Gold price has heavily benefited from capital flight as investors flee from volatile stock markets amid global trade wars.
Bitcoin price will gain bullish sentiment after gold hits rally top and cash rotation kickstarts.
The U.S. stock market recorded more forced liquidations on Wednesday amounting $1.5 trillion, after Fed Chair Jerome Powell said that more volatility is likely ahead. With the trade war negotiations taking longer than anticipated, investors have been fleeing to the Gold markets to protect working capital.
Moreover, inflation is anticipated to increase as investors show midterm fear amid the weakening U.S. dollar against major currencies.
Gold Market Blowout
Gold price gathered more bullish momentum during the North American trading session on Wednesday as the trade negotiations rattled global stock markets.
In the past 24 hours, Gold price rallied over 3 percent to trade at about $3,337 at the time of this writing. Gold has continued with price discovery since its bullish breakout in October 2023, catalyzed by rising demand from global central banks led by China.
When Bitcoin?
Bitcoin has earned the title digital gold in the past decade, especially after emerging from the 2008 financial crisis and thriving through the Covid-19 crash. As Coinpedia reported, the Federal Reserve already views Bitcoin as digital gold and not as a competitor for the United States dollar.
Consequently, the U.S. government under President Donald Trump is keen to tap into Bitcoin to reduce its huge debt burden.
From a technical standpoint, BTC price has in the past cycles experienced parabolic rallies every time that Gold price reached the peak of its rally. Based on historical trends, Gold price is expected to reach $3,500 in this cycle, or even higher depending on the trade war dynamics.
In the three month candlestick, gold price has reached the top after the Relative Strength Index hit a minimum of 93, whereby it currently hovers about 83.
The price of several digital currencies, such as Dogecoin (DOGE), Shiba Inu (SHIB), and Cardano (ADA), has risen rapidly. After weeks of sustained consolidation, these altcoins have recorded their highest price levels in the past month, setting them on many traders’ watchlists. Amid the general bullish breakout, here is a breakdown of what to expect from the price of these digital currencies moving forward.
Dogecoin and Potential Reversal Prospect
At the peak of trading, the price of DOGE soared as high as $0.1850 per CoinMarketCap data. However, the coin has seen its price fall to $0.1797 while maintaining a 4.07% uptick in 24 hours. The broader crypto market jumped today, with memecoins largely leading the rally.
Dogecoin Price Chart. Source: CoinMarketCap
For Dogecoin, the core performance metrics stayed bullish, with a trading volume of 64.24% to $2.1 billion. Over the past month, the DOGE price maintained a strong consolidation; the trading volume hardly exceeded the $1 billion mark. Despite the intensely positive retail and whale engagement, the memecoin is still locked below the $0.1800 resistance level.
The uptick in the price of Dogecoin did not come from core DOGE fundamentals. Unless this trend changes and core ecosystem updates emerge, the bullish breakout of the memecoin might be short-lived.
Shiba Inu Changing the Memecoin Outlook
Shiba Inu joined the rally, soaring as high as $0.00001388 within the 24 hours. Although the percentage gain is now relaxed, the coin has maintained its support above the $0.000013 mark. Over the past week, the coin jumped 13.62% as it looks to pare off the losses it incurred in the Year-to-Date (YTD).
Shiba Inu Daily Chart. Source: CoinMarketCap
Considering the market outlook, SHIB price analysis hints at a potential 512% breakout in the coming weeks. While there are conflicting whale and futures outlooks on different timeframes, the Shiba Inu ecosystem has a more promising anchor for the price.
Unlike other memecoins like Dogecoin, with Shibarium and the SHIB OS innovation, developers like Shytoshi Kusama are pushing for new use cases for the project. While there are collaborations with governments to back its evolution, time may be the major decider of how high Shiba Inu can sustain its cycle momentum.
Cardano May Take Advantage of Bitcoin Influence
Bitcoin is the clear market leader, but Cardano may see more benefits from its association in the long term. The Charles Hoskinson-led project is making an important pivot to drive Bitcoin adoption with DeFi-based staking as teased previously.
Cardano has achieved more than most Proof-of-Stake (PoS) blockchain networks in the past year. The protocol transitioned to community governance and has outperformed core rivals in percentage growth over the past year.
Cardano’s price changed hands for $0.6983 at the time of writing, up by 5.92% in the past 24 hours.
Cardano Price Daily Chart: Source: CoinMarketCap
With $0.7 a local market resistance, ADA has the fundamentals to break out long-term. Per an earlier ADA price analysis, the coin could soar to $0.7658 in the short term.
Pi coin price went up considerably after a recent announcement outlining the project’s tokenomics and migration plan.
The news revealed that 65 billion Pi tokens have been held in reserve for community mining rewards. This fact accounts for the long-term token distribution strategy of Pi Network, an organization that has labored diligently to develop its ecosystem for more than six years.
Pi Coin Price Pumps Following Token Distribution Details
According to the latest data, the Pi coin price jumped close to 5.5% in the last 24 hours. The coin jumped from an all-time 24-hour low of $0.6098, reaching as high as $0.6599.
Pi had also been in a seven-day trading range of $0.594 to $0.774, and the latest news favored bullish price momentum. Of the 100 billion maximum token supply, 65% (65 billion tokens) is allocated specifically for community mining rewards. CoinGape has also released an analysis of how high Pi Coin can go if major banks start using it.
