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Ripple Issues 185 RLUSD During Private Beta Testing

Albert Brown
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Ripple Issues 185 RLUSD During Private Beta Testing

The beta testing of the Ripple stablecoin Ripple USD (RLUSD) on Ethereum and the XRP Ledger (XRPL) is showing progress.

Notably, Ripple issued 185 RLUSD at 21:38 UTC as part of the beta testing, causing a stir among community members. This marked the first instance of an official issuance from Ripple during the beta testing.

Following the transaction, questions were raised about transaction fees and the role XRP would play in relation to RLUSD. Vet responded by emphasizing that the transaction fees were minimal and the greater benefit RLUSD brings lies in enhancing the XRPL ecosystem, not price speculation.

Another commenter expressed skepticism about the origin of the issuance, saying anybody could do that. Notably, on-chain data shows that the transaction came from the official RLUSD issuer account, confirming its legitimacy.

Ripple Focuses on Network Enhancement

It is important to recall that Ripple disclosed that its enterprise partners are responsible for carrying out the private beta testing of RLUSD on the XRPL and Ethereum mainnet. According to the firm, this testing phase is essential for identifying and addressing potential issues, ensuring the stablecoin’s reliability and security. 

The firm stressed that RLUSD is still in its private testing stage, and any claims of RLUSD being publicly available should be treated with skepticism. 

Caution Urged Amid XRPL Developments

Amid the excitement surrounding RLUSD, prominent figures within the XRP community, including Vet and WrathofKahneman, have previously advised users to remain vigilant. Vet warned that bad actors could exploit these developments. 

He emphasized the importance of understanding the mechanics of trustlines and stressed that RLUSD has not yet been released for public use. WrathofKahneman also reiterated that setting up a trustline does not imply that RLUSD is immediately available or that Ripple has officially issued the stablecoin.

Researcher Suggests XRP to Soar When Tether Bubble Bursts

Sam Wisdom Raphael
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Researcher Suggests XRP to Soar When Tether Bubble Bursts

On-chain researcher SMQKE believes XRP and the Ripple stablecoin RLUSD could become dominant when there’s an end to what he calls the Bitcoin and Ethereum’s “Tether bubble.”

In a recent post, SMQKE raised concerns about the stability of Bitcoin and Ethereum, suggesting that both cryptocurrencies are at risk due to their heavy reliance on Tether (USDT) liquidity. 

Notably, The Crypto Basic confirmed yesterday that Tether recently minted $3 billion USD in just one week and has continued to mint more. Just last week, the stablecoin issuer also minted $1 billion on Ethereum.

Tether Allegedly “Feeding the Bitcoin Bubble”

According to SMQKE, the continuous minting of USDT, which he alleges is not always fully backed by reserves, could be feeding a speculative bubble that inflates the prices of Bitcoin and Ethereum. He warns that this could eventually lead to a significant market correction.

The pundit based his statement on research, including a 2020 Bank of France working paper titled “Stablecoins: A Brave New World?” and a Sciendo research paper on blockchain technology. 

These studies highlight the correlation between the increase in Tether’s liquidity and the rise in Bitcoin’s price, suggesting that Tether’s issuance has played a role in the current valuation of Bitcoin. 

Particularly, the Bank of France research pointed to how the influx of newly minted USDT has consistently coincided with upward trends in Bitcoin’s market price. This has raised suspicions that Tether’s market activities might be artificially boosting the value of Bitcoin.

Bank of France Research Paper
Bank of France Research Paper

A possible factor behind this is the increase in purchasing power among retail and institutional investors on the back of more USDT minting. However, SMQKE suggests this trend could potentially set the stage for a drastic correction once the market realizes the true extent of Tether’s backing.

He believes that when the market discovers Tether’s alleged shortcomings, both Bitcoin and Ethereum could face devastating losses. This would likely shake investor confidence in the broader cryptocurrency market. Tether has been at the center of controversy, recently targeted by a billboard ad alleging corruption and audit refusal.

XRP: A More Stable Alternative?

In contrast to what he believes is the Bitcoin bubble, SMQKE points to XRP as a more stable alternative that could thrive in the aftermath of a market correction. 

According to the researcher, XRP is not entangled in the alleged speculative activities surrounding Bitcoin and Ethereum. Instead, it has demonstrated greater stability, particularly in its use case for cross-border transactions and its focus on regulatory compliance. 

