The US has lifted sanctions against crypto mixer Tornado Cash but the procedure has drawn widespread criticisms. Coinbase Chief Legal Officer (CLO) Paul Grewal has taken swipes at the US Treasury for its “botched” attempt at waiving the need for a final judgment.
Coinbase CLO Pokes Holes In US Treasury’s Latest Court Filing
In a strongly worded post on X, Coinbase CLO Paul Grewal railed against the US Treasury’s handling of Tornado Cash’s delisting from the sanctions list. According to Grewal’s disclosure, the US Treasury filed a pleading to moot the need for a final judgment on the matter.
In legal terms, a party to dispute can apply to moot a final judgment, arguing that the issue at hand is no longer significant or actionable. Following Tornado Cash’s removal from the Specially Designated Nationals and Blocked Persons (SDN) list, the US Treasury’s latest filing seeks to waive a final judgment on the case. Tornado Cash users have been in court, challenging the US Treasury’s decision to place the mixer on the SDN list.
However, Grewal argues that the filing runs contrary to established legal processes in the US. He notes a proper filing follows only if the defendant can show that the “practice cannot reasonably be expected to recur.”
The Coinbase CLO cited several legal precedents involving law enforcement agencies removing sanctions and not moving a case. He argues that without a final court judgment, law enforcement can review their decision to impose fresh sanctions at a future date.
“Treasury has likewise removed the Tornado Cash entities from SDN, but has provided no assurance that it will not re-list Tornado Cash again,” said Grewal.
A Protracted Legal Battle Against Authorities
The road toward the lifting of Tornado Cash’s sanctions was long and winding. A raft of Tornado Cash users headed to court to protest the placing of the mixer on the SDN list. US authorities say the mixer played a principal role in laundering nearly $500 million worth of stolen digital assets by North-Korean backed Lazarus Group.
After notching a series of small wins in Court, Grewal criticized the US Treasury for failing to comply with a court ruling clarifying the status of Tornado Cash’s smart contract. The court ruled that the smart contract did not form property under the IEEPA as it is non-erasable.
Tornado Cash has received support from Coinbase with the Ethereum Foundation supporting the legal defense of lead developer Alexey Pertsev.
Amid market uncertainty, Cardano (ADA) has been consolidating in a tight range over the past few days near a crucial level, creating a make-or-break situation. For the past 11 days, ADA has been fluctuating between $0.70 and $0.74, now testing the lower boundary of this range.
ADA’s Current Price Momentum
Besides this consolidation, ADA’s current price is also supported by an ascending trendline that has been intact since the beginning of March 2025. The asset is currently trading near $0.71 and has registered a modest price surge of over 0.50% in the past 24 hours.
Cardano (ADA) Technical Analysis and Key Levels
According to expert technical analysis, ADA is already forming a symmetrical triangle pattern alongside its ongoing consolidation. If the asset breaks out of this pattern and closes a four-hour candle above the $0.74 level, there is a strong possibility it could breach the consolidation and surge by 15% to reach the $0.85 mark.
Source: Trading View
As of now, the asset holds the potential to rise by 3%, meaning it could easily reach the $0.736 level. This prediction applies to a lower time frame. However, on a higher time frame, ADA’s daily chart suggests that a major rally will only begin once the asset closes a daily candle above the $0.85 level.
With the ongoing bearish market sentiment and an unclear pattern, traders and investors seem to be participating less in ADA, resulting in a record drop in trading volume, as reported by the on-chain analytics firm Santiment.
Source: Santiment
Data reveals that the asset’s trading volume is at its lowest since the beginning of 2025. Moreover, in the past 24 hours, the volume has dropped further by 15%.
