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Here are the Projected Years Shiba Inu May Reach $0.00009, $0.0004 and $0.002

Sam Wisdom Raphael
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Here are the Projected Years Shiba Inu May Reach $0.00009, $0.0004 and $0.002

Amid ambitious Shiba Inu price predictions, some entities have provided hypothetical timelines for the dog-themed token to reach some of these audacious targets.

Shiba Inu has been the subject of multiple ambitious price projections amid its recent encouraging price movements. For context, SHIB has been one of the standout performers since the start of the bull run, up by more than 67% this year and 136% since Q4 2023.

Despite a bearish start to October 2024, SHIB managed to record a meager 1.88% gain at the close of the month, making it one of the few altcoins to achieve this feat. In addition to achievements like this, Shiba Inu’s historic run in the 2020/2021 cycle has contributed to prevalent ambitious targets.

A previous report suggested Shiba Inu could be targeting the $0.00009 price level. Meanwhile, in January this year, The Crypto Basic assessed if SHIB could create more millionaires should it rally to $0.0004. Also, six months back, discussions around a surge to $0.002 emerged.

Shiba Inu would need to rally by astronomical margins to claim some of these price levels. For instance, the $0.0004 goal would require a 2,193% increase, while SHIB needs to rally by a massive 11,367% to hit $0.002. However, the $0.00009 price only requires a 416% gain.

Given the rates necessary to reach these levels, we recently sought expert opinions on how long it could take Shiba Inu to clinch these price tags. These opinions came from analysts at crypto exchange Changelly and OpenAI’s LLM AI project ChatGPT.

Changelly Predicts Timelines for Shiba Inu to Hit $0.00009, $0.0004 and $0.002

Changelly analysts believe this new month of November would be bullish for Shiba Inu, expecting the dog-themed asset to trade at an average price of $0.0000294 and to hit a maximum value of $0.0000402. However, they argue that December 2024 would see lower values.

Meanwhile, these analysts see Shiba Inu trading below $0.00009 for the next few years. They only expect a rise to this region, potentially $0.0000915, in October 2028. This marks a period of four years. 

Changelly Shiba Inu Price Prediction 2028
Changelly Shiba Inu Price Prediction 2028

In addition, the analysts believe Shiba Inu investors would need to wait for an extra four years before they can witness a 2,193% increase from the current price. They see SHIB reaching the $0.0004 zone in November 2032, eight years from now and four years from 2028.

Changelly Shiba Inu Price Prediction 2032
Changelly Shiba Inu Price Prediction 2032

Lastly, despite the audacious nature of the $0.002 target, the Changelly report suggests Shiba Inu is capable of claiming it. Analysts at the crypto exchange resource project a rally for SHIB to $0.002 in February 2040. This marks 16 years from now. 

Changelly Shiba Inu Price Prediction 2040
Changelly Shiba Inu Price Prediction 2040

ChatGPT Predicts Timelines for Shiba Inu to Hit $0.00009, $0.0004 and $0.002

However, opinions from ChatGPT are more bullish for Shiba Inu. ChatGPT presented hypothetical scenarios where SHIB could reach $0.00009, $0.0004 and $0.002. The chatbot cited catalysts such as a rise in adoption, growing demand and favorable market conditions.

ChatGPT Shiba Inu Price Prediction
ChatGPT Shiba Inu Price Prediction

Highlighting these possible drivers, ChatGPT noted that Shiba Inu could reach $0.00009 within the next one to two years (2025 to 2026). It expects a rise to $0.0004 in four to five years (2028 to 2029) and a possible increase to $0.002 within eight to ten years (2032 to 2034).

Crypto CEO Says Stop Buying XRP and Rethink Your Strategies

Abdulkarim Abdulwahab
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Crypto CEO Says Stop Buying XRP and Rethink Your Strategies

Joshua Jake, CEO of the Discover Crypto channel, has called on market participants to refrain from investing in altcoins like XRP without properly assessing their strategies in the ongoing bull market.

