U.Today presents the top three new stories over the past day.

$1 billion Bitcoin mystery stuns cryptocurrency market: What happened?

According to the latest on-chain data, the crypto market has seen large transfers of Bitcoin over the past few days, with the latest episode being the shift of $1 billion worth of BTC; the funds were moved from a number of unknown addresses to brand new wallets in batches of 2,000 BTC. The purpose and origin of these transactions remain unclear, although one sender address potentially links to Fidelity Custody, a major crypto custodian. As a reminder, this year, Fidelity introduced its spot Bitcoin ETF, FBTC. The significant transfers might indicate an internal reorganization of assets, or they could signal the beginning of a period of positive flows into Bitcoin ETFs and rising demand for BTC, which could potentially boost the crypo's price. At the moment of writing, BTC is trading at $64,883, up 1.79% over the past 24 hours, per CoinMarketCap.

Shiba Inu (SHIB) on verge of becoming profitable again

Data provided by IntoTheBlock shows that 50% of Shiba Inu (SHIB) holders are currently profitable at a price of $0.00001718, suggesting a potential for profit growth if prices continue to rise. Also, 73% of SHIB's large holders are whales, which means that these market players could significantly influence price fluctuations via their buying and selling actions. The price movements of Shiba Inu are closely tied to the overall cryptocurrency market, especially Bitcoin, due to their strong correlation. Despite some conflicting signals about SHIB's prospects, there are signs of growing demand on trading platforms, highlighted by a substantial increase of 128.19% in bid-ask volume imbalance. Investors should keep an eye on the important price level of $0.00001700, as surpassing this threshold may trigger a more robust upward movement and enhance profitability for SHIB investors.

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400 million XRP in 24 hours – What's happening?

Yesterday, Sept. 25, Whale Alert, a popular tracker of large crypto transactions, spotted a series of large transfers involving XRP. Over 400 million XRP were moved in five transfers, four of which were made consecutively between two blockchain addresses. Among these transfers, three transactions carried 95 million XRP each, valued at around $55.5 million, while the fourth one moved approximately 98.8 million XRP worth $57.8 million. In total, $224.2 million worth of XRP was transferred in these four massive transactions. The transfers likely represent internal platform movements or a significant cryptocurrency holder reallocating their XRP holdings. In a separate action, 17.2 million XRP were sent from an anonymous wallet to the Bitstamp exchange, possibly linked to Ripple's international money transfer initiatives.

Michael Saylor, Bitcoin enthusiast and cofounder of MicroStrategy, has posted a 2-minute, 25-second animated video clip on X. The clip “Take Me to the Moon. #Bitcoin” provides insight into Saylor's mind and his approach to digital assets.

Has Saylor released Bitcoin anthem?

The video, which features a band of four known as the Maxis, sang an adapted rendition of Frank Sinatra’s “Fly Me to the Moon” song. Notably, the song lauded the decentralized qualities of Bitcoin, describing it as a bank in cyberspace. It also emphasizes the point that any central bank cannot debase Bitcoin.

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The band describes Bitcoin as “the only asset I dream of; I want more.” This is an obvious reference to Saylor and his massive accumulation strategy for the digital currency. Available data shows that at the last count, Saylor-led MicroStrategy had a cumulative 252,220 BTC units, placing it in sixth globally regarding Bitcoin ownership.

Take Me to the Moon. #Bitcoinpic.twitter.com/YTBAUzVwaX

— Michael Saylor⚡️ (@saylor) September 26, 2024

The Maxis also advised investors in the digital asset space to “HODL strong and HODL well.” 

This supports Saylor’s stance on always buying Bitcoin, even when the market experiences volatility. Saylor’s philosophy toward BItcoin remains bullish as he never panics into selling. It is just as the song stresses, “Never sell,” as Bitcoin will always rise to the moon.

Bitcoin's resilience back on track

The MicroStrategy chairman has continued to advocate for Bitcoin as a store of value, comparing it to digital gold. He maintains that Bitcoin will go higher and is a good investment option for any investor.

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At the height of Bitcoin sales by the German government, which caused BTC to drop drastically, Saylor’s bullish stance did not waiver.  This prompted him to post on X, addressing the German community with, “Du verkaufst deine Bitcoin nicht” - which means “Do not sell your Bitcoin.”

