SHIB Plummets, Musk Revives Bitcoin Buzz, Dogecoin Sees Volatility

SHIB Transaction Volume Plummets to 320 Billion in 24 Hours

Shiba Inu (SHIB) has seen a significant decline in transaction volume, dropping to 320.14 billion SHIB over the past day. This marks a sharp contrast from previous highs that often exceeded one to two trillion. The price of SHIB is struggling near multi-month lows of $0.0001297 USDT, with bearish signals emerging as it breaks below the 50 EMA and horizontal support. The 200 EMA may serve as the final defense against further declines. Reduced whale activity indicates waning interest from major investors, casting doubt on a quick rebound. Without fresh buying momentum or a significant catalyst, SHIB appears headed for an extended downturn.

Elon Musk Mentions Bitcoin After Three Years, Sparks Investor Interest

Elon Musk recently announced the launch of XChat, a new messaging feature on the X platform, built with "Bitcoin-style" encryption. This marks the first time Musk has mentioned Bitcoin in three years, drawing attention from crypto enthusiasts. Bitcoin historian Pete Rizzo noted that the last time Tesla invested in Bitcoin, the price surged by 50%. However, some community members have questioned the significance of Musk’s recent mention, pointing out that he has discussed Bitcoin in interviews and podcasts over the years. Despite this, the announcement has reignited speculation about potential Bitcoin adoption and price movements.

Dogecoin Open Interest Surges to $2.11 Billion Amid Volatility

Dogecoin (DOGE) has seen a notable increase in open interest, reaching 10.79 billion DOGE, valued at approximately $2.11 billion. This represents a 1.78% increase over the past 24 hours. The coin’s price recently climbed nearly 3% to $0.1955, with trading volume spiking by over 11%. However, DOGE has since retraced, dropping 2.21% in the last 24 hours, with trading volume falling by 25.86% to $818.91 million. Despite this volatility, the recent surge in open interest suggests growing investor interest in the meme coin. Major exchanges like Gate.io and Binance account for a significant portion of this activity, with other platforms like Bybit, Bitget, and OKX also contributing to the trend.