Shiba Inu (SHIB) Price Rises Thanks to Growing Support from 1.4 Million Holders

Audy Castañeda
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Shiba Inu (SHIB) Price Rises Thanks to Growing Support from 1.4 Million Holders

After a rollercoaster year in 2023, the dog-themed meme coin is showing signs of life in the first half of 2024.

Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is in the news again. With a growing holder base, a strategic support network, and a recent price increase, SHIB appears poised for a potential rise.

However, persistent selling pressure and the ever-present shadow of its all-time high keep investors cautious.

Shiba Inu Finds Strength in Numbers

SHIB’s popularity continues to rise. The number of Shiba Inu holders on the Ethereum blockchain has surpassed a staggering 1.4 million, a new milestone that reflects the coin’s expanding reach.

This surge in headlines indicates a growing community of believers in SHIB’s potential, which could translate into a more stable and resilient market presence.

Shiba Inu Establishes Support System for Price Stability

Beyond the growing base of holders, SHIB has created a strategic support system that could act as a safety net in case of price fluctuations. These areas, called “support groups”, are located at $0.00001 and $0.000014, and concentrate areas of buying pressure.

Essentially, a significant number of holders originally purchased Shiba Inu at these prices, meaning that a large number of tokens would be repurchased if the price falls below these levels.

Furthermore, the data suggests that a large portion of current SHIB holders are making profits. This metric, often visualized as “In and Out of the Money” by blockchain analysis tools, incentivizes them to hold onto their tokens rather than sell them at a loss.

Shiba Inu Still Barking at All-Time High

Despite the positive developments, a cloud of caution hangs over SHIB. The current price sits comfortably above the aforementioned support groups, but remains significantly lower than its all-time high of $0.00008616, reached in the meme coin frenzy of 2021.

Furthermore, while the recent surge price trend is encouraging, there is still more selling pressure than buying pressure in spot markets. This imbalance suggests that some investors are eager to withdraw money, which could hinder a sustained price rise.

Significant Increase in Shiba Inu Token Movement Sparks Speculation

According to U.Today, a significant increase in the movement of SHIB tokens has been observed in the last 24 hours, with a total of 4.34 billion SHIB tokens changing hands. This represents a substantial increase in large transactions within the Shiba Inu ecosystem, generating speculation and anticipation.

Recent data indicates a 215% increase in whale activity, with inflows of 4.34 trillion SHIB on April 19, a significant increase from 565.55 billion SHIB on April 17.

The Shiba Inu ecosystem is also seeing an increase in the volume of large transactions, those worth more than $100,000, which is an increase of 58.48%. This increase is mainly due to an increase in the accumulation of SHIB tokens by large holders, known as whales, who have significantly increased their bets on the cryptocurrency.

The inflow of 4.34 trillion SHIB tokens could suggest a concerted effort by whales to reinforce their positions in anticipation of future price movements or strategic maneuvers within the market.

The Way Forward for the Meme Currency

The future of the Shiba Inu remains uncertain. While recent events paint a cautiously optimistic picture, the meme coin market is notoriously volatile. SHIB’s success depends on several factors beyond its current holder base and support structure.

Continued positive developments in the broader cryptocurrency market, increased utility of the SHIB token itself, and a possible reduction in selling pressure are crucial for a sustained price rise.

By Audy Castaneda

IMF: “The Price of Bitcoin and the Number of Active Users Have Increased Noticeably Over the Last Decade”

Leonardo Perez
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IMF: “The Price of Bitcoin and the Number of Active Users Have Increased Noticeably Over the Last Decade”

According to the IMF, the rapid expansion of Bitcoin and other cryptocurrencies has dramatically transformed the global finance landscape, presenting opportunities and challenges for understanding and managing cross-border financial flows.

The International Monetary Fund (IMF) is an organization established in 1944 to promote global monetary cooperation, ensure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty worldwide.