Bitcoin has since recovered and is trading at $65,075.64, representing a 1.61% rise in the past 24 hours.

Bitcoin (BTC), the first and largest cryptocurrency by market capitalization reached a high of $65,250 during Thursday's trading session, a level not seen since August.

The broader crypto market is paying attention to the BTC price movement, particularly as it nears a key profitability milestone.

According to on-chain analytics platform IntoTheBlock, Bitcoin is steadily climbing, and with it, the number of holders in profit.

Bitcoin is steadily climbing, and with it, the number of holders in profit. If $BTC breaks $65k, well over 90% of holders will be in profit; a level we last saw in July, when Bitcoin ultimately failed to reach a new high. The question now is: will this time be different? pic.twitter.com/hs156tGzfy

— IntoTheBlock (@intotheblock) September 26, 2024

IntoTheBlock added that if BTC breaks $65,000, well over 90% of holders will be in profit; a level last seen in July when Bitcoin failed to achieve a new high. It raises the crucial question of whether this time will be different.

Bitcoin saw profit-taking in late July after failing to break the $70,000 barrier, reaching lows of $49,050 on Aug. 5 before rebounding.

At the time of writing, BTC was up 0.92% in the last 24 hours to $64,536. Several cryptocurrencies, including Shiba Inu (SHIB), Dogwifhat (WIF) and Worldcoin (WLD), have rallied immensely as bullish sentiment boosted the market in early Thursday's trading session.

Fed signal awaited

The Fed announced its first round of cuts last week, causing risk assets such as Bitcoin to surge, and traders forecast a further 50-basis-point cut in November.

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During a Wednesday hearing before the Financial Services Committee, Gary Gensler, Chair of the Securities and Exchange Commission (SEC), explained his position on Bitcoin, declaring that it is not a security in answer to concerns posed by Republican committee chair Patrick McHenry. This also bolstered Bitcoin market sentiment.

Traders are looking for clues on the pace of interest rate cuts in speeches from key Federal Reserve policymakers, including Federal Reserve Chair Jerome Powell, as well as economic data.

This week on the crypto market was marked by hearings in the U.S. Congress on the regulation of cryptocurrencies, where the head of the SEC, Gary Gensler, came under particular pressure. Among other things, the current chairman was called "the most destructive and lawless SEC chairman in history" due to his well-known policy of regulation by coercion and enforcement.

In addition, the SEC's current policy that anything, even tickets to a baseball game, can be recognized as a security was criticized.

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Apparently, Gensler felt the heat and discontent of the people and their representatives, which is especially important on the eve of the November events, when he tried to smooth over today on CNBC.

In particular, the head of the Securities Commission said that Bitcoin is not a security. 

Nakamoto challenges Gensler

Such rhetoric has caught the attention of many members of the crypto community, and in particular Dogecoin (DOGE) cofounder Billy Markus, known by the nickname Shibetoshi Nakamoto. 

Markus stated that Gensler should declare Dogecoin a nonsecurity as well, since most of the meme cryptocurrency's code is borrowed from Bitcoin, and both assets operate on the same principle.

he should say dogecoin isn’t a security also as it is mostly bitcoin code and works exactly the same way

— Shibetoshi Nakamoto (@BillyM2k) September 26, 2024

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However, he was contradicted when Markus was told that unlike BTC, DOGE has an unlimited supply. The creator of the meme coin said that this could be fixed with a line of code and the approval of miners. 

"Exactly the same process as Bitcoin," Markus summarized, while accusing his debater of not being smart.

Bulls are becoming more powerful, according to CoinStats.

ETH chart by CoinStatsETH/USD

The price of Ethereum (ETH) has gone up by 0.25% since yesterday.

Image by TradingView

On the hourly chart, the rate of ETH has made a false breakout of the local resistance of $2,639. If the bar closes far from it, there is a chance to expect a correction to the $2,600 zone.

Image by TradingView

On the bigger time frame, buyers can start thinking about further growth only if they restore the rate to the level of $2,699. 

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If that happens, the energy might be enough for a move to the $2,800-$2,900 range.

Image by TradingView

A less positive picture can be seen on the weekly chart. If the candle closes far from its high, traders may witness a drop to the $2,400-$2,500 zone.

