The team behind the Shiba Inu (SHIB) meme coin project has teased a major hardfork for Shibarium. Taking to its official X handle, the protocol’s developer said the upgrade is expected to go live on May 2 and will herald unique growth tracks for the Ethereum-based layer-2 scaling solution.

Big benefits of Shibarium hard fork

According to the announcement, the Shibarium hard fork will make it possible for the L2 to unlock new levels of capabilities. The team highlighted that this upgrade is about simplifying engagements with Shibarium. This in turn is a direct push to meet the expectations of its community.

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One of the major updates that will be made is the quicker block processing times that will be infused into Shibarium. Additionally, more predictable transaction fees will be introduced as this will directly address the performance concerns of the community.

Shibarium is a protocol with highly unstable performance metrics. In periods of high traffic, the transaction fee is typically varied, a major issue that needed prompt addressing. With this Shibarium hard fork, the team said it will smooth out this transaction fee variation and make the cost more predictable for all.

4/ We are also smoothing out transaction fee variations during high traffic times, making costs more predictable and fair for everyone. This ensures our platform remains affordable and accessible.

— Shib (@Shibtoken) April 25, 2024

The team is also interested in innovations that will place Shibarium at the forefront of the blockchain tech sector. It pointed out that its ultimate goal is to empower its community such that it can truly innovate without limitations.

One major omission

To balance out the yearnings of the community, many members, though appreciative of the hard fork, are not pleased that there was silence about the automatic burning of SHIB.

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Shiba Inu as a token is deflationary, and the burning approach is still done manually. Though there have been significant gains in the burn rate thus far, that it is manual leads to some consistent stoppages or downtimes.

Proponents believe that with a dedicated automatic burn portal, Shiba Inu can further be placed on a bullish pedestal in valuation boost.

Forbes has labeled several top-tier cryptocurrencies, including XRP and ADA, as "crypto zombies" in a recent research article. The term refers to layer-1 blockchains with major market valuation but limited utility beyond speculative trading.

Forbes points to Ripple Labs, the company behind XRP, as a prime example of a crypto zombie. Despite XRP's active daily trading volume, Forbes argues that its use extends no further than market speculation.  

XRP/USDT Chart by TradingView

Ethereum Classic (ETC) also ended up on the list for having a significant market value while generating relatively low fees on its network. The "true Ethereum" was created back in 2016 when, as the result of a hard fork stemming from the DAO incident, Ethereum Classic (ETC) emerged as a continuation of the original Ethereum blockchain.

Forbes also casts doubt on Algorand, once touted as an "Ethereum killer" for its high transaction capacity, citing a low income from blockchain transaction fees due to the lack of utility.

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One way or another, the mention of Cardano was the biggest surprise. Forbes' article refers to the project as trading on the popularity of its founder, Charles Hoskinson. It notes a problem regarding Hoskinson's educational claims.

However, supporters of Cardano argue that its ecosystem is active and thriving, delivering value and utility that extends beyond mere speculation. They point to the network’s inflows and the ongoing development activities as evidence of its vitality and relevance.

Forbes' statements may sound harsh to those who consider themselves a part of the aforementioned communities. However, the view and opinion of the researcher may not always align with reality and is only a part of a personal outlook. Some of the mentioned projects indeed have issues with utility, while others represent vibrant ecosystems with strong cases.

Entrepreneur Robert Kiyosaki, a prominent Bitcoin investor and the author of the classic book on finance management “Rich Dad Poor Dad,” has taken to the X platform to share his take on the current state of the U.S. economy.

While things are not looking too good, there still may be hope, he hinted.

The cryptocurrency community rushed to respond to Kiyosaki’s tweet.

Q: Is the American economy inDEPRESSION? A: YesDefinition of a depression: an economy in subpar growth. In other words the economy may be growing but below potential. Q4 2023 economy grew by 3.4%.Q1 2024 economy grew by 1.6% less than half. Not going to be a soft…

— Robert Kiyosaki (@theRealKiyosaki) April 25, 2024

US economy in depression, but there's a catch: Kiyosaki

Renowned financial expert Kiyosaki has tweeted that he believes the U.S. economy is currently in a state of depression. He then provided a definition of a depression - “an economy in subpar growth.”

This means that the U.S. economy might just be continuing to grow, he said, although below its true potential. Kiyosaki reminded his readers on X/Twitter that in the last quarter of last year, the economy grew by 3.4%. In the first quarter of this year, it has grown by less than half of that – 1.6%.

There is not going to be a soft landing for the U.S. economy, Kiyosaki believes, but he seems to remain optimistic since the economy continues to grow no matter what. He also urged his readers not to believe fake news.

