Shiba Inu (SHIB), a dog-themed meme coin, has employed its internal deflationary regulation mechanism, burn. In the past 24 hours, the burn rate has soared to an astronomical 4,411.52% with millions of tokens burned.

SHIB's burn rate and price reaction

A total of 1,110,602 tokens were sent to dead wallets, according to Shibburn in its update on X. According to Shibburn’s hourly rate update, the precise total tokens that have been incinerated in the last seven days stands at 114,618,006.

HOURLY SHIB UPDATE$SHIB Price: $0.00001406 (1hr 0.46% ▲ | 24hr -0.56% ▼ )Market Cap: $8,282,358,653 (-0.57% ▼)TOKENS BURNTPast 24Hrs: 1,110,602 (4411.52% ▲)Past 7 Days: 114,618,006 (418.9% ▲)

— Shibburn (@shibburn) August 10, 2024

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This represents a 418.9% increase in the number of tokens that have been removed from circulation and can no longer be spent.

The burn rate has always been Shiba Inu’s supply control mechanism in an attempt to stabilize prices and possibly force a price rebound. The move has worked as Shiba Inu, at the time of writing, has recorded a 0.24% rise in price and now trades for $0.00001411, according to data from CoinMarketCap.

Although Shiba Inu’s downward trend has been halted by the move, the price of SHIB remains lower than the $0.00001427 it traded for on Friday. However, investors in Shiba Inu are relieved that the price plunge has been arrested.

Challenges ahead for SHIB's price stability

Usually, the overall objective of the burn mechanism has always been to reduce the total number of tokens in circulation with hopes that it would cause an increase in value of the meme coin. The recent 4,411% burn rate has yielded results, though slightly.

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The SHIB community may have to think outside the box for more consistent price stability. Notably, ever since its crash in June, market analysts say the asset only regained a few points before slipping downward again.

Several of SHIB’s on-chain indicators reveal a bearish trend, and market observers have attributed this to be the reason Shiba Inu has not recorded stability nor attempted to reach for the $0.000015 level.

The Ethereum (ETH) price is currently forming a pennant pattern, according to crypto analyst Ali Martinez.

In his recent post on X, he pointed to a pennant forming lower time frames, indicating a potential rise of over 4% toward $2,820.

Source: Ali_Charts/X

According to Ali Martinez, the most important support level for Ethereum is between $2,314 and $2,435, where 2.14 million addresses acquired 51.67 million $ETH, while the current target is $2,930.

Ether in critical condition

Ethereum has had one of the sharpest declines during the recent market correction, which cost Ether losing almost a third of its value in a matter of days.

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Since the short-term bull run due to the anticipation of a spot ETF, the altcoin’s price has been free-falling from its peak levels near $4,000 in March.

Source: CoinMarketCap

This past week, the crypto market has been on the path to recovery. As the Bitcoin price reached $63,000 on Friday, the overall crypto market cap has regained $2.1 trillion.

Despite all the trouble, Ethereum (ETH) whales have started a huge buying spree on Friday, which could potentially mean they are buying the dip in large transactions.

Collectively, they have bought almost $56 million worth of Ethereum in 24 hours.

The XRP community has been issued a critical warning. As Ripple's new stablecoin RLUSD becomes available for testing, XRP Scan, an XRP Ledger explorer, has urged the community to be cautious of scams purporting to be RLUSD issuers.

This cautionary message follows an earlier major warning from Ripple, highlighting the rise of scams attempting to exploit its historic victory against the SEC.

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In a victory for Ripple and the entire crypto industry, the court slashed the SEC’s demand by about 94%, ordering Ripple to pay $125 million in civil penalties, ending the nearly four-year legal battle.

As the crypto community celebrates, this win has also attracted bad actors looking to capitalize on the positive sentiment and increased interest in XRP.

In a tweet, Ripple warned: "And once again with Wednesday's historic victory, we've seen an uptick in scams. Please beware of scam Ripple accounts, fake executive accounts or others promoting XRP Giveaways or XRP Airdrops. Ripple and its executives will never ask you to send funds anywhere."

Warnings issued as RLUSD stablecoin enters beta testing

Ripple recently shared that Ripple USD stablecoin (RLUSD) is now available for testing in private beta on XRP Ledger and Ethereum mainnet, triggering excitement in the XRP and broader crypto community.

RLUSD wallet is now available on the XRPL mainnet for beta testing: https://t.co/HK5zh3PQTJAs always, please be cautious of scams purporting to be RLUSD issuers. Always use your favorite explorer to verify accounts before trusting them. https://t.co/iVJrHBHC0g pic.twitter.com/efEXARyFGm

— XRPScan (@xrpscan) August 9, 2024

The latest move, according to Ripple, marks a significant milestone and a step closer to adding more high-quality assets to XRP Ledger, creating new opportunities, liquidity and institutional use cases for users, developers and applications.

