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Shiba Inu on Verge of Breakdown, Elon Musk's Tesla and SpaceX Bitcoin Holdings Uncovered, Gigantic 97,276 ETH Purchase Stuns Crypto Community: Crypto News Digest by U.Today

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Fri, 8/03/2024 - 16:29
Shiba Inu on Verge of Breakdown, Elon Musk's Tesla and SpaceX Bitcoin Holdings Uncovered, Gigantic 97,276 ETH Purchase Stuns Crypto Community: Crypto News Digest by U.Today
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Here are the top three news stories over the past day presented to you by U.Today.

Shiba Inu (SHIB) on verge of breakdown

Judging by Shiba Inu's price charts, the meme crypto seems to be preparing for a potential breakdown. Following SHIB token's recent loss of more than 30% of its value on the SHIB/USDT chart, the asset is moving closer to what some investors believe may be the beginning of a protracted correction phase. Currently, SHIB is actively being tested, while the prior "comfort zones" are failing to deliver the rebound strength shown in past rallies. The immediate future of Shiba Inu will be determined by the asset's ability to sustain its support levels. If SHIB's price falls to 50% of its most recent top gains, this could indicate the end of the rally and potentially ignite a bear market for the token. On the positive side, if SHIB manages to consolidate and hold its current price, this could act as a springboard for future gains.

Elon Musk's Tesla and SpaceX Bitcoin holdings uncovered

In a recent X post, Arkham, the blockchain analysis platform, has provided data regarding the amount of Bitcoin held by Elon Musk's firms Tesla and SpaceX. The holdings of Tesla, reads Arkham's post, are currently standing at 11,510 BTC, which constitutes approximately $780 million, distributed across 68 addresses. SpaceX, in turn, owns 8,290 BTC worth about $560 million, dispersed across 28 addresses. Interestingly, this discovery contradicts Tesla's earlier disclosure in its Q4 report, in which the company stated it held 9,720 BTC. Thus, according to Arkham's findings, Tesla's Bitcoin holdings have surpassed the previously reported amount, indicating a potentially larger investment in the cryptocurrency than disclosed earlier.

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Ethereum: Gigantic 97,276 ETH purchase stuns crypto community

Yesterday, the crypto community found itself puzzled by a significant purchase of 97,276 Ethereum (ETH) worth $363 million. According to Lookonchain data, this massive amount of ETH was acquired by PulseChain, a contentious project founded by Richard Heart, the founder of HEX and its decentralized exchange, PulseX. The 97,276 ETH were bought in two days using 11 wallets for a total of 363.66 million DAI at an average price of $3,738. Traders, investors and analysts alike were intrigued by the astounding purchase, making them wonder about the project's intentions. Some people believe that the acquisition was made at Ethereum's local price peak, which makes the case even more perplexing. At the moment of writing, ETH is changing hands at $3,934, up 2.44% over the past 24 hours, per CoinMarketCap.

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