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After weeks of stagnancy and falling to new lows, the crypto market has been in a bullish trend in the past few days. Alongside it is Cardano (ADA) following suit in the same direction of the upward movement.
ADA has spiked by over 15% in the last 24 hours, following the coin’s recent cheerful news, including the DeFi TVL tapping a two-month high and the co-founder Charles Hokingson announcing an upcoming launch of a hospital that will accept ADA as a payment method in February.
Cardano (ADA) Rally In The Past Weeks
The ending of last year brought some not-so-confident positivity to ADA traders; the coin was bleeding red regardless of the positive news. However, over the past few weeks, Cardano has been printing a bullish trend, and looking at the chart, there was evidence of some accumulation of liquidity.
Even market analytics platform Santiment reported at the end of December that ADA was undervalued, given the indicated whale accumulation and bear exhaustion. Sentiment noted sharks and whales hold 100,000 to 10 million ADA and are still actively accumulating.
ADA began the year with a trading price of about $0.24, and following its rally to the upside a few days ago, ADA climbed above $0.3 by last week Monday, spiked to $0.34, and currently trades at $0.3283.
The weekend was warming up the process of the nearly 20% spike, which happened today. Yesterday saw ADA taking all the liquidity on the upside and climbing over every higher high. Though it’s hard to say for sure if this rally is the road heading to a bull run, the chart indicates a retracement sooner or later.
The Crypto Market Bullish Trend Overview
ADA hasn’t been the only altcoins printing bullish trends. The largest coins by market cap, including Ethereum, Solana, and Binance coin BNB, have so far been seeing an uptrend.
The top coin, Bitcoin, has made some significant movement breaking free from the $16,000 zone and currently trading above the $17,000 region.
ADA and Solana (SOL) still happen to emerge as the highest gainers among top cryptocurrencies by market cap. SOL went from the $10 – $13 zone and skyrocketed by 13%, with a current market price of $16.3 at the time of writing.
With the Shanghai update somewhere around the corner, Ethereum (ETH) was not left out in the bullish trend. ETH climbed above $1,300 after the prolonged stagnation in the $1,200 region. ETH increased by 4% in the last 24 hours, with a current trading price of $1,316 at the time of writing.
Bitcoin gained a few hundred dollars in its value. Given its larger market cap, its upward movement in the last 24 hours is only about 1.81%, while in the previous 7 days, it was up by 3.8%. BNB, after surviving weeks of FUD and bears at the end of last year, is up by 6.8% in the last 24 hours with a current market price of $279.
Related Posts
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Cardano Up 30% Since December As 28 New Whales Hold At least 1 Million ADA
Cardano Follows Bullish Sentiment, Why ADA Could Become Top 3 Coin
Cardano (ADA) Leads Gains Among Top Coins, Is It Set To $0.50?
Cardano (ADA) Price Soars By 5% As Buying Pressure Mounts
Cardano (ADA) Extremely Undervalued? On-Chain Data Suggests So
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Shiba Inu Burn Rate Surges Over 1,300% In 24 Hours
Samuel Edyme
The Shiba Inu (SHIB) token is one of the prominent meme tokens in the crypto market today, having a community of over 3.6 million followers. Liked by many and aiming to be more than just a meme token, the SHIB army committed to a burn mechanism in which they’d have to burn some SHIB tokens to reduce its massive supply.
The latest burn, which happened earlier today, is massive compared to the recent SHIB burns. According to data from the SHIB burn tracking site, Shibburn.com, a total of 37,400,646 SHIB have been burned in the last 24 hours, accounting for a surge in burn rate of 1,395.89%.
The More SHIB Burned, The Higher The Token’s Value?
The SHIB token burn has been a thing that has been going on for a while now, and though every burn doesn’t result in a spike in SHIB’s price, with some burns comes a price movement.
This latest burn resulted in an upside in SHIB of nearly 5%. The price of SHIB between the happening of the SHIB burn had some notable gaps. SHIB was trading at a price of $0.00000832 before the burn and then spiked to nearly 0.00000900 after the burn.
Though the total SHIB burned today wasn’t anywhere near the figure burned at the end of last year and the beginning of this year, it is still a notable spike from the total of 2.5 million SHIB burned the day before. The previous burn didn’t result in any significant price movement on the SHIB price chart.
Overall, with more SHIB burned over time and more demand than supply, SHIB’s value could appreciate more than expected. Besides, the SHIB price chart shows liquidity at higher highs which need to be taken sooner or later.
Details On The Latest SHIB Burn
The latest burned SHIB happens to be done with two separate transactions, both with the same aim but different amounts. The first transaction of the SHiB burned was done at 1:26 AM UTC.
According to data from Etherscan, we saw the first transaction send a total of 16.7 million SHIB tokens to the burn address. The address which sent the SHIB burned currently holds no SHIB but only about 125 BONE.
The second transaction, on the other hand, executed at exactly 3:57 AM UTC, burned a total of 14.9 million SHIB tokens. The address which imitated the transaction currently holds only 0.01 SHIB, according to Etherscan data.
While this latest burn means the SHIB army is maintaining its commitment to burning SHIB, another point indicating the community’s seriousness of burning SHIB is the recent Shibarium update.
Though the Shibarium layer 2 blockchain is yet to launch, the official Twitter page announced on Saturday a burn mechanism will be introduced. This burn mechanism will be to burn SHIB tokens with each on-chain transaction executed on the Shibarium blockchain.
As of writing, SHIB is enjoying a rally to the upside alongside the majority of the crypto market. The token is up by 5% in the last 24 hours with a market price of 0.00000877 and a total circulating supply of roughly 562 trillion SHIB tokens.
