Shiba Inu Burn Rate Sees 588% Surge, 1,300% Growth In Whale Activity; Solana Monthly Active Developers At

Amid all the optimism surrounding spot Bitcoin ETF approval likely coming on Wednesday with a possible start to trading on Thursda y, some altcoins on the board are also witnessing a surge in the past 24-hours of trading.

What Happened: Solana (CRYPTO: SOL) is trading 6.3% higher while Avalanche (CRYPTO: AVAX) is up 3.9%. Memecoins like Bonk (CRYPTO: BONK) and Celestia (CRYPTO: TIA) are trading higher by 21.8% and 18.6%, respectively. Shiba Inu (CRYPTO: SHIB) is trading 1.2% higher.

Altcoins Round-Up:

Based on Shibburn data, Shibarium burn rate surged 587.7% in the past 24 hours burning 32.5 million Shiba Inu. The growth can be attributed to one single 30.9 million burn transaction 19 hours ago. Another transaction of 1 million Shiba Inu was reported 11 hours ago.
Shiba Inu witnessed a significant 1,288% surge in large whale transactions as $89.88 million transactions were witnessed in past 24 hours, based on IntoTheBlock data. The large transaction volumes reached 9.38 trillion Shiba Inu in the last 24 hours, the highest in the past seven days.
The Solana ecosystem reported more than 2,500 monthly active developers based on recent data from Solana Foundation. The data added that over the past year, it had seen around 2,500 to 3,000 monthly active developers building on Solana, making it the second-largest ecosystem in total developers.
Based on WhaleAlert data, XRP (RYPTO: XRP) on Jan. 8 witnessed a 100 million XRP transfer from Ripple to some unknown wallet. Since Oct. 2, 2023 its activation, the wallet received more than 112 million XRP.

Why It Matters: Crypto analyst Ali Martinez took to his X platform and stated that based on the hourly chart Solana was reflecting signs of “forming a bull flag.” He added, “A decisive close above the $110 resistance level could be the catalyst for a significant upward move! If this pattern holds, we might see $SOL heading toward an ambitious target of $163.”

Also, Martinez was positive on Cardano (CRYPTO: ADA) as it was repeating its 2018-2020 pattern and if the trend continued, the token would consolidate around its current levels until April 2024. Thus, this would set the stage for a potential resumption of a bull run.

Martinez also said that with weighted market sentiment for XRP dropping to its lowest negative point since mid-May 2023, it could present unique opportunities in the market.

Also Read: Solana-Based Meme Coin Bonk Makes A Comeback, Surging 30% As Market Eyes Bitcoin ETF Approval

Photo: Pixabay