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Stuart Alderoty Reveals Steps and Timeline of Ripple V SEC Appeal

Lele Jima
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Stuart Alderoty Reveals Steps and Timeline of Ripple V SEC Appeal

Following a chat with Ripple’s CLO Stuart Alderoty, FOX Business journalist Eleanor Terrett outlines the steps and timelines for the appeal process in the SEC v. Ripple lawsuit.

It is no longer news that the SEC and Ripple have declared their intentions to appeal Judge Analisa Torres’ verdict. The SEC was the first party to file its appeal notice on October 2, 2024. Ripple followed suit and counter-appealed the court verdict a week later. 

Despite speculations, the timeline and steps for the appeal process remain unclear. Notably, Ripple’s CLO provided insights into these details during a “great chat” with FOX Business journalist Terrett. 

Steps and Timeline for Ripple V SEC Appeal 

After the conversation, Terrett took to X to outline the steps and timeline of the lawsuit’s appellate proceeding. 

SEC and Ripple Form C Filing 

According to Terrett, the next step of the appeal involves the filing of Form C. For context, this legal document helps shed light on the aspect of the case the SEC intends to appeal. 

It is worth noting that the SEC only notified the court about its intention to appeal. However, it did not indicate which part of Judge Torres’ ruling it intends to challenge in the Second Circuit. 

By filing Form C, the securities regulator would reveal the aspect of the ruling that requires an appellate review. Notably, the SEC is due to file Form C today, October 16, 2024. 

Afterward, Ripple must file its Form C seven days later, providing details about its cross-appeal. Recall that Ripple said its cross-appeal would ensure nothing is left on the table, as it intends to challenge the judge’s decision on institutional sales, which the SEC won. 

Briefing Schedule 

Terrett said the parties will agree on a schedule for submitting their appellate briefs upon filing their respective Form C documents. The court will give the SEC 90 days to submit its legal brief detailing the agency’s comprehensive argument regarding why it believes Judge Torres erred in her decision. 

Ripple’s CLO speculated that he expects the SEC to take the entire 90 days to file its opening appellate brief. After the filing, Ripple will submit its response to the SEC argument and subsequently file its opening cross-appeal brief. 

Per Alderoty, the appellate proceeding’s briefing process could linger until July 2025, nine months from now. 

Potential End Date of the Lawsuit 

As reported earlier, some legal experts, like Fred Rispoli and Jeremy Hogan, believe the appellate court might issue its decision in early 2026. However, should the parties reach an agreement to end the legal dispute, the lawsuit might end sooner. 

Several XRP proponents speculate that this would only happen when there is a change of government and a pro-crypto politician like Donald Trump wins the presidential election slated for early next month. 

Whether the lawsuit will linger until 2026 or end sooner based on mutual agreement remains to be seen. 

Here is Shiba Inu Price if its Market Cap Hits $5T or $10T  

Abdulkarim Abdulwahab
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Here is Shiba Inu Price if its Market Cap Hits $5T or $10T  

Shiba Inu, the second most valuable meme coin in the market, stands out as one of the few crypto assets with promising prospects from the crypto community regarding its future. 

Many market participants, including top analysts and industry pundits, have expressed confidence that Shiba Inu is here to stay and is not going anywhere.

This conviction has led to popular projections for Shiba Inu’s future, with some analysts suggesting that the meme coin could attain a market cap in the trillions of dollars, a lofty threshold currently enjoyed only by Bitcoin.

This article explores the potential price of Shiba Inu in a hypothetical future where its market valuation hits $5 trillion or even advances further to $10 trillion.

Shiba Inu Price if Market Cap Hits $5T or $10T

As of today, Shiba Inu has a floor price of $0.00001764, corresponding to a market cap of $10.4 billion. Notably, during Shiba Inu’s all-time high, it had a market cap of around $45 billion.

From its current position, Shiba Inu needs to see its valuation expand by 100-fold to first enter the $1 trillion range. This lofty milestone requires the meme coin’s value to increase by 10,000% to reach $0.00178164, effectively eliminating two zeros.

From this point, with a $1 trillion market cap, Shiba Inu would need a 5X growth to reach the $5 trillion milestone. Specifically, at a $5 trillion market cap, Shiba Inu would command a market price of approximately $0.0085.

