Ethereum (ETH) Price Rally, Ripple (XRP) Predictions, Shiba Inu (SHIB) Developments: Bits Recap Feb 26
TL;DR
- ETH’s price spikes over $3,100, possibly driven by the upcoming Dencun upgrade and potential regulatory developments.
- Despite a recent dip, analysts predict XRP’s price could hit $1.40 in April, indicating a bullish outlook.
- Shiba Inu’s Shibarium exceeds 360 million transactions, and SHEboshi NFTs sell out quickly, showing significant market interest.
ETH’s Momentum
The price of Ethereum (ETH) has been going through the roof lately, recently reaching a nearly two-year high of over $3,100. The surge comes at a time when most leading cryptocurrencies, including Bitcoin (BTC), Solana (SOL), Cardano (ADA), and others, have shown little to no volatility in the past 24 hours or have even charted minor losses.
Several important factors and upcoming advancements might stand behind ETH’s rally. One example is the Dencun upgrade, which is scheduled to take place in mid-March and focuses on increasing the scalability, efficiency, and security of the Ethereum blockchain.
The development marks the beginning of “The Surge” era – a vital process that follows the historical transition from Proof-of-Work consensus algorithm to Proof-of-Stake, known as “The Merge.”
The hype surrounding the potential approval of a spot Ethereum ETF in the United States could have also played a role. Recall that BTC experienced a substantial price ascent in the months leading to the SEC’s decision to greenlight numerous applications (including BlackRock’s) to launch a spot ETF with the primary cryptocurrency as the underlying asset.
What About XRP?
Ripple’s native token did not have its best week, witnessing a price decline of almost 4%. However, multiple analysts and experts remain optimistic that the trends will soon change for the better.
A few days ago, the X (Twitter) user EGRAG CRYPTO presented a chart according to which XRP might soon pass through four essential stages (wicking, ranging, consolidation, and bullish) and hit $1.40 in April.
For their part, Dark Defender claimed the asset’s valuation could surpass the resistance levels of $0.66, $0.77, and $0.91 in the next two months.
Those curious to check seven important factors that hint XRP might be on the verge of a bull run, feel free to take a look at our dedicated video below:
Shiba Inu’s Endeavors
The popular meme coin took center stage as of late, with its layer-2 blockchain solution – Shibarium – blasting through another massive milestone. As CryptoPotato reported, total transactions on the network exceeded the 360 million mark.
Shiba Inu also registered huge success on the non-fungible token front, with all SHEboshi NFTs being claimed in less than three hours.
The SHIB team previously informed that distributing the 20,000 digital collectibles will include three phases: free claim for Shiboshis holders, exclusive access to LEASH holders, and public mint. All NFTs were sold out before the launch of the third stage.
The cost of minting a single SHEboshi NFT was set at 0.05 ETH, excluding gas fees. Currently, such digital art can be traded on OpenSea at a floor price of 0.159 ETH, thus boasting a total value of almost $10 million.
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