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Cardano Founder Congratulates Cardano for This New Achievement

Mark Brennan
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Cardano Founder Congratulates Cardano for This New Achievement

Charles Hoskinson congratulated the effect of the newly launched Snek.Fun, which saw Cardano hit a new daily trading volume high.

Cardano founder Charles Hoskinson has expressed gratitude for a recent milestone achieved in the Cardano network. Early Saturday, he quoted a post from memecoin sensation Snek, adding a “well done” message to the tweet.

Hoskinson retweeted a post where Snek highlighted that the Cardano network had hit a new daily transaction volume high. On Friday, the blockchain saw its best 24-hour DEX trading in history as traction to the network skyrocketed.

This notable record was achieved following the launch of memecoin creator Snek.Fun on Thursday. The launchpad saw a magnanimous user influx from the first hour it made its market debut, causing an API overload and slow transactions on the platform.

Snek.Fun Boosts Cardano Volume

The August 8 daily trading volume surge was the first time the Cardano network reached and surpassed 30,000 ADA in 24 hours since early July. On Friday, daily trading volume surpassed 35,000 ADA for the first time in Cardano’s history.

Notably, the trading heatmap showed that most of the volume came from Snek.Fun. The memecoin protocol attracted creators and traders alike, who looked to leverage the buzzing narrative, which was still early in the Cardano network.

The Crypto Basic reported that Snek.Fun saw over 20,000 users in ten seconds, with thousands of memecoins deployed to Cardano through the platform. Notably, Snek.Fun charged users 25 ADA to create memecoins on the protocol.

Memecoin Narrative?

Analyst Max Maher earlier noted that Cardano could incur significant traction like Solana and Ethereum if it created a buzz around the blockchain through a narrative. The Solana network trended because of the memecoin frenzy on its blockchain, while Ethereum leveraged the Ethereum spot exchange-traded funds (ETFs).

The launch of the Snek.Fun protocol could bring the memecoin narrative to the Cardano network and, consequentially, new users and traders. Notably, the Tron network benefited immensely from the launch of SunPump.

If this trend continues, the Cardano network may host the next meme craze and could see ADA and other tokens on the blockchain surge significantly. ADA currently trades at $0.3235 at the time of writing.

Shiba Inu Rival Spikes Over 600% After Binance Listing 

Lele Jima
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Shiba Inu Rival Spikes Over 600% After Binance Listing 

Shiba Inu’s rival Neiro on ETH (NEIRO) sees a dramatic surge of over 600% after leading crypto exchange Binance launched its USD-margined perpetual contract. 

The broader crypto market continued its massive decline yesterday as investors reacted to the mixed report relating to U.S. nonfarm payrolls. 

Reason Behind NEIRO Surge 

Top crypto assets like Bitcoin (BTC), Ethereum (ETH), and Shiba Inu (SHIB) saw significant drawdowns of at least 3%. However, Neiro on ETH, a popular memecoin characterized as Shiba Inu’s rival, experienced a massive price surge. 

NEIRO’s price spiked by over 100% to a daily high of $0.1805 shortly after Binance launched the NEIROETHUSDT perpetual contract. The contract, which went live yesterday at 14:00 UTC, offered traders up to 75x leverage. 

The Binance news follows a similar update from prominent crypto exchange OKX, which also introduced NEIRO’s perpetual futures trading. 

NEIRO Spikes Over 600% 

Expectedly, NEIRO reacted positively to the news, as its price surged to $0.1805. This represents a remarkable surge of 678.68% from its lowest price of $0.02318, registered on September 3. 

In the meantime, NEIRO’s price has retraced to $0.1723, representing a surge of 230% in the weekly charts. It bears mentioning that NEIRO witnessed this tremendous rally after news of the Binance listing went viral on social media. 

NEIRO Becomes Most Tweeted Altcoin 

This made NEIRO the most tweeted altcoin on September 6, according to data from on-chain analytics platform AltsDaddy. 

According to the data, NEIRO outperformed other prominent altcoins, such as Floki Inu (FLOKI), Solana (SOL), Carbon Browser (CSIX), Velo (VELO), and Kaspa (KAS). 

