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Ethereum ETFs Pull $4B in First Week Trading: What’s Next for ETH Price?

Mark Brennan
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Ethereum ETFs Pull $4B in First Week Trading: What’s Next for ETH Price?

Ethereum ETFs officially launched on July 22, racking up cumulative trading volumes of over $4 billion in the first week; after initial market volatility, ETH price action looks poised to receive a major boost as August 2024 approaches. 

Ethereum Smashes $3,300 Resistance as Trump Flips Market Momentum

On Tuesday, July 22, nine ETFs tracking Ethereum spot prices launched across the US-regulated markets and trading exchanges. Over the course of the week, Ethereum ETFs attracted significant investor interest, and triggered intense volatility across the ETH/USD spot markets. 

 

Ethereum Price Action (ETH/USD) | TradingView 
Ethereum Price Action (ETH/USD) | TradingView

After Ethereum ETFs launched on July 22, many short-term traders opted to book profits.The chart above shows how Ethereum price descended into a 13.37% tailspin between July 22 and July 26. 

However on July 27, Donald Trump delivered a bullish speech at the Bitcoin Nashville, promising support for the crypto industry. The media frenzy surrounding the event  has triggered a bullish reversal within the ETH/USD markets over the weekend. 

At the time of writing on July 29, ETH price has now broken above the $3,345 mark, reflecting an 8.74% uptick in the last 72-hours. 

With the weekend rally extending into the early hours of Monday, this suggests that bull traders are anticipating a positive outlook for Ethereum ETFs and ETH price action in the week ahead. 

Ethereum ETFs Pull $4.05 Billion Volume in First Week Trading 

Evidently, the media frenzy from Trump’s speech at the Bitcoin Nashville conference has tipped Ethereum price action into a bullish reversal over the weekend. However, markets anticipate that Ethereum ETFs trading trends will have a much bigger impact on ETH prices as the week unfolds. 

Ethereum ETFs Cumulative Trading Volumes (Jul 22 - July 26) | TheBlock 
Ethereum ETFs Cumulative Trading Volumes (Jul 22 – July 26) | TheBlock

According to on-chain data culled from TheBlock, the 9 newly-launched Ethereum ETF garnered a cumulative trading volume of $4.05 billion in the first week of trading between July 22, to July 26. 

While ETH spot ETFs’ daily net flows have fluctuated considerably, the steady rise in daily trading volume has increased trading activity within the Ethereum ecosystem at large. Rising investor interest and the additional liquidity provided by the fresh capital inflows could propel the ETH price towards the $3,500 level in the coming days.

Ethereum Price Forecast: $3,500 Resistance at Risk

Thanks to the Trump-fuelled rally, Ethereum price is poised to reverse losses from last week’s sell-the-news trend, having gained 8.74% over the last 3-days. In addition to the rising trading volume from Ethereum ETFs, key technical indicators on the ETH/USD charts also support a bullish outlook for the week ahead.

Ethereum Price Forecast (ETH/USD) | TradingView
Ethereum Price Forecast (ETH/USD) | TradingView

First, the Ichimoku Cloud indicator suggests a potential bullish trend, with ETH attempting to break above the cloud. A crossover of the conversion line (blue) above the baseline (red) would confirm this momentum. Key resistance levels are at $3,349 and $3,500. Breaking these could lead to a prolonged Ethereum price rally towards the $3,800 level. 

On the downside, the Choppiness Index (CHOP) at 47.80 indicates moderate market consolidation, suggesting a potential upcoming trend. Key support levels to watch are $3,226 and $3,278. Holding these levels would provide a strong base for upward movement.

Here Are 3 Memecoins to Watch after Ethereum ETF Launch

Mark Brennan
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Here Are 3 Memecoins to Watch after Ethereum ETF Launch

Ethereum ETFs officially launched on July 22, sparking bullish tailwinds across the crypto market; key on-chain indicators suggest the memecoin sector could receive a significant boost as August 2024 approaches.

PEPE: Bulls Could Target a New All-Time-High

PEPE is currently Ethereum’s second-largest memecoin project, behind Shiba Inu (SHIB). PEPE’s recent price action over the last three months suggests that it has benefitted the most from the Ethereum ETF’s bullish headwinds.

PEPE Price Action | PEPE/USD (TradingView)
PEPE Price Action | PEPE/USD (TradingView)

On May 20, 2024, Bloomberg analyst broke news of Ethereum ETFs approval by the US SEC. The chart above shows that PEPE price instantly entered a blistering 92% rally within 7 days, to hit an all time high of $0.000017 on May 27. 

