PRESS RELEASE. Geneva, Switzerland, March 13, 2024 – TRON DAO is glad to announce the integration with Amazon Web Services (AWS). This integration introduces the TRON Full Node on AWS, enabling users and developers to launch a TRON Full Node with unparalleled ease and efficiency. Seamless Full Node Deployment on AWS Through this integration, launching […]
Bitcoin News
Shiba Inu Sees 2,000% Explosion In Adoption, Is SHIB Headed For A $0.0008 ATH?
Shiba Inu (SHIB) has been gaining a lot of traction lately, with the meme token seeing an increase in the number of addresses created. This uptrend in the crypto token’s expansion is significant as it could spark a surge in SHIB’s price and possibly a new all-time high (ATH).
Shiba Inu Sees 2,000% Increase In Daily Addresses
Data from the Market Intelligence platform IntoTheBlock shows that SHIB has been attracting over 8,400 new daily addresses in March. This represents almost a 20 times increase from its February daily average. The meme coin’s new daily addresses peaked on March 5, recording 21,000 addresses.
The reason for the increase in SHIB’s adoption is not farfetched, as the Shiba Inu team has continued to implement exciting initiatives that are attracting new investors into the ecosystem. One of these initiatives includes the launch of K9 Finance, a liquid staking derivatives (LSD) platform on the Shibarium network.
Liquid staking looks to be one of the leading narratives of this bull cycle (something that has increased Ethereum’s network activity), and there is no doubt that K9 Finance can also help the Shiba Inu ecosystem achieve the same results.
Meanwhile, blockchain analytics platform Santiment recently highlighted how AI tokens and Meme coins look to be the leading altcoins at the moment. As such, it is unsurprising that investors will want to position themselves with SHIB, the second-largest meme coin by market cap.
The increased interest in SHIB since the beginning of March is already reflecting positively on its price, with the crypto token seeing a gain of over 162% in the last seven days. A sustained increase in SHIB’s adoption will help the meme coin maintain this bullish momentum.
SHIB Gunning For Its All-Time High
SHIB’s all-time high (ATH) currently stands at .0008, and with its current bullish momentum, there is a growing belief that it won’t be long before it surpasses that price level. The fact that the bull market also looks to be in full force already makes SHIB hitting a new ATH very possible.
Interestingly, crypto analyst Ali Martinez had predicted that SHIB could rise to as high as .011. Although that price level still looks very ambitious, it is one to keep an eye on as the meme coin continues its upward trend. Meanwhile, the Doge community will be on high alert as Dogecoin (DOGE) risks losing its crown to SHIB as the most valuable meme coin.
At the time of writing, SHIB is trading at .00003346, up almost 10% in the last 24 hours according to data from CoinMarketCap.
Lemon Report: Argentina Leads Crypto Adoption in Latam; Tether Dominates Stablecoin Sector
Argentina is leading the adoption of cryptocurrency in Latin America. According to a report titled “Argentina Crypto Capital,” produced by Lemon, a leading exchange in the country, four of every ten cryptocurrency apps in Latam are being used by Argentines, with over 70% of the deposits processed by the exchange corresponding to USDT, Tether’s dollar-pegged […]
Bitcoin News
Cardano Adoption Explodes: ADA Price Ready To Reclaim $3.1 All-Time High?
Cardano (ADA) could be on the path to breaking new price levels in the coming weeks, as indicated by on-chain data and adoption growth. The creation of new wallets on the Cardano blockchain has seen multiple spikes on various days since the beginning of February, showing a potential influx of new money into Cardano.
According to on-chain data, new addresses on the Cardano network spiked 89% between February 22 and February. Similarly, this metric witnessed a 248% surge earlier in the month between February 1 and February 2. Such a huge influx of new wallets is a very bullish signal for ADA.
Cardano Metrics Points To Increased Interest
One of the major factors to consider when considering the adoption rate of cryptocurrencies is the amount of new wallets created. According to on-chain data, the number of new wallets added to the Cardano blockchain spiked from 1,706 on February 22 to 3,227 on February 23. Similarly, this metric witnessed a larger spike from 1,553 on February 1 to 5,414 on February 2.
While the number of new wallets created daily has slowed down since February 23, it has steadied above 1,500 since the beginning of February. The total number of wallets registered on the Cardano network has also been steadily climbing and is almost at 4.6 million addresses.
Active daily addresses have climbed above 30,000 since the beginning of the year, recently reaching 64,568 active addresses on February 16. This growth on the back end shows that interest in the Cardano ecosystem is skyrocketing as more people want to get their hands on the native ADA token. This could translate into more demand for ADA, leading to a price increase.
