SHIB Sell-Off: Nearly a Trillion Tokens Unleashed by Whales
The Shiba Inu (SHIB) market witnessed significant turmoil as nearly a trillion tokens were offloaded by major holders. This massive sell-off caused ripple effects across the market, intensifying fears among investors. SHIB Futures Hit by Massive Liquidations Yesterday’s market session recorded over $1.5 billion liquidated from long and short positions across cryptocurrencies. Within this, Shiba Inu (SHIB) accounted for $20 million in liquidations, primarily from open-ended futures contracts. Most liquidated positions were long, underscoring a bearish sentiment. The SHIB token’s price plunged nearly 25% during the trading session, reaching levels not observed since late November. This decline created panic among traders and prompted a closer examination of on-chain data. Net Outflows from Large SHIB Wallets Observed Data from IntoTheBlock highlighted intriguing trends regarding SHIB’s large holders. The Large Holders Netflow metric, which tracks wallets holding at least 0.1% of SHIB’s circulating supply, showed a net outflow of 940.01 billion SHIB. This significant reduction indicates that whales, or large SHIB investors, were actively selling off their holdings. The decline in net flow to large wallets had been ongoing since December 7, suggesting a pattern leading up to the sell-off. Market-Wide Decline Amplifies SHIB Losses The broader cryptocurrency market also suffered during the session, which played a critical role in SHIB’s downward trajectory. Although the price drop was not initiated by the whale sell-offs, their activity provided early indications of the market correction. The sharp sell-off aligns with increasing market uncertainty fueled by upcoming U.S. Consumer Price Index (CPI) data and the approach of the January 3 deadline for critical regulatory decisions. Monitoring Whale Behavior for Future Trends In the current uncertain environment, tracking the actions of large market players, like SHIB whales, can offer valuable insights. Their movements often serve as a precursor to broader market trends. As the crypto market braces for further shakeouts, staying informed about whale activity and on-chain metrics will remain crucial for SHIB investors. The significant sell-off has highlighted the vulnerability of the token’s price to actions taken by major holders, underscoring the need for vigilance. Read Also: LUNC Faces a Tug-of-War Between Bears and Bulls, Declines by 8.96% in 24 hours: When Will Bulls Stage a Comeback? Despite recent losses, Shiba Inu continues to hold a prominent position among meme-inspired cryptocurrencies. The next steps taken by SHIB whales and the overall market will shape its trajectory in the coming weeks.
Cardano (ADA) Drops 4.5% After Hackers Compromise Cardano Foundation’s X Account
The Cardano Foundation’s X account was breached on December 8, leading to a significant impact on the ADA token. Fraudulent activities were carried out by hackers, who leveraged the account to spread misinformation and promote scams. Hackers Exploit Cardano’s X Account The hacking incident resulted in the promotion of a scam Solana-based token named ADA/SOL. Hackers utilized trusted sources, such as a recent podcast and the Foundation’s official website, to lend credibility to their fraudulent activities. The false promotion generated about $500,000 in trading volume for the counterfeit token before the scam was exposed. Once identified, the token’s value crashed by 99%. Additionally, the hackers falsely claimed that support for ADA would be halted due to an SEC lawsuit and that ADA withdrawals were suspended. These fabricated updates amplified investor concerns, shaking confidence in Cardano’s ecosystem. The ongoing compromise of the Cardano Foundation’s X account has raised questions about the blockchain’s security and its ability to maintain price stability. Months of positive sentiment toward Cardano have been overshadowed by uncertainty and fear. ADA Shows Bearish Momentum The hack has led to a bearish sentiment surrounding ADA, with its price dropping by 4.5% on the daily chart. At the time of writing, ADA trades at $1.15, reflecting growing concerns among investors. Technical indicators highlight a downward shift in ADA’s momentum. The Moving Average Convergence Divergence (MACD) indicator shows a bearish crossover, with the MACD line falling below the signal line. This development suggests potential near-term declines in ADA’s price. Weak trading volumes and a lack of bullish signals further exacerbate the bearish outlook. ADA would need a significant resurgence in momentum to challenge its resistance levels. Key Resistance and Support Levels for ADA To regain a bullish trajectory, ADA must overcome the resistance at $1.20. Successfully flipping this level could pave the way toward $1.32. However, this would require robust trading volumes and improved market sentiment. On the downside, ADA risks falling to the vital support level at $1.01 if bearish dominance continues. A rebound from this level could keep ADA’s price within a narrow range, influenced by lingering concerns over the hacking incident. Related Article: XRP Whale Moves 22 Million Tokens, Signaling Bullish Confidence A breakout above $1.32 with substantial volumes could invalidate the bearish narrative and renew interest in ADA, attracting more buyers to the Cardano ecosystem. Whales and Q4 Performance Offer Optimism Despite the recent challenges, ADA’s impressive 160% monthly surge in Q4 has sparked optimism. Whales continue to accumulate ADA, signaling confidence in the token’s long-term potential. Community members are closely monitoring the situation, as delayed recovery of the compromised X account could magnify bearish sentiments. However, comments from Cardano founder Charles Hoskinson have helped reinforce faith in the blockchain’s resilience. As the developments unfold, the market’s reaction will likely shape ADA’s near-term trajectory. Investors remain hopeful for a swift resolution and recovery in Cardano’s ecosystem.
