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175 Million Shiba Inu Tokens Burned This Week, $0.00003 Looms?

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175 Million Shiba Inu Tokens Burned This Week, $0.00003 Looms?

In the backdrop of the weekly price correction witnessed by Shiba Inu (SHIB), the meme coin community seems to have recorded the destruction of as many as 175 million tokens, instilling a ray of hope on the meme coin despite its downward momentum. According to information revealed by the token burn tracker, 174.93 million SHIB tokens, to be precise, were burned in the last week.

The huge amount of tokens removed from SHIB’s market supply resulted in a 281% increase in the weekly consumption rate, which appears to have prevented the dog-themed meme token from facing further downward pressure. Here’s a deep dive into the Shiba Inu token-burning news, developments and price movements over the past week, which appear to have sparked speculation about the dog-themed meme token’s potential to reach $0.00003 early.

SHIB burning data: a closer look

According to Shibburn, the Shiba Inu burn tracker, amid the 281% weekly increase in burn rate, today marks a 71.55% increase in SHIB burns. With 42.76 million tokens burned in the last 24 hours, the meme coin appears to be using the elimination of its supply to avoid further declines.

Meanwhile, the token’s circulating supply stood at 582.94 trillion SHIBs, while the total supply stood at 582.94 trillion coins at the time of this writing, with 410.72 trillion tokens burned to date. However, despite the destruction of nearly half of Shiba Inu’s supply, the token has yet to embark on a long-awaited parabolic uptrend.

Furthermore, the dog-themed meme token started this year on an optimistic note, with SHIB rising from a low price level of $0.000008 to a peak of $0.00003 in March. This price rise is mainly in line with the massive gains in the meme coin sector, as highlighted by VanEck Meme Coin Index. At the same time, SHIB has further ridden the wave of optimism with the weight of developments in its ecosystem.

It’s worth noting that while the community token burning mechanism continued to burn significant amounts of SHIB in the background, the Shiba Crypto Community ruled out a series of updates aimed at further enhancing tokenomics. However, after the token reached a high of $0.00003, SHIB started moving sideways on a declining trajectory, giving rise to a wave of speculation among investors about future price movements.

Read also: Ethereum Spot ETF: application of ARK 21Shares updates, without staking

Shiba Inu Price Action

At the time of writing, The price of the SHIB showed signs of pullback, falling 3.59% to $0.00002255. Its 24-hour lows and highs are $0.00002222 and $0.00002358, respectively. Additionally, the token’s market capitalization fell by 3.46% to $13.29 billion, while 24-hour trading volume followed, falling by 2.18% to $374.93 million.

This short-term price action is in contrast to recent developments and community burns. Instead, data from Coinglass showed a 0.36% increase in SHIB’s open interest, reaching $59.74 million, followed by a 3.33% increase in derivatives volume to 114.26 Millions of dollars.

Collectively, the market data potentially highlights SHIB’s current market volatility. On the other hand, focusing on recent burn developments, a recent analysis by CoinGape Media suggests that if the market recovery persists over a broader time frame, the Crypto meme it could potentially reach the $0.00003 price level.

However, the RSI has continued to slide, now settling near 42. While this suggests that the token is neither overbought nor oversold, it tips the scales towards more downside pressure in the market.

However, this year’s major event, the BTC halving, and its aftermath are expected to strengthen SHIB in the long term. Crypto market participants continue to keep an eye on the token as bulls and bears battle over Shiba Inu.

Read also: PEPE Price: Investors Accumulate 650 Billion Pepe Coins, Is There Any More Steam Left?

