Shiba Inu (SHIB) Price Surges as Binance Traders Go Long, Ripple Highlights Major Unlock, and Bitcoin Whale Emerges After Two-Year Dormancy: Morning Crypto Report

Today, the price of Shiba Inu (SHIB), a popular meme-based cryptocurrency, has risen by over 3%, trading around $0.000006 per token, outperforming Bitcoin, which is only up 0.36%. A significant factor contributing to SHIB's rise is the high percentage of long positions taken by top traders on Binance. Additionally, Ripple’s Senior Vice President has emphasized a significant development regarding obtaining a crucial financial license, and a Bitcoin wallet that had been inactive for two years has suddenly become active.

Key Takeaways

Shiba Inu (SHIB) price increases by more than 3% today.
An impressive 58% of top traders on Binance are holding long positions in SHIB.
Ripple plans a significant business expansion with a financial license in Australia.
A dormant Bitcoin whale has emerged, withdrawing over $23 million in Bitcoin.

Shiba Inu (SHIB) Price Rises

Shiba Inu's Price Movement

The price of Shiba Inu (SHIB) has increased by over 3% today, reaching around $0.000006 per token. In contrast, Bitcoin is showing a modest growth of only 0.36%. One of the main reasons behind SHIB's performance is the trading dynamics on Binance. Currently, approximately 58% of top traders on this leading exchange are holding long positions in SHIB, reflecting a 4% increase in long positions over the past two days.

Binance SHIB Positions

This surge in long positions might be attributed to SHIB being considered oversold. Even though the relative strength index (RSI) is at the neutral mark of 50, SHIB has lost nearly 40% of its value this year. However, in the past week, it has managed to recover about 11.5% of that decline, indicating potential for further upward movement. Traders on Binance may be capitalizing on this price relief rally, using SHIB as a liquid yet oversold asset.

Ripple's Major Developments

In the broader cryptocurrency landscape, Ripple is making waves with its plans for a "big unlock." According to Renaat Ver Eecke, Senior Vice President of Ripple Treasury, the company is set to acquire a payments firm in Australia, BC Payments Australia, which would allow Ripple to broaden its services in the region. He emphasizes that trust is vital in the treasury sector of the crypto industry and believes this development serves as a significant opportunity for Ripple to enhance its payment solutions not just in Australia but globally. The deal is expected to close by April 1.

The Bitcoin Whale Awakens

In an unexpected turn of events, a Bitcoin wallet that had remained inactive for two years has become active again. Reports from Arkham indicate that this Bitcoin whale is a significant player, withdrawing several million dollars' worth of Bitcoin from crypto exchanges. Recently, the whale withdrew 343 BTC, valued at about $23.85 million, from Binance and another exchange within just two hours. This increase in activity raises questions about what prompted the wallet owner to start accumulating Bitcoin again, especially given that Bitcoin is stabilizing above $70,000.

Wallet Activity Wallet 37ije2 Activity in the Last 2 Years, Source: Arkham

Historically, large Bitcoin holders typically sell their assets during prolonged market corrections, making this shift towards accumulation noteworthy. Whether this will signify a broader trend or remain an isolated action will soon become apparent, especially as the Federal Reserve's rhetoric and the forthcoming FOMC meeting approach.

Market Trends and Upcoming Reports

Currently, the crypto market is feeling pressure due to global economic conditions and uncertainties in the U.S. economy. However, traders are trying to push prices higher by opening long positions on derivatives. For a comprehensive rally to occur, there still needs to be stronger support from spot buying, which might be optimistic in the current environment.

Some major reports are anticipated this week, including preliminary U.S. GDP data for the fourth quarter of 2025 and the Michigan Consumer Sentiment index, both of which are crucial for understanding retail buying power in the market. A weaker consumer sentiment report could influence potential rate cuts by the Federal Reserve on March 19.

In conclusion, as the market digests recent developments and economic data, traders are strategizing their positions ahead of significant upcoming events.