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Blockchain solutions company Ripple has unveiled its strategy to launch a stablecoin pegged to the U.S. dollar, aiming to boost liquidity on the XRP Ledger. Ripple Set to Introduce U.S. Dollar-Linked Stablecoin, Aiming for Wider Crypto Adoption In a statement released on Thursday, Ripple revealed its intention to introduce a stablecoin token linked to the […]
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Ripple Plans to Launch USD-Pegged Stablecoin, Expanding Token to XRP and Ethereum Ecosystems
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87% Are Unaware of Unrecoverable Assets
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A study has unveiled that a notable proportion of crypto
millionaires globally are not only risking their personal information but also
lacking a fundamental understanding of crucial procedures regarding asset
transfer and Know Your Client (KYC) regulations. The study was conducted by
Owner.One, a company specializing in asset management and inheritance planning.Analyzing data from 8,000 families across 18 countries
spanning Africa, the Middle East, Asia, the EU, the UK, and North America,
Owner.One uncovered alarming trends contributing to the accumulation of
hundreds of millions of dollars in unclaimed cryptocurrency assets globally.Shockingly, in 91% of cases involving the transition from
fiat currency to cryptocurrency and back, there is a disruption of ownership
continuity, leading to complications in asset management and access. Despite
the critical nature of safeguarding asset-related data, 87% of respondents are
unaware that once this information is lost, crypto assets become unrecoverable.This lack of awareness has resulted in a staggering 23.7% of
all crypto assets on the market being unowned. A mere 7% of clients utilizing
crypto payment services show any interest in understanding the risks associated
with ownership continuity before engaging in transactions.KYC Ignorance Threatens Future Generations
Nearly half 42.8% of capital founders and a staggering 88%
of their family members, including children, are unfamiliar with KYC
regulations, indicating a significant gap in understanding and compliance . A
concerning 81.6% of respondents take no measures to address the information
asymmetry between themselves and family members regarding asset and wealth
information, potentially leading to confusion and mismanagement.Only a minute 4% of respondents fully grasp the depth of
problems arising from KYC procedures and regulations, indicating a widespread
underestimation of associated risks. Merely 22% of capital heirs comprehend the
increasing resemblance of donation and inheritance procedures to winning a
lottery, highlighting the lack of awareness regarding the potential risks
involved.Alarmingly, only 11.9% of wealth founders understand that
future generations will be obligated to undergo KYC procedures for both
themselves and their parents, further underscoring the lack of foresight in
asset management. A shocking revelation indicates that fewer than 5% of
founders realize that their inaction effectively shifts the burden of managing
wealth transfer onto their family and children, leaving them ill-equipped to
navigate the associated challenges and obstacles.The implications of these findings are thought-provoking,
indicating a pressing need for increased education and awareness among crypto
investors regarding the importance of safeguarding personal information and
complying with regulatory measures. Failure to address these issues not only
puts individual fortunes at risk but also threatens the stability and
legitimacy of the burgeoning cryptocurrency market as a whole.A study has unveiled that a notable proportion of crypto
millionaires globally are not only risking their personal information but also
lacking a fundamental understanding of crucial procedures regarding asset
transfer and Know Your Client (KYC) regulations. The study was conducted by
Owner.One, a company specializing in asset management and inheritance planning.Analyzing data from 8,000 families across 18 countries
spanning Africa, the Middle East, Asia, the EU, the UK, and North America,
Owner.One uncovered alarming trends contributing to the accumulation of
hundreds of millions of dollars in unclaimed cryptocurrency assets globally.Shockingly, in 91% of cases involving the transition from
fiat currency to cryptocurrency and back, there is a disruption of ownership
continuity, leading to complications in asset management and access. Despite
the critical nature of safeguarding asset-related data, 87% of respondents are
unaware that once this information is lost, crypto assets become unrecoverable.This lack of awareness has resulted in a staggering 23.7% of
