What's next for Shiba Inu?

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Notcoin outperforms Solana and BNB in 24-hour trading volume

Key points:

• Notcoin's 24-hour trading volume reached $4.54 billion, surpassing Solana and BNB.

• The token's price saw a 287% increase in the past week, peaking at $0.028 before falling to $0.021.

News - Notcoin (NOT) has defied expectations with a phenomenal surge in trading volume and market cap over the past week. The young token's 24-hour volume even surpassed established players like SOL and BNB. This surge in activity reflects a significant influx of investor interest in NOT.

The price of NOT has also experienced a wild ride, reaching a high of $0.028 before settling at around $0.021. This represents a staggering 287% increase in just seven days. Notably, the price surge has propelled NOT into the top 60 cryptocurrencies by market cap, even surpassing BONK.

Factors behind the growth - Several factors seem to be contributing to NOT's impressive rise. The Open Interest surrounding the token has skyrocketed, indicating a strong influx of new liquidity into the market. Also the high Weighted Sentiment suggests that many market participants are bullish on NOT's future prospects.

However, analysts caution that NOT's rally might be unsustainable. The token's RSI, at press time, sat at 72.60, signifying that it's currently in overbought territory. This could lead to a correction in the near future, with the price potentially dropping down to $0.015.

It is also important to note the derivatives market surrounding NOT has also been quite active. Interestingly, Bitcoin was the only cryptocurrency with higher 24-hour liquidations than NOT. While shorts were initially liquidated more heavily, longs have recently experienced losses as the price dipped.

Bitcoin's price jumps amid strong performance in global equities

Key points:

• The FTSE 100 and Stoxx 600 indices saw early trading gains in Europe.

• Bitcoin is likely to benefit from increased liquidity and inflation hedge status.

News - Bitcoin started the week on a positive note, rising over 2% in the past day to trade above $68,000. This upswing coincided with a broader market rally, as major equity indices across Europe and the UK experienced significant gains in early trading. US stock futures also indicated a positive opening.

The optimistic market mood likely stems from anticipation of a rate cut by the European Central Bank (ECB) this week. With recent declines in inflation, the ECB is expected to lower its benchmark rates on Thursday, offering relief to borrowers in the eurozone.

What do the analysts think? The impact of this decision on Bitcoin remains a topic of discussion. Some experts, like Jag Kooner of Bitfinex, believe that Bitcoin could benefit from the increased liquidity associated with a low-rate environment, mirroring the positive sentiment in equity markets. Additionally, Kooner highlights Bitcoin's potential as a hedge against inflation, attracting investors seeking protection if the ECB rate cut triggers higher inflation expectations.

However, others like Ruslan Lienkha of YouHodler downplay the direct impact of the ECB decision on Bitcoin's price. Lienkha argues that the European crypto market's smaller size weakens the correlation between Bitcoin and European equities. He emphasizes a stronger connection between Bitcoin and US stock markets in the medium to long term.

Shiba Inu faces headwinds as exchange inflows increase

Key points:

• The token's price has decreased by 6.49% in the past 90 days.

• Shiba Inu's Network Growth has declined, indicating reduced adoption.

News - Shiba Inu holders are going to be facing a potential sell signal in June. SHIB's Exchange Net Position Change has become positive. This metric signifies a significant inflow of tokens to exchanges, historically linked to selling pressure and price declines.

The current price of SHIB, at $0.000024, reflects a 6.49% decrease in the past 90 days, bolstering concerns about a potential price drop. This aligns with the negative implications of the positive Exchange Net Position Change.

What do other metrics say? Further analysis of Shiba Inu's Network Growth, a metric indicative of new user adoption, paints a similarly bleak picture. The decline in Network Growth reinforces the possibility of a price plunge for SHIB.

Analysts predict a potential price range for SHIB in the coming days. The token could experience a significant drop, reaching as low as $0.000020. However, a surge in demand could trigger a rebound, pushing the price back up to $0.000030.

Another factor impacting SHIB's future is its current trading activity. Shiba Inu's one-day circulation, currently at 965.89 billion, suggests it's not among the most actively traded memecoins. This lack of participation could translate to lower liquidity, potentially hindering a price recovery even if demand picks up.