Unknown Whale Purchases $3M Worth of NEIRO 

Furthermore, NEIRO’s listing on Binance and OKX attracted the attention of crypto whales, who scooped huge amounts of the token. Popular blockchain analytics platform LookonChain indexed one of these transactions, stating that a whale splashed $3 million to purchase 17.5 million NEIRO. 

Data from Etherscan shows that the whale holds over $5.4 million worth of digital assets, with NEIRO ranking as the largest position by dollar value. Additionally, the purchase elevated the whale to become the largest individual NEIRO holder. 

Crypto Founder Highlights New Reason to Dislike XRP

Abdulkarim Abdulwahab
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Crypto Founder Highlights New Reason to Dislike XRP

Joshua Jake, the founder of OmniSwapAi, has identified another significant reason to dislike the XRP token with the political choice of some of the leadership figures at Ripple.

Recall The Crypto Basic’s report on Friday, which disclosed that Ripple’s chairman, Chris Larsen, has endorsed incumbent VP Kamala Harris to become the next president of the U.S.

Specifically, Larsen joined 87 other financial business leaders in signing a letter endorsing Harris’ presidential bid. The group expressed confidence in Harris’ ability to bolster the U.S. economy and democracy. 

Crypto Community Reacts

However, Harris’s prominent role in the current administration, under which the crypto industry has faced regulatory hurdles—including Ripple’s own legal battles—has triggered mixed reactions from the community. 

Larsen’s endorsement fueled debate, with some expressing disappointment given the challenges XRP faced during the lawsuit, which hindered XRP holders from capitalizing on the 2021 bull market.

Due to the current regulatory climate, many crypto leaders have chosen to back Donald Trump instead. Trump has fervently promised to make Bitcoin and crypto great if elected president, promising pro-crypto policies.

While Harris has not issued specific pro-crypto promises, Ripple’s chairman has thrown his weight behind her. Reacting to the development, prominent community commentator Joshua Jake criticized Larsen’s endorsement. He views it as yet another reason to distance oneself from XRP. 

He highlighted that XRP investors suffered under the current administration, particularly during the lengthy lawsuit that stalled significant price gains.

Notably, the community’s reactions to Larsen’s political choice have not been one-sided, with some finding justification for it.

Community member Michael noted that Ripple’s leadership is likely playing a strategic game, trying to be on both sides of the political divide so that regardless of who ultimately wins the presidential election in November, Ripple would not be at a disadvantage.

Political Choice of Other Ripple Execs

This commentary gains ground when observing that Ripple’s chief legal officer, Stuart Alderoty, is backing Donald Trump’s presidential bid. He has even donated $300,000 worth of XRP tokens to support Trump’s campaign.

On the other hand, Ripple’s CEO, Brad Garlinghouse, has not publicly made a definitive stance on who he supports for the next U.S. president. In July, he warned the crypto community against making premature judgments about Kamala Harris’s stance on crypto, given her history of neutrality on the subject.

In the same month, he expressed admiration for Senator James Vance, Donald Trump’s running mate, for calling out the SEC Chairman’s biased approach to crypto regulation.

Here’s How Much Liquidated as XRP Falls to $0.52

Sam Wisdom Raphael
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Here’s How Much Liquidated as XRP Falls to $0.52

The XRP market recorded its biggest long liquidation figure yesterday as prices retested a low last seen in early August. 

Yesterday, the broader crypto market witnessed an intense collapse, with the prices of most assets revisiting monthly lows. For instance, Bitcoin (BTC) dropped to its Aug. 5 support at $52,546. Despite a recovery back above $53,000, BTC closed the day with a 3.92% drop, the biggest intraday loss this month.

The crypto market crash came shortly after the bloodbath witnessed in the U.S. stock market. Notably, XRP did not escape the market collapse, posting similar losses, but showing resilience at the $0.50 psychological support threshold. 

XRP dropped to $0.5026 yesterday, a low it last saw on Aug. 7, before eventually recovering. However, this crash was enough to trigger the largest cumulative long liquidation amount in the XRP futures market within the space of a month. 