The post Cardano (ADA) Price Prediction For March 23 appeared first on Coinpedia Fintech News
Amid market uncertainty, Cardano (ADA) has been consolidating in a tight range over the past few days near a crucial level, creating a make-or-break situation. For the past 11 days, ADA has been fluctuating between $0.70 and $0.74, now testing the lower boundary of this range. ADA’s Current Price Momentum Besides this consolidation, ADA’s current …
Bitcoin’s (BTC) move toward $125,000 is causing waves throughout the crypto market, with Shiba Inu (SHIB) and Rexas Finance (RXS) emerging as top competitors for spectacular gains. While SHIB’s recent surge resulted from President Donald Trump’s recent announcement on US crypto reserve assets, Rexas Finance is upsetting the asset management business by bringing unprecedented liquidity to previously illiquid markets. Investors are closely monitoring both assets, anticipating significant increases.
Shiba Inu Soars Amid Trump’s Latest Announcement
Shiba Inu retraced 11% in 24 hours after rising 20%, staying above $0.000012. The recent surge followed Donald Trump’s declaring the opening of a crypto reserve with big-league tokens, including Bitcoin, Ethereum, Solana, Ripple, and Cardano.
Despite the harsh reversal, technical indications suggest a favorable outlook. Analysts believe a breach above $0.000015 might boost SHIB to $0.000017, and some investors anticipate a 500% breakthrough to $0.000020 and beyond. Crypto analyst Crypto Elites highlighted a cup-and-handle pattern that, if confirmed, may spark a 12x surge to $0.000183. As the market prepares for a bullish breakout, Shiba Inu is poised for a giant boost in the coming weeks.
Rexas Finance (RXS) Introduces Liquidity to Illiquid Markets, Setting the Stage for a Massive Rally
Rexas Finance (RXS) is disrupting asset management by addressing a long-standing issue: a lack of liquidity in historically illiquid sectors. RXS uses blockchain to facilitate tokenizing real-world assets (RWAs) like real estate, commodities, and financial instruments, giving users access to a trillion-dollar market.
Rexas Finance’s fundamental function is to simplify asset tokenization. For example, by purchasing RXS-backed tokenized shares, an investor can now own a portion of a $10 million commercial property for just $100. This kind of fractional ownership enables small-scale investors to access high-value asset markets previously only available to institutions.
To achieve this, Rexas Finance has built a rich tokenization ecosystem and DeFi features that boost liquidity, accessibility, and investment returns. The Rexas Token Builder and QuickMint Bot simplify token creation without technical experience. Meanwhile, the Rexas Launchpad offers early-stage investment opportunities in new cryptocurrency projects, and the Rexas Treasury helps investors maximize returns through automated yield farming. This novel technique has created tremendous investor interest, hastening the RXS presale to near completion. In its last step (step 12), 91% of the allocated tokens have already been sold, indicating increased FOMO among investors. RXS is selling at $0.20, up 566% from $0.03 in Stage 1.
The presale, which sold 455 million tokens and garnered $47 million, is expected to be one of 2025’s most significant achievements. Rexas Finance also holds a $1 million giveaway to reward early investors. With over 1.5 million entries received so far, the top 20 participants will earn $50,000 worth of RXS. This event will further increase Rexas Finance’s appeal among crypto enthusiasts. The larger picture of Rexas Finance revolves around its upcoming exchange listings.
On June 19, RXS will debut on at least three of the top ten global crypto exchanges, enhancing liquidity, market exposure, and institutional interest. The initial listing price is $0.25, and analysts predict a potential 100,000% post-launch jump due to rising adoption and exchange-driven demand.
Conclusion: SHIB and RXS Poised for Explosive Gains
Shiba Inu (SHIB) and Rexas Finance (RXS) are poised for significant gains as Bitcoin (BTC) nears $125,000. With SHIB seeing a 300% spike in whale demand and RXS revolutionizing real-world asset tokenization, both assets are expected to experience significant price changes. The Rexas Finance presale is practically sold out (9% to go), and its June 19 market debut will likely cause a price explosion. This is the last chance for investors to secure RXS at presale prices before it goes public—act immediately before the opportunity passes!
