分类： Ripple

• Lookonchain reported $436.5 million in USDC moved to Kraken.
• Project revenue fell to $27.3 million in November.
• Wallets still held over $855 million in stablecoins and $211 million in SOL.

Pump.fun’s internal fund activity has drawn intense scrutiny after pseudonymous co-founder Sapijiju challenged claims that the project cashed out more than $436 million in stablecoins.

The discussion began when blockchain analytics platform Lookonchain reported that wallets linked to the Solana memecoin launchpad had transferred large amounts of USDC to the crypto exchange Kraken.

The activity raised fears of selling pressure and uncertainty about how the project handled its reserves.

The story quickly spread across X, where users analysed the movement of funds, debated the project’s finances, and questioned the clarity of the explanations offered.

USDC flows tied to internal management

In an X post, Sapijiju said the transfers were part of Pump.fun’s treasury management process and were not sales.

The post said the USDC originated from the PUMP token’s initial coin offering and was moved between internal wallets to support the company’s runway and reinvestment plans.

The post also stated that Pump.fun had never worked with Circle.

Treasury management typically involves reorganising wallets, allocating capital, and preparing budgets, and does not always indicate selling or liquidation.

Lookonchain’s report said the transfers to Kraken had reached $436.5 million in USDC since mid-October.

The timing drew more attention because Pump.fun’s monthly revenue had fallen to $27.3 million in November, its first drop below $40 million since July, according to DefiLlama.

Despite the concerns, data from DefiLlama, Arkham, and Lookonchain showed that the Pump.fun-tagged wallet still held more than $855 million in stablecoins and $211 million in Solana SOL, which traded at $136.43.

Analysts and community respond

Nansen research analyst Nicolai Sondergaard interpreted the reported transfers as a sign that more selling could follow.

In contrast, EmberCN suggested the activity reflected institutional private placements of the PUMP token rather than active dumping.

The competing interpretations led to a broader review of the token’s performance and project structure.

CoinGecko data showed that PUMP traded at $0.002714, down 32% from its ICO price of $0.004 and almost 70% below its September high of $0.0085.

Currently, PUMP is trading at $0.002738, rising 6.9% in the past 24 hours.

The price movement added more tension to community discussions as users examined whether the treasury actions aligned with the token’s market conditions.

Across X, multiple posts highlighted the divide in sentiment.

Some users argued that the explanation raised more questions, pointing to inconsistencies and asking for clearer communication.

Others dismissed the statement entirely and linked the treasury activity to concerns about token performance and execution.

A separate group of users said Pump.fun had the right to manage its revenue, ICO proceeds, and reserves as it saw fit.

They described treasury movements as common practice after an ICO and said the main issue was whether USDC reserves properly backed the circulating supply.

Treasury structure becomes central issue

As more users examined the fund flows, the debate shifted from selling pressure to the broader structure of Pump.fun’s treasury.

The discussion focused on the scale of reserves, how the project organised its wallets, and whether the team provided enough visibility into its financial management.

The presence of more than $855 million in stablecoins indicated that large amounts of capital remained under project control, but users continued to question the timing, communication, and purpose behind the transfers.

The situation highlighted how treasury management can become a point of market sensitivity, especially when combined with falling revenue, volatile token prices, and community scepticism.

With attention across X still focused on the movements, the conversation has moved toward transparency expectations, reserve backing, and the company’s approach to supporting long-term development.

• AVAX One’s treasury held over 13.8 million AVAX as of November 23, 2025.
• Buys signal further commitment by the company towards the long-term growth of Avalanche.
• Key sectors include decentralized finance and enterprise applications.

AVAX One, a treasury management firm specializing in blockchain assets, has added to its holdings of Avalanche’s native token.

The accumulation comes after the company’s rebranding and amid a broader market downturn.

However, it reflects the growing institutional interest in cryptocurrency for treasury asset portfolios.

Meanwhile, the price of Avalanche (AVAX) is showing resilience above $12 amid notable traction in the decentralized finance and enterprise applications market.

AVAX One adds to Avalanche treasury holdings

Digital asset treasuries remain a key ecosystem feature despite a slight dip in the hype around the various launches. Bitcoin, Ethereum, Solana, and XRP are among the top coins to attract billions of dollars in DAT moves.

