There has been a lot of buzz online this week about ProShares launching an XRP ETF on April 30. Some social media posts and reports claimed that the U.S. Securities and Exchange Commission (SEC) had approved it and that it would go live this week.
But that’s not true.
A spokesperson from ProShares cleared up the confusion. They said: “ProShares does not have any ETF launches scheduled for Wednesday, April 30. We have no further news to share at this time.”
So where did the rumor come from?
The misunderstanding seems to have started because people confused the “effective date” listed in a regulatory filing with an official launch date. When a fund’s registration becomes “effective,” it means it has cleared one step with the SEC, but that doesn’t guarantee a launch on that date.
In fact, the SEC could still object to the launch. A fund’s registration statement becoming effective is only one part of the process. It’s required before a launch, but it doesn’t confirm the exact timing or guarantee approval.
While the news isn’t true—yet—talk of an XRP futures ETF is still important. It shows that XRP is gaining attention from major financial players. And just like with Bitcoin and Ethereum, a futures ETF could be a step toward a full spot ETF in the future.
Shiba Inu price secured a hotspot on crypto traders’ and investors’ radars this Thursday by showcasing the potential for massive gains ahead. Primarily against the backdrop of a whopping 60,000% surge in the SHIB burn rate and bullish price pattern formations, the meme coin is signaling an imminent rally. Notably, SHIB price is currently trading at the $0.000014 level, whilst numerous renowned market analysts have predicted that a bull run is right over the horizon.
A recent X post by crypto market trader and analyst ‘World Of Charts’ revealed that Shiba Inu price is eyeing 2x gains ahead. This bullish prediction is attributed to the meme coin showcasing the potential for a price rally with recent formations. As per the analyst, the coin’s price is currently trading in a descending channel range. A sustained breakout above the upper trendline in this formation cements the chances of a bull run.
Source: ‘World Of Charts,’ X
For context, a descending channel pattern is a bearish formation characterized by two parallel trendlines sloping downward. Nevertheless, the analyst believes that 2x gains are possible, given that a sustained breakout above the upper trendline holds. This bullish projection promptly echoed a huge market buzz, with the latest burn statistics further bolstering investor sentiments.
Burn Rate Shoots Up 60,000% As Over 1B Coins Destroyed
According to Shibburn’s data on March 27, the SHIB burn rate surged by a whopping 57,291.91% intraday. Over 1 billion coins were permanently removed from the asset’s circulating supply in the past 24 hours.
Source: Shibburn site
As an upshot, bullish market sentiments surrounding the meme coin‘s price gained additional weight. Crypto market traders and investors anticipate bolstered SHIB price trajectories due to the constant hits to the supply, mirroring the law of supply and demand.
Shiba Inu Price Overview
Overall, the latest market stats have ushered in a remarkable bullish sentiment about the meme crypto’s future price aspects.
However, Shiba Inu coin’s price is currently down 1% from yesterday and trading at $0.00001446. Its intraday low and high were $0.00001408 and $0.00001561, respectively. Notably, the meme token is up nearly 13% over the week. The broader bullish action, coupled with recent burn metrics and price chart formations, further indicates that a rally is possible in the long term.
Meanwhile, another renowned market trader, Javon Marks, took the stage amid these bullish developments to project a bullish outlook for price. Javon conveyed that the token’s price is starting to return with signs of strength. A potential rally to the $0.000081 price target also awaits, per the analyst.
Dogecoin holders have been withdrawing their funds from spot markets in April, with the leading meme coin facing mounting selling pressure.
The lack of new capital flowing into DOGE reflects a decline in investor confidence and adds downward pressure on the altcoin.
Sell-Off Worsens for DOGE as Outflows Outpace Inflows
Since the beginning of April, DOGE has seen a consistent stream of net outflows from its spot market, totaling over $120 million. Net inflows during the same period have been negligible, amounting to less than $5 million per Coinglass.
When an asset records spot outflows, more of its coins or tokens are being sold or withdrawn from the spot market than are being bought or deposited.
This indicates that DOGE investors are losing confidence and opting to liquidate their holdings due to increasingly bearish market conditions.
The persistent outflows from the meme coin over the past two weeks reflect the lack of new demand for the altcoin. If this trend continues, DOGE’s price could remain range-bound or face another decline cycle.
On the technical front, DOGE’s Relative Strength Index (RSI) has continued to trend downward on the daily chart, further confirming the bearish outlook.
At press time, this key momentum indicator, which measures an asset’s oversold and overbought market conditions, is below the 50-neutral line at 47.61.
DOGE RSI. Source: TradingView
When an asset’s RSI falls below the center line, bearish momentum strengthens. This suggests that DOGE selling pressure is beginning to outweigh buying interest, signaling a potential dip in the asset’s price.
DOGE Risks Retesting Yearly Lows
With the crypto market’s volatility heightened by Donald Trump’s ongoing trade wars and DOGE’s current struggles to attract fresh investment, the meme coin may test new lows in the near term. If selling pressure strengthens, DOGE could revisit its year-to-date low of $0.12.
DOGE Price Analysis. Source: TradingView
Conversely, a resurgence in new demand for the meme coin will invalidate this bearish outlook. In that scenario, DOGE’s price could break above $0.17 and climb to $0.20.