all crypto assets on the market being unowned. A mere 7% of clients utilizing
crypto payment services show any interest in understanding the risks associated
with ownership continuity before engaging in transactions.KYC Ignorance Threatens Future Generations
Nearly half 42.8% of capital founders and a staggering 88%
of their family members, including children, are unfamiliar with KYC
regulations, indicating a significant gap in understanding and compliance . A
concerning 81.6% of respondents take no measures to address the information
asymmetry between themselves and family members regarding asset and wealth
information, potentially leading to confusion and mismanagement.Only a minute 4% of respondents fully grasp the depth of
problems arising from KYC procedures and regulations, indicating a widespread
underestimation of associated risks. Merely 22% of capital heirs comprehend the
increasing resemblance of donation and inheritance procedures to winning a
lottery, highlighting the lack of awareness regarding the potential risks
involved.Alarmingly, only 11.9% of wealth founders understand that
future generations will be obligated to undergo KYC procedures for both
themselves and their parents, further underscoring the lack of foresight in
asset management. A shocking revelation indicates that fewer than 5% of
founders realize that their inaction effectively shifts the burden of managing
wealth transfer onto their family and children, leaving them ill-equipped to
navigate the associated challenges and obstacles.The implications of these findings are thought-provoking,
indicating a pressing need for increased education and awareness among crypto
investors regarding the importance of safeguarding personal information and
complying with regulatory measures. Failure to address these issues not only
puts individual fortunes at risk but also threatens the stability and
legitimacy of the burgeoning cryptocurrency market as a whole.[ad_2]
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Asia’s Bitcoin Volatility Linked To Algos Tracking ETF Flows
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Recent Bitcoin price volatility in Asia has been closely linked to automated trading algorithms that monitor flows in US exchange-traded funds (ETFs). According to Bloomberg, this algorithmic trading response to daily US ETF flow data is causing pronounced swings in Bitcoin prices during Asian trading hours.
Trading Algos Spoil The Bitcoin Price
The trigger for Bitcoin’s steep decline, marking its worst drop in a month, was observed on Tuesday morning in Asia. This downturn coincided with the release of US ETF flows data, which indicated a net withdrawal of investments.
Shiliang Tang, president of Arbelos Markets, highlighted the impact of algorithmic trading on these market movements. “From an algorithmic trading perspective, bots can basically auto-scrape this data and buy and sell based on this,” Tang explained. “It seems that’s basically what is happening.”
The introduction of several Bitcoin ETFs in the United States on January 11 has since attracted a net $12 billion in investments. These ETFs experienced a surge in inflows, especially in the first half of March, propelling Bitcoin to a record high of $73,798. However, the premier cryptocurrency has seen a decline of up to 17.6% from this peak, amidst fluctuating inflows and outflows within the sector.
This pattern of flows has notably impacted the Asian market’s returns, with February and early March witnessing particularly strong performance, which diminished later in the month. The influence of algorithmic protocols on Bitcoin’s price not only affects the spot market but extends to derivatives as well, with Coinglass reporting about $357 million in bullish crypto bets being liquidated on Tuesday alone.
Charlie Morris, Chief Investment Officer at ByteTree Asset Management, pointed out the significance of ETF flows for Bitcoin compared to gold, noting that 5.5% of Bitcoin is held in ETFs, against 1% for gold. This makes ETF flows a more critical factor for Bitcoin’s market movements.
Market participants like Jakob Kronbichler, co-founder of Clearpool Finance, emphasize the market’s responsiveness to ETF flow data and suggest the recent correction as a natural pause for the market to “take a bit of a breather” amidst widespread excitement.
Spot ETFs Rake In $40 Million
Yesterday, all spot Bitcoin ETFs experienced an inflow totaling $40.3 million, primarily due to Blackrock’s significant contribution of $150.5 million, which played a crucial role in boosting the market. On the contrary, ARK faced a challenging day with $87.9 million in outflows, despite having $200 million inflows the previous week. Grayscale’s GBTC saw rather low outflows, amounting to $81.9 million.