The IMF is headquartered in Washington, DC and is made up of 190 member countries, each of which is committed to maintaining economic policies that are conducive to the well-being of all its members. The main objective of the organization is to ensure the stability of the international monetary system, that is, the system of international exchange rates and payments that allows countries and their citizens to transact with each other. This is essential for sustainable economic growth and improving living standards.

The IMF provides advice to its member countries and offers policy recommendations to help them meet economic challenges. It also provides financial assistance to countries facing balance of payments problems, which could affect their economic stability or the stability of the global economy.

Additionally, the IMF collects and analyzes economic data globally, fostering a deeper understanding of global economic trends. A recent IMF working paper, titled Introduction to Cross-Border Bitcoin Flows: Measurement and Drivers, prepared by Eugenio Cerutti, Jiaqian Chen, and Martina Hengge, offers a deep dive into the mechanisms and implications of cross-border Bitcoin activities. Bitcoin.

Decoding Cross-Border Bitcoin Transactions

According to this research paper, distinguishing between on-chain and off-chain Bitcoin transactions is critical to understanding the full scope of its cross-border movements.

On-chain transactions occur within the Bitcoin blockchain and are public and immutable, while off-chain transactions occur outside the blockchain and are not publicly recorded. This distinction is crucial as it affects the traceability and security of transactions, which are vital for regulatory and monitoring purposes.

The IMF document also analyzes the methodologies used to measure and analyze these flows. By leveraging complex data sets and innovative techniques, researchers provide a nuanced understanding of how Bitcoin is used across borders, in significant contrast to traditional capital flows. These insights are critical, especially since Bitcoin transactions often occur without geographic restrictions and can be influenced by regulatory environments and market sentiment.

Unique Drivers of Cross-Border Bitcoin Flows

One of the key findings of the IMF investigation highlights that cross-border Bitcoin flows are driven by factors other than those that influence traditional financial flows. Off-chain cross-border flows appear to correlate with attempts to circumvent capital flow management measures, indicating a unique role for Bitcoin in global financial dynamics.

The IMF analysis indicates that these flows are not only significant in volume but also in their potential impact on financial stability and regulatory frameworks.

Implications for Policy and Regulation

The IMF document highlights the importance of integrating cryptocurrency transactions into existing financial regulations. By understanding the specific characteristics and drivers of cross-border Bitcoin flows, policymakers can design better strategies that encompass the growing digital currency landscape. This is crucial to ensure that financial systems remain robust to the potential risks posed by unregulated digital transactions.

Furthermore, IMF research suggests that Bitcoin’s behavior in cross-border contexts can offer broader insights into the evolution of the digital economy and its interaction with traditional financial systems.

As cryptocurrency continues to gain ground, the IMF says it becomes increasingly important for international financial institutions and regulators to keep pace with technological advances to manage emerging risks effectively.

By Leonardo Perez

Habemus Halving: Bitcoin Highlights of the Week

Audy Castañeda
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Habemus Halving: Bitcoin Highlights of the Week

The Bitcoin halving is one of the highlights of cryptocurrency. Historically, the price of Bitcoin has seen significant increases after each halving. However, there are speculations whether this time it will follow the same pattern.

Some experts, such as PlanB, suggest that, after this fourth Bitcoin halving, the historical trend is likely to continue, while others raise doubts. This uncertainty raises expectations among both experienced investors and new Bitcoin enthusiasts.

Fourth Bitcoin Halving Activated

To recall, the first halving occurred in 2012, when the block reward was reduced from 50 BTC to 25 BTC. Then, in 2016, the second halving occurred, decreasing the reward to 12.5 BTC per block. Subsequently, the third took place on May 11, 2020, when the reward was reduced to 6.25 BTC.

Additionally, these events have an impact on the total supply of Bitcoins that can be mined. As issuance is reduced, supply is expected to decrease, which can potentially have a positive effect on the value of Bitcoin. However, it is important to note that the value of Bitcoin is determined by a variety of factors, including market demand, widespread adoption, and technological developments.

