Analysts anticipate Ethereum supply shock after 100K ETH burned
More than 6% of Ethereum's total supply is staked in the ETH2 contract. Ethereum reserves on centralized exchanges have plunged to 18.98 million, and inflows have substantially reduced, leading to a supply shock. Ethereum's mean dollar invested age dips, indicating that dormant dollars invested in the altcoin have started circulating. These factors are considered bullish indicators for the altcoin's price.
Bitcoin whales buy $940 million in BTC, signaling bullish reversal
Whales or large wallet holders (holding 100 to 10,000 BTC) added 20,000 BTC to their holdings as the price dropped below $50,000. Companies with Bitcoin on their balance sheet now account for 8% of the asset's circulating supply. MicroStrategy, a publicly traded business intelligence company, accumulated $177 million worth of Bitcoin during the dip. Hedge funds are bullish on Bitcoin with end-of-year prediction of $100,000.
Dogecoin and Shiba Inu consolidating, analysts predict further drop in price
Dogecoin accounts for 26% of Robinhood's revenue in Q22021, as traders bought the meme coin aggressively. Both Dogecoin and Shiba Inu have consolidated for the past two weeks. Analysts predict further meltdown in Shiba Inu-themed meme coins. Dogecoin correlation with Bitcoin is on the rise, and DOGE prepares for a 30% drop.
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