RLUSD will be pegged to the U.S. dollar (USD) and fully backed by U.S. dollar deposits, short-term U.S. government treasuries and other cash equivalents. A third-party accounting firm will audit these reserve assets, and Ripple will publish attestations monthly.

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Amid the excitement, Ripple warns the crypto community to be cautious of scammers who claim to have or can distribute Ripple USD as the stablecoin has yet to receive regulatory approval and hence is not available for purchase or trading.

In a similar warning, XRP Scan, an XRP Ledger explorer, urges the XRP community to be cautious of scams purporting to be RLUSD issuers and to verify accounts before trusting them.

Blockchain data tracker Whale Alert reported a large Solana transfer made to major crypto exchange Binance.

In a tweet, Whale Alert reports that "154,912 SOL worth $23,928,285 was transferred from unknown wallet to Binance" with this action taking place some hours back.

🚨 154,912 #SOL (23,928,285 USD) transferred from unknown wallet to #Binancehttps://t.co/xSvB9zu1LP

— Whale Alert (@whale_alert) August 10, 2024

Whales, or large cryptocurrency holders, often move assets to exchanges when they intend to sell or trade them. Thus, this substantial transfer has prompted attention as it coincides with a Solana price drop.

At the time of writing, Solana's price was down 3.24% in the last 24 hours, indicating potential profit-taking.

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Solana has been one of the standout performers in the cryptocurrency market of late, thus whale investors might be preparing to take profits following Solana’s recent price surge.

While the exact motivations behind the transfer remain unclear, the market will closely monitor Solana's price movements and any further large transactions.

Solana price action

Solana rallied strongly from lows of $109.99 on Aug. 5 after eight straight days of falls. The rebound was met with strong buying as Solana's price sharply rose on Aug. 6 and 8, respectively.

The bounce, however, met resistance at $165, forcing the bulls to retreat slightly. At the time of writing, SOL was down 3.24% in the last 24 hours to $155 amid slight profit-taking. However, it remains 3% higher weekly.

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If Solana sustains above the 50-day SMA at $153, the SOL price could reach the overhead barrier of $189. This level is expected to provide a significant challenge to bulls.

On the downside, a break and closure below the daily moving averages 50 and 200, at $153 and $147, may indicate that bears are selling rallies. Solana might eye a drop to $116 if this happens.

Cardano (ADA) is aligned to welcome the Chang hard fork, one of its major upgrades in history. Given recent developments, the launch looks closer than expected.

SPOs indicate readiness for Chang hard fork upgrade 

According to Cardano Feed on X, up to 72% of network nodes, that is, stake pool operators (SPOs), have signaled readiness for the new Chang hard fork upgrade. 

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These SPOs have shown their readiness by installing the latest Cardano Node 9.1.0. software, an update that is a prerequisite for the Chang hard fork. This marks a crucial milestone for the much-anticipated upgrade.

Reports from tracking sites show that Bitfinex, the cryptocurrency exchange, is quite prepared to implement the upgrade.

Noteworthy, this upgrade is primarily focused on relieving Cardano's development firm, IOHK, of the responsibility of directly managing the blockchain. Instead, the responsibility is distributed to ADA holders, allowing them to contribute to the network's growth.

Ultimately, the Chang hard fork upgrade will usher in the Voltaire Era, which promotes decentralized governance. Some of Cardano's competitors are already on this path, so the transition is important for the protocol.

Chang hard fork upgrade in few weeks

The upgrade's estimated time of arrival (ETA) needs to be more specific. However, it may arrive before the end of August. On Thursday, only 69% of SPOs had installed the Cardano Node 9.1.0, but two days later, it had climbed to 72%. Given the rate at which this percentage is growing, it is likely that in less than three weeks, all SPOs will have taken action.

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The anticipation of the Cardano Chang hard fork upgrade has triggered a price gain for ADA. In the last 24 hours, the cryptocurrency has registered a market value increase of 0.90%. According to CoinMarketCap data, ADA is currently trading at $0.3477.

The U.S. Internal Revenue Service (IRS) has released an updated draft of Form 1099-DA, which crypto brokers and investors will use to report proceeds from certain digital asset transactions.

April draft

On April 18, 2024, the IRS unveiled a draft of Form 1099-DA aimed at calculating taxable gains or losses from brokered digital asset transactions. This form includes token codes and fields for wallet addresses, essential for reporting to both taxpayers and the IRS.

The crypto community was uncertain about how the IRS will identify brokers subject to these regulations, especially concerning different types of activities like kiosks, payment processors and wallet providers.

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The U.S. tax experts have also highlighted vocal the lack of clarity in current tax regulation. For instance, the proposed regulation § 1.6045–1(a)(21)(iii)(A) defines a facilitative service as any service that directly or indirectly enables a sale of digital assets.

