The Past Week in Crypto: SHIB Burn Rate Skyrockets, DOGE Price Dips, BTC Teases $100,000

The past week in the crypto world was a mixed bag of events. From Shiba Inu’s SHIB/USD burn rate skyrocketing to Dogecoin’s DOGE/USD price dipping

Major cryptocurrencies had an eventful week, with varying price movements and noteworthy developments. Here's a summary of the key stories that unfolded.

Shiba Inu's SHIB/USD burn rates witnessed a significant increase, despite a relatively flat performance for the pair. Benzinga's technical analysis indicated an oversold RSI at 28.6 for Shiba Inu, suggesting a potential price rebound or reversal.

Meanwhile, Dogecoin's price dipped by 4%, but the coin saw a substantial rise in whale activity. This sparked speculation of a bullish phase among traders, with Javon Marks highlighting historical patterns that could lead to Dogecoin rising beyond the 1.618 Fibonacci Extension level.

On Christmas day, leading cryptocurrencies Bitcoin and Ethereum remained stable, holding onto gains made the previous day. Bitcoin reached a one-week high of $99,800 during overnight trading, coming close to the $100,000 milestone. However, Ethereum's trajectory was more volatile.

Following a festive surge on Christmas, leading cryptocurrencies experienced a pullback as profit-taking emerged. Bitcoin, after teasing the $100,000 mark on Christmas, saw a steep decline to an intraday low of $95,170. Ethereum also dropped to the $3,300 region.

Finally, whale investors reportedly purchased a staggering 270 million Dogecoin in less than four days, according to Ali, a prominent voice in the crypto community. The substantial investment in Dogecoin was announced on Christmas Eve.