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Top Analyst Says XRP $2.75 Level is Now Similar To $0.75 Resistance

Abdulkarim Abdulwahab
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Top Analyst Says XRP $2.75 Level is Now Similar To $0.75 Resistance

As the XRP price struggle continues, analyst Egrag has highlighted a symmetrical triangle pattern as the key to unlocking XRP’s next price move.

According to Egrag, XRP’s path to $3.75 depends on whether the token can hold the upper boundary of this crucial formation. In his analysis, Egrag noted that the $2.75 level, the top edge of the formation, is now comparable to XRP’s historical $0.75 resistance.

Notably, as reported earlier, XRP faced rejection at $0.75 at least three times in 2024 before ultimately surpassing it. In the current scenario, Egrag highlighted XRP’s strong recapture of $2.75 as the springboard for further ascent.

“If the top edge holds, I can confidently say that $3.75 and potentially higher are on the table,” Egrag stated.

Resistance to XRP Road to $3.75

At present, XRP is trading at $2.43, down by 4.32% today. Breaking above $2.75 requires a 13.2% price rally. Over the weekend, XRP approached this crucial target, reaching a new yearly high of $2.58 before the bears took control.

Meanwhile, in the event of a successful breakout, XRP could surge beyond $3.75, nearing its all-time high, with market sentiment further fueling the rally.

However, the analyst noted that downside risks remain for XRP. Specifically, a failure to hold key support levels could push XRP down to bearish targets of $2.07. Notably, this level coincides with the bottom of the currently forming symmetrical triangle on XRP’s price pattern.

Additionally, the analyst mentioned the possibility of further declines to as low as $1.63.

Image
XRP chart by Egrag

XRP Could Rally to $4 and $8 Soon

Despite this downside risk, XRP’s journey toward new heights continues to gain momentum. A separate commentary by crypto analyst CRYPTOWZRD highlighted this prospect in a strikingly optimistic tweet.

Drawing parallels to XRP’s meteoric rise in 2017, the analyst pointed out that the token has successfully flipped a significant resistance level into support. In his view, this critical technical move has set the stage for what could be an explosive upward trajectory.

Essentially, CRYPTOWZRD’s analysis suggests XRP’s ongoing price action mirrors its past, where a similar breakout led to a massive surge. With the token now trading comfortably above its flipped support, the analyst predicts a rally to $4, followed by a further climb to $8.

Highly optimis comment on XRP by
Highly optimistic comment on XRP by

Shiba Inu to $0.01, SHIB Team Says It’s Possible, but Everything Takes Time

Sam Wisdom Raphael
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Shiba Inu to $0.01, SHIB Team Says It’s Possible, but Everything Takes Time

The Shiba Inu ecosystem marketer insists that SHIB is capable of reaching 1 cent but notes that this target might not materialize now.

The prospect of Shiba Inu (SHIB) reaching the $0.01 price level has been a topic of discussion within the community. Currently trading for $0.00002122, SHIB would need to rise by an extraordinary 47,025% to reach this mark. 

Despite the daunting nature of this task, Lucie, a prominent marketer within the Shiba Inu ecosystem, remains optimistic about SHIB’s future, as evidenced in her previous remarks.

Shiba Inu Could Reach $0.01

In a statement, Lucie expressed confidence in SHIB’s long-term potential. She stressed that while reaching $0.01 is possible, it would not happen overnight. Lucie noted the importance of patience and development within the ecosystem, pointing out that success takes time. 

She also stressed the value of Shiba Inu’s ecosystem tokens, such as Bone ShibaSwap (BONE) and Doge Killer (LEASH), in driving adoption and utility. Lucie encouraged the community to focus on the long-term vision, suggesting that short-term volatility should not deter holders.  

Meanwhile, Luis Delgado, a community commentator, presented a similar argument last July. He compared Shiba Inu’s potential rise to $0.01 with Dogecoin’s journey to the same price point. 

Delgado reminded the community that Dogecoin, which was worth much less years back, actually attained $0.01. For context, DOGE, once trading at $0.0001 in 2014, achieved $0.01 in March 2021. This demonstrated that even the most unlikely scenarios can materialize in the crypto market.  

The commentary implied that SHIB, which now changes hands at $0.00002, could follow a similar trajectory. However, such a rally would demand specific ecosystem growth and increased demand. 