Renowned analyst WhalePanda commented: “Maybe profit taking after Q1? Speculation though. […] Mondays always seem to have the most outflows and wondering if end of Q1 had something to do with it as I suspect. Price crashed further on US government moving/selling some of the BTC from Silk Road. Better to sell here than at $100k or $200k. 17 days until halving.”
At press time, BTC traded at $66,398.
BTC price, 4-hour chart | Source: BTCUSD on TradingView.com Featured image created with DALL·E, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Stablecoin Issuer Tether Completes SOC 2 Type 1 Audit
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Tether, the USDT stablecoin issuer, announced on April 1 that it had completed the System and Organization Controls (SOC) 2 Type 1 Audit, the highest level of security compliance achievable. Tether stated that the audit’s completion demonstrates the robust information technology control measures it has in place, ensuring the safety of its systems. Gold Standard […]
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Breaking Boundaries: Dubai Set to Redefine Blockchain Technology at WBS Dubai | by BitMedia Buzz | Apr, 2024
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Our PR partner, yourPRstrategist is a proud media partner of the World Blockchain Summit and we are pleased to extend their 15% discount to our community. Discount code: STRAT15
Dubai, U.A.E., April 2, 2024 — The 29th edition of the World Blockchain Summit, organised by Trescon and co-hosted by Sun Minimeal, returns to Dubai on 22–23rd April 2024 at the iconic JW Marriott Hotel Marina. This highly anticipated event is set to become a major focal point for global web3 and blockchain innovators to take note of the region’s efforts towards a web3-driven future. This eagerly awaited edition is poised to become a critical hub for global web3 and blockchain innovators, highlighting UAE’s efforts towards a future driven by web3 technology.
The Summit, one of the longest-running global blockchain series, has become a pivotal platform for leading and emerging blockchain and web3 innovators, visionaries, thought-leaders and policymakers to deliberate over the trending innovations and solutions that are driving the inclusion of blockchain-based solutions in critical sectors of the global economy.
Benefiting from supportive government policies and a shift towards a digital-first economy, Dubai is solidifying its position as a leading global hub for blockchain innovation, enhancing its digital infrastructure comprehensively. The launch of the Dubai AI & Web3 Campus by the DIFC, alongside the Virtual Assets Regulatory Agency (VARA) Dubai, has attracted global investors and innovators eager to play a pivotal role in nurturing a dynamic digital ecosystem within the UAE.
The Summit will host over 2,000 web3 decision-makers, 300+ investors, and more than 50 speakers. The event will also feature the regional finale of the Startup World Cup organised by the renowned US-based venture capital firm Pegasus Ventures, offering the winner a chance to secure a spot to pitch at the global finals in San Francisco, with a potential prize of US$1 million in funding.
#WBSDubai showcases compelling keynote speeches, use-case presentations by prominent blockchain visionaries and experts, and engaging panel discussions on pivotal topics shaping the web3 landscape. Some of the themes that will be explored at the event include 2024 Blockchain Ecosystem Market Analysis, Decrypting the Regulatory Landscape of Virtual Assets, Emerging Trends in Enterprise Blockchain Adoption, The rise of AI-Blockchain integration and more.
Some of the notable speakers attending the event include:
- Pascal Gauthier, Chairman & CEO, Ledger
- Roham Gharegozlou, Co-founder and CEO, Dapper Labs
- Mike Belshe, Co-Founder & CEO, BitGo
- Bertrand Levy, VP Global Partnerships, SANDBOX
- George Gvazava, Chief Crypto Officer, Bank of Georgia
- Miriam Kiwan, Vice President of MEA, the issuer of leading regulated stablecoin, USDC., Circle
- Yosuke Yoshida, Co-CEO of EMURGO Middle East & Africa, CEO of EMURGO Kepple Ventures, EMURGO
- Bandar Altunisi, Head of Development for Binance in Saudi Arabia Head of Institutional Relationships for Binance Dubai (FZE), Binance
- Reece Merrick, Managing Director, Middle East & Africa, Ripple
Sharing their enthusiasm about the event, George Gvazava, Chief Crypto Officer, Bank of Georgia said, “In the realm of innovation, the World Blockchain Summit serves not only as a gathering of minds but as a crucible, where ideas are forged into the connections, use-cases and technologies of tomorrow.”
