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Long-term holders weather brief volatility surge


Key Takeaways

  • Long-term holders now hold 75% of the total circulating supply of Bitcoin
  • The cohort has been growing steadily over the last eighteen months
  • Enthusiasts hope the growth in the number of coins hoarded by long-term holders will cause a supply shortage and squeeze the price upward in the long-term

The last eighteen months have been challenging for Bitcoin investors. While the asset has bounced back strongly thus far in 2023, it remains over 60% off its all-time high set in November 2021. 

The scale of the damage in 2022 can be seen when glancing at a price chart, portraying the extent of the fall. 

The asset careened downwards as the Federal Reserve transitioned to a tight monetary policy approach in response to spiralling inflation. From years of low interest rates, hikes came thick and fast as policymakers scrambled to get a lid on an overheating economy. 

With Bitcoin residing so far out on the risk curve, capital fled the asset amid the great tightening of global liquidity. However, while price charts don’t make pretty reading, there has been one notable bright spot when looking at on-chain data. 

That is the proportion of long-term holders, which has shown impressive growth throughout the turbulence. As the next chart from Glassnode shows, the cohort has grown since the start of 2022 aside from three periods (with one of those extremely short).

(As a note, Glassnode defines long and short-term holders via a logistic function centered at an age of 155 days and a transition width of 10 days). 

The first period was between May and August 2022, when the crypto world was thrown into disarray. Already fighting a glum macro picture with newly-rising rates and rampant inflation, digital assets got hammered further with the startling death spiral of the UST stablecoin, leading to the collapse of all things Terra. This in turn sparked contagion across the sector, the summer filled with bankruptcies. 

The second period which saw long-term holders waver was very brief, following the FTX collapse last November. The third was then March of this year, which saw apparent profit-taking as Bitcoin increased off the back of more dovish forecasts around the future path of interest rate rises following the regional bank crisis. 

This has led to a position today whereby 14.6 million Bitcoin are held by long-term holders, equivalent to 75% of the total circulating supply. 


The portion of the supply claimed by long-term holders is interesting to track as it is an oft-referenced point by Bitcoin enthusiasts when forecasting the long-term price of the asset. With the overall supply capped at 21 million coins and the rate of increase in supply halving every fours years, they argue that a supply-side squeeze will push the price of Bitcoin up. As long-term holders hoard greater amounts of the supply, there will only be less Bitcoin to go around. 

Obviously, the demand side of the equation needs to hold up its end of the bargain for this to be true. But amid an extremely challenging eighteen months for Bitcoin, the apparent resilience of long-term holders is certainly a silver lining, and may become more and more relevant as time goes on.

The post Long-term holders weather brief volatility surge appeared first on CoinJournal.

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Shiba Inu plans Shibarium’s public reopening after flawed launch

Key takeaways

  • The Shiba Inu team is working on reopening its Shibarium blockchain to the public in a few days.

  • This comes after the team botched the blockchain’s launch last week

Shiba Inu’s Shibarium to reopen soon

Shiba Inu developers are currently working to reopen the Shibarium network to the general public. This is according to the project’s key developer, who goes by Shytoshi Kusama, earlier today.

In the blog post, Kusama said the developers are monitoring validator data and transactions days after the Shibarium launch was marred by a faulty bridge and transaction issues. 

Kusama added that Shibarium was almost ready to reopen to the public, and the team has put in place mechanisms to prevent an outage similar to what was experienced last week. Kusama said;

“After two days of testing and tweaking parameters to achieve a “ready” state, Shibarium is now enhanced and optimized. As mentioned, it is still in testing but producing blocks. Moreover, we have enabled a new monitoring system and additional fail-safes, including rate limiting at the RPC level and auto server reset in case we get a huge level of traffic again.”

Shiba Inu’s Shibarium is an Ethereum layer-2 network that utilises SHIB tokens are fees. The launch of Shibarium is set to strengthen Shiba Inu’s position as one of the leading blockchain projects in the world. 

Shibarium to focus on metaverse and gaming applications

The Shibarium blockchain is expected to focus heavily on metaverse and gaming applications while also making it cheaper for DeFi platforms to be built atop it. 

