Cryptocurrency News & Live Updates
Synopsis
Shiba Inu’s open interest has dropped over $100 million, leading to a nearly 5% price decline as traders lose confidence amid dwindling Shibarium activity and cooling memecoin sentiment.
In recent developments, Shiba Inu (SHIB) has experienced a significant drop in open interest, shedding over $100 million, which reflects a lack of confidence among traders. This decline coincides with a 5% price drop and a troubling decrease in Shibarium’s total value locked (TVL), now at just $1.76 million. Meanwhile, Pi Network (PI) struggles as its price hovers near an all-time low, exacerbated by ongoing token unlocks that could further pressure its value. Despite some positive announcements, including the launch of Pi AI Studio, the lack of a tier-1 exchange listing remains a concern. In a contrasting move, JPMorgan has partnered with Coinbase to facilitate direct fiat-to-crypto transactions, marking a significant shift in traditional banking’s approach to digital assets. Additionally, OKX’s proof of reserves shows a robust $28.8 billion, yet Bitcoin withdrawals continue as traders seem to prefer self-custody or diversifying into Ethereum and altcoins. Lastly, xTAO Inc. has emerged as the largest corporate holder of the AI-focused Bittensor (TAO) token, highlighting the growing intersection between AI and blockchain technology.
Show more
Shiba Inu Faces $100M Open Interest Decline
Shiba Inu’s open interest has dropped over $100 million, leading to a nearly 5% price decline as traders lose confidence amid dwindling Shibarium activity and cooling memecoin sentiment.
Will Pi crypto price increase or decrease in August?
The Pi crypto price has dropped significantly, currently at $0.3983, down over 86% from its peak. With 160 million tokens unlocking in August, the outlook remains uncertain despite potential bullish technical indicators.
JPMorgan Integrates Coinbase for Crypto Transactions
JPMorgan Chase partners with Coinbase to enable direct fiat-to-crypto transactions, allowing customers to seamlessly convert cash and rewards into cryptocurrencies, marking a significant shift in the bank’s stance on digital assets.
Why Bitcoin Holders Are Leaving OKX
Despite OKX’s impressive $28.8 billion reserves, Bitcoin withdrawals are rising while Ethereum deposits increase, indicating a potential shift in market dynamics.
xTAO Emerges as Leading Public Holder of TAO Token
xTAO Inc. has significantly increased its Bittensor (TAO) token holdings, becoming the largest corporate holder, with plans to enhance its validator operations and earn a 10% annual yield on staked tokens.