Adding to XRP’s appeal is Ripple’s upcoming stablecoin, RLUSD, set to launch on the XRP Ledger (XRPL) and Ethereum. The payments firm recently opened private beta testing for RLUSD. They confirmed plans to secure compliance with the necessary laws before launch.

Unlike Tether, which has faced criticism for its lack of transparency and regulatory challenges, Ripple’s stablecoin is expected to comply with stringent regulations, ensuring that it is fully backed and transparent. Notably, the recently introduced MiCA legislation does not cover USDT. 

SMQKE believes the introduction of a compliant RLUSD in addition to USDT’s regulatory concerns could significantly reduce Tether’s market dominance, as investors may prefer a regulated stablecoin that offers greater security and compliance with laws. He believes this may be beneficial for XRP.

Solana Defends $135 Support as Whales Target $155 Breakout

Albert Brown
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Solana Defends $135 Support as Whales Target $155 Breakout

Following a failure to surpass the $163 mark, the consolidation patch grows in Solana. Amid this, whales continue to buy Solana, teasing a bull run ahead.

With a market cap of $66.50 billion, Solana ranks as the fifth largest asset in the crypto market. After the recent bull run, Solana struggles to find decisive trend momentum and fuels a consolidation range. 

Will the increasing underlying demand and the broader market recovery result in a breakout rally? 

Solana Lateral Shift: A Buying Opportunity

In the 4-hour chart, the bullish trend in Solana takes a bearish turn from the $163 level to take support at $135. Following the pullback, the SOL price trend shifts, with the overhead ceiling at $150. 

Solana Price Chart
Solana Price Chart

Based on the Fibonacci levels, Solana, in a consolidation patch, moves up and down the 38.20% Fibonacci levels. Thus, the fib retracement boundary lines stand at 50% and 23.60% at $154 and $133, respectively. 

The Bollinger bands reveal a contraction phase in Solana, reflecting the trend of momentum coiling up for a massive move.

The Entry of Whales Boost $SOL Staking.

In the last few hours, two major Solana whales have recently increased their stakes in $SOL. The entry of whales during a consolidation phase supports the possibility of a bullish breakout. Details of these significant transactions reveal that:

  • The first whale, 9tuA8L, moved 30,000 $SOL tokens, valued at approximately $4.25 million, from Binance to a staking protocol.  
  • Shortly after, the second whale, 7CsCGy, withdrew 26,245 $SOL tokens (worth around $3.72 million) from Binance to increase their staking portfolio.

Will Solana Hit $200?

With the ongoing range formation and the increasing interest in whales, Solana can shortly give a breakout entry opportunity. Based on price action, a $135 breakout will signal a buying opportunity. However, the Fibonacci confirmation will depend on the 50% level at the $154 breakout.

A breakout run in Solana can target the 78.60% Fib level at $175 and the previous swing high of $195. Optimistically, with a push from the broader market recovery, the uptrend in SOL price can surpass the $200 mark.

Top Exchange Predicts Cardano to Rise 1,265% to $5

Lele Jima
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Top Exchange Predicts Cardano to Rise 1,265% to $5

Leading cryptocurrency exchange CoinW sets an ambitious target for Cardano (ADA), projecting that the top altcoin could set a new all-time high at $5.

CoinW issued the prediction in a recent X post, asking its 423,200 followers to forecast which major cryptocurrency will first reach different projected price targets.

Cardano to 5$
image Source: https://x.com/CoinWOfficial/status/1825149418930094472

CoinW’s Projected Targets for Top Cryptos

According to the post, CoinW enquired about which price milestone will first materialize, including Bitcoin (BTC) hitting the highly anticipated $100,000 target, Ethereum (ETH) attaining an ambitious level of $10,000, or Cardano (ADA) surging to a whopping $5.

The exchange also set massive targets for several top altcoins like Solana (SOL) to $250, Shiba Inu (SHIB) to $1, XRP (XRP) to $1, and Avalanche (AVAX) to $100, among others.

Expectedly, the crypto community flocked to the comment section to deliberate on the possibility of these assets reaching the projected targets.

Cardano to Soar 1,265% to $5

In particular, Cardano’s potential surge to $5 ignited conversation among crypto enthusiasts. This rise would mark a new all-time high (ATH) for the asset. 

Data from CoinMarketCap shows that Cardano’s previous ATH was set on September 2, 2021, when ADA’s price hit $3.10. With ADA currently priced at $0.3663, the token is down 88.18% from its previous ATH. 