A Mainnet migration roadmap based on the network’s priorities is now available. https://t.co/fFqpZcgA8M
The roadmap outlines how first migrations, second migrations with referral bonuses, and ongoing migrations on a regular basis will be prioritized in that order. The blog also…
As per the announcement, the remaining supply is divided among foundation reserves (10 billion tokens or 10%), liquidity purposes (5 billion tokens or 5%), and the Core Team (20 billion tokens or 20%).
A distinctive feature of Pi’s tokenomics is that all allocations track the pace of community-migrated mining rewards. This means that as verified community members migrate to the mainnet, tokens from other allocation categories become proportionally available.
The network explained that this structure “was intentionally designed to align the interests of all parties in the network to get as many Pioneers and as many Pi onto the Mainnet as possible.”
In practical terms, this means the effective total supply at any given time can be calculated by dividing the current migrated mining rewards on the blockchain by 65%.
These developments undoubtedly provide a bullish outlook for the Pi Coin. However, CoinGape’s Pi Network price prediction shows that the altcoin is still far from reaching the $1 level.
Mainnet migration advances with phased approach
Pi Network has mentioned a structured roadmap for migrating its community of users to the mainnet blockchain. The network highlighted that it has already successfully migrated over 12 million people. They also described this as “an achievement of scalability in the industry.”
The migration process is proceeding in distinct phases based on network priorities. Currently, Pi Network is completing initial migrations for users in the queue. This includes verified base mining rewards, Security Circle rewards, lockup rewards, utility apps usage rewards, and confirmed Node rewards.
Once this first migration phase is completed, the network will focus on second migrations that will also incorporate referral mining bonuses attributable to team members who have passed KYC verification.
In addition, the final stage will involve shifting to regular, periodic migrations that will include all bonuses and rewards. CoinGape has also delved into Pi Network price analysis on whether you should sell or hold your Pi Coins.
Shiba Inu inflows have surged sharply, with data showing a 2,952% increase in large holder inflows. According to IntoTheBlock, inflows rose from 238.91 billion SHIB to 6.42 trillion SHIB on May 7. This indicates a sudden rise in buying activity from addresses classified as large holders.
Surge in Shiba Inu inflows Hints at Rally
According to the IntoTheBlock platform, whale addresses saw a major spike in inflows. These addresses typically represent institutional or high-net-worth investors. The increase in Shiba inu inflows entering these wallets often signals large-scale accumulation.
On May 8, the large holder netflow also rose from 132.54 billion SHIB to 6.21 trillion SHIB which is an increase of over 6,050%. Shiba inu inflows measure the difference between tokens entering and exiting whale wallets with a positive netflow suggesting whales are increasing their holdings.
This Shiba inu inflows shift follows a period of low activity during early May. Analysts often monitor these changes because whales usually accumulate after price pullbacks. They often transfer their purchases to cold storage, which reflects longer-term confidence.
Shiba Inu Price Action and Technical Levels
After staying near the daily Simple Moving Average (SMA) 50 for several days, the SHIB price has moved upward amid the increasing Shiba inu inflows. The price rose from $0.00001274 to an intraday high of $0.00001408 on May 8. As of the latest update, the SHIB price was trading around $0.00001400, an 11% surge from the intra-day high.
This increase came as the broader cryptocurrency market gained strength. Bitcoin price approached the $102,000 mark, leading to renewed interest across many assets. SHIB’s move has placed attention on its resistance near $0.000015.
SHIB/USD (Source: TradingView)
Traders are also watching the SMA 200 at $0.00001265. If the price maintains above the SMA 50 and breaks past resistance, another upward move is possible. The SMA 50 may act as support in the short term if momentum holds.
Derivatives Market and Short-Term Trader Activity
Open interest in SHIB derivatives rose 20.72% to $182.67 million. Trading volume also increased by 81.79% to $167.61 million. These figures suggest growing participation from traders betting on price movements.
Source: IntoTheBlock
The number of short-term traders, those holding less than 30 days, increased by 6.66%. This could suggest renewed interest from new or active traders. Analysts often track these trends to anticipate volatility and potential price swings.
Traders entering during low volatility phases may push prices higher if momentum continues. If SHIB price maintains current levels, short-term traders may influence future rallies.
Community Activity and SHIB Burn Rate
Shibburn reported that over 15.8 million SHIB tokens were destroyed in the past 24 hours. This represented a 4,833.98% rise in the burn rate. Most of this was from a single transfer of 15.29 million tokens.
Token burning reduces the circulating supply. The SHIB team continues to promote its burn initiatives through the Shibarium layer-2 network. On Shibarium, each transaction uses BONE, and part of the fee is converted to SHIB and burned.
The Shiba Inu team shared that 30% of the gas fees are used to buy SHIB and send it to burn addresses. The circulating supply currently stands at over 589 trillion tokens. Burning remains a core strategy to manage token supply.
Market Sentiment and Community Statements
The Shiba Inu marketing lead Lucie, made a public statement about a possible 1,000% increase in three days. She clarified that this was a personal affirmation and not a forecast. “I told my boss, and my cat,” Lucie wrote, jokingly, on social media.
Though such a sharp increase seems unlikely in such a short time, the community responded with enthusiasm. The price would need to hit $0.000144628 for this claim to come true. At press time, SHIB remains below that level.
The community sentiment has grown more positive due to price increases and network activity. With higher whale interest, token burns, and rising open interest, SHIB is gaining more attention across the crypto market.