For more information about Rexas Finance (RXS) visit the links below:
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Bitcoin’s (BTC) move toward $125,000 is causing waves throughout the crypto market, with Shiba Inu (SHIB) and Rexas Finance (RXS) emerging as top competitors for spectacular gains. While SHIB’s recent surge resulted from President Donald Trump’s recent announcement on US crypto reserve assets, Rexas Finance is upsetting the asset management business by bringing unprecedented liquidity …
Could a small stake today make someone a millionaire by summer 2025? This article explores five overlooked meme coins that might experience massive growth in the next couple of months. Dive into the world of these quirky digital assets that hold the potential to deliver extraordinary returns to those who spot them early.
XYZ’s Capitalization Nears $15M, Causing Demand to Surge
The XYZVerse ($XYZ) project stands out from typical memecoins due to its long-term vision, clear roadmap, and engaged community. By merging the worlds of sports and crypto, XYZVerse has garnered significant investor interest and was recently recognized as “Best NEW Meme Project,” further strengthening its appeal.
Price Dynamics and Listing Plans
The $XYZ token has experienced consistent growth during its presale phase, with its price climbing from $0.0001 at launch to $0.003333 currently.
The price is expected to reach $0.005 in the next stage and $0.02 at the final presale stage, after which the token will be listed on major centralized and decentralized exchanges.
Early investors could see returns of up to 1,000x if the project achieves the required market capitalization, with a projected listing price of $0.10.
The presale has already raised over $10 million and is nearing its next milestone of $15 million, indicating strong demand from both retail and institutional investors.
XYZVerse Takes the Community-Driven Approach
The XYZVerse community is not just an audience; they are active participants whose dedication is rewarded with airdropped XYZ tokens. It’s a system where the most passionate members reap the greatest benefits.
With robust tokenomics, strategic CEX and DEX listings, and consistent token burns, $XYZ is primed for substantial growth. Each move is calculated to bolster its price and unite a community that believes in its extraordinary potential.
Dogecoin: The Memecoin That Challenged Traditional Cryptocurrency
Dogecoin (DOGE) is a cryptocurrency that was launched in 2013 as a fun alternative to traditional digital currencies. It features the Shiba Inu dog from the “Doge” meme as its logo. Unlike Bitcoin, which has a limited supply, Dogecoin was designed to be abundant, with no maximum limit and 10,000 new coins mined every minute. Created by Billy Marcus and Jackson Palmer, it started as a joke but quickly gained popularity due to its friendly and approachable image.
In 2021, Dogecoin saw a significant surge in value, entering the top ten cryptocurrencies by market capitalization with a total value exceeding $50 billion. This growth was driven by social media influence and endorsements from figures like Elon Musk. The technology behind Dogecoin is similar to other cryptocurrencies, relying on blockchain for secure transactions. Its potential lies in its strong community support and widespread recognition. In the current market cycle, Dogecoin remains a subject of interest, reflecting the power of community and social media in shaping market trends.
Shiba Inu (SHIB): Ethereum-Based Memecoin with Expanding Features
Shiba Inu (SHIB) is a cryptocurrency launched in August 2020, drawing inspiration from Dogecoin’s popularity. Unlike Dogecoin, SHIB operates on the Ethereum blockchain, which allows it to interact with a wide range of Ethereum applications. Created by an anonymous developer named Ryoshi, SHIB started with a supply of 1 quadrillion tokens. Half of these tokens were sent to Ethereum co-founder Vitalik Buterin. Buterin donated a large portion to the India Covid Crypto Relief Fund and “burned” 40% of the total supply, reducing the number of circulating tokens.
SHIB’s integration with Ethereum enables it to support decentralized applications like ShibaSwap, a platform for exchanging tokens. There are plans to develop an NFT platform and a governance system based on a decentralized autonomous organization (DAO). These developments aim to increase SHIB’s utility in the cryptocurrency space. In the current market cycle, SHIB’s growth in decentralized finance and NFTs may attract those interested in Ethereum-based projects.