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Meme Coin Merger: Presidential Tokens TRUMP and BODEN Collapse in Market Crash – Market Updates Bitcoin News

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Meme Coin Merger: Presidential Tokens TRUMP and BODEN Collapse in Market Crash - Market Updates Bitcoin News

https://news.google.com/./articles/CBMiaWh0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS9tZW1lLWNvaW4tbWVsdGRvd24tcHJlc2lkZW50aWFsLXRva2Vucy10cnVtcC1hbmQtYm9kZW4tdHVtYmxlLWFta WQtbWFya2V0LXNsdW1wL9IBAA?hl=en-US&gl=US&ceid=US%3Aen

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OpenAI co-founder announces his new company, AI tokens rally

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OpenAI co-founder announces his new company, AI tokens rally
  • Former OpenAI co-founder Ilya Sutskever announced Wednesday the launch of a new artificial intelligence research lab in the United States.
  • News of the launch of Safe Superintelligence Inc. catalyzed gains in AI-related crypto tokens.
  • The market capitalization of the AI ​​category increased by 12% in the last 24 hours.

Artificial intelligence (AI) crypto token prices rise on Thursday following news that OpenAI’s co-founder has started his own company. Ilya Sutskever, former chief scientist at OpenAI, announced the launch of a security-focused AI research lab in Palo Alto and Tel Aviv, US.

The news comes amid concerns regarding the security aspect of Artificial General Intelligence (AGI), under development at OpenAI.

According to data from CoinGecko, the market capitalization of AI tokens increased by 12% in the last 24 hours.

AI Tokens See Huge Price Gains

AI tokens such as Near Protocol (NEAR), Fetch.ai (FET), Internet Computer (ICP), Render (RNDR), Bittensor (TAO), The Graph (GRT), SingularityNET (AGIX) and Akash Network (AKT) extended gains in recent 24 hours, according to CoinGecko data.

AI tokens

AI tokens

The rally can largely be attributed to the announcement of the new company, Safe Superintelligence Inc. The team consists of former co-founder Ilya Sutskever, American entrepreneur Daniel Gross and Daniel Levy, a research assistant at the laboratory of computer scientist Stephano Ermon . Sutsekever served as chief AI scientist at OpenAI and focused on the “safety” aspect when developing AGI.

The announcement of the fundraising for Artificial intelligence projects from hedge funds and Venture Capital is another catalyst that will likely fuel gains in this token category. Pantera Capital announced on June 19 its decision to invest $200 million in artificial intelligence ventures, according to a report by DLNews.

Major crypto funds are raising $1 billion, of which AI will receive a 15 to 20% investment. This development is another market driver, which is likely to influence investor sentiment towards AI tokens.



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LayerZero’s ZRO token airdrop with mandatory donations is live

TokenTalk Staff

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LayerZero's ZRO token airdrop with mandatory donations is live

“ZRO Claims is live” Source: LayerZero Foundation on X.

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Complaints about LayerZero’s new ZRO token it went live today, but the airdrop mechanic required a 10 cent donation for each token participants wish to receive. This initiative, announced via an X post, binds symbolic statements to direct donations to the Protocol Guild, with the goal of aligning long-term commitment with the LayerZero protocol.

LevelZero underlined the innovative aspect of this approach, stating that, by donating, eligible recipients “show a long-term alignment with the LayerZero protocol and a commitment to the future of cryptocurrencies.”

The foundation will match donations up to $10 million, marking the first instance of mandatory donation for airdrop requests in the cryptocurrency industry.


SapphireSapphire


SapphireSapphire

Reception from the crypto community has been mixed. Some users disapproved of the mandatory donation, while others appreciated the development support. The airdrop will see 85 million ZRO tokens available for distribution, with over 50% reserved for key investors and contributors as part of a three-year vesting program.

Despite some dissatisfaction, LayerZero’s ZRO token is highly anticipated, trading at $4.27 in pre-market futures. It is expected to launch on exchanges like Binance at midday UTC, although it appears that the exchange has done so postponed this at 13:00 UTC.