Similarly, for Shiba Inu to attain the $10 trillion market cap milestone, it would need to witness a 100% price rally. A $10 trillion market cap for Shiba Inu would correspond to a market price of about $0.0170.

At a lofty $10 trillion market cap, Shiba Inu would make history by eliminating another zero, leaving just one zero in its price.

For context, at this level, a $100 investment in SHIB today would expand to a portfolio worth $96,371.

Timeline for SHIB to Attain $0.0085 and $0.0170 Price Points

According to Telgaon, a prediction platform, Shiba Inu is expected to reach the $0.0085 price point between 2035 and 2040, approximately 16 years away. 

Meanwhile, for the $0.017 price level, the prediction is set for precisely 2040. However, Changelly, a crypto exchange, disagrees with this timeline, arguing that SHIB would max out at $0.033 by 2050.

Bitcoin Open Interest on Exchanges Spikes to ATH of $19B: Are Big Moves Coming

Albert Brown
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Bitcoin Open Interest on Exchanges Spikes to ATH of $19B: Are Big Moves Coming

Bitcoin rebounds with rising open interest and notable whale activity as market analysts watch for potential volatility.

After a sharp decline last week, Bitcoin is again on the rise. Just five days ago, it dropped below $59,000 but has recently experienced a quick rebound due to a renewal of bullish momentum.

Specifically, Bitcoin recovered some of its losses over the weekend, reaching $63,000. In addition, the start of this week has seen an even stronger surge, with the price climbing to $66,500—its highest point since late September.

This recovery has caught the attention of market analysts, who are closely watching the factors contributing to Bitcoin’s volatile price movements.

Among these factors is the rising open interest across exchanges, an important metric that often signals increased market activity and potential price swings.

Open Interest Reaches New ATH

The market recently witnessed a surge in Bitcoin open interest, which reached a record high of $19.75 billion by mid-October, according to expert analyst Ali Martinez.

Open interest refers to the total number of outstanding derivative contracts that have not yet been settled, including futures and options.

 

From mid-September, open interest has seen steady growth, as market participation in Bitcoin derivatives increases. Historically, spikes in open interest have preceded massive price movements.

Earlier in the year, similar increases in open interest led to major rallies in Bitcoin’s price, suggesting a potential link between this metric and volatility. With open interest now at an all-time high, Martinez foresees potential further price fluctuations in the coming days.

Whale Activity Raises Questions

While Bitcoin’s price has been climbing, whales have been reducing their holdings, according to a separate post by Martinez. Over the past week, Bitcoin whales offloaded or redistributed more than 70,000 BTC, worth around $4.2 billion.

This redistribution occurred even as Bitcoin surged from $54,000 to $66,000, raising questions about the intentions behind these moves.

Whale activity is crucial due to its potential impact on market movements. The recent decline in whale holdings, standing at 4.73 million BTC during Martinez’s post, may indicate that larger investors are either taking profits or reallocating their assets.

This shift could influence the broader market as whales play an important role in liquidity and price stability.

UAE Apex Bank Approves Launch of AED Stablecoin

Abdulkarim Abdulwahab
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UAE Apex Bank Approves Launch of AED Stablecoin

AED Stablecoin LLC, the issuer of AE Coin, has received authorization from the Central Bank of the UAE to launch the country’s pioneering dirham-backed stablecoin. 

This initiative aligns with the UAE’s forward vision and Digital Government Strategy 2025, as outlined in the Payment Token Services Regulation.

Details of the Dirham-backed Stablecoin

AE Coin will offer users the agility of blockchain technology coupled with the reliability of the UAE dirham currency. The dirham-backed stablecoin is launching to enhance payment solutions and contribute to the UAE’s burgeoning digital economy.

Each AE Coin will be backed by transparent reserves and will undergo periodic audits to mitigate the failures seen in recent times in the stablecoin market.

Furthermore, the dirham-backed stablecoin will integrate with decentralized finance (DeFi) platforms. This is to allow users to borrow, lend, and engage in interest-earning activities without intermediaries.

In response to the latest development, the General Manager of AED Stablecoin, Ramez Rafeek, expressed enthusiasm about the approval.

AE Coin Roadmap

AE Coin is designed to facilitate fast and low-cost transactions, enhancing cash flow management for businesses and simplifying daily transactions for individuals. The roadmap includes plans to facilitate secure payments on e-commerce platforms and launch a mobile wallet app for easy access.

