TL;DR

• Shiba Inu (SHIB) increased by 5% over the past week and 30% monthly, possibly driven by the overall market revival and a sharp rise in its token burn rate.
• On the other hand, negative sentiment on Telegram and stalled Shibarium activity suggest a potential correction ahead.

SHIB Heads North Again

The second-largest meme coin in terms of market capitalization witnessed a substantial resurgence in the past week. Its price increased by 5% during that period, currently standing at around $0.0000183 (per CoinGecko’s data).

The latest rally could be attributed to several factors, with the overall market revival being one example. As CryptoPotato reported earlier today (October 15), Bitcoin (BTC) soared to a three-week high of approximately $66,500. In the following hours, it slightly retraced to the current $65,700.

Other leading cryptocurrencies recording significant increases include Ethereum (ETH), Solana (SOL), Avalanche (AVAX), and more. The meme coin sector, for its part, has performed even better, with TURBO, NEIRO, and MEW spiking by double digits on a 24-hour scale. 

The second element possibly driving SHIB’s value up is the progress of the burning program. Data shows that the burn rate exploded by 1,700% in the past seven days and almost 8,000% in the last 24 hours alone, resulting in hundreds of millions of tokens sent to a null address. 

The mechanism’s ultimate goal is to reduce the circulating supply of the meme coin, making it scarcer and potentially more valuable in time (should demand head north or remain constant).

Last but not least, we will focus on SHIB’s exchange netflows, which have been on a massive downfall in the last week (outflows surpassing inflows). This signals a shift from centralized platforms toward self-custody methods and could be interpreted as a bullish sign since it lowers the immediate selling pressure.

Bears, Take a Look at This

Despite the aforementioned elements suggesting a further rally for SHIB, some hint that a correction could be just around the corner. 

According to IntoTheBlock, the Telegram sentiment is predominantly negative. Specifically, 35% of the SHIB-related messages on the platform are pessimistic, while less than 10% are on the opposite corner. Shiba Inu has one of the largest and most dedicated communities in the crypto space. As a result, the mood within messaging platforms can influence trading behavior, swaying decisions to buy or sell based on the prevailing sentiment.

Another factor worth mentioning is Shibarium’s stalled progress. Daily transactions on the layer-2 scaling solution have hovered below 10,000 for the past few weeks, pointing at a potential decline in user interest and activity. For more updates on the ecosystem, make sure to check out our Shibarium news page.

[PRESS RELEASE – Berlin, Germany, October 14th, 2024]

FILLiquid, an emerging Filecoin-based platform for leasing and borrowing, has launched FIG Staking, a new product that allows users the chance to earn yield by staking the platform’s governance token, FIG. This initiative leverages a revenue-sharing model, enhancing the utility of FIG and enabling token holders to claim a share of the platform’s transaction fees.

Since FILLiquid’s FIL liquidity protocol debuted in late August 2024, it has swiftly attracted over $2.5 million in Total Value Locked (TVL), underscoring its growing influence in Filecoin-based borrowing. The recent launch of FIG Staking saw nearly 1 million $FIG staked within just two hours, which the team sees as a reflection of token holders’ interest in deeper protocol participation.

FIG Staking extends the utility of the FIG token beyond governance by offering stakers access to a share of transaction-based revenue. With this product, FILLiquid aims to provide token holders the option to participate more actively in the protocol’s growth, aligning rewards with platform usage.

“The FILLiquid community has eagerly awaited the FIG Staking launch, which opens up additional yield-generating opportunities,” said Arthur Tan, CEO of FILLiquid. “This innovation allows our community to become more integrated with the protocol, providing them with a unique ownership opportunity for the platform.”

To participate in FIG Staking, users need to deposit FIG into the staking product and allow rewards to accumulate as more transactions and loans are processed on the platform. Users are required to select a deposit period when staking, with longer periods providing higher rewards.