PEPE: A Deflationary Meme Coin Inspired by Pepe the Frog
PEPE is a deflationary cryptocurrency launched on the Ethereum blockchain. It was created as a tribute to Pepe the Frog, an internet meme by Matt Furie that gained popularity in the early 2000s. PEPE aims to join the ranks of popular meme coins like Dogecoin and Shiba Inu, establishing itself as a leading meme-based cryptocurrency. The project appeals to the crypto community with its no-tax policy and a transparent focus on being a pure memecoin without utility.
In late April to May 2023, PEPE saw a significant surge, with its market cap reaching up to $1.6 billion. This growth turned early holders into millionaires and attracted a strong community of followers. The success of PEPE sparked what some call a “memecoin season,” with other meme-based tokens experiencing rapid rises and falls. The PEPE roadmap includes plans for listings on CoinMarketCap and major exchanges, aiming for widespread recognition. Its potential in the current market cycle is linked to the enthusiasm for meme coins and market trends. The coin’s future performance will depend on various factors, including market sentiment and the broader cryptocurrency cycle.
BONK: A Community-Driven Memecoin on the Solana Blockchain
BONK is a memecoin built on the Solana blockchain, featuring a Shiba Inu mascot. It aims to empower the Solana community by shifting influence away from venture capital tokens. After being listed on Coinbase, BONK’s value surged over 100%. The project positions itself as a “community coin,” having airdropped 50% of its supply to participants in Solana’s NFT and DeFi ecosystems.
BONK has integrated into the growing ecosystem of decentralized applications on Solana, including launching a decentralized exchange called BonkSwap. The coin faces challenges such as a high total supply and the inherent volatility common to memecoins. Its attractiveness in the current market cycle may be influenced by its community engagement and role within the Solana ecosystem.
Conclusion
While DOGE, SHIB, PEPE, and BONK show promise, XYZVerse unites sports fans in a memecoin aiming for exponential growth and lasting impact.
You can find more information about XYZVerse (XYZ) here:
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Could a small stake today make someone a millionaire by summer 2025? This article explores five overlooked meme coins that might experience massive growth in the next couple of months. Dive into the world of these quirky digital assets that hold the potential to deliver extraordinary returns to those who spot them early. XYZ’s Capitalization …
Speculation is swirling in the crypto community that PI will eventually be listed on Binance. If confirmed, such a move would shake up the altcoin scene. But while everyone is talking, FXGuys is seizing the limelight with its prop trading funding model and a $FXG token presale now running at over $4.5 million. PI´s potential listing on Binance caught the eye of many traders, but the real action is on The FX Guys, which are expected to be the Top PropFi Project and the best DeFi token in 2025.
Is PI Really Coming to Binance? Speculation Runs High
Discussions across trading forums have sparked with the potential for PI listing on Binance. Although there is no official confirmation, historical trends indicate that listings on Binance typically occur when a particular cryptocurrency demonstrates significant volume and a high level of interest from the community. In the meantime, the holders of PI are excited about finally seeing their assets listed across a growing number of exchanges; however, in reality, the focus has turned towards an opportunity much closer in time: The success of the FXGuys presale.
FXGuys: The Undisputed Leader Among High Potential Altcoins
As traders anxiously await PI’s fate on Binance, FXGuys has established itself as one of the leading DeFi coins with an innovative prop trading funding program. The FX Guys team has a vision to change the trading game by making it DeFi , so instant funding is made through a broker-backed decentralized platform. With Stage 3 of its presale now live at $0.05 per $FXG token, investors & traders are rushing to FXGuys.
Why FXGuys Is the Best DeFi Token for Traders Right Now
FXGuys is more than just another high-potential altcoin, it is an ecosystem catered towards traders with many benefits, making it the most attractive Top PropFi Project on the market. $FXG holders can also stake their tokens to receive 20% profit and a share of their revenue from the broker trading volume in a sustainable passive income service. With the prop trading funding program, traders can qualify for as much as $500,000 in capital and retain 80% of their profits.