At the time of writing on July 29, the PEPE price is trading at the $$0.000012 markup by more than 1000% in terms of year-to-date performance.

More recently, the positive correlation between Ethereum ETFs approval and PEPE price action in late-May suggest that the token could be well-poised for another rally if the inflows increase significantly in August 2024 and beyond. 

LAIKA: Whales Could Ape-in on Newly-Launched Solana Memes

The first half of 2024 has seen the Solana ecosystem attract considerable media and market interest, particularly with the remarkable performance of native meme coins such as Book of Memes (BOME) and Dogwifhat (WIF), which experienced rallies exceeding 1000%. 

As H2 2024 unfolds, LAIKA, a promising memecoin on the Solana blockchain, is showing significant potential to mirror the success of its predecessors.

LAIKA has rapidly gained traction, partly due to its unique marketing approach. The coin garnered attention when it launched its mascot into Earth’s orbit in March 2024, a strategic move that has captivated the crypto community and distinguished it from a myriad of other memecoins.

LAIKA Price Action | (LAIKA/USD) | TradingView
LAIKA Price Action | (LAIKA/USD) | TradingView

Despite the pervasive volatility in cryptocurrency markets, LAIKA’s native token has demonstrated resilience. Over the past 24 hours, the token has experienced a 2% rebound, contrasting with the double-digit losses faced by other prominent memecoins like SHIB. 

At the time of writing on July 29, LAIKA is priced at $0.00006, boasting a market capitalization of over $58 million.

A key feature of LAIKA is its reward-based Laika Moon Mission Game, which provides a compelling mechanism for earning passive income. This aspect could enhance demand for the token as investors seek stable returns amid a bearish market. The game’s engaging nature and potential rewards make it an attractive option for diversifying crypto portfolios with utility-driven assets.

DJT (Trump Coin): Trump Campaigns Could Drive August Rally 

The DJT memecoin is generating buzz in the cryptocurrency community, positioning itself as a meme coin to watch in August 2024. This surge in interest is driven by a combination of recent events and market dynamics that are expected to fuel its growth.

One major catalyst is the successful launch of Ethereum ETFs. The introduction of these ETFs has brought renewed attention to the broader crypto market, increasing liquidity and investor interest. As a result, many altcoins, including memecoins like DJT, are experiencing heightened trading activity. The added exposure and accessibility of Ethereum-related assets have a trickle-down effect, benefitting lesser-known coins in the ecosystem.

DJT (TRUMPCOIN) Price Action (DJT/USD) | CoinGecko
DJT (TRUMPCOIN) Price Action (DJT/USD) | CoinGecko

Another significant factor is Donald Trump’s emergence as the front-runner in the US 2024 elections. Trump’s prominence in the political arena has historically influenced market sentiment, and his association with the DJT memecoin adds a unique layer of speculative appeal. 

Donald Trump delivered a speech at the Bitcoin Nashville conference which was held between July 25 to July 29 2024, sending bullish tailwinds across the crypto markets. 

But notably, the DJT coin entered a blistering 15% rally within the duration of the conference, before retracing toward the $0.00007 level at the time of writing on July 29.

Although still unconfirmed by the campaign team, the DJT memecoin branding posits that the token is heavily linked to Donald Trump. The price action observed over the past week suggests that DJTs near-term is now closely linked to Trump’s fortunes in the Presidential elections race. 

As the campaigns intensify, DJT will likely draw interest from both supporters and detractors eager to engage with a politically-themed digital asset. This puts DJT firmly on the list of meme coin to watch closely in August 2024. 

Speculations that bullish catalysts like Ethereum ETFs inflows and Donald Trump’s candidature could spark a major rally across the memecoin sector. If crypto whales’ recent preference for low-cap memecoins persists in August, tokens like PEPE, LAIKA, and DJT are well-poised to gain ground in the weeks ahead.

Pundit Says XRP Will Completely Change the Script if It Reaches This Price

Abdulkarim Abdulwahab
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Pundit Says XRP Will Completely Change the Script if It Reaches This Price

Prominent figures in the XRP community agree that XRP will completely change the narrative upon recapturing its long-standing ATH.

XRP has maintained its defense of the $0.60 price level, briefly dipping below it yesterday but now trading at $0.6062 as of press time. At this price, XRP boasts a month-to-date gain of over 27%, one of the largest for any mainstream crypto asset.

