Shiba Inu (SHIB) Developments, Ripple (XRP) Price Rollercoaster, and More: Bits Recap July 8
TL;DR
- Bitcoin’s price fell from over $63,000 to around $54,000 in early July, with mixed opinions on its future direction.
- Shiba Inu dropped 6% but rebounded over the weekend, showing signs of potential future growth due to increased burn rate and whale activity.
- XRP dipped below $0.40 but recovered to around $0.43, with its future tied to the outcome of Ripple’s lawsuit with the SEC.
BTC’s Price Swings
The primary cryptocurrency has been quite shaky since the beginning of July. It started the month trading at over $63,000, but a few days later, the price crashed below $54,000 for the first time since February. While bulls stepped in over the weekend, briefly pushing the valuation above $58,000, the start of this week brought more pain. Currently, BTC is trading at approximately $57,000 (per CoinGecko’s data), representing a 9% decline on a 7-day scale.
Some analysts suggested that the recent pullback could indicate the end of the rally for the asset for this cycle. The popular X user Ali Martinez assumed that the approval of Bitcoin ETFs, the meme coin mania, and the tokens introduced by celebrities could have been everything the latest bull run had to offer.
On the other hand, numerous other industry participants remain optimistic that BTC is facing good days ahead. Mikybull Crypto reminded of a similar correction in Q3 2023, later replaced by a significant resurgence.
Rekt Capital claimed the asset has yet to benefit from the BTC halving, which occurred in April of this year. The trader noted that the price peaked more than 500 days after the halving in 2016 and the one in 2020:
“If history repeats and the next Bull Market peak occurs 518-546 days after the halving… That would mean Bitcoin could peak in this cycle in mid-September or mid-October 2025.”
The halving is a significant event that occurs roughly every four years. It cuts the miners’ rewards in half for validating new blocks on the BTC blockchain. Historically, this process has led to a substantial rebound for the leading cryptocurrency and the broader market.
What’s New Around SHIB?
The second-largest meme coin in terms of total market capitalization also experienced a substantial price decrease recently. It is down 6% weekly, coinciding with the overall decline of the meme coin sector.
Likewise BTC, Shiba Inu (SHIB) rebounded significantly over the weekend, erasing much of the losses. Its brief price ascent was in tune with the rise of some important metrics related to its ecosystem.
As CryptoPotato reported, the burn rate exploded by 800%, resulting in around 18 million tokens destroyed. The USD equivalent of the stash is insignificant, but continuous efforts in that field will lead to scarcity and a possible price spike (after all, a decrease in supply combined with the same or increased levels of demand should lead to a rally).
Another indicator that headed north lately is SHIB’s whale activity. IntoTheBlock’s data showed that large transaction volume soared by 180% on July 7. For more updates on the entire Shiba Inu ecosystem, please check our Shibarium news.
XRP in the Red, too
During the market crash last week, Ripple’s native cryptocurrency dipped under the $0.40 mark for the first time since March last year. It recovered to almost $0.45 in the past few days before plunging to its current level of around $0.43.
According to some industry participants, the asset’s bright future partially depends on a possible win for Ripple in the lawsuit against the US SEC. The two parties have been confronting each other for over three and a half years, with the case currently in the trial stage.
Those willing to learn more about the legal battle and its potential impact on the asset, feel free to take a look at our dedicated video below:
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