The FX Guys also offer no buy or sell tax, and their no KYC decentralized trading will change the game as it is secure and accessible. Same-day withdrawal of both crypto and fiat, with support for more than 100 local currencies, will benefit traders. Moreover, the unique Trade2Earn model awards every trade with $FXG tokens, stimulating trading and diversifying portfolios.
FXGuys Beta Platform: A Game-Changer for Smart Prop Traders
Investors can now access the BETA platform, a free trial version of the FXGuys prop trading funding program. With this, traders get a preview of what to expect, further reinforcing that FXGuys tops the list of best proprietary trading firms. Investors can use the FXGuys Trader, MT5, Match-Trader, cTrader, and DXtrade. Also, traders can be flexible based on their geographic location and trading style.
As PI fans urge confirmation of a potential Binance listing, FXGuys is already providing real-world utility and financial gain. With the $FXG token presale experiencing colossal demand and FXGuys’ broker-backed infrastructure, instant funding Prop firm model and high-reward staking structure, FXGuys is set to become a titan in the crypto world. FXGuys is continuing to speed up, making it a DeFi coin and altcoin up-and-comer that traders should watch.
To find out more about FXGuys follow the links below:
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Speculation is swirling in the crypto community that PI will eventually be listed on Binance. If confirmed, such a move would shake up the altcoin scene. But while everyone is talking, FXGuys is seizing the limelight with its prop trading funding model and a $FXG token presale now running at over $4.5 million. PI´s potential listing on …
The crypto market has severely declined, with Bitcoin (BTC) touching low levels of $87.7K due to Trump tariffs. In this regard, the current situation has taken a worse turn for Dogecoin (DOGE) in the market. It has caused more than $12.60 million of DOGE to be wiped out, including the rising volatility in the entire meme coin market.
However, DuragDoge ($DURAG), a new meme coin, continues to capture the hearts of investors. With its hype growing steadily and investors flocking to its presale platform, DuragDoge has become the best altcoin to buy. Its staking platform has been trending within the crypto community, making it an outstanding trading platform.
The daily active addresses of Dogecoin have declined to 36.1K, and the number of daily transactions has also decreased to 13.9K. It means that there is a withdrawal of market participation, a clear indication that traders are not fully confident. Although this may be the case in the short run, a long period of inactivity is likely to destabilize the price system since low activity levels may negatively affect volatility.
Dogecoin has also seen a small drop in its Open Interest by 0.02% to $ 1.76 billion, which indicates less optimism regarding the short-term market setup. Such conditions suggest a more conservative attitude from traders engaging in new positions, which could be explained by uncertain conditions of the price dynamics.
This decline may hinder any bullish potential from being achieved in the coming days in Dogecoin.
DuragDoge ($DURAG): Gaining Spotlight With Its Staking Platform
The hype of DuragDoge in the crypto market does indicate its mission, which is to take $DURAG from the block and take it to the world where it will not just be seen simply as monetary value. This is a blockchain trading platform whose community is characterized as being fearless, creative, and in the spirit of hustling. The project’s aim is to support the spirit of the underdog, the dreamers, go-getters, and hustlers who understand that big wins are made from bold steps forward.
One contributing factor to its hype in the market as the best altcoin to buy is its staking platform. Once staking is activated, the users of $DURAG will be able to lock their tokens for a particular period and, in return, will be rewarded with more tokens. Staking also leads to up to 20 % annual percentage yield APY, which makes staking the best crypto coin to buy.
Another reason behind DuragDoge’s rise is that no token has been allocated to its team members. This means that this project makes a guarantee to ensure that the share is distributed correctly and that all the players on the battlefield are equal; thus, this makes it the best crypto coin to buy. The token is currently sold at $0.0009, inviting investors who want to diversify their portfolio.
Conclusion
While the Dogecoin price falls flat, DuragDoge hype keeps growing speedily in the market. Because this blockchain trading platform has integrated staking features into its platform, DuragDoge is set to explode in the market. With the presale having remarkable success, DuragDoge has the potential to be the next crypto gem.