It also excludes persons solely engaged in providing distributed ledger validation services, like proof of work or proof of stake, without offering other functions or services.

Improvements

The updated draft of Form 1099-DA, Digital Asset Proceeds From Broker Transactions, is an improvement of the earlier iteration of the draft. Namely, it is no longer required to fill in sections with wallet number, transaction ID as well as the time of transaction.

Source: IRS.gov

The updated draft of Form 1099-DA has removed the requirement to provide wallet numbers, transaction IDs and the time of transactions.

Additionally, it no longer asks filers to identify the type of broker they are, such as "kiosk operator" or "digital asset payment processor."

The IRS also announced plans to provide rules for decentralized and non-custodial brokers in a different set of regulations later this year.

The IRS invited users to submit comments on the draft form within 30 days.

Former Chief of the SEC’s Office of Internet Enforcement John Reed Stark has shared his warning to Morgan Stanley over granting its clients access to spot Bitcoin ETFs.

In his latest post on X, SEC ex-official criticized the investment bank’s decision, suggesting that Morgan Stanley will likely be subject to “the largest SEC and FINRA examination sweep in history.”

Last week, Morgan Stanley, one of the largest financial institutions in the U.S., introduced BTC ETFs to its line of products. This marked an important milestone for the introduction of cryptocurrencies to institutional investors.

Compliance inspection imminent?

However, Stark described the firm’s move as a “death wish,” suggesting that by allowing its 15,000 brokers to pitch Bitcoin, the bank has opened itself up to intense regulatory scrutiny.

Morgan Stanley’s Death Wish I worked in the SEC Enforcement Division for almost 20 years, the last 11 as Chief of the SEC’s Office of Internet Enforcement, and I have taught advanced securities regulation courses at both Georgetown and Duke Law Schools for 20 years — and my…

— John Reed Stark (@JohnReedStark) August 9, 2024

He warned that SEC and FINRA staff would have access to all records related to Bitcoin sales, making it easy to identify violations. Stark ominously concluded by wishing the bank's compliance director "good luck."

Largest inflows in months

On Aug. 2, Morgan Stanley gave the green light to its 15,000 financial advisors to start pitching clients with a net worth north of $1.5 million on the funds issued by BlackRock and Fidelity.

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According to Lookonchain, on Aug. 9, Bitcoin ETFs experienced a net inflow of 4,698 BTC, which is equivalent to $283.87 million.

Aug 9 Update:10 #Bitcoin ETFsNetFlow: +4,698 $BTC(+$283.87M)🟢#iShares inflows 2,641 $BTC($159.57M) and currently holds 347,608 $BTC($21B).9 #Ethereum ETFsNetFlow: -8,364 $ETH(-$21.72M)🔴#Grayscale outflows 13,682 $ETH($35.53M) and currently holds 1,934,651 $ETH($5.02B).… pic.twitter.com/Q1eryyZfm4

— Lookonchain (@lookonchain) August 9, 2024

IShares alone saw inflows of 2,641 BTC, valued at $159.57 million, and currently holds 347,608 BTC, worth approximately $21 billion.

What is XRPL?

XRP Ledger (XRPL) is a decentralized public blockchain designed for fast transfers of XRP, fiat currencies and digital assets, accessible to anyone for development. It was created in 2012 by Jed McCaleb, Arthur Britto and David Schwartz under Ripple Labs with the goal of providing a global payment infrastructure that also supports the digital asset XRP.

XRPL was developed to address inefficiencies in the traditional financial system, using the XRP Ledger Consensus Protocol instead of Bitcoin's energy-intensive proof-of-work. This protocol, known as the Ripple Protocol Consensus Algorithm (RPCA), allows validators to collaboratively determine transaction validity and order.

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Validators, a specialized group of nodes, verify transactions to prevent fraud, while nodes maintain ledger copies to ensure decentralization and the integrity of the network, facilitating secure and swift transactions on XRPL.

Advantages

XRP Ledger (XRPL) is designed for scalability and rapid transaction settlement, capable of processing a high volume of transactions per second and finalizing them within seconds. This makes it ideal for applications requiring fast and efficient transaction execution.

XRPL uses a unique consensus algorithm called the Ripple Protocol Consensus Algorithm (RPCA), which differs from traditional proof-of-work (PoW) and proof-of-stake (PoS) systems. Instead of mining, RPCA relies on a group of trusted validators who collaborate to verify and validate transactions, ensuring network integrity and reliability.

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XRP Ledger also supports smart contracts and tokenization, enabling a range of decentralized finance (DeFi) applications like lending, borrowing and decentralized exchanges.

Advanced features such as Escrow, Checks and Payment Channels further enhance its capability for complex financial services, including those using the Interledger Protocol. The network's safety is reinforced by mechanisms for amendments and rigorous checks to maintain stability and security.