To hit CoinW’s projected target of $5, ADA must increase 1,265% from its current price of $0.3663.

$5 Predictions for Cardano

Before CoinW’s speculation, several analysts had projected that ADA could hit $5 in the bull phase of the 2024/2025 market cycle.

Specifically, popular chartist Ali Martinez forecasted that Cardano could soar to $5 before the end of this year. Martinez stated that Cardano’s performance this year mirrors those observed between 2018 and 2021 when the asset first consolidated in the range of $0.025 to $0.1 before eventually skyrocketing to $3.10.

Notably, the chartist asserted that Cardano could replicate a similar performance this year and potentially surge to $5.

Furthermore, analysts at crypto trading firm Changelly projected that Cardano could reach the $5 target by May 2031. The experts set a target of $5.15 as Cardano’s maximum price for May 2031.

It bears mentioning that this analysis is based on Cardano’s recent performance. Hence, it is important to note that Changelly would update the prediction, especially the timeframe, as Cardano’s performance sees significant changes.

At the current price of $0.3663, Cardano is up 3.02% in the past 24 hours and 8.24% in the weekly chart. This rally elevated Cardano to become the 10th biggest cryptocurrency by market cap, as the asset outpaced Tron (TRX).

At press time, while Cardano’s valuation is $13.15 billion, TRX’s market cap is $13.01 billion.

Shiba Inu to Surge 87,652% If Bitcoin Rises to $52.3M—Here’s What the New Price Would Be

Sam Wisdom Raphael
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Shiba Inu to Surge 87,652% If Bitcoin Rises to $52.3M—Here’s What the New Price Would Be

The correlation Shiba Inu shares with Bitcoin indicates that SHIB could surge by 87,652% if BTC hits VanEck’s $52.3 million target.

The broader crypto market has failed to break above the roadblock encountered recently. Bitcoin (BTC) led a recovery push last week but faced intense resistance above the $62,000 mark. In response, the rest of the market witnessed a halt in their rallies, with Shiba Inu also suffering the impact.

SHIB and BTC Price Correlation 

Shiba Inu recorded an impressive 11% daily gain on Aug. 8 amid the market recovery campaign. However, it has since corrected some of the gains picked up due to the Bitcoin correction. This turn of events confirms the massive correlation Shiba Inu shares with Bitcoin.

Data from market tracker CoinMarketCap shows that Shiba Inu has continued to trail Bitcoin’s price movements over the past week. Notably, SHIB has dropped whenever Bitcoin collapsed and recovered on the back of a rebound from the premier asset.

Shiba Inu and Bitcoin Price Correlation
Shiba Inu and Bitcoin Price Correlation | CoinMarketCap

Such a close correlation can either be bullish or detrimental to Shiba Inu’s price action. In the event of a massive spike in Bitcoin’s price, SHIB could ride on such an increase to register a similar upsurge. Interestingly, there have been multiple projections of such rallies for Bitcoin.

One of these projections came from leading asset manager VanEck. Notably, VanEck predicted last month that Bitcoin could hit one of three prices by 2050. For the bear case, they expect a $130K value. However, the base and bull cases respectively project targets of $2.9 million and $52.3 million.

Shiba Inu Price if Bitcoin Hits $52.3M

For context, Bitcoin currently changes hands at $59,661. To rally to the $52.3 million bull price target set by VanEck, the cryptocurrency would need to skyrocket by as much as 87,706% from its current position. Bitcoin’s all-time growth rate of 95,365,408%, as assessed by CMC, is much greater than the projected 87,706% rise.

Meanwhile, should Bitcoin engineer the 87,706% spike to $52.3 million, the uptrend could trigger similar rallies from altcoins like Shiba Inu. SHIB currently changes hands at $0.00001388, looking to recover and solidify its position above $0.000014. An 87,706% spike from this current level would take Shiba Inu to a new all-time high of $0.012187.

At such a price, SHIB will have erased three leading zeros, adding to its previous meteoric surge in 2020/2021. However, it remains uncertain if such a rally could materialize. Notably, there is no guarantee that Bitcoin could record the 87,706% spike or that SHIB would closely trail its movements should it occur.

Analyst Says XRP to $50+ is Programmed because of This Bullish Pattern

Sam Wisdom Raphael
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Analyst Says XRP to $50+ is Programmed because of This Bullish Pattern

Market analyst Amonyx identifies a bullish 4-year pattern on the XRP weekly chart, asserting that a breakout could lead to a significant price target.