“In the heart of Dubai’s dynamic tech landscape, blockchain technology stands as a cornerstone in the UAE’s digital transformation. Trescon plays a pivotal role, connecting global entrepreneurs and startups with leading investors and experts. The World Blockchain Summit offers a prime venue for unveiling the latest in blockchain innovation and insights.” said Sharath Kumar, Commercial Director, Trescon
Registration for the World Blockchain Summit Dubai is still open. Seize the chance to book your slots today and prepare to be a part of another thrilling blockchain and crypto event of the year. Don’t let this opportunity slip away!!
The 29th edition of the World Blockchain Summit is supported by:
Co-Host — Sun Minimeal
Co-Powered By — Ecrox Chain
Gold Sponsor — Medifakt, Crypto2Cash, Anbruggen,
Silver Sponsor- Kreation, Coingames, Reat Capital
Lanyard Sponsor- M2
Badge Sponsor- Ledn
Bronze Sponsor- BitGo, Block Convey, M2
Exhibitors- Reltime, Qoneqt , C# Corner
Official Accommodation Partner- HotelPlanner
Business Broadcast Partner — CNBC Arabia
Official Newspaper Partner- The Fintech Times
Official Digital PR Distribution Partner — ZEX PR Wire
ABM Partner- Demandify
Association Partners- Crypto and Blockchain Association, Blockchain Council, Asia Web3 Alliance Japan, European Blockchain Association
Prime Media Partner- Demandteq
About World Blockchain Summit (WBS)
World Blockchain Summit (WBS) is an event by Trescon that supports the growth of the blockchain, crypto and Web3 ecosystems globally.
WBS is the world’s longest-running blockchain, crypto, and web3-focused summit series. Since our inception in 2017, we have hosted more than 20 editions in 11 countries as we strive to create the ultimate networking and deal flow platform for the Web3 ecosystem. Each edition brings together global leaders and emerging startups in the space, including investors, developers, IT leaders, entrepreneurs, government authorities, and others.
To book your tickets, visit https://www.worldblockchainsummit.com/dxb-apr-24.
Media Contact
Shadi Dawi
Director, Public Relations & Partnerships — MENA, Trescon
shadi@tresconglobal.com
+971 55 498 4989
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Crypto.com Unveils Tailored Trading Platform for Korean Market
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Crypto.com, a global cryptocurrency exchange, unveiled plans
today (Tuesday) to introduce a specialized trading platform application
designed exclusively for the Korean market. The application, tailored to cater
to the preferences and needs of Korean users, is set to be launched on April
29, 2024, offering trading between various cryptocurrencies.With this development, Crypto.com becomes the first
international cryptocurrency exchange to venture into the Korean market,
signaling its focus on expanding its global footprint. The Chief Operating
Officer of Crypto.com, Eric Anziani, highlighted Korea’s tech-savvy populace
and its inclination towards embracing innovative technologies as key factors
driving the decision to focus on the Korean market. Moreover, he emphasized
Korea’s influence as a cultural powerhouse, indicating the exchange ‘s intention
to support Korean creators and artists through strategic partnerships.Eric Anziani, Chief Operating Officer of Crypto.com, Source: LinkedIn
“The first product we will be launching in Korea is the
crypto.com app, which is our most popular product globally. It’s a fully mobile
product offering a convenient and safe way to buy, sell and store digital
assets, including non-fungible tokens, enabling Korean customers to access
global prices in a regulated manner,” he commented.Patrick Yoon, the General Manager of Crypto.com’s Korean
operations, emphasized the company’s dedication to catering to the unique
demands of the Korean market. He stated that Crypto.com has been prioritizing
localization efforts for the past two and a half years, ensuring that its
services align with the preferences and regulatory requirements of Korean
users.“Once our coin trading service is stabilized in the
Korean market, we plan to ultimately advance into the Korean won-based trading