New stablecoin launched

On Aug. 9, Ripple launched the much anticipated stablecoin. The Ripple USD (RLUSD) stablecoin will be available for beta testing on both XRPL and Ethereum.

Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they…

— Ripple (@Ripple) August 9, 2024

RLUSD is designed for instant cross-border money transfers and payment services.

Apart from XRPL and Ethereum, Ripple's stablecoin is also expected to launch on other chains as well.

U.S. Treasury tokens

In early August, RippleX announced that OpenEden, a tokenization platform, will introduce tokenized U.S. Treasury bills (T-bills) to XRP Ledger (XRPL) for the first time.

These tokens are backed by short-term U.S. T-bills and reverse repurchase agreements with U.S. Treasury collateral, marking a significant step in bringing traditional assets into the decentralized finance (DeFi) space.

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Ripple highlighted this milestone as an example of how institutional access to DeFi is expanding through the tokenization of real-world assets.

"Number one infrastructure provider"

Ripple CTO David Schwartz emphasized that Ripple is now focusing on integrating XRP Ledger’s technical and financial features into its own operations to offer clients secure and compliant DeFi benefits globally.

As you’ll see in our latest blog post, Ripple is focusing on how to integrate more of the XRP Ledger’s technically and financially sophisticated features directly into our business—bringing the benefits of DeFi to our customers globally in a secure and compliant fashion. https://t.co/QLsXe2nlJN

— David "JoelKatz" Schwartz (@JoelKatz) July 19, 2024

Recent data shows a sharp increase in activity on XRP Ledger. On July 2, the ledger recorded 1.4 million transactions with 60,000 trades.

By July 16, the transaction count surged to 4.15 million, with 853,000 trades, reflecting growing usage and adoption of XRPL’s infrastructure.

Shiba Inu lead developer Shytoshi Kusama has addressed the SHIB community to support it, underscoring SHIB’s superiority over the original meme cryptocurrency Dogecoin.

The mysterious SHIB lead has published a tweet in which he mentions the Shiba Eternity game and “Dogecoin gaming.”

Shytoshi Kusama's SHIB versus DOGE tweet

Kusama published a post, commenting on a tweet issued by the @MyDogeCEO, the founder and CEO of the popular MyDoge wallet. The DOGE wallet’s boss shared a short video from a video game with Shiba Inu dog characters bowing to a statue of another, superior Shiba Inu character.

“Gaming on Dogecoin is coming,” the tweet says. Shytoshi Kusama reacted to that, referring to the SHIB-based game Shiba Eternity. He wrote, “**Laughs in Shiba Eternity**.” No details have been provided by @MyDogeCEO as to what he meant by “gaming on Dogecoin” so far or what game the video came from.

**Laughs in Shiba Eternity** https://t.co/LVRpCAhIrH

— Shytoshi Kusama™ (@ShytoshiKusama) August 9, 2024

In his interviews over the past couple of years, Kusama several times emphasized that he believes that SHIB will eventually eclipse Dogecoin.

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Shiba Eternity Web3 upgrade coming soon

Shiba Inu’s marketing lead, well known to the community as Lucie, recently published a tweet about the approaching transition of the Shiba Eternity game from Web2 to Web3. She announced that players will get a chance to receive a “welcome pack loaded with in-game rewards.”

Lucie provided a breakdown of rewards for those who will start (or continue) playing Shiba Eternity after the upgrade, mentioning various tokens and bonuses. However, she stated that basic Web2 Shiba Eternity accounts will not be eligible for these rewards.

💥🎮 Shiba Eternity Web3 is coming soon, transitioning from Web2.💥🎮 THE BONUS ??? Welcome Package : To encourage Web2 players to migrate, the game offers a welcome pack loaded with in-game rewards.•Rewards Breakdown:Kibble Galore: Players receive Kibble based on their… pic.twitter.com/Af0EeLAl5k

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) August 7, 2024

Kusama's bullish tweet on Vitalik Buterin situation

Earlier this week, Shytoshi Kusama commented positively on the news about the Ethereum co-founder Vitalik Buterin getting into a new relationship. Photos of Buterin and his new girlfriend have been circulating the crypto X for a couple of weeks now.

The Ethereum community believes this to be bullish, since last year when Buterin broke up with his previous girlfriend in April, the second largest cryptocurrency Ethereum took a deep plunge.

Shytoshi Kusama commented on that photo, saying that it is “bullish and cute.”

Samson Mow, vocal Bitcoin supporter and chief executive at JAN3, a company that helps nation-states to adopt BTC, has addressed the cryptocurrency community about the issue of secure BTC storage.

Even cold Bitcoin storage can be “not cold enough,” he believes.

JAN3 boss's Bitcoin storage warning

Samson Mow believes that it is vitally important to make sure a Bitcoin holder cannot easily access his BTC stored in a cold wallet. Therefore, according to his tweet, it is crucial that private keys to a Bitcoin wallet are not stored at home.