He disclosed this in a recent analysis on X amid XRP’s uncertainty. Amonyx pointed to a strong multi-year bullish pattern that has been forming since 2014. According to him, this pattern is a signal of a massive rally ahead.

Historical Patterns Suggest Massive Breakout

The market watcher based his analysis on XRP’s historical price movements, specifically focusing on a long-term ascending trendline that has consistently acted as support. 

This trendline, present since 2020, has been tested multiple times—each instance leading to price rebounds. 

Data from the chart shows that XRP recorded a similar trendline from 2014 to 2017, with similar retests and rebiunds. The most notable of these rebounds occurred during the 2017 bull run when XRP skyrocketed from just under $0.01 to the all-time high above $3.31.

Image

Now, XRP appears to be following a similar trajectory, with the trendline again providing strong support over the past few years. According to the chart, XRP’s price is consolidating above this line, hinting at another possible explosive breakout. 

Amonyx forecasts that this breakout could propel XRP to over $50, a level that would represent a historic high for the cryptocurrency. The analyst expressed his confidence in this target, suggesting that the goal is already “programmed.”

On-chain data further supports this bullish sentiment. Notably, per Santiment, XRP addresses holding between 1,000 and 1 million tokens have been accumulating more tokens amid ongoing market uncertainty. 

XRP Addresses Santiment
XRP Addresses | Santiment

These mid-tier holders have collectively added 180 million XRP tokens to their portfolios since July. Analysts often regard this accumulation trend as a precursor to a price rally, as it suggests that investors are positioning themselves ahead of anticipated gains.

XRP Current Position 

Meanwhile, XRP continues to face bearish pressure. The asset is currently trading at $0.5718, slightly above the middle Bollinger Band (BB) at $0.5696 and significantly above the lower BB at $0.5005. 

However, it remains below the upper BB at $0.6387. This current position suggests that while XRP has some upward momentum, it is still within a consolidation phase.

However, XRP’s Directional Moving Index (DMI) shows that the Average Directional Index (ADX) is at 16.27, suggesting a relatively weak trend strength. Meanwhile, the +DI (21.33) is slightly below the -DI (22.03), indicating that bearish momentum is marginally stronger than bullish momentum.

However, the positioning of XRP within the Bollinger Bands suggests that there could be room for an upward movement. 

Since XRP is trading above the middle band, it is in a relatively stronger position than it was during previous tests of the lower band. If XRP can break above the upper BB at $0.6387, it could signal the start of a more significant rally.

Here is Why Ethereum Price May Shoot up Despite Major Declines

Albert Brown
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Here is Why Ethereum Price May Shoot up Despite Major Declines

The available quantities of Ethereum tokens on exchanges have hit a new level, sparking predictions of a possible price increase. 

Notably, according to data presented by Leon Waidmann, Head of Research at OnchainHQ, Ethereum’s balance on exchanges has dropped below 10% for the first time. This marks a shift in Ethereum’s availability on trading platforms, leaving fewer tokens available for immediate trading.

Declining Supply on Exchanges

As seen from Waidmann’s post, the Ethereum exchange balance has undergone notable fluctuations since 2016. Initially, over 28% of Ethereum’s total supply was held on exchanges.

However, a sharp decline followed, with the balance dropping below 15% by early 2017. At this time, the amount of Bitcoin on exchanges was gradually going up, from below 10% in early 2017 to levels above 30% by 2020. Ethereum later mirrored Bitcoin’s pattern.

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BTC/ETH Exchange Balances

After a brief increase in exchange balances, a sustained reduction began in late 2020 and has continued until today. Notably, this reduction correlated with the rise of Ethereum 2.0 staking after the launch of the Beacon Chain in December 2020.

By August 2024, the balance had dropped to 9.985% after about 34 million ETH tokens, or 28% of the Ethereum supply, had been staked.

Will The Price Shoot up?

As of this writing, Ethereum has less supply available on exchanges compared to Bitcoin. According to Waidmann, this reduced availability, combined with the expectation of increased demand for Ethereum, could lead to a potential price surge. 

He speculates that as the demand for Ethereum rises, the limited supply on exchanges may drive its price upward, given the dynamics of supply and demand in the market.

At press time, Ethereum was trading around $2,600, down over 25% from its monthly high.

Indicators Suggest a Possible Reversal

Market momentum indicators further suggest Ethereum may be poised for a price rebound. The Relative Strength Index (RSI), currently at 39.60, signals that Ethereum is moving closer to oversold territory.