Ethereum is trading at $2,610 at press time.

During a recent interview with CNBC's "Squawk Box," Gary Gensler, the controversial head of the US Securities and Exchange Commission, has clarified that Bitcoin, the world's leading cryptocurrency, is a commodity.

"As it relates to Bitcoin, my predecessor and I have said that's not a security," Genser said. 

Gensler has added that investors can now get exposure to exchange-traded products (ETFs) that were greenlit on his watch. 

At the same time, the SEC head has frequently faced pushback from critics for his refusal to provide other cryptocurrencies with legal clarity.  As reported by U.Today, Rep. Ritchie Torres (D-NY) argued that the second-largest cryptocurrency was not a security.  

Follow the rules or die 

Gensler has predicted that the cryptocurrency field is not going to last without regulation. 

"This field will not long persist without investor protection or consumer protection," Gensler said during an interview. 

The SEC boss has noted that many crypto projects rely on the public's interest in order to secure funding. Investors can decide whether they should bet on a particular cryptocurrency, but their decisions have to be based on proper disclosures. "You can decide to go long or short these projects, but you need the disclosures," he stated during the interview. 

Gensler argues that many project founders have profited off of public interest without offering proper disclosures. "Inherently, there's business models that have a lot of conflicts," Gensler said. 

"We've got 90 years of experience. It works reasonably well. We've got the deepest, most liquid capital markets," he said. 

Most of the coins keep setting new local peaks, according to CoinMarketCap.

Top coins by CoinMarketCapADA/USD

The price of Cardano (ADA) has increased by 3.13% over the last 24 hours.

Image by TradingView

Despite today's growth, the rate of ADA keeps looking bullish on the hourly chart. If the daily bar closes near the resistance of $0.3988, one can expect a breakout, followed by a move to the $0.4020-$0.4040 zone tomorrow.

Image by TradingView

On the hourly chart, the situation is also bullish. If buyers break the vital zone of $0.40 and fix above it, the accumulated energy might be enough for a test of the $0.42 area by the end of the month.

Image by TradingView

From the midterm point of view, one should wait until the weekly bar closes. 

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If it happens near its peak and with no long wick, growth may continue to the $0.45 mark.

ADA is trading at $0.3987 at press time.

In a surprising turn of events, an Ethereum user has paid a shockingly large fee for a single transaction.

According to blockchain data tracker Whale Alert, a fee of 41 ETH worth $108,816 has just been paid for a single transaction.

💸 A fee of 41 #ETH (108,816 USD) has just been paid for a single transaction!https://t.co/1pLd7YRmfz

— Whale Alert (@whale_alert) September 26, 2024

This fee is significantly higher than the average transaction cost on the Ethereum network, drawing attention in the cryptocurrency community.

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Typically, Ethereum transaction fees, also known as gas fees, vary depending on network congestion and transaction complexity. While high fees can occasionally occur due to network congestion or user errors, this particular fee stood out for its size, raising questions about what might have gone wrong.

Fat finger error?

Ethereum gas fees can be high due to network congestion during peak demand periods, especially for complex transactions involving smart contracts or decentralized applications. Furthermore, Ethereum's fee structure, which includes a constantly adjusted base fee, leads to fluctuations in gas prices.

EIP-1559, introduced in August 2021, benefited the Ethereum ecosystem by making gas prices more predictable. Users no longer need to engage in complex fee estimation strategies, as the base fee provides a reliable reference point. This predictability lowers the likelihood of users overpaying or underpaying for their transactions.

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Under EIP-1559, the method of calculating gas fees is managed by an automated bidding system with a predefined fee amount that varies depending on how congested the network is.

That being said, it is possible the user made a "fat finger error" or was the victim of a bug or wallet malfunction, albeit there is no obvious explanation at this time. Fat finger errors highlight the importance of caution and double-checking transaction details, particularly in the world of cryptocurrencies, where mistakes can be irreversible.

According to recent order flow analysis, there may be manipulation taking place in the price action of Bitcoin. The way the market is acting right now has sparked concerns, especially in light of Bitcoin's recent movements on Binance Spot, which seem more artificial than natural over the past day. 