Dividends are allocated based on the user’s staking period and the amount staked based on a weighted formula. Rewards are triggered when the number of FIL in the reward pool reaches the threshold. However, the first three dividends will be triggered manually over the following three dates: October 17th, October 24th, and October 31st, providing ample opportunity for FIG holders to start staking.

After attracting over $2.5 million TVL, FILLiquid has quickly become a key player within the Filecoin ecosystem. The liquidity pool is designed to deepen FIL liquidity for storage providers, helping them achieve sustainable storage power growth and capital efficiency by utilizing locked liquidity to secure loans.

FIG Staking extends the utility of the FIG token beyond governance by offering stakers access to a share of transaction-based revenue. With this product, FILLiquid aims to provide token holders the option to participate more actively in the protocol’s growth, aligning rewards with platform usage.

About FILLiquid

FILLiquid is a $FIL lending protocol that aims to deepen liquidity to Storage Providers (SPS), helping them achieve consistent storage power growth while allowing token holders to lease their assets. The protocol intends to solve the SP dilemma, which requires SPs to make consistent $FIL pledges to add more storage capacity to the Filecoin network by unlocking liquidity in the SPs node. FILLiquid employs an algorithmic interest rate model dictated by the utilization rate in the liquidity pool.

$FIG, FILLiquid’s native token, provides governance voting rights and allows holders to participate in revenue-sharing when staked. It also features deflationary properties through burning.

The team members behind FILLiquid are very well-versed in the crypto field, with more than seven years of experience. The product designer is a CFA-certified economist who previously worked as a researcher at the IMF and World Bank Group, providing credibility for the project. In terms of achievements, FILLiquid has already won the Ethereum and Filecoin DeFi Hackathon in 2023, an event showcasing their innovation in DeFi solutions.

For more information and regular updates, users can visit FILLiquid’s official website and whitepaper, as well as the Telegram, X, Medium, and Discord channels.

The cryptocurrency market’s total capitalization increased by over $50 billion in the past 24 hours and is currently at around $2.35 trillion.

This comes on the back of increases in the price of Bitcoin and most altcoins. Some popular meme coins are also exploding, so let’s take a quick look.

Bitcoin Tests $64,000, How High Can it Go?

Bitcoin’s price soared above $64,000 today, and it is currently testing its next important level, at $65K.

As you can see on the chart, the surge was sudden, taking the price from below $63,000 to above $64,000 in one hourly candle. The bears attempted to push it back down but were unable to do so, and the bulls are currently in control.

This can also be seen in the derivatives market, which marked over $180 million worth of leveraged positions in the past 24 hours. Almost $120 million of these were short traders, highlighting the strength of the buyers at the present time.

Altcoins Pop, Meme Coins Surge

As it’s evident in the heatmap below, the majority of the altcoins are charting gains as well.

Some are performing better than others, of course. For instance, from the large-cap cryptocurrencies, SOL is up by more than 4%, while ETH and XRP are struggling to increase by more than 1%.

Things are getting more interesting in the meme coins category, where trending coins such as BRETT and MOG are skyrocketing. Both are up significantly, with the former exploding by around 20% daily and the latter by about 12%.

Meme coins on the Base chain, however, are performing the best out of all categories in the crypto market. In general, they have increased by more than 12% in the past 24 hours.

The United Nations Office on Drugs and Crime (UNODC) expressed deep concern about crypto’s role in facilitating illicit activities across Southeast Asia.

It notes that the existing underground banking infrastructure, including underregulated casinos, junkets, and illegal online gambling platforms, has increasingly adopted crypto as a tool for crime.

UNODC Raises Alarm Over Crypto

In its latest report, the UN agency claimed that the rise of high-risk virtual asset service providers (VASPs) has created a new avenue for criminal enterprises to operate without accountability, further entrenching these activities.

As such, UNODC called for urgent action, recommending enhanced monitoring of organized crime within casinos, junkets, and cyber fraud operations, alongside improved training for authorities in identifying sophisticated money laundering methods enabled by crypto.