The XRP community is eagerly anticipating a decisive upward movement, as XRP has hovered around the $0.60 mark for more than a week. Amid this wait, commentators have continued to share their projections for XRP’s performance in the coming days, especially with the potential for a bullish resurgence.

Some have identified that XRP is uniquely charting the early 2017 bull pattern that culminated in an ATH. As a result, they predict a repeat of history, with XRP poised for a significant upswing.

How XRP Will “Change the Script”

In a recent post on X, notable community member “Freki OG” shared his insights on how XRP could defy expectations and rewrite the script for this bull run, similar to what happened in 2017. 

He highlighted that during the last bull cycle, XRP faced significant headwinds due to the largest U.S. SEC battle in crypto history. Freki noted that the SEC suit suppressed its price action for the last bull run.

However, the market commentator emphasized that most people overlook a crucial point. According to him, if XRP breaks out above its $3.84 all-time high, it would completely flip the script and change the narrative. He stressed that it would open the door for more explosive price action.

Moreover, the commentator noted that XRP is currently navigating heightened hate and disbelief among critics, stressing that this is exactly when XRP often takes naysayers by surprise.

Other Analysts Agree

Notably, Freki OG’s conviction that breaking the 6.5-year-old all-time high would unleash a surge in XRP’s value is a sentiment widely shared within the community and among market observers. Moon Lambo, a prominent figure in the XRP community, has expressed 100% agreement with this view.

Similarly, analyst Egrag had previously highlighted the significance of XRP breaking the $3.84 ATH, stating that it could “open the gates to Valhalla.” Egrag emphasized that surpassing this threshold is one of the crucial factors that could propel XRP to a new ATH of $17, representing a staggering 30-fold increase.

With XRP trading at around $0.6, reclaiming $3.84 requires the asset to soar by about 540%.

5 Reasons XRP is Poised for a “Disproportionate” Price Surge: Tokentus CEO at Germany Stock Exchange

Sam Wisdom Raphael
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5 Reasons XRP is Poised for a “Disproportionate” Price Surge: Tokentus CEO at Germany Stock Exchange

Oliver Michel, the founder and CEO of Tokentus Investments, notes five reasons he believes XRP is on the verge of a “disproportionate” price rally.

Michel recently disclosed this while speaking at Germany’s Frankfurt Stock Exchange. He stressed that he became involved with Ripple and XRP in 2017 and has been observing the crypto asset for several years. Michael acknowledged the large following XRP commands, noting that he wishes to share his observations with the community.

Ripple’s Positioning for Blockchain Infrastructure Services

He believes these observations are the reasons XRP might be gearing up for an explosive rally. The first observation is Ripple’s recent remarks confirming its mission to provide digital asset infrastructure for companies. Note that on July 19, Ripple put out a post outlining its ambition.

The firm stressed that its primary goal is to become the leading infrastructure provider for enterprises looking to integrate blockchain. Michel emphasized that such a bold statement from Ripple is rare. Notably, while this remains a fact, such remarks have always come from different individuals rather than the firm itself.

The fact that Ripple thought it necessary to put out this statement at this point shows that something is going on behind the scenes. Michel said his first observation is that the firm is currently positioning itself to serve these enterprises.

XRP Wedge Pattern

Meanwhile, the second observation is a massive symmetrical triangle, or wedge, in the XRP chart. Michel observed that XRP had formed the largest symmetrical triangle he had ever seen, which has lasted for six years. He called attention to the XRP’s recent movements, which have been more bullish than the rest of the market.

Notably, XRP recently recorded a massive 60% upsurge while the rest of the market consolidated. Amid the ongoing market correction, XRP has shown more resilience. Michel also highlighted some occasional price surges XRP has recently witnessed.

According to him, these price movements suggest that XRP might be setting the stage for an upward push. He noted that a breakout of the symmetrical triangle could lead to the expected price explosion. Michel believes the rally would be much higher than the occasional price surges.

Ripple Stablecoin, Shares Buyback, and Lawsuit Resolution

His third observation is the upcoming Ripple stablecoin RLUSD, which the firm confirms will launch before the end of 2024. Meanwhile, he spotlighted Ripple’s shares buyback as the fourth observation. For context, Ripple CEO Brad Garlinghouse recently revealed that the firm is on track to buy back $1.4 billion of its own shares.

