The crypto market is witnessing significant shifts with Shiba Inu's price plummet and HYPE whales driving price increases. Meanwhile, BlockDAG's upcoming hackathons aim to bolster DeFi development.
BlockDAG Hackathons: Driving DeFi and Web3 Innovation
BlockDAG’s upcoming hackathons are more than just coding events. They aim to transform innovative ideas into real-world DeFi and Web3 solutions, focusing on key areas like decentralized finance, NFTs, and smart contracts. These events hope to establish BlockDAG as a major player in DeFi by developing applications that enhance the network's value. With increasing blockchain transactions and user engagement, demand for BDAG is expected to grow, highlighting its long-term relevance and use-case expansion potential.
Why Is the SHIB Price Dropping?
The recent dip in Shiba Inu's price by 6.22% surprised many market participants, falling to a quarterly low of $0.00001369 and breaking below crucial support levels. Large transactions by crypto whales decreased by 10.95%, and spot trading volumes fell to $578 million. This downturn left 59% of SHIB holders in loss. The derivatives market added instability, with over 90% of liquidated positions being bullish bets. Despite the price decline, the SHIB community remains committed to token burns to support price recovery.
HYPE Whale Purchases Trigger a Market Surge
HYPE whale purchases on Hyperliquid sparked interest as $8.42 million worth of $HYPE was acquired in 24 hours. Massive deposits increased $HYPE's value by 40%, and trading volumes surged for $HYPE/USDC and $HYPE/ETH pairs. Technical indicators support this bullish trend, with RSI climbing to 75 and MACD showing a bullish crossover. TVL in $HYPE-related projects grew by 15%, making $HYPE a potential high-growth asset.
The decline in SHIB price has impacted holders, while HYPE whale activity propelled $HYPE's rise, highlighting the crypto space's volatility. As SHIB holders strive for recovery, BlockDAG focuses on long-term DeFi expansion through hackathons, aiming to solidify its market position.
