Shiba Inu price faces pressure as trading volume nears zero
SHIB is not doing that well, and volumes are close to hitting near-zero values, which can essentially halt the rally.
- Market stagnation. SHIB continues to struggle as trading activity on major exchanges dries up
With trading activity drying up on major exchanges and volume levels falling dangerously close to zero, Shiba Inu is still under increasing pressure. Investor interest in the once-hyped meme token appears to be waning as fast as volatility itself, as evidenced by the declining participation.
- Technical outlook. The meme token remains trapped in a narrow consolidation range near $0.0000102
SHIB has been trapped in a narrow consolidation range for weeks, failing to draw significant buying power or retail inflows. It is currently trading close to $0.0000102. Following a vicious October crash, the token is moving slowly along the short-term ascending trendline on the daily chart.
XRP network sees surge in new accounts and transaction volume
XRP saw a surge in new users on the network, which enables potential for a recovery in the upcoming week on the market.
- On-chain growth. XRP’s network has witnessed a sharp increase in user activity.
Data indicates that the number of newly activated accounts doubled in a matter of days, indicating a dramatic on-chain surge in new user activity on XRP’s network. Almost 9,900 new accounts were registered by XRP on Oct. 30, which was one of the biggest single-day increases in months.
- Market implication. The uptick signals renewed user engagement and potential ecosystem momentum for XRP.
Although the underlying cause is still unknown, this spike is consistent with an increase in transactional activity and payment volume throughout the network, suggesting a resurgence of user interest. On-chain data shows that on Nov. 1, the number of payments between accounts exceeded 1 million, and the payment volume increased to more than 1.2 billion XRP.
Tom Lee says gold rally could boost Bitcoin’s future value
Crypto bull Tom Lee has revealed a mega Bitcoin prediction.
- Bullish view. Tom Lee stated that gold’s recent all-time high supports Bitcoin’s long-term price potential.
In a recent interview with Anthony Pompliano, crypto bull and Bitmine Chairman Tom Lee explains how gold helps Bitcoin’s future terminal price.Bitcoin historian Pete Rizzo shared an insight from the discussion while predicting that Bitcoin might reach $3 million.
- BTC price prediction. Lee estimated a potential range of $1.6 million to $2 million per BTC.
The Bitmine chairman explains that the recent gold rally, which saw it reach a new all-time high, remains very bullish for Bitcoin and Ethereum as gold moves first and then Bitcoin catches up. Lee added that he thinks gold is actually helping Bitcoin’s future terminal price.
When asked what the fair value of Bitcoin might be if gold hits $5,000, Lee responded that if the gold market cap is divided by the number of Bitcoin, that gives $1.6 to $2 million per coin.