Jake, a longstanding critic of XRP, issued this latest commentary on X on Thursday after observing the recent week-long price pump in the crypto market led by Bitcoin.

Notably, the crypto market is experiencing a correction, with Bitcoin revisiting the $69K level early today, impacting altcoins like XRP.

“Stop Buying” Altcoins like XRP

In his analysis, Jake urged crypto enthusiasts to reassess their investment strategies before considering XRP. His warning stems from the observation that while Bitcoin retested its March all-time high this week, XRP barely moved.

For instance, XRP has remained around $0.5200 for most of this week, while Bitcoin successfully revisited $73,000, a seven-month high.

Meanwhile, XRP is not alone in this trend. Other top crypto assets underperforming Bitcoin include Cardano (ADA) and Polkadot (DOT).

Looking at these assets, Jake urged holders of XRP, ADA, and DOT not to expect five-fold price gains this season. However, he acknowledged their potential for commendable price movement as the bull market progresses.

Yet, he outlined that these altcoins’ performance would hinge on Bitcoin’s dominance declining. Notably, Bitcoin dominance, currently at 60%, has been on the rise this year and has not diminished. For context, the figure is up 1.76% this week, 4.4% over the past month, and 16.42% since January.

A drop in Bitcoin’s dominance is crucial to usher in the much-awaited altcoin season. Analysts hope a reversal could occur toward the end of the year as market participants take profits from Bitcoin and allocate them to altcoins.

XRP “May” Reach $1 with Bitcoin at $100K

Nonetheless, Jake noted that as Bitcoin continues to ascend, likely toward $100K, altcoins would also move up. However, he pointed out that Bitcoin’s uptrend has mostly favored meme coins over utility coins like XRP in this bull season.

He added that utility coins performing well as Bitcoin advances are typically DEX tokens where trendy meme coins are traded. Still, he suggested that it is possible for XRP to reach $1 when Bitcoin hits $100K.

Ultimately, Jake warns market participants to take profits as their positions mature and to allocate them to Bitcoin. He noted that Bitcoin could continue to perform well and possibly reach lofty highs in the $200K range, as widely projected by analysts. However, taking profits is essential to preserve accrued gains.

Brandt Says No Buy Signal on Ethereum as Chart Remains Bearish

Elendu Benedict
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Brandt Says No Buy Signal on Ethereum as Chart Remains Bearish

Veteran trader Peter Brandt has insisted that Ethereum’s downward momentum remains, as bearish signals still dominate the chart.

Ethereum has suffered some of the most losses in the ongoing market correction. For context, the second-largest cryptocurrency by market cap has depreciated 5.30% over the last 24 hours, while Bitcoin and Solana are down 3.87% and 4.91%, respectively.

Despite the bearish performance, analysts remain keen on Ethereum seeing higher prices, with predictions of a surge to $6,000 and a short-term uptick to $2,750 suggested among notable market speculators. However, veteran analyst Peter Brandt has insisted that there has not been a change in Ethereum’s prevailing bearish momentum.

Bearish Momentum Dominates Ethereum

In a tweet on October 31, Brandt argued that Ethereum remains bearish. He insisted that there has not been any indication of a change in momentum in the asset’s price pattern.

Furthermore, the market veteran shares an Ethereum 1D chart to support his bearish claims. According to him, Ethereum is not flashing any buy signal or a forming pattern to support a change of momentum.

Brandt’s chart shows a bearish flag pattern, which has been forming since August. The analyst noted that a break in the structure could push Ethereum to what he described as an “unmet target.”

Brandt Ethereum Analysis
Brandt Ethereum Analysis

Brandt Sets Price Target for Ethereum’s Impending Capitulation

According to the analysis, Brandt believes Ethereum’s bearish momentum would take the asset to an unmet target of $1,551. Notably, the market veteran expects the altcoin king to break below the support zone around $2,400 and capitulate to levels last seen in October 2023.