ADA To Reclaim .1 Price Level?
ADA holders have been left wondering if the price can revisit its all-time high above .1 this year. After ranging and trading mostly .6 last week, ADA has now broken past the .62 mark again after a 6.99% influx into the entire crypto market. At the time of writing, Cardano is now trading at .6211, up by 6.23% in the past 24 hours and up 29.85% in the past 30 days.
However, ADA’s path back to the all-time high of .1 remains difficult, as it must overcome numerous price resistances. The first stage would be to get significant traction above .63. If successful, ADA might launch a new rise above .63, reaching .66 for the first time since December 2023.
As long as Cardano stays above .66, it is in good shape to eventually reach .20. Many long-term holders (529,000 addresses) who bought around this price point would likely sell here to break even. But if adoption increases and demand is strong enough, ADA could power right through.
Former NFL Star Russell Okung’s Crypto Adoption Comments Ignite Bitcoin vs. Stablecoins Debate
Comments on Lightning Network adoption, made by Russell Okung, a former NFL star who is among the first to receive part of his salary in crypto, sparked a discussion that highlighted the opposing opinions of the crypto community about the usage of bitcoin and stablecoins in emerging markets. Russell Okung Ignites Discussion on Bitcoin vs. […]
Bitcoin News
Blockchain-Based Loyalty Rewards Foster Brand-Customer Connection, Accelerate Web3 Adoption — Gennady Volchek
Universal loyalty programs can serve as potent tools, not only forging a direct link between a brand and its consumers but also influencing the latter’s shopping behaviour, Gennady Volchek, the CEO of the loyalty rewards app Shping, has said. However, by harnessing the power of blockchain and cryptocurrency, these loyalty programs empower brands to connect […]
Bitcoin News
Ethiopia’s Affordable Hydropower and Adoption of Crypto Mining Attracts Chinese Bitcoin Miners
The Ethiopian state electricity company has reportedly signed power supply agreements with 21 mainly Chinese bitcoin miners. The African country’s pursuit of foreign exchange has seemingly taken precedence over the concerns often raised by climate change advocates. Ethiopia Set to Become the Preferred Destination for Chinese Bitcoin Miners Ethiopia’s state power company has entered into […]
Bitcoin News
Dogecoin Adoption Explodes In Stunning Move, Can DOGE Chart A Path To $0.2?
The Dogecoin adoption trend has taken the crypto market by surprise after the number of new wallets being created on the network skyrocketed. Last week, new wallet creations were the center of attention as more than 890,000 new DOGE wallets were added in a single week. This time around, a new Dogecoin metric is taking the stage.
New Non-Zero Dogecoin Addresses Rise Rapidly
In a new report, the on-chain data tracking platform Santiment has identified rapid growth in one Dogecoin metric and that is the number of new non-zero addresses. These addresses include those that were created in the last week and are holding more than 0.001 DOGE on their balances.
The report shows that this category of addresses jumped more than 400,000 in the space of two weeks. More specifically, 413,800 new wallets have been added in the last week, with DOGE balances ranging from between 0.001 and 1 DOGE. This earns them the classification of non-zero balances.
Interestingly, this rapid rise in adoption happened at a time when the DOGE price was struggling to hold up in the market. As Santiment notes in its post, the DOGE price is down more than 23%, while network adoption has been on a bullish run.
However, this rise in adoption does not have a positive effect on the DOGE price, suggesting that there isn’t demand among the investors. More than likely, these new non-zero wallets are created by existing users who are looking to take advantage of and trade the newly introduced DRC-20 token standard on the network.
DOGE Comes Under More Selling Pressure
The Dogecoin price could be looking at more struggles ahead as more sell-offs could be looming on the horizon. Whale Alert, a platform that tracks the origin and destination of large crypto transactions, has flagged a large DOGE transaction that has sparked speculation in the community.
According to the report, the whale sent a total of 100 million DOGE coins worth over .8 million to the Robinhood exchange. The destination of the transaction is important because usually when investors send coins to centralized exchanges such as Robinhood, the purposes are more than likely to sell. In this case, a .8 million sell-off could put further pressure on an already struggling DOGE price.
For the DOGE price to climb as high as .2, there would need to be a catalyst, such as Elon Musk announcing Dogecoin payments for X (formerly Twitter). If the entire crypto market continues to perform poorly though, then the DOGE price could fall as low as .07 before bouncing back.