Additionally, the parent company, AED Stablecoin LLC, plans to partner with financial institutions, technology providers, and payment gateways to accelerate adoption. Future goals also include integration with dApps and listings on leading crypto exchanges.

Stablecoin Market

Overall, with the UAE Central Bank’s authorization, AED Stablecoin LLC joins the rapidly growing $172 billion stablecoin market, positioning itself as a non-dollar competitor alongside others like EURC, a euro-backed stablecoin.

Circle, the second-largest dollar-backed stablecoin issuer, launched the first-ever MiCA-compliant stablecoin in July on the Base blockchain. Since then, EURC has grown to boast a market cap of $82.6 million. Other non-dollar-backed stablecoins include Anchored Coins (AEUR) and Tether (EURt).

Cardano Founder Identifies “Long Overdue” Protocol that Could Massively Improve Cardano

Sam Wisdom Raphael
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Cardano Founder Identifies “Long Overdue” Protocol that Could Massively Improve Cardano

Cardano founder Charles Hoskinson recently identified a “long overdue” enhancement that could bring crucial improvements to the Cardano blockchain. 

He mentioned this in a discussion started by Cardano blockchain developer Andrew Westberg. Notably, in an X post, the prominent developer recently triggered a conversation on the priorities for the platform’s future.

Cardano Should Prioritize Validation Zones

Interestingly, Westberg argued that the introduction of Validation Zones should be the top priority for Cardano. He chose this over other proposed enhancements, such as fast finality protocols for sidechains, suggesting that these would not benefit the main Cardano chain directly.

According to Westberg, increasing block size, implementing transaction chaining, and addressing UTXO (Unspent Transaction Output) contention could take Cardano further than solutions solely focused on improving decentralized applications (dApps). 

He pointed out that despite the potential to support thousands of dApps, Cardano’s current architecture limits how fast individual applications can operate. However, Validation Zones could resolve multiple issues, bolstering Cardano’s potential.

Addressing UTXO Contention and Enhancing Composability

Westberg explained that UTXO contention—a problem where transactions clash for access to the same outputs—remains a crucial issue for Cardano. 

Notably, besides Cardano, the problem also affects other blockchains that rely on the UTXO model. He stressed that users often see multiple transactions for a single action in their wallets due to this contention. 

Validation Zones, as proposed in the CIP-118 proposal, could resolve this and allow the platform to pack transactions more efficiently. In turn, this will massively improve composability and transaction processing.

Moreover, Westberg mentioned that introducing Validation Zones would enable other much-anticipated features like Babel Fees, which allow users to pay transaction fees in tokens other than ADA, the native cryptocurrency of Cardano. 

With the support for composability, Validation Zones would let Cardano optimize its transaction processing without compromising its unique eUTxO (extended Unspent Transaction Output) model, which prioritizes security and transparency.

Cardano Founder’s Support

Charles Hoskinson responded to Westberg’s remarks, endorsing the developer’s stance. He agreed that Validation Zones should have been implemented much earlier, stressing their importance in improving the network. 

The protocol enhancements Westberg mentioned are detailed in CIP-118, a Cardano Improvement Proposal that introduces a new structure called Validation Zones. 

These zones would allow the processing of partial, incomplete transactions—also known as “intents”—by creating a framework that supports both “requests” and “fulfillments.” 

In practice, this would help improve processes like swaps and other decentralized exchange (DEX) functions by allowing transactions to remain flexible until they are fully validated. This structure would maintain Cardano’s robust ledger guarantees and boost efficiency.

The proposal is in response to CPS-15, which outlines the problems Cardano faces with intent-based interactions. CPS-15 discusses how Cardano’s strict transaction validation rules create challenges for users looking to interact with applications in real-time. 

For instance, Ethereum allows for some non-deterministic behavior in its smart contracts. However, Cardano prioritizes security by ensuring that each transaction is fully specified, which can limit flexibility and lead to the well-known “concurrency problem.”

BlackRock CEO: Bitcoin Is an Asset Class on Its Own; It Will Rise Regardless of the Next U.S. President

Albert Brown
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BlackRock CEO: Bitcoin Is an Asset Class on Its Own; It Will Rise Regardless of the Next U.S. President

BlackRock’s Larry Fink emphasized that Bitcoin is a legitimate asset class that cannot be affected by U.S. politics.

