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  • Bitcoin dominance rises, Solana prepares a surge as CartelFi surges

    Bitcoin dominance rises, Solana prepares a surge as CartelFi surges

    Bitcoin’s dominance is undeniable with CMC’s altcoin season index substantiating the Bitcoin season at a level of 21. However, meme coins are making a comeback and investors are on the lookout for fresh projects promising hefty returns from little investments. The attention is particularly on new entrants whose foundation is more than just a viral joke. 

    One such meme crypto is CartelFi. It enables investors to earn passive income without compromising on the asset’s upside potential. 

    What’s more, even before the highly anticipated launch in Q3, early adopters are already earning big during its presale. With every 3-day stage, CARTFI token price surges by 5%. By the end of the 90-days period, the project will have transformed several retail investors into crypto millionaires.    

    Bitcoin price analysis: Neutral market sentiment creates hurdle on the path to $100,000

    A surge in institutional demand bolstered the bitcoin price to a two-month high on Friday. However, it has since pulled back as investors remain concerned over US-China trade tensions and the persistent macroeconomic uncertainties. Compared to last week’s greed level of 63, the crypto fear & greed index is at a neutral zone of 53.

    Data released by SoSoValue showed that only one out of the top 12 US BTC spot ETFs recorded daily net inflow on Friday. BlackRock’s IBIT recorded $674.91 million in the day’s net inflows while the other leading ETFs reported zero flows. 

    In the immediate term, the bulls are keen on defending the support at $96,050. Success at bouncing off that support level will avail a chance to break the resistance at $97,797 with the next target being the psychologically crucial zone of $100,000. On the flip side, a further pullback would have the bears eyeing $92,745.

     

    CartelFi rewards early adopters during the presale and beyond 

    CartelFi hit the ground running, raising over $500,000 in the first 24 hours of its presale. Notably, it has maintained the upside momentum despite the external chaos that have impacted the broader crypto market. 

    Less than 4 weeks into its launch, it has raised over $1.5 million. What started at a token price of $0.0251 is currently at $0.0408; rising by 5% every 72-hours stage.

    In addition to the opportunity to earn hefty cumulative gains during the presale, the project’s attractiveness has been enhanced by its concept of yield farming. Under the current DeFi structure, meme coins “lie idle” in between rallies. To enjoy yields, an investor would have to sell some tokens; missing out on a potential rally.

    CartelFi is solving this inefficiency by having an investor’s preferred meme coins work for them. Subsequently, one enjoys yields of upto 10,000% while still retaining the asset’s speculative upside. 

    Additionally, CartelFi’s programmed scarcity enhances its attractiveness and growth potential. 100% of the fees generated by the platform once users deposit their meme coins are used to buy back and burn CARTFI tokens. This ensures that the total supply remains low; sustaining its upside momentum. Find out how to buy CartelFi here.

    Solana price readies for a rally with a key bullish pattern underway

    Solana price has been hovering around the crucial zone of $150 for over a week after rebounding from the 14-month low hit in early April. While the sentiment in the broader crypto market has improved, investors are still concerned about Trump’s aggressive tariffs and their impact on the economy. 

    Even so, as meme coins make a comeback, Solana is set to benefit big from its positioning in the DeFi space. Subsequently, Solana price may continue to enjoy solid support at $140.

    Indeed, this has become a point of convergence for the 25 and 50-day EMAs; signaling the formation of a bullish golden cross pattern. On the upside, $160 remains a resistance level worth watching. 

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  • Stacks (STX) prepares for Nakamoto upgrade: here’s what to expect

    Stacks (STX) prepares for Nakamoto upgrade: here’s what to expect

    Stacks (STX) prepares for Nakamoto upgrade: here’s what to expect

    Stacks, the largest Bitcoin layer-2 network, is on the verge of a transformative upgrade known as Nakamoto. As the Nakamoto upgrade approaches, Stacks’ native token, STX, currently trading at $1.80, is up 68% from its August lows.

    Scheduled to begin this week, the Nakamoto upgrade promises to be a pivotal event for the platform, heralding significant changes in transaction efficiency and expanding use cases.

    Stacks Nakamoto upgrade

    The Stacks Nakamoto upgrade is set to drastically reduce average transaction times from 10 minutes to mere seconds.

