The past week was a rollercoaster ride in the cryptocurrency market. From XRP’s explosive gain to Shiba Inu’s burning spree, the crypto world was buzzing with activity. Let’s dive into the top stories that shaped the crypto market over the weekend.
XRP’s Parabolic Uptrend
Over the last weekend, XRP (CRYPTO: XRP) witnessed a significant rise. The uptrend was fueled by new ETF applications and increased whale activity. Noted investor Raoul Pal highlighted XRP’s “great-looking” chart, drawing parallels with a previous long wedge pattern that led to a whopping 5,600% rally. Pal coined the current phase as “Banana Zone Part 1.”
Shiba Inu Burns 53 Million Coins
Shiba Inu (CRYPTO: SHIB) made headlines as it burned 53 million coins in a single day. The coin’s burn rate and a steady increase in whale transactions have contributed to its recent momentum. Traders are optimistic about SHIB’s trajectory, with Bluntz Capital tweeting about a potential major price spike for Shiba Inu.
Fed Chair Powell on Bitcoin
Congressman Buys Meme Coins
Rep. Mike Collins (R-Ga.) disclosed buying two cryptocurrencies, including the meme coin Ski Mask Dog. The Congressman purchased between $2,000 to $30,000 worth of the meme coin, sparking interest among investors who closely follow the trading activities of Congress members. Collins also bought Aerodrome, a cryptocurrency he purchased before.
NYC Mayor’s Bitcoin Victory Lap
New York City Mayor Eric Adams had the last laugh earlier this week as Bitcoin’s value edges closer to the $100,000 mark. Adams, who took his first three paychecks in Bitcoin and Ethereum ETH/USD, addressed his skeptics at a press conference, reminding them of their initial ridicule.
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This story was generated using Benzinga Neuro and edited by Anan Ashraf.
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