LayerZero’s airdrop eligibility checker, released the day before, also drew criticism from DeFi users. Many expressed frustration with the small assignments despite significant use of the protocol. The allocation process appeared to favor holders of specific NFTs, such as Pudgy Penguins and Kanpai Pandas, over those with a high number of transactions or Gh0stly Gh0sts NFTs.

Approximately 1.28 million wallets are eligible for the airdrop, with 8.5% of the total community allocation of 23.8% to be distributed initially. The remaining tokens will be distributed over the next three years through various incentives and rewards.

The pre-market valuation for ZRO is $4.50, representing a fully diluted value of $4.5 billion. However, the state of airdrop farming is causing growing frustration among users, with decreasing investment returns and oversaturation of protocols.

Echo.xyz founder Cobie commented on these growing concerns, said: “If you’re a founder, IMO, you’re probably thinking about never doing an airdrop again these days; now the disadvantages are much greater than the advantages.”

LayerZero also received criticism back when asked the farmers of Sybil to self-report. Next up, LayerZero CEO Bryan Pellegrino confirmed that up to 100,000 wallets have self-reported their Sybil activities.

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Will AGIX and OCEAN AI tokens lead the bullish rally with a massive price breakout?

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Will AGIX and OCEAN AI tokens lead the bullish rally with a massive price breakout?

The Artificial Intelligence (AI) category continues to dominate the cryptocurrency market for the second day in a row, indicating a growing dominance of AI tokens over elite cryptocurrencies in the crypto space.

In particular, Fetch.ai (FET) Price. and Turbo (TURBO) posted the highest gains in the AI ​​category over the past day. Additionally, SingularityNET (AGIX) and Ocean Protocol (OCEAN) have seen similar trends adding over 20% to their respective portfolios, highlighting more bullish action.

With the ongoing bull market, will AGIX and OCEAN prices rise another 30% this month? Let’s go, as in this article we have covered the price analysis and market sentiments for SignularityNET (AGIX) and Ocean Protocol (OCEAN) for this month.

SingularityNET suggests another price hike this month?

After showing bearish price action since the beginning of the month, AGIX price has shown strong bullish price action this week by adding 24.55% to its portfolio in the last 24 hours. Furthermore, the altcoin has increased by 35.02% in the last 2 days, highlighting a greater positive influence.

TradingView: AGIX/USDT

The technical indicator, SMA, shows a positive crossover in the 1D time frame, indicating an increase in buying-selling pressure for the AGIX cryptocurrency in the market.

On the other hand, the Relative Strength Index (RSI) registers a sharp increase below the oversold range, highlighting a growing bullish sentiment in the cryptocurrency sector. Furthermore, the average shows bullish convergence, suggesting that the price will continue to gain value this week.

If AI tokens continue to experience positive influence from the cryptocurrency market, the AGIX coin price will prepare to test its upper high of $1 in the coming times. However, if investors start to take profits, SingularityNET price will plummet towards the lower support level of $0.380.

The OCEAN price records a bullish reversal:

Ocean Protocol price has seen a strong bullish reversal on its price chart below its important $0.5930 level, resulting in a valuation increase of around 35% this week. Furthermore, with the growing positive influence, OCEAN price is expected to continue gaining value this week.

TradingView: OCEAN/USDT

With a trading price of $0.6741, a circulating supply of 1,408,900,141 OCEAN Tokens and a total supply of 1,410,000,000 OCEAN Tokens, Ocean Protocol cryptocurrency has successfully secured the 153rd position on the global list of cryptocurrencies with a market capitalization of $378.332 million.

The moving average convergence divergence (MACD) shows a steady decline in the red histogram, indicating an increase in price action for the AI ​​token in the crypto space. Furthermore, the averages register a high possibility of bullish convergence, suggesting a positive outlook.

If the market is trading with a bullish sentiment, Ocean Protocol price will prepare to test its upper resistance level of $0.9990 this month. On the contrary, if a bearish reversal occurs, the OCEAN cryptocurrency would plummet towards its important support level of $0.5930.

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