In the cryptocurrency world, SHIB and other altcoins are heavily followed. So what levels are next for these cryptocurrencies? Let’s take a look at the article.
Number of SHIB wallets at record high
According to data from Puppyscan, the number of wallets connected to Shiba Inu (SHIB) Shibarium’s Puppynet testnet is currently over 16 million. Since the Puppynet testnet launched on March 11, network activity in the Shiba Inu ecosystem has been increasing. In this regard, the network has processed about 3 million transactions in the last seven days. Thus, it increased its trading volume to 13.2 million at the time of writing.
Shiba Inu’s (SHIB) Puppynet board showed 16 million wallet addresses interacting with the network. Accordingly, this indicates a high level of adoption and use among the community. The total number of blocks on the network has exceeded 1 million, and the average block time is 5 seconds.
When is the shibarium?
On May 24, Lucie, an official of the Shiba Inu ecosystem, said that the mainnet launch of Shibarium should be expected before the end of the year. Lucie said that Shibarium developer Shibarium 1 predicts the mainnet launch will be in August, while Shiba Inu leader Shytoshi Kusama predicts a July launch. The launch of Shibarium will complete Shiba Inu’s transition from a memecoin to a project with a clear benefit. This in turn will affect the value of related tokens such as SHIB, BONE and LEASH. SHIB is trading at $0.00000881 after rising 3% in the last 24 hours.
Not SHIB: Solana price prepares for possible 20% reversal
Solana (SOL) price is trading with a bullish trend on the daily and lower timeframes. This prints green candlesticks, which can be misleading to the naked eye. However, a closer look at the price action suggests a reversal coming with a management technical pattern showing the same thing.
With the exception of SHIB, Solana (SOL) price is up 10% in the last four days, with bulls leading the market with four consecutive green candlesticks. It recorded an intraday high of $20.79 today. On the other hand, it is currently trading at $20.47, up 5%. However, with this bullish outlook, price action points to a possible reversal with an ascending head pattern. An ascending wedge is formed when an asset’s price action moves between two converging trend lines with an upward slope. The narrowing wedge shape is formed when price action oscillates between support and resistance trendlines and eventually converges at the apex.
support trendline
The support trendline is drawn by combining a series of higher lows, while the resistance trendline is drawn by combining a series of higher lows. As the trend lines converge, they form an upward sloping wedge shape. Accordingly, a breakout of the pattern occurs when the price action crosses the trend line of support or resistance. As a result, it signals that the current trend will potentially reverse or continue. Solana price will need to climb above the $26.74 resistance level for the bearish thesis to be invalidated. Investors should wait for confirmation above this level for long positions.
Otherwise, Solana price lacks enough momentum to continue the uptrend. In this case, the price will soon reverse. In such a case, the SOL falls below the lower limit of the ascending wedge. On the other hand, at worst, it could decline to the $15.19 support level. Such a move would mean a 25% drop from the current level. A similar decline was observed in SHIB China.
Prospects for Ethereum
Apart from SHIB, the rise of Ethereum (ETH) as a formidable digital asset has caught the attention of financial experts, including Real Vision CEO Raoul Pal. According to PalE, a famous Ethereum bull, the latest update to the platform will cause a price spike. During an extensive conversation with Jeff Doman, Chief Investment Officer of the Digital Asset Hedge Fund, Pal highlighted the importance of Ethereum’s return on stake, which is often overlooked by many investors. Following the Ethereum merger, the platform now offers a return on staked Ethereum. Thus, it offers its owners the opportunity to earn a percentage of their assets over time.
This unique feature essentially creates a money market curve for cryptocurrency. Accordingly, it provides a compelling incentive for individuals to hold their Ethereum and earn a return. Currently, Ethereum’s staking returns range from 4% to 7%. Accordingly, this makes it an attractive proposition for investors.
Will ETH rise soon?
There is a shrinking supply of Ethereum, thanks to the staking mechanism, burn mechanism, and dwindling supply issuance. All this combined, lays the groundwork for a potential rise in Ethereum’s value. Pal’s bullish outlook is based on four main reasons to hold on to ETH. These are collateral and decentralized finance (DeFi) applications for futures or options trading. Also a wallet for gas and a passive investment. The launch of the Staking application allows passive holders of ETH to earn a return on their investment.
In their talk, Pal and Doman also discussed the potential future of Ethereum as a financial market. They highlighted opportunities for rate arbitrage, time mismatches, and structured products. With the rapid growth of DeFi, stablecoins and NFTs in recent years, they predict that these financial instruments will become key offerings in the digital assets industry over the next few years.
bitcoin price
Bitcoin (BTC) price has increased by 3%. On the other hand, the rest of the crypto market is in the green. This means a weekend rally. But the capital inflow comes after US President Joe Biden and Republican Kevin McCarthy reached an “agreement in principle” to raise the federal government’s multi-trillion-dollar debt ceiling.
cryptocoin.com Looking at it, the price of Bitcoin has increased. It recorded an increasing capital inflow especially after the debt limit news, recording a 3% increase during the day. Former Wall Street trader Macrojack had something to say about it. “Bitcoin is the fastest horse in the race,” Macrojack said. Because he pointed out the importance of having solid assets as the dollar will be printed more. It also confirms Onramp COO Jesse Meyer’s suggestion that Bitcoin will be the “winner in the last round of incentives” as it did during the Covid-19 Pandemic. According to Meyer, raising the debt limit will cause the Federal Reserve to print more money. As a result, this means a decrease for USD and an increase for BTC. Because the two trade in opposite directions.
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