Crypto Price Analysis Mar-15: ETH, XRP, ADA, SHIB, and DOGE

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HOME » PRICE ANALYSIS » CRYPTO PRICE ANALYSIS MAR-15: ETH, XRP, ADA, SHIB, AND DOGE

Crypto Price Analysis Mar-15: ETH, XRP, ADA, SHIB, and DOGE

Author: Duo Nine

Last Updated Mar 14, 2024 @ 11:24

This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin.



Ethereum (ETH)

Ethereum reached $4,000 this week, and the price managed to increase by 5%. However, sellers appear keen to return and push this cryptocurrency into a pullback.

If the $4,000 resistance does not break soon, the price may fall to the key support at $3,345. A pullback should not be a surprise, considering ETH has not had a correction in over a month.

Looking ahead, ETH remains in an uptrend even if the price falls to the key support, and a healthy pullback may be needed before it can make new highs to challenge the all-time high at $4,868.

Meme coin season ends abruptly, whales transfer large volumes of Shiba Inu, Dogecoin and PEPE to exchanges

Meme coins nosedive on Tuesday. Shiba Inu, PEPE, and Dogecoin see decline in prices. 

Two whales deposited $10.16 million worth of Shiba Inu and PEPE to centralized exchanges, sitting on nearly $135 million of unrealized gains.

An unidentified wallet deposited 150 million Dogecoin tokens to Robinhood, stirring fear of sell-off among holders. 

Whales are transferring their meme coin holdings to centralized exchange wallets, in large volumes. Specifically, three popular meme coins, Shiba Inu (SHIB), PEPE, and Dogecoin (DOGE), have seen a spike in exchange transfers. 

Typically, an increase in an asset’s supply on exchanges, accompanied by a price decline, is a bearish sign for the cryptocurrency. 

Also read: PEPE price rallies 26% on Monday, likely driven by whale accumulation

Whales transfer large volumes of SHIB, DOGE and PEPE to exchanges 

According to data from crypto intelligence trackers, two whales deposited $10.6 million worth of SHIB and PEPE to centralized exchanges Gemini, Crypto.com and OKX. Nearly four years ago, one of them scooped up 15.2 trillion SHIB tokens, of which they transferred 200 billion to Gemini and Crypto.com. The whale’s SHIB transfer is valued at $6.49 million. 

The whale’s wallet has an estimated unrealized profit of 129 million with 2.6 trillion SHIB left in it. 

Binance trading volumes hit yearly high at $1.12T in March

Binance spot trading volumes hit a yearly high in March as Bitcoin and Ethereum rose to new highs.

Spot trading volume on the Binance exchange hit its highest level since May 2021 afte seven consecutive months of ascent, according to a new report from CCData.

According to an April 5 report by cryptocurrency analytics platform CCData, Binance’s spot trading volume increased by 121% to $1.12 trillion in March

The report said the combined market share of the exchange also increased by 1.04% to 44.1% in March.

Source: CCData

CCData highlights Binance’s recovery after settling its case with the United States Department of Justice and paying a $4.3 billion settlement fine. This is evidenced in its derivatives trading volumes, which have risen by 89.7% to $2.91 trillion, also achieving their highest levels since May 2021.

CCData analysts also noted that Binance made the largest gain in spot markets, increasing its market dominance by 2.3% compared with February. The exchange also saw the biggest gains year-to-date, now accounting for 38.0% of the spot trading volumes on centralized exchanges (CEXs).

Change in market share on selected exchanges year-to-date. Source: CCData

In January, analytics firm Kaiko reported that Binance experienced an increase in trading volume, with its market share climbing 50% within just two months of its settlement with the United States Department of .

Fantom Supply On Exchanges See Drastic Increase, A Cause For Alarm?

The Fantom (FTM) supply on exchanges has been rising in recent times, leading to speculations for what this might mean for the price of the cryptocurrency. Going by trends in the crypto market of when the exchange balances of a particular coin goes up, there might be some pain ahead for FTM investors.

Fantom Supply On Exchanges Rise By 16 Million

The Fantom price had increased over the last month to reach a new three-year high above $1.2. However, this rally was only short-lived and the altcoin has begun to eliminate its gains from the month of March gradually in the past week.