Mow published a video, in which three thieves are pushing a large safe from a house. A safe they were unable to open, so they decided to take it away with them. “It should be difficult even for yourself to move your coins that are in cold storage,” he wrote.

Don’t keep #Bitcoin key material in your home. It should be difficult even for yourself to move your coins that are in cold storage.Read that again.If you can access your cold storage easily it’s not cold enough.pic.twitter.com/HXuk0PO6xZ

— Samson Mow (@Excellion) August 10, 2024

Mow is a believer that the world’s leading digital currency Bitcoin is likely to skyrocket to a $1 million price mark in the near future. What is more, this “near future” will happen within the next year, according to his recent tweets. Anything could provoke an Omega candle, he clarified, hinting that he expects some tech giant, such as Apple, or Warren Buffett’s Berkshire Hathaway to pour their cash into Bitcoin.

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Dormant Bitcoin wallet reactivated

According to the popular blockchain sleuth Whale Alert, an ancient wallet that contains millions of Bitcoin after eleven years of dormancy.

This data source spread the word about a Satoshi-era whale coming back to life with 190 BTC. In 2013, this amount of Bitcoin was worth merely $12,125 but now, after a 94668.7% increase, this BTC chunk is valued at $11,490,704.

💤 💤 A dormant address containing 190 #BTC (11,490,704 USD) has just been activated after 11.4 years (worth 12,125 USD in 2013)!https://t.co/UE5NjpyB9w

— Whale Alert (@whale_alert) August 9, 2024

As of this writing, Bitcoin is changing hands in the $60,700 zone. Over the last two days, after reaching above the $62,000 level, BTC has decreased by 2.70%.

Michael Saylor, founder of the MicroStrategy giant, has taken to his account on the X platform (formerly known as Twitter) to publish a tweet about Bitcoin accompanied with a futuristic image.

Saylor comments Bitcoin price performance

The image is about the future and depicts an extraterrestrial landscape, such as the Moon or Mars.

Saylor tweeted: “Claim the future.” He published his tweet while the world’s flagship cryptocurrency, Bitcoin, continues to trade within the $60,000 price range after briefly reclaiming $62,000 on Friday. Many Bitcoiners place their hopes in BTC, expecting it to become the global currency in the future or at the very least they hope to see BTC soaring to $1 million in the near future.

Claim the Future. #Bitcoin pic.twitter.com/QxkHkCXSIc

— Michael Saylor⚡️ (@saylor) August 9, 2024

On Thursday, Bitcoin demonstrated an impressive 13.34% increase which extended to Friday as BTC surged from $55,000 to the $62,400 price line.

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Bitcoin recovers after Japanese crash

This week, Bitcoin finally stopped crashing and recovered after the 25% collapse caused by the Japanese stock market plunge. This drove down the stock markets around the world, including the one in the US. BTC was pushed down heavily, which caused the massive crash of altcoins as well.

While the current Bitcoin price increase to $60,000 took place, spot ETFs have seen large inflows. The 10 exchange-traded funds saw net inflows of 4,698 BTC worth $283.87 million. The largest inflows among those were welcomed by BlackRock’s IBIT – 2,641 BTC valued at $159.57 million. Currently this spot Bitcoin ETF holds 347,608 BTC in total. That is a staggering $21 billion.

Aug 9 Update:10 #Bitcoin ETFsNetFlow: +4,698 $BTC(+$283.87M)🟢#iShares inflows 2,641 $BTC($159.57M) and currently holds 347,608 $BTC($21B).9 #Ethereum ETFsNetFlow: -8,364 $ETH(-$21.72M)🔴#Grayscale outflows 13,682 $ETH($35.53M) and currently holds 1,934,651 $ETH($5.02B).… pic.twitter.com/Q1eryyZfm4

— Lookonchain (@lookonchain) August 9, 2024

BlackRock’s Bitcoin holdings now surpass those of MicroStrategy – 347,608 BTC of BlackRock versus 226,500 Bitcoins held by Michael Saylor’s company. $21 billion versus $7.538 billion. MicroStrategy has been steadily accumulating BTC since August 2020.

Regaining the $0.60 price level, XRP has mounted a significant comeback. With the recent market volatility, this move has successfully returned the cryptocurrency to its pre-crash values, which is an unexpected recovery.

If market conditions stay favorable, this revival could indicate more upward momentum for XRP and lead to a continuation of its rally. Traders and investors should nevertheless exercise caution. Even though XRP has made up some ground, there may still be obstacles in the way of this recovery because the market is still unpredictable. Maintaining this support will be essential for XRP's continuous rise, and the $0.60 level is critical.

XRP/USDT Chart by TradingView

The fact that XRP was able to recover this significant price level is encouraging, but it does not imply that the future will be easy.