According to analysts, this event marks the beginning of a bullish phase in the price of Bitcoin. This bull run usually peaks about 12 months after the halving.

Regarding this fact, Michael Anderson, co-founder of Framework Ventures, had the following to say:

“If previous cycles are indicative of the future, the impact of the next halving may not become evident until more than a year, or possibly even 18 months later. That said, this is the first cycle in which a high has been reached history before a halving, so it is entirely possible that market trends are changing as more and more institutional money enters the market.”

Bitcoin Mining Would Cause a Massive Sale after Halving, Report Claims

According to Markus Thielen, CEO of the firm 10x Research, there could be a large sale of Bitcoin by miners in the months after the halving. Specifically, Bitcoin miners could liquidate $5 billion in BTC.

Regarding this fact, he indicated that “The surplus from this sale could last four to six months, which explains why Bitcoin could move laterally over the next few months, as it has done after previous halvings.”

The CEO concluded that if all miners have a similar strategy for selling post-halving inventory, “it could result in a maximum of $104 million of BTC sales per day, reversing the imbalance between supply and demand that caused the BTC rally.” pre-halving.

Regardless of what happens, if Markus Thielen’s predictions are accurate, there could be a decline in the price of Bitcoin after the halving. This may disappoint investors, especially those inexperienced retailers expecting an immediate increase in price.

Bitcoin Halving Party Begins Despite Danger in the Middle East

Indeed, Israel launched an attack on Iran, sending tremors through global markets. In fact, Bitcoin at one point fell more than 6% to $59,670, but then stabilized and moved to $65,400, and is currently trading above $63,600.

In this regard, Stefan von Haenisch, head of operations at OSL SG Pte, said that “The continued violence between Israel and Iran could generate a general feeling of risk aversion in the cryptocurrency sector. But a significant move lower could be necessary to undo all the bullishness around the halving.

Now, despite the turmoil in the Middle East, the Bitcoin halving celebration continues without interruption and social metrics show a high level of activity. According to The Block metrics, mentions on social networks are at significant levels.

By Audy Castaneda

SEC Provides Additional Information in Lawsuit Against Tron Founder: Update

Leonardo Perez
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SEC Provides Additional Information in Lawsuit Against Tron Founder: Update

According to the SEC filing, Justin Sun, through several companies he owns and controls, executed the offer and sale of two crypto assets considered “securities” by the US SEC.

The United States Securities and Exchange Commission (SEC) has filed new court documents in its ongoing lawsuit against Justin Sun, the founder of the TRON blockchain, and the companies he allegedly owns and controls.

The SEC’s latest filing provides additional information to support its previous allegations made in March 2023. The SEC accuses Sun of orchestrating unregistered offers and sales, “manipulative trading,” and “unlawful promotion of crypto asset securities.”

Sun “Has Traveled Extensively” Throughout US: the SEC Has Jurisdiction

The SEC argues that it has “personal jurisdiction” over Sun, Tron and two other companies it controls because they “intentionally carried out actions in the United States and directed at this country.” it wrote in an amended complaint filed April 17 with a Manhattan federal court.

Sun spent a total of more than 380 days in the United States between 2017 and 2019 on business trips to New York, Boston and San Francisco, the SEC alleged.

Justin Sun Accused of Orchestrating a ‘Manipulative Laundering Trade’

According to the SEC, Sun, through several companies, including Tron Foundation Limited, BitTorrent Foundation and Rainberry, executed the offer and sale of TRX, Tron. BitTorrent native token and BTT.

The SEC argues that these offers and sales should have been registered with the SEC or qualified for an exemption, but no such registration or exemption was filed. Sun is alleged to have engaged in public offerings and sales of TRX and BTT without complying with regulatory requirements.

The SEC also accuses Justin Sun of running a “manipulative laundering business” of TRX to create a “false appearance” of legitimate investor interest and maintain the price of the token.

The Tron Foundation, the BitTorrent Foundation, and Rainberry, along with their employees, allegedly facilitated wash trading under Sun’s instructions. This involved conducting “hundreds of thousands” of laundering transactions between accounts controlled by Sun without any genuine change of ownership or legitimate economic purpose.

