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Here Are Projected Timelines for Shiba Inu to Reach $0.000272 and $0.00341

Lele Jima
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Analysts from prominent crypto trading platform Changelly predict that it could take several years for Shiba Inu to reach $0.000272 and $0.00341, respectively. 

Shiba Inu is feeling the wave of the ongoing relief rally across the broader market. Data from CoinMarketCap shows that the price of the dog-themed token has soared 11.28% over the past seven days to $0.0000147. 

Interestingly, this relief rally has reignited investors’ hopes of a bull run that could take Shiba Inu’s price to loftier targets like $0.000272 and $0.00341. 

Expected Growth Rate for Shiba Inu’s Potential Surge to $0.000272 and $0.00341 

At the current exchange rate of $0.0000147, Shiba Inu must surge 1,859.65% to reach the projected price of $0.000272. Reaching this target would mark a new all-time high for Shiba Inu, potentially taking SHIB’s market cap from $8.18 billion to $160.32 billion, assuming the asset’s circulating supply remains stable at 589.27 trillion. 

Notably, hitting the $0.00341 target would take Shiba Inu closer to the much anticipated one-cent dream. To reach the $0.00341 price level, Shiba Inu must increase by 24,467.72% from its current price. At $0.00341, Shiba Inu would have a market cap of $2 trillion, up 24,467% from its current level of $8.18 billion. 

Potential Timeline for Shiba Inu Surge to $0.000272 and $0.00341

As the $0.000272 and $0.00341 forecasts gain momentum in the Shiba Inu community, we examined the potential timeline SHIB could reach these targets. 

According to Changelly experts, Shiba Inu could hit the $0.000272 and $0.00341 targets in its lifetime. However, they projected that these predictions could take several years to materialize. 

Specifically, Changelly projected that Shiba Inu’s price could reach the $0.000272 target by February 2032, almost eight years from now. Changelly experts mark the $0.000272 target as Shiba Inu’s maximum price in February 2032. 

Also, the analysts projected that the $0.00341 prediction would become a reality by April 2040.

Meanwhile, several analysts have previously issued similar predictions, speculating that Shiba Inu would surge to the $0.0002 and $0.003 territories in the future. 

SHIB to $0.0002 

On June 8, Forbes Under 40 candidate and Bitcoin investor Moataz “Eljaboom” Elsayed drew attention to Shiba Inu’s interesting performance, noting that the token was repeating its 2021 pattern. According to him, if Shiba Inu continues the trend, SHIB’s price could surge to $0.0002404. However, he did not set a timeline for this potential surge.  

A few days later, famous market observer Valeriya predicted Shiba Inu could stage a 1,000% rally in June. At the time, Shiba Inu was changing hands at $0.00002207. Therefore, if Shiba Inu had witnessed the 1,000% surge, its price would have risen to $0.00022.  

In July, the popular crypto analytics platform ‘More Crypto Online’ projected that Shiba Inu could hit $0.0002501 based on its Elliott Wave Theory analysis. However, the platform did not set a specific date for when this prediction will materialize. 

SHIB to $0.003 

Meanwhile, the $0.003 target is not a new prediction in the Shiba Inu community. Multiple experts have projected that Shiba Inu could rise to this price level in a few years. 

For instance, in January, popular AI chatbots ChatGPT and Google Bard (now Gemini) forecast that Shiba Inu would reach the $0.003 level by 2029 and 2041, respectively. Notably, popular crypto prediction platform Telegaon sees Shiba Inu hitting $0.003 by 2035, 11 years from now. 

In June, pseudonymous market observer Wizard Crypto predicted that Shiba Inu could rise to $0.003 before the end of this season’s bull run. 

Last month, Changelly’s prediction table showed that Shib Inu would reach the $0.003 threshold by 2050. The company’s projected target of $0.00341 by April 2040 marks the exchange’s latest prediction for Shiba Inu. 

Can Shiba Inu Reach These Lofty Targets 

While these predictions seem unrealistic, it is worth mentioning that Shiba Inu has previously witnessed more significant surges. As reported earlier, Shiba Inu soared over 150 million percent 14 months after its launch. 