AVAX One’s latest disclosure marks yet another pivotal expansion by a digital asset treasury company.

In a press release, AVAX One said it had added to its holdings of the asset.

Specifically, the company has elevated its AVAX holdings past the 13.8 million mark.

It acquired 9,377,475 AVAX between November 5 and November 23, 2025, for an average price of $11.73 per token. Total purchase was for around $110 million, and the buildup, executed through methodical acquisitions over recent weeks, positions the firm as one of the largest institutional custodians of Avalanche’s native cryptocurrency.

“Since launching our treasury strategy earlier this month, we have rapidly accumulated more than 13.8 million AVAX and completed our corporate rebrand — decisive steps that reflect our conviction in Avalanche’s high-speed, institutional-grade blockchain built for the future of finance,” said Jolie Kahn, chief executive officer of AVAX One. “We intend to remain highly opportunistic with our remaining cash position as we evaluate additional purchases of AVAX tokens and our own stock, both of which we believe represent compelling value at current levels.”

What’s the Avalanche price outlook?

Avalanche’s traction in real-world assets (RWA) and DeFi, amid initiatives such the  AVAX One’s balance sheet move, contributes to Avalanche’s ecosystem growth.

The boost to liquidity and continued adoption by treasury companies could help price.

The token’s price trajectory in 2025 includes a breakdown to lows of $15 in April and a surge to above $35 in September.

As of November 24, 2025, AVAX traded around $13.30, just in the green on the day but still down 12% over the past week. The bulls will target a breakout above $14 and $15 to strengthen short-term upside momentum.

AVAX ETFs, broader market conditions could prove critical for bulls.

Matt Zhang, chairman of the AVAX One board, noted that the current price could be a good time to buy.

“Avalanche is quickly emerging as one of the most foundational technologies shaping the future of global finance. With the current market volatility, we believe this is an opportune time to accumulate AVAX and accrete value for our shareholders.

• Naver plans to acquire Dunamu in a KRW 20 trillion stock exchange.
• Upbit controls around 70% of Korea’s crypto trading market.
• Dunamu’s unlisted shares surpassed KRW 400,000 after the merger news.

South Korea’s crypto and fintech landscape is shifting rapidly as Naver prepares to acquire Dunamu in a landmark stock-swap merger that could reshape the country’s global ambitions.

The deal, expected to move through board approvals next week, places Upbit at the centre of Korea’s broader plan to expand into US capital markets.

The move has also revived momentum around a potential Nasdaq listing, with investors and analysts treating the merger as a structural reset that creates the most favourable environment yet for international expansion.

With market prices already reacting, the development signals a new phase for how Korea aims to position itself within the global crypto-fintech race.

Upbit’s position strengthens

Reports from Zoomer and Unfolded indicate that Upbit may be preparing to move into the US market.

This follows local confirmation that Naver Financial intends to acquire Dunamu through a KRW 20 trillion ($14.5 billion) stock exchange.

Once completed, the deal would make the Upbit operator a fully owned subsidiary of South Korea’s dominant internet group.

The merger would connect Naver’s broad fintech network with Upbit’s roughly 70% share of domestic crypto trading.

This creates a platform capable of operating on an international scale and opens new pathways for Upbit to expand beyond its core market.

The alignment of Naver’s technology reach with Dunamu’s blockchain capabilities is seen as a decisive advantage that supports long-term global integration.

Market signals reflect rising expectations

The financial markets have already responded to the merger’s implications.

Dunamu’s unlisted shares climbed above KRW 400,000 for the first time in more than three years.

Naver stock also surged nearly 20% in the days after news of the acquisition emerged.

These market movements reflect growing confidence that the merged entity will target an eventual entrance into the US capital markets.

Experts note that integrating Upbit under Naver creates a corporate structure that is more familiar to US regulators and therefore more suitable for a potential Nasdaq listing.

Research suggests that a listing could be possible as early as 2026, depending on broader market conditions.

Forecasts place the combined valuation of the Naver–Dunamu entity at around KRW 50 trillion, driven by Naver’s fintech scale and Dunamu’s blockchain infrastructure Giwa.

Upbit’s global momentum comes as competitors adjust their public-market plans.