SEC Seeks Restitution and Sanctions

In addition to the allegations mentioned above, Justin Sun is accused of materially misrepresenting the truth about the promotional campaign to allegedly mislead investors.

The SEC notes that Sun falsely claimed on social media that any celebrity promoting TRON must disclose their compensation. However, the SEC alleges that Sun himself arranged undisclosed payments to celebrities involved in promoting TRON, indicating a violation of anti-promotion provisions.

The SEC claims that the TRON founder’s actions violated several provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. These include registration and anti-fraud provisions, anti-manipulation rules, and aiding and abetting violations.

In its petition for relief, the SEC asks the court to find the defendants responsible for the alleged violations, impose permanent restrictions and injunctions based on conduct, prohibit Justin Sun from acting as an officer or director of certain “entities securities,” order the disgorgement of ill-gotten gains with prejudgment interest, impose civil monetary penalties, and grant any additional relief deemed necessary to protect investors.

The SEC’s new court filing against Justin Sun and his associated companies intensifies the legal battle surrounding allegations of unregistered offerings, manipulative trading, and deceptive promotion of cryptoassets.

As the case progresses, the outcome will likely have significant impact and notable implications on the digital asset regulatory landscape.

The native token of the TRON blockchain, TRX, is trading at $0.1110. It broke its month-long bearish trend with a 1.4% price increase in the last 24 hours.

By Leonardo Perez

Crypto Community’s Reaction after Completion of Fourth Bitcoin Halving

Audy Castañeda
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Crypto Community’s Reaction after Completion of Fourth Bitcoin Halving

The next halving will happen around March 4, 2028, meanwhile, the cryptocurrency market will show changes from now on. Personalities such as: Michael Saylor, Samson Mow, Stacy Herbert, Max Keiser, Indira Kempis, Javier Bastardo and The Bitcoin Office participated. Bitcoin enthusiasts have set a similar stance, that the scarcity of BTC after the halving will cause a gradual bullish rally in the coming months.

The BTC mining rewards halving has just been completed. The next halving will happen approximately March 4, 2028. From now on the cryptocurrency market will be reconfigured.

From this important event, analysts estimated a bullish streak for the cryptocurrency with the highest market capitalization, from $100,000 onwards. The most enthusiastic predict a bull market for Bitcoin, altcoins, meme cryptocurrencies and other virtual assets for the remainder of the year.

Crypto Community Celebrates the Fourth Bitcoin Halving “Like Christmas”

Most Bitcoin enthusiasts have set a similar position, that the scarcity of BTC after the halving will cause a gradual bullish rally in the coming months, while skeptics have suggested caution, since before the bull market a mini bear market will happen that could scare away new optimists. However, everyone agrees that the rally will happen in the coming months “yes or yes.”

MicroStrategy CEO Michael Saylor was one of the first to speak out after the halving and wrote in X: “840,000 ₿locks of Truth” or “840,000 thousand blocks of truth.” Until a few weeks ago, MicroStrategy held 214,245 BTC (1% of the 21 million BTC), and even had unrealized gains of $6.06 billion.

On the other hand, JAN3 CEO Samson Mow revealed on X that “Whatever Bitcoin you owned before this moment (Block 840,000), it is now twice as difficult for miners to get on the market.”

Samson Mow has been one of the main Bitcoin enthusiasts in Latin America, where he took a tour to speak personally with presidents and legislators from Colombia, Mexico, El Salvador and other Central American countries.

Bitfinex’s Bitcoin Ambassador for Latam, Javier Bastardo, carried out outreach campaigns on X to talk about the halving with the talk Why It Is So Important. He even considered that the recent event has been perceived by the community as a “merry Christmas” for BTC holders.

Although the president of El Salvador, Nayib Bukele has not spoken so far, The Bitcoin Office has, who confirmed that the country accumulates 1 BTC per day and they celebrated Halving Day “just like every other day in Bitcoin Country.”

