Benzinga - The week was a rollercoaster ride in the world of cryptocurrency. From Shiba Inu’s skyrocketing burn rate to the rising concerns about overvaluation in the crypto market, there was no shortage of action. Meme coins continued to make waves, with Pepe and Dogecoin gaining traction. Meanwhile, Cathie Wood of Ark Invest made a bold prediction about Ethereum. Here’s a recap of the top stories.
Shiba Inu Burn Rate Skyrockets – Shiba Inu (CRYPTO: SHIB) is back in the spotlight with a significant increase in burn rates and wallet movements. Data from Shibburn revealed a 2,211.9% spike in burn rate in the past 24 hours, with a single transaction burning 1.8 million SHIB coins. Read the full article here.
Crypto Greed Peaks, But Prices Don’t – Twitter personality WazzCrypto expressed concerns about the current state of the cryptocurrency market. He highlighted the prevalence of overvaluation, with many new projects launching with valuations exceeding $10 billion. He also discussed the impact of memes on market sentiment and the influx of new money into the cryptocurrency space. Read the full article here.
See Also: ‘Dogecoin Killer’ Shiba Inu Burn Rate Drops Over Last 24 Hours, Mirrors Decline In Price
Pepe May Flip Shiba Inu and Dogecoin – Pepe (CRYPTO: PEPE) has generated significant gains over the past seven days, prompting analysts to foresee further bullish price action. Meme coin analyst and trader Murad believes that Pepe, a "cult community with more than 10 million unique memes," could flip Shiba Inu and Dogecoin. Read the full article here.
Memecoins Fueling Mass Adoption Of Base’s L2 Network – Jesse Pollak, the creator of Base of Coinbase, attributed the burgeoning adoption of the layer-2 network to the rise of memecoins. He emphasized the influence of memecoins in integrating a significant number of users into the Base ecosystem. Read the full article here.
Cathie Wood’s Ethereum Prediction – Cathie Wood of Ark Invest believes that Ethereum (CRYPTO: ETH) could catch up to Bitcoin (CRYPTO: BTC) and provide investors with huge profits in the coming years. She predicts that Ethereum could reach a market capitalization of $20 trillion by 2032. Read the full article here.
Read Next: Meme Coins Are ‘A Pure Ponzi’ And ‘Destroying Crypto,’ Says Trader Who Thinks Dogecoin Was Different
Photo by Avi Rozen via Shutterstock
Engineered by
Benzinga Neuro, Edited by
Anan Ashraf
The GPT-4-based Benzinga Neuro content generation system exploits the
extensive Benzinga Ecosystem, including native data, APIs, and more to
create comprehensive and timely stories for you.
Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