market in the future,” Yoon added.📰 Just IN: https://t.co/MVDkYuc3ge plans to launch https://t.co/MVDkYuc3ge Korea exchange utilizing subsidiary OKBit’s VASP rights, valid until this year, as exclusively reported by News 1. With OKBit’s VASP authority obtained in 2021, https://t.co/MVDkYuc3ge aims to enter…
— BitcoinWorld Media (@ItsBitcoinWorld) April 1, 2024
Navigating Regulatory Landscape for Korean Market Entry
Patrick Yoon, General Manager of Crypto.com, Korea, Source: LinkedIn
One such regulatory requirement in Korea mandates
cryptocurrency exchanges to establish partnerships with commercial banks to
verify the real-name accounts of their customers. Yoon revealed ongoing
discussions with local banks to secure potential partnerships for real-name
account authentication.Presently, there are five won-based cryptocurrency exchanges
authorized by Korean financial authorities, including UpBit, Bithumb, Coinone,
Korbit, and GOPAX. By entering the Korean market, Crypto.com aims to provide
users with an alternative trading platform while fostering healthy competition
and innovation in the local cryptocurrency ecosystem.Crypto.com, a global cryptocurrency exchange, unveiled plans
today (Tuesday) to introduce a specialized trading platform application
designed exclusively for the Korean market. The application, tailored to cater
to the preferences and needs of Korean users, is set to be launched on April
29, 2024, offering trading between various cryptocurrencies.With this development, Crypto.com becomes the first
international cryptocurrency exchange to venture into the Korean market,
signaling its focus on expanding its global footprint. The Chief Operating
Officer of Crypto.com, Eric Anziani, highlighted Korea’s tech-savvy populace
and its inclination towards embracing innovative technologies as key factors
driving the decision to focus on the Korean market. Moreover, he emphasized
Korea’s influence as a cultural powerhouse, indicating the exchange ‘s intention
to support Korean creators and artists through strategic partnerships.Eric Anziani, Chief Operating Officer of Crypto.com, Source: LinkedIn
“The first product we will be launching in Korea is the
crypto.com app, which is our most popular product globally. It’s a fully mobile
product offering a convenient and safe way to buy, sell and store digital
assets, including non-fungible tokens, enabling Korean customers to access
global prices in a regulated manner,” he commented.Patrick Yoon, the General Manager of Crypto.com’s Korean
operations, emphasized the company’s dedication to catering to the unique
demands of the Korean market. He stated that Crypto.com has been prioritizing
localization efforts for the past two and a half years, ensuring that its
services align with the preferences and regulatory requirements of Korean
users.“Once our coin trading service is stabilized in the
Korean market, we plan to ultimately advance into the Korean won-based trading
market in the future,” Yoon added.📰 Just IN: https://t.co/MVDkYuc3ge plans to launch https://t.co/MVDkYuc3ge Korea exchange utilizing subsidiary OKBit’s VASP rights, valid until this year, as exclusively reported by News 1. With OKBit’s VASP authority obtained in 2021, https://t.co/MVDkYuc3ge aims to enter…
— BitcoinWorld Media (@ItsBitcoinWorld) April 1, 2024
Navigating Regulatory Landscape for Korean Market Entry
Patrick Yoon, General Manager of Crypto.com, Korea, Source: LinkedIn
One such regulatory requirement in Korea mandates
cryptocurrency exchanges to establish partnerships with commercial banks to
verify the real-name accounts of their customers. Yoon revealed ongoing
discussions with local banks to secure potential partnerships for real-name
account authentication.Presently, there are five won-based cryptocurrency exchanges
authorized by Korean financial authorities, including UpBit, Bithumb, Coinone,
Korbit, and GOPAX. By entering the Korean market, Crypto.com aims to provide
users with an alternative trading platform while fostering healthy competition
and innovation in the local cryptocurrency ecosystem.