Besides, according to his earlier tweets, the financial expert has made and continues to make a huge financial bet on the world’s leading cryptocurrency Bitcoin.

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Crypto community responds to Kiyosaki's statement

Members of various crypto communities responded to Kiyosaki’s message in the comments. One of them, an XRP-themed account, suggested that the definition of a depression should be changed in accordance with what Kiyosaki says in his tweet.

Some began to criticize the author, and others reminded him about one of his favorite assets – Bitcoin. The majority left positive comments, praising Bitcoin and thanking Kiyosaki for his tweets that they find useful and inspiring.

Bitcoin to $100,000 this year per Kiyosaki

Earlier this year, Kiyosaki stated that he expected Bitcoin to skyrocket to $100,000 by September. One of the major drivers for that, he stated, would be the BTC halving – it took place on April 19-20 (depending on the time zone).

The “Rich Dad Poor Dad” author also said that he planned to buy 10 more Bitcoins before the halving occurs since he expected a major price rise.

The long-awaited listing of futures for the popular meme cryptocurrency Dogecoin (DOGE) on leading U.S. exchange Coinbase appears increasingly likely, as mysterious transfers totaling nearly 557 million DOGE, equivalent to $68.7 million, were detected earlier today by Whale Alert. The transfers, originating from previously inactive wallets "DFBx6" and "DCTpB," signal potential developments in the near future.

Both wallets, which had remained under the radar since June 2021, coinciding with Coinbase's initial listing of Dogecoin on the spot market during the 2021 bull market, have suddenly made a major move.

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Coinbase's intention to introduce DOGE futures has been widely anticipated, with the exchange recently stating its plans following the successful listing of Bitcoin Cash (BCH) and Litecoin (LTC) earlier this month. Today's enigmatic transfers, while not definitive confirmation, align with expectations of imminent action.

🚨 🚨 228,105,810 #DOGE (34,341,747 USD) transferred from unknown wallet to #Coinbasehttps://t.co/G8TGqtW5Ws

— Whale Alert (@whale_alert) April 26, 2024

This development draws parallels to recent events involving rival platform Robinhood, which transferred three trillion Shiba Inu tokens shortly before announcing the token's availability for trading, underscoring the potential significance behind such movements.

The timing of these transfers, coupled with Coinbase's prior statements, fuels anticipation that Dogecoin futures could soon join the exchange's offerings, definitely impacting the DOGE market.

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As speculation mounts, questions linger regarding the true nature of these transfers. Are they routine movements by anonymous whales, or do they hint at an impending listing on Coinbase? The answers remain elusive, but one thing is certain: the anticipation surrounding Dogecoin's potential expansion into Coinbase's futures platform is here.

Cardano is facing challenging times. The asset has fallen under the 200-day Exponential Moving Average, a longer term moving average used for determining trend changes. Falling below this line is often seen as a bearish signal, hinting at a lack of conviction among bulls.

However, there is a glimmer of optimism as trading volume has begun to pick up ater ADA reached what some are considering a local bottom. This increase in volume could suggest that interest is returning to ADA at these lower price levels, which may be a positive sign for its short-term prospects.

ADA/USDT Chart by TradingView

As ADA moves around the current levels, the next crucial support lies at the $0.40 mark, as shown by the recent lows on the chart. If ADA can maintain above this level, it might provide a foundation for a potential recovery. On the flip side, a further slip could lead to a test of even lower supports, potentially challenging the resilience of ADA holders.

Looking at potential growth, if ADA begins to climb, the first notable resistance would reestablish itself above the 200 EMA, which currently stands near $0.50. Successfully breaking through this barrier could open the door to higher resistance levels, such as the $0.55 point, which aligns with previous areas of market interest.

Solana gets rejected

Solana has recently seen a significant reversal on its chart. After a period of bullish movement, SOL faced rejection at the 26-day EMA and has since retreated sharply, breaking through what was a key support level.

This has led to a drop below the anticipated support, bringing the next critical level into focus — the 100 EMA, standing at around $139. The current trading volume is on the decline, which might suggest a decrease in market volatility in the coming days. Amid a bearish trend, this decreasing volume could signal a slowing down of downward momentum, which, in the midterm, could be a positive sign for the asset.

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However, things are not that bad for Solana. If the price stabilizes and finds solid footing at the 100 EMA, it could offer a base for a potential rebound. If Solana manages to reverse course and climb back above the recent support-turned-resistance level around $150, it could aim for a retest of higher prices near the 26 EMA at approximately $160.