Follow Durag Doge on X and Telegram for the latest news and updates.
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The crypto market has severely declined, with Bitcoin (BTC) touching low levels of $87.7K due to Trump tariffs. In this regard, the current situation has taken a worse turn for Dogecoin (DOGE) in the market. It has caused more than $12.60 million of DOGE to be wiped out, including the rising volatility in the entire …
Pi Network (PI) has recently experienced a significant price decline, exacerbated by Binance’s decision to exclude the token from its new vote-to-list campaign. This move has led to waning investor confidence, further driving down the price of Pi Network.
As a result, investors have become increasingly hesitant, pulling their funds from the project.
Pi Network Is Losing Investors’ Interest
The Chaikin Money Flow (CMF) for Pi Network is currently at its lowest point since the project’s inception. This indicates that the outflows from the altcoin have reached an all-time high, signaling a lack of conviction among investors.
The negative sentiment has caused many to pull their money out of Pi Network, further weighing down the asset’s value.
This heightened outflow could have a lasting impact on the price, as it suggests that investor trust is faltering. As confidence in Pi Network continues to dwindle, more investors may decide to exit their positions, which could lead to even more downward pressure on the price.
Pi Network’s macro momentum has also shown signs of shifting. The Relative Strength Index (RSI), which measures the strength of price movements, bounced back after hitting the oversold zone earlier this week. This is typically viewed as a sign of potential reversal, suggesting that the bearish momentum could ease.
However, despite this slight improvement in the RSI, Pi Network has not yet seen any significant growth. This indicates that the broader market pressure is still very much present.
Currently, Pi Network is trading at $1.00, down by 44% over the last ten days. The altcoin is attempting to hold above this price point and has been relatively successful in doing so.
However, the ongoing outflows and broader market conditions suggest that Pi Network could struggle to maintain its current level.
If the selling pressure continues, Pi Network may fall toward the $0.92 support level. A breakdown below this level could lead to a further decline to $0.76, extending the recent losses. With this potential for continued downside, investors will need to watch these support levels closely.
If Pi Network manages to reclaim $1.19 as support, it could pave the way for a potential recovery. A successful rise above this level could push the price back to $1.43, helping the token recover a portion of its recent losses.
An early Bitcoin investor has resurfaced after nearly a decade of inactivity, drawing attention across the crypto space.
On March 22, the Bitcoin whale transferred 3,000 BTC—worth over $250 million at the time of the move. A Bitcoin whale is an individual or entity that holds more than 1000 BTC.
Why is the Bitcoin Whale Active After 8 Years?
According to Arkham, the Bitcoin whale’s wallet dates back to late 2016, when Bitcoin was trading below $1,000.
The investor’s original stake—estimated at around $3 million—has since grown into a massive fortune, reflecting the asset’s long-term potential.
During this holding period, Bitcoin hit an all-time high of almost $110,000 in January 2025. Though the price has since pulled back to around $84,274, the whale’s ROI remains staggering.
The motive behind the transfer remains unclear. However, analysts noted that the funds were moved to another wallet—not an exchange—indicating the holder may be restructuring rather than preparing to sell.
This detail appears to have calmed fears of a market dump. BeInCrypto data shows that the broader crypto market has stayed stable despite the whale’s activity. Bitcoin and other top assets have shown little price volatility in response.
Meanwhile, this transfer is not an isolated case. Over the past year, several long-dormant wallets have shown signs of activity.
Some analysts believe early holders are reassessing their positions as Bitcoin trades near historic highs. Others suggest these investors may be preparing for more complex strategies involving futures or options.
Nevertheless, this case reinforces Bitcoin’s reputation as a long-term store of value. The whale’s decision to hold for nearly a decade shows how the asset has outperformed traditional stores of wealth like gold and the US dollar.
Coinbase, the largest crypto exchange in the US, has successfully evaded a supply chain attack that could have compromised its open-source infrastructure.
On March 23, Yu Jian, founder of blockchain security firm SlowMist, flagged the incident in a post on X, referencing a report from Unit 42, the threat intelligence division of Palo Alto Networks.