Bithumb, the second-largest crypto exchange in Korea, has regained about 25% of its domestic market share and is reportedly preparing for its own listing attempt.

A new chapter for Asia’s crypto-fintech growth

If approved, the Naver–Dunamu merger could make Korea the first in Asia to attempt to bring a major crypto exchange to Nasdaq.

The development represents a significant step in the region’s broader move to compete more aggressively in global financial markets.

As Naver and Dunamu prepare to combine their strengths, Upbit is emerging as a central player in the next phase of Korea’s push toward international crypto-fintech leadership.

• The altcoin braces for a recovery as it awaits a key catalyst this week.
• The first anonymous payment layer on Solana GhostPay launches on November 26.
• The debut could catalyze potential GHOST price recovery.

The countdown to GhostPay’s rollout started after the team confirmed this week’s debut in an X post.

With the first privacy payment layers launching on Solana soon, traders’ attention has shifted to GHOST’s price performance, especially as the community braces for partnership and new utility announcements.

The official announcement read:

“GhostPay officially arrives November 26. The first anonymous payment layer of Solana goes live. We’ll reveal new partners and use cases leading up to launch.

JUST IN: $GHOST announces launch date for GhostPay, the first native privacy-focused payments layer on Solana. Leading X accounts among the early supporters. pic.twitter.com/5IswselxKi

— Whale Insider (@WhaleInsider) November 24, 2025

Notably, the rollout will mark the arrival of Solana’s first native privacy-focused payment layers, a breakthrough that might transform how anonymous transactions move on-chain.

Most importantly, the team promised new collaboration and more use cases ahead of the launch.

Traders are closely watching for these updates as they could trigger bounce-backs for native GHOST.

The altcoin was among the top-performing cryptos in October, gaining over 100% for the month.

Indeed, projects offering privacy features have seen an increase in demand in recent months, with projects like Zcash outperforming gloomy broader markets.

GHOST’s utility will expand rapidly if GhostPay secures strategic partnerships with DeFi protocols, cross-chain bridges, payment processors, or digital wallets.

Notably, markets tend to reprice real-world use cases quicker, and that positions GHOST for remarkable recoveries amidst GhostPay’s potential success.

Commenting on the upcoming launch, self-proclaimed crypto multi-millionaire Gordon posted on X:

Privacy on Solana is getting loud, GhostPay is about to unlock real utility, and holders receive 100% of the fees. The flywheel is already spinning.

GHOST price outlook

The alt changed hands at $0.059 after an over 2% dip in the last 24 hours.

GHOST shed more than 5% of its value the previous week due to broader market turmoil and profit taking after its impressive October performance.

Meanwhile, the token is attempting a recovery after hitting the support around $0.0058.

GHOST has tested this zone several times, making it crucial for a possible bounce-back.

Amplified bullish actions (if GhostPay drives substantial optimism) could see the alt surging towards the obstacle at $0.0089.

That would translate to a roughly 33% uptick from Ghost’s current market price.

Broader sentiment shifts could see GHOST continue its rally to the obstacle at $0.012 and extend to $0.15.

Meanwhile, intensified selling pressure in the overall cryptocurrency market could mean subdued price actions for GHOST.

Failure to hold above $0.0058 might catalyze downtrends toward the support zone at $0.0045.

• Whale sell-offs and market turmoil push XRP price below key support.
• Bitwise’s XRP ETF debut adds volatility, not buying momentum.
• $1.90 support is crucial for near-term XRP stability.

XRP price has experienced a sharp downturn, slipping below the $2 mark amid a series of whale sell-offs and volatile spot XRP ETF launches.

XRP faces mounting pressure from both institutional flows and broader crypto market turbulence, and the recent activity has raised questions about its ability to hold the critical support at $1.90.

Whales offloading massive amounts of XRP

The XRP market has been heavily influenced by large holders offloading substantial amounts of XRP.

Over the past 48 hours, blockchain data shows whales moving nearly 200 million XRP, generating strong selling pressure that has outweighed buying interest.

190 million $XRP sold by whales in the last 48 hours! pic.twitter.com/nB0P7jADCx

— Ali (@ali_charts) November 20, 2025

Notably, this surge in liquid supply coincided with a broader market-wide flash crash, where Bitcoin fell to a seven-month low of around $82,000, triggering over $1.9 billion in liquidations across crypto markets.