The fifth and last observation is the forthcoming final resolution of the Ripple vs. SEC lawsuit. Notably, Ripple CEO predicted that the final verdict might come in the summer. The end of the lawsuit could finally take off the legal pressure that has kept XRP from securing sufficient institutional adoption in the U.S.

Concluding his speech, Michel argued that these observations suggest that something is brewing for XRP. According to him, XRP could secure a “disproportionate” price explosion that is too large to compare to rallies from other assets. At the reporting time, XRP trades for $0.591, down 5% over the past 24 hours.

Shiba Inu Highlighted by Expert as High-Conviction Pick for Life-Changing Returns

Abdulkarim Abdulwahab
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0
Shiba Inu Highlighted by Expert as High-Conviction Pick for Life-Changing Returns

Aaron Arnold, the founder of the Altcoin Daily channel, highlighted Shiba Inu among meme coins he strongly believes are worth investing in to achieve wealth in this bull market.

In a recent video, Arnold collaborated with Rodney, a meme coin expert, to discuss why crypto market participants should start taking meme coin investments seriously.

Why Take Meme Coins Seriously

Rodney emphasized that meme coins have the potential to bring life-changing gains in a bull market. He argued that the cryptocurrency market remains speculative, with meme coins often driven by price speculation rather than technological fundamentals.

Rodney recounted the origins and evolution of meme coins, highlighting the success of Dogecoin and Shiba Inu, which reached market caps of $80 billion and $40 billion, respectively, at their peak in 2021. He pointed out that while these tokens may have started as jokes, their staggering billion-dollar market caps are not jokes.

Additionally, Rodney explained that the current trend has shifted from offering superficial use cases to focusing on community, narratives, and content. He believes this shift makes meme coins more sustainable and attractive.

Shiba Inu Among High Conviction Picks

While acknowledging that most meme coins are scams or failed projects, Rodney emphasized that some can still bring significant gains.

When it comes to the top five meme coins capable of delivering substantial returns for investors, Arnold and Rodney have different lists. 

Arnold includes Shiba Inu among his high-conviction top-five picks. Meanwhile, Rodney presented his own selection of meme coins that could offer better returns than Shiba Inu.

PEPE 

Rodney shared his top meme coin picks, starting with Pepe, which he owns and believes will do well in the future. 

Pepe emerged in a bear market and reached a $1.6 billion market cap size, getting listed on most major exchanges. It is part of the “Boys Club” narrative, a comic book meme older than Bitcoin itself.

Pepe has no intrinsic value, but its strong community has driven its market cap size to $5 billion, with an all-time high of $7 billion. Rodney got in at around $90 million and believes Pepe will outperform most meme coins, potentially becoming the largest ERC-20 token. He considers Pepe his first high-conviction play.

Bonk Inu

Rodney’s second high-conviction pick is Bonk Inu (BONK), which started a new wave of meme coin craze on the Solana blockchain. 

BONK was the first mover on Solana, offering cheap meme coin fees, and brought back Solana from the dead. Rodney is 1,000% bullish on BONK, holding and accumulating more when possible. BONK, the fifth largest meme coin, moves with Solana and has a $2 billion market cap size. 

Brett on Base 

Rodney’s next high-conviction pick is Brett on Base (BRETT), the first mover on the Base blockchain, which is Coinbase’s Layer Two. BRETT is also part of the “Boys Club” narrative and has a strong community. 

Rodney is bullish on BRETT due to its association with Coinbase, the largest U.S. exchange, as it could help with mass adoption. He believes that when retail investors return to the crypto space, they will naturally progress from the Coinbase exchange to their wallet, where they can buy BRETT. 

At $1.5 billion, BRETT is currently the seventh-largest meme coin by market cap. Rodney predicts that BRETT will reach $10-$50 billion during the next run.

Others

Other meme coins in Rodney’s list include PONKE on SOL and Coq Inu. He sees all these meme coins as a valuable investment set to make investors life-changing returns.

Here is How High Shiba Inu Could Rise if it Surges 27,000,000%

Lele Jima
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Here is How High Shiba Inu Could Rise if it Surges 27,000,000%

Shiba Inu’s (SHIB) price could reach an unprecedented level if it replicates its performance in the first ten months of 2021. 

It is no longer news that Shiba Inu was among the top-performing cryptocurrencies in the 2021 bull run. The dog-themed token, which launched in August 2020, surged tremendously to register an all-time high of $0.00008845 on October 28, 2021. 

Arabian Business Claims SHIB Surged 27,000,000% in 2021 

According to Arabian Business, the price of Shiba Inu surged by 27,000,000% in the first ten months of 2021.  