Larry Fink, CEO of BlackRock, recently commented that neither the presidency of Donald Trump nor Kamala Harris would significantly influence crypto prices. According to Fink, the rise of digital assets like Bitcoin is inevitable on a global scale, independent of political leadership.

Fink expressed this perspective in recent discussions with institutional investors, highlighting the evolving perspective on digital assets. His remarks emphasize that the real factors behind the growing adoption of cryptocurrencies are transparency, liquidity, and improved analytics.

He noted that Bitcoin, now considered an asset class comparable to gold, represents a shift in how investors approach asset allocation.

Digital Currencies and Market Growth

Furthermore, the BlackRock CEO discussed the role of national digital currencies, highlighting that they are distinct from Bitcoin. While the creation of country-specific digital currencies, such as a digital dollar, is expected to rise, Fink believes that improved data analytics will dictate the future of these currencies.

The conversation about digitizing the dollar introduces new complexities for regulatory bodies, which will need to consider the role of central bank digital currencies (CBDCs) in the global economy. However, Fink stressed that these discussions are ongoing and require further exploration before any definitive steps are taken.

Notably, countries such as India and Brazil are experiencing significant success in developing their own digital currencies. 

According to him, blockchain will continue to play a crucial role in the future of digital currency development, particularly when paired with artificial intelligence (AI). Fink argued that AI’s integration with blockchain would significantly enhance data analytics, broadening the applicability and market reach of digital assets.

U.S. Leadership’s Impact on Crypto

Meanwhile, regarding whether U.S. leadership could impact the growth of crypto assets, other industry experts have offered differing opinions from BlackRock’s CEO.

Billionaire entrepreneur Mark Cuban suggested that if Kamala Harris were to become the next U.S. president, it would benefit crypto, as he believes she has positioned herself as more progressive in understanding the crypto market than former President Donald Trump.

Cuban claims that Harris has distanced herself from the current administration on crypto-related matters and contrasts her approach with Trump’s focus on promoting specific tokens.

Conversely, Cardano founder Charles Hoskinson expressed that if Trump, as a Republican presidential candidate, were to become president, he would provide more support for the U.S. crypto industry than Vice President Kamala Harris.

In a recent interview with CNBC during the TOKEN2049 conference in Singapore, Hoskinson noted that any candidate actively engaging in crypto conferences or launching decentralized finance (DeFi) projects would likely be more crypto-friendly than someone who appointed SEC Chair Gary Gensler.

Here’s How High XRP will Go in the Next 6 to 12 Months, According to Expert

Abdulkarim Abdulwahab
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0
Here’s How High XRP will Go in the Next 6 to 12 Months, According to Expert

Seasoned analyst Ash Crypto predicts XRP could witness up to nine-fold price gains within the next year amid recent market gains and bullish sentiment.

On Monday, XRP posted a 4.3% gain, rallying from $0.5284 to $0.5511. This marks a fresh two-week high, recovering from the SEC-induced selling pressure in early October that had dragged its price down to $0.51.

As of Tuesday, XRP is correcting the Monday uptrend. It experienced a pullback that caused a retest of $0.5353, its current threshold at press time. Meanwhile, XRP’s temporary rally on Monday prompted some market commentators to issue bullish targets within the six-month to one-year timeframe.

XRP Price for Next 6 to 12 Months

Ash Crypto, an analyst with over a decade of experience, took to X on Monday to inform his 1.2 million followers of his projections for 13 top-ranking crypto assets, including XRP. He noted that he expects XRP to trade within the range of $3 to $5 by next year.

The lower end of this price forecast translates to a 460% gain or a 5X return on investment for today’s investors. Meanwhile, the higher boundary would represent a more substantial 834% appreciation from the current price.

Notably, Ash Crypto also projects a price range of $125,000 to $250,000 for Bitcoin within the same six- to twelve-month timeline. This implies that if Bitcoin establishes a peak at $250,000 by next year—representing a 3X gain from current levels—he anticipates XRP will also set a new record, as $5 would surpass XRP’s previous all-time high of $3.84.

While Ash Crypto expects XRP to reach $3 by at least March 2025, other market pundits have issued more immediate timelines for a similar price target.

Last month, crypto trader Myles G boldly stated that XRP would be worth $3 by Christmas on December 25. In more recent updates, he issued a buy alert on XRP, urging market participants to purchase the coin without worrying about setting stop-loss orders. He outlined profit-taking targets between $1.10 and $2.84 for the near term.

