume, reaching an 8-month high of $2.39 billion shortly after the filings. In contrast, the token’s 30-day MVRV (average returns of XRP traders active in the last 30 days) stood at -9.2%, marking the lowest point in two months.

XRP
XRP's Moment Has Arrived: Dual Filing Sparks Frenzy 13

Historically, such negative sentiment and low returns can present an “opportunity zone,” where the market is under pressure but risk is relatively limited. Here, savvy investors look to accumulate, anticipating a rebound once the negative sentiment wanes.

Whale Activity Suggests Bullish Sentiment for XRP

This is evidenced by 145 whale transactions that exceeded $1 million in value on October 1, a notable 6-month high. Such transactions by high-profile investors frequently precede market moves, providing valuable insights for small-scale investors.

Price-wise, the initial frenzy triggered a price surge in XRP, but considering what happened post Bitcoin and Ethereum ETFs, this rally could be temporary. Potential factors influencing the price trajectory could be post-announcement price correction, delays in SEC approval, or a mismatch between investor expectations and actual adoption rates, etc.

The filing also comes at a time when the SEC issued a notice appealing the 2023 court ruling on XRP’s legal status. Ripple’s ongoing legal battle with the SEC, which began in 2020, could significantly impact the regulatory landscape for products like this ETP, depending on the outcome of any appeals or future rulings.

PEPE: BitMEX Founder Took $23M Gamble to Whole New Level

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  • Arthur Hayes, the founder of BitMEX, purchased $250,000 worth of PEPE and $250,000 worth of MOG on September 27.
  • The value of Hayes’ PEPE and MOG holdings has dropped to $460,000, resulting in a loss of $40,000.
  • Hayes remains bullish on meme coins, despite the loss.

Arthur Hayes, the founder of BitMEX, is creating a stir for his investments in meme coins. Hayes recently bought an additional 23.48 million PEPE tokens, valued at over $1.5 million, even though his current meme coin holdings had declined. Despite the loss, Hayes maintains a positive outlook on meme coins.

On September 27, the crypto entrepreneur expressed his optimistic outlook about the future of meme coins and purchased $250,000 worth of PEPE and $250,000 worth of MOG. However, Hayes’ investments did not pan out as per expectations. Today, the value of his PEPE and MOG holdings has dropped to $460,000, resulting in a loss of $40,000. Undeterred by the loss, he remains convinced that meme coins are here to stay and have the potential to generate significant returns.

PEPE
PEPE: BitMEX Founder Took $23M Gamble to Whole New Level 15

PEPE, the frog-themed meme coin is making headlines for its high correlation with Ethereum. The token’s 60-day correlation with ETH stood at 0.92, a surge from June’s 0.91. On the other hand, its correlation with Bitcoin stood at 0.84. The reading close to +1, indicates that prices typically move in the same direction or a direct relationship. ETH and PEPE thus exhibit a strong positive correlation.

PEPE: Hayes Sees Meme Coins As the Future

Having said that, Hayes’ investment in PEPE and his vocal support for other meme coins could encourage traders, crypto enthusiasts, and even cautious institutions to invest in these asset classes. With the backing of high-profile investors like Hayes, meme coins, despite their notorious volatility, are gaining traction as potential speculative assets. This trend is particularly likely to accelerate when the overall crypto market, exemplified by Bitcoin’s recent resilience, stabilizes

Arthur Hayes has been a vocal proponent of meme coins for some time now. In August, he tweeted that he was “all-in” on meme coins and that he believed they were the future of finance. It is unclear whether Hayes will continue to invest in meme coins in the future. However, given his bullish stance on the asset class, it is likely that he will remain involved in the space.