There have been notable developments for two altcoins in recent days. As a result of a rally, prices reached important points. So what’s next for these two cryptocurrencies? Let’s look at the details
Driving force of altcoin Solana rally
Altcoin Solana is on the agenda with its recent rally. It gained almost 50% in value. It turned out that there was an important factor behind this increase in value. Accordingly, buyers from Coinbase contributed to the significant price increase. Specifically, since October 25, SOL’s cumulative volume delta (CVD) has increased by nearly $1 million on Coinbase. Accordingly, this situation indicated a net capital inflow. CVD on Binance and Kraken turned positive earlier this week. On the other hand, the South Korean stock market Upbit has been negative and trending southward for two weeks.
The CVD metric tracks the net difference between buying and selling volumes over time. Accordingly, it is a sum of net bull/bear pressures in the market. Additionally, positive values indicate an excess of purchase volume. Negative values indicate the opposite. According to Kaiko analyst Riyad Carey, the median order size on Coinbase is more significant than on other exchanges. Perhaps it’s a sign of institutions bidding for altcoin SOL through the Nasdaq-listed exchange.
Shia Inu shines too
There is also a bullish outlook for SHIB, an important altcoin in the cryptocurrency world. Activities on the network attract attention. Incineration activities, in particular, are gradually reducing the amount of SHIB in circulation. Sharing the details of SHIB burning transactions with the crypto community, the Shibburn platform states that the SHIB burning rate has increased surprisingly in the last 24 hours. He also announced that most of the SHIB has been moved to burned wallets.
The number is serious. Accordingly, 115 million SHIBs were removed from circulation. This situation is also reflected in the burn rate. The burn rate reached 1359.82%. This is the second largest burning this week. On Monday, this metric had increased by 7,700%, with 544,958,383 SHIB coins transferred to dead blockchain addresses.
Burning amounts are important
The purpose of these constant and regular altcoin SHIB burns is to move large numbers of meme coins to dead addresses where they will not be withdrawn or spent. Their permanent residence in these unspendable wallets will make cryptocurrency more scarce. The second largest meme coin has the potential to show a significant price increase in the future if demand for SHIB also increases.
The lead developer of Shiba Inu, who calls himself Shytoshi Kusama, makes a statement on the subject. Accordingly, altcoin SHIB states that burning volumes will only come with the “benefit and use” of Shibarium. He also states that the community is only waiting for “magic incantations”. When we look at it as Kriptokoin.com, we emphasized that there will be no fuel without the real use of the Shibarium blockchain.
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