The report asserted that, while not all scams in the region involve crypto, it remains a favored payment option among scammers due to the ease of rapid cross-border transactions. This reality, compounded by misinformation and inadequate law enforcement cooperation, further highlighted the urgent need for greater regulatory oversight in the crypto space, the UNODC added.

In a statement, UNODC Regional Representative for Southeast Asia and the Pacific, Masood Karimipour, said,

“Leveraging technological advances, criminal groups are producing larger scale and harder to detect fraud, money laundering, underground banking and online scams. This has led to the creation of a criminal service economy, and the region has now emerged as a key testing ground for transnational criminal networks looking to expand their influence and diversify into new business lines.”

Tether in Spotlight, Again

The UN agency also reported that Tether (USDT), particularly on the TRON blockchain, has become the preferred stablecoin for transnational criminal networks in East and Southeast Asia. These networks, involved in cyber-enabled fraud and money laundering, favor Tether for its efficiency in moving stolen funds.

While stablecoins like Tether have gained popularity among legitimate users, UNODC said that on-chain analysis reveals that USDT has significantly higher counterparty exposure to high-risk entities, including online gambling platforms, cyber fraud schemes, and high-risk exchanges.

The report also highlights that Tether has been involved in hundreds of millions of dollars in transactions with entities linked to large-scale criminal operations such as drug and human trafficking, cybercrime, and the distribution of child sexual abuse material.

Notably, some of these transactions involve wallets associated with OFAC-sanctioned entities and North Korea’s Lazarus Group, known for hacking activities.

Crypto Criticism Misplaced: Report Shows

Despite crypto often facing criticism as a tool for illicit activities, studies indicate that cash remains the preferred method for criminals. For instance, a recent report from Homeland Security Investigations (HSI) highlighted that regulated crypto platforms provide essential support to law enforcement by leveraging blockchain technology’s transparency to fight crime and enhance national security.

This is contrary to the misconceptions about their involvement in illicit finance. In fact, data from Merkle Science reveals that only 0.61% of USDT transactions and just 0.22% of USDC transactions were flagged as potentially illicit between July 2021 and June 2024, indicating a significantly lower rate of illicit activity compared to traditional finance.

Furthermore, Chainalysis noted that illicit activities constituted only 0.34% of total on-chain transactions in 2023, indicating that concerns about crypto may be overstated when compared to traditional finance.

TL;DR

• An ETF approval could fuel a triple-digit XRP rally in the mid-term (according to ChatGPT).
• Despite the positive outlook, there is a risk of a “Buy the Rumor, Sell the News” effect, where prices fall after the possible green light.

The Potential Price Targets

Ever since the launch of exchange-traded funds (ETFs) in the US tracking the performance of Bitcoin (in January 2024) and Ethereum (July 2024), industry participants have been wondering what’s coming next.

There have been some indications lately that an XRP ETF may go live in the near future. Bitwise registered such an investment instrument in Delaware at the beginning of October, while Canary Capital followed suit several days later. The former is yet to file the ETF with the US SEC (the agency that decides whether these funds will be approved), while the latter already did so.

The Commission has been at legal war with Ripple for nearly four years, meaning a green light from it could be quite challenging. However, a possible nod is not entirely out of the cards and might significantly boost the price of XRP. We decided to ask ChatGPT to specify exactly how high the valuation could jump if that were the case.

The AI-powered chatbot estimated that the token’s price could soar to $1.50 within months of approval. However, this exponential rise would depend on other elements, including increased institutional investment, broader market adoption, and more. 

ChatGPT went even further, predicting that the potential green light of an XRP ETF combined with a favorable resolution of the Ripple v. SEC lawsuit could pump the asset’s value to over $2.50 in the mid-term. 

The case has recently witnessed some key developments. As CryptoPotato reported, the regulator appealed a 2023 verdict set by Federal Judge Torres, which ruled that secondary sales of Ripple’s XRP token did not constitute securities sales.

Prior to the contend, the magistrate ordered the company to pay a $125 million penalty for violating certain securities laws, an amount representing just a fraction of the $2 billion the SEC initially sought.

