TL;DR

• The negative sentiment around XRP and SHIB might actually signal a good buying opportunity, as markets sometimes tend to defy crowd expectations.
• The meme coin shows potential for a rally due to positive factors like Shibarium’s growth and reduced selling pressure.

XRP and SHIB Flash the Buy Signal?

The cryptocurrency market witnessed a significant correction yesterday, with Bitcoin (BTC) briefly plunging below $65,500. The sector recovered some of the losses in the following hours, but crypto analytics platform Santiment suggested that a rising number of industry participants believe the bull run has come to an end.

The entity also outlined the top 10 digital assets involved in the most bearish narratives on October 23 (the day of the latest pullback). The first spot belongs to Chainlink (LINK), whose weighted sentiment dipped to -0.43. Bitcoin (BTC) ranks second with a ratio of -0.37, while Goateus Maximus (GOAT) comes third (-0.35).

Other well-known cryptocurrencies on the list include Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Ripple (XRP).

While diminishing crowd optimism might sound like bad news for the bulls, it could, in fact, have the opposite effect. Santiment reminded that cryptocurrencies are highly speculative, and their prices sometimes move in the opposite direction of people’s expectations.

“Markets typically move the opposite direction of the crowd’s expectation, meaning the bearish narratives surrounding these coins can lead to rewarding results for those willing to go against the crowd selloffs that are beginning to mount,” the platform stated.

Focusing on SHIB

There are many other factors hinting that the self-proclaimed Dogecoin killer might be poised for a rally in the short term. One example is the booming meme coin sector, which is well in the green on a daily scale. Some of its best performers include cat-themed tokens such as Popcat (POPCAT) and Cat in a Dogs World (MEW). 

Another element is the resurgence of Shiba Inu’s layer-2 blockchain solution – Shibarium. Daily transactions processed on the network have been in the millions in the past few days, reaching early 2024 levels.

Lastly, we will touch upon the SHIB exchange netflow, which has been predominantly negative (outflows surpassing inflows) over the last 30 days. This suggests a shift from centralized platforms toward self-custody methods and could be viewed as a bullish move due to the reduced immediate selling pressure. 

[PRESS RELEASE – New York, USA/NY, October 24th, 2024]

The roadmap features L2 payments, trading, and DeFi, with a UX that adopts Satoshis (SATs), Bitcoin’s more intuitive smallest denomination.

Base8, a Bitcoin Layer 3 platform for mobile, is proud to announce its official launch, bringing a seamless, easy-to-use solution to the world of cryptocurrency. Built for new and experienced users, Base8 will integrate Bitcoin Layer 2 (L2) solutions like the Lightning Network for fast payments, Babylon for Bitcoin staking, and Stacks for Bitcoin DeFi. Additionally, the app is one of the first to support SATs (Satoshis), and already offers trading in 35+ other liquid tokens, making Bitcoin utility and crypto investing more accessible to everyday users.

A Bitcoin Neobank for the Digital Economy

Base8’s vision extends beyond simple crypto investment. The platform is evolving into a universal digital banking solution for Bitcoin that merges centralized investing with decentralized finance (DeFi) and utility. With its focus on SATs and commitment to supporting native Bitcoin L2s, Base8 offers users a simple and secure way to invest, manage, and use crypto assets, with all the advantages of Bitcoin’s decentralized settlement layer, aka the blockchain.

“Bitcoin is meant to be so much more than just an asset to buy and hold, yet that’s how the majority of the two hundred million people use it,” said Alex Shapiro, Co-Founder and CEO of Base8. “We’re building Base8 to deliver on Bitcoin’s full potential by making the user experience simple while handling the complex decentralized integrations under the hood.”

Simplifying Bitcoin with SATs

Base8 features SATs (Satoshis), the smallest denomination of Bitcoin, to help users trade, invest, and manage their assets without the confusion of decimals. The app’s intuitive design, combined with institutional-grade security and custody, makes it one of the most secure and practical platforms for retail investors. Users can fund their accounts with ACH, SEPA, debit/credit cards, and crypto deposits, allowing them to instantly participate in the crypto economy.