Meanwhile, a downtrend to $1,551 would entail a 62% capitulation from the current market price. Ethereum exchanges hands at $2,507 at the time of writing.

Notably, analyst Kotter agrees with Brandt’s predictions. In an X analysis, the market speculator shares that Ethereum will continue to underperform against Bitcoin, with the ETH/BTC chart targeting the zone around 0.02653.

Ethereum currently trades at an over 42-month low against Bitcoin, as the latter has outperformed the former extensively. At press time, the ETH/BTC chart trends at 0.03613.

Court Issues New Order for SEC in Its Appeal Against Ripple

Lele Jima
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Court Issues New Order for SEC in Its Appeal Against Ripple

The Second Circuit Court of Appeals issues a new directive to the U.S. SEC regarding its appeal against Ripple. 

Prominent defense lawyer James K. Filan called the public’s attention to the order, emphasizing that the Second Circuit has mandated the SEC to file its appellate brief by January 15, 2025. 

This development comes a week after the SEC requested that the court set a deadline of January 15, 2025, for filing its appeal brief. Notably, the Second Circuit granted the request in an order dated October 31, 2024. 

Court Issues Dismissal Warnings to SEC 

However, the court warned the securities regulator that its appeal would be dismissed if it failed to file the appellate brief on or before the January 15, 2025 deadline. 

Furthermore, the Second Circuit highlighted that any request for a deadline extension will not extend the date. At press time, the SEC has 75 days to file its appellate brief detailing its argument in the appeal against the Ripple decision. 

SEC Upcoming Appeal Brief 

Last month, the commission filed its pre-argument statement, hinting about the part of the Ripple ruling it seeks to overturn. The SEC’s appeal revolves around Judge Torres’ decision on Ripple’s programmatic sales of XRP on digital exchanges and the company’s use of XRP as a payment method (other distributions). 

As reported earlier, Judge Torres issued these rulings in Ripple’s favor, declaring that they do not constitute investment contracts. Per the SEC’s Form C filing, the SEC asked the Second Circuit to review these decisions from scratch without relying on Judge Torres’ reasoning. 

Also, the SEC revived its aiding and abetting charges against Ripple execs (Chris Larsen and Brad Garlinghouse) in the appeal. Recall that the regulator dropped this case last year, initially scheduled for trial. However, it re-introduced the case in its pre-argument appeal statement. 

The SEC will provide an extensive argument on these issues in the upcoming appeal brief.  

XRP Enthusiasts Speculate SEC Might Drop Its Appeal 

In the meantime, several XRP proponents are confident the SEC would drop its lawsuit before the January 15 deadline. This view revolves around the potential exit of SEC Chair Gary Gensler following the inception of a new government administration. 

Specifically, Dan Thurman, an XRP community member, predicted that Gensler would exit the SEC between November and December. Afterward, Thurman expects that a new SEC administration come to power, which will drop the case before the deadline. 

While it remains unclear whether this prediction will come to fruition, the broader crypto community has focused on the forthcoming U.S. election. The community believes Trump is the best choice for the industry due to his pro-crypto promises, which include sacking Gensler on his first day in office. 

Ripple Escrow Unlock Releases 1B XRP for November as XRP Closes October Red

Sam Wisdom Raphael
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Ripple Escrow Unlock Releases 1B XRP for November as XRP Closes October Red

The Ripple escrow unlock schedule has released exactly 1 billion XRP for the month of November, coinciding with a bearish close to October.

Market tracking resource Whale Alert spotlighted part of the latest escrow execution movements, which occurred across three uneven transactions at midnight today.

Two of the three transactions involved the Ripple address “rw2…3wY.” At midnight today, the Ripple escrow unlock schedule released 400 million XRP worth $203.7 million to this address. Simultaneously, the address also received another batch of 100 million XRP valued at $50.94 million.

Interestingly, the “rw2…3wY” has been inactive for a month, a pattern observed with Ripple’s escrow accounts. Notably, the address witnessed the release of 500 million XRP last month and transferred all the tokens to another Ripple address ten hours later.