The pullback of the $63,000 bid just prior to fresh sell pressure driving BTC down to $62,600 was one of the major indicators. This suggests that there are larger entities possibly influencing price action by manipulating bids and asks. Moreover, taker bids that precede the $62,500 offer and passive buying show a desire to control the price. It seems like the market was getting ready for more pressure as bids were being pulled down and more asks were put in around $64,000.

BTC/USDT Chart by TradingView

Interestingly, this might lead to comparable actions to those that we have noted at the $63,000 mark, where the same institutions removed the bids. Sellers may be attempting to rebuff any bullish attempts as the $65,000 mark is still a region of high supply.

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The overall CVDs and delta of Bitcoin indicate that takers are driving the price action as short-lived limit quotes compel takers to sell into declines and buy into rallies.

This pattern suggests that price movements are being driven more by short-term momentum traders than by an organically balanced market. Because of this, the current structure and trends are becoming more significant as the market approaches equilibrium. This means that once liquidity is absorbed, volatility and direction may start to emerge, leading to a breakout. 

The past week in the XRP environment was spent closely monitoring the wallet of one of the cofounders of Ripple, Chris Larsen, after, on Sept. 20, the wallet, which had been dormant for 11 years since 2013, suddenly became active. In particular, it transferred 50 million to an unknown new wallet.

Then the community of XRP fans began to follow where these funds, equal to a little more than $29.12 million, are going next. 

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As it turned out, according to X user under the nickname "XRP wallets," they were sent to the world's largest crypto exchange, Binance. Initially, it was speculated that the transfer was for the purposes of Ripple's ODL service. 

Larsen's remaining 30M from the initial 50M has been sent to Coinbase (CB) in increments of 5M. From there it was sent to another CB wallet in two transactions of 10 and 19M. From here it begins to get a little busy. I was able to trace an amount sent to another CB wallet ⬇️tbc https://t.co/gFlkxgJqq4 pic.twitter.com/8cqV3Q3vzH

— XRP_Liquidity (Larsen/ODL Tracking) (@XRPwallets) September 26, 2024

However, judging by subsequent transfers, the purpose of these transfers is different. In the following days, parts of this volume of XRP were sent to sites such as Bittrex and Coinbase, where 30 million tokens were sent today. 

XRP community raises red flag

As expected, such manipulation of large amounts of tokens is causing unrest and discontent within the XRP community, which is mostly made up of simple retail users, who are unlikely to hold such large amounts of cryptocurrency. 

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Many are wondering what Larsen's plan is, if he is going to "cash out" of these positions, i.e., sell all those XRP, or if the tokens will actually be included in the ODL settlement. In addition, some users wondered if Ripple's cofounder had been hacked, as happened earlier this year.

However, back then, Chris Larsen immediately went public with clarifications and has not yet commented on the current developments.

TON, The Open Network blockchain associated with Telegram, has issued an important alert to the crypto community. 

In a tweet, the TON official alerted crypto users that the TON blockchain might face a large-scale load test starting from 10:00 a.m. (UTC) on Sept. 26 as Hamster Kombat mints tokens on the blockchain. 

Dear TON ValidatorWe would like to notify you that from the 26th of September 10:00 UTC we are expecting an increased load on the TON blockchain, as the Hamster Kombat game project with more than 100 million monthly active users will be minting coins on the blockchain, which is…

— TON Status (@ToncoinStatus) September 26, 2024

In a Telegram post, TON informed validators of the expectation of an increased load on the TON blockchain, as the Hamster Kombat game project will be minting coins on the blockchain, a unique and first event of this scale for the industry. 

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The notice is not farfetched as, in August, block production on the TON network experienced a disruption due to a heavy load attributed to DOGS token minting. The meme coin mania around DOGS caused the TON blockchain to go down twice within a 24-hour time frame, failing to produce blocks for hours.

Hamster Kombat token launch

Much like DOGS, Hamster Kombat has a vastly larger player base, raising some concerns around the TON blockchain. As stated, the Hamster Kombat game project has more than 100 million monthly active users, which is why there is anticipation. 

Hamster Kombat is a Telegram-based tap-to-earn game that aims to reward players for collecting in-game coins by airdropping them real, tradable crypto tokens.

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Hamster Kombat's airdrop will take place on Sept. 26 on The Open Network (TON), the same day that the HMSTR token will be generated and launched on major exchanges. This follows a previous July target that passed. 