XRP Witnesses Long Liquidations

For context, yesterday, long XRP traders saw liquidations amounting to $3.58 million, per Coinglass data. The last time the market witnessed a similar figure was on Aug. 7, the day of the final judgment in the Ripple lawsuit. Of the $3.58 million, liquidations on Binance amounted to $1.82 million, accounting for 50.8%.

Meanwhile, Bybit saw the second-largest liquidation figure, with a total of $863,510 in long positions. On OKX, long traders lost $550,090 to liquidations, while CoinEX recorded $164,470. 

XRP Liquidation Data Coinglass
XRP Liquidation Data | Coinglass

Overall, over the past 24 hours, total liquidations have hit $4.22 million, with the $3.58 million attributed to long positions making up 84.8% of this figure. For short traders, liquidations came in at $636,450, possibly as a result of XRP’s recovery from the $0.5026 low.

Amid XRP’s collapse yesterday, several commentators pointed to possible selloffs triggered by emerging reports of Ripple chairman Chris Larsen’s support of Kamala Harris in the forthcoming U.S. presidential elections. The Ripple co-founder joined 87 other business executives to endorse Harris.

Market Attempts to Heal

However, market data negates the theory that XRP’s drop was due to selloffs from this news. From Sept. 5 to 6, the total crypto market cap crashed 6.42%, dropping below the $1.9 trillion level. This confirms that the bearish trend in the XRP market was a product of the broader crypto market downturn.

To further bolster this assertion, XRP has recovered by 1.34% this morning, trading for $0.5281, as the global crypto market cap rises 0.74%. Notably, XRP trade volume has also spiked 108% to $1.50 billion as traders re-enter the market following the bloodbath. Data shows there appears to be a resurgence of long positions.

Unknown Whale Moves 95,000,000 XRP to Binance

Mark Brennan
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Unknown Whale Moves 95,000,000 XRP to Binance

The XRP market endured another voluminous whale transfer as an “unknown wallet” moved 95,000,000 XRP to Binance.

A recent whale activity has caught the attention of the XRP community. Data from Whale Alert showed that an unknown address moved 95,000,000 XRP to leading crypto exchange Binance.

Per on-chain analysis, the sending address rPz2…4iNf moved the funds to a Binance-tagged wallet, rDAE…JPxr. The transaction happened in the early hours of Saturday at 04.48 UTC, with the asset worth nearly $50 million. At the time of the transfer, XRP was trading at $0.5229.

Unknown Wallet?

Although Whale Alert termed the sending wallet an unknown address, on-chain analysis from Bithomp confirms that the address (rPz2…4iNf) is a Binance-activated wallet. This could either mean the transfer was an in-house fund movement from Binance or that the sending wallet, though belonging to an external entity, resides on the Binance exchange.

The XRP explorer also showed that the two addresses had transferred huge amounts of XRP among themselves in the past. On August 29, wallet rPz2… 4iNf sent 60 million XRP (worth $39 million at that time) to the same address. A similar transfer occurred on August 21, with the sending address moving 33 million XRP ($19.81 million).

These continuous whale transfers point to a Binance affiliation for the sending address. At the time of writing, the sending address still held 109 million XRP ($57.3 million). Bithomp showed that the wallet was activated on December 21, 2023.

More Whale Activities

Meanwhile, whale Alert reported another mouth-watering XRP shuffle on Friday. An unknown wallet moved 102 million XRP ($54 million) to a newly activated wallet. The transfer happened by 16:12 UTC that day.

Notably, magnanimous transfers of this nature are not new to the XRP community. Ripple’s use of the asset to settle cross-border transactions has seen the fintech firm move large amounts of XRP between wallets and exchanges.

XRP continued its downtrend at the time of writing, with the asset down 3% in the past day. Meanwhile, its trading volume is up 64% in the past 24 hours to $1.48 billion.

Shiba Inu Burn Rate Spikes 1,664% as Single Wallet Destroys 250M SHIB

Lele Jima
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Shiba Inu Burn Rate Spikes 1,664% as Single Wallet Destroys 250M SHIB

New crypto project Living The Dream (LTD) contributes to the ongoing Shiba Inu burn campaign by destroying 250 million SHIB tokens in a single transaction. 