Notably, Shiba Inu achieved the feat despite having an enormous circulating supply. In the meantime, Shiba Inu’s ecosystem team has made significant efforts toward reducing the supply. This led to the introduction of an automatic burn portal, which incinerates SHIB using part of Shibarium transaction fees.   

The ecosystem team behind Shiba Inu has also introduced more utilities, like games, metaverse, blockchain network, and an NFT marketplace. These projects could potentially drive Shiba Inu’s adoption, paving the way for greater upsurges. 

Here’s XRP Price If Bitcoin Hits $13M as Predicted by MicroStrategy Chairman

Abdulkarim Abdulwahab
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According to a proportional growth analysis, XRP price could rise by over 215-fold if the bold $13 million per Bitcoin forecast materializes.

Michael Saylor, the chairman of MicroStrategy, recently set an ambitious target for Bitcoin, predicting it could reach $13 million by 2045. Saylor shared this bold outlook during a recent appearance on CNBC TV. He argued that Bitcoin could capture 7% of global capital due to its zero-counterparty risk.

Notably, MicroStrategy has invested over $9.49 billion in Bitcoin since September 2020, generating an 825% return. Just last week, the firm made a fresh investment of over $1.1 billion in Bitcoin.

Saylor’s prediction is one of the most ambitious projections for Bitcoin in recent times, surpassing VanEck’s estimate of $2.9 million by 2050.

What Bitcoin at $13M Means

At a unit price of $13 million, Bitcoin’s global market capitalization would be approximately $273 trillion. For context, the current price of BTC is around $60,000, with a fully diluted market capitalization of $1.26 trillion.

Reaching the $13 million threshold would require Bitcoin to grow by 215-fold or 21,566%. Saylor believes this level of growth is feasible for the firstborn crypto in precisely two decades.

Historically, the market capitalization of Bitcoin has been above 50% of the global size of the crypto market. As a result, if Bitcoin alone wielded a market capitalization of $273 trillion, the size of the altcoin market could be of similar value, implying an overall crypto market size of above $546 trillion, much higher than the current market size of around $2.1 trillion.

This raises the question of what the size and value of popular altcoins like XRP could be if Bitcoin were to reach this level. XRP currently has a market cap of $33 billion and a fully diluted cap of $58 billion, ranking it as the seventh-largest cryptocurrency.

XRP Price If Bitcoin Hits $13M 

Notably, it is challenging to predict precisely the potential value of XRP with Bitcoin at $13 million. However, using Bitcoin’s proportional growth could provide an estimate.

Since reaching $13 million would require Bitcoin’s value to increase by 215-fold, applying a similar growth rate to XRP suggests a price of around $126.60, up from its current price of $0.5861.

Essentially, this assessment suggests XRP could be worth over $126 in two decades if Bitcoin reaches $13 million.

However, XRP has a history of outperforming Bitcoin during booming markets, although in more recent times, Bitcoin has outperformed XRP. This suggests that while proportional growth puts XRP at $126, the actual value of XRP could even be double that value by 2045 or less.

Interestingly, some analysts in the XRP community believe that XRP’s value could surpass $126 by next year. This further suggests that by 2045, XRP’s value could be significantly higher than $126, according to popular sentiment among ambitious market watchers.

XRP to $27-$33 as Analyst Backs These Targets with Elliott Wave and Fibonacci Analysis

Sam Wisdom Raphael
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XRP to $27-$33 as Analyst Backs These Targets with Elliott Wave and Fibonacci Analysis

Market analyst EGRAG recently discussed XRP price outlook, predicting a price surge that could take it to double-digit values. 

The analysis, which the market watcher revealed in a recent post on X, relied on the Elliott Wave Theory and Fibonacci retracement levels to predict XRP’s future movements.

XRP Wave 5 Potential 

Notably, EGRAG’s report rests on understanding the extent of Wave 5 within the Elliott Wave Theory, which suggests that Wave 5 often measures between 1.236 and 1.618 times the size of Wave 4. 

Alternatively, the analyst suggested that Wave 5 can match Wave 1 or cover 61.8% of the combined distance of Waves 1 and 3. In all scenarios, the target exceeds Fibonacci level 3, which indicates that XRP could see a massive upsurge.