    Such a leap in efficiency opens the door to a range of new applications, including the creation and utilization of liquid stacking tokens. These tokens can now be seamlessly integrated into Decentralized Finance (DeFi) platforms, allowing users to deposit, borrow, and leverage liquidity with greater ease.

    In addition to improved transaction speeds, the Nakamoto upgrade will introduce sBTC, a new asset pegged 1:1 to Bitcoin.

    Unlike wrapped Bitcoin (wBTC), which relies on a central custodian, sBTC aims to provide a decentralized alternative. This enhancement promises increased censorship resistance, cost efficiency, and robust security features.

    By simplifying Bitcoin’s use in DeFi, non-fungible tokens (NFTs), and gaming, sBTC is expected to differentiate itself from existing solutions and attract more creators to the ecosystem.

    The anticipated upgrade is not only poised to revolutionize transaction processes but also to bolster the DeFi and NFT sectors within the Stacks network.

    As developers roll out the Nakamoto upgrade, the Stacks is likely to see increased adoption and innovation, positioning it as a significant player in the evolving landscape of Bitcoin layer-2 solutions.

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  • Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC

    Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC

    Genesis Trading prepares to return $3B to customers, transfers 32,256 BTC
    • Genesis transferred $2.12B in BTC and $838M in ETH as part of bankruptcy restructuring.
    • Genesis will return $3B to creditors, covering 77% of customer claims.
    • Digital Currency Group will not receive any payout from Genesis’s bankruptcy plan.

    Over the past three days, Genesis Trading has moved approximately 32,256 BTC, valued at around $2.12 billion, and 256,775 ETH, worth about $838 million, to various addresses.

    This substantial transfer of assets is seen as part of the company’s efforts to manage creditor repayments under its ongoing financial restructuring plan.

    Genesis Trading settlement plan has been approved

    The turmoil for Genesis began in November 2022 with the collapse of the FTX crypto exchange, which severely impacted the firm’s derivatives business.

    Genesis halted withdrawals and filed for Chapter 11 bankruptcy protection in January 2023 due to substantial losses linked to the FTX debacle and the failure of Three Arrows Capital.

    At that time, the company owed over $3.5 billion to its top creditors.

    Amidst this challenging backdrop, Genesis has recently reached a court-approved settlement plan, aimed at returning $3 billion to its customers. This plan will cover approximately 77% of the total value of customer claims.

    In the immediate aftermath of Genesis’s bankruptcy filing, claims were trading at only 35% of their value on claim trading platforms. However, current trading prices for claims are significantly higher, with claims over $10 million trading between 97-110% of their value and smaller claims trading between 74-94%.

    Digital Currency Group (DCG) to miss out on this settlement

    Digital Currency Group (DCG), the parent company of Genesis, will not benefit from this settlement. The court has ruled that there is insufficient value in Genesis’s estate to provide DCG any recovery as an equity holder.

    This decision was influenced by DCG’s failed attempt to cap customer claims at January 2023 cryptocurrency values, which would have allowed for full repayment to customers and potentially a recovery for DCG.

    Additionally, DCG had assumed $1.1 billion of Genesis’s debt from the Three Arrows Capital collapse, but this obligation did not cover the losses.

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  • SHIB prepares to eat one zero after burn rate jumps up 1,494%

    SHIB prepares to eat one zero after burn rate jumps up 1,494%

    • Shiba Inu burn rate is up 1,494% after a massive burn of 147.5 million SHIB over the past week. 
    • SHIB burn rate has steadily declined, weekly burn in October is similar to the daily burn in the month of August 2022. 
    • A new Shiba Inu whale scooped up 3.36 trillion SHIB in a single transaction. 

    Shiba Inu’s burn rate has climbed 1,494% – a significant increase over the past 24 hours. Based on data from the portal that tracks Shiba Inu’s burn implementation and statistics, Shibburn, the pace of SHIB token destruction has picked up. Normally a bullish factor, the exponential increase in the burn rate is a reaction to SHIB price’s recent weakness, and holders are hopeful it will have a reversal effect.

    Also read: AAVE and Tezos XTZ arrive on commission-free trading platform Robinhood

    Shiba Inu’s burn rate climbed because of this factor

    Shibburn website statistics reveal that Shiba Inu’s burn rate has spiked up significantly over the past 24 hours. 45.16 million SHIB were burned over the past day and 147.5 million Shiba Inu tokens were permanently pulled out of circulation through last week. 