The upcoming SOL move will be decisive. The descending volume, coupled with the price action, suggests that a midterm consolidation could be ahead.

Shiba Inu's pivot

Shiba Inu is at a significant turning point. Recently, SHIB faced a setback as it attempted to break through the 50-day EMA. The failure to push past this mark and the following retreat signal a cooling of momentum for the meme coin.

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The market's momentum, or lack thereof, can be partly understood by looking at the trading volume, which remains neutral. This suggests a current lack of conviction among traders, which is often necessary to drive substantial price movements. Coupled with the RSI moving at around 50, there is an indication that SHIB is neither overbought nor oversold, reinforcing this sentiment of indecision.

Many digital assets are currently experiencing a phase of uncertainty, with significant breakthroughs few and far between. The support for SHIB, depicted by the blue line on the chart, stands as the battleground where this indecision is playing out.

The closest notable support level for SHIB is now at $0.000021, which may offer a springboard for a potential reversal if the level holds firm.

For growth, a bounce from the $0.000021 support could see SHIB aim for higher resistance levels. A bullish scenario would involve recapturing momentum and targeting the $0.000025 range, a price point that aligns with recent highs and the EMA barrier that SHIB has struggled to overcome for now.

According to cryptocurrency analytics platform Lookonchain, a major Bitcoin whale recently purchased 620 Bitcoins ($39.8 million) at the bottom of a recent price correction. 

The whale in question has acquired an astonishing $282.38 million worth of Bitcoin at an average price of $64,471.   

In the meantime, the Bitcoin price has already walked back the entire price plunge. According to CoinGecko data, the flagship cryptocurrency is currently trading at $64,676 after previously dropping to $62,923. card

As reported by U.Today, the sharp drop was caused by fresh US economic data that showed rising inflation and slowing GDP growth. Futures traders have now pushed back the timing of the first expected rate cut to December. Some analysts have also predicted that interest rates are going to remain steady in the US this year, a scenario that is not going to bode well for risk assets like cryptocurrencies. 

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Substantial outflows recorded by Bitcoin exchange-traded funds (ETFs) recently emerged as another bearish headwind. BlackRock's IBIT ended its impressive streak of uninterrupted inflows on Wednesday. Meanwhile, Grayscale recorded another $130 million worth of outflows.  

Despite these bearish factors, major market players appear to be willing to buy the current dip based on the actions of the aforementioned whale. However, it remains to be seen whether or not the recent price recovery will be sustainable. 

According to CoinGlass data, $210 million worth of crypto has been liquidated over the past 24 hours. Of course, long positions accounted for the majority of the wipeout. 

The cryptocurrency community is abuzz with speculation as two separate transactions involving a significant quantity of Ethereum (ETH) were offloaded to Coinbase, one of the leading cryptocurrency exchanges. 

The transactions, each amounting to a staggering 10,911 ETH, raised questions and sparked speculation about the motives behind the move and its potential implications for the broader market.

Crypto data tracker WhaleAlert reports two transactions, each labeled "10,911 ETH worth $33,986,479 transferred from an unknown wallet to Coinbase." The two transactions occurred within the last 24 hours, with each transferring the sum of 10,911 ETH to Coinbase's wallet address.

🚨 🚨 10,911 #ETH (33,986,479 USD) transferred from unknown wallet to #Coinbasehttps://t.co/BtJKHOTzIu

— Whale Alert (@whale_alert) April 25, 2024

The sizeable nature of the transactions immediately caught the attention of market observers, prompting speculation about the identities of the wallets and the motivations for such a large transfer of Ethereum. 

The timing of the transactions was particularly unusual, as it occurred during a period of increased volatility and uncertainty for Ethereum's price. At the time of writing, ETH has fallen 2.65% in the previous 24 hours to $3,115, reflecting the overall crypto market decline. 

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While the exact motives behind the ETH shift remain unclear, there are several speculations. Most likely, the move might be "funds' reshuffling" by Coinbase, as further details revealed by Etherscan on the sending wallet indicate interactions with some Coinbase-named wallets. 

If this is not the case, the move might be made by Ethereum whales looking to take profits or to reduce potential downside risk in the face of market uncertainty. Bear in mind that one of the reasons why tokens get deposited on exchanges is to sell them.

The move may also be linked to institutional investors or large holders looking to rebalance their portfolios or liquidate assets for strategic purposes.

Dogecoin (DOGE), the largest meme cryptocurrency, has formed a head and shoulders pattern, according to a recent update shared by cryptocurrency trader Josh Olszewicz.