Watch Out for Sell the News Effect

Conversely, ChatGPT warned investors that XRP’s value may head south even if the ETF tracking the asset’s performance is approved due to some behavioral factors.

One example is “the Buy the Rumor, Sell the News” phenomenon, in which prices rise in anticipation of a positive event and then plummet after an official announcement. 

“While an ETF approval generally signals a positive outlook for an asset, XRP’s reaction will depend heavily on the timing, market sentiment, and investor behavior. If many traders are already positioned for a bullish outcome, a price drop is possible due to profit-taking and unmet expectations,” the chatbot claimed.

A classic “sell-the-news” event occurred at the start of this year. BTC’s price gradually increased for months in anticipation of the approval of the first spot Bitcoin ETF in America. Shortly after the launch, though, the asset made a U-turn, erasing much of the gains. 

A study titled “ETFs and Beyond,” released on Oct. 10 by investment giant Charles Schwab, revealed that almost half of the respondents said they plan to invest in crypto ETFs.

The survey of 2,200 investors, which was fielded from July 2nd to July 20, revealed that 45% of ETF investors were interested in crypto products. However, US equities remain the top investment choice, with 55% planning to invest in 2025.

Bloomberg’s senior ETF analyst Eric Balchunas said the results were “pretty stunning.”

Almost half of Schwab’s respondents said they plan to invest in crypto ETFs, more than bonds, international, alts. Pretty stunning. pic.twitter.com/VnnoxioGIK

— Eric Balchunas (@EricBalchunas) October 10, 2024

Millennials Big on Crypto

Meanwhile, ETF Store President Nate Geraci focused on another finding: 62% of those who planned to invest in crypto ETFs were millennials (aged 28 to 43). They show a higher tendency for risk and are more likely to invest based on their values and customized portfolios.

Around 44% were gen-X (approximately 44 to 59 years old) while boomers (around 60 to 78 years old) represented just 15% of the total. Geraci added that it was “wild” that Schwab has this data and still hasn’t launched spot crypto ETFs.

In September, Geraci said that crypto ETFs accounted for 13 of the 25 largest ETF launches in 2024 by year-to-date inflows. The increased interest in crypto ETFs coincides with the launch of US spot Bitcoin and Ethereum exchange-traded funds this year.

Schwab also reported that most ETF investors have stayed the course with their investments “despite a variety of market-driving events.”

Spot Crypto ETF Outlook

Despite the bullish survey signals, US Bitcoin ETFs continued to outflow this week. On Oct. 10, the 11 spot BTC ETFs saw an aggregate outflow of $81.1 million, marking the third consecutive day of outflows this week, according to preliminary data from Farside Investors.

Industry-leading BlackRock lost $10.8 million from its IBIT fund in a rare outflow day while Fidelity’s FBTC fund lost $33.8 million. Bitwise and Ark 21Shares also saw outflows while the rest were zero flows.

Conversely, spot Ethereum ETFs saw their largest inflow day for more than a week, with $10.1 million on Thursday. BlackRock’s ETHA fund had the majority with $17.8 million, but Fidelity and Bitwise saw outflows of $3.5 million and $4.2 million, respectively.

Meanwhile, spot crypto markets continue to retreat, having lost almost 3%, or more than $60 billion, since Monday.

Big moves are happening in crypto this week.

Uniswap’s (UNI) latest update has sparked some serious chatter, and the token is seeing a significant price pump.

Meanwhile, traders are also keeping an eye on meme coin DeFi project Crypto All-Stars (STARS).

It’s now raised $2.1 million in presale – with some speculating STARS could be next to rally.

UNI Price Rallies as Open Interest Spikes 21%

Uniswap has had a wild week.

UNI is now trading at $8.03, the highest in nearly three months.

It’s up 15% since Tuesday’s low, though it did give up a bit of ground after peaking earlier today with a 20% surge.

The hype around Uniswap right now is evident in the numbers.