As the expectations of increased load exist from Sept. 26 to 29, TON communicates with its validators to stay aware and in touch, and emergency actions should be implemented within an hour. They should also keep track of the status of their validator and hardware during the aforementioned dates.

The meme coin ecosystem showcases intriguing trends, with PEPE also entering the spotlight. Per data from CoinMarketCap, PEPE is up 5.27% in the past 24 hours to $0.00000964 as it moves to clear one zero.

Why PEPE renaissance?

PEPE is a mysterious meme coin; considering the token has no direct use case but is on a continuous growth trend, it has captured the attention of even the most critical analysts.

PEPE 1D Chart. Source: CoinMarketCap

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The token’s key metrics, including the trading volume, tell a different story. Up by 3.6% at the time of writing, PEPE's volume is almost $1 billion, a clear sign of intense optimism and adoption.

Despite no intrinsic value, PEPE has commanded a dedicated community that has been helping to push its price forward. After touching a low of $0.000006492 in the past month, PEPE has recorded a steady surge, gradually paring off its losses over the past eight weeks.

At the current price mark, PEPE is down 47% from its all-time high (ATH) of $0.00001718. While retesting this level appears far-fetched, PEPE appears in tune to clear one zero and hit at least $0.00001 in the coming days.

Meme coins redefining trends

PEPE entered the spotlight because it took on the meme coin ecosystem with a different approach, branding itself with a green-themed frog.

This uniqueness has helped it gain a massive community of loyalists within the Ethereum ecosystem. From constant whale accumulation to riding the trend with the mainstream market, PEPE has carved a shockingly sustainable path for itself.

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Unlike Shiba Inu, its closest rival, which has unveiled plans to launch a stablecoin — SHI — in the fight for dominance in the long term, analysts believe SHIB might stand the test of time, considering the growing number of utilities it is introducing.

Whether the developers behind PEPE make a similar pivot in the long term remains to be seen; for now, most of its investors are relishing the price uptick.

A new day has brought a new twist to the popular meme-inspired Shiba Inu (SHIB) cryptocurrency. According to Shibariumscan, the total volume of BONE tokens collected as transaction fees on the Shibarium network has increased by 2,190% in the last 24 hours. 

Many people may be aware that more than a year ago, a team of Shiba Inu enthusiasts launched decentralized blockchain Shibarium. This layer-2 solution, built on top of the Ethereum Virtual Machine, uses BONE, a token of the Shiba Inu ecosystem, as a gas payment. 

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Of course, SHIB also benefits from the operations of Shibarium, where part of the BONE collected for commissions is converted into SHIB and then burned. In this way, the operation of the network stimulates the deflation of the original Shiba Inu token.

Source: Shibariumscan

The increase in commissions collected occurred against the backdrop of increased activity on the network. In particular, during this 24-hour period, Shibarium saw an increase in the number of daily transactions from 6,209 to 8,025. 

With the increase in network usage, gas fees on the network naturally increased, and as a result, the amount of BONE tokens collected that day increased from 20.01 BONE to 438.79 BONE. 

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Whether this outbreak is just a short-term blip or the beginning of a full-blown trend of increased activity in the Shibarium is a question that the SHIB community, and blockchain enthusiasts in general, will soon have to answer.

Previously, the Shiba Inu network had already seen a noticeable spike in activity nearly a year ago, when the number of transactions suddenly surpassed millions per day and had been doing so for several months.

In a recent interview with Fox News channel, Mark Cuban stated that he would gladly take up the position of the head of the SEC if he were offered it. Cuban is well known for his support of cryptocurrencies – not only Bitcoin but also altcoins, such as Dogecoin and Solana.

Mark Cuban would agree to lead SEC if offered

He offered that information in answer to a question by the anchor as to whether Cuban would want to take any major regulatory role, such U.S. Treasury Secretary or something similar.

“Head of the SEC,” Cuban then responded, “that's the job I would take.” Currently, this position is occupied by Gary Gensler, who has been leading an aggressive charge against cryptocurrency companies, mostly crypto exchanges, claiming all cryptocurrencies, except Bitcoin and Ethereum, to be unregistered securities. The largest case of the SEC in this sense has been its four-year-long case against Ripple, in which the latter has scored two crucial wins over the past year.