Timelines from Grok AI, ChatGPT, and Changelly  

While Lucie and Delgado are optimistic, the timeline for SHIB to achieve $0.01 remains uncertain. To gain some perspective, we consulted AI platforms Grok AI and ChatGPT, 

In its response, Grok AI stressed that SHIB operates in a highly speculative and volatile market. It pointed out that achieving $0.01 would require either a massive reduction in the circulating supply, currently at 582 trillion, or unprecedented demand growth.  

Grok noted that SHIB’s adoption in DeFi and the success of projects like Shibarium could drive long-term value. However, the AI platform stressed that these developments would take time, suggesting that SHIB may not reach $0.01 until well beyond 2030.  

ChatGPT presented a similar view, highlighting the challenges posed by SHIB’s large circulating supply. It noted that achieving $0.01 without massive token burns would result in a market capitalization exceeding the GDP of many major economies.  

Shiba Inu Price Prediction ChatGPT
Shiba Inu Price Prediction | ChatGPT

The chatbot speculated that SHIB could achieve $0.01 within 10 to 20 years under realistic conditions. However, in an optimistic scenario, ChatGPT suggested that this milestone might be reached in as little as 5 to 10 years.

Meanwhile, analysts at Changelly predicted that SHIB could reach an average price of $0.0105 by December 2040, essentially 15 years later, with a maximum price of $0.0120 in the same period.

Shiba Inu Price Prediction Changelly
Shiba Inu Price Prediction | Changelly

Bitcoin and Crypto in the Spotlight as US Congressman Proposes to Abolish the IRS and Reform Tax Code

Elendu Benedict
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Bitcoin and Crypto in the Spotlight as US Congressman Proposes to Abolish the IRS and Reform Tax Code

Amid the IRS growing tax issues with the crypto industry, a US Congressman has filed a bill to decimate the collectors and reform the system.

Earl Buddy Carter, a member of the US House representing Georgia, has filed an attention-grabbing bill. On January 9, the Congressman unveiled the Fair Tax Act, H.R. 25, which seeks to reform the US tax code.

The proposal suggests dissolving the US Internal Revenue Service (IRS) and simplifying the taxing process. It also proposes abolishing income, payroll, and estate taxes, which it deems unfair to US taxpayers.

A Simplified US Tax Payment System

The complexity of the IRS taxing system has become controversial, especially in relation to the nascent crypto industry. Notably, the tax collector has sought to impose dues on staked cryptocurrencies, among other things.

Representative Carter mentioned the agency’s tax overreach and proposed abolishment. He suggested a simplified national consumption tax system and an end to income, payroll, death, and gift taxes.

Meanwhile, Congress and the Senate will deliberate on and pass the proposal if approved. The bill has already been adopted by over 10 Republicans, including John Carter and John Rutherford, Texas and Florida representatives.

“The Fair Tax is exactly that—fair. It is the only tax proposal out there that is pro-growth, simple, and allows Americans to keep every cent of their hard-earned money while eliminating the need for the IRS altogether,” Congressman Carter said.

Bill to Abolish US IRS

The IRS Faces Further Pressure

Carter’s Fair Tax Act bill adds to the IRS’s growing backlash as several bodies express discontent with the agency’s operations. For context, the Texas Blockchain Council and Blockchain Association recently sued the tax agency over its proposed tax gains.

The proposed crypto law requires that crypto exchanges calculate users’ earnings using the FIFO (First In, First Out) accounting rule. The sector has since kicked back, stating that the process is burdensome and infringes on its basic operational system.

In the meantime, the IRS has postponed the implementation date to January 1, 2026. The agency intended to effect the law earlier this month but cited unpreparedness among exchanges and other factors as hindrances to the enactment.

Moreover, the IRS also has a case with a US couple who challenged the tax collector’s insistence on paying taxes on unrealized staking gains. Joshua and Jessica Jarret sued the IRS in October, arguing for the scrap of the liability tax.

Dogecoin Fails $0.34 Breakout: Will Bears Retest $0.30?

Albert Brown
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Dogecoin Fails $0.34 Breakout: Will Bears Retest $0.30?

Can the Dogecoin (DOGE) price hold above the $0.30 support zone for a potential double-bottom reversal?

As Bitcoin fluctuates above the $93,000 level, the crypto market is experiencing increased volatility. The meme coin sector, in particular, is under significant pressure as market uncertainty rises.