Prior to last week’s launch, Shibarium underwent a testing phase that was very successful. Millions of wallets participated in the testnet and carried out over 2 million transactions over a four-month period.

However, last week’s launch was flawed due to bridging issues. Transactions on the network were stalled for hours after the blockchain went live, with millions of dollars stuck on a bridge. 

SHIB, the native token of Shiba Inu, has lost more than 20% of its value over the past seven days. At press time, the price of Shiba Inu stands at $0.00000798. 

At the time, developers said there were no bridge issues, and the delays were caused due to an unprecedented mass influx of transactions from users. 

The developers claimed that servers failed due to the massive number of transactions on the network. 

The post Shiba Inu plans Shibarium’s public reopening after flawed launch appeared first on CoinJournal.

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Filecoin price prediction: is it safe to buy the FIL dip?

  • Filecoin price remained under intense pressure this week.

  • The coin has plunged to the lowest level since June 10th.

  • The developers introduced slasher and lotus disputer.

Filecoin price remained under intense pressure following last week’s crash. The token was trading at $3.37 on Tuesday, lower than last month’s high of $4.93. Its market cap has slipped to more than $1.5 billion.

Latest Filecoin news

Filecoin, the giant blockchain network for the storage industry, introduced two important features on Monday. In a statement, they launched Lotus Slasher, a feature that will improve network security and integrity.

Lotus slasher look for consensus faults where block producers engage in malicious activities. When the network detects these activities, it will fine the producer by reducing the offender and rewarding the reporter.

The other product was Lotus Disputer, where disputers will be able to challenge and verify proof of storage and slash providers who submitted invalid WindowPosts in the network.

The goal of these products is to strengthen the ecosystem by aligning incentives and allowing the community to self-police.

For starters, Filecoin is a leading project that is in the storage and cloud computing industry. The network makes it possible for users to provide storage to other people and companies in a decentralized way.

Filecoin has also introduced new features that help them do computing. These features aim to position it as the best alternative to Amazon’s AWS and Microsoft Azure. Also, Filecoin launched FVM, a platform that makes it possible for developers to launch dApps in its ecosystem.

Filecoin price prediction

The daily chart shows that the FIL price has been in a bearish trend after peaking at $9.49 earlier this year. The decline gained steam after last week’s crypto crash, which pushed it to the lowest level since June 10th. Filecoin has dropped below the descending trendline shown in black.

It has also moved below the 50-day moving average while the Relative Strength Index (RSI) and the MACD have drifted downwards. Therefore, the coin will likely have a bearish breakout, as sellers target the key support at $2.80, the lowest level on June 10th.

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The post Filecoin price prediction: is it safe to buy the FIL dip? appeared first on CoinJournal.

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Chancer pulls in $1.6M from global investors. Buy amid the crypto correction?

  • Chancer has seen nearly $1.6 million raised in its presale.
  • Interest in the prediction markets crypto project has increased despite recent crypto sell-off.

Is the current crypto market landscape a good time to invest? Experts opine the correction offers yet another opportunity to buy low. The same could apply to new gems in the market – and the Chancer presale suggests investors see value in blockchain-based betting.

Crypto correction sees altcoins slide further

Bitcoin and Ether prices are trading at critical levels after last week’s sell-off pushed BTC to under $25k and ETH to below $1.6k. Bitcoin is currently 11% down this past week, while Ether has shed nearly 10%. 

Despite resilience creeping back into the outlook for the top two coins by market cap, the broader altcoin market is showing fresh weakness across many prices.

Double-digit losses for XRP, BNB, Polygon, Solana and Cardano over the weekly time frame threatens a strengthening of the short term bearish perspective. Analysts point to regulatory and macro headwinds are key factors in coming months.

However, despite the overall weakness, experts see a flip towards a bull market early next year. Potential upside catalysts include spot ETFs and regulatory clarity. The downswings could thus be opportunities for portfolio buffing.

What is Chancer?