Cardano Targeted in X Account Hack: Fake Token and SEC Lawsuit Claims
The Cardano Foundation’s X account was compromised on December 8, leading to the promotion of a fraudulent Solana-based token called $ADASOL. Hackers falsely described the token as “Cardano, reimagined for Solana’s speed and innovation.” In a 13-part thread, the hackers provided elaborate details about $ADASOL, using references to legitimate Cardano resources, including the Foundation’s website and a podcast episode. The scam token generated approximately $500,000 in trading volume before its value plummeted by 99% when the fraud was exposed. Fake SEC Lawsuit Announcement Targets ADA Token Shortly after the $ADASOL scam, another fraudulent post appeared on the hacked X account. This time, the post falsely claimed that the U.S. Securities and Exchange Commission (SEC) had filed a lawsuit against the Cardano Foundation. The fraudulent notice stated that, due to this “unexpected legal action,” support for the ADA token would be immediately discontinued to comply with regulatory requirements. Scam Posts Quickly Removed; ADA Price Remains Steady The $ADASOL promotion and the false SEC lawsuit announcement were deleted within hours. Charles Hoskinson, the creator of Cardano, quickly addressed the misinformation. He confirmed the hack on social media, dismissing the hackers with the remark, “Try harder, hackers.” Despite the attempted scams, Cardano’s ADA token remained largely unaffected in market performance. As of press time, ADA was valued at $1.18, experiencing only a 1% decline, according to CoinGecko data. Read Also: XRP Whale Moves 22 Million Tokens, Signaling Bullish Confidence Cardano Foundation Responds to the Hack The Cardano Foundation has taken steps to regain control of its X account and warned its community. A LinkedIn post from the Foundation advised users to disregard any posts from the compromised account until the issue was resolved. “The Cardano Foundation X account @Cardano_CF has been compromised. Please ignore any posts from the account while we address this. Thank you,” the Foundation stated. Cybersecurity Remains Critical for Cardano and the Crypto Community This incident highlights the persistent risks associated with social media hacks targeting the crypto industry. The Cardano Foundation continues its efforts to secure its account and restore trust, emphasizing the importance of community vigilance in preventing further scams. Cardano and the broader cryptocurrency ecosystem can better protect users from malicious actors by addressing these vulnerabilities and enhancing security protocols.