Maximalist Stacy Herbert celebrated the halving by citing El Salvador as a success story in adoption under the legend “El Salvador is the Bitcoin Country for a reason.”

Maximalists from Latin America Are the Most Enthusiasts for Halving

Perhaps one of the most vocal Bitcoin experts, Max Keiser, wrote on his X account. He wrote things like: “Max and Stacy were the first and the most impactful.” He even posted: “I was 100% right” about the BTC rally in recent months. This is what he wrote on April 17:

“Making Bitcoin legal tender and putting 1/2 trillion dollars’ worth of BTC in reserves has made El Salvador the only country in the world to adopt a hard money standard.

President Bukele has moved from an economy based almost exclusively on US-sponsored war, gangs, extortion and terrorism to a new economy based on the free market, entrepreneurship and a Bitcoin standard.”

By Audy Castaneda

Bitcoin Recovery After Apparent End of Persian-Israeli Tensions

Leonardo Perez
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0
Bitcoin Recovery After Apparent End of Persian-Israeli Tensions

There is no consensus in the market on what the effect of this geopolitical conflict will be on prices

After several days of uncertainty for geopolitical reasons, the price of Bitcoin recovered significantly this Friday. After Thursday’s collapse following Israel’s retaliatory attack on Iran, the market gained ground again, given the possible freezing of tensions between Tehran and Tel Aviv.

Israel had promised a harsh response to Iran for the strong missile and drone attack last Saturday, April 13. Meanwhile, Iran said it was ready to carry out much more devastating attacks if Israel responded. However, according to ‘Al Jazeera’, Iranian authorities are downplaying the nature of the attack.

This scenario, as complicated as it may seem, is just the tip of the iceberg of a deep enmity between the two regimes. This hostility, it seems, will not lead, for the moment, into an open war that could convulse the markets.

At least, this seems to be investors’ interpretation of the cryptocurrency market. Some of that capital returns to Bitcoin, allowing its price to rise again to $64,000 per token. The other important element of this equation is the halving.

Uncertainty in Regards to Future Effects of Fourth Bitcoin Halving

There does not seem to be a consensus on the effect that this fourth ‘halving’ will have on the prices of the queen cryptocurrency and on the market as a whole. Traditionally, this event has been considered bullish, as it has coincided with cycles of strong increases in the weeks before and after its completion.

This time, however, analysts believe that factors such as the effect of BTC spot exchange-traded funds (ETFs) have brought forward much of this bullish cycle, while others believe that the global situation is as different from the past ones that it is impossible to use the previous halvings as a reference.

For Markus Thielen, founder of 10x Research, this event clearly will not cause rises in bitcoin and, in fact, could bring just the opposite because it will not meet market expectations. According to this expert, the few net inflows into BTC spot ETFs are a sure sign that there will not be a big price rally once this process is complete.

“I think a lot of the bitcoin rally is based on mistaken expectations. I think what’s really crucial is that these ETF flows didn’t stop out of nowhere, they stopped around March 12, when the inflation reading came out and the Production Price Index,” he explains.

Bitcoin Regains Strength in the Middle of the Halving Day

The trend in which Bitcoin recovers part of the lost ground occurs within the framework of the halving. This automatic software update of the largest cryptocurrency causes a 50% cut in rewards for miners. Thus, the event becomes one of utmost importance for the entire cryptocurrency market.

In the short term, the halving could have a negative effect on the price of BTC. In the end, it will all depend on the reaction of Bitcoin mining companies, many of which could face the prospect of bankruptcy. Another group would be forced to liquidate part of its reserves to maintain operating expenses. Meanwhile, a smaller team, and at the same time dominant, would come out well.

So far, the Bitcoin price is recovering, but investors are keeping a cautious eye. A third factor to consider in the short term is macroeconomic conditions in the United States, where inflation threatens to lengthen the era of high interest rates.

By Leonardo Perez

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