As usual, popular Shiba Inu community-driven burn tracker Shibburn indexed the transaction yesterday, emphasizing that 250 million SHIB were sent to the official dead wallet. 

According to data from Shibburn, the transaction occurred yesterday at exactly 14:55 (UTC). At press time, the dollar equivalent of these 250 million SHIB tokens was around $3,232. 

Living The Dream Burns 250M SHIB 

Although Shibburn did not reveal the identity of the user behind the transaction, data from Etherscan shows that a new crypto project, Living The Dream (LTD), burned the 250 million tokens. 

The LTD team also confirmed the development in an X post yesterday, noting that it has burned 250 million SHIB alongside 1 billion LTD tokens. 

Since its August 30 launch, LTD has continuously demonstrated its support for Shiba Inu by burning huge amounts of SHIB. Last month, the team destroyed 500 million SHIB tokens in two days, including the incineration of 280 million SHIB in a single transaction. These burns are part of Living The Dream’s ongoing campaign named “Shiba Burn Series.” 

LTD’s continuous support of the ongoing Shiba Inu burn campaign is expected to reduce SHIB’s massive circulating supply drastically. 

Shiba Inu Burn Rate Surges 1,664% 

Following LTD’s hefty incineration, Shiba Inu’s burn rate surged by 1,664% over the past 24 hours. Notably, the Shiba Inu community has witnessed the incineration of 250,898,588 (250.89 million) SHIB in the past day. 

These tokens were destroyed across three transactions, including LTD’s 250 million SHIB burn. Overall, more than 41% of Shiba Inu’s initial supply of 1 quadrillion tokens has gone up in flames. This represents 410,728,736,646,852 (410.72 trillion) SHIB tokens. 

Currently, Shiba Inu has a max total supply of 589,271,261,353,147 (589.27 trillion). While 583.45 trillion of these tokens are currently in circulation, the remaining 5.81 trillion SHIB are staked on ShibaSwap. 

Projected Timelines for XRP 44,463% Rise to $250 and 62,288% Rise to $350

Sam Wisdom Raphael
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Projected Timelines for XRP 44,463% Rise to $250 and 62,288% Rise to $350

Multiple entities have presented varying timelines for XRP to skyrocket between 44,463% and 62,288% from its current price. 

XRP has been the subject of several price predictions amid the prevalent market uncertainty. Notably, XRP initially spiked to $0.7440 earlier in the year. However, the ongoing market correction has triggered a retracement that has seen it drop below the $0.60 point and relinquish multiple support levels.

Despite the recent price struggles, ambitious predictions have persisted. Some of these predictions hinge on XRP’s utility in cross-border payments and potential widespread adoption by leading financial institutions. A few of them also point to XRP’s unique position as the only asset with legal clarity in the United States.

Market watchers have also spotlighted its multi-year consolidation phase from the 2018 all-time high of $3.31. For instance, in March, pundit Chad Steingraber presented $250 as XRP’s top price for the ongoing cycle. Last month, The Block Bull, a market analyst, also predicted that XRP could rise to a price between $190 and $250. 

Timelines for XRP to Hit $250 to $350

Amid these predictions, we recently sought inputs from several sources, including crypto exchange Changelly and AI chatbots Grok and ChatGPT, on the possible timeline for XRP to reach prices between $250 and $350. 

Interestingly, analysts at Changelly believe XRP could eventually breach $250 in 2040, essentially 16 years from now. These analysts expect XRP to hit a maximum price of $253.86 by October 2040. However, they further predict that XRP could drop from this level in the following months but maintain the $200 territory.

XRP Price Prediction 2040 Changelly 4
XRP Price Prediction 2040 | Changelly

Also, Changelly analysts believe the $300 level could price in as the maximum price by the end of 2040. Meanwhile, they believe XRP would not be able to clinch $350 until 2050. The analysts predict a maximum price of $357 for XRP by June 2050.