While it hasn’t yet hit levels indicating a strong buy signal, the slight upward movement hints at a potential shift toward buying momentum.

Screenshot 96
ETH 1-day chart / TradingView

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator, which reflects trend direction, shows diminishing bearish momentum. As the MACD line crosses above the signal line, it signals a possible reversal in the recent downward trend.

Key Support Levels and Investor Profitability

However, amid the positive speculations, Ethereum faces a critical test at key support levels. Analysts have identified a significant support zone between $2,300 and $2,380, where around 50.38 million Ethereum tokens were held by 1.62 million addresses by August 16.

This concentration of holdings suggests that investors may strongly defend this price level. 

Moreover, with Ethereum currently priced at $2,600, a majority of Ethereum holders remain in profit. Around 65.64% of all holders are currently “in the money,” reflecting the relative strength of Ethereum’s investor base.

Cardano Founder Reacts to Raoul Pal Branding XRP and ADA Communities “Cults”

Sam Wisdom Raphael
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Cardano Founder Reacts to Raoul Pal Branding XRP and ADA Communities “Cults”

Charles Hoskinson, the founder of Cardano, recently responded to the comments made by market veteran Raoul Pal. 

Recall that Pal, speaking on Real Vision, criticized the so-called “cult-like” mentality of investors holding onto “old coins” like Cardano and XRP. These comments, shared widely on social platforms like X, prompted a sarcastic retort from Hoskinson.

Cardano’s Underperformance

Notably, Cardano’s performance in this bull run has not been particularly favorable, a pattern it shares with XRP. ADA has faced challenges, underperforming while assets like Bitcoin (BTC) hit new highs. 

Despite the broader market seeing gains, Cardano has collapsed by 40% in 2024 alone. Moreover, it is down by a staggering 88% from its all-time high of $3.1, which it achieved during the 2021 bull run. In contrast, Bitcoin managed to surpass its previous all-time high in March.

Adding to the struggles, Cardano has recently dropped out of the top 10 cryptocurrencies by market capitalization, relinquishing its tenth position to Tron (TRX). This decline has sparked concerns among investors, triggering discussions on whether Cardano can reclaim previous peak.

Raoul Pal Criticizes ADA 

Commenting on Cardano’s underperformance, Raoul Pal suggested that investors still holding onto older cryptocurrencies, such as Cardano and XRP, might be stuck in a mentality that could cost them potential gains in the ongoing bull market. 

Pal’s viewpoint is that these assets, which once had significant hype and still boast strong communities, may no longer be the best bets for investors seeking to capitalize on current market trends.

Cardano Founder Responds

Hoskinson, known for not avoiding interactions with critics, responded with a pointed and sarcastic remark, humorously questioning when he and Ripple CEO Brad Garlinghouse would be attending the so-called “Secret Cult” meetings, noting that he hadn’t received any notification from Pal.

It bears mentioning that Hoskinson’s relationship with the XRP community has historically been contentious. He has frequently been at loggerheads with XRP supporters, particularly following his controversial comments around “ETHGate,” a term used to describe alleged favoritism shown by the SEC towards Ethereum. 

However, Pal’s recent remarks seem to have inadvertently brought the two communities closer together, at least for now. Several pro-XRP industry leaders have also disagreed with Pal. Notably, Dizer Capital founder Yasin Mobarak argued that while holding XRP can be painful, investors would not want to miss out on its next run.

Tron Close to Cracking 2021 Peak: The Main Reason TRX is Pumping Like Crazy

Abdulkarim Abdulwahab
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Tron Close to Cracking 2021 Peak: The Main Reason TRX is Pumping Like Crazy

In the past few days, Tron (TRX) has been driving the sensation in the crypto scene with an unexpected bull rally in an otherwise sluggish market. 

In the last 24 hours alone, TRX has surged over 11%, reaching $0.1656—a price point last seen in 2021. Moreover, Tron has rallied by over 25% within the last seven days alone.

Considering that TRX was worth $0.1174 on August 5 when the global crypto market dipped, the altcoin has rebounded by 41%.

The impressive performance has sparked significant attention in the crypto community, particularly as it has propelled Tron into the top ten ranking of the most prominent crypto assets. 

Specifically, Tron knocked out long-standing Cardano (ADA) from the top ten. It now boasts a market cap of approximately $14 billion, which is over $1 billion above ADA’s current cap. 

