Decentralized applications (dApps) saw a rise of 77% in activity in the first quarter of 2024 and a 7 million total daily active user wallet count.

This growth comes as Bitcoin hit an all-time high in Q1 2024, reaching above $73,000.

DApp Activity Resurges

According to DappRadar, the recent increase in new users shows a strong recovery, indicating the end of the longest bear market experienced.

The growth has been attributed to the approval of U.S. spot Bitcoin exchange-traded funds (ETFs), which sent BTC to multiple new all-time highs.

DappRadar also noted the renewed interest in non-fungible tokens (NFTs) throughout 2023, following a drop in usage in 2022. The unique active daily users’ wallet counts surged to 4.8 million in 2023, doubling from 2022. In addition, NFTs had the most growth, 166% over the previous year.

This strength has remained well into 2024, with DappRadar noting a 50% surge in trading volume to $3.9 billion and a 13% increase in sales to $11.6 million in Q1 2024.

Blockchain gaming continues to lead in Web3, commanding a 30% dominance and attracting about 2.1 million daily unique active wallets, a 59% increase from last quarter. NFT gaming collections also performed well, with the highest sales in Q1 2024 being Gods Unchained with 1 million, Axie Infinity with 459K, and Arena of Faith with 19.5K.

However, in the first quarter of 2024, the social vertical became the frontrunner in the sector’s growth with a 324% surge in active wallets. While decentralized finance, gaming, and NFTs performed well, the increase in social media dApps could show an emerging trend in the industry.

Hacks and Exploits Remain Persistent

In the first quarter of 2024, the blockchain space experienced a loss of $407 million due to hacks and exploits. While the amount was a 32% decrease from Q4 2023, compared to the first quarter of 2023, it is an increase of 9%, showing that security challenges persist.

Ethereum led, accounting for 57% of the total losses, followed by BNB Chain at 17% and Arbitrum at 14%. Other chains collectively constituted the remaining 12%.

Ripple co-founder Chris Larsen’s Ripple chain account was compromised, leading to a loss of 213 million XRP tokens valued at around $112.5 million. Another incident was with the hacked Munchables protocol, which led to a loss of 17.4k ETH, equal to $62.5 million. Additionally, the exchange sector was hit after BitForex was implicated in an exit scam with suspicious outflows amounting to $56.5 million across multiple blockchains.

The post DApp Activity Sees Surge Amid Bitcoin’s All-Time High in Q1 2024 appeared first on CryptoPotato.

Shiba Inu (SHIB) has seen its price going through a decline this week amidst wider corrections from most cryptocurrencies. The past seven days have been rough for SHIB hodlers, as the meme coin fell to as low as 0.00002584 earlier in the week, representing a price decline of over 15% from $0.00003069. However, it would seem the price decline has created an opportunity for some large investors, known as whales, to buy SHIB at a discount. 

According to on-chain data, some new SHIB whale accounts amassed 184 billion SHIB, worth approximately $4.9 million in the middle of the week from crypto exchanges Coinbase and Binance.

New Whales Loading Up SHIB During The Dip

Shiba Inu has constantly seen an increase in the number of whale wallets holding SHIB throughout its history. The recent accumulation by three new wallets was noted on social media by on-chain transaction tracker “The Data Nerd” during the week. The shared screenshots show two of the new wallets each acquired $2 million worth of SHIB tokens from Coinbase. The last wallet accumulated $1 million worth of SHIB from Binance, all within the space of 24 hours. 

Wow That’s amazing Anyway do you know where you can see instant prepared cards without KYC in 200+ countries and 20+ providers. @PayPaw_Cards is at your service.

— CryptoSpike (@_Kristova) April 3, 2024

An inspection of these wallets shows they are still holding these tokens. Interestingly, a 2% price surge for SHIB in the past 24 hours has seen these wallets already making profits. 

Can Whales Push Shiba Inu To $0.00008?

Whales often drive price action and sentiment in the crypto market. There’s no denying that Shiba Inu is largely undergoing a bearish price action after weeks of bullish action in February and March. Current data from IntoTheBlock shows SHIB whales are now tipped to the bearish side of things with 123 bear whales as opposed to 117 bull whales in a seven-day average. 

This tug of momentum has seen SHIB trading between the $0.00002392 support and 0.00003308 resistance during this timeframe. Bounced two times on support and rejected two times at resistance, as noted by crypto analyst SHIB Knight.

However, the recent buy by the new wallets and other bull whales suggests some of them think the current dip is temporary and that the price will recover and head back up.

At the time of writing, SHIB is trading at $0.00002736 and is down by 23% from $0.00003592, its highest point so far in this bull run. According to crypto analyst Captain Faibik, a new technical pattern has emerged on the Shiba Inu price chart that could send it surging and reaching between $0.00058 to $0.00062 in the second to third week of April. 

A full reverse into bullish momentum could see Shiba Inu pushing past this price level into $0.00008 and beyond, especially as bullish activity returns among a majority of the whales. 

Featured image from Pexels, chart from TradingView