Dogecoin, Shiba Inu, and other leading meme coins are seeing heightened speculative activity. Over the past 24 hours, Dogecoin has dropped by 3.89% and is currently holding at $0.32.

With a market cap of $48.2 billion, Dogecoin dominates more than 50% of the meme coin market, maintaining its strong influence despite the ongoing decline.

Dogecoin Price Analysis

On the 4-hour chart, Dogecoin’s price action shows a failure to break above the 38.20% Fibonacci level at $0.34356. With higher price rejections, DOGE is now retracing toward the 23.60% Fibonacci level at $0.31385, indicating persistent bearish sentiment.

COINBASE:DOGEUSD Chart Image by Trojan69420

Currently, the retracement in Dogecoin price has reached $0.3262, creating its fifth consecutive bearish candle. This consistent downward movement underscores the strong selling pressure. Due to the prevailing bearish trend, the exponential moving average lines have given bearish crossovers and attained a negative alignment.

Moreover, the RSI has dropped below the halfway mark, indicating a surge in selling pressure and supporting the ongoing bearish momentum. As a result, technical indicators are issuing a sell signal for Dogecoin, warning traders of potential further downside.

DOGE Price Targets

The Dogecoin price trend hints at a potential double-bottom reversal from the 23.60% Fibonacci level. If this reversal plays out, it could initiate a bullish recovery. 

Based on this assumption, a potential reversal will likely retest the neckline at the 38.20% Fibonacci level. In case of a breakout rally, DOGE could rechallenge the $0.40 mark. 

However, a bearish closing under the 23.60% Fibonacci level will put the $0.30 psychological zone at risk. A failure to hold this level will likely test the $0.265 support level, marking a significant drop. 

Hence, the ongoing retracement in the Dogecoin price reveals a downside risk of nearly 20%. The coming sessions will be critical in determining the coin’s short-term trajectory.

Inflation Likely Coming in Hot with PPI and CPI This Week: How will Bitcoin and Crypto React?

Okoya David
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Inflation Likely Coming in Hot with PPI and CPI This Week: How will Bitcoin and Crypto React?

Trading Economics estimates suggest that this week’s data releases will indicate that inflation is again rising in potential red flag for Bitcoin and crypto.

The crypto market led by Bitcoin has struggled to find its footing in recent weeks and a big factor driving this uncertainty has been an unending barrage of developments from the U.S. pointing towards an anticipated return of inflation and a more hawkish Federal Reserve as a result.

This barrage looks set to continue this week as the market anticipates arguably two of the Fed’s most watched metrics, the Producer Price Index (PPI) and the Consumer Price Index (CPI).

Will crypto asset prices melt under the heat as inflation is seen to be coming in hot again?

Inflation Coming in Hot?

The U.S. PPI and CPI will come in on Tuesday, January 14, and Wednesday, January 15, respectively, with economists anticipating that the data will show inflation is again on the rise.

The PPI measures price changes from the perspective of sellers, while the CPI measures price changes from the perspective of consumers. As such, both metrics are key indicators of inflation.

Trading Economics estimates suggest that this week’s data releases will indicate that inflation is again rising. Specifically, they anticipate a 3.3% year-on-year (YoY) increase in PPI in December 2024, higher than the previous 3%.

The outlook does not improve when economists exclude food as Core YoY PPI is also expected to come in at 3.5% in December 2024 compared to a previous 3.4%. 

Unsurprisingly, CPI expectations for December 2024 paint a similar picture. YoY CPI is expected to rise to 2.9% from a previous 2.7%, moving farther from the Fed’s 2% target. Core YoY CPI is, however, could remain stable at 3.3%.

These projections follow last week’s hotter-than-expected job numbers and President-elect Donald Trump’s threats of high tariffs on Chinese goods.

So, how will the crypto market react?

Muted Price Action Likely Ahead

Bitcoin and the broader crypto market have historically not fared well in risk-off environments, and this time will likely be no different.

Speaking with The Crypto Basic, CoinShares Head of Research James Butterfill asserted that this week’s data is likely to put selling pressure on Bitcoin and other crypto asset prices. 

“Combined, these factors [referring to the anticipated rise in producer and consumer costs] could lead the market to price in no rate hikes during the first half of the year, potentially weighing on any Bitcoin price gains. As a result, upside drivers are more likely to stem from the approval of some form of Bitcoin-related legislation following the inauguration,” he said.