EGRAG presented the first accompanying chart, observing XRP’s movements over a 3-month timeframe. The chart shows XRP’s price action in a classic Elliott Wave pattern, showing Wave 1 through Wave 4 and forecasting the magnitude of Wave 5. 

XRP 3M Chart EGRAG Crypto
XRP 3M Chart | EGRAG Crypto

The Fibonacci levels drawn in the chart reveal the expected retracements and expansions, with particular attention to the 1.236 to 1.618 levels. Based on this pattern, EGRAG indicates that XRP could potentially surpass the Fib 3 target of $33.

XRP Comparison with BTC and ETH

Meanwhile, EGRAG drew comparisons between XRP, Bitcoin (BTC), and Ethereum (ETH). He confirmed that Bitcoin has reached Fibonacci level 3 but has since struggled to sustain this level by failing to close three consecutive monthly candles above it. 

In contrast, Ethereum has surged past Fibonacci level 3 and even reached Fib 4.272, a level much higher than Bitcoin’s peak.

Ethereum 3M Chart EGRAG Crypto
Ethereum 3M Chart | EGRAG Crypto

EGRAG believes these comparisons bolster his optimism for XRP. The analyst suggests that XRP could not only surpass Fib 3 ($33) but could also be in a macro-Wave 5 scenario, signaling that the current market cycle may lead to further price expansion. 

The significant resistance faced by BTC and ETH in past cycles further shows XRP’s potential to rise beyond those levels, should Wave 5 unfold as anticipated.

The Bigger Picture: XRP to $1,780

The market analyst also discussed the possibility of XRP reaching even loftier heights, comparing its potential to Ethereum’s previous market cycle. 

In a second XRP chart, he identified a larger wave structure for the altcoin, where the blue wave count represents an alternative scenario with a higher target.

XRP 3M Chart EGRAG Crypto
XRP 3M Chart | EGRAG Crypto

The larger Fibonacci structure and wave count suggest that XRP could aim for Fibonacci level 4.272, a potential price target of $1,780. This is in sync with Ethereum’s performance during its bull cycle, where it similarly exceeded expectations and surged past Fib 4.272. 

If XRP mirrors Ethereum’s price movement, it could experience a dramatic rise in value, although this scenario is more speculative and tied to a long-term macro trend.

Standard Chartered Exec Predicts Bitcoin Would Reach $200K Regardless of US Election Result

Mark Brennan
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Standard Chartered Exec Predicts Bitcoin Would Reach $200K Regardless of US Election Result

Geoff Kendrick, the head of digital asset research at Standard Chartered, says Bitcoin will trade at $200,000 by next year regardless of who wins the November US presidential election.

In an interview, the banking giant’s executive tied the expected price surge to three emerging trends. Kendrick asserted that factors related to policy changes, inflation, and inflows into spot Bitcoin exchange-traded funds would drive Bitcoin’s price to unprecedented levels.

Kendrick Cites Factors That Would Drive Bitcoin Surge

According to him, he sees the government revoking the Staff Accounting Bulletin -121 policy. The policy, introduced in March 2022, requires banks to reveal the crypto assets they hold in custody on their balance sheet.

The policy also limits the amount of digital assets banks can hold, discouraging financial institutions from adopting cryptocurrencies. Although the House and Senate voted in favor of scrapping the policy, President Biden vetoed to keep the regulation.

However, Kendrick noted that he sees the bill ending with the current administration. The exec asserted that either Donald Trump or Kamala Harris would repeal the law when elected.

Inflows Into US Bitcoin ETFs to Peak in Q4

Furthermore, the digital assets expert predicted that incessant inflows into the US Bitcoin spot ETFs would resume in October. The ETF products have had a lax window since July, failing to keep the standards seen between January and June.

Howbeit, Kendrick insists that fund inflows would be resurgent and push Bitcoin to higher prices. It bears mentioning that incessant inflows from US spot ETFs pushed the premier asset to an all-time high of $73,700 in March.

Also, the bank exec cited an uptick in inflation expectations, a factor that will drive investors’ interest in store-of-value asset classes. Hence, the expert sees an impending adoption of Bitcoin as a hedge against inflation and a consequent price implication.