Related Reading: Shiba Inu To Rally 100% To $0.000062? Analyst Reveals Why This Is Possible

One culprit for this decline in price is the high level of selling that have been taken place among FTM holders, majority of which have been holding their coins for a rather long time. As a result, the available supply of Fantom on centralized exchanges continued to balloon as investors rush to sell off their tokens and capitalize on gains.

Data from the on-chain tracking website Santiment shows that in the last week of March, there was a considerable number of FTM flowing into centralized exchanges. This saw their available balance go from around 654 million to over 670 million in the space of a week, with over 16 million flowing into exchanges.

This inflow trend coincides with the drop in the Fantom price from above $1.1 to $0.84, suggesting that it is indeed the selling pressure from these FTM investors that is responsible for the price decline. Given this, there would have to be a reversal in this selling trend is the FTM price is to recover from here.

Bullishness On FTM Not Dead

The inflow of millions of FTM into centralized exchanges is bearish, but this could only last for the short term. As a rule of crypto, eventually, these sellers will run out of coins to sell, leaving room for demand to catch up with the available supply. At this point, the FTM price will begin to see a reversal in the trend.

XRP price-to-sales ratio double that of Nvidia

The price-to-sales ratio is used to assess the potential of an investment, with lower ratios signaling more attractive opportunities.

The XRP token’s price-to-sales ratio is nearly double that of Nvidia, one of the most traded stocks on the market. 

The XRP 

XRP



$0.63

 token has a price-to-sale ratio of 61.689, while Nvidia has a price-to-sales ratio of 37. This ratio is calculated by dividing a company’s market capitalization by the company’s revenue or total sales over the past 12 months. The lower the ratio, the more attractive the investment.

Ripple’s XRP ledger generated over $583,000 worth of network fees in 2023, according to Messari. In comparison, Nvidia generated $26.97 billion in revenue during 2023, according to its 2023 fiscal report.

The XRP token rose 0.15% in the 24 hours up to 10:30 am UTC, to $0.6205, with a $34 billion market capitalization, according to CoinMarketCap data.

Nvidia shares were down 0.49% in pre-market trading to $898.25, according to Yahoo Finance data.

Nvidia is the world’s largest semiconductor chip manufacturer and the third-largest company in the world, with a market capitalization of $2.25 trillion.

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Bitcoin Is Back Above $71,000. What Developments Are Worth Paying Attention To?

Bitcoin retook $71,000 Monday for the first time in about 10 days, crypto-linked stocks including Coinbase and MicroStrategy also spiked Monday, gaining 9% and 22%, respectively.

Behind Bitcoin's back above $71,000, which developments should we keep an eye on?

Crypto funds mark biggest outflows on record last week

Global crypto funds took a sharp downturn last week as investors pulled out $942 million - the most on record, according to CoinShares. This broke what had been a record seven-week string of inflows of $12.3 billion.

Last week's outflow came alongside downside volatility in the price of bitcoin, which tumbled below $61,000 from $73,000 just days earlier.

“We believe the recent price correction led to hesitancy from investors, leading to much lower inflows into new ETF issuers in the US, which saw $1.1 billion inflows, partially offsetting incumbent Grayscale’s significant $2 billion outflows last week,” James Butterfill, head of research at CoinShares, wrote in the report.

Bitcoin erupts higher in epic futures short squeeze

According to ZeroHedge, the latest week saw the largest Bitcoin CME non-commercial futures shorting/selling since last October.

addition, Goldman's Futures desk observed record after record in bitcoin futures: indeed, as prices hit a record high above $73k, total open interest did as well this week above 33k contracts outstanding or nearly $12bn, as "the total number of organizations holding the contract is at a near-record also."

Moreover, Goldman noted that institutional net long and hedge fund net short lengths are at record levels, and the concentration of longs – the percentage of total open interest held by the top 4 net long traders at nearly 60% – is well above average levels.

$55.26 MILLION+ IN $FLOKI BURNED SO FAR IN MARCH THROUGH STRONG UTILITY DEMAND

A total of 214,774,104,953 $FLOKI tokens, worth $55,261,377.2 at the time of writing, have been burned so far in March.

That's more burns than $DOGE, $SHIB, $PEPE, $WIF, $BONK and other top #memecoins combined!