Meanwhile, amid the latest Ripple escrow unlock exercise, a second address “rDq…EsF” received 500 million XRP worth $254.7 million from the third escrow execution transaction. This brought the total tokens released for November to 1 billion.

Ripple Escrow Unlock Whale Alert
Ripple Escrow Unlock | Whale Alert

Typical Ripple Escrow Unlock Pattern Resumes

At press time, both addresses “rw2…3wY” and “rDq…EsF” have retained their tokens, with each holding a balance of 1 billion XRP. 

If the usual pattern continues, these addresses are likely to send out the assets hours later today, with Ripple locking back 800 million XRP and retaining 200 million for operational purposes.

It bears mentioning that the Ripple deviated from this pattern earlier in the year, when the escrow unlocks became erratic for a few months. During this period, some months witnessed the release of less than 1 billion tokens.

However, the pattern appears to have stabilized over the past three months. Meanwhile, the latest Ripple escrow unlock execution comes at a time when XRP is battling to reclaim some of its previous losses.

XRP Closes October with 16% Loss

Following a mild uptick to a high of $0.53 on Oct. 29, XRP witnessed a correction that saw it drop 3.71% over a two-day timeframe, as it closed October with a massive 16.74% loss, its largest monthly loss since April. 

XRP has gained by a meager 0.98% this morning, currently trading for $0.5138 at press time. Despite this mild rise, the altcoin would need to record a push toward its 50-day SMA at $0.5543 to flip its momentum to bullish.

Shiba Inu: New Memecoin Burns 5,581,450,000 SHIB Tokens 

Lele Jima
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Shiba Inu: New Memecoin Burns 5,581,450,000 SHIB Tokens 

In a startling development, prominent Shiba Inu burn tracker Shibburn indexes a transaction that led to the incineration of over 5.5 billion SHIB tokens. 

Shibburn reported the transaction yesterday, indicating that an anonymous user transferred 5,581,450,000 (5.58 billion) SHIB to the dead wallet. 

These 5.58 billion SHIB tokens, currently worth $100,019 at the current price of $0.00001792, were permanently removed from Shiba Inu’s circulating supply in a single transaction. Data from Shibburn shows that the massive SHIB burn occurred yesterday at 20:31 (UTC). 

Shiba Inu Enthusiasts React 

Expectedly, the transaction attracted the attention of the broader Shiba Inu community, with many SHIB enthusiasts reacting on X. Sharing a screenshot of the burn, Shiba Inu’s marketing lead expressed surprise at the magnitude of the transaction. 

Besides Lucie, several Shiba Inu community members were also surprised at the recent burn. This raised a major question within the Shiba Inu community, as most enthusiasts sought to know who initiated the 5.58 billion SHIB burn. While some users speculated that the Shiba Inu ecosystem team initiated the burn, others suggested Binance was responsible. 

Prominent community figure Lola claimed that Binance burned the tokens following a growing demand from SHIB enthusiasts. Another proof backing Lola’s claim is the fact that Binance funded the wallet behind the burn. 

Cat-Themed Memecoin Burns 5.58 Billion SHIB 

However, the burn was actually initiated by the team behind Shiro Neko, a newly launched cat-themed memecoin. The team confirmed this in an X post published two minutes after the burn. 

According to the post, the Shiro Neko team informed the SHIB community that it burned $100,000 worth of SHIB as part of efforts to become friends with the Shiba Inu project. 

“Can cats and dogs be friends now?” it quizzed. 

It also provided the link to the transaction on Etherscan.

Shiba Inu Issues New Warning 

Meanwhile, Shiba Inu’s community-driven scam alert channel Susbarium issued a new warning about the recent burn a few hours after the post. It encouraged the community to be cautious about new crypto projects burning SHIB as a promotional strategy to lure Shiba Inu enthusiasts into acquiring their tokens. 

Susbarium noted that the recent burn is not the first time a new crypto project has adopted this strategy. Nonetheless, it advised users to always conduct due diligence on these projects before investing.

