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XRP Attracts $1.2 Million Inflow, 40 Trillion SHIB in Spotlight As Bulls and Bears Clash, Cardano Dominating Social Media Discussions: Crypto News Digest by U.Today

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Tue, 11/06/2024 - 16:32
XRP Attracts $1.2 Million Inflow, 40 Trillion SHIB in Spotlight As Bulls and Bears Clash, Cardano Dominating Social Media Discussions: Crypto News Digest by U.Today
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U.Today has prepared the top three news stories over the past day.

XRP attracts $1.2 million inflow amid altcoin market doldrums

As recently reported by CoinShares, in the past week, XRP attracted inflows of $1.2 million. This surge is a stark contrast to the subdued activity seen on the broader altcoin market. In comparison to XRP, other altcoins cannot boast such major inflows; Solana, Litecoin and Chainlink experienced inflows of $0.7 million, while Binance received only $0.2 million. Notably, XRP is displaying a weekly trend of growing inflows; the week prior to last, XRP received $0.8 million, up from $0.4 million the week earlier. There could be a number of reasons behind the influx of XRP, including a change in investor interest, but the exact cause for this remains unknown. At the moment of writing, XRP is trading at $0.4819, down 4.17% over the past 24 hours, per CoinMarketCap data.

40 trillion Shiba Inu (SHIB) in spotlight as bulls and bears clash

Based on Shiba Inu's current price action, the dog-themed meme coin might be approaching a crucial support level of 40 trillion SHIB tokens. Per IntoTheBlock's data, 51,350 addresses are holding 40.08 trillion SHIB in the range between $0.000019 and $0.000023, which is extremely close to the current market price of $0.0000232. The 40 trillion token range has emerged as a critical support for Shiba Inu; if this support holds, it could serve as a foundation for a potential price rebound. On the other hand, should the support fail, SHIB could face further downward pressure, potentially to $0.000014. A high-stakes battle between bulls and bears has put the 40 trillion SHIB support level at the forefront right now, as each is trying to push the price in their favor. The outcome of this battle may determine the short-term price trajectory of SHIB. However, it remains to be seen who will be the winner.

Related

Cardano (ADA) dominating social media discussions

Data provided by Santiment shows that Cardano is leading the race in terms of social media engagement. Such a boost in activity among social media users is caused by the recent announcement from Cardano founder Charles Hoskinson; as previously reported by U.Today, Hoskinson shared in his X post on June 9 that the network was on the verge of the Chang hard fork. According to the founder, the hard fork is expected to be the most important development for Cardano as well as the industry as a whole. Hoskinson's optimism sparked vivid discussions on social media, with many users supporting his bullish view. However, this buzz has not resulted in any significant advancement for ADA's price. At the moment of writing, ADA is changing hands at $0.419, down 6.42% over the past 24 hours, per CoinMarketCap.

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