This has happened while the market remains largely stable, with most assets seeing modest 2% daily gains or even declining.

Tron outperfoming the market
Tron outperforming rivals

Aaron Arnold, a prominent community pundit and presenter at the Altcoin Daily channel, attributes Tron’s surge to the emergence of a meme coin craze on the Tron network. 

Meme Coin Frenzy on Tron

This month, the SUNDOG meme coin launched after Tron founder Justin Sun unveiled the pioneering meme coin platform SunPump. The meme coin has already generated significant excitement in the crypto scene, growing by over 300% in just a few days.

Remarkably, some traders have turned small investments, like $1,700, into fortunes of $20 million during this time. These activities have impacted the underlying blockchain, attracting more users to participate in Tron’s meme coin frenzy.

Tron Dominating Stablecoin Market

Beyond meme coins, Tron is also seeing increased activity in the stablecoin market. Within the last seven days, Tether minted $3 billion USDT, with $1 billion coming from the Tron network.

Over the past year, Tether minted around $33 billion USDT, with $19 billion of that minted on Tron. While Tether’s total supply is approximately $117 billion, $58.52 billion, or 49.91%, of these USDT tokens are on the Tron blockchain—far outpacing Ethereum’s 38.9% share.

Moreover, this month, Tether set a fresh record with over 18 million weekly transactions on EVM chains. Data shows that over 77% of these transactions occur on Tron, making it the leading platform for USDT transfers.

With these factors aligning, the price of TRX has been significantly impacted. The coin is now on track to recapture its 2021 high, potentially setting the stage to break the all-time high set in 2018.

Here’s How Much Shiba Inu You Need to Make $1B if SHIB Reaches $0.1 or $0.01

Sam Wisdom Raphael
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Here’s How Much Shiba Inu You Need to Make $1B if SHIB Reaches $0.1 or $0.01

If SHIB ever reaches the $0.1 or $0.01 target, investors might need big bags of Shiba Inu to clinch an ambitious $1 billion target.

Despite a mild recovery over the weekend, Shiba Inu (SHIB) continues to trade within the grip of the bears. This is due to the bearish pressure within the broader cryptocurrency market as Bitcoin (BTC) and other leading altcoins look to recoup previous losses.

Shiba Inu has battled to hold above the $0.000013 price territory amid the mild rebound. Interestingly, market analysts have maintained confidence in SHIB’s overall prospects despite the current bearish atmosphere. As a result, several ambitious price projections have sprung up in recent times.

Among these projections are the audacious $0.1 and $0.01 price targets. These price levels represent goals analysts expect Shiba Inu to reach in the long term, possibly in the next two market cycles or later. As these projections emerge, investors continue to augment their holdings.

How Much SHIB Needed to Make $1B if SHIB Hits $0.01 or $0.1

Most recently, The Crypto Basic revealed that a whale address procured 397 billion SHIB tokens. Santiment also confirmed last month that whales accumulated over 6 trillion SHIB within 30 days. 

This accumulation trend indicates that whales continue to hope for further SHIB gains. Amid the optimism, The Crypto Basic recently assessed how much these whales must hold if they wish to hit $1 billion at the $0.01 and $0.1 ambitious targets.

Notably, should Shiba Inu hit $0.01, 100 billion tokens would be worth $1 billion. These 100 billion tokens can be purchased at $1.346 million at the current price.

Meanwhile, if SHIB ever reaches $0.1, only 10 billion tokens would be worth $1 billion. The 10 billion SHIBs are currently worth $134,600.

Shiba Inu $0.01 and $0.1 Price Predictions 

While the evaluation presents an attractive investment opportunity, the biggest issue is Shiba Inu’s ability to hit these targets. Several pundits have argued that SHIB is capable of reaching these goals. For instance, last month, market commentator Luis “Del Crxpto” Delgado called attention to Dogecoin’s historical feat years ago. 

Notably, the original meme coin traded for $0.00056 at some point but later spiked to a high of $0.01, confounding investors. Del Crxpto suggested that Dogecoin showed that the impossible can be possible.

The pundit’s remarks align with his sentiments around Shiba Inu. Speculations suggest that SHIB is also capable of hitting similar milestones. Meanwhile, AI chatbot ChatGPT suggested Shiba Inu could reach $0.1 in 2029, five years from now. 

However, multiple industry commentators contend that such prices are impossible for Shiba Inu. The major factor posing a roadblock to SHIB’s ability to hit these targets is its enormous supply. 

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