DOGE Revolution Brings New Energy to Capitol Hill
Excitement surrounded the Department of Government Efficiency (DOGE) as lawmakers learned about its cost-cutting mission on Capitol Hill. House Speaker Michael Johnson expressed enthusiasm by declaring that DOGE’s efforts marked a “new day in Washington and America.” He stated that government inefficiency had persisted for too long and called for immediate changes. Johnson emphasized the importance of reducing government size and improving its performance. The announcement came after Elon Musk and Vivek Ramaswamy, the leaders of DOGE, presented their vision to members of Congress. Their plans were met with optimism, especially among fiscal conservatives eager to see government waste eliminated. Musk and Ramaswamy Gain Star Treatment in Congress Elon Musk, his son Lil X, and Vivek Ramaswamy were warmly received in Congress. Staff and lawmakers flocked around them, with many taking selfies and engaging in discussions. Meetings were held with the chairs of key committees, bicameral DOGE caucus leaders, and a larger group of Republicans. Representative Marjorie Taylor Greene highlighted Musk’s emphasis on verifying every federal payment for legitimacy. Greene shared that Musk proposed creating “naughty” and “nice” lists to rank lawmakers based on their spending votes. Representative Aaron Bean revealed that Musk’s ideas, including accountability lists for spending decisions, were well-received. He stressed that reckless government spending must stop to address the nation’s growing debt. Reports Highlight Wasteful Spending and DOGE’s Mission DOGE’s social media spotlighted examples of taxpayer money being wasted. Reports showed the National Institutes of Health spent $1.8 billion on racism studies and over $150 billion on illegal immigrants. The Government Accountability Office estimated $100 billion in improper Medicare and Medicaid payments for fiscal year 2023. The Pentagon was criticized for failing to account for $824 billion, emphasizing the need for financial reform. Congressional Republicans are determined to identify inefficiencies and redirect funds responsibly. Read Also: XRP Trading Surges as Ripple CEO Sparks Discussions Among XRP Army Fiscal Challenges Ahead for DOGE The federal debt has surpassed $36 trillion, with deficits expected to exceed $1 trillion annually. Concerns have grown that prolonged fiscal mismanagement could trigger an economic crisis. DOGE’s authority to enforce recommendations remains uncertain, but Musk suggested that annual spending cuts of $2 trillion should be pursued. It is unclear whether DOGE will address significant expenditures like Social Security, Medicare, Medicaid, or the Department of Defense. Lawmakers Rally Behind DOGE’s Goals Many Republicans and a few Democrats expressed eagerness to support DOGE’s initiatives. Representative Greene vowed to expose wasteful spending and inefficiency within government agencies. Senator Joni Ernst launched the Senate DOGE caucus by revealing inefficiencies in telework policies. Her report noted that only 6% of federal employees work in offices daily, leaving government buildings underused. Ernst proposed selling off unused properties or ending leases to cut costs. DOGE’s Potential for Change in Washington The DOGE initiative has inspired optimism on Capitol Hill, with lawmakers hoping it can transform government spending culture. Its success will depend on bipartisan cooperation and the commitment to reducing waste while tackling fiscal challenges. DOGE’s introduction marks a critical step toward accountability and efficiency in federal operations, igniting hopes for a brighter economic future.
XRP Trading Surges as Ripple CEO Sparks Discussions Among XRP Army
Ripple CEO Brad Garlinghouse has acknowledged a surge in XRP trading activity, recently retweeting a bullish statement on the matter. The retweet came from Austin Reid, the global head of revenue and business at crypto brokerage firm FalconX. Reid revealed that FalconX’s XRP trading volume experienced a “10x growth” between the first and second halves of Q4. He attributed this growth primarily to institutional participation rather than retail trading. Over the past week, XRP achieved a remarkable 117% increase in market value. The token climbed from $1.30 to a peak of $2.80. After a 24% drop on Tuesday, XRP rebounded slightly but has since declined by 9% in the last 24 hours, currently trading at $2.30. Ripple Addresses Banking Challenges with Cross-Border Payments Ripple has outlined critical challenges faced by banks in cross-border payment operations. These include high costs, hidden fees, slow settlements, limited network access, compliance complexities, reliability concerns, and liquidity shortages. Ripple’s payment solutions aim to address these issues. The platform offers low-cost transaction services to reduce fees, including a payment tracker for faster settlements, even during non-business hours. Ripple Payments provides access to a global network, enabling efficient transfers with advanced tools. Strict adherence to regulatory standards minimizes compliance risks, ensuring secure operations. Liquidity constraints and unreliable services, often damaging to banks’ reputations, are mitigated with Ripple’s innovative solutions. The platform positions itself as a comprehensive tool for modernizing financial operations. Read Also: Shiba Inu Lead Clarifies Role in Hawk Tuah Airdrop Controversy Institutional Interest Drives XRP Growth Market analysts suggest that XRP’s recent performance reflects growing institutional interest. This interest aligns with Ripple’s mission to tackle inefficiencies in global financial systems. XRP’s market capitalization has increased significantly, adding $100 billion in value. The token has reclaimed its position as the third-largest cryptocurrency by market value. As XRP consolidates above $2, its appeal to institutional investors continues to grow. Ripple CEO Garlinghouse’s focus on these developments highlights XRP’s evolving role in the financial sector. XRP Gains Momentum Amid Bullish Developments The rapid growth in XRP trading activity and institutional adoption underscores the token’s rising importance. Ripple’s efforts to address banking challenges further enhance XRP’s credibility and utility. With increased market momentum and innovation, XRP remains a key player in the cryptocurrency space. Its evolution signals a transformative phase for the financial sector and digital assets.
