'Dogecoin Killer' Shiba Inu Burn Rate Spikes 800%, Crypto Market Rallies As Sentiment Soars And More: This Week In Cryptocurrency

Benzinga Neuro

May 05, 2024

The week was a rollercoaster ride for the cryptocurrency market. The crypto world was buzzing with news, from Shiba Inu’s surging burn rate to speculation of certain altcoins becoming irrelevant. Major cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) ended April with heavy losses, but the market sentiment soared as the new week began. Let’s dive into the details.

‘Dogecoin Killer’ Shiba Inu Burn Rate Spikes 800%

Shiba Inu experienced a resurgence in its burn rates, with an 800% surge and millions of coins burned in recent transactions prompting positive market sentiment and an increase in prices. Read the full article here.

Altcoins’ Fate: Strong Performers or Irrelevant?

Pseudonymous crypto trader “Cold Blooded Shiller” questions whether the market is beginning to phase out certain altcoins in favor of stronger performers and Bitcoin. He notes that while Bitcoin’s strength is undeniable, there’s an interesting separation among altcoins. Meme coins like Dogwifhat, Pepe, and Floki Inu have seen significant gains, but will they maintain their momentum? Read the full article here.

See Also: Bitcoin, Ethereum, Dogecoin Rally, As Market Sentiment Soars On Macro Data: ‘Above $67,000 We Fly Like A

Heavy Losses for Bitcoin, Ethereum, Dogecoin in April

April ended on a sour note for major cryptocurrencies. Bitcoin, Ethereum, and Dogecoin closed the month with losses of 16%, 19%, and 40%, respectively. The new Hong Kong Bitcoin ETFs, contrary to bullish expectations, may turn out to be a “complete failure,” according to finance and crypto newsletter, WhaleWire. Read the full article here.

Are Dogecoin and Shiba Inu Due for a Bounce?

Despite a turbulent month, traders remain optimistic about Dogecoin and Shiba Inu. Chart analyst Ali Martinez predicts a bullish breakout for Shiba Inu (CRYPTO: SHIB), while crypto trader YG Crypto analyzes Dogecoin’s recent performance, which saw a dramatic 40% price drop. Read the full article here.

Crypto Market Rallies as Sentiment Soars

Despite the losses in April, the cryptocurrency market started May on a positive note. Major cryptocurrencies are trading higher, with Bitcoin bouncing well above the $60,000 mark. Read the full article here.

Read Next: Dogecoin Is ‘Primed For Higher’ But Pepe Is ‘On A Moon Mission,’ Exclaims Trader

Image: Eivind Pedersen from Pixabay

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