The inauguration in question is the highly anticipated inauguration of Donald Trump as president on January 20. The president-elect had made several pro-crypto promises on the campaign trail, most notable of them being a promise to establish a Bitcoin strategic reserve.

Amid high inflation expectations, the CME FedWatch tool shows a 97% chance that the Fed will leave interest rates unchanged after the January 29 Federal Open Market Committee (FOMC) meeting.

SUI Analysis: Can RSI Divergence Trigger a Reversal Rally?

Albert Brown
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SUI Analysis: Can RSI Divergence Trigger a Reversal Rally?

Can the SUI token absorb the massive supply surge fueled by the bullish divergence in the RSI?

With crypto market liquidations reaching $288.22 million, of which long liquidations account for $223.33 million, Bitcoin is back at $93,500. Meanwhile, the SUI token has dropped by 7.83% in the past 24 hours.

Currently, SUI is trading at $4.47, with a market cap of $13.44 billion, after trading above $5 days ago. Essentially, the recent market downturn has significantly impacted SUI’s performance.

SUI Price Analysis

On the 4-hour chart, bearish pressure on SUI is evident. After failing to sustain above $5.20, the token dropped below several key support levels, including its local trend line, the 200 EMA, and the psychological $4.50 mark.

SUI Price Chart
SUI Price Chart

The decline has seen SUI break below its local support trend line, the 200 EMA, and the $4.50 psychological support zone, indicating a significant loss of bullish momentum. A 3.55% drop in the past 4 hours was followed by a bearish engulfing candle, marking the breakdown of multiple support levels.

As a result, the 4-hour RSI is nearing its oversold boundary. However, compared to the previous dip, it reflects a bullish divergence in the SUI price trend. This increases the chances of a minor recovery that may retest the broken support trend line.

Additionally, the declining price trend has caused a bearish crossover between the 20 and 50 EMA lines.

SUI Price Targets

Given the current price action, the bearish trend in SUI is likely to persist. The next significant support could be found at the $4 psychological level. A strong close below the 200 EMA will further confirm this bearish outlook.

On the other hand, if SUI experiences a minor recovery that retests the broken trend line, it could reduce selling pressure. This could increase the likelihood of prolonged consolidation above the $4.50 support zone, allowing the price to stabilize before a potential major move.

Bitcoin Price Trapped in a Range: Can Bulls Push for $100K?

Albert Brown
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Bitcoin Price Trapped in a Range: Can Bulls Push for $100K?

Will Bitcoin (BTC) sustain above $93k for a potential bounce to $100k amid gradually rising market optimism surrounding Trump’s upcoming swearing-in?

Over the past 24 hours, the crypto market has experienced a bearish lag, with a noticeable loss of momentum over the weekend. The overall market has decreased by 1.12% in the past 24 hours, bringing the total market capitalization down to $3.28 trillion.

Bitcoin, in particular, is down by 0.35%, marking a 5.55% decline over the past week. Currently, BTC is trading at $94,162, with a market cap of $1.86 trillion.

Bitcoin Price Analysis

On the 4-hour chart, BTC shows a V-shaped reversal following a false breakdown at the $92,654 support level. The price is currently consolidating near the $95,119 resistance level, with the 20 and 50 EMA lines acting as dynamic resistances.

Bitcoin Price Chart
Bitcoin Price Chart

The prevailing bearish pressure suggests a possible bearish crossover between the 100 and 200 EMA lines on the 4-hour chart. However, the RSI remains relatively flat, hovering near the neutral level.

As BTC consolidates above the $93,739 support level, the sideways movement in the RSI indicates no significant loss in trend momentum, which limits the chances of a bearish continuation.

However, the presence of higher price rejection candles tells a different story.

Rising Liquidations Challenge Bitcoin Derivatives Optimism

In the past 24 hours, the Bitcoin derivatives market saw a 1.06% increase in open interest. Currently, Bitcoin’s open interest stands at $60.53 billion, with the long-to-short ratio improving to 0.9904.

Bitcoin Derivatives
Bitcoin Derivatives

The funding rate currently sits at 0.0085%, showing a notable recovery from last week’s 0.0010% drop. However, market liquidations have increased to $238 million, with bullish liquidations contributing $173.72 million.

Over the past 24 hours, Bitcoin experienced $50.45 million in liquidations, with the bullish positions accounting for $34.39 million.