More swings in the market are possible, and XRP might need to hold onto its current position to keep from moving back into bearish territory. Owners of XRP can be relieved that the asset is resilient for the time being, but they should also be ready for future volatility.

Shiba Inu's pity recovery

Although the value of Shiba Inu has somewhat recovered from the recent market crash, the recovery is not particularly noteworthy. The token has slightly increased but not by enough to return to its pre-drop levels. Especially in light of other assets in the market, SHIB's poor performance has sparked questions about the asset's general health and prospects.

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With no notable inflows or buying support to help it advance, SHIB is currently fighting a losing battle. A concerning indicator for the token's short-term prospects is the lack of significant market interest and the sluggish on-chain activity, which imply that investors are not racing to buy the dip.

The lack of momentum suggests that absent a significant catalyst, SHIB may find it difficult to return to its former glory. The picture painted by the technical indicators is also bleak. The 50, 100 and 200-day exponential moving averages (EMAs), which indicate that the token is still in a bearish trend, are among the major resistance levels that SHIB is trading well below. As things stand, it appears unlikely that the asset will overcome these obstacles without a notable uptick in buying pressure.

Solana raises questions

Many in the cryptocurrency community have taken notice of Solana's recent price increase. But even with this significant upward trend, it is important to examine things more closely and not let the current price action fool you. In spite of this, SOL has not been able to achieve meaningful technical breakthroughs.

The 26-day exponential moving average (EMA) has just been marginally surpassed by the price, suggesting that the asset may not be as strong as it first seems. In a market as volatile as cryptocurrencies this implies that even though there is some bullish momentum, it might not be enough to support a protracted rally.

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But Solana's news is not entirely dire. The asset has demonstrated exceptional fundamental strength in the past, which may be very important for its performance going forward. One of the main things that might help Solana maintain its place in the market is its strong ecosystem and expanding user base.

Solana may still be able to rise further due to the lack of strong competitors for the top spots in the market, but this will take more than just technical support; it will also need sustained buying pressure and a resurgence of investor interest. In summary, even though Solana's recent price action appears encouraging, caution is necessary.

San Francisco-based company Ripple has issued a warning about the proliferation of XRP-related scams following a recent court ruling.

As reported by U.Today, Judge Analisa Torres of New York issued a final judgment in the closely watched SEC v. Ripple case, ordering the defendant to pay a $125 million fine for violating securities laws with its institutional sales. 

Ripple framed the much-talked-about court ruling as a "historic victory" since the aforementioned sum is nowhere near close to what the agency was asking for.  

After the case likely reached its long-awaited resolution, XRP went on to experience a massive price rally, soaring by more than 20% and becoming one of the most traded cryptocurrencies.

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This renewed interest has also caused an uptick in XRP-related scams, according to Ripple. 

Ripple has rushed to warn the XRP community about fake social media accounts impersonating the company itself as well as its executives. These fraudulent accounts typically promote bogus giveaways and airdrops to fool unsuspecting users into parting ways with their funds. "Ripple and its executives will NEVER ask you to send funds anywhere," the company stressed. 

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Due to its popularity, Ripple and its CEO Brad Garlinghouse frequently become impersonated by fraudsters on social media. The company even sued video hosting behemoth YouTube back in 2020 over its failure to combat crypto scam, but it eventually settled the suit the following year. 

Recently, scammers started trying to capitalize on Ripple's recent foray into the stablecoin sector by creating fake tokens and passing them off as the company's official product. 

The market is mainly trading sideways, according to CoinMarketCap.

Top coins by CoinMarketCapSOL/USD

The rate of Solana (SOL) has dropped by 3.69% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of SOL is testing the local support level of $153.12. If a breakout happens, the correction is likely to continue to the $150 zone and below.

Image by TradingView

On the daily time frame, buyers have failed to maintain the growth, which means not enough energy has been accumulated yet.

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If nothing changes by the end of the day, sideways trading in the zone of $140-$150 is the more likely scenario.

Image by TradingView

From the midterm point of view, the picture is more positive. The volume has risen, which means that bulls are not ready to give up so easily. All in all, traders may witness an ongoing consolidation in the range around $150 within the next days.

SOL is trading at $153.8 at press time.

San Francisco-based enterprise crypto company Ripple has launched its much-hyped stablecoin in private beta, according to a Friday announcement. 

The Ripple USD (RLUSD) stablecoin will be available for beta testing on both XRPL and Ethereum. 

During the beta testing stage, a select group of the company's enterprise partners will try out the new product before it gets released to a wide audience. Ripple wants to ensure that the stablecoin is sufficiently secure and reliable before moving on with a general launch. 

It is not possible to buy or trade the new stablecoin during beta testing, and Ripple still needs to get a regulatory nod for its ambitious product. 

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Ripple has also warned about fraudsters who might potentially try to capitalize on the limited launch of RLUSD by claiming to have early access to the product. 