Bitcoin to $125,000 if Trump Wins

While predicting a surge to $200,000 in 2025, regardless of the November election outcome, Kendrick asserted that a Trump victory will drive Bitcoin’s price to $125,000 by the end of this year.

The Standard Chartered executive implied that bullish sentiments around Trump’s pro-Bitcoin stance would steer the asset to six figures. Trump’s apparent mission to rescue cryptocurrency from bad regulatory actors has endeared him to the crypto community. 

The Republican nominee expressed his unwavering support for digital assets, with he and his two sons recently launching a DeFi platform. The family has teased the project to displace the traditional financial system.

Meanwhile, Kendrick speculated that the SEC boss, Gary Gensler, will be leaving office, marking a new wave of regulatory clarity for crypto assets in the US. Notably, Trump had pledged to sack Gensler on his first day in office.

With the SEC boss off the chart, Kendrick sees the crypto sector blossoming again. He noted that ETFs would be approved more quickly, driving institutional adoption. The exec stated that he expects the Solana spot ETFs to launch next, an opinion that the XRP community will debate.

XRP Could Become the Tesla of Crypto, Analyst Claims

Abdulkarim Abdulwahab
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XRP Could Become the Tesla of Crypto, Analyst Claims

XRP has the potential to be the cryptocurrency equivalent of Tesla’s stock performance, according to well-known market analyst Matt Hughes.

Hughes made this bold comparison in a recent post on X, drawing parallels to the period marked by significant growth for TSLA.

In the commentary, Hughes shared a chart juxtaposing Tesla’s historical growth with XRP’s current position, implying that the latter might be on the verge of experiencing a similar explosion in value.

XRP’s Current Position Mirrors Tesla’s Early Days

The chart shared by Hughes highlights how XRP’s current price levels align with Tesla’s price trajectory back in the early 2010s. Tesla, which started as an underdog in the automotive industry, has since become a dominant force.

Its stock price skyrocketed from a few dollars to over $414 before stock splits, rewarding early investors with astronomical returns. As of today, TSLA’s price is at $238.25, which represents a massive 18,710% profit for earliest investors.

According to Hughes, XRP is currently in a similar phase—poised for a breakout that could lead to massive long-term gains. In the chart, he pinpointed where XRP stands in comparison to Tesla’s historical chart, which was the bottom point before TSLA exploded to an all-time high.

Notably, looking at the historical chart, the performance of TSLA appears unimpressive at first glance, showing a relatively flat progression between 2010 and 2019. However, during this time, its value had expanded more than ten times from around $1.70 to above $16 in August 2019.

From this point on, it commenced an explosive price growth, as depicted by the towering wave on the historical chart from 2019 to an all-time high in 2021. Specifically, from a low of $14 in August 2019, TSLA rallied up to $414 in two years, which is a massive 2,857% price growth.

TSLA hisotrical perfomance
TSLA historical performance

XRP Price if It Follows TSLA Path

Hughes’ suggestion that XRP is quite possibly the TSLA of the 2010s of cryptos seeks to highlight that while XRP currently underperforms in the market, it could be gearing up for a major rally to send it to a fresh all-time high.

Notably, XRP is trading around $0.5831 today. The analyst sees this current level as a bottom point before XRP potentially breaks to a fresh all-time high within the next few years, as observed with TSLA.

Remarkably, a similar 2,857% price growth from XRP’s current point would send the asset above $17.

Here are Returns on $1,000 Invested in Shiba Inu if SHIB Hits a $1T Market Cap

Sam Wisdom Raphael
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Here are Returns on $1,000 Invested in Shiba Inu if SHIB Hits a $1T Market Cap

Shiba Inu investors could see their holdings skyrocket by as much as 11,783% in the long term if SHIB’s market cap rises to clinch the $1 trillion threshold.

The crypto market is currently showing signs of a rebound, and Shiba Inu has leveraged this trend to recover some lost values. For context, SHIB previously witnessed a three-day loss of 5.69% from Sept. 14 to 16, culminating in a drop to the psychological support at $0.00001300.

SHIB Sees Renewal of Optimism

However, as the market recovered, Shiba Inu has since recorded four consecutive days of gains. Within this period, the dog-themed token has appreciated by nearly 9%, eventually reclaiming the $0.000014 territory. Amid the rebound, bullish sentiments and analyses have resurfaced. 