Despite this, the derivatives market remains optimistic, as evidenced by the rising open interest and improved long-to-short ratio. Additionally, the funding rate recovery to 0.0085% signals renewed confidence in long positions.

Institutional Inflows to BTC to Rise

Last week, U.S. spot Bitcoin ETFs closed on a bearish note, with nearly $150 million in net daily outflows. BlackRock saw a significant outflow of $183.56 million, while Fidelity recorded a positive $16.57 million in inflows.

Despite these outflows, the overall week ended with a net inflow of $307.20 million, marking a second consecutive week of positive inflows. With Donald Trump’s swearing-in ceremony scheduled for January 20, institutional support is expected to improve this week.

This expectation is based on the possibility that the Trump administration may ease regulations surrounding the crypto space.

BTC Price Targets

While the possibility of a strong bullish weekly close remains, short-term BTC price projections suggest a potential correction phase. The immediate support level of $93,739 may struggle to hold, given the higher price rejection candles, which could lead to a retest of $92,652.

On the bullish side, a recovery surpassing the $95,119 resistance could pave the way for Bitcoin to reclaim the $100,000 mark.

Here’s Why a 1,100% Dogecoin Pump May Be on the Horizon

Lele Jima
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Renowned crypto analyst Cephii suggests that the price of Dogecoin could be gearing up for a massive 1,100% surge. 

The crypto analyst made this suggestion in an X post today, drawing a parallel between Dogecoin’s price movements in the previous and current cycles. According to Cephii, the firstborn meme coin surged by 1,100% within a week after the inauguration of the U.S. president in 2021. 

Dogecoin Mirroring Its 2021 Performance 

The accompanying chart shows that Dogecoin’s price rose by 1,107% at the time, soaring from $0.006583 to $0.07291 in January 2021, following President Joe Biden’s inauguration. Interestingly, Cephii indicated that Dogecoin’s 2024 post-election price pattern is almost similar to the 2021 cycle. 

This suggests that similar conditions, especially the inauguration of a new administration in the United States, could lead to another jaw-dropping rally of 1,107% for Dogecoin. 

At the time of the post, Dogecoin was trading at $0.3441 per token. If Dogecoin replicates its January 2021 post-inauguration performance and soars by 1,107% in the current cycle, its price could increase to $4.1532 after Trump is inaugurated as the 47th president of the United States. This will take its market cap to $613.02 billion from the current value of $50.79 billion. 

Dogecoin price forecast
Dogecoin price forecast post-inauguration

Dogecoin to $4 Predictions 

Several market observers have predicted that Dogecoin will soar to around $4 this cycle. For instance, last month, Elemento Cripto founder Javier Santini projected that Dogecoin would clinch this price target in a week or less. However, this prediction failed to materialize. 

Furthermore, Dogecoin analyst Kevin forecasted that Dogecoin could reach an all-time high (ATH) of around $4 before the end of this cycle. 

Impact of Trump’s Presidency on Crypto 

For context, Trump’s inauguration will take place on January 20, 2025. Unlike previous administrations, his victory has already had a positive impact on the broader crypto market. The prices of various crypto assets like Dogecoin surged tremendously immediately after Trump’s victory became evident. 

Specifically, Dogecoin outperformed Bitcoin in the early stage of the Trump-led rally, with the doggy-themed token soaring by nearly 250% in weeks. 

However, the asset has plummeted heavily ever since, falling 28.83% to $0.3441 from its multi-year peak of $0.4835. Nonetheless, investors have remained confident that Dogecoin’s price will rebound immediately after Trump fulfills his crypto sector promises. 

So far, the U.S. President-elect has kept to his words, appointing several pro-crypto advocates into top positions under his administration, including the Treasury Secretary and the SEC. Crypto stakeholders are also lobbying Trump to establish a Strategic Bitcoin Reserve within the first 100 days in office. 

If implemented, it could bolster Bitcoin’s adoption and create ripple effects across the broader crypto market. Assets like Dogecoin are expected to benefit due to their strong correlation with BTC, which stands at 97% over the past 30 days, according to IntoTheBlock data. 

Shiba Inu Lead Unveils WHY Combinator, New Utility for BONE

Elendu Benedict
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Shiba Inu Lead Unveils WHY Combinator, New Utility for BONE

The Shiba Inu team has unveiled a set of new programs designed to drive growth and adoption and foster innovation in the ecosystem.