Cardano (ADA) Meme Coin Craze Begins with AdaDeng Presale Launch
The presale of AdaDeng (ADENG), a new meme coin set to redefine Cardano’s ecosystem, has been launched. This innovative project aims to combine the excitement of meme culture with blockchain technology, creating a vibrant community-driven initiative. AdaDeng: Cardano’s New Meme Coin Movement AdaDeng has been built on Cardano’s secure and decentralized blockchain, with its foundation centred on creativity, community, and fun. According to the project’s whitepaper, the Dengpaper, AdaDeng is not merely another meme coin. Instead, it represents a movement that merges meme culture with robust blockchain solutions. The project’s inspiration comes from Moo Deng, a mischievous and playful hippo who embodies a spirit of fun and creativity. This initiative has created a community-focused environment, offering its members an active role in the token’s development. Read Also: XRP Price Drop and Market Impact Over 1,500 members have already joined AdaDeng’s Telegram and Discord community, showcasing the project’s excitement. ADENG Presale Details The ADENG presale has been structured to provide investors with early access before its official market launch. Scheduled to run from December 5 to December 20, 2025, the presale will distribute 70% of the total 100 million token supply to participants. A unique pricing model has been introduced. The final token price will depend on the total ADA raised during the presale. This approach ensures that the community plays a significant role in determining the token’s value. Inclusivity has been prioritized, as no minimum or maximum purchase limits have been set. Both small and large investors can participate, creating an accessible opportunity for traders to join the next potential big meme coin in Cardano’s ecosystem. Liquidity and Future Market Launch Plans Following the presale, 20% of the tokens will be paired with ADA to provide liquidity on Minswap. This setup will ensure smooth trading and help maintain a fair market price. Additionally, discussions with centralized exchanges (CEXs) are underway to secure potential listings. These listings could significantly enhance the token’s liquidity and visibility within the market. AdaDeng Brings New Energy to Cardano By blending meme culture with blockchain innovation, AdaDeng has aimed to create a unique and engaging project within Cardano’s ecosystem. With its focus on decentralization, inclusivity, and community empowerment, AdaDeng has the potential to attract meme enthusiasts and crypto investors alike. The launch of ADENG’s presale marks the beginning of an exciting journey for Cardano’s meme coin enthusiasts. As the project gains momentum, it could usher in a new wave of creativity and community engagement within the blockchain space.
