Cathie Wood Sheds Coinbase Shares, Bitcoin Faces Downturn, And Shiba Inu Sees Supply Shrinkage: Top Crypto Updates This Week

As another week concludes, the crypto community witnessed significant changes in the landscape. Leading the pack, Cathie Wood’s Ark Invest made a bold move, offloading a substantial portion of its Coinbase Global Inc COIN shares amid a cooling crypto rally. Meanwhile, Bitcoin is facing a possible downturn, according to a crypto analyst.

On the brighter side, meme token BONK BONK/USD, a Dogecoin rival, recorded a steep increase in trading volume, while the supply of the self-proclaimed ‘Dogecoin killer,’ Shiba Inu SHIB/USD, dwindled on exchanges, potentially laying the groundwork for gains. Let’s delve deeper into these developments.

Ark Invest Sells Off Coinbase Shares Amid Crypto Slowdown
Earlier this week, Cathie Wood-led Ark Invest made headlines by selling 82,255 Coinbase shares, valued at approximately $11.48 million. The decision came in the wake of a downturn in the crypto market, prompting a strategic pivot in Ark Invest’s portfolio. Notably, the shares were sold through ARK Innovation ETF ARKK, ARK Next Generation Internet ETF ARKW, and Ark Fintech Innovation ETF ARKF. Read the full article here.

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Bitcoin’s Bearish Trend Predicted by Crypto Analyst
Justin Bennett, a renowned cryptocurrency analyst, issued a warning about a potential downturn in Bitcoin’s value. Following a substantial uptrend, Bennett suggests that Bitcoin could be heading towards a bearish trend, potentially sinking to the $38,000 mark. Read the full article here.

Dogecoin Rival BONK Makes Significant Gains
Emerging as a strong performer among the top 100 cryptocurrencies, Solana's meme token BONK recorded a noteworthy 75% lift in price within a 24-hour period. The trading volume of BONK shot up by 140%, reaching $681 million. Read the full article here.

‘Dogecoin Killer’ Shiba Inu Sees Supply Shrinkage
Shiba Inu, the self-proclaimed ‘Dogecoin killer’ DOGE/USD, registered a decrease of 0.51% in its supply on exchanges over the past month. This trend suggests a reduced willingness among holders to sell their SHIB tokens on exchanges, hinting at the potential for gains. Read the full article here.

Shiba Inu Poised for Bullish Breakout, Says Crypto Analyst
Ali Martinez, a respected crypto analyst, predicts a major bullish breakout for Shiba Inu. However, he also cautioned what could occur if the token faces rejection. Martinez noted that since September 2022, Shiba Inu has been transacting within a downward parallel channel, adding, “Currently, $SHIB is testing a crucial resistance at the upper boundary of this pattern, around $0.000011." Read the full article here.

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