Shiba Inu Burn Rate Soars, Dogecoin Whales On A Buying Spree And More: This Week In Crypto

The past week in the crypto world was a mixed bag of events. From Shiba Inu’s (CRYPTO: SHIB) burn rate skyrocketing to Dogecoin’s (CRYPTO: DOGE) price dipping, there was no shortage of action. Bitcoin (CRYPTO: BTC) also had its moment, teasing the $100,000 mark, while Ethereum (CRYPTO: ETH) experienced a bumpy ride. Here’s a quick recap of the major stories that unfolded over the week.

Shiba Inu Burn Rate Skyrockets

Despite a relatively flat performance for the SHIB/USD pair over the past week, the burn rates for Shiba Inu witnessed a significant increase. Benzinga’s technical analysis indicates an oversold RSI at 28.6 for Shiba Inu, suggesting a potential price rebound or reversal.

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Dogecoin Price Dips, Whale Activity Surges 

Despite a 4% drop in price, Dogecoin has seen a significant increase in whale activity, sparking speculation of a bullish phase among traders. Javon Marks, a trader, has pointed out historical patterns that suggest Dogecoin could rise beyond the 1.618 Fibonacci Extension level, as it has in previous cycles.

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Bitcoin, Ethereum Hold Steady Over Christmas

Leading cryptocurrencies Bitcoin and Ethereum remained steady on Christmas day, holding onto gains made the day before. Bitcoin reached a one-week high of $99,800 during overnight trading, narrowly missing the $100,000 milestone. Ethereum, on the other hand, experienced a wobbly trajectory.

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Bitcoin, Ethereum, Dogecoin Pull Back After Christmas Rally

Leading cryptocurrencies witnessed a fall after a festive surge on Christmas gave way to profit-taking. Bitcoin, after teasing the $100,000 mark on Christmas, saw a steep decline, falling to an intraday low of $95,170. Ethereum also dropped to the $3,300 region.

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Dogecoin Whales on a Buying Spree

Whale investors purchased a staggering 270 million Dogecoin in less than four days, according to Ali, a prominent voice in the crypto community. The significant investment in Dogecoin was announced on Christmas Eve.

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Photo courtesy: Shutterstock

This story was generated using Benzinga Neuro and edited by Anan Ashraf.