In addition, XRP’s high correlation with Bitcoin has amplified losses, contributing to the token underperforming the broader market.

XRP ETFs bring volatility but fail to spur price momentum

Spot XRP ETFs, intended to boost institutional participation, have produced mixed results so far.

Bitwise’s XRP ETF, which is the latest XRP to go live, debuted with around $25 million in turnover.

While Canary Capital’s XRPC ETF continues to attract attention with $268 million in assets under management, the muted response to Bitwise’s XRP ETF has added short-term volatility rather than market optimism.

The market has most likely interpreted these launches as classic “sell-the-news” events, creating downward pressure on XRP price even as interest in institutional products grows.

XRP price technicals suggest a bearish trend

Technical indicators highlight a challenging environment for XRP.

After breaking below the psychological $2 level, the token is now retesting the critical $1.90 support, which analysts have identified as a major accumulation zone.

$XRP accumulation zones I’m watching like a hawk: $2.21 / $2.06 / $1.90 / $1.56.

When the macro flips risk-on… XRP won’t climb — it’ll teleport. Whales already know.

— Ripple Bull Winkle | Crypto Researcher 🚀🚨 (@RipBullWinkle) November 20, 2025

In addition, the token has broken below a multi-month descending triangle pattern and a death cross where the 50-day EMA sits below the 200-day EMA, signalling ongoing bearish momentum.

The RSI currently sits in oversold territory around 30, reflecting extreme market fear but showing no clear signs of reversal.

If the support at $1.90 fails to hold, XRP could face further downside toward $1.80 or even the $1.55 range, marking a significant drop from recent highs.

Staking and regulatory context remain long-term catalysts

Beyond immediate price movements, Ripple is exploring staking solutions on the XRP Ledger to strengthen its presence in decentralised finance (DeFi) and appeal to institutional participants.

While implementation is still distant due to technical complexity, staking could enhance network security and provide long-term incentives for token holders.

Additionally, ongoing regulatory developments, including potential changes to Basel crypto capital rules, may influence institutional adoption.

Adjustments that reduce excessive capital requirements for banks could make XRP a more attractive option for mainstream financial participation, indirectly supporting price stability.

• The malfunction allowed 32 wallets to claim 623M PYBOBO within 4 seconds.
• The event emptied nearly all the 625M reward pool almost instantly.
• The glitch coincides with OKB’s price underperformance.

The virtual currency sector recorded another sell-off on Friday as Bitcoin lost 10% in the past 24 hours to press time’s $81,865.

The global crypto market cap stands at $2.81 trillion after a 10% decline over the last day.

Amidst the broader bloodbath, OKX’s native token suffered the most as the downside coincided with OKX facing new scrutiny after an unexpected contract glitch in its recent Boost reward campaign.

A planned distribution of PYBOBO coins ended up with nearly all the pool drained within four minutes, and it wasn’t the massive demand as earlier thought.

🚨UPDATE: OKX’s PYBOBO Reward Pool drained in seconds.

Users report massive claims cleared almost instantly, showing the insane demand and liquidity frenzy. pic.twitter.com/mER1GrLeRJ

— The Crypto Times (@CryptoTimes_io) November 21, 2025

OKX’s token underperformed the overall cryptocurrency market in the past 24 hours.

It dipped from $115 to $94 during this writing, and over 18% dip on its daily price chart.

OKB experienced intensified selling pressure as the news of contract malfunctioning spread.

A 4-second glitch empties 99.68% of incentives

On-chain stats show that 32 addresses claimed 623 million PYBOBO coins, wiping nearly all the 625 million allocated for the distribution event.

The most striking thing is that the entire sweep took only four seconds, catching the team and participants unaware.

Notably, a multifunction within the OKX Boost claim contract seems to have permitted abnormal, rapid claims, allowing a few addresses to receive far more PYBOBO tokens than initially planned.

OKLink identified a particular wallet that claimed 37.847 million tokens, worth roughly $18,600.

Nevertheless, what’s striking is how fast the pool evaporated, with 99.68% of rewards gone by the time the ream noticed the glitch.

The event’s nature indicates an unintended move that propelled distributions well beyond their specified limits.

