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Bitcoin (BTC) Volatility Amid FOMC Meeting, Shiba Inu (SHIB) Developments, and More: Bits Recap June 13

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TL;DR

  • Bitcoin peaked at $72,000 last Friday, dropped below $70,000 quickly, and fell to $66,000 ahead of the CPI announcement and the Federal Reserve’s rate decision.
  • Shiba Inu’s burn rate increased by 2,800%, but its price is down over 15% weekly.
  • While XRP dropped 7% to $0.48, analysts predict a rise to $1 or $1.50 based on technical patterns.

BTC’s Ups and Downs

Bitcoin (BTC) experienced huge turbulence in the past seven days. Towards the end of last week, it seemed like it was likely gearing up for a new all-time high after touching $72,000. However, the asset’s price slipped under the psychological level of $70K after a violent rejection on Friday and remained there during the weekend.

After a brief surge to $70,000 on Monday, the bears resumed control and initiated a leg down that drove BTC to as low as $66,200 (per CoinGecko’s data). The negative trend was briefly interrupted yesterday (June 12) when the asset again touched the $70,000 mark. The rally occurred shortly after the US Bureau of Labor Statistics released its latest CPI report, showing that inflation in America came lower than expected for May.

Despite the promising numbers from the US and Elizabeth Warren’s plea, the central bank kept interest rates unchanged at 5.25%-5.50%, claiming inflation has only witnessed “modest progress.” 

As a result, BTC headed south again, currently hovering around $67,500. Lowering interest rates in the world’s largest economy will make it cheaper for investors to borrow money, which could increase interest in risk-on assets like cryptocurrencies. Prominent names, including Mike Novogratz (CEO of Galaxy Digital Holdings), believe bitcoin could take off once the Fed introduces such a move.

SHIB’s Latest Advancements

The popular meme coin Shiba Inu made the headlines thanks to its burn rate, which exploded by 2,800% on June 11, resulting in almost 8 million tokens being removed from circulation. The team behind the token has sent over 41% of SHIB’s maximum supply to a null address in the past few years.

The process aims to create a price appreciation via scarcity (assuming demand stays the same or rises). Despite those efforts, SHIB is down over 15% on a weekly scale, with its plunge resonating with the correction of the entire digital asset sector.

It is worth noting that the surge in the burn rate might have been caused by investors moving to liquidate their positions during times of market uncertainty. After all, a percentage of tokens is burned with each transaction. Those willing to learn more about the process can read our guide here.

Separately, Shiba Inu’s decentralized exchange, ShibaSwap, received support from the popular DeFi platform DexTools. The development unlocks “advanced DeFi analytics” for the SHIB Army.

XRP Predictions

Last but not least, we will discuss Ripple’s native token, XRP, whose price is down over 7% weekly, currently trading at around $0.48 (per CoinGecko’s data). However, multiple analysts remain unfazed, envisioning a resurgence in the near future.

The X user Dark Defender thinks XRP stands above a certain support line on the weekly time frame. “Our indicator is close to oversold again, as weeks before and pending for reversal,” the analyst added.

Dark Defender assumed that the next resistance (assuming the uptrend continues) stands at around $1. “It will be easy above $0.6640 and $1,” they claimed.

Earlier this week, EGRAG CRYPTO chipped in, too, predicting an ascent toward the $1.50 level. This could become possible should XRP break a specific pattern depicted as “the White Triangle.”

The term reflects the asset’s price movements from the summer of 2023 until the beginning of 2025 and is made up of the ascending “Atlas line” and the descending “Genuine wake-up line.” If XRP continues to stay in that zone, it might finish 2024 at a price of around $0.70.

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Cryptocurrency

Ethereum Foundation, Whales, and Hackers: What’s Driving the ETH Sell-Off?

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TL;DR

  • Whales, hackers, and the Ethereum Foundation wallets moved over $500M in ETH through large sales and withdrawals.
  • Ethereum transfers rose to 4.6M ETH, nearing the monthly high of 5.2M recorded in July.
  • Staking inflows hit 247,900 ETH, the highest in a month, locking more supply from trading.

Large Withdrawals and Whale Activity

Ethereum (ETH) has seen heavy movement from major wallets over the past few days. On-chain data from Lookonchain shows a newly created wallet pulled 17,591 ETH, worth $81.62 million, from Kraken in just two hours. 

Over three days, two new wallets withdrew a combined 71,025 ETH, valued at $330 million, from the exchange.

One of these wallets, address 0x2A92, has withdrawn 53,434 ETH, worth $242.34 million, in two days. This includes a recent purchase of 30,069 ETH, valued at $138.46 million, during a market drop.

Major ETH Holders Offload Millions Amid Price Rally

In contrast, several separate entities have been disposing of some ETH holdings. A wallet tied to a hacker address 0x17E0 sold 4,958 ETH for $22.13 million at $4,463, securing a profit of $9.75 million. Earlier this year, the same address sold 12,282 ETH at $1,932 and later bought back part of the amount at higher prices.

A different whale sold 20,600 ETH for $96.55 million over the past two days, generating a profit of more than $26 million after holding the position for nine months. 

Meanwhile, an Ethereum Foundation-linked wallet, 0xF39d, sold 6,194 ETH worth $28.36 million in the last three days at an average price of $4,578. 

Recent sales from the same wallet included an additional 1,100 ETH and 1,695 ETH for over $12.7 million combined.

