Shiba Inu's price has re-entered the red territory after witnessing a notable rising price action yesterday. Amid this, a whale offloaded 199 Bln SHIB to Coinbase making notable profits.

Shiba Inu, the self-proclaimed Dogecoin killer, has once again birthed a tsunami of speculations across the global crypto realm. Amid its price re-entering the red territory following considerable gains witnessed yesterday, a whale has been noted to transfer colossal amounts of SHIB to Coinbase, one of the world’s leading CEXs.

This has set off a wave of mixed market sentiments, leaving the future price movements of SHIB shrouded in uncertainty. Let’s delve deeper into the recent whale data and market dynamics of one of the most renowned dog-themed meme coins.

Whale Makes Profit With Massive SHIB Transfer:
According to data streamlined by the on-chain analytics platform Spotonchain, the whale 0x541 deposited 199 billion SHIB to Coinbase today, May 17.

Notably, the whale bought these tokens from Coinbase between October 2021 and September 2023. Now, after depositing all SHIB holdings into Coinbase, the whale has realized an estimated profit of $3.2 million.

Although this phenomenon illustrated that the whale has made colossal profits via SHIB, buying at the right time, it’s worth mentioning that current sentiments do not seem so optimistic.

Market trends took a 180 turn as the whale’s transaction aligned with profit-taking behaviors. This is viewed by crypto market participants as potentially negative, as it could further increase the selling pressure on the token.

Meanwhile, as the whale dump also underscored a loss of investor interest in Shiba Inu’s potential to offer future gains, crypto traders and investors expect a waning price trajectory ahead.

SHIB’s Price Slips:
Coming in tandem with the broader market’s tumbled price movement, SHIB’s price has slipped 2.60% in the past 24 hours and is currently trading at $0.00002445. The token’s bearish movement today primarily falls in line with the massive amount of SHIB offloaded, as mentioned above.

Thus, Coinglass data revealed a 4.89% fall in SHIB’s open interest, reaching $73.43 million, followed by a derivatives volume decrease of 44.25% to $178.04 million. This data added to the bearish sentiments surrounding SHIB, flagging reduced market activity and investor interest.

Nonetheless, the RSI continued to move around 51, hinting that the asset is neither overbought nor oversold. Concerning this, if the selling pressure continues to rise, Shiba Inu could witness a waning price trajectory ahead.

NOTE:
Cryptocurrency is very volatile, invest wisely and manage your risk properly.
Not a financial advice, always do your own research.
#Crypto_Angel #Binance

Shiba Inu Takes Center Stage With Dedicated Payment Page On Binance Pay

Binance Pay has launched a standalone payment page for Shiba Inu (SHIB), which could offer a realm of opportunities for SHIB supporters and holders.

Binance Pay, the cutting-edge crypto payment service by Binance, has recently introduced a dedicated page to facilitate Shiba Inu (SHIB) payments. This new feature opens up a host of opportunities for SHIB holders, streamlining the process for businesses and individuals to transact with this increasingly popular token.

Binance Pay Launches Dedicated Page For Shiba Inu:
The newly launched page is designed to simplify the acceptance of SHIB payments, according to a report by ‘The Shib Daily’. Hence, this demonstrates Binance Pay’s commitment to enhancing the utility of cryptocurrencies in everyday transactions. Binance Pay supports seamless payments with over 80 tokens, including SHIB.

Moreover, it offers users a convenient and secure method to utilize their crypto assets. A standout feature of using SHIB through Binance Pay is the absence of gas fees, which have historically been a significant barrier to crypto spending. By eliminating these fees, Binance Pay has significantly boosted Shiba Inu’s transaction volume. This elevates it to one of the most popular tokens on the platform.

This ‘fee-free’ environment encourages more frequent and varied transactions, making SHIB a more attractive option for both consumers and merchants. Beyond facilitating payments, Binance Pay extends its versatility with the Binance Marketplace, a hub where users can purchase a variety of products and services using Shiba Inu.

The marketplace is particularly appealing due to its exclusive deals, discounts, and token rewards, providing added value to SHIB holders. This integration enhances the practical application of SHIB, transforming it from a speculative asset to a viable medium of exchange.

Furthermore, Shiba Inu’s integration into Binance Pay underscores the platform’s broader strategy to expand the everyday utility of cryptocurrencies. Meanwhile, the SHIB price surged amid the broader market rally today.

SHIB Price Notes Uptick:
The Shiba Inu price recently regained the $0.000025 mark, which is a crucial level for an impending bullish run. The SHIB price climbed 5.46% to $0.00002543 on Thursday, May 16. Whilst, the popular meme coin boasted a market capitalization of $14.98 billion.

In addition, the 24-hour trading volume for SHIB jumped 28.81% to $1.17 billion. Moreover, Shiba Inu attained a peak of $0.00002577. Furthermore, the SHIB futures open interest soared 10.34% to $78.04 million as derivatives traders continued betting, according to Coinglass.

In the past 24 hours, Shiba Inu noted significant short liquidations with $329.42K liquidated. The short traders are expected to buy back their positions to mitigate losses. This could lead to a further rose in SHIB’s value.
NOTE:
Always do your own research as the contents of post is not a financial advice.
Invest wisely.
#Crypto_Angel #Binance

Pepe coin has sustained its emergence as a 'hot trend' among smart money addresses as 250.5 billion PEPE was recorded to be moved amid the token's price hitting a new ATH.

Pepe coin has emerged as one of the most promising cryptocurrencies within the meme coin sector this year, recently hitting a new ATH again. The token has defied the crypto market’s expectations, rallying to unprecedented levels despite the broader market’s turbulence.