Hacker uses Chrome plugin to steal $1 Million from Binance account

Key points:

• A Chinese trader lost $1 million due to a hacking scam involving a malicious Chrome plugin called Aggr.

• The hackers used the stolen cookies to manipulate low liquidity trading pairs and profit through cross-trading.

News - A Chinese cryptocurrency trader has lost a staggering $1 million after falling victim to sophisticated hacking. The scam involved a malicious Chrome plugin called Aggr, which stole the trader's login credentials for his Binance account.

The stolen cookies, containing login information, allowed hackers to bypass two-factor authentication and gain access to the account. Once inside, they initiated a series of unauthorized leveraged trades, manipulating markets and exploiting price discrepancies to generate profits.

More details - The trader, identified online as CryptoNakamao, discovered the unauthorized activity only after noticing unusual trading on his Binance app. By the time he sought help, the hackers had already drained the account of all funds.

CryptoNakamao claims that Binance displayed a concerning lack of security measures. Despite the suspicious trading activity, the exchange allegedly failed to intervene. Even more alarmingly, the trader alleges that Binance was aware of the fraudulent Aggr plugin and the ongoing scam but did not take action to warn users or freeze stolen funds.

More stories from the crypto ecosystem

• Analyzing BNB’s bullish pennant: Will it lead to a price surge?

• Toncoin: Does the surge in TON holders signal a shift in market sentiment?

• U.S Election bets soar on Polymarket – Is that good news for Polygon?

• ARB vs. OP – Which L2 had the best month of May?

• Warning signs for Ethereum’s price? Traders, watch out for this index!

Did you know?

• In 2017, the Ethereum-based game Crypto Kitties gained immense popularity. Users could buy, sell, and breed virtual cats using blockchain technology, leading to network congestion on the Ethereum platform.

• Cryptocurrencies often undergo hard forks, resulting in the creation of new coins. Notable examples include Bitcoin Cash (BCH) and Ethereum Classic (ETC), which emerged from forks of Bitcoin and Ethereum, respectively.

• El Salvador became the first country to adopt Bitcoin as legal tender in September 2021. The move sparked both enthusiasm and skepticism.

Top 3 coins of the day

Ethereum (ETH)

Key points:

• At press time, ETH was trading at $3,779 with bulls in charge.

• ETH’s OI increased over the last 24-hours hinting at capital inflows.

What you should know - After the approval of ETH ETF, the price of the coin has been following bulls on a macro-frame. But on a closer look, one can find that post 21 May, ETH has been moving sideways within the range of $3,656-$3,934. In the past week, it noted a fall of 4.19%. If bearish pressure continues, the king of altcoin could drop down to its support zone of $2,926-$3,111. Conversely, buying pressure could take the alt up to $4,000. Well, at press time, the leading indicator RSI stood at the 63 mark, denoting a fall in buying pressure.

Dogecoin (DOGE)

Key points:

• Dogecoin was following SHIB’s price trajectory along with a 6% 7-D fall.

• However, it was up by 1.37% over the last day.

What you should know - Doge struggled to breakout of its upward channel. At press time, it was trading at $0.1608 with a stiff resistance at $0.19368. In the absence of a surge in social media hype or positive industry developments, a downward move toward $0.11977 looks quite possible. It is also important to note that the memecoin has been on a downtrend after 31 March. MACD, at the time of writing, showed exhaustion in the market as it stood near the neutral territory with no signs of market movement.

Toncoin (TON)

• TON defied the broader market momentum by registering a 7-D growth.

• It was trading at $6.64 at press time with buying pressure in the fore.

What you should know - While most of the cryptocurrencies in the top 20 list noted a decline within the last week, TON stood out with its 4% surge. It has been on a steady incline after 11 March. If buying pressure holds strong, the coin could go up to its supply zone of $7.22-$7.73 within a short span. However, on the condition of sellers taking charge, the alt could drop down to its demand zone of $4.68-$4.13. At press time, TON’s market condition was on the overbought side - indicated by the reading of Bollinger Bands (BB). The width of the BB highlighted that massive price fluctuations can be on the way.