$DOGEH&S watch pic.twitter.com/Usic42g2ey

— #333kByJuly2025 (@CarpeNoctom) April 25, 2024

The popular reversal pattern is often used by traders to identify the advent of a downtrend. The reversal point on the left side of Olszewicz's chart is known as "the left shoulder." The high point is known as "the head" of the pattern. The right shoulder represents another reversal point, which comprises the neckline together with the other reversal point on the left.

The price of Dogecoin could potentially break the neckline, thus forming a lower low. In such a case, the bearish pattern would be considered to be complete.

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This price pattern essentially shows the loss of bullish momentum when the price fails to make a higher high.

At press time, Dogecoin is changing hands at $0.15 on major spot exchanges. The coin is down more than 4.2% over the past 24 hours, performing in line with the rest of the cryptocurrency market.

Bitcoin plunges as rate cut odds dwindle  

Earlier today, Bitcoin, the top cryptocurrency, briefly dipped below the $63,000 level before recovering to $63,622.

According to analytics firm Fitch, a potential Fed rate cut could be out of reach this year following recent economic data that shows slowing GDP growth and growing inflation in the U.S. The firm said, "The hot inflation print is the real story in this report. If growth continues to slowly decelerate, but inflation strongly takes off again in the wrong direction, the expectation of a Fed interest rate cut in 2024 is starting to look increasingly more out of reach."

Futures traders are now pricing in zero rate cuts for 2024 in a stunning reversal. Earlier, the Fed was expected to cut rates three times this year.

The hawkish U-turn is unlikely to bode well for cryptocurrencies (especially meme coins). Risk assets are known to benefit from a loose monetary policy, which does not seem to be on the menu in 2024.

Grayscale Bitcoin Trust (GBTC) has broken a major record, one that establishes it as an unusually underperforming global Exchange Traded Fund (ETF) product. According to Bloomberg Senior ETF Analyst Eric Balchunas, GBTC has maintained its 72-day outflow spree. 

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Since spot Bitcoin ETFs were greenlighted in the United States in January, the product has consistently seen investors pulling funds out, but to varying degrees. Balchunas, who has been tracking the trend thus far, noted that no other known ETF in the industry has this kind of record, a statement that has triggered a reaction from the community.

Yes, $GBTC is on streak of 72 straight days of outflows, no ETF has ever done anything close to that. #1 all time. https://t.co/xxx90m4FC3

— Eric Balchunas (@EricBalchunas) April 25, 2024

Many attributed the underperformance of the Grayscale Bitcoin Trust to the decisions made by the firm regarding its fees. At inception, while other issuers set a minimal fee, Grayscale noted that it would charge 1.5%. This massive fee compares to the average of 0.2% from its competing ETF issuers.

In defense of this, Grayscale executives noted that the legacies of GBTC and the expertise of its team would make the fees insignificant at the end of the day. From current data indications, observers are seeing this trend as a mega red flag, one that might not favor Grayscale in the near future.

Spot Bitcoin ETF market losing steam?

The spot Bitcoin ETF ecosystem might be said to be losing steam gradually. This position stems from the recent break in the stellar performance of BlackRock’s IBIT thus far. The Bitcoin ETF recorded its first halt in inflow earlier this week, underscoring a likely pivot from risk assets.

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The drop came at a time when the price of Bitcoin experienced intense bearish volatility. At the time of writing, the premier asset is changing hands for $63,628.56, down by 2.1% in the past 24 hours. With the bearish Bitcoin outlook, it remains uncertain what the short-term trends of BTC will look like and how it might impact GBTC.

Justin Bieber's venture into non-fungible tokens (NFTs) has experienced a substantial setback, with recent reports indicating a significant decline in the value of his investments. According to data provided by Arkham Intelligence, Bieber's NFT purchases, which amounted to over $2 million in 2022, have seen their value diminish by approximately 95%, now estimated at just over $100,000.

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The decline in Bieber's NFT portfolio is evident in the fate of his acquisitions. Initially, his wallet received a substantial sum of $2.34 million in Ethereum (ETH), which he used to acquire two Bored Apes and two Mutant Apes, totaling $1.86 million. Additionally, he invested in various other tokens, including a World of Women token, two Doodles, an Otherdeed, and a Metacard, all of which have experienced significant declines in value ranging from 89.7% to 97.4%.

Source: Arkham Intelligence

Despite the considerable losses incurred, Bieber's wallet retains some value, currently holding just under $500,000 in Ethereum (ETH) and APE tokens. Notably, he continues to hold one Bored Ape and one Mutant Ape, although their combined value has decreased to approximately $47,300.

Is the bottom in?

