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Shiba Inu price
NFT Gaming

Shiba Inu price recovery in sight as burn rate rockets 7,200%

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Shiba Inu price bottomed at a crucial support level, with the soaring burn rate and whale buying, and falling exchange reserves pointing to an eventual rebound.

Summary

  • Shiba Inu price could rebound as the burn rate soars.
  • Whale have continued to accumulate SHIB coins.
  • The balances of Shiba Inu coins in exchanges has plunged.

Shiba Inu (SHIB) token was trading at $0.00001180 on Friday, Sep. 26, its lowest level since Aug. 2. 

Soaring burn rate and whale buying, falling exchange reserves

SHIB could be about to rebound as key fundamental catalysts align. Data compiled by Shiburn shows that the burn rate jumped by 7,200% on Friday to 7.06 million coins.

The burn rate jumped as one user sent 6 million SHIB to a burn address in three transactions. This burn brings the cumulative incinerated tokens to over 410 billion and the current circulating supply to 584 billion.

Another bullish metric is that whales have continued to accumulate SHIB, a sign that they expect it to rebound. Whales now hold 89 billion SHIB, up from this month’s low of 28 billion.

The closely-watched smart money investors who have a reputation of executing profitable trades have also boosted their positions. They have added their holdings by 105% in the last 30 days to 12.46 billion coins.

The ongoing accumulation likely explains why the amount of Shiba Inu Coins in exchanges has dropped to 283 trillion, down from 297 trillion in July.

These metrics are signs that investors expect the coin to rebound after falling by double digits this year. 

Shiba Inu price technical analysis

SHIB price chart | Source: crypto.news

The daily chart shows that the SHIB price has moved sideways in the past few weeks. It has formed a symmetrical triangle pattern whose two lines are about to converge. The coin moved below the lower side of this pattern during the ongoing crypto market crash. While this is a bearish move, it may also be a false breakout.

Shiba Inu’s Relative Strength Index and Chande Momentum Oscillator have moved to their lowest levels since June. The last time this happened, the coin rebounded by double digits.

Therefore, there is a likelihood that SHIB will rebound in the coming days. If this happens, the coin will likely rally and hit the important resistance at $0.0001477, the highest point on Sept. 14.



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NFT Gaming

Bitcoin Retest of $120,000 Is ‘Within Sight’: Bitbank

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In brief

  • Bitcoin traders may need up to a week to fully process the Federal Reserve’s first rate cut in nine months, with $120K now “within sight” according to Bitbank’s analysis.
  • 92% of CME FedWatch traders anticipate another 25-basis point Fed cut in October, while 72% of Myriad prediction market users expect the same outcome.
  • Despite bullish technical sentiment, Bitcoin options flows show traders are selling premium and capping upside between $125K-$150K rather than making aggressive directional bets.

It could take a week for Bitcoin traders to fully digest the impact of the Federal Reserve’s first interest rate cut in 9 months, according to Bitbank analyst Yuya Hasegawa.

“With risk-on sentiment persisting after the FOMC, this improvement in technical sentiment is seen as an additional tailwind [for Bitcoin], putting a test of $120,000 within sight,” wrote the Tokyo-based analyst in a note shared with Decrypt. “Should BTC successfully break above $120,000, a full retracement may finally come into focus. The market will digest the result for probably a week or so and go back to normal, focussing back on inflation and rate cuts.”

Next week includes planned remarks from Federal Reserve Chair Jerome Powell and Vice Chair for Supervision Michelle W. Bowman on Tuesday. Although the revised dot plot released by the Federal Open Markets Committee this week showed the possibility of two more rate cuts in 2025, Powell didn’t make any promises.

Traders will be reading for nuances each time Powell or another member of the FOMC gives a speech. Looking ahead to the October meeting, 72% of users on Myriad, a prediction market owned by Decrypt parent company Dastan, anticipate another 25-basis point cut and nearly 11% think the Fed will leave rates unchanged in its penultimate meeting for the year.



Rate cut bulls have shown even more strongly on the CME FedWatch Tool, which estimates 92% of traders are expecting the Fed to approve another 25-basis point cut. The tool shows 8% of traders think the Fed will skip a cut next month.