Chancer is a new crypto project that could revolutionise not just the betting market but the entire gambling sector. The project offers a decentralised predictions market that takes control from the traditional, centralised bookmaker and hands it to individual bettors.

Chancer’s innovative social betting project is thus seen as a potential game-changer for the entire industry, particularly when it comes to removing the limitations created by traditional platforms’ central “house” approach. 

With Chancer, you can create bets on anything, including sports, elections and local community events. 

$CHANCER token and fast-selling presale

The Chancer ecosystem will be powered by $CHANCER, a utility token to be launched on the Binance Smart Chain.

A presale for the token, which launched to a lot of buzz recently, has already attracted nearly $1.6 million from investors. Currently, the price of $CHANCER is $0.011 and will increase throughout the offer period to $0.021.

The Chancer team has made it easier for investors to buy $CHANCER by adding support for BNB, ETH, USDT and BUSD

Why buy $CHANCER amid the current market downturn?

While you cannot predict what happens in the markets down the road, possible scenarios for market outlook can be drawn from possible tailwinds and headwinds. The pain witnessed during the crypto winter is not fully dissipated, but as noted above, analysts are increasingly bullish on crypto.

Also, Chancer’s roadmap suggests the platform’s launch might slot in nicely with the uptick in crypto market returns.

It is a case scenario that sees investors eye the opportunity in a blockchain technology project that promises to bring transparency to the global sports betting industry. 

Per a recent forecast report for the industry, significant growth is expected over the next decade. Experts also contend that decentralised sports betting is gearing for a major adoption curve. Chancer could spearhead the P2P betting revolution.

In terms of what Chancer actually offers, the whitepaper outlines more than just a currency to creating bets, playing and winning payouts.

Holders will also have passive income opportunities, including via staking and a Share2Earn feature that allows them to promote their bets to the global community. The more one shares with friends and family, the greater the rewards in $CHANCER tokens.

Are you interested in learning more about this project? Visit Chancer.com.

The post Chancer pulls in $1.6M from global investors. Buy amid the crypto correction? appeared first on CoinJournal.

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Shiba Inu burn rate up 800%: 1.8 billion SHIB tokens burned

  • The Shiba Inu (SHIB) token has been on a bear trend following the unsuccessful Shibarium launch.
  • SHIB’s value has dropped by 22.3% over the last seven days almost erasing all the last month’s gains.
  • The increased burn rate has caused an increased curiosity within the ecosystem.

Shiba Inu (SHIB) has experienced a startling 800% rise in burn rate, resulting in the massive removal of almost two billion SHIB tokens from circulation. The cryptocurrency ecosystem is ablaze with rumours and curiosity following this abrupt increase in the burn rate.

This increased burn rate may be caused by a number of circumstances. One of the main causes could be community-led efforts to decrease the amount of SHIB in circulation, which would increase scarcity and thus increase the token’s value. The price of SHIB has dropped by 22.3% over the last seven days, dropping from $0.00001027 to $0.000007976 in just seven days.

Restoring confidence in Shiba Inu

The Shiba Inu community may have been motivated to take proactive actions to rebuild faith in the token as a result of the recent disastrous launch of Shibarium, in which more than 1,000 ETH became stranded in the project’s ETH Bridge.

However, it is important to remember that while burning tokens can make them scarce, it does not always result in a price increase. Shiba Inu, which was at press time trading for around $0.000007976, has recently endured quite some difficulties and has demonstrated tenacity on the market.

The obvious decline in whale activity on the SHIB network is one of these difficulties. From a peak of 120 large transactions, there are now just 20 large transactions. This decrease in whale activity has potential drawbacks.

On the one hand, it can suggest significant holders lack confidence, which might result in price instability. However, it might also lead to a more decentralized distribution of SHIB tokens, minimizing the price impact of significant sell-offs.

The burn rate and its potential effects on the price of SHIB must be considered in light of other market factors. Although the Shibarium launch failure and the ETH bridge problem that followed were setbacks, the community’s proactive approach to burning tokens shows how committed it is to the success of the meme coin.

The post Shiba Inu burn rate up 800%: 1.8 billion SHIB tokens burned appeared first on CoinJournal.