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Bitcoin Halving Inches Closer With Less Than 2,900 Blocks Left
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The Bitcoin Halving is fast approaching, with less than 2,900 blocks left before miners’ rewards are cut in half. This event, projected to take place sometime in April, is significant as Bitcoin’s price could enjoy a parabolic move to the upside after it takes place.
Bitcoin Halving Set For April 19
Data from Coinwarz shows that the Bitcoin Halving is set to take place on April 19 at Block 840,000. This projection is based on Bitcoin’s current block time average, which means the Halving can come a little earlier or sometime after April 19. However, the main focus remains that miners’ supply will be cut in half.
The Halving event is a deflationary measure that Bitcoin’s founder, Satoshi Nakamoto, encoded in the flagship crypto and takes place after every 210,000 blocks. Three halving events have occurred since the Genesis block in 2009, when Bitcoin’s first block was mined. The first was on November 28, 2012, when miners’ rewards were cut from 50 BTC to 25 BTC.
The next Halving event took place on July 9, 2016, cutting miners’ rewards to 12.5 BTC. The third one happened on May 11, 2020, reducing the reward to 6.25 BTC. Now, Miners’ rewards are set to be cut in half again, reducing them to 3.125 BTC.
This reward is the amount of BTC miners receive for validating each block of new transactions on the blockchain. Although this event mainly affects miners, the crypto community closely monitors it due to the ripple effects it could have on the market. Bitcoin’s supply comes through these miners’ rewards, and a reduction in them usually drives Bitcoin’s value higher.
Bitcoin’s Performance After Each Halving
The Halving has historically always led to a price appreciation for Bitcoin. Ninety days after the first Halving on November 28, 2012, Bitcoin’s price increased to $1,000 from $12 at the time of Halving. Subsequently, Bitcoin’s price saw a gain of over 8,000% one year after that Halving.
Source: MilkRoadThis parabolic price surge also occurred after the second and third Halving events, with Bitcoin’s price rising from $650 and $8,821 (at the time of the Halving) to $2,506 and $56,612 (90 days after the Halving) in 2016 and 2020 respectively. Bitcoin also gained 284% and 559% one year after the event.
This time isn’t expected to be different as Bitcoin is again predicted to experience a massive move to the upside after April. This bullish sentiment is further strengthened by Bitcoin’s demand, which has continued to skyrocket in the face of a dwindling supply.
At the time of writing, Bitcoin is trading at around $70,400, up in the last 24 hours according to data from CoinMarketCap.
BTC price struggles ahead of halving | Source: BTCUSD on Tradingview.com
Featured image from 99Bitcoins, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Bitcoin Miners’ Earnings Hit Record $2 Billion in March Ahead of Halving Event
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In March, bitcoin miners amassed an unprecedented level of revenue not seen in the previous 12 months, hitting a high of $2.01 billion from rewards and transfer fees. Of this total, $85.81 million was earned from transaction fees over the past month. Historic Month for Bitcoin Miners — Income Peaks at $2 Billion As we […]
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Dogecoin Open Interest Hits Record $2.2 Billion
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The Dogecoin open interest has been on the rise over the past few weeks, breaking and setting new all-time highs twice this March. Unsurprisingly, the price of the meme coin has been reflecting the growth seen by its open interest.
This recent bullish momentum pushed the price of DOGE to break the $0.22 mark, its highest point in three years. However, the question is – how far can this rally go for the foremost meme token?
Dogecoin Open Interest Breaks Above $2 Billion
According to data from CoinGlass, the Dogecoin open interest broke through the $2 billion mark on Friday, March 29. Although DOGE’s open interest stands at around 1.96 billion at press time, it rose as high as $2.21 billion on Friday, a new record for the meme coin.