OKX Wallets halts claiming amid investigations

The team acknowledged the issue immediately after the reports emerged and confirmed delaying PYBOBO claiming until after resolving the contract issuer.

Claiming for PYBOBO rewards will be postponed.

We’ll provide updates here once the issue has been resolved.

— OKX Wallet (@wallet) November 21, 2025

The temporary pause aims to prevent further potential damage as the project conducts a review.

The team has promised to publish more updates as they investigate the matter.

The incident sent ripples across the OKX ecosystem. OKB testified to that with its overwhelming selling pressure.

OKB price outlook

OKX’s token  hit a daily low of $94 after losing the $100 psychological mark.

It has dropped from a daily high of $115, losing over 18% of its value in the past 24 hours.

OKB has seen its daily trading volume surge 100%, signaling increased speculative activity.

The digital coin would likely slump further before regaining a dependable footing as sellers thrive in the current financial landscape.

Key takeaways

• DOGE is down by less than 1% and is trading above $0.15.
• DOGE’s derivatives market shows signs of recovery as Open Interest rises to $1.66 billion.

Dogecoin’s derivatives data shows signs of recovery

DOGE, the native coin of the Dogecoin ecosystem, continues its poor performance this week after losing less than 1% of its value in the last 24 hours. The leading memecoin is currently trading at $0.157 and could record further losses in the near term.

 Since the October 10 flash crash, which liquidated over $19 billion in crypto assets in a single day, Dogecoin has lost 37% of its value. 

The selloff reflects the bearish sentiment in the broader crypto market, with uncertainty of another Fed rate cut causing capital flight in the cryptocurrency market. Fed Chair Jerome Powell said during the last FOMC meeting that a December rate cut was not guaranteed, which spooked investors and fueled risk-off sentiment.

Despite DOGE’s poor performance, its derivative market has shown promise in recent days. The Dogecoin futures Open Interest (OI) has stabilized over the past few days. Data obtained from Coinglass shows that traders are slowly regaining confidence in Dogecoin’s ability to sustain short-term recovery.

Coinglass added that Dogecoin OI-Weighted Funding Rate has risen to 0.0076% on Wednesday from Tuesday’s -0.0083%. The surge comes as traders increasingly pile into long positions. 

DOGE remains bearish as market volatility continues

The DOGE/USD 4-hour chart is bearish and efficient as Dogecoin has lost 10% of its value in the last 24 hours. The bearish performance comes as the broader crypto market continues to underperform. 

The Relative Strength Index (RSI) on the 4-hour chart at 48 risks extending its decline toward oversold territory. If the selloff continues, DOGE could potentially escalate the downtrend below $0.1500.

Dogecoin is currently trading below he 50-day Exponential Moving Average (EMA) at $0.1893, the 100-day EMA at $0.2024, and the 200-day EMA at $0.2090, and they could serve as strong resistance levels in the near term.

If the bearish trend continues, DOGE could drop below the $0.15 level and retest the $0.1424 support last tested in June. 

• Bitcoin plunges below $90K, erasing all gains for 2025.
• ETF outflows and leverage-driven liquidations deepen the selloff.
• Sentiment hits “Extreme Fear” as crypto markets shed over $1T.

Bitcoin crashed below $90,000 on Wednesday, marking a devastating 28% decline from its early October peak above $126,000.

The plunge has erased all of crypto’s 2025 gains and pushed the largest cryptocurrency into bear market territory.

Ethereum tumbled 6% to below $3,000, while the broader crypto market saw roughly $1.2 trillion in value evaporate over recent weeks.

Analysts say this 43-day drawdown now ranks among the steepest corrections since 2017, with forced liquidations and ETF outflows accelerating the selloff.

The unwind feels sudden, given that Bitcoin looked unstoppable just six weeks ago.​

What makes this collapse particularly brutal is how thoroughly it dismantles the bull narrative. Trump was supposed to be the “crypto president.”

The spot Bitcoin ETF was supposed to unlock institutional buying. Instead, Bitcoin is negative for 2025, down 2% after climbing as high as +35% in October.

Investors who chased breakouts above $120,000 are now underwater. That kind of momentum reversal breeds panic and forces margin calls.​

The liquidation cascade: Why leverage turned this into a bloodbath

The mechanics of the crash tell you everything. K33 Research’s Vetle Lunde noted that “steady outflows from ETFs have also added fuel to the selloff.”

