Bitcoin is currently priced at $89,854 showing a -0.79% decrease, while Ethereum is at $3,075, down by -1.81% in the past 24 hours. The market's 24-hour long/short ratio in the futures market was almost balanced at 48.6% long versus 51.4% short positions. The Fear and Greed Index, which measures market sentiment, was at 90 yesterday and maintains the Extreme Greed level at 83 today. The crypto world has seen explosive moves lately. Ripple's XRP made significant gains while Shiba Inu (SHIB) aims for a huge price target and Solana-based DApps raked in record fees during memecoin mania. In this article we explore what drives these gains and their impact on the broader crypto market. Let’s break down what these stories mean for investors and the crypto community.
What’s Trending in the Crypto Community?
- Michael Saylor hinted at continuing to increase BTC holdings.
- XRP Rises Over 25% Boosted by Regulatory Hopes and ETF Filing
- cbBTC circulating supply exceeded 15,000, with a market cap surpassing $1.3 billion.
- Solana's market cap surpassed Sony and Medtronic, ranking 165th in global asset market cap.
Crypto Fear & Greed Index | Source: Alternative.me
Trending Tokens of the Day
Top 24-Hour Performers
XRP Rises Over 25% Boosted by Regulatory Hopes and ETF Filing
The price of Ripple's XRP token has surged nearly 25% in the past 24 hours, reaching its highest level since November 2021, marking a significant shift for the cryptocurrency. According to KuCoin, XRP now stands at $1.13. XRP added $20 billion to its market cap which has reached $65 billion. There wasn't a specific announcement but traders seem optimistic about a favorable regulatory outcome for Ripple and the resolution of its battle with the SEC.
XRP/USDT Trading Chart | Source: KuCoin
Ripple's Chief Legal Officer Stuart Alderoty noted the hard part of the fight is behind us:
"Please remember the SEC’s broader strategy: try to create distraction and confusion for Ripple and the industry. But honestly, it’s just background noise now. The hard part of the fight is behind us," Ripple's Chief Legal Officer Stuart Alderoty recently wrote on X.
Significant XRP transfers followed with over $316 million moved in the last two days. The price rise led to significant on-chain activity. One wallet moved $90 million in XRP to another wallet, as reported by Whale Alert. The analytics provider noted over $316 million in XRP transfers in the past two days. 21Shares filed for an XRP ETF following the success of its Bitcoin and Ethereum ETFs. Canary Capital and Bitwise also filed for XRP ETFs. This indicates growing confidence in XRP's future.
Shiba Inu Forecasts 101% Price Jump, Reach Target $0.000048
Shiba Inu (SHIB) surged 50% after Donald Trump's election victory and now trades at $0.000024. CoinCodex predicts SHIB could double by the end of November 2024 reaching $0.000048. The firm says SHIB is consolidating and ready for another move up.
Source: KuCoin 1 Week SHIB Chart
It surged 280% in March after the Bitcoin halving event. The recent victory of Donald Trump in the US presidential election triggered buying across the market. SHIB rose 50% to its current price of $0.000024.
CoinCodex predicts a 101% surge for Shiba Inu by the end of November. The target price is $0.000048. Investors hope SHIB will reach $0.01 which could bring huge gains for long-term holders. Meme coins show dramatic swings and Shiba Inu's future looks volatile.
Source: CoinCodex
Solana-Based DApps See Record Fees Amid Memecoin Frenzy
Solana-based apps have seen a surge in fee revenue. Five of the top ten fee-earning protocols in the last 24 hours are on Solana. Raydium, a Solana market maker, collected $11.31 million in fees. Liquid staking protocol Jito earned $9.87 million in fees, its third-highest on record.
Five of the top 10 protocols by fees were on Solana on Nov. 17. Source: DefiLlama
Memecoins fuel the frenzy around Solana. Peanut PNUT saw a 2800% rise in two weeks. Dogwifhat (WIF) also surged after a Coinbase listing. The largest Solana memecoin Dogwifhat (WIF) listed on Coinbase on Nov. 15 briefly surged to a six-month high of $4.19.
The Department of Government Efficiency is a new US agency under President-elect Donald Trump. It shares the same abbreviation as the memecoin Dogecoin (DOGE) which rallied 140% in the last two weeks.
Solana pushes above $240 despite supply inflation. SOL trades at $234 just 8.5% away from its all-time high of $259. Solana's market cap stands at $112 billion, up 44% from its previous high of $77 billion on Nov. 6 2021. The market cap increase comes from growth in token supply through its inflation schedule which rewards stakers with new SOL tokens. At the time of publication Solana's inflation rate is 4.9% decreasing at a rate of 15% per year according to SolanaCompass data. Solana's token SOL rallied to $242 its highest since 2021 driven by memecoin speculation and increased token supply through staking rewards.
Read More: Top Crypto Projects in the Solana Ecosystem to Watch in 2024
PNUT Price Skyrockets 2800% in 2 Weeks
Peanut (PNUT) , a new memecoin inspired by a viral squirrel, skyrocketed by 240% on November 13. The surge began on November 4. PNUT's price rose over 2800% in less than two weeks reaching $1.57. The rally followed an uptick in crypto prices after Donald Trump won the election.
PNUT/USDT price chart | Source: KuCoin
PNUT Price Prediction
In the short term, the PNUT price prediction for the next 24 hours hinges on key price action around the $2.45 level. The outcome will largely determine the direction of the token's immediate trajectory. If the price successfully breaks out from the $2.45 area, this signals the potential for a fifth wave extension, indicating a continuation of upward momentum. As more data becomes available, future projections will become more accurate and dependable.
On the other hand, if the price fails to break through and gets rejected, it will likely lead to the start of a prolonged correction. This correction could result in the price pulling back significantly as investors take profits and traders reassess the asset's value. The next weeks are critical for defining whether PNUT can continue its rally or must consolidate before making its next move.
Read More: $PNUT Crosses $1 Billion Market Cap—Is the Hype Real?
Conclusion
The crypto market has had surprises this month with XRP's price jumping with legal optimism. Shiba Inu (SHIB) eyed a huge leap and Solana-based DApps set fee records. Memecoin frenzy continues with projects like Peanut (PNUT) gaining traction. Traders and investors watch these trends for opportunities in a volatile crypto landscape. Remember to always do your own research (DYOR) when looking to buying memecoins.
