- Summary:
- On September 1, 2024, Ripple's XRP released 1 billion XRP tokens from its escrow, causing a 2.26% price drop.
- SOL coin has registered the most significant decline among the leading cryptocurrencies, recording an almost 20% drop in the last week.
- Shiba Inu's (SHIB) price is expected to increase as its weekly burn rate skyrockets by 244%.
XRP Price Drops After The Release of 1 Billion Tokens.
On September 1, 2024, Ripple’s XRP released 1 billion XRP tokens from its escrow, causing a 2.26% price drop. The token is now $0.5474, and market uncertainty is looming over the increased supply. This move was part of XRP’s long-term strategy to make the market more transparent and predictable. Investors were definitely concerned about this move, as reflected in the immediate price drop.
The XRP market strategy, paired with the ongoing regulatory challenges, is expected to continue influencing XRP’s price. Investors should remain cautious, as the potential for significant shifts is based on the SEC case outcomes and broader market trends.
Solana
September looks challenging for Solana as the market sentiment remains cautious. SOL coin has registered the most significant decline among the leading cryptocurrencies, recording an almost 20% drop in the last week. Concerns about the stability of the network and competition from other blockchains are contributors to Solana’s current woes.
SOL price forecast remains bearish-neutral, and any significant bullish breakout will require a change in market sentiment, like the launch of spot Solana ETFs. Investors should closely watch the critical support and resistance levels as September unfolds.
Solana Analysis
SOL is currently trading at around $128.25, showing a 0.19% decrease. The price is close to reaching a key support zone of $127.39, which was last tested in early June, suggesting it is major support for the asset. If the decline continues, the next significant support below this level would be near the $120 mark.
SOL is on a sustained downward trajectory. If the ongoing market conditions are maintained, Solana may be positioned to drop. Based on this analysis, SOL might decline to the lower level of the flagpole to go past $110.
Is Shiba Inu (SHIB) Price Set To Increase?
The SHIB price has faltered, losing 1.56% in a day, despite a brief surge in its burn rate, raising concerns among investors.
Shiba Inu’s (SHIB) price is expected to increase as its weekly burn rate skyrockets by 244%. Millions of the SHIB tokens were removed from circulation, contributing to increased scarcity. The burn rate, a critical factor in reducing supply, fuels optimism among investors, who expect a significant price boost. The SHIB community continues to push for increased burn activity, expecting reduced supply to drive the token’s value high.
SHIB Transfers Spark Speculation
A large, unknown whale recently transferred 1 trillion Shiba Inu (SHIB) tokens to an unidentified wallet from another unidentified wallet, ‘0x826c.’ The transfer has led to speculation that a significant SHIB investor might be reorganising their SHIB holdings across different wallets instead of accumulating new tokens from exchanges. This move has drawn significant attention from the Crypto community.