Major Ripple advocate John Deaton shared that tweet, adding his comment. Deaton said that even though someone could disagree with Cuban on some specific issue, still “Mark would be a breath of fresh air and a welcomed change from the lawlessness of @GaryGensler.”

Even if you disagree with @mcuban on specific issues, objectively speaking, Mark would be a breath of fresh air and a welcomed change from the lawlessness of @GaryGensler. A decade ago, Mark witnessed firsthand the type of gross overreach the @SECGov is capable of. Much like… https://t.co/XT82sFlVN8

— John E Deaton (@JohnEDeaton1) September 26, 2024

Deaton reminded his X community that in 2008 the SEC initiated a lawsuit against Cuban, claiming that the billionaire and investor traded on nonpublic information. In 2013, the court proclaimed Cuban not guilty, and the SEC lost the case.

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Cuban hints Gensler should quit SEC

Earlier this week, pro-crypto billionaire investor Cuban published a tweet, in which he hinted that Gary Gensler should resign from his position as SEC chairman. In that social media post, the billionaire slammed Gensler for his method of regulation through litigation.

In that post, Cuban commented on a tweet by U.S. Congressman Richie Torres, who grilled Gensler in Congress with a question as to whether a ticket to a Yankees game would be considered a security if resold on a secondary market, as often happens to tickets for sporting events.

In the post, Torres said that he does not see much of a difference between an NFT and a Yankees ticket.

I talked to the Harris team today who told me in no uncertain terms that they are against “regulation through litigation “CYA Gensler. You leaving is worth a point in GDP growth https://t.co/NbPd4RQSBF

— Mark Cuban (@mcuban) September 24, 2024

“You leaving is worth a point in GDP growth,” tweeted Cuban addressing Gensler.

For investors and analysts, Head of Macro Research Julien Bittel's prediction that Ethereum could reach $20,000 is an intriguing one. The basis of Bittel's analysis is Ethereum's current market structure, which resembles previous movements observed in 2023 and may repeat bullish trends.

According to the provided chart, Ethereum's price action is exhibiting signs of consistent accumulation, which may be the start of a significant breakout. According to Bittel's forecast, prices will rise parabolically and resume their historical pattern. 

ETH/USDT Chart by TradingView

As long as current support levels hold, the chart suggests that Ethereum might have an upward trajectory, particularly if the market continues to be conducive to the wider adoption of cryptocurrencies, and as long as positive sentiment keeps growing. The price of Ethereum is currently between $2,600 and $3,600, with the $3,000 mark acting as immediate resistance. In the event that ETH breaches this crucial resistance, it might validate a reversal pattern and trigger a much more substantial rally.

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The formation of a golden cross, wherein the shorter-term moving averages cross above the longer-term ones, strengthens the bullish argument for Ethereum and suggests a possible upward shift in the near future.

But in order for ETH to hit Bittel's $20,000 target, there needs to be consistent buying pressure and a wider market rebound, especially for Bitcoin, which frequently sets the tone for the cryptocurrency industry - not to mention that macroeconomic variables like interest rate inflation and possible regulation will also have a meaningful impact on Ethereum's future.

Crypto analyst and trader Ali Martinez shared a Dogecoin graph provided by analytics company Santiment.

By doing so, he spread the word about a staggering amount of the original meme cryptocurrency, DOGE, getting absorbed by the market. According to the Santiment chart, more than 1.40 billion DOGE coins have been bought by crypto whales over the past two days.

In fiat terms, they have scooped up approximately $140 million worth of those meme coins.

#Dogecoin whales bought over 1.40 billion $DOGE in the past 48 hours, worth around $140 million! pic.twitter.com/mBXMti2y3V

— Ali (@ali_charts) September 26, 2024

Dogecoin looks to confirm bullish rally

As reported by U.Today recently, Dogecoin has reached several other milestones in terms of analytics, including a massive surge of more than $1 billion in trading volume. Open Interest (OI) in DOGE also went up significantly, soaring by 2.24% to reach $530.78 million.