Celebrity involvement in cryptocurrency reached its peak during the latter stages of the previous bull cycle in late 2021. At that time, headlines were dominated by reports of celebrities such as Eminem, Justin Bieber and rapper Future participating in the crypto space, either by purchasing popular NFT collections like Bored Apes or by adopting symbols like laser eyes on their social media avatars. 

However, the subsequent downturn in the crypto market has led to significant adjustments in their investments.

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While Bitcoin's price has rebounded impressively since hitting rock bottom in late 2022, soaring over 400% and setting new all-time highs, the market has yet to fully recover to its 2021 fervor. Bieber's experience serves as a poignant example of this reality, with his NFT investments recording a substantial loss despite the recent resurgence in cryptocurrency prices.

Fintech giant Ripple has emerged as a key player on the dynamic landscape of digital finance, particularly in the realm of blockchain-based payment solutions. 

In a recent response to tweets, Ripple CTO David Schwartz explained the company's sharpened focus on business payments, indicating a key strategic move.

It all started with a conversation on X/Twitter about the upcoming Ripple stablecoin and its implications for the XRP utility. An X user claimed that Ripple did not devote many resources to marketing the XRPL's capabilities and expanding its usage but rather built its proprietary software for payments. 

Schwartz explained why, stating that due to resource constraints at the time, Ripple had to focus its efforts on what it thought it could do best: enterprise adoption of blockchain for payments.

It's true. Back when we couldn't do everything we wanted to do, we focused on what we thought we could do best. We figured that enterprise adoption of blockchain for payments would not happen unless someone focused on it.

— David "JoelKatz" Schwartz (@JoelKatz) April 25, 2024

"Back when we couldn't do everything we wanted to do, we focused on what we thought we could do best. We figured that enterprise adoption of blockchain for payments would not happen unless someone focused on it," Schwartz responded. 

The recent revelation by the Ripple CTO underscores a deliberate pivot toward optimizing business payment systems. This focus is not just about expanding Ripple's market share but also about enhancing the efficiency of corporate transactions globally.

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Ripple's decision to target business payments seems rooted in a clear understanding of the benefits blockchain technology can bring to the sector. 

Ripple and the US Faster Payments Council (FPC) collaborated on a global survey in 2023 that explored the current and future adoption of blockchain payment systems to further assess what is happening now and next in the industry.

The survey proved that leaders were bullish on blockchain and cryptocurrency technology for faster payments, and believed in the potential of blockchain payment processing. Respondents also expressed strong preferences for cross-border payment use cases that reduce friction, risk and costs. Sentiment around blockchain technology and sustainability also remains strong among payments leaders. 

The cryptocurrency market is falling, according to CoinStats.

XRP chart by CoinStatsXRP/USD

The rate of XRP has dropped by 4.74% since yesterday.

Image by TradingView

On the hourly chart, the price of XRP has fixed below the local support level of $0.5158. If the situation does not change by the end of the day, the decline may lead to the test of the $0.51 zone tomorrow.

Image by TradingView

On the bigger time frame, there are no reversal signals yet, which means that there is a good chance of seeing a further drop of XRP to the $0.48-$0.50 range. 

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Such a scenario is relevant until the end of the week.

Image by TradingView

From the midterm point of view, the price of XRP has bounced off the $0.55 zone, which means that bears are still more powerful than bulls. If the weekly bar closes below the vital zone of $0.50, traders may expect a test of $0.45.

XRP is trading at $0.5145 at press time.

Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a significant 61.39% increase in large transaction volume, which is usually suggestive of whale activity. 

Large transaction volume is a crucial measure from IntoTheBlock that indicates the total amount transacted by whales on a particular day. Spikes in large transaction volumes point to high activity among whales, either buying or selling.

In recent days, there has been a decrease in the volume of large transactions for SHIB that exceed $100,000. SHIB reported a considerable reduction in large transaction volume, falling from 6.36 trillion SHIB on April 19 to 2.06 trillion SHIB on April 20. 

Large Transactions Volume, Courtesy: IntoTheBlock

Since this date, Shiba Inu's large transactions have flatlined between two trillion SHIB and 3.73 trillion SHIB, before a sudden rise on April 24. 

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Large transaction volumes increased from 3.73 trillion SHIB on April 23 to 6.23 trillion SHIB on April 24. The monetary value of large transactions in the past 24 hours reached $162.45 million, a seven-day high. 

SHIB drops 9%

The timing of the large transaction volume rise is particularly interesting, as it coincides with a broader market collapse, with major cryptocurrencies losing between 4% and 20%. 