XRP Price Prediction 2050 Changelly 4
XRP Price Prediction 2050 | Changelly

When queried, AI chatbots Grok and ChatGPT presented similar timelines. Grok, making an educated guess, emphasized that XRP could possibly claim prices between $250 and $350 from 2026 and beyond, two years from now. For context, a $250 price would require a 44,463% increase, while a $350 target would demand a 62,288% jump.

XRP Price Prediction Grok 4
XRP Price Prediction | Grok

Interestingly, ChatGPT made a similar projection. The OpenAI-backed chatbot stressed that such price rallies would demand unprecedented favorable conditions. However, it predicted that should such conditions align, XRP could reach $250 to $350 from 2026 and beyond. 

XRP Price Prediction ChatGPT 4
XRP Price Prediction | ChatGPT

Here’s What Hoskinson Has to Say About the Proposal to Burn $500M in Cardano Treasury

Sam Wisdom Raphael
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Here’s What Hoskinson Has to Say About the Proposal to Burn $500M in Cardano Treasury

There has been debate within the Cardano community about the proposition to burn $500 million worth of ADA tokens held in the Cardano Treasury. 

As the platform enters the Voltaire era with on-chain governance, questions about how best to manage the treasury funds have taken center stage. The idea to burn the ADA tokens has triggered a discussion, with Charles Hoskinson, Cardano’s founder, holding a firm stance against the idea.

The proposition to burn ADA tokens from the treasury originated with the goal of reducing the token supply and possibly boosting its market value. 

Advocates of token burns argue that decreasing the available supply could increase scarcity, potentially driving demand and boosting ADA’s price, which at the time of writing hovers around $0.3166. 

However, many prominent voices in the Cardano ecosystem oppose this move, seeing it as short-sighted and potentially harmful.

Hoskinson’s Take on the Burn Proposal

Charles Hoskinson has voiced strong objections to the proposal, emphasizing that burning ADA from the treasury would essentially be taking resources away from the community. 

He highlighted that the treasury funds are not arbitrarily pre-minted tokens but are instead accumulated through a tax on block production and transactions. 

Hoskinson pointed out that the treasury is built from the efforts and activities of everyone involved in the Cardano ecosystem, particularly ADA holders and SPOs. In his view, burning these funds would amount to theft from these contributors.

When questions on why this was not set up before the transition to on-chain governance emerged, Hoskinson stressed that he does not have the authority to make a definitive decision on such matters. 

The newly implemented on-chain governance allows the Cardano community to make these types of decisions through democratic means. While he strongly opposes the idea of burning the tokens, Hoskinson emphasized that the community should debate and vote on this proposal. 

The Cardano founder noted that one of the goals of a community-written constitution is to allow discussions on these significant issues and decide collectively how to handle them.

Cardano Community Reactions

The broader Cardano community has had mixed reactions to the burn proposal, with many expressing skepticism about its long-term benefits. 

Some, like DRep Jaromir Tesar, have publicly stated their opposition to the idea, warning that burning ADA would be a mistake. Tesar argued that while burning tokens might have a short-term effect on ADA’s price, the long-term impact would likely be minimal. 

He also raised concerns about the opportunity cost, suggesting that the 1.5 billion ADA in the treasury could be better used to fund projects and initiatives that benefit the ecosystem.

Other community members have proposed alternative ideas. Szilágyi Gábor, a software developer and community member, suggested that rather than burning the tokens, a portion of the treasury could be locked for a period of one to two years. 

This would give the community time to better understand and adapt to the on-chain governance process, minimizing the risk of making rushed or poorly informed decisions.

XRP Price Plummets 3.86% as Ripple Moves 100M Tokens

Abdulkarim Abdulwahab
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XRP Price Plummets 3.86% as Ripple Moves 100M Tokens

Today, Ripple shuffled 100 million XRP tokens valued at over $54 million, raising eyebrows among market watchers.

Blockchain tracker Whale Alert noted this transaction, which occurred as early as 04:47 UTC. While the whale tracker marked the recipient of the 100 million XRP as anonymous, XRP blockchain explorers show that the wallet belongs to Ripple.