Despite the ongoing upward momentum, Shiba Inu’s current price at $0.00001428 means the token is down 83% from its all-time high price of $0.00008845, attained during the previous bull run in October 2021. 

Nonetheless, this current position has not dampened optimism in Shiba Inu. Some analysts expect SHIB to eventually breach the $0.00008845 peak, with protections pointing to a possible $0.00015 price. Interestingly, others expect more substantial surges towards $0.00045.

Shiba Inu at a $1T Market Cap

Notably, Shiba Inu lead developer Shytoshi Kusama believes even the $0.00012 is an underestimate for SHIB. In July, Kusama confirmed that the ecosystem team’s goal is to push Shiba Inu into becoming the first-ever trillion-dollar decentralized entity. 

Attaining a market cap of $1 trillion would skyrocket Shiba Inu’s price to substantial heights. For context, Bitcoin is the only cryptocurrency with a market cap exceeding $1 trillion. The premier crypto asset first attained the $1 trillion feat in February 2021, when its price surges past $56K, hitting the then all-time high.

For Shiba Inu to reach this level, its price would need to surge by a more significant margin due to its current price position and its circulating supply. SHIB currently has a supply of 589 trillion tokens. To attain a $1 trillion market cap with this supply, Shiba Inu must surge to $0.001697, erasing two leading zeros.

Returns on $1,000 if Shiba Inu Hits $1T Valuation 

This value would mark a massive 11,783% increase from Shiba Inu’s current price. Interestingly, while most investors believe this spike is unfeasible, Shiba Inu accumulation remains on the high side.

For instance, IntoTheBlock data shows that addresses holding between $100 and $1,000 worth of SHIB had grown to 352,660 at press time. This represents an increase of 10,890 new wallets, compared to the 341,770 figure from the start of the year.

Shiba Inu Addresses IntoTheBlock
Shiba Inu Addresses | IntoTheBlock

Notably, investors with $1,000 worth of Shiba Inu are currently holding 70,028,011 tokens at the prevailing price. If Shiba Inu attains a $1 trillion market cap by its price surging to $0.001697, the worth of these 70,028,011 tokens would increase to $118,837.

Shiba Inu Partner K9 Finance Achieves ‘Amazing’ Milestone: Details

Lele Jima
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Shiba Inu Partner K9 Finance Achieves ‘Amazing’ Milestone: Details

Shiba Inu’s official X handle celebrates the successful first 48 hours of K9 Finance’s Liquid Staking and Derivative (LSD) platform. 

In a tweet yesterday, Shiba Inu’s ecosystem team called the public’s attention to the latest milestone achieved by K9 Finance. This comes after K9 Finance launched its highly-anticipated liquid staking solution, dubbed Bonecrusher, on Shibarium. 

For context, K9 launched Bonecrusher on September 18, allowing users to stake their Bone ShibaSwap (BONE) tokens. 

Remarkable Performance of K9 Staking Solution 

Two days after the launch, Buzz, the pseudonymous founder of K9, took to X to highlight the project’s achievements. 

According to Buzz, users staked 2.5 million BONE tokens on Bonecrusher’s liquid staking solution within 48 hours. It bears mentioning that Bonecrusher offers an APR of 33.6% for BONE staking.

Currently, the number of staked BONEs has surged to 2,536,219 (2.53 million). These tokens were staked by 171 users. 

K9 Finance staking solution
K9 Finance staking solution

Additionally, the K9 founder confirmed that users also staked $1.5 million to farm its liquid staking token, knBONE. Furthermore, Buzz disclosed that 50% of the total circulating supply of KNINE has been locked for an average of 10.5 months. 

Following this remarkable milestone, Buzz claimed that K9 Finance is now Shibarium’s biggest decentralized finance (DeFi) protocol by total value locked (TVL). 

Positive Impact on Shibarium 

Interestingly, Buzz also highlighted the positive impact Bonecrusher’s launch has had on Shiba Inu’s Layer-2 blockchain Shibarium. According to him, Shibarium’s transaction volume has increased by 82% since Bonecrusher deployed on the blockchain. 

