Bitcoin on the Verge of “Grand Finale,” Shiba Inu Burn Rate Soars by 8,193%, $277 Million in Ethereum Transfers
In a recent post, renowned trader HornHairs predicts that Bitcoin is approaching its “grand finale.” He points out that it has been 650 days since the bear market lows, with Bitcoin showing a stronger recovery compared to previous cycles. Additionally, several months have passed since the last halving event, and the “summer doldrums” are coming to an end. Notably, this is the first cycle where new all-time highs were reached before the halving event. Bitcoin is currently trading at $57,575, up 3.08% in the last 24 hours.
Shiba Inu experienced a significant surge in its burn rate, increasing by 8,193% as 3,106,197 SHIB tokens were burned from the circulating supply. This surge led to a price spike to $0.00001367, before settling at $0.00001331. The meme coin is currently up 2.45% in the last 24 hours.
Meanwhile, Whale Alert reported multiple large Ethereum transfers totaling $277 million. Some transfers to Coinbase raised concerns of potential sell-offs, while a significant amount was moved to Binance Beacon Deposit for staking purposes. Ethereum is currently trading at $2,330, up 1.16% in the last 24 hours.
In summary, Bitcoin is showing signs of a major move, Shiba Inu’s burn rate is surging, and Ethereum whales are making significant transfers. These developments could have a significant impact on the cryptocurrency market and investors’ portfolios. It’s essential to stay informed and monitor these trends closely to make informed decisions about your finances.