“In the 10 months from January 2021 to October 2021, the price of the decentralized Ethereum-based token SHIB rose by 27,000,000 percent. Yes, you read that right—27 million percent,” Arabian Business reported. 

It bears mentioning that Shiba Inu was able to achieve the milestone due to significant contributions from Ethereum co-founder Vitalik Buterin. Recall that the Ethereum co-founder, who received half of SHIB’s total supply from Shiba Inu’s pseudonymous founder Ryoshi, burned most of the gifted tokens and sent the rest to charities in 2021. 

This move helped bolster investors’ confidence in Shiba Inu, prompting leading crypto exchanges to support its listing. Consequently, the price of Shiba Inu spiked massively, with the token ranking among the top 10 crypto assets by market cap at the time. 

Given Shiba Inu’s hefty surge of 27,000,000% in the first ten months of 2021, investors are hoping for a repeat of this price upswing in the upcoming bull run. 

Shiba Inu’s Price If It Repeats 2021 Rally 

As a result, The Crypto Basic recently analyzed what price SHIB could trade at if it witnesses a similar rally as it did in the first ten months of 2021. At the time of writing, SHIB was trading at $0.00001726. This reflects a decline of 80.49% from SHIB’s all-time high (ATH). 

Therefore, if Shiba Inu witnesses a surge of 27,000,000% as it did in 2021, SHIB’s price would increase from its current value of $0.00001726 to $4.66. At this value, investors holding 1 million SHIB tokens worth $17.26 today would see their investment surge to $4.66 million

Furthermore, a price of $4.66 per token would take Shiba Inu’s market cap to over $2.74 quadrillion, assuming SHIB’s circulating supply remains stable at 589.27 trillion tokens. However, the available global financial resources cannot sustain this projected market cap. 

As a result, it is unlikely that SHIB will experience the same rally witnessed in the first ten months of 2021, as observed by Arabian Business. 

Expert Trader Says Not a Fan of XRP but Buys it for Big Profits, Flashes $9M Trade Profit

Abdulkarim Abdulwahab
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0
Expert Trader Says Not a Fan of XRP but Buys it for Big Profits, Flashes $9M Trade Profit

MMCrypto, a renowned Bitcoin advocate, has disclosed that while he does not admire XRP, he engages in the asset for big profits. 

The Bitcoin maxi shared this sentiment in a recent disclosure on X, showcasing trades with over $9 million in yield. In the post, he highlighted leveraged positions for XRP, BTC, and Ethereum. 

Bitcoin Maxi Trading XRP for Profit

He entered the XRP market when the asset was valued at $0.5757, opening a 10X leveraged position with a liquidation point at $0.5228. As XRP’s price surged to $0.6035, MMCrypto’s trade yielded a remarkable 48.21% gain. This resulted in an unrealized profit of $11,987.

Meanwhile, the seasoned trader opened his Bitcoin trade way back in February when the asset was at $46,056. He entered with 17X leverage. As Bitcoin’s price soared to $67,538, MMCrypto’s trade yielded a staggering 535.23% gain.

Similarly, his Ethereum trade was initiated as far back as Q4 2023, when ETH was at $1,599. Interestingly, he used an astonishing 49X leverage for Ethereum. 

Fast forward to today, with ETH trading above $3,000, he is enjoying an unrealized return of over 2,587%, making it his most profitable trade among the three assets. 

Essentially, MMCrypto has only recently explored trading XRP. This trade comes just days after he conveyed unexpected interest in the asset, departing from his previous skepticism. 

This shift in stance coincides with XRP’s remarkable growth of over 60% in less than two weeks this month. The rally propelled XRP to a three-month high. During this time, XRP briefly ranked as the best-performing among billion-dollar cap cryptos.

The sudden surge in XRP’s popularity caught MMCrypto’s attention, prompting him to consider investing in the asset. And now, he has successfully executed a profitable trade in XRP. MMCrypto reported that the trades involving XRP, BTC, and ETH have generated a staggering profit of $9 million.

Still Not a Fan of XRP

In addition to his leveraged trade, the Bitcoin maxi revealed that he also purchased a significant amount of XRP spot. He cautioned that his leveraged positions were risky and a gamble.

Moreover, MMCrypto emphasized that he still is not an XRP enthusiast by any means. Rather, he is simply looking to capitalize on the asset’s profit potential. 

“I am not at all an XRP fan. Buