Cryptocurrency News Official TheBitTimes.com

Shiba Inu has sustained elevated trans action volumes on its network even as its price drops amid a wider crypto market decline. According to data from IntoTheBlock, SHIB saw $4.48 trillion in 24-hour trans action volume on October 9th. This came after volume spiked from $1.76 trillion on October 7th to nearly $4.7 trillion on October 8th. The totals suggest high on-chain activity despite SHIB trading up by just 1% over the past 24 hours, around $0.00000689. Also read: Sam Altman Talks About US Govt’s Crypto Clash on Joe Rogan Shiba Inu holders actively moving funds Surging trans action volumes can signal both trading activity and non-speculative token movement. It can often hint at trend reversals brewing during periods of volatility. The data indicates that SHIB holders are actively moving tokens around amid recent selling pressure. The increased volume may suggest panic selling along with possible accumulation by large investors. Also read: Ethereum Found...

OP, SNX and ARB were able to print 24-hour gains according to CoinMarketCap. Technicals for SNX suggested that there may be a strong breakout towards the upside soon. ARB may also experience a breakout in the coming week as a wedge pattern forms on its daily chart. Layer-2 cryptocurrency projects may rally in the coming few weeks following Ethereum’s (ETH) latest upgrade; EIP-4844. This upgrade is aimed at reducing gas fees for trans action s by introducing a special trans action type. Due to its focus on reducing gas fees for Ethereum’s beacon chain, EIP-4844 is forecasted to amplify the advantages it brings to Layer-2 scaling solutions. Consequently, this enhancement will draw a significant number of investors seeking to engage with Layer-2 chains such as Optimism, Arbitrum, Synthetix, and others. The past 24 hours saw almost all Layer-2 cryptocurrencies achieve a fair gain. In particular, Synthetix (SNX), Optimism (OP) and Arbitrum (ARB) have see...