Check out the top three news stories from the first weekend of 2025 presented to you by U.Today.
379,270,000,000 Shiba Inu stun world’s largest crypto exchange
On January 4th, Saturday, Binance, the globe’s leading cryptocurrency exchange, witnessed a substantial influx of Shiba Inu (SHIB) tokens, amounting to approximately 379.27 billion. This sudden increase in trading volume might have been instigated by a more than 5% price rise for SHIB that day. As of now, this popular meme token is being traded at $0.00002404, marking a 1.66% increase over the past 24 hours, according to CoinMarketCap. The value of Shiba Inu has been oscillating between $0.00002319 and $0.00002486. Despite being below its price from a month ago ($0.00003215), some analysts view this rebound as noteworthy, even defying the death cross pattern. Experts predict that if SHIB manages to surpass the critical resistance level of $0.000025, it could ignite further bullish momentum, reinforced by the increased trading activity observed.
Ripple USD (RLUSD) surges 2,000% in key metric
On January 5th, there was an astonishing 2000% increase in trading volume for Ripple USD (RLUSD), a recently introduced stablecoin by Ripple. This surge led to a total trading volume of $611 million, placing it as the fourth most-traded stablecoin, despite having a market cap of only $53 million. However, some social media users have questioned the authenticity of these figures, expressing skepticism about such rapid growth in a short period. It’s worth mentioning that the Bullish trading platform, backed by PayPal co-founder Peter Thiel, accounts for over 96% of RLUSD’s trading volume, having added six trading pairs with RLUSD just last week. Additionally, Vet, a validator on XRP Ledger (XRPL), has pointed out that the trading volume reported for the RLUSD/USD pair at Bullish seems unusually high. This pair has low liquidity, suggesting that a small number of large players are responsible for these impressive figures.
Enormous Cardano (ADA) buying spree happening right now
Based on recent blockchain statistics, there’s been a significant surge in Cardano wallet activity and ADA accumulation over the past year. Specifically, there’s been a 237.44% rise in wallets holding between $1 and $100 worth of ADA, with those containing $10 to $100 seeing an 18% growth. This increase in smaller wallet activity indicates a growing retail interest in Cardano. However, the opposite trend has been observed in larger wallet categories, such as those holding between $1,000 and $10,000, and $10,000 to $100,000, which have experienced a decline.
The price of ADA has been performing positively, surpassing key resistance at the 50 EMA and currently trading around $1.08. Despite this, trading volume has remained consistently low, suggesting that there’s not much market support for these price increases. Furthermore, balances in addresses with less than $10 have increased while higher categories have seen their balances decrease.
To capitalize on this momentum, Cardano needs to maintain a steady trading volume and attract broader market support. The $1.00 level serves as a crucial support level, while $1.20 is a significant resistance point for potential future price movements.
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2025-01-06 19:06