Network Activity on the Rise

CryptoQuant data shows Ethereum’s total tokens transferred have been climbing since August 9. After ranging between 1 million and 3 million ETH through late July and early August, transfers have risen to 4.6 million ETH, approaching the monthly high of 5.2 million recorded in mid-July. This increase has occurred alongside a price rally from about $3,400 to $4,600.

Ethereum (ETH) Tokens Transferred (Total)
Source: CryptoQuant

Interestingly, staking inflows generally stayed between 20,000 and 80,000 ETH per day over the past month. On August 14, inflows jumped to 247,900 ETH, the highest in the period. 

At the time, ETH was trading near $4,600. Large staking deposits reduce the amount of ETH available for immediate trading, as staked coins are locked for a set period.

Ethereum (ETH) Staking Inflow Total
Source: CryptoQuant

In the meantime, ETH trades at $4,647 with a 24-hour volume of $68.25 billion, down 2% on the day but up 19% over the week.

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Cryptocurrency

Massive DOGE Whale Activity Hints at $1 Breakout

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TL;DR

  • Whales bought two billion DOGE this week, lifting their combined holdings to 27.6 billion coins.
  • A single 900M DOGE transfer worth $208M to Binance drew attention to large exchange movements.
  • DOGE broke key resistance, with momentum building for a possible push toward the $1 price mark.

Price and Market Moves

Dogecoin (DOGE) traded at $0.23 at press time, slipping 4% over the past day but still showing a 2% gain for the week. Daily turnover came in at about $6.18 billion. 

Meanwhile, the broader crypto market saw over $1 billion in liquidations. Hotter-than-expected US Producer Price Index data pushed traders to scale back expectations of a near-term Federal Reserve rate cut. DOGE had roughly 290,500 coins liquidated during the sell-off.

On the two-week chart, analyst Trader Tardigrade notes that DOGE has cleared a downward-sloping resistance line after completing what appears to be a “wave V” in an Elliott Wave sequence. Similar setups in the past, where prolonged declines stayed within falling channels before breaking higher, have been followed by sharp rallies.

Momentum gauges are also turning up. The Stochastic RSI, which had dropped into oversold territory, is now heading higher. Previous reversals from this zone have coincided with sustained upward moves. The current formation points to a possible run that could carry DOGE past the $1 mark.

Heavy Whale Buying and Large Transfers

As reported by CryptoPotato, blockchain data shows large investors have added two billion DOGE in the past week, spending just under $500 million. That brings their holdings to about 27.6 billion coins, or 18% of the supply. The buying streak has prompted speculation within the community. 

Recently, Whale Alert flagged a 900 million DOGE transfer worth about $208 million into Binance. The tracking indicates that it originated from a wallet connected to the exchange, likely as an internal activity. The address involved holds 2.88 billion DOGE, one of the largest balances on the network.

Ali Martinez also reports that transactions above $1 million reached a one-month high, with activity building since early August and peaking as DOGE traded at $0.25.

Sentiment Building

Analyst Gordon described the current setup as “a nice bit of consolidation” before a potential breakout, adding, 

“This will be one of the first coins normies FLOCK to & the pump will be MASSIVE.”

With whale accumulation rising, high-value transfers increasing, and a bullish technical pattern in play, DOGE is positioned for a potential push toward $1 if momentum holds.

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Cryptocurrency

Ripple Price Analysis: XRP at Risk as Key Support Levels Could Trigger Sharp Drop

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XRP has recently entered a consolidation phase after a strong rally earlier this summer, with the price action now hovering around key resistance levels on both its USDT and BTC pairs. Yet, while momentum has slowed, the charts still indicate a generally bullish structure, with multiple key support levels remaining firmly in place.

Technical Analysis

By ShayanMarkets

The USDT Pair

On the XRP/USDT daily chart, the price is currently trading near the $3.10 mark, facing a strong resistance zone around $3.40. This follows a breakout above the $2.70 range in July, which has now flipped into a support area.

Both the 100-day and 200-day moving averages are also trending upward and recently formed a bullish crossover around $2.45, reinforcing the medium-term bullish sentiment. If the $3.40 resistance breaks, a push toward the critical $4.00 range becomes likely.

However, the RSI hovering near the neutral 50 level suggests a lack of strong momentum for now, meaning a short-term pullback into the $2.80 support zone is still possible.

This zone will be key for maintaining the bullish structure. Losing it could open the door for a deeper correction toward the 200-day moving average located around the $2.40 mark. Yet, as long as the price stays above the moving averages, the broader trend remains bullish.

The BTC Pair

Looking at the XRP/BTC chart, the pair has recently pulled back after hitting the 3,000 SAT resistance, with the price currently around 2,600 SAT.

This follows a clean breakout above the long-term descending channel and a successful retest of its upper boundary, which coincided with the 200-day moving average and the 2,400 SAT support zone. This confluence remains a key bullish technical factor, as holding above it could attract renewed buying pressure.

That said, RSI levels around 48 show that momentum has cooled after the sharp July rally, meaning XRP may continue ranging between 2,400 SAT and 3,000 SAT in the near term. A decisive close above 3,000 SAT would likely open the path to the 3,400 SAT zone, while losing 2,400 SAT could shift the bias back toward 2,000 SAT support. For now, the structure still favors the bulls as long as higher lows remain intact.

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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