As reported by U.Today, Ripple also launched a website page for its stablecoin project, pitching it for payment services and cross-border transfers. 

The enterprise crypto company made its bold move into the stablecoin sector in April. Ripple then revealed the name of its stablecoin project at the XRP Ledger Community Summit in June. 

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Ripple President Monica Long previously stated that she expected the much-talked-about stablecoin project to make its debut this year. 

Apart from XRPL and Ethereum, Ripple's stablecoin is also expected to launch on other chains as well.

Ripple will have to compete with other stablecoin issuers such as Tether. However, the company claims that it is in an "ideal position" to launch such a product.  

Dog-themed cryptocurrency Shiba Inu rebounded from a strong support near $0.000010 on Aug. 5. The recovery continued, reaching highs of $0.00001442 on Thursday before slightly retreating in Friday's trading session.

As eyes remain on where Shiba Inu price trends next, on-chain data has brought to light a crucial resistance range that SHIB must overcome to achieve significant price recovery.

According to data from IntoTheBlock, 487.98 trillion SHIB tokens were bought by 105,280 addresses in the range between $0.000015 to $0.000019 at an average price of $0.000017.

Global In/Out of the Money, Courtesy: IntoTheBlock

The significant volume of SHIB purchased in this range suggests that many investors are either looking to break even or realize profits once the price approaches these levels.

For Shiba Inu to achieve a meaningful price recovery, bulls will need to muster enough momentum to push the price above this resistance. Failing to do so could lead to prolonged consolidation or even a further decline, as sellers may step in to capitalize on any short-lived rallies.

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That said, Shiba Inu bulls must generate enough buying power to break through the $0.000019 level. This would not only invalidate this massive resistance but might also potentially drive further price gains.

What's next for Shiba Inu price?

At the time of writing, SHIB was up 2.52% in the last 24 hours to $0.00001389, but down 6.29% weekly. If Shiba Inu continues its current rebound, it may reach the moving averages, where bears are anticipated to put up a strong fight.

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If the SHIB price falls sharply from the moving averages, it may indicate that bears continue to sell on rallies. That increases the chances of a decline toward $0.000010.

Instead, if buyers push the price above the moving averages, it indicates that selling pressure may be diminishing. In this scenario, Shiba Inu might soar to $0.000020. If this occurs, Shiba Inu may target the $0.00003 level next.

U.Today provides you with an overview of the past day's crypto events with the top three news stories.

Ripple CEO reacts to court's final judgment

The latest development in the Ripple-SEC case has quickly become the talk of the crypto town. As previously reported by U.Today, on Aug. 7, U.S. District Judge Analisa Torres released the final judgment in the long-lasting lawsuit, in which the fintech company was ordered to pay the SEC $125 million worth of civil penalties. Following the final judgment's release, Ripple CEO Brad Garlinghouse took to his X account to share the news with his followers. In his post, Garlinghouse wrote that the penalties sum was reduced approximately 94% from the $2 billion the SEC initially requested, with the court admitting that the agency "had overplayed their hand." The CEO stated that he and his team respect the court's decision, calling the lawsuit's outcome "a victory for Ripple, the industry and the rule of law." Concluding his post, Garlinghouse stated that the SEC's "headwinds" against XRP holders are now gone.

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Shiba Inu's Shibarium to introduce burn mechanism

Yesterday, the official X handle of the Shibarium Network announced that it is launching a hard fork with a new version of Bor, the network's core component. The launch took place today, Aug. 9, at 9:15 a.m. UTC. Notably, this Bor version introduces a burn mechanism. The burn mechanism will be directly linked to base transaction fees. A total of 70% of these fees will be converted to SHIB tokens and taken out of circulation. This will allow to reduce the overall quantity of SHIB tokens, which could lead to an increase in the token's value. The remaining share of the base fees will be allocated toward ecosystem development. As a reminder, Shibarium's previous hard fork was completed back in May, at block height 4504576. The hard fork brought faster transactions as well as predictable gas fees.

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TON skyrockets 100% in volume amid $100 billion exchange listing

According to the recent announcement by Binance, it listed Toncoin token (TON) for spot trading on Aug. 8. At the time of publication, users can already make deposits, as well as withdrawals of funds in Toncoin. As a result of the listing, new spot trading pairs have become available for transactions: TON/BTC, TON/USDT, TON/FDUSD and TON/TRY. The news pushed the TON's price up by 15% since the announcement, to $6.28. In addition to this, Toncoin's turnover increased by almost 100%. Currently, the token is changing hands at $6.45, up 2.46% over the past 24 hours, per CoinMarketCap, with its market capitalization standing at $16.2 billion; this gives Toncoin the eighth ranking on the aforementioned website's top 10 cryptocurrencies list.

Dogecoin (DOGE) has witnessed remarkable positive market sentiments in the past few days, including a 14% price rebound following a surge in network activities. These have, in no small way, boosted investors’ confidence in the meme coin, as data from IntoTheBlock shows.