These burns are happening through a combination of Floki's utility products and a DAO-approved burn.

We expect these burns to ACCELERATE with the launch of more #Floki products later this year and as strong momentum for Floki continues.

These utility-driven burns automatically remove $FLOKI from circulation as demand and use of Floki products increase, and they will continue well into the future as adoption of Floki products increases.

Specifically, these burns are driven by two key Floki products:

1. The Floki Staking program, which has a 5 - 20% early unstake penalty fee in the form of $FLOKI , which is burnt whenever a Floki staker unstake earlier than the due date.

2. The FlokiFi Locker DeFi protocol, which buys/burns $FLOKI whenever it is used on the ETH and BNB chains.

In addition, we have several exciting products coming later this year, such as the "Floki Trading Bot," which will aggressively accelerate $FLOKI burns.

We've also kickstarted aggressive marketing campaigns to help accelerate the adoption of Floki products and introduce Floki to billions of new users as we work towards our goal of becoming the world's most known and most used cryptocurrency.

Bitcoin Falls Below $65,000; Ondo, Solana Among Top Losers

Bitcoin (CRYPTO: BTC) moved lower, with the cryptocurrency prices falling below the key $65,000 level on Friday.

Ethereum (CRYPTO: ETH) also recorded losses, trading below the key $3,500 mark this morning.

Fantom (CRYPTO: FTM) was the top gainer over the prior 24 hours, while Ondo (CRYPTO: ONDO) turned out to be the biggest loser.

At the time of writing, the global crypto market cap fell to $2.46 trillion, recording a 24-hour decline of 3.3%. BTC was trading lower by 4% at $64,523 while ETH fell by around 3.5% to $3,417 on Friday.

Here are the top ten crypto gainers and losers over the past 24 hours:

Gainers

Fantom (CRYPTO: FTM)
Price: $1.19
24-hour gain: 13%

Internet Computer (CRYPTO: ICP)
Price: $13.33
24-hour gain: 7.2%

Aptos (CRYPTO: APT)
Price: $15.99
24-hour gain: 5.9%

Ronin (CRYPTO: RON)
Price: $4.03
24-hour gain: 5.4%

Kaspa (CRYPTO: KAS)
Price: $0.1536
24-hour gain: 4.7%

Losers

Ondo (CRYPTO: ONDO)
Price: $0.7165
24-hour drop: 10.2%

Solana (CRYPTO: SOL)
Price: $172.88
24-hour drop: 9.1%

Bittensor (CRYPTO: TAO)
Price: $585.43
24-hour drop: 9.1%

Jupiter (CRYPTO: JUP)
Price: $1.19
24-hour drop: 8.7%

Pepe (CRYPTO: PEPE)
Price: $0.000007534
24-hour drop: 8.5%

Ether.fi (ETHFI) Sell-Off Intensifies As Arrington XRP Capital Shifts Holdings To Binance, Will $3 Support Hold?

ETHFI, the governance token for the Ether.fi staking protocol has seen a significant drop in price since its debut on Binance on Monday, March 18. After initially trading at $4.13, the token has lost over 25% of its value, raising concerns among investors. 

Nonetheless, recent on-chain activity has fueled speculation of further sell-offs, potentially threatening the token’s stability and its ability to hold the $3 mark. In particular, blockchain analytics firm Nansen has identified interesting behavior involving Arrington XRP Capital on the Ether.fi platform, highlighting some significant transactions.

Price Concerns For ETHFI
In a recent post on social media site X (formerly Twitter), Nansen’s analysis reveals interesting activity involving venture capital fund Arrington XRP Capital on the Ether.fi platform.
However, the Ether.fi team has responded to the speculation surrounding the on-chain movements made by Arrington XRP Capital.

Ether.fi Clarifies 

According to Ether.fi, Arrington XRP Capital has been a consistent investor in the platform and has provided significant support since its inception. The statement further noted that as early adopters and active stakers, the Arrington team has actively staked its assets on Ether.fi, contributing to the platform’s growth. 

The multi-wallet distribution observed in recent activity did not surprise Ether.fi, as they were reportedly informed of this approach in advance.