    Shiba Inu sent to a dead wallet address is permanently removed from circulation and considered burnt. There are two addresses that serve the purpose of dead wallets, identified as Burn Address one and two (BA-1 and BA-2) on the Shibburn portal. Several large wallet investors have contributed to the massive burn of the meme coin. 

    Shibburn burn transactions, SHIB tokens transferred to BA-1 or BA-2

    Shibburn burn transactions, SHIB tokens transferred to BA-1 or BA-2

    In August 2022 the daily burn was higher than weekly burn in October 2022. Shiba Inu holders used to send one or two billion meme coins on average to “dead” wallets. The burn rate has declined consistently over the past two months so the recent sudden rise must be set against an overall decline in tokens burned. 

    Will Shiba Inu price eat a zero?

    On October 19, Shiba Inu price suffered a decline, ‘adding’ a zero to the asset’s price (after the decimal stop). Shiba Inu is currently changing hands at $0.00000999. The Shiba Inu community typically increases the pace of SHIB burn and accumulates SHIB when the asset adds a zero. Combined efforts of Ethereum whales holding Shiba Inu and retail SHIB traders usually pushes the Dogecoin-killer’s price higher. 

    A whale wallet tracker platform @whale_alert alerted SHIB holders to a new whale who added 3.36 trillion Shiba Inu tokens in a single transaction on October 24. This is the first ever transaction by the whale, and the creation of more large wallet investors in Shiba Inu fuels bullish sentiment among holders. 

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  • Shiba Inu Price Prepares for Significant Move Following 23.3M SHIB Burn

    Shiba Inu Price Prepares for Significant Move Following 23.3M SHIB Burn

    Shiba Inu (SHIB) has been called many names — from ‘Doge killer’ to meme token. Nonetheless, with the SHIB supply shrinking, can demand kick price gains in gear?

    On Oct. 25, Shiba Inu’s burn rate spiked by a massive nearly 1800%, according to data from Shibburn.

    Despite the SHIB price moving in a narrow range near the $0.0000100 level, there are signs of a break in volatility. This could lead to more significant moves for the token. 

    Burning SHIB, breaking barriers 

    The SHIB burn rate spiked by over 1,800%, with 23 million tokens burned within 24 hours. The recent burn brought the total number of SHIB tokens burnt to 410 trillion. 

    While burn events aim to decrease the supply, thereby increasing price and demand, it didn’t pan out well for SHIB.

    Data from CoinMarketCap presented that 24-hour volumes for SHIB stood at $111 million, an 8.23% fall over the last day. 

    Additionally, from a social perspective, the weighted sentiment was still negative. Social volumes also oscillated at low levels. 

    Source: Sanbase

    Despite little-to-no retail euphoria and negative weighted sentiment, there is still some hope left for SHIB holders. 

    SHIB price volatility storm incoming?

    The SHIB price has still been trading close to the $0.000010 level, which has acted as a crucial support/resistance during Q2 and Q3 2022.

    The daily RSI was leaning more toward the oversold zone, showing that sellers were dominating the market as trade volumes maintained low levels. 

    SHIB/USDT 1-day chart | Source: TradingView 

    At press time, the SHIB price dropped below the key support level and was trading for $0.000009986. 

    Nonetheless, SHIB’s volatility oscillated close to its all-time low level noting 35% on the charts. With volatility at such low levels and a larger market looking overheated, the Shiba Inu price could potentially break out of the consolidation it has been stuck in. 

    Source: IntoTheBlock

    A look at IntoTheBlock’s In and Out of Money at Price presented that the next crucial level for SHIB is the $0.000010 mark, where 4.67 trillion SHIB is held by around 9.2K addresses. A fall below this level could lead to further losses pushing the SHIB price down to $0.0000090. 

    Source: IntoTheBlock

    In case of a bullish turnover, the SHIB price could potentially see a push to the $0.0000110 mark. 

    For now, healthy demand for SHIB from entities such as ETH whales could support a price push. Interestingly, Shiba Inu was still high up on the ETH whales’ holding list, as shown in data from Whale Stats: 

    Even though ETH whales could support the SHIB price, retail trading momentum and an uptick in volume would be key for Shiba Inu going forward. 

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