The channel provided tips for evaluating these projects, including understanding their tokenomics, assessing their goals, and questioning their promotional strategy. 

“If everything checks out, good luck! If not, stay focused and make informed investment decisions,” Susbarium concluded. 

Analysts Identify Timeline for XRP to Begin Its Bull Run, Citing Historical Bitcoin Halving Data

Sam Wisdom Raphael
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Analysts Identify Timeline for XRP to Begin Its Bull Run, Citing Historical Bitcoin Halving Data

Market analysts have identified a potential timeline for the next XRP bull run, citing historical data from past Bitcoin halvings.

The prediction comes from two market analysts, PharaohX and The Block Bull, both of whom analyzed previous XRP price movements following Bitcoin halvings. 

The analyses from these two market commentators suggest that XRP could start its bullish move around December 2024 to January 2025, roughly eight months after the April 2024 Bitcoin halving.

XRP Moves 8 Months After Bitcoin Halving 

PharaohX’s commentary traces a pattern from the last two major Bitcoin halvings. He noted that XRP tends to begin its upward movement eight months after each halving, a trend that has held steady in both 2016 and 2020. 

For instance, after the 2016 Bitcoin halving in July, XRP’s bull run began in March 2017, during which it surged from $0.005 to the all-time high above $3. According to PharaohX, XRP witnessed an impressive 68,000% increase within this period. 

The next halving occurred in May 2020, and similarly, XRP’s bullish move began around January 2021. Although XRP’s gains were smaller during this cycle—around 900%—the milder growth was largely due to the uncertainty surrounding the U.S. Securities and Exchange Commission (SEC) lawsuit at the time.

With the April 2024 Bitcoin halving now behind us, PharaohX suggests that XRP is likely to initiate its next rally by late December 2024 or early January 2025. This would follow the same pattern as the last two previous cycles.

Potential XRP Push

According to him, this current market cycle has similarities to the 2017 bull run. PharaohX acknowledged that while it may not be realistic to expect XRP to replicate its 68,000% gain from 2017, he is confident that the altcoin could experience a massive increase. 

He even presented a hypothetical scenario where a similar percentage increase from the $0.28 low could push XRP to $190. Such a rally would bring XRP’s market cap to $10.8 trillion. PharaohX argued that such a push is possible, but not guaranteed.

His optimism is bolstered by the court’s declaration that XRP is not a security. This clarity has removed a major barrier, enabling potential growth in institutional interest, especially with the anticipated introduction of XRP exchange-traded funds (ETFs).

XRP’s 33-Week Bottom

Meanwhile, the Block Bull, another analyst, discussed a similar pattern, leveraging a weekly chart. The chart tracks XRP’s price movements around Bitcoin halving events and marks an optimal entry point based on past cycles. 

According to The Block Bull, 33 weeks after a Bitcoin halving tends to be an ideal entry point, coinciding with previous cycle bottoms. His chart confirms that this pattern has played out in the last two Bitcoin halvings.

Image

If it repeats, the optimal entry point for this cycle would come between December 9 and 16, a month after the US election. This is in line with PharaohX’s projection for XRP’s next upward movement to begin around December 2024. Currently, XRP trades for $0.5181, down 0.65% in the last 24 hours.

Pundit Says XRP to $22 with $1T Cap is Achievable, Agrees with BitBoy That XRP Will Flip Ethereum

Abdulkarim Abdulwahab
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Pundit Says XRP to $22 with $1T Cap is Achievable, Agrees with BitBoy That XRP Will Flip Ethereum

Famous market commentators insist XRP could soar to an ambitious double-digit figure, achieving a $1.25 trillion market cap to potentially surpass Ethereum.

XRP, along with the broader crypto market, is experiencing a mild pullback after Bitcoin engineered a four-day streak of green candles. While XRP has lost 1.2% of its value today, Bitcoin is seeing only a 0.16% dip, still holding firm above $72,300 at press time.