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Bitcoin

$63,059.60-2.78%

Ethereum

$3,239.44-2.44%

Binance Coin

$515.80-3.40%

Solana

$167.80-8.70%

XRP

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$0.58931848-5.42%

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$51.30-14.37%

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$0.12940020-3.85%

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$0.00002501-5.82%

Toncoin

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Crypto PricesCoinDesk 20 Index

Markets

Bitcoin Climbs Above $63K, Crypto Longs Take On $600M in Liquidations

The broad-based CoinDesk 20, an index of various major tokens minus stablecoins, was little changed over the past 24 hours with losses of just 0.34%.

By Shaurya Malwa

Mar 20, 2024 at 11:24 a.m.

Updated Mar 20, 2024 at 11:26 a.m.



Bitcoin climbed above $63,000. (Thomas Höggren/Unsplash)



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Bitcoin experienced a quick recovery after briefly falling below $61,000, with major tokens stabilizing following losses of up to 15%.

Analysts lowered the odds of a spot ether exchange traded fund listing, and Bitcoin remains in a downtrend with traders advised to keep an eye on risk appetite in financial markets influenced by central bank meetings.

 

Bitcoin Tops $66K as...

Bitcoin (BTC) rebounded from the day's lows to regain $63,000 in European morning hours Wednesday, staging a quick recovery after briefly falling under the $61,000 level in early Asian trading hours.

Still, bets on higher prices saw nearly $600 million in liquidations, data shows, as major tokens declined for a second day. Futures positions showed no bias as of writing time, with longs and shorts equally making up 50% of all futures positions

Shiba Inu (SHIB) Skyrockets 3,220% as Whales Make Intriguing Moves

News

/

/Shiba Inu (SHIB) Skyrockets 3,220% as Whales Make Intriguing Move…



Shiba Inu (SHIB) Skyrockets 3,220% as Whales Make Intriguing Moves

Mar 14, 202416:58 GMT+1

SHIBUSD−2.61%BTCUSD−0.41%SOLUSD+4.95%

Dog-themed cryptocurrency Shiba Inu SHIBUSD has experienced a staggering surge of 3,220% in large holder netflows. This unprecedented spike in netflows demonstrates intriguing moves by whales that are either accumulating or selling.

Large holder netflows, which track the movement of SHIB tokens among wallets holding significant amounts of the cryptocurrency, provide valuable insights into the behavior of whales and institutional investors.

A spike in large holders' inflow demonstrates accumulation by large holders, or whales, while drops in this metric might indicate selling.

The surge in large-holder netflows might reflect a significant increase in institutional interest in Shiba Inu, suggesting growing confidence in the cryptocurrency's long-term viability. The last 24 hours saw 9.94 trillion SHIB in the volume of large transactions, which refers to those greater than $10,000.

At the time of writing, SHIB was trading up 2.27% in the last 24 hours to $0.0000324. Shiba Inu's 24-hour trading volume has surged by nearly 51%, with $2.41 billion worth of trades. With a market cap of $19.05 billion, Shiba Inu sits in 11th place in the crypto market rankings.

Shiba Inu secures second place on Upbit

Shiba Inu saw an extraordinary surge in price and market capitalization in recent weeks. Against this backdrop, Shiba Inu has achieved a significant milestone by becoming the current second most traded asset on Upbit, trailing only behind Bitcoin BTCUSD in terms of trading volume.

Upbit Korea is the largest cryptocurrency exchange in South Korea in terms of trading volume and customer base, thus, this remarkable feat underscores SHIB's growing popularity and widespread adoption among South Korean traders, who have embraced the dog-themed cryptocurrency as a trading

Top 3 altcoins for 10X returns in 2024

While the crypto market bull run has been heating up for many months, March seemingly brought it to a boiling point. 

Bitcoin (BTC) has not only crossed its old all-time high of $69,000 but has also set several consecutive new highs, finding itself around $73,000 at press time. 

Additionally, Ethereum (ETH) is eyeing $5,000 after many years, and meme coin enthusiasts are again finding ways of turning hundreds into millions.

the back of an already strong performance. Demonstrating Cardano’s strong late 2023 rally, Cardano is up 127.99% on the 52-week chart, while its YTD growth reflects both the ongoing surge and the early-January crypto market slaughter as ADA is 25.90% in the green.

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