US spot Bitcoin ETFs shed nearly $2.3 billion over five consecutive sessions. That’s redemptions from big institutions that are simply walking away. When the largest buyers start selling, smaller traders follow in a herd stampede.​

The real damage comes from leverage. The government shutdown eliminated key economic data, creating a data vacuum.

Without employment numbers and inflation prints, the Fed’s December rate-cut decision became genuinely uncertain. Suddenly, the “rate cuts will save crypto” thesis evaporated.

Leveraged long positions got liquidated in cascading forced sales. When Bitcoin swept below the average cost basis of spot Bitcoin ETFs, algorithmic selling kicked in.​

Sentiment has completely inverted. The Crypto Fear and Greed Index remains pinned at “Extreme Fear,” the lowest it has been.

Retail investors who bought near $125,000 are watching unrealized losses mount. Long-term holders haven’t capitulated yet, but the on-chain data is starting to show cracks.​

Where does Bitcoin bottom? Analysts map out ugly scenarios

Lunde’s base-case scenario puts support between $84,000 and $86,000, but that’s if this correction mirrors recent downturns.

If it gets worse, if it mirrors the two deepest corrections in the past two years, Bitcoin could revisit April’s lows near $74,000, where MicroStrategy’s average entry sits.​

The truly bearish case opens the door to an 80% drawdown from recent highs. That would put Bitcoin in the $20,000–$25,000 zone, but analysts say that needs a full credit crisis to materialize.

Right now, stocks are holding up. Risk assets aren’t in freefall. That limits how low crypto can go without broader carnage.​

For now, Bitcoin is stuck between competing forces. Long-term holders are accumulating at these levels. Institutions aren’t panicking enough to dump entirely.

But neither are they buying aggressively. Without a macro catalyst, a Fed pivot, tariff relief, or genuine AI-driven productivity gains, Bitcoin likely stays volatile and sloppy until early 2026.

• Whale selling and market fear push the Shiba Inu price lower.
• SHIB card launches with zero fees and free rewards for early users.
• Technical weakness keeps SHIB below key moving averages and support.

Shiba Inu price is facing renewed pressure despite the launch of an innovative SHIB-branded payment card and a major token giveaway.

While the launch of the SHIB card and accompanying SHIB rewards is a high-profile attempt to stimulate activity, the memecoin’s technical and market fundamentals suggest ongoing headwinds.

Shiba Inu launches SHIB payment card and rewards

Shiba Inu has partnered with digital asset exchange Bitget to introduce a custom SHIB-themed payment card, marking a step toward mainstream crypto adoption.

The SHIB card allows users to spend up to $400 per month in crypto with zero fees, including no conversion costs, foreign exchange fees, or hidden spreads.

Opening the Bitget Wallet Card is completely free, lowering the barrier for new users eager to integrate SHIB into daily transactions.

To celebrate the launch, the Shiba Inu ecosystem also rolled out a generous rewards program.

The first 100 users to claim the SHIB × Bitget Wallet Card will share a pool of 114,678,899 SHIB, while all subsequent participants receive $5 in SHIB.

The promotion runs from November 19 to November 26, with all rewards set to be distributed on November 28.

According to the official Shiba Inu X account, this campaign is designed to show the world how the ShibArmy can spend crypto, combining utility with community incentives.

🚨 SHIB × Bitget Wallet Card is LIVE! 🚨

WOOF! We’re dropping an exclusive SHIB card face + SHIB rewards for the #SHIBARMY 🎁

Rewards:

First 100 users who claim the SHIB × Bitget Wallet Card get their share of 114678899 in $SHIB

Everyone after gets $5 in $SHIB

100% FREE to… pic.twitter.com/T3M8FmC35a

— Shib (@Shibtoken) November 19, 2025

Market headwinds weigh on Shiba Inu price

Despite these positive developments, the Shiba Inu price has dipped 3.83% in the past 24 hours, underperforming the broader crypto market, which fell 3.2%.

The decline extends the token’s seven-day loss of 12.32%, reflecting weak technical signals and heightened market risk aversion.