Other Crypto Assets Price Targets for Next 6 to 12 Months

Other prominent crypto tokens featured on Ash Crypto’s list include Ethereum, BNB, Solana, and Dogecoin. For Ethereum, he expects prices to reach up to $15,000 by next year, while for BNB, he projects a range of $900 to $1,400. As for Solana and Dogecoin, the analyst predicts peaks of $650 and $1, respectively.

Ripple Unveils Initial Exchange Partners for Its RLUSD Stablecoin

Lele Jima
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Ripple Unveils Initial Exchange Partners for Its RLUSD Stablecoin

San Francisco-based payments company Ripple Labs announces the initial exchange partners for its upcoming USD-pegged stablecoin RLUSD. 

Ripple announced the development today at the opening session of its annual conference, Ripple Swell 2024. The partners include MoonPay, Bitso, Bitstamp, Uphold, Independent Reserve, Bullish, and CoinMENA. 

The leading payments company confirmed the development in an X post today, noting that users and institutions of these exchanges can gain access to the stablecoin once the token receives the necessary approval from the New York Department of Financial Services (NYDFS).

 

Besides the initial exchange partners of RLUSD, market makers like Keyrock and B2C2 are expected to support the stablecoin’s liquidity. 

RLUSD Aims to be the Gold Standard of Stablecoins 

Commenting on the development, Ripple CEO Brad Garlinghouse expressed optimism about RLUSD’s upcoming launch. 

According to him, Ripple aims to make RLUSD the gold standard for enterprise-grade stablecoins due to its regulatory compliance, growing demand, and cross-border payments utility. 

Top Finance Execs Join RLUSD Advisory Board 

Interestingly, the company has established an advisory board for the USD-pegged stablecoin. The board features prominent financial industry players, including Ripple Chairman Chris Larsen, former JPMorgan executive David Ruth, and former FDIC chair Sheila Bair. 

These executives will help guide RLUSD’s launch into the market. In the meantime, crypto enthusiasts are awaiting the mainnet launch of the stablecoin. The stablecoin is currently in private beta on the XRP Ledger (XRPL) and Ethereum. 

Despite being in private beta for over two months, Ripple has yet to announce the date it plans to launch the stablecoin on the mainnet. 

Last month, Garlinghouse revealed during a fireside chat at the Korea Blockchain Week in Seoul that the stablecoin will roll out in the coming weeks, not months. His comment suggests that the stablecoin’s mainnet launch is imminent and could happen before the end of this year. 

Ahead of the launch, Ripple has continued to mint millions of RLUSD tokens on Ethereum and XRPL. 

U.S. Regulators Net $32B in Settlements, Exceeding XRP Cap

Abdulkarim Abdulwahab
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U.S. Regulators Net $32B in Settlements, Exceeding XRP Cap

U.S. regulators, including the SEC and CFTC, have collected billions in settlements from cryptocurrency businesses so far this year alone.

Market tracking platform CoinGecko revealed this figure in a study published on October 10. The research shows that U.S. regulators have earned approximately $32 billion from crypto firms over the last five years, with $19 billion this year alone.

Settlement Figure Surpasses XRP Market Cap

This figure has garnered attention from market watchers, with commentators like Kashif Raza, founder of Bitinning, drawing striking comparisons. Specifically, Raza pointed out that the $32 billion paid by crypto firms exceeds the market cap of XRP, the seventh-largest cryptocurrency.

XRP’s market cap currently stands at $30.96 billion, while its fully diluted market cap reaches $54.63 billion.

High-Profile Settlements in 2024

The largest portion of funds from enforcement actions came from the resolution with the bankrupt crypto exchange FTX and its affiliate, Alameda. In August, the FTX estate settled its bankruptcy lawsuit with the Commodity Futures Trading Commission (CFTC) for $12.7 billion.

Following closely is Terraform Labs, which agreed to a $4.5 billion settlement with the SEC in June 2024. Additionally, crypto asset firm Genesis offered a $2 billion settlement to the New York Attorney General in May.

High profile settlements
High profile settlements

Notably, Ripple, a crypto company using XRP for payments, was also ordered to pay $125 million in fines to the U.S. SEC. This figure could remain fixed, increase or decrease depending on the outcome of the appeal the SEC looks to file.