Shiba Inu was not spared from the bearish trend, falling 8.69% in the last 24 hours to $0.00002486, despite rising 13% in the previous seven days. Thus, the resurgence of whale activity might signal renewed interest in the dog-themed token.

This is hardly surprising given that whales often utilize periods of correction to accumulate at a discount. The increase in transaction volume might suggest that large investors are once again positioning themselves on the market, potentially anticipating future price movements.

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The return of SHIB whales also comes at a time of heightened enthusiasm: Shiba Inu has just secured $12 million in funding, putting it on track to become a big participant in the crypto market.

As SHIB whales make a comeback, investors and traders will be closely monitoring market trends for clues about the cryptocurrency's price trajectory.

Check out the top three news stories over the past day presented to you by U.Today.

Binance to delist six trading pairs

According to Binance's recent announcement from April 24, it will remove and cease trading on six spot trading pairs. The delisting decision follows the exchange's periodic review of all listed spot trading pairs; based on its results, Binance may stop supporting some trading pairs due to low liquidity, trading volume or other reasons. The announcement in question concerns the following pairs: ALPINE/BTC, FRONT/TUSD, HARD/BTC, RUNE/TUSD, SSV/TUSD and WIN/BRL; starting from April 26, at 3:00 a.m., they will be removed from the platform. Similarly, Spot Trading Bot services for the aforementioned spot trading pairs will be discontinued on the specified date and time, as applicable. To prevent any losses, Binance customers are highly advised to update and/or terminate their Spot Trading Bots prior to the discontinuation of Spot Trading Bot services.

Shiba Inu team member shares crucial Shibarium update

Lucie, marketing lead at Shiba Inu and renowned SHIB enthusiast, has recently taken to X platform to hint at what is coming for Shibarium, Shiba Inu's layer-2 solution, in 2024-2025. Among the teased developments for Shibarium in upcoming years are: ShibaSwap (version 1.75, followed by 2.0), Shibahub, Treat, ShibaEternity P2E, Shib the Metaverse, K9finance Liquid Staking and layer-3 testnet. "Additionally, fully functional DAOs will be available for all tokens within the Shiba Ecosystem," added Lucie, concluding her update. Although specifics are still undisclosed, the team member's X post has generated buzz and speculation in the SHIB community. Since its launch in August 2023, Shibarium has seen significant growth, reaching 417,309,222 in total transactions, 1,785,549 in wallet addresses and 4,388,404 in total blocks.

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25 billion Cardano (ADA) in 24 hours: What's happening?

Recent on-chain data shows that ADA has experienced a significant rise in activity, with the number of large transactions increasing dramatically. Within a 24-hour period, 25 billion ADA were moved. Such a major increase in the volume of large transactions is frequently indicative of substantial wallet movements by institutional or whale players, potentially indicating preparation for bullish or bearish market developments. The intensity of this activity is further supported by the large transaction volume, which recently peaked at 27.67 billion ADA. Additionally, ADA's price chart demonstrates a tension-filled narrative. Following a downturn, ADA has made some attempts to bounce back, flirting with the 50-day EMA, which is approximately $0.5. However, a clear breakthrough has not occurred. At the time of writing, ADA is trading at $0.4654, down 5.99% over the past 24 hours, per CoinMarketCap.

The prices of most of the coins are falling, according to CoinMarketCap.

Top coins by CoinMarketCapBTC/USD

The price of Bitcoin (BTC) has declined by 4.29% over the last 24 hours.

Image by TradingView

On the hourly chart, the rate of BTC has made a false breakout of the local support level of $63,722. At the moment, one should pay close attention to the daily bar closure. If it happens far from this mark, buyers may seize the initiative.

Image by TradingView

On the longer time frame, the price of the main crypto has also bounced off the previous bar low of $63,554. However, it is too early to think about a reversal as bulls have not accumulated enough energy for a bounce back. 

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In this case, sideways trading around $64,000 is the most likely scenario until the end of the week.

Image by TradingView

From the midterm point of view, the rate is in the middle of the wide range, which means that none of the sides has seized the initiative yet. In this case, ongoing consolidation in the zone of $62,000-$67,000 is the more likely scenario for the next few days.

Bitcoin is trading at $64,262 at press time.

Blockchain tracker Whale Alert, which tracks down large cryptocurrency transactions, has detected a tremendous XRP transfer made by fintech behemoth Ripple Labs.

Two smaller XRP transfers from wallets related to Ripple were registered several hours later as well.