Amid this substantial upward momentum gained by the frog-themed meme token, PEPE appears to have emerged as a hot trend among Smart Money traders, seasoned traders who usually make considerable profits trading crypto. On-chain data surfacing within the market shows nearly 250.5 billion PEPE shuffled by smart money addresses amid the token’s recent hitting of a new ATH.

This has ignited a flurry of speculation among investors, who are speculating over the meme coin’s potential to offer gains in the future.

Smart Money Addresses Shuffle Pepe Coin: Here’s All To Know
According to data revealed by a couple of on-chain analytics platforms, it was pointed out that 250.40 billion PEPE was moved in the past 24 hours. Notably, these transfers showcased Pepe coin accumulations and dumps by smart money traders in hand.

A smart money, 0x37…, was noted to have been accumulating 406.74 million PEPE from Binance, one of the world’s leading exchanges. Conversely, another smart money address, 0x647…., offloaded a whopping 250 billion PEPE to the same exchange.

It’s worth noting that the address 0x647 accumulated PEPE just one day after the coin launched. An initial accumulation of 475 billion PEPE with 0.51 ETH was recorded, with the address selling 468 billion PEPE to date with an ROI of 2084x. This address still holds considerable amounts of PEPE, worth 7.25 billion coins, hinting that the investor believes the token could pump even higher.

Whereas, the abovementioned smart money 0x37’s accumulation at a time when PEPE is already on a bull run adds to optimism on potential gains ahead.

PEPE’s Price Rallies To New ATH
Meanwhile, as of writing, PEPE’s price has rallied 24.68% in the past 24 hours and currently sits at $0.00001045. It’s 24 hour lows and highs are $0.00000831 and $0.00001028, respectively. By ditching a zero from its value, the meme coin has achieved a monumental achievement, although speculations loom about whether it can hold this level.

Significant PEPE buying in recent days appears to have brought considerable buying pressure on the frog-themed meme token. Whereas, the coin’s 24-hour trading volume further rocketed 280.38% to $2.11 billion, pushing the token to a bullish stage.

Coinglass data added to this bullishness, flagging a market uptrend scenario for Pepe coin as open interest surged 14.92% to $107.51 million, followed by a derivatives volume upswing of 235.45% to $2.12 billion. This data paints a highly optimistic scenario for PEPE at press time, although speculations of a correction loom primarily attributed to the RSI hovering at 70. Suggesting that the asset is overbought, a potential reversal or correction might be expected ahead.
Always invest wisely.
#NFA #DYOR

Reference:
*Coinglass
*Coinmarketcap
*CoinGape
Have a wonderful Tuesday .

Despite volatility, Bitcoin investment products saw $144 million inflows last week. Bitcoin ETF GBTC saw lowest outflows since January 2024.

In what seems to be a major turnaround, the cryptocurrency investment products recorded inflows for the very first time over the past five weeks. Last week, the crypto investment products clocked $130 million in net inflows. While the Bitcoin investment products saw net inflows of $144 million

BITCOIN ETF INFLOWS RESUME:

As reported, the U.S. Bitcoin ETFs recorded net inflows of $116 Million for the last week despite the continuous GBTC outflows. As the U.S. macros give uncertain signals, investors have been waiting on the sidelines in recent weeks.

Following a record week of inflows, Hong Kong experienced just $19 million in inflows, indicating that most of the capital in the first-week post Bitcoin ETF launches was seed capital. Well, the issuers of Hong Kong Bitcoin ETFs are now working to rope in wealthy Chinese investors which might lead to strong capital inflows.

In terms of regional activity, the US led with inflows totaling $135 million, while Grayscale observed its lowest weekly outflows since January, amounting to $171 million. Switzerland recorded inflows of $14 million.

Meanwhile, Canada and Germany continued to see outflows amounting to $20 million and $15 million, respectively, bringing their year-to-date outflows to a combined $660 million, reported CoinShares.

ETP volumes decreased to $8 billion for the week, compared to the $17 billion average in April. This decline suggests reduced participation from ETP investors in the crypto ecosystem, representing 22% of total volumes on global trusted exchanges, down from 31% last month.

Bitcoin witnessed $144 million in inflows, marking a recovery after a weak month. Short-Bitcoin ETPs experienced outflows totaling $5.1 million, continuing the trend of outflows over the last 8 weeks, totaling $18 million.

On the other hand, the chances of spot Ethereum ETF approval by the month’s end, in the US, seem to be bleak. The conversations between US regulators and ETF issuers have been very low in recent times. Amid this uncertainty, the Ethereum price faced selling pressure earlier today dropping under $2,900.

ALL EYES ON US CPI DATA:
This week, the market awaits crucial insights with the release of U.S. inflation data, starting with the Producer Price Index (PPI) on Tuesday, followed by the Consumer Price Index (CPI) on Wednesday.

In anticipation of these inflation reports, the CME’s FedWatch tool predicts a 24.6% probability of a rate cut at the July Federal Open Market Committee (FOMC) meeting and a 48.6% chance at the September meeting. Interest traders project a 96.5% likelihood of unchanged rates at the June meeting.

Ahead of the release of PPI and CPI data, the Bitcoin price has bounced back 2.5% and currently trading at $62,639.
CONCLUSION:
The market awaits crucial insights with the release of U.S. inflation data, starting with the Producer Price Index (PPI) on Tuesday, followed by the Consumer Price Index (CPI) on Wednesday. Let's hope for the best .
Don't forget, cryptocurrency is highly volatile, invest wisely with incredible research.
NEWS SOURCE:
CoinGape dot com.
#Bitcoin #CoinGape #Crypto_Angel