U.S. Regulatory Settlements Surge by 14,977% in Two Years

The total settlement value in 2024 has already surpassed last year’s by 78%, with eight settlements this year driving the increase. In comparison, all the eight settlements in 2023 resulted in $10.87 billion in fines, while 2024 has already brought in $19.45 billion.

Astonishingly, the settlement amounts have skyrocketed by 14,977% compared to 2022, when just two settlements, totaling $129 million, were recorded.

Setttlement fines
Settlement fines earned by US regulators

Among the defining settlements of 2023 was the U.S. Department of Justice’s $4.3 billion fine against the Binance exchange. Binance’s founder, Changpeng Zhao, was only recently released from prison amid the enforcement actions.

CoinGecko research analyst Lim Yu Qian believes that, given the persistence of U.S. regulators, there may be a few more settlements before the end of 2024. 

Real Estate Investor Advises Investors to Sell XRP and Cardano for Bitcoin: Here’s Why

Sam Wisdom Raphael
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Real Estate Investor Advises Investors to Sell XRP and Cardano for Bitcoin: Here’s Why

In recent discussions, Jason Pizzino, a Bitcoin maximalist and real estate investor, urged investors to reconsider their holdings in altcoins such as XRP and Cardano (ADA). 

Pizzino’s argument was due to his belief that Bitcoin offers better long-term returns than these altcoins. In a post on X, he encouraged his followers to exchange their underperforming XRP, ADA, and Polkadot (DOT) tokens for Bitcoin, citing its superior performance potential. 

Divesting XRP and ADA for Bitcoin

He noted that it was not too late for investors to make the switch. According to the Bitcoin maxi, these altcoins are “laggards,” suggesting they have consistently underperformed in comparison to Bitcoin. 

Pizzino’s comments were aimed at those holding these assets in anticipation of a price surge but feeling frustration due to their underperformance. Notably, multiple XRP and Cardano investors have faced this issue amid the ongoing market struggles.

For instance, currently trading for $0.54, XRP is down 11% this year. Also, Cardano has collapsed by a steeper 39% in 2024. Meanwhile, Bitcoin is up 55% within the same timeframe.

However, historical data suggests all hope might not be lost for these assets. Notably, each bull run, Bitcoin typically outperforms altcoins during the first phase before these assets record astronomical surges in the altcoin season. XRP witnessed this in 2017, when it spiked 60,000% to $3.31.

One investor challenged Pizzino’s advice, pointing out that XRP might currently be at its lowest point, and selling at the bottom could lead to regret. 

The investor questioned the logic of swapping XRP when its value had already dropped. Pizzino countered this argument, stating that XRP’s bottom has been continuously declining for seven years, highlighting its consistent downtrend.

Black Swan Capitalist Host Responds

Notably, Vandell Aljarah, host of The Black Swan Capitalist, also responded. He expressed skepticism toward Pizzino’s stance, noting that altcoins typically have a higher percentage increase than Bitcoin during bullish cycles. 

Aljarah argued that while Bitcoin could potentially double or quintuple in value, altcoins like XRP and ADA have the potential to multiply by ten or more during a bull run. He believes Pizzino’s analysis overlooks the explosive gains altcoins can achieve during market upswings, which could exceed Bitcoin’s more moderate growth.

Another investor highlighted similar sentiments, expressing hesitation to swap XRP and ADA for Bitcoin. This investor explained that she was already significantly down on their investments in XRP and ADA, with their holdings valued at one-third of her initial investment. 

She speculated that while Bitcoin might double or triple in the near future, ADA could see a much higher return during a bull market. The market participant questioned whether switching to Bitcoin at this stage would be wise when altcoins have historically provided larger gains.

Long-Term Cardano and XRP Criticisms

Pizzino has always criticized both XRP and Cardano. He previously stated that XRP would need to outperform each of the top 20 altcoins before making any significant gains and expressed doubt about its potential to do so. 

Last month, the Bitcoin maximalist also pointed to the years of underperformance that XRP has experienced since it dropped from the $3.31 peak in 2018, describing it as being in a “losing battle” for over six years. 

In addition to XRP, Pizzino has been critical of Cardano, questioning its ability to deliver substantial returns. In June, he expressed doubts about ADA’s potential to achieve a fivefold increase, even going so far as to suggest that memecoins might offer better prospects than Cardano.

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