Earlier today, Ali Martinez shared a DOGE chart by IntoTheBlock. This data shows that the meme cryptocurrency soared past the important $0.111 resistance – the area where 62,270 addresses hold more than 36 billion Dogecoin. Should the meme coin maintain this important level, its bullish breakout could be confirmed. Currently, Martinez stated, “With no major supply walls in sight, the path to $0.150 looks clear!”

#Dogecoin has surged past the $0.111 resistance, where 62,270 addresses hold over 36 billion $DOGE. If #DOGE holds this level, it could confirm a bullish breakout. With no major supply walls in sight, the path to $0.150 looks clear! pic.twitter.com/4L0zI4s72z

— Ali (@ali_charts) September 26, 2024

At the time of this writing, the largest meme cryptocurrency by market capitalization size is changing hands at $0.1153 after a 5.7% surge in the past 24 hours.

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Dogecoin founder makes important statement

This week, one of the two Dogecoin founders, Billy Markus, known by the pseudonym Shibetoshi Nakamoto on social media, created a sort of AMA (“ask me anything”) session in the comments to his tweet about crypto.

In that post, Markus refuted the allegations that he ever created any cryptocurrency after making Dogecoin in 2013 with Jackson Palmer and Bells before that. Markus stressed that he has no intention whatsoever to create or work on any other cryptocurrency ever again. “Anything claiming i am affiliated is lying,” he added.

While answering questions in the comments, Shibetoshi Nakamoto said that he would never create another meme coin and refuted claims that he is the mysterious Bitcoin creator Satoshi Nakamoto.

Markus made another important comment, addressed to the crypto community, this time talking about the Ethereum chain and tokens created on it. He emphasized that “any ethereum token claiming it was made in 2013 is a very obvious lie” since Ethereum did not exist until 2015.

Dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a significant surge in trading volumes, skyrocketing by 203% as the cryptocurrency makes a massive price breakout.

According to CoinMarketCap data, Shiba Inu saw a staggering 203% surge in trading volumes as its price experienced a major breakout. This surge comes after a period of consolidation, catching the attention of traders and market analysts alike.

Shiba Inu (SHIB) Volume, Courtesy: CoinMarketCap

In the last 24 hours, Shiba Inu's trading volume amounted to $665,513,196 or 38.95 trillion SHIB, representing a 203% surge.

The Shiba Inu price is outperforming in the same time frame, up 13.69% in the last 24 hours to $0.00001699, extending its surge over the past two days.

The breakout sent SHIB's price sharply higher, with a wave of buying pressure driving up demand on major exchanges. The increased trading activity hints at renewed interest in the token, which had seen relatively quieter periods over the past few months.

Shiba Inu outperforms with massive 13% surge

Save for Worldcoin (WLD), which is up 15.21%, Shiba Inu is outperforming the top 100 cryptocurrencies in daily gains, which were mostly posting gains between 1% and 13%.

A combination of factors might be fueling the rally, including positive sentiment around upcoming developments in the Shiba Inu ecosystem, a technical breakout as well as broader optimism on the cryptocurrency market.

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Risk assets, including pure fiat liquidity plays, such as Bitcoin (BTC) and altcoins, have surged since the Fed announced a rate cut in the past week. Shiba Inu likewise saw a breakout, climbing above the daily SMA 50.  

After establishing a footing above the daily SMA 50 at $0.00001391, which has held back its price since April, SHIB started rising, climbing for three days in a row to reach highs of $0.00001709 in today's trading session.

According to on-chain data from IntoTheBlock, Shiba Inu's rally faces a significant barrier near its current trading price up to $0.000019, where 440.85 trillion SHIB are held by 86,850 addresses.

In a recent social media chat, Ripple CTO David Schwartz talked about ongoing concerns about how the SEC is handling digital assets, especially when it comes to enforcement.

Thus, Schwartz is not convinced by the SEC's strategy, which he thinks is too broad. He also highlighted the potential consequences of such regulation, where nearly all digital assets could be categorized as securities. This issue is coming up as the ongoing regulatory uncertainty is still affecting Ripple and the wider cryptocurrency space.

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Of particular relevance to the XRP community was Schwartz’s commentary regarding Ripple’s decision to pay $125 million in the SEC v. Ripple case, also known as the "XRP case."

Here Schwartz clarified that as he understands the situation, the regulator had ruled that Ripple's offers of XRP to institutional investors were considered securities due to contractual terms, such as sales limits and lockup periods.