Notably, the recent correction has worsened XRP’s 30-day performance, now down over 18%, while Bitcoin remains up by 14%.

This discrepancy is due to XRP failing to benefit from Bitcoin’s upswing this week. Specifically, XRP reached only $0.5303 earlier this week, which is below its previous weekly highs despite Bitcoin reaching $73,500. Meanwhile, XRP has since dipped to $0.5187.

While XRP’s ongoing performance continues to underwhelm holders, analysts maintain that a trillion-dollar market cap is attainable for XRP this season. Oscar Ramos, a widely followed community commentator, recently expressed this sentiment.

XRP to $22 “is Achievable”

Ramos asserted that XRP will reach $22 per token in this cycle. This price point would elevate XRP’s market cap from around $30 billion to $1.25 trillion. Moreover, at $22, XRP’s fully diluted cap would be about $2.2 trillion, far exceeding Bitcoin’s current cap of $1.43 trillion.

Ramos’s conviction in this ambitious outlook for XRP aligns with Ben Armstrong, known as “BitBoy,” who declared last week that XRP would overtake Ethereum as Bitcoin’s main challenger.

BitBoy argued that XRP could achieve this feat at a $22 price, suggesting that Ethereum’s market cap will decline rather than grow as this bull market progresses.

Factors Influencing This Ambition

Both Ramos and BitBoy are banking on Ripple, a firm leveraging XRP for payments, as well as developments like exchange-traded funds (ETFs) and the introduction of RLUSD on XRP’s blockchain.

Notably, ETPs related to XRP already exist. However, XRP proponents anticipate spot XRP ETFs, which they hope will generate massive demand for XRP, similar to what has been observed with U.S. Bitcoin ETFs, which have purchased over one million units of BTC worth more than $73 billion this year alone.

XRP’s Path to $22

However, XRP’s journey to $22 is formidable, and its price actions over the past few years have not supported this likelihood. Specifically, XRP would need to grow by 4,147% from $0.5180 to reach $22. This year, XRP has already declined by 15%. Also, from its all-time high, it is down over 83%.

Analysts advocating for higher targets for XRP reference its seven-year history, during which it staged violent pumps to an all-time high. However, other analysts who remain optimistic about XRP have noted that this seven-year history may no longer hold relevance.

Bitcoin Google Search Interest Remains Flat Despite $73,600 Surge: What History Tells Us

Albert Brown
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Bitcoin Google Search Interest Remains Flat Despite $73,600 Surge: What History Tells Us

While Bitcoin (BTC) has surged past $73,000 this week, Google searches for the leading asset remain low, unlike past peaks.

Bitcoin experienced a strong upward surge as the week began, reaching $69,000 by Monday and continuing its climb. By Tuesday, BTC broke significant price thresholds, surpassing $70,000 and then $71,000.

The bullish momentum extended into Wednesday morning when Bitcoin hit $73,600, marking its highest value since its record peak in March. Market attention focused on this rally, but recent observations highlighted an unusual trend in search interest.

Bitcoin Near ATH, but Mentions Remain Low

Recent data suggests that while Bitcoin’s price has approached its all-time highs, search trends tell a different story. Insights shared on X pointed out that, despite the surge, Google searches for “Bitcoin” remained notably low. Historically, Bitcoin’s bull runs have coincided with spikes in search volume, which reflected increased retail participation. 

Image

The 2017 bull run serves as a prime example, with Bitcoin climbing to nearly $20,000 as Google Trends index levels soared past 80. A similar pattern emerged during the late 2020 to 2021 rally, where Bitcoin’s rise past $60,000 aligned with significant search interest, though not reaching 2017 levels.

However, the 2024 rally has unfolded differently. Initially, in the first quarter of the year, high search interest in Bitcoin mirrored its all-time high rally to $73,750 in March. Yet, significant interest in searches diminished in the seven months that followed.

Now, despite the price nearing record levels again for the second time this year, Google Trends shows lower search interest, suggesting that retail engagement may not have peaked and that the rally has only just begun.