Crowdfunding Campaign on Republic

Along with its launch, Base8 has gone live with a $1.24M crowdfunding campaign on Republic, and plans to raise a total of $3.5M in their seed round, which follows a successful $500k pre-seed raised in 2023. With a waitlist of over 31,000 users and nearly 1,000 beta testers, the campaign offers an opportunity for early supporters and crypto enthusiasts to participate in building a project focused on accessibility and the future of Bitcoin.

“Base8 is more than just an app—it’s a movement to make Bitcoin practical. By joining our crowdfunding campaign, you can be a part of our growth and help shape the coming Bitcoin economy” added Mohamed Saidi, Co-Founder and Chief Strategy Officer of Base8.

Funds from the campaign will be used to enhance Base8’s core tech offerings and L2 integrations, as well as user acquisition initiatives. Planned releases for 2025 include a Bitcoin Lightning wallet, a debit card with Apple NFC, and decentralized features such as staking, yield generation, and cross-chain swaps. These features will transform Base8 into a comprehensive, all-in-one platform that integrates both centralized and decentralized services, offering users the best of both worlds.

About Base8

Base8 is a next-generation Bitcoin Layer 3 platform designed to make Bitcoin utility more accessible to everyday users. With a focus on simplifying Bitcoin transactions and offering a user-friendly experience, Base8 integrates key features like SATs (#StackSATs), Layer 2 solutions, and institutional-grade security, creating a seamless entry point for both retail and institutional investors. Base8 believes Bitcoin should be used as originally intended – as the digital money of the future.

Base8 Website: https://base8.app/

Users can download the Base8 App: Apple Store | Google Play Store

Users interested in investing in Base8 on Republic can do it here.

For press inquiries or more information, contact: team@base8.app

Bitcoin is yet to climb above the much-anticipated $70,000 despite several notable upside moves.

However, data points to BTC’s short-term uptrend potential, based on the Coinbase Premium Index. In such a scenario, the crypto asset could see a possible price rally.

Bitcoin’s Price Rally Soon?

By examining the Coinbase Premium Index on a 1-hour time frame, CryptoQuant analyst ‘Yonsei_dent’ observed significant price movements when the daily (24-hour) moving average breaks through the weekly (168-hour) moving average.

Historical data shows that such a crossover, often forming a golden cross, tends to trigger short-term price increases. Currently, the daily moving average has temporarily surpassed the weekly. This indicates a potential bullish momentum.

With bitcoin’s price around $67,000, a key support level tied to the September high, and a consistent pattern of higher highs and lows since August, the analyst anticipates the market is building a clear upward structure.

A similar sentiment was echoed by analysts at Kaiko, who highlighted the negative Kimchi Premium. This, in fact, could also signal a potential upcoming rally for bitcoin despite the current downturn in the South Korean market.

This premium measures the difference in BTC prices between Korean exchanges and global platforms, and it has now turned negative for the second time since September. The trend reflects declining investor sentiment in South Korea, where BTC is trading lower even as global prices rise.

Contributing factors include strict government capital controls that limit foreign trading on local exchanges and a constrained supply of cryptocurrencies available on platforms like Upbit, which offers far fewer coins than its global counterparts. Historically, a negative Kimchi Premium has often preceded significant price increases for bitcoin.

Increased Retail Participation

It is also important to note that BTC is seeing a noticeable resurgence in retail on-chain activity following a four-month period of low engagement. The volume of on-chain transactions under $10,000 has increased, indicating renewed interest from smaller, non-institutional investors.

Over the last 30 days, retail demand has risen by 13%, marking a significant recovery compared to prior months of decline. This level of participation resembles activity levels from March when BTC approached its most recent all-time high.

While whale transactions remained strong during the lull, the recent uptick in bitcoin prices suggests reduced risk aversion among small investors, potentially leading to increased retail momentum in the market.