A major factor behind the drop is significant whale activity, with over 60 billion SHIB moved to exchanges in the past 24 hours.

Large inflows often precede selling, particularly in low-liquidity conditions, amplifying the risk of price declines as buyers struggle to absorb the additional supply.

Investor sentiment has also played a role, as the Fear & Greed Index shows “Extreme Fear” at 16/100.

Bitcoin dominance has also risen to 58.44%, signalling a rotation of capital away from riskier altcoins like Shiba Inu.

SHIB’s high-beta nature makes it particularly vulnerable during periods of market-wide risk aversion, and its lack of intrinsic utility exacerbates the impact.

Metrics reflecting the altcoin season indicate a diminishing appetite for speculative tokens, further weighing on the SHIB price.

Technical analysis signals a bear market

From a technical analysis standpoint, Shiba Inu (SHIB) continues to trade below key moving averages, with the 7-day SMA at $0.000009027 and the 30-day SMA at $0.0000097059.

In addition, the RSI sits at 39.04, indicating no oversold conditions and limited upward pressure from buyers.

Furthermore, the volume contraction of 22.57% reinforces the lack of momentum, suggesting that even moderate selling could push the price lower.

According to the analysis, the June low of $0.0000083 serves as a critical support.

Shiba Inu price outlook

While the launch of the SHIB × Bitget Wallet Card and the 114M SHIB giveaway have generated excitement, they have not offset broader market and technical challenges.

Whale selling pressure, extreme fear sentiment, and weak technical indicators could limit the short-term impact of SHIB card adoption and reward incentives.

As a result, traders should watch the November low of $0.00000843, especially if exchange inflows persist.

• They appeared soon after the Virtual Assets Service Providers Act of 2025 took effect.
• CoinATMradar currently lists two Bitcoin ATMs in Kenya.
• The Central Bank of Kenya and the Capital Markets Authority say no VASP is licensed yet.

Bitcoin ATMs have surfaced across major shopping malls in Nairobi, only days after Kenya activated its first comprehensive crypto law, creating an unexpected test for regulators who have not yet authorised any crypto provider to operate.

The machines, branded Bankless Bitcoin, appeared beside traditional bank kiosks and offered cash to crypto services to shoppers.

Their arrival coincides with the early phase of Kenya’s Virtual Assets Service Providers Act of 2025, which came into effect on 4 November and set the first formal rules for crypto businesses.

Gaps in licensing

Local outlet Capital News confirmed that multiple malls in Nairobi had new machines installed, expanding beyond earlier attempts to introduce crypto ATMs in Kenya.

In 2018, The East African reported that BitClub deployed Bitcoin ATMs in the city, although the machines never reached mainstream retail spaces and adoption remained limited.

Kenya currently has two reported Bitcoin ATMs, making the latest installations notable for their placement in high-traffic commercial environments.

Regulators signal caution

The new law assigns oversight responsibilities to two regulators. The Central Bank of Kenya will handle payment and custody functions, while the Capital Markets Authority will regulate investment and trading activity.

However, the regulations required to begin licensing crypto firms have not yet been issued.

In a joint notice released on Tuesday, the Central Bank of Kenya and the Capital Markets Authority stated that they have not licensed any VASP to operate in or from Kenya under the new Act.

They also warned that companies claiming authorisation are doing so without approval.

The National Treasury is developing the regulatory framework that will decide when licensing can begin, placing operators in a temporary environment where the law exists but permissions do not.

This creates a visible gap. Bitcoin ATMs are entering public spaces even as regulators tell the public that no provider has met the requirements laid out in the law.

The contrast places pressure on authorities to clarify enforcement and could shape how crypto firms approach compliance in the near term.

Informal use grows

The spread of Bitcoin ATMs into high end malls highlights Kenya’s evolving crypto landscape.

Capital News reported that Bitcoin usage has long been active in lower income neighbourhoods such as Kibera, where residents use BTC as a form of banking in areas with limited access to formal financial services.

People have relied on crypto to store value without extensive documentation or traditional banking infrastructure.

The shift from informal areas to upscale malls suggests that consumer interest is expanding even while regulatory conditions remain unsettled.

The coexistence of visible infrastructure and incomplete licensing rules places Kenya at an early crossroads as it moves from a largely informal crypto market to a regulated one.