Dogecoin Adoption Rate Touches New ATH, But Why Is This AI Bearish On DOGE Price?
DOGE The Dogecoin network is on a roll after a particularly disappointing performance leading up to the end of January. Usage on the network is beginning to pick up once more after the price made its way above .08. New adoption saw the highest spikes, as almost 1 million new DOGE wallets were created in a 7-day period.
890,000 New Dogecoin Wallets In One Week
According to data from the on-chain analytics platform, IntoTheBlock, the number of new addresses created on the Dogecoin network spiked significantly in the last seven days of January. The total number of new addresses created during this one-week period came out to a total of 890,000. However, the most interesting part is the spike that took place between January 28 and 29.
In the screenshot shared by IntoTheBlock on X (formerly Twitter), we can see that the majority of new wallets creation happened in a single day. The daily wallet creation went from an average of 60,000 leading up to January 28, and by January 29, around 240,000 new wallets were created in a single day.
The next day would see a slight decline from these 2024 highs. But by January 31, the numbers picked up once more. During this time, another 200,000 DOGE wallets were created in a single day, accounting for one of the largest spikes in new wallets on the network.
IntoTheBlock offered a possible explanation for the spike in new wallets which could be related to an increased interest in Doginals. Doom, a highly anticipated project, was launched on the Dogecoin blockchain, contributing to the spike. The on-chain tracker also added that “the rumors of Xpayments could be driving new users to Dogecoin.”
Machine Learning Algorithm Not Convinced On DOGE Price
Despite the increased interest in the Dogecoin network over the last week, the outlook for its native DOGE coin is still not favorable, according to the machine learning algorithm at CoinCodex. The algorithm has presented the likely movements of the DOGE price over the next few days to the next month, and they are far from bullish.
For the nearest term, the CoinCodex machine learning algorithm expects that there will be a small increase in price over the next five days, with an expected 1.54% rise. However, looking out in the long term, the algorithm expects a change in this positive momentum.
Over the next month, the AI expects that there will be an around 11.13% drop in price from the current levels. This would put the DOGE price at .071, pointing to the current sentiment toward the meme coin being rather bearish for now.
Nevertheless, Dogecoin is still holding on to its small gains of 0.7% over the last day, while maintaining its position as the 10th-largest cryptocurrency in the space with a market cap of .37 billion.
Dogecoin In Demand: Data Shows DOGE Adoption Is Accelerating
On-chain data suggests the Dogecoin adoption has been picking up recently as a large number of new addresses are popping up on the network.
Dogecoin Is Observing A High Number Of Daily New Addresses Currently
In a new post on X, analyst Ali talked about how the Dogecoin network activity has been looking like recently in terms of new address creation. A “new address” is one that has taken part in some kind of transaction activity for the first time.
Some of the new addresses that pop up on the network every day belong to the existing users, who may be creating additional addresses for privacy purposes or simply moving to a different wallet.
The rest of the new addresses, though, are being created by fresh investors entering into the market, so the daily total value of the new addresses can provide hints about how the adoption of the meme coin is coming along.
The below chart shows the trend in this metric for Dogecoin over the last couple of months:
As displayed in the above graph, the daily number of new Dogecoin addresses started spiking last month and has since been consistently setting new highs as the metric continues in an overall upward trajectory. This would suggest that the network has been receiving a consistently high influx of new investors recently.
Adoption is always a constructive sign for any cryptocurrency, as fresh hands can help build a solid foundation that future uplifts in the price can sustainably grow off. Thus, it’s crucial for assets to continue to look attractive to new users, something that Dogecoin appears to have been doing fine recently.
Any positive effects on the price that come through adoption, though, generally only appear in the long term. Rather, depending on the nature of the adoption, it can in fact impart a negative influence on the cryptocurrency in the short-term.
This happens when too many new users join the blockchain in a short amount of time, only buying into the asset due to FOMO. Recently, the on-chain analytics firm Santiment also discussed this fast pace of address creation on the Dogecoin network, noting that Bitcoin (BTC) is also displaying a similar trend.
“Though network growth is a great sign long-term, this rapid rate of new wallets is a FOMO sign to be slightly cautious of,” explained the analytics firm in the post.
From the chart, it’s visible that Cardano (ADA) is the only asset among the top cryptocurrencies by market cap that’s not displaying any sort of address growth at all.
DOGE Price
Since the rally Dogecoin observed during the starting third of the month, the asset has gone rather stale, as its price has continued to move sideways around the .093 level during the last two weeks.