Data from Shibariumscan confirms this claim, showing an uptick in daily transaction volume since September 18. On this day, Shibarium’s transaction volume stood at 7,720, up 70% from the previous day’s record of 4,540. 

The following day, Shibarium registered a daily transaction volume of 11,360. At press time, Shibarium boasts a daily transaction of 8,210, while the overall count is 418.22 million. 

Moreover, Buzz claimed that Shibarium’s total value locked (TVL) is approaching 3x in just 48 hours after BoneCrusher’s launch. 

“Truly humbling to play a small role in growing an ecosystem that is so nascent, yet ripe for opportunity,” Buzz remarked. 

Reacting, Shiba Inu characterized Bonecrusher’s performance as an amazing feat for the SHIB community and the team behind K9 Finance. 

Ultimately, Bonecrusher’s debut on Shibarium is seen as a notable milestone for the Shiba Inu project. As the staking solution gains more users, it will bolster Shibarium’s transaction volume, leading to more SHIB burns in the future. 

The impact of burning SHIB cannot be overemphasized, as it reduces Shiba Inu’s circulating supply, potentially boosting the value of the remaining tokens. 

Top Analyst Says Even XRP is “Cooking Something”

Abdulkarim Abdulwahab
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Top Analyst Says Even XRP is “Cooking Something”

A prominent technical analyst recently observed promising signs that XRP is “cooking something” and gearing up for a significant uptrend as bulls return.

The crypto market has seen a major boost in bullish sentiment over the past few days. Some top altcoins have reclaimed fresh new highs for the month amid Bitcoin’s successful attempt at the $64K threshold.

Specifically, Bitcoin retested the $64K level yesterday for the first time since last month. The bull momentum from this move had a far-reaching effect on previously underperforming altcoins like XRP, Solana, and Ethereum.

For instance, Ethereum reclaimed the long-lost $2,550 level, while Solana re-entered the $150 region. Likewise, XRP, which initially traded at a low of $0.577, rallied up to $0.591 on Friday.

However, this level was not notably consequential, as XRP had traded at even higher price levels last week. Essentially, XRP benefited only slightly from the Bitcoin-led pump on Friday.

Meanwhile, some top analysts believe that XRP may be setting the stage for a more significant move, pointing to developing chart patterns. 

XRP Bullish Potential

In a recent post on X, a widely followed technical analyst, “The Dude,” highlighted that as the altcoin market booms, even XRP, which often lags in bull runs, is “cooking something.” This suggests that XRP could soon see improved performance.

Accompanying his analysis was a weekly candlestick pattern for XRP, showing a tightening range. The compressing candlesticks indicate that a breakout from this narrowing pattern could be imminent.

XRP chart by “The Dude”

Notably, this analyst rarely comments on XRP price movements, as he last analyzed XRP in 2023. His recent statement that “even XRP is cooking something” signals growing confidence in XRP’s potential for a bullish breakout alongside the broader altcoin market.

While Altcoins Are Expected to Continue Uptrend

The market is expected to remain bullish for the coming days amid the U.S. FED’s latest decision to significantly cut interest rates for the first time in four years, making risk assets appealing to investors.

The move sent Bitcoin significantly above the $60K level, and some analysts believe a $70K range is on the cards. Bitcoin’s creation of a new all-time high would notably help altcoins like XRP perform.

Other Analysts Forecasting XRP Bull Run

Notably, “The Dude” is not the only analyst who has gained confidence in an XRP bull run based on chart formation.

In a separate trend, analyst Mikybull labeled XRP’s current price structure a “technical time bomb.” He compared it to the 2017 market behavior to argue for a potential massive rally ahead. However, he offered no insight into potential targets.

Meanwhile, analyst JayDee recently highlighted that XRP’s Bollinger Bands are narrowing more than ever. He cited the 65,000% price surge seen the last time a similar tightening pattern surfaced. However, JayDee noted that a price surge of around 1,000% is more realistic for XRP.

Ripple Chairman Larsen Moves 20M XRP Days After Shuffling 50M

Sam Wisdom Raphael
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Ripple Chairman Larsen Moves 20M XRP Days After Shuffling 50M

The Ripple Chairman Chris Larsen has moved 20 million XRP from the 50 million tokens he shuffled days ago. 