Shiba Inu Developer Hints at Shifu Token: A New Addition to the Ecosystem
The Shiba Inu ecosystem has been set for further growth with the announcement of a new token named Shifu. This development was teased by Shytoshi Kusama, the lead developer, on X, signalling a significant addition to the memecoin lineup. Shytoshi Kusama Reveals Shifu Token Details Shifu will join the existing lineup of SHIB, LEASH, BUBBLE, and IO NFT. Holders of these tokens are expected to receive a substantial airdrop as part of the new token’s launch. Shytoshi Kusama and influencer Lark Davis confirmed this update, emphasizing the significance of the upcoming airdrop. Davis mentioned that a snapshot of token holders would occur soon, increasing anticipation among community members. Read Also: Shiba Inu Targets New Peaks Amid Bullish Sentiment Shifu Airdrop: Strengthening Community Engagement The introduction of Shifu aims to reward loyal holders of SHIB-related assets with exclusive airdrops. This strategy has been designed to enhance community loyalty and generate more interest in the Shiba Inu ecosystem. The announcement has coincided with a period of notable growth for SHIB. Over the past month, SHIB’s price has surged by 80%, outperforming several other tokens and reinforcing investor confidence. This rise in value appears to be driven by increased community activity and ongoing speculation surrounding Shiba Inu’s developments. Shiba Transition to a Multifaceted Ecosystem The launch of Shifu reflects the Shiba’s project’s transformation from a memecoin into a robust ecosystem. The consistent expansion of tokens and the use of community-driven incentives have positioned the Shiba Inu family as a prominent player in the memecoin market. With SHIB continuing its upward trajectory and Shifu on the horizon, the ecosystem’s evolution is expected to attract further attention. Whether Shifu will trigger another rally or redefine investment within the Shiba Inu ecosystem remains to be seen. Shiba Inu price performance Shiba Inu Gains Momentum with Shifu Token The introduction of the Shifu token underscores Shiba’s growth and its commitment to rewarding its community. With SHIB experiencing an 80% price increase and Shifu’s airdrop announcement aligning with this momentum, the Shiba Inu ecosystem has entered an exciting new phase. This development raises questions about how Shifu will impact the market and whether it will catalyze another rally for the dog-themed token family.
Dogecoin Price Surge Predicted: Analyst Expects DOGE to Reach $3-$5 Soon
A significant rally for Dogecoin (DOGE) has been forecasted, with experts suggesting it could reach between $3 and $5. The potential rise is believed to be fueled by profits from XRP and market dynamics. DOGE Consolidation Phase Expected to End Soon Dogecoin’s performance during the ongoing bull run has been marked by stagnation. While rivals like Solana and BNB have reached new highs, Dogecoin has remained around $0.40. Analysts are now signaling the end of this consolidation. A projection by crypto analyst Professor Astrones outlines a timeline for DOGE to achieve a substantial price increase. Projected Timeline for Dogecoin to Reach $3-$5 Astrones has predicted that Dogecoin will first break through the $1 mark, a milestone he expects to happen sooner than anticipated. After surpassing $1, the path to $3 and $5 is believed to be achievable by next year. This would require a 610% growth to hit $3 and 1,082% to reach $5. XRP Profits Seen as a Catalyst for DOGE Growth Recent profits from XRP are being highlighted as a potential driver for Dogecoin’s rally. XRP has experienced a 422% gain over the past 30 days, doubling its market cap compared to Dogecoin. Analysts predict that as XRP’s bullish momentum wanes, investors could redirect their gains into Dogecoin, potentially fueling a significant price surge. Read Also: Shiba Inu Targets New Peaks Amid Bullish Sentiment DOGE Price Movement Mirrors XRP Trends Market observations have drawn parallels between Dogecoin’s and XRP’s price patterns. Analyst Jacob Canfield noted similarities in their candlestick charts, identifying higher lows for DOGE and previous resistance levels turning into support. This trend suggests that Dogecoin’s price could continue its upward movement, similar to XRP’s recent performance. Key Levels to Watch for Dogecoin’s Breakout Technical analysis by Rekt Capital highlights an ascending triangle formation in Dogecoin’s chart. A daily close above $0.43 has been identified as a critical level to confirm a breakout. If this breakout is validated, further upward momentum could lead to a market-wide meme coin frenzy. A dip below this level, however, would only represent a post-breakout retest, keeping the potential rally intact. With bullish momentum building and catalysts like XRP profits in play, Dogecoin could be on the verge of a significant rally. Analysts are optimistic about its ability to achieve $3-$5, marking a dramatic shift in its market trajectory.