In a blog post, Shiba Inu lead Shytoshi Kusama announced the completion of the 36 Chambers of Tech. The stack focuses on over 30 technological pieces, including AI, Shibarium, Web3 games, and the Metaverse.

Kusama noted that the innovation aims to make “powered by Shib” as common as that of brands like Google. He further stated that the 36 Chambers of Tech would seamlessly integrate individuals and projects into Web3, making the Shiba Inu ecosystem a household name.

Pseudonymous Lead Announces WHY Combinator

Furthermore, Kusama unveiled the WHY Combinator, a decentralized program that ensures that innovations in the Shiba Inu ecosystem are worthwhile. The pseudonymous lead stated that the program answers the “Why does this product or startup need to exist in the world?” question.

The decentralized protocol vets the purpose behind an innovation and prioritizes projects that solve real-world problems. Thus, the Shiba Inu ecosystem will only offer programs with long-term viability and impact.

Meanwhile, the WHY Combinator and 36 Chambers of Tech align with Shiba Inu’s push for adoption and decentralization. The imminent TREAT (Transactional Reward for Engagement and Access Token) launch is one of the final pieces to a fully decentralized ecosystem.

The Shiba Inu lead noted that projects on each of the 36 Chambers have TREAT as their utility token. The team also proposed a weekly TreatDrop to reward users and projects engaging with the WHY Combinator.

New Utility for BONE

The blog post also revealed the expansion of the BONE token utility. Currently the gas token for the Shibarium network, the Shiba Inu team plans to create a new utility for the token.

Kusama mentioned the ongoing project of building an L3 chain for Shibarium. The new solution will introduce roll-up functionalities, as seen in Arbitrum and Optimism. The roll-up feature would allow other chains to settle transactions on Shibarium while providing a data availability layer.

The pseudonymous lead noted that this innovation will drive the adoption of Shibarium and the Shiba Inu ecosystem at large. In turn, exchanges would also be attracted to native tokens in the marketplace.

Singapore Blocks Crypto Prediction Platform Polymarket, Calls it “Illegal” Gambling Portal

Albert Brown
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Singapore Blocks Crypto Prediction Platform Polymarket, Calls it “Illegal” Gambling Portal

Singapore has restricted access to Polymarket, a cryptocurrency-based prediction platform, citing unlicensed gambling concerns. 

The move aligns with Singapore’s Gambling Control Act 2022, which spells out significant penalties for those engaging with unlicensed operators.

Singaporean Users Blocked from Polymarket, Risking Legal Implications

Notably, users attempting to access Polymarket from Singapore now encounter a notice referencing the country’s gambling control act. The warning outlines penalties, including fines up to SGD 10,000, imprisonment for six months, or both.

It emphasizes that Singapore Pools is the country’s only authorized remote gambling operator. The notice originates from the Gambling Regulatory Authority (GRA), which oversees the nation’s gambling framework.

Furthermore, individuals found guilty of unlawful gambling operations face harsher penalties, including fines of up to SGD 500,000 and imprisonment for up to seven years. Moreover, repeat offenses could result in fines reaching SGD 700,000 and prison terms extending to ten years.

Previous Polymarket Regulatory Actions

Polymarket previously faced regulatory scrutiny in 2022 when the Commodity Futures Trading Commission (CFTC) imposed a $1.4 million fine on its parent company, Blockratize.

The CFTC alleged that Polymarket offered off-exchange binary options contracts without proper registration. Polymarket was required to wind down non-compliant markets and adhere to Commodity Exchange Act regulations as part of the settlement.

The CFTC highlighted that Polymarket had operated over 900 event-based binary option markets since June 2020. These markets allowed users to trade contracts on specific outcomes, such as cryptocurrency prices or election results using blockchain-hosted smart contracts.

Debate on Decentralized Prediction Markets

The latest restriction on Polymarket also renews attention on decentralized prediction markets and their classification. In August 2024, Ethereum co-founder Vitalik Buterin addressed criticism surrounding these platforms. He clarified that prediction markets, such as Polymarket, function as tools for collective insight into significant events.

Buterin underscored their role in providing data-driven predictions without editorial bias, contrasting their function with traditional media or social platforms. 

According to him, aligning Polymarket with the global gambling category is “a massive misunderstanding” of prediction markets or why people are excited about them.

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