DOGE's large transaction volume signals institutional interest

Notably, DOGE’s large transaction volume spiked by a massive 36.31% or $1.02 billion following the price rebound witnessed earlier as investors' sentiment improved significantly. This signals that institutional players and large holders were actively busy in the market, either buying to consolidate their assets or selling to readjust their portfolios.

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Dogecoin's percentage performance surpassed other entities, such as Lido Staked Ether and Cardano, with transaction volumes of 19.47% and 5.82%, respectively. These were the only assets that recorded positive transaction volumes. Others, like Ethereum and Toncoin, were negative, with low volumes transacted.

Furthermore, as indicated by the same on-chain source, the daily active addresses increased slightly by 1.52%. That is, 47,360 active addresses were featured in the last 24 hours. The growth in active addresses on the network indicates that more users were engaged in transactions and other activities.

Can Dogecoin hit $1?

These positive indices have rubbed off on the price of Dogecoin, which is up 3.45% in the last 24 hours to $0.1045, according to CoinMarketCap data.

Despite all of these positive sentiments, for Dogecoin to hit the $1 level, an earlier U.Today report revealed that the network needs major catalysts to ensure further growth. Specifically, new participants need to embrace the network, and more than 1.52% are registered.

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Furthermore, analysts maintain that consistency in these metrics over time would help propel the meme coin toward $1 levels, which have remained elusive for a long time.

Popular cryptocurrency influencer Whale Panda recently speculated that MicroStrategy co-founder Michael Saylor was responsible for the swift market recovery.

On Thursday, the Bitcoin price came close to reclaiming the $63,000 level despite plunging below the $50,000 level. The massive price jump has unexpectedly resulted in a rapid sentiment shift, with Bitcoin returning back to neutral territory in virtually no time.

Whale Panda believes that Saylor was possibly responsible for the significant price jump by buying $2 billion worth of Bitcoin in one go.

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However, Blockstream CEO Adam Back, one of the most prominent Bitcoin evangelists, believes that this is not the case. "I don't think so, because that was a $2bil approval for at the market selling; and in Nov and Dec 2023, they sold about $30m/day or $600m a month announced the sale details and BTC purchase details at month end," he explained.

Last week, the Virginia-based business intelligence firm announced its intention to sell $2 billion worth of shares in order to increase its Bitcoin holdings. However, it did not offer an exact timeline for these sales. It is unlikely that MicroStrategy has already raised new capital that would help it finance its Bitcoin purchases.

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As reported by U.Today, Saylor confirmed that his company would continue accumulating more coins via various means. He himself continues to hold more than $1 billion worth of Bitcoin, according to Bloomberg.

Real reason behind Bitcoin's surge

According to American banking behemoth JPMorgan, Bitcoin's recent recovery was possible due to the resilience of institutional players. There was very little derisking in CME futures. Meanwhile, BlackRock's IBIT was back to high inflows on Thursday.

Ethereum, the second largest cryptocurrency by market capitalization, has revealed a crucial demand zone amid a death cross formation.

According to Ali Martinez, a crypto analyst, the most important support level for Ethereum is between $2,314 and $2,435. This range is particularly noteworthy as it represents where nearly 2.14 million addresses have collectively acquired 51.67 million ETH.

The most important support level for #Ethereum is between $2,314 and $2,435, where 2.14 million addresses acquired 51.67 million $ETH! pic.twitter.com/1h1G2ZcZHd

— Ali (@ali_charts) August 9, 2024

The death cross, a technical analysis pattern that indicates potential bearish momentum, emerges when a short-term moving average crosses below a long-term moving average.  In the case of Ethereum, the 50-day SMA crossed below the 200-day SMA, resulting in a death cross on the Ethereum daily charts.

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At the time of writing, ETH was trading in the green at $2,595. Two potential scenarios are likely for the Ethereum price in light of the crucial demand zone highlighted. First, it signals the possibility of strong buying activity, which might keep Ethereum from falling further in the event of a price drop. However, if this support level fails to hold, Ethereum may experience a deeper fall, potentially revisiting lower price levels.

Ethereum price jumps

Ethereum, the second largest cryptocurrency by market capitalization, hit a high of $2,708 in Friday's trading session as the crypto market continued to regain ground lost in Monday's slump.

After jobs data last Friday raised fears that the U.S. economy was entering a recession, sparking a Wall Street sell-off, digital assets began the week on a sour note. On Monday, the Japanese yen surged against the U.S. dollar, spurring a bout of risk aversion.

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However, concerns about the U.S. economy seemed alleviated in the time being after statistics released Thursday showed that unemployment benefit filings fell from the previous week.

Ethereum's price is currently up 3.05% on the day, according to CoinMarketCap, although it is still down roughly 18% for the week.