Ripple shovels 100 million XRP

According to the data shared by Whale Alert, approximately 20 hours ago, Ripple crypto decacorn transferred a whopping 100,000,000 XRP to a wallet tagged by Whale Alert as unknown. This amount of XRP was equal to $52,815,512 at the time of the transfer.

🚨 🚨 🚨 100,000,000 #XRP (52,815,512 USD) transferred from #Ripple to unknown wallethttps://t.co/CmwVPaSKWG

— Whale Alert (@whale_alert) April 24, 2024

Crypto users in the comments assumed that Ripple continues selling these tens of millions of XRP. Still the destination of the transaction was clarified by the Bithomp XRP explorer – the hundred million XRP went to a wallet that also belongs to Ripple.

If this is a sale then afterwards, these millions of XRP coins will be moved on until they end up at a cryptocurrency exchange to be sold. Ripple keeps a large share of the circulating XRP supply, billions of these coins, and sells some of them from time to time to cover their operational expenses.

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50 million XRP land in major exchanges

The aforementioned data source also shared that two more large XRP chunks were later transferred to major centralized crypto exchanges – Bitstamp and crypto unicorn Bitso.

🚨 28,270,000 #XRP (15,139,951 USD) transferred from unknown wallet to #Bitstamphttps://t.co/UfoAsV7PCd

— Whale Alert (@whale_alert) April 24, 2024

The former received 28,270,000 XRP worth $15,139,951 from an anonymous wallet. The latter got 21,920,000 XRP from an unknown address. Both transactions were made by the same sender – the -Hh4Rzn wallet, according to Bithomp, is related to Ripple too. Therefore, these 50.1 million XRP went to the exchanges from the above-mentioned blockchain heavyweight.

Bitstamp and Bitso are not only major exchanges, they also collaborate with Ripple on its payments service, which operates worldwide, running on RippleNet, and utilizes XRP for fast and low-cost transactions.

In a bid to promote transparency and trust with its customers, popular cryptocurrency exchange OKX shared its Proof of Reserve (PoR) which showed massive holdings of XRP, Dogecoin (DOGE) and Solana (SOL).

XRP, DOGE and SOL Take the Spotlight

According to the data shared by OKX, its XRP holdings come in at 327,872,491 units, a figure that far outstrips the 321,519,909 that belong to its users. This OKX balance and user balance reserve ratio comes in at 102%.

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A similar boost was seen for Dogecoin, the industry’s largest memecoin which marked a 101% reserve ratio. User's DOGE holdings come in at 4,225,024,214 units with actual Dogecoin held in OKX’s wallets coming in at 4,267,347,550.

Despite the network strains experienced by Solana, OKX proved to its users that irrespective of the trend, it can redeem all their withdrawal requests. With a SOL reserve ratio of 104%, the exchange posted 5,297,256 SOL in its wallets to counterbalance its users’ 5,104,503 SOL.

Being able to meet a user's withdrawal request is now a major yardstick to gain a customer base. Sharing reserve reports on occasion has become a norm for trading platforms that hope to forestall the FTX-like implosion that stemmed out of a lack of accountability.

Beyond OKX, Binance Shows Leadership

It is worth noting that Binance Exchange pioneered the release of the reserve assets, a tradition it still holds dearly to date. Just like OKX, Binance also reported on a very robust Dogecoin, XRP and Shiba Inu reserve when it released its Proof-of-Reserve (PoR) earlier this month.

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With the competition in the broader crypto ecosystem tightening across the board, communities are beginning to place a premium on these transparency reports. Potentially, regulators might also demand these reports as a key basis to guide the industry in the near future.

Charles Hoskinson, the crypto billionaire who helped to found Ethereum and then created IOG and the Cardano blockchain, has taken to the X/Twitter social media platform to get an important message across to his followers.

Hoskinson reminded the crypto community about the main goal of cryptocurrency: “Crypto doesn't want to set the world on fire, it just wants to start a flame in your heart.”

That is a quote from the song "I Don't Want to Set the World on Fire" by Bennie Benjamin, Eddie Durham, Sol Marcus and Eddie Seiler, written in 1938 and sung multiple times by a new generation of pop singers.

Remember, Crypto doesn't want to set the world on fire, it just wants to start a flame in your heart pic.twitter.com/LC7Ix64kdk

— Charles Hoskinson (@IOHK_Charles) April 25, 2024

The Cardano founder has found a line that reflects his own attitude toward crypto. As reported by U.Today previously, Ethereum founder and frontman Vitalik Buterin also recently sent a similar message to the community – about the true goal of any crypto. However, he did not cite any pop songs to go with it.

