The cryptocurrency market is witnessing various changes, particularly concerning Shiba Inu and Ethereum tokens, as well as Cold Wallet. Let’s analyze the key events and their potential implications.
Surge in Shiba Inu Token Burns
This week, the burn rate of Shiba Inu (SHIB) spiked by 112,000%, eliminating approximately 116 million tokens from circulation. Nevertheless, the current price of SHIB remains around $0.0000119. Despite a slight decline of 2% over the week, SHIB maintains essential support near $0.000012. Should the price rise toward $0.000016, it could open potential short-term gains.
Ethereum's Situation and $2500 Support
Ethereum (ETH) has dropped to around $2,507, marking the lowest point since it struggled to stay above the $2,740 to $2,760 resistance. The recent dip has placed ETH below several key technical levels. RSI and MACD indicators suggest the coin may be oversold. The $2,490 to $2,550 range is crucial now. Staying above this level could lead to a bounce back to $2,674 or higher. Falling below $2,440 might indicate further downside.
Benefits of Cold Wallet and Its Prospects
Cold Wallet is gaining attention due to its real features. Users can send and receive crypto via a chat-style interface, manage assets across multiple blockchains, and view their entire portfolios in one place. Now in stage 14 of its presale, Cold Wallet's token (CWT) is priced at just $0.00906, with a targeted launch price of $0.35. Cold Wallet has a functioning prototype allowing users to experience its interface and features today.
Current trends in the crypto market highlight the focus on changes in Shiba Inu, Ethereum's attempts to maintain its position, and the growing popularity of Cold Wallet. These factors could significantly impact future market movements.