Ripple’s Latest Internal XRP Transfer

This internal transfer comes less than a week after 1 billion XRP tokens were unlocked from Ripple’s wallet in accordance with the monthly escrow execution. Of this massive release, the company reserved 200 million and sent back 800 million to escrow as customary.

Shortly before re-locking the escrow, Ripple moved the 1 billion XRP to spendable wallets, with its primary address, “Ripple 1,” receiving 350 million XRP. At press time, this 350 million XRP remains untouched in the wallet.

Interestingly, one of the wallets that funded the “Ripple 1” wallet on September 1, identified as “Ripple 29,” is also the entity that transferred 100 million XRP today to the “Ripple 52” wallet. The recipient wallet had a balance of 95 million XRP from transactions last recorded in July.

100M XRP Moved Amid XRP Price Drop

As usual, speculation has emerged following this latest movement of 100 million XRP, with some suggesting that Ripple is “dumping XRP on retail.” These rumors gain traction as XRP’s price has fallen by 3.86% today, now trading at $0.5271.

It is worth noting that XRP’s price drop today is not isolated to the token. The broader market is also bearish, and Bitcoin is championing the bleeding trend, having collapsed to $53,800 at the time of reporting.

Moreover, at the time of reporting, the “Ripple 52” wallet, which received the 100 million XRP inflow, continues to maintain a balance of 195 million XRP, worth approximately $102 million, with no outbound transactions yet. Likewise, no outflow is observable yet from the Ripple 1 wallet.

Ethereum Foundation Dumps $2.38M in ETH Again as Price Declines Persist

Albert Brown
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Ethereum Foundation Dumps $2.38M in ETH Again as Price Declines Persist

Ethereum has experienced a steady price drop, and recent notable transfers by the Ethereum Foundation have drawn attention. 

On-chain data reveals that one of the foundation’s wallets transferred 1,000 ETH, valued at approximately $2.38 million, to a multi-signature wallet. This transaction occurred early at 05:46 AM UTC and is part of a broader trend of significant movements by the foundation in recent months.

Ongoing Multi-Signature Wallet Activity

The wallet that received the recent 1,000 ETH transfer now holds a balance of 1,678 ETH, valued at around $3.98 million. In addition to ETH, the wallet contains over 32 different tokens, totaling $98,755 in value.

Per Lookonchain, the multi-signature wallet would later transfer the ETH tokens to another wallet identified as “0xd779,” which would subsequently swap the ETH for DAI stablecoin. This suggestion takes inspiration from the historical activities of the Ethereum Foundation, particularly in recent months.

Previous Transfers Exchanges 

A few weeks ago, 35,000 ETH was transferred from the Ethereum Foundation to the Kraken exchange wallet. At the time, the price of ETH was $2,688. This transaction sparked commentaries that the foundation was offloading ETH tokens at higher prices.

At the time, Lookonchain estimated that the Ethereum Foundation had liquidated over half a billion dollars in ETH since January 2021.

Ethereum Foundation selling spree
Ethereum Foundation selling spree

Notably, earlier in July, an Ethereum Foundation-linked wallet that had been inactive for seven years was reactivated. In parallel, it moved 92,500 ETH, worth $290 million, to a new address, sparking interest within the blockchain community.

In the same month, Ethereum Foundation and ICO-associated wallets moved ETH tokens valued at $12.5 million to the Kraken exchange. One of these wallets, which had previously received ETH from the foundation and an ICO participant, had deposited a cumulative 17,886 ETH since June.

Another wallet, holding ETH since Ethereum’s genesis, transferred 1,000 ETH to Kraken, though it still held 49,000 ETH across multiple addresses at the time of the report.

These transactions were not isolated events. In February, the foundation sent $13.3 million worth of ETH to Kraken after Ethereum prices surpassed $3,300, echoing a similar sale in January 2022 when 700 ETH were sold off. These transfers, which typically occur during periods of market volatility, have drawn continued attention from market analysts.

Notably, the latest transition from the Ethereum Foundation comes amid ETH battling significant bearish pressure. In particular, ETH is down by over 6% in the last seven days.

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