However, as Schwartz noted, broader use of XRP for exchanges and compensating vendors did not fall under the same scrutiny, as these transactions lacked the terms required for securities classification.

Thus, Ripple’s dual approach to XRP transactions remained a pivotal issue in the legal proceedings.

Ripple USD (RLUSD) stablecoin news

Meanwhile, as anticipation builds within the XRP community for Ripple's new stablecoin, RLUSD, attention is turning to its branding and launch. 

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pic.twitter.com/gYMvwdTiYR

— David "JoelKatz" Schwartz (@JoelKatz) September 25, 2024

When questioned about whether the new stablecoin would feature a distinct logo or simply adopt the Ripple brand, Schwartz’s response, though cryptic, sparked intrigue.

The market is beginning to see signs of life for Dogecoin as it recently broke through the crucial $0.111 resistance level. This is an important development because the $0.111 zone is a significant level, where 62,270 addresses held over 36 billion DOGE, which previously served as a formidable barrier.

With Dogecoin's ability to turn this resistance into support, an obvious route for additional upward movement now exists. Should DOGE be able to hold its position above $0.111, breaking past such a significant resistance would pave the way for a possible bullish breakout. Bulls are probably going to mount a strong defense at this level since it has turned into critical support.

DOGE/USDT Chart by TradingView

If it holds, Dogecoin might grow even more and hit $0.150 in the future. The absence of substantial supply walls above the $0.111 barrier is a major component bolstering this optimistic outlook. Bulls might have a chance to drive the price toward the next psychological resistance level at $0.150 as long as there is not any significant selling pressure in the near future.

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A strong breakout could spur additional buying interest and support the trend's continuation as Dogecoin continues to garner market attention. However, the state of the market and the degree of bullish momentum will determine how long this rally lasts. Dogecoin may establish a strong uptrend if buyers keep control and volume rises. 

Conversely, a drawback that could cause DOGE to forfeit its recent gains would result from a failure to hold the $0.111 support. As things stand right now, $0.150 might be the target, and the coming days will be critical in deciding whether Dogecoin can sustain its positive breakout and advance further. The ability of DOGE to maintain important support levels and build on its recent strength will continue to be the market's main concern.

Something unusual is happening with Shiba Inu (SHIB) as multiple metrics are skyrocketing today. Beginning with the burn rate, data from Shibburn shows that this metric has jumped by over 640% in 24 hours to 5,555,360 SHIB. This uptick is evidence of bullish activity within the Shiba Inu ecosystem.

Shiba Inu price and potential catalyst

As mild as the total SHIB burnt is, the token has seen a more ambitious price rally. As of press time, it is outpacing the top 20 coins in price after soaring by 13% in 24 hours. 

Shiba Inu Burn Rate. Source: Shibburn

With this growth rate, SHIB's price jumped to $0.0000168, the highest level it has reached over the past month, in a major push toward profitability.

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The optimism around Shiba Inu was enhanced lately following the update from the project’s marketing lead, LucieSHIB, regarding the proposed stablecoin it is planning. The team believes it is high time it introduced a stablecoin, dubbed SHI, which will be pegged at $0.01. 

With full disclosure, LucieSHIB noted that the team had not determined the specific mechanism to achieve this peg with further updates. However, she has unveiled some of the stablecoin’s major selling points, including its potential role in the ecosystem.

The SHI Stablecoin: A Key Development for Stability and Utility in the Shibarium Ecosystem The SHI stablecoin is a crucial development within the Shib ecosystem, currently in the works and not yet released. Its introduction is expected to significantly enhance the Shibarium… pic.twitter.com/UyrJgnYR45

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 26, 2024

Shiba Inu is advancing fast and has continued to roll out new products and services to serve its growing community. While the timeline for the launch of SHI remains unknown, it has given the community another positive boost to go all out on the token.

Shibarium reboot

The emergence of SHI will serve as the missing ingredient for Shibarium dApps and projects. With SHI, the various smart contracts hosted on the layer-2 scaling solution will have standby liquidity that can best power their growth.

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Overall, Shibarium has been preparing for this potential reboot over the past months after its previous hard fork. With a defined uptick showcased by transaction count, Shibarium is set to be boosted even more in the near future.