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3 Key Factors for Shiba Inu to Watch This Week, Ethereum Rally Imminent, Says Analyst, Crucial DOGE-Tesla Reminder Issued by Insider: Crypto News Digest by U.Today

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U.Today presents the top three news stories over the past day.

3 key things to expect from Shiba Inu (SHIB) this week

Following a disturbing drawdown that happened over the weekend, Shiba Inu managed to enter a mild rebound: according to data by CoinMarketCap, at press time, the meme coin is up 0.96% over the past 24 hours and is trading at $0.00002594. The main goal of Shiba Inu investors remains breaking through the $0.00003 price level, and here are three factors that may make this happen. The first catalyst is the burn rate, which serves as a key interest indicator within the community. Per Shibburn, within the last 24 hours, only 1,825,285 SHIB were burned; however, this small amount does not negate the impact, which is the users’ faith in the project. Second, one should pay close attention to the retail sentiment this week. If SHIB is to hit the anticipated price mark, its volume needs to stay elevated for the entire week. Third, SHIB whale activities are also playing an important role in reaching a multiweek growth record. Per IntoTheBlock’s data, SHIB whales are currently in hibernation mode, with a 36.96% slump in their activity overnight.

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Ethereum (ETH) rally imminent? Analyst predicts new all-time high

As recently highlighted by prominent crypto analyst Jelle, Ethereum is demonstrating strong signs of an impending rally. In his X post, Jelle wrote that ETH broke out from the falling wedge and flipped its key areas into support. Now, Jelle continued, Ethereum is pushing for $4,000 before potentially reaching a new all-time high. At the moment, the asset is changing hands at $3,900, down 0.56% over the past 24 hours. Ethereum’s recent price uptick and the optimistic outlook for its future can be attributed to several factors, with the major one being the approval of Ethereum spot ETFs by the SEC. It is expected that Ethereum spot ETFs’ approval will attract substantial institutional investment, opening up a new channel for exposure to Ethereum for both institutional and retail investors. As a result of this development, demand and liquidity on the market are expected to increase, supporting upward price momentum.

Crucial DOGE-Tesla reminder issued by insider

In the wake of frequent cases of scammers spreading misinformation regarding Tesla, an e-car manufacturing company, and crypto, @cb_doge X user (known as “DogeDesigner”) took to social media to make an important statement. DogeDesigner reminded the crypto community that the only digital asset that is accepted by Tesla is Dogecoin. DOGE enthusiasts welcomed the statement with a wave of positive comments, with some of them expressing hope that one day they can buy not only Tesla merch but also an electric car and some other “goodies.” As a reminder, DOGE was first accepted by Tesla in January 2022 as an experiment. Since then, customers have been able to use DOGE to purchase Tesla merch from the company’s online store. A few months later, SpaceX started selling its goods for DOGE as well. In May this year, Dogecoin was officially added as a payment option on Tesla’s website.

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