Notably, speculations point to Binance as the ultimate destination of these 20 million tokens, given the historical movements associated with the recipient address. However, these remain unconfirmed at the reporting time.

Earlier 50M XRP Transfer

For context, one of the wallets belonging to the Ripple Chairman moved out 50 million XRP on Sept. 16, as previously reported by The Crypto Basic. This transaction was especially noteworthy, as the sending address had not recorded any substantial outflow since its creation in 2013.

Notably, the Larsen wallet first activated the recipient address rao…gzS with 11 XRP before eventually moving the 50 million tokens to the address. The address held onto the tokens until recently, when it moved a portion of it to another wallet.

Recent Movements Point to Binance

In a series of transactions last night, rao…gzS transferred 20 million XRP in four batches of 5 million tokens to an unknown address. The four transactions ran from 18:25 to 18:30 UTC on Sept. 20, all funneled to a single address, rHo…Spm.

Following the transactions, rao…gzS now retains 30 million XRP from the initial 50 million tokens it received. Now, rHo…Spm, the recipient address of the 20 million XRP, has held onto tokens at the time of reporting. However, its transaction history suggests it might offload them soon.

Bithomp
Bithomp

Notably, the wallet typically receives millions of XRP from various addresses and then retains them for some time before sending them out to Binance. This has triggered speculation that the 20 million XRP from Chris Larsen could be heading to Binance.

Meanwhile, another camp of speculators suggests the transactions could be linked to another hack. The Crypto Basic confirmed in February that similar transactions from another wallet belonging to Larsen was the product of a hack. The exploiters were able to steal about 212 million XRP from the wallet.

With the recently moved tokens now being shuffled across addresses, these hack speculations have resurfaced. However, as earlier noted, such speculations are unlikely to be correct. Notably, it’s been nearly five days since the first movements, and Larsen has not confirmed that he suffered an exploit. 

US SEC Approves Options Product on BlackRock’s Bitcoin Spot ETF

Mark Brennan
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US SEC Approves Options Product on BlackRock’s Bitcoin Spot ETF

The US Securities and Exchange Commission has approved options trading on BlackRock’s iShare Bitcoin exchange-traded fund (ETF).

Per a September 20 approval, the SEC has given Nasdaq the nudge to list and trade the options contract for BlackRock’s Bitcoin trust following approvals from other involved regulators. Options contracts provide investors with a new means of exposure to Bitcoin, allowing them to buy or sell the asset at a price of choice.

SEC Sanctions Options Trading

Following the rule change approval, the iShares Bitcoin Trust options will list and trade on the exchange operator Nasdaq under the ticker IBIT. The SEC filing stated that the options contract under the ticker will be physically settled using the American-style exercise.

Nasdaq noted it would list and trade the IBIT options contract in a manner similar to that of other options ETFs. The exchange will add support for the product following approval from other involved parties.

The options contract will enhance the growing institutional traction of Bitcoin. With a new means of exposure, investors would cue in to harness the volatility associated with the largest cryptocurrency by market cap.

Notably, BlackRock and Nasdaq filed for the SEC’s approval of the options product on January 9, a day before the regulatory watchdog approved all 11 Bitcoin spot ETFs. The SEC published the rule change filing for comments 16 days later.

However, the securities regulator delayed the decision on the options product on July 19, stating it needed more time to approve or deny the rule change. Eventually, the SEC quit playing hardball with the Friday approval.

SEC’s Approval Not the Only Requirements

Tandem with the SEC’s rule change approval, Bloomberg’s Senior Analyst Eric Balchunas asserted that it was the first step before listing. The analyst stated that the Options Clearing Corporation (OCC) and the Commodity Futures Trading Commission (CFTC) would have to sanction the product before listing.

Notably, unlike the SEC, the OCC and CFTC do not have a timeline for approval. Hence, the time the duo would endorse the options product, which is necessary for listing, remains unknown.

However, Balchunas expressed optimism, tapping the SEC for “coming around.” He also noted that he expects the OCC and CFTC approval in a short time. It bears mentioning that the SEC still has the Ethereum version of the options product and a Bitcoin options index to approve.

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