Ripple (XRP) Prepares for Potential Year-End Token Sell-Off in 2024
Ripple is set to execute what could be its final XRP sale of the year, following a significant token unlock in December. On Sunday, the company allocated 200 million XRP from the 1 billion tokens unlocked this month, signaling readiness for a substantial sell-off. Ripple’s December Allocation Explained The 1 billion XRP unlocked this month was divided among three escrows from two Ripple-controlled accounts. Ripple (24) released 200 million and 300 million XRP, moving the smaller portion to Ripple (1), its treasury account. The 300 million tokens were locked back into an escrow set to mature in 2028. Separately, Ripple (25) unlocked 500 million XRP and relocked the entire amount under another escrow, Ripple (13). These activities continue Ripple’s practice of managing token circulation through controlled releases. How Much XRP Will Ripple Sell in December 2024? The 200 million XRP reserved in Ripple (1), valued at $528 million, has been identified for potential sale. While the token count is not Ripple’s largest, this sale would represent its highest USD value to date. Read Also: SHIB Burn Rate Soars: Massive 144,045% Spike Stuns Community In comparison, November’s XRP sell-off involved 470 million tokens, averaging $0.55 each and totaling $258 million. Ripple’s year-to-date token sales exceed 3 billion XRP, yielding significant profits in 2024. Notably, only four months this year saw sales of 200 million XRP, with additional tokens sold in other months. Ripple’s sales are typically executed through its On-Demand Liquidity (ODL) model, which involves selling tokens at market price to willing customers. While the model supports demand-driven transactions, it also impacts market liquidity by absorbing much of the buying pressure on exchanges. Impact on XRP Investors and Circulating Supply XRP holders are advised to monitor Ripple’s accounts for signs of token unlocks and sales. Each unlock increases XRP’s circulating supply, creating potential dilution unless matched by proportional market demand. As Ripple concludes 2024, the company’s sales strategy and its implications for XRP’s market dynamics will continue to draw attention from the crypto community.
XRP Sees Massive Growth After Forbes Criticized It as “Zombie” Token
XRP has witnessed a remarkable fivefold increase in market value since Forbes branded it a “zombie” and “good-for-nothing” token in a scathing report eight months ago. This growth has taken place after Forbes published an article dismissing the relevance of XRP and Ripple in the broader financial space. At the time of the report’s release in March, XRP’s market value was considerably lower, but it has since surged by over 400%. Forbes Criticized Ripple and XRP, Labeling Them “Zombie Projects” Forbes’ article focused on the challenges faced by cryptocurrency projects, particularly those with billion-dollar valuations like XRP. The publication questioned the future of XRP and Ripple, noting their limited progress in comparison to Bitcoin’s resurgence. Forbes highlighted Ripple’s original aim to create a transformative global financial standard for banks, but suggested that, a decade later, little progress had been made, with only limited pilot programs operating with central banks. The article also claimed Ripple’s leadership had created 100 billion XRP tokens, selling $1.4 billion to fund its plans. Despite Forbes’ harsh critique, XRP continued to hold a market capitalization of $36 billion at the time, making it the sixth most valuable cryptocurrency. However, Forbes downplayed the real-world utility of XRP, suggesting that its high trading volume was more a result of speculation than actual use. Forbes went further, categorizing XRP alongside other blockchain projects as “functional zombies” and dismissing their worth. Despite these strong negative assertions, Forbes’ attempts to draw attention away from these cryptocurrencies appeared to have the opposite effect, as investor interest only grew. Read Also: Shibarium Unveils Burn Contract in Latest Blockchain Upgrade XRP’s Price Soars Following Forbes’ Negative Report When Forbes published the article, XRP’s price was approximately $0.60, with a market cap of $36 billion. However, the price quickly fell by 37% in the months following the release. Yet, in a surprising turn, XRP has bounced back dramatically. Over the past few months, the cryptocurrency’s market cap has increased by over $120 billion. XRP’s price has soared to $2.86, marking a 450% increase in just 30 days. This rise in price has mirrored the success of 19 other tokens also criticized in Forbes’ report, all of which have seen significant gains. This has led to widespread criticism of Forbes, with many pointing out that its negative coverage did not impede the progress of these cryptocurrencies. XRP Defies Critics, Demonstrating Resilience and Growth The market’s rapid shift has drawn attention to the resilience of XRP, which has proven its critics wrong. XRP’s price has nearly increased ninefold since it was labeled a “giant con” by Jim Cramer in January of the previous year. As the market continues to grow, XRP’s impressive comeback serves as a testament to the cryptocurrency’s strength, despite negative narratives from the media and financial commentators.