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Vitalik reminded his audience that cryptocurrencies were not created to be treated as digital assets only, and crypto is not about trading. Satoshi Nakamoto’s goal was much wider than that. He created Bitcoin with liberty and decentralization in mind.

He stated that freedom and privacy continue to be under attack these days. “Crypto is not just about trading tokens, it's part of a broader ethos of protecting freedom and privacy and keeping power in the hands of the little guy. And these values unfortunately continue to be under attack, globally.”

In the ever-evolving landscape of cryptocurrency, recent data suggests that long-term Bitcoin (BTC) whales are accumulating significant profits amid market fluctuations. While the broader crypto market has experienced a slight downturn, Bitcoin whales seem to be holding onto their positions, hinting at potential market impacts if they decide to cash in.

CryptoQuant, a prominent cryptocurrency analytics platform, recently released data indicating the unrealized profits of long-term Bitcoin whales. The chart posted by CryptoQuant showcases the unrealized profits of these whales, with the black line representing Bitcoin's price and the green lines illustrating the unrealized profits of long-term whales over time.

Unrealized Whales' Profits“Highlights a significant rise in long-term whales's unrealized profits, suggesting they're holding onto their positions and could impact the market if they start taking profits.” – By @Woo_Minkyu Full post 👇https://t.co/UspANdO97Z

— CryptoQuant.com (@cryptoquant_com) April 25, 2024

The chart reveals a compelling trend: as Bitcoin's price has been on the rise, long-term whales have been witnessing a steady increase in their unrealized profits. Notably, the data highlights a significant surge in these profits. This uptick in unrealized profits suggests that long-term whales are choosing to hold onto their positions, rather than cashing out at current price levels.

Market dynamics

This behavior among long-term whales is noteworthy for several reasons. First, it underscores the confidence these large-scale investors have in Bitcoin's long-term potential, even amid short-term market volatility. Second, their decision to accumulate profits could potentially impact market dynamics. If these whales decide to start taking profits by selling their Bitcoin holdings, it could lead to increased selling pressure and subsequent price fluctuations.

Meanwhile, the broader Bitcoin market has experienced a dip in price. As of the latest data, Bitcoin is trading at $64,042, marking a 3.86% decrease over the last 24 hours. Despite this decline, the trading volume for Bitcoin has surged by 39.59%, reaching $33.28 billion. This increase in trading volume indicates heightened market activity, possibly fueled by traders responding to recent price movements and the behavior of long-term whales.

Bitcoin fell to intraday lows of $63,320 as bullish BTC traders appear to be scaling back their bets on the world’s largest cryptocurrency. 

Bitcoin peaked at $73,798 in mid-March but has since fallen about 14%, trading 4.15% lower at $63,806 at press time. Buyers' enthusiasm for the leading cryptocurrency has waned, owing in part to increased risk aversion caused by anticipated delays in the Federal Reserve rate reduction.

In the most recent episode, data from blockchain analytics platform Lookonchain revealed that approximately $26.3 million worth of BTC was offloaded in the hours leading up to a significant price drop.

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This sizable sale, possibly whale activity, has prompted speculation among market observers about the motives and intentions behind the move. 

According to Lookonchain, a trader deposited 395 BTC worth $26.3 million to Binance for sale before Bitcoin prices fell several hours ago. The trader had bought 536 BTC worth $35.15 million at $63,729 from April 5 to April 18, then sold it at $66,530 in the last two days, making $1.5 million. 

A trader deposited 395 $BTC ($26.3M) to #Binance for sale before #Bitcoin prices dropped 4 hours ago.This trader bought 536 $BTC ($35.15M) at $63,729 from Apr 5 to Apr 18, then sold it at $66,530 in the last 2 days, making ~$1.5M.Address:18oPtAFWSsEQ7v9HmwVpg485MMG1yEWkEL pic.twitter.com/UUq6V68LRI

— Lookonchain (@lookonchain) April 24, 2024

This move has left many in the crypto community wondering: do the so-called "whales" — investors holding large amounts of cryptocurrency — have an insight into the market that others do not?

Some speculations suggest that the timing of the sell-off indicates a prescient move to capitalize on an impending market downturn, suggesting that traders or large holders may possess insights into market conditions. These individuals may have anticipated negative news or events that could trigger a price decline and acted accordingly to protect their assets.

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The trader's sell-off might also be a reaction to technical indicators and market signals, suggesting that large players may have been responding to bearish patterns or signals indicating a potential downturn in Bitcoin's price. In this scenario, whales may have sold off their holdings in an attempt to mitigate losses or capitalize on short-term trading opportunities.

Regardless, the motives behind the sell-off remain unknown.