The threat actor forked agentkit and onchainkit repositories on GitHub, inserting malicious code intended to exploit the continuous integration pipeline. The suspicious activity was first detected on March 14, 2025.
“The payload was focused on exploiting the public CI/CD flow of one of their open source projects – agentkit, probably with the purpose of leveraging it for further compromises,” Unit 42 reported.
The attacker exploited GitHub’s “write-all” permissions, which allowed the injection of harmful code into the project’s automated workflow. This method could have enabled access to sensitive data and created a path for broader compromises.
A Malicious Commit Targeting Coinbase. Source: Unit42
However, Unit 42 reported that the payload collected sensitive information. It did not contain advanced malicious tools like remote code execution or reverse shell exploits.
Meanwhile, Coinbase responded quickly, collaborating with security experts to isolate the threat and apply necessary mitigations. This rapid action helped the company avoid deeper infiltration and prevented potential damage to its infrastructure.
Despite the failed attempt, the attacker has since shifted focus to a larger campaign now drawing global attention.
In light of this, SlowMist founder advised developers using GitHub Actions—especially those working with tj-actions or reviewdog—to audit their systems and confirm that no secrets have been exposed.
“If your company uses reviewdog or tj-actions, do a thorough self-examination,” Yu Jian stated on X.
This incident highlights the growing importance of securing open-source tools as the crypto ecosystem expands. Data from DeFillama shows that the crypto industry has recorded exploits of more than $1.5 billion this year.
Shiba Inu (SHIB) has been experiencing mixed signals in recent weeks. The meme coin has made attempts to secure a breakout, but this effort hinges heavily on investor support.
Unfortunately, this support has been weak recently, forcing SHIB to rely on the broader market, particularly Bitcoin (BTC), for direction. If Bitcoin continues its upward trajectory, Shiba Inu may have a shot at a recovery rally.
Shiba Inu Needs Support
The MVRV Long/Short Difference for Shiba Inu is currently at a 6-month low, a key indicator suggesting that short-term holders are experiencing substantial profits.
This is a bearish sign for the cryptocurrency, as these investors are typically more inclined to sell when they are in profit. As a result, the potential for a sell-off is higher, and the price of Shiba Inu could take a hit as these holders exit their positions.
This behavior could put downward pressure on SHIB, limiting its chances of maintaining or building upon its recent gains. The lack of strong support from long-term holders, combined with the large profit-taking from short-term traders, creates an unstable market dynamic for Shiba Inu at present.
Shiba Inu’s correlation with Bitcoin remains strong, currently sitting at 0.77. This indicates that SHIB tends to move in tandem with Bitcoin, and as the largest cryptocurrency gradually recovers, Shiba Inu could follow suit.
Bitcoin’s potential rally toward the $90,000 mark would likely provide the necessary boost for SHIB to continue its own recovery.
If Bitcoin breaches the $90,000 level, it will instill further confidence in the broader cryptocurrency market. This, in turn, could help lift Shiba Inu from its current consolidation phase, giving it the momentum needed to push past key resistance levels.
Shiba Inu Correlation To Bitcoin. Source: IntoTheBlock
SHIB Price Is Aiming At Recovery
At the time of writing, Shiba Inu is trading at $0.00001296, just above its support level of $0.00001275. The altcoin is attempting to hold this support and bounce off it, but its ability to maintain this level depends on market conditions.
Should Bitcoin rise further, Shiba Inu may find some support to reach or surpass the $0.00001462 barrier. However, if Bitcoin experiences a slip, SHIB will likely remain consolidated around $0.00001275 or potentially fall to $0.00001141, depending on the strength of the bearish pressure.
The only way this bearish-neutral outlook would be invalidated is if Shiba Inu breaks through the $0.00001462 resistance and flips it into support.
A successful rally above this level could pave the way for SHIB to rise to $0.00001676 and beyond, marking the start of a more bullish trend for the meme coin.