“At present, the stronger dollar and weaker bonds (higher yields) remain concerns,” Hasegawa added in his note. “However, this can be seen as a short-term reaction, given that the bond market had overly priced in cuts for next year.”

Deutsche Bank research analysts said they’d be watching for hints of what’s to come when Powell speaks on Tuesday. They added that traders should also scrutinize new consumer spending data due to be released by the Bureau of Labor Statistics Friday, Sept. 26.

“Our U.S. economists see month-over-month growth in core PCE coming in at 0.22%, down from 0.3% in July,” the analysts wrote in a note shared with Decrypt. Their forecasts for personal income and consumption will slow to 0.3%, compared to 0.4% in July; and that spending will rise 0.5%, staying level with July.

For now, Bitcoin options activity shows that traders are cashing in on premiums rather than holding their breath for a breakout, according to Jake Ostrovskis, head of OTC trading at digital assets market maker Wintermute.

“Flows are dominated by premium selling and upside caps,” he wrote in a note shared with Decrypt. He added that traders are selling call spreads between $125,000 to $150,000, meaning that they don’t expect Bitcoin to trade much higher than that range.

He added that “the overall stance is range-bound positioning and carry harvesting rather than aggressive directional bets.”

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Ethereum
GameFi Guides

Ethereum Leads Market Rotation Amid Shifting Liquidity On Binance, Is A Rebound In Sight?

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

After days of downward pressure and decline, Ethereum, the leading altcoin, appears to be staging a comeback as it surges toward the $4,400 price level. Despite the period of bearish price action, the second-largest asset continues to see serious interest from investors, especially on the Binance crypto platform.

Liquidity Migration, And Ethereum Is Dominating The Trend

As the market turns bearish, liquidity flows and investor behavior on Binance, the world’s largest cryptocurrency exchange, are revealing a clear market rotation. In the midst of this crucial market shift is Ethereum, as the altcoin heavily dominates the trend.

Following his analysis, Darkfost highlighted that ETH is gaining a disproportionate amount of trading activity on the Binance platform while capital moves across assets. This dominance of ETH indicates a renewed belief in the asset’s ongoing rally and long-term potential.

According to the on-chain expert and author, a noticeable change in investor behavior occurred on Binance during the month of August, which marked the first of its kind since 2023. Meanwhile, Ethereum took the center stage with a massive increase in trading volume over other major assets.

ETH trading volume surges | Source: Chart from Darkfost on X

In addition to dominating other major assets listed on Binance, the altcoin outpaced Bitcoin’s trading volume on the platform. This spike in interest coincides with ongoing market volatility, underscoring ETH’s developing position as the hub of momentum and liquidity in the exchange ecosystem.

Data shared by Darkfost shows that ETH recorded nearly $550 trillion in trading volume on Binance in August alone. After calculating Binance’s trading volume, this figure represents roughly 54% of the total volume. Darkfost also highlighted that investor interest in the altcoin seems to have increased sharply on the Binance platform, which has triggered a clear liquidity rotation. 

With most cryptocurrencies still struggling and Bitcoin recently reaching a new all-time high around $123,000, this dynamic has largely driven the increased attention to ETH and contributed to its current outperformance. Historically, a portion of the capital has tended to shift into ETH following a robust bullish leg from BTC before spreading to the rest of the market.

ETH Exchange Reserves Are Dropping

Another metric that reflects this renewed wave of interest is the Ethereum Exchange Reserve on Binance. Despite ETH’s continuous decline in price after reaching a new all-time high, Crypto Sunmoon’s quick-take post shows that demand for the altcoin remains strong compared to Bitcoin.

While Bitcoin reserves on the Binance platform have stayed comparatively constant, Ethereum reserves are exhibiting a persistent downward trend. According to the on-chain expert, this divergence implies that there is more demand for Ethereum than for Bitcoin, as market participants are actively accumulating ETH even during the present price consolidation phase.

Also, a declining exchange reserve is an indication that investors are moving their holdings off centralized exchanges to long-term storage or cold storage. Such a trend points to growing conviction among investors, which typically reduces selling pressure on ETH.

ETH trading at $4,310 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com

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