UNI is ranked highly on CoinMarketCap’s trending cryptos list, and the token has also snagged 12th place among the most traded cryptocurrencies.

Open interest has also spiked 21% to $114 million, a level not seen since mid-June.

All of this has occurred while the crypto market is still reeling from the losses earlier in the week.

Clearly, investors are still prepared to gain exposure to UNI, believing its price will continue rising despite the broader conditions.

Top trader InvestingHaven on Twitter even speculated UNI could “pop off.”

With the bullishness showing no signs of slowing, Uniswap might be on track to hit the $10 mark sooner than most had anticipated.

Unichain Launch Drives Uniswap’s Price Growth

So, what’s behind Uniswap’s jump?

The main reason is that the developers just rolled out Unichain, its new Layer-2 solution.

And it could shake up the DeFi space in a big way.

According to reports, Unichain could cut transaction fees by up to 95% compared to Ethereum’s mainnet while speeding things up with block times as low as 250 milliseconds.

To put that in perspective, that’s like upgrading from a dial-up connection to fiber-optic speeds.

But there’s more to Unichain than just speed and lower costs.

Unichain is part of the Optimism Superchain, which aims to connect different blockchains and make DeFi more seamless.

Investors are clearly pumped about this, with Uniswap’s testnet now live and the mainnet on the way.

Unsurprisingly, this has been the main reason for all the UNI token demand.

It’s another example of how tech developments can quickly boost investor enthusiasm in the crypto market.

Crypto All-Stars Also Gains Traction as DeFi Meme Coin Raises $2.1M in Presale

Alongside Uniswap, Crypto All-Stars is also making headlines with its new MemeVault platform.

MemeVault offers something completely new.

Unlike most meme coins, which rely on hype alone, Crypto All-Stars offers real utility, allowing traders to stake their favorite tokens.

The concept is simple: using MemeVault, traders can lock up popular meme coins (like DOGE) to earn rewards.

These rewards are paid out in STARS tokens.

This makes MemeVault a one-stop shop for meme coin traders looking to maximize their earnings.

Instead of the hassle of managing different staking pools, traders can streamline the process, making earning yields much easier.

This approach is catching on fast.

Crypto All-Stars’ presale has already raised $2.1 million, with investors able to buy STARS tokens early for $0.0014947 each.

More than 2,700 people have piled into the project’s Telegram group in response.

With this kind of momentum, Crypto All-Stars might be preparing for a massive DEX launch later this year.

YouTuber ClayBro thinks that is the case.

In a video released yesterday, he highlighted the “huge surge in demand” for STARS ahead of meme coin season.

And given that the demand is only increasing, there’s a chance STARS could follow Uniswap’s lead and rocket once it hits the open market.

Visit Crypto All-Stars Presale

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Bitcoin’s price tumbled once again late last night but the asset has managed to recover most losses and now stands well above $60,000.

Most altcoins are slightly in the green on a daily scale, with XRP climbing by 2%, while BNB has dropped by the same percentage.

BTC Bounces Above $60K

It’s safe to say that Uptober has failed to deliver the expected gains so far. The situation looked different at the start of the current business week as BTC jumped to over $64,400. However, that was short-lived, and the asset started losing value almost immediately.

It had dropped to $62,000 by Wednesday, but the bears kept the pressure mounting, and it further fell to $60,400 on Thursday morning. The landscape worsened in the evening when bitcoin slumped by a few more grand to a multi-week low of $58,800. As reported, this violent retracement caused roughly $250 million in liquidations on a daily scale at the time.

Nevertheless, the bulls finally stepped up at this point and didn’t allow any further corrections. Just the opposite, BTC has recovered almost $2,000 since then and now trades around $60,700.

Still, it’s down by over 1% on a weekly scale, which has pushed its market cap to just under $1.2 trillion. Its dominance over the alts has also taken a hit and is down to 53.9% on CG.

UNI on the Rise

Most altcoins experienced similar volatility yesterday but have calmed on a daily scale. ETH, SOL, XRP, TON, DOGE, ADA, and AVAX have charted some minor gains over the past 24 hours, while BNB, TRX, and SHIB are slightly in the red.

UNI and IMX have popped as today’s top performers from the larger-cap alts, with gains of around 4%. In the case of the former, the price surges have only intensified as it is up by 20% since this time last Friday.

Nevertheless, the total crypto market cap has declined slightly since yesterday and is down to $2.220 trillion.

The Skibidi Toilet (SKBDI) meme coin, inspired by those weird singing bathroom fixtures, just hit an all-time high.

And with Crypto All-Stars (STARS) hitting $2.1 million in presale, many are wondering if this new staking project could follow suit.

Skibidi Toilet Meme Coin – Where Internet Humor Meets Real Gains

What is it about Skibidi Toilet that’s got everyone talking?

Picture this: an army of singing toilets battling camera-headed foes.

That’s the meme behind the madness.

And SKBDI, a meme coin on Solana, is paying homage to it in a big way.

SKBDI’s price just hit $0.649 this morning, which marks a new all-time high for the coin.

It’s cooled off a bit since, trading around $0.515, but that hasn’t stopped it from climbing to 16th place on CoinMarketCap’s trending list.

Trading volumes have also surged 113% since yesterday – and SKBDI’s market cap is now above $36 million.

Unsurprisingly, this coin has zero real-world utility.

It’s simply a joke token.

But in the meme coin space, sometimes that’s all it takes to go viral on social media and produce enormous returns for investors.

As such, SKBDI is yet another example of just what’s possible in this space.

Smaller Cryptos Outperform Despite Broader Crypto Market Slump

While SKBDI’s been rallying, the rest of the market isn’t exactly thriving.

Bitcoin is hovering around $61,200, and Ethereum is stuck at $2,400.

Most coins are just trading sideways after the dip earlier in the week.

And that means the global crypto market cap, which totals the values of all cryptocurrencies, is stagnant at $2.13 trillion.

UNI is the only major token to post any real gains in the last day.

The mood is grim overall – evidenced by the Crypto Fear & Greed Index being at 39.

That’s firmly in “Fear” territory.

But despite the general market blues, SKBDI continues to perform well alongside some smaller-cap coins.

For example, PROS and DEAI are rising.

It’s a strange contrast – while most of the market is feeling cautious, there’s still an appetite for under-the-radar cryptos.

So, what does this tell us?

It suggests that even when the big names are struggling, crypto investors are still willing to take chances on more volatile plays.

It’s a reminder that there’s always action somewhere, regardless of the broader market conditions.

Crypto All-Stars $2.1M Presale Success Positions It as New Meme Coin Contender

Speaking of low-cap plays, let’s talk about Crypto All-Stars.

This project has been going viral, raising over $2.1 million in its presale.

The main reason for all this buzz is its MemeVault feature.

Many retail investors have a bunch of meme coins in their crypto wallets just sitting idle.

But with MemeVault, these investors can stake them all in one place and earn STARS rewards.

So, instead of just HODLing Dogecoin and Shiba Inu, investors can put them to work.

MemeVault is the first staking platform to support multiple meme coins across different blockchains.

This model could be huge for active meme coin traders.

And the project’s early presale success is telling.

It suggests genuine interest in Crypto All-Stars’ goal of bringing some utility to the meme coin space.

Plus, with a DEX listing scheduled for once the presale ends, this might just be the start of STARS’ journey.

But could Crypto All-Stars match SKBDI’s explosive rally?

YouTuber ClayBro thinks so, highlighting the “huge surge in demand” for STARS tokens in the past week.

Fellow YouTuber Fred Crypto even speculated STARS could 50x in price.

Endorsements like these are boosting all the hype around Crypto All-Stars.

With its unique approach to staking, growing presale buzz, and upcoming exchange debut, it’s a project that many are keeping an eye on.

Visit Crypto All-Stars Presale

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