Open interest is a metric that measures the total number of futures or options contracts of a particular cryptocurrency (Dogecoin, in this case) in the market at a given time. It provides insight into the amount of money investors are pouring into DOGE derivatives at this time.
The meme token’s open interest has had quite a performance since the start of March. DOGE’s open interest rose to $1.6 billion (an all-time high at the time) earlier in the month before retracing to below $1 billion by March 20.
It is worth noting that there has been a high correlation between open interest and Dogecoin’s price, with both climbing at the same time and at almost the same pace. Typically, a rising open interest can suggest a continuation of the trend around the asset’s price at the moment.
Ultimately, the current high open interest for DOGE could mean a rapid price movement for the meme coin in the near future. However, it would be difficult to tell the direction in which this spurt of volatility would take the price of Dogecoin, especially as open interest is not the most optimal indicator of trends or price action.
DOGE Price Overview
As of this writing, the Dogecoin price stands at $0.204, reflecting a 4.6% decline in the last 24 hours. While the meme token’s price has somewhat struggled since hitting the three-year high, it has managed to retain most of its profit from the past week.
According to CoinGecko data, the Dogecoin price is up by a whopping 18% in the past seven days. This positive performance has strengthened DOGE’s position as the largest meme coin in the market, with a market capitalization of $29 billion.
Dogecoin price sees slight correction on the daily timeframe | Source: DOGEUSDT chart on TradingView
Featured image from Pexels, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Crypto Expert Predicts Massive Shiba Inu Run As Price Mirrors 2021
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Crypto expert Rekt Capital has suggested that Shiba Inu (SHIB) could follow a similar trajectory to its move back in 2021. If so, this sets up the crypto token for a parabolic move that could see it hit its all-time high (ATH) and even surpass it.
2024 Shiba Inu To Mirror 2021 Action
Rekt Capital mentioned in an X (formerly Twitter) post that SHIB’s retest was successful and that history was repeating itself. According to him, SHIB needs to break above the $0.000033285 price range to begin its uptrend continuation. In a previous post, the crypto analyst raised the possibility of SHIB’s price action mirroring the one from 2021.
He noted how SHIB came close to that price range but couldn’t break this resistance level. This was the same thing in late 2021, as Shiba Inu didn’t break that resistance level on the first attempt. That forced the meme coin to retest the $0.000026041 price level as a new support before confirming further upside.
Source: X
This time, Shiba Inu also retested that $0.000026041 price level during its recent price dip, which was partly caused by a wave of profit-taking. The meme coin showed great resolve and somehow managed to hold above that level, and it has since made a good recovery.
Now, it needs to break above the $0.000033285 price range to confirm that history is repeating itself and that a price surge to the one in 2021 is on the horizon. 2021 was SHIB’s breakout year when it enjoyed a mouth-watering gain of 46,000,000% on its way to an ATH of $0.00008845 in October 2021.
Analysts Optimistic About Shiba Inu’s Future Trajectory
Rekt Capital isn’t the only one optimistic about SHIB’s future trajectory. Crypto analyst and trader Xanrox recently predicted that SHIB could rise to $0.00008854 by July, representing a new ATH for the meme coin. Interestingly, that looks to be only the starting point for the meme coin, as other analysts have predicted that SHIB could shed another zero.
One of them is crypto investor and analyst Oscar Ramos, who expressed his bullish sentiment about the meme coin when he predicted it could rise to $0.0001. Technical analyst Javon Marks also echoed similar sentiments when he suggested that SHIB could rise to as high as $0.0001553.
Meanwhile, crypto analyst Ali Martinez once suggested that SHIB’s price gain in 2021 could be nothing compared to what lies ahead for the meme coin. Specifically, Martinez predicted that Shiba Inu could see a historic 122,000% price surge to $0.011.
At the time of writing, SHIB is trading around $0.00003116, up over 3% in the last 24 hours according to data from CoinMarketCap.
SHIB price at $0.00003 | Source: SHIBUSDT on Tradingview.com
Featured image from Coinpedia, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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