Historical Trends Confirm More Upside for Bitcoin 

Meanwhile, October has historically been pivotal for Bitcoin’s upward momentum. Market intelligence platform Lookonchain noted a recurring trend: since 2013, Bitcoin has repeatedly posted significant gains in October.

Notable years include 2013, 2017, 2020, 2021, and most recently, 2023. Specifically, the October 2023 rally was significant, with Bitcoin achieving a 28.54% monthly gain that set the stage for a five-month uptrend.

Starting from a price of $26,965 in early October 2023, Bitcoin climbed steadily, reaching over $73,000 by March 2024, a 173% increase. This period marked consecutive months of gains and positioned Bitcoin for another potential surge post-October 2024, following market corrections in the second and third quarters.

Post-U.S. Election Price Movements

Another factor shaping market analysis is Bitcoin’s price movement following past U.S. presidential elections. Market watcher Ali Martinez highlighted this trend, citing 2012, 2016, and 2020 data. After the November 2012 election, Bitcoin’s price surged by 10,640%, peaking at $1,137 by December 2013. 

The November 2016 election showed a similar pattern, with Bitcoin climbing 2,698% to reach $18,970 in December 2017. Following the November 2020 election, Bitcoin gained 386%, reaching a then-record high of $69,000 in November 2021. Martinez’s data set expectations for strong performance as Bitcoin approaches this next phase of its market cycle.

Stablecoins Capture 10% of South Korea’s Trade Transactions, with TRON-Based USDT Leading

Abdulkarim Abdulwahab
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Stablecoins Capture 10% of South Korea’s Trade Transactions, with TRON-Based USDT Leading

A South Korean government official has reportedly disclosed that around 10% of the country’s domestic trade transactions are conducted using stablecoins, specifically Tether (USDT). 

Ki Young Ju, founder of CryptoQuant, disclosed this today. The report highlighted the growing use of stablecoins in South Korea’s trade and noted that traders find stablecoins appealing due to their low fees, fast transaction speeds, and bypassing South Korea’s strict foreign exchange regulations. 

Moreover, using stablecoins, traders avoid SWIFT costs, currency conversion fees, and delays associated with traditional methods. 

TRON-Based Tether Leading the Charge

Amid this disclosure, Ki Young Ju noted that USDT holds a 72% share of the stablecoin market. Notably, most transactions occur on the TRON blockchain rather than Ethereum. 

For instance, Tether minted $1 billion worth of USDT on Tron in one transaction two days ago. Meanwhile, the stablecoin issuers minted other lower values in units of $50 million on Ethereum.

Moreover, data from Defillama indicates that Tron-based USDT accounts for 49.52% of Tether’s $120 billion supply, while Ethereum comes in lower at 39.13%.

The preference for TRON-based USDT is attributed to its lower transaction fees and faster processing speeds, making it an ideal choice for trade. Young Ju stated that the choice of TRON for USDT transactions reflects a strong product-market fit. This highlights how TRON’s scalability and cost-effectiveness make it particularly attractive to businesses.

Concerns About Stablecoins’ Role in South Korea’s Trade Transactions

Notably, stablecoins in South Korea’s financial landscape help businesses bypass the lengthy procedures and fees associated with traditional currency exchanges. They offer near-instant transfers and minimal costs, providing businesses greater flexibility and efficiency in cross-border trade.

However, the growing reliance on stablecoins raises concerns for regulators. As stablecoin transactions bypass traditional banking channels, tracking the flow of funds becomes increasingly complex. According to the report, this could potentially lead to inaccuracies in national trade and capital flow statistics.

Economists are also worried that during times of economic volatility, South Korean assets could be quickly converted into stablecoins and moved offshore, which could impact the nation’s foreign currency reserves. 

Lee Chang-Yong, the governor of the Bank of Korea, warned last year that stablecoins could increase volatility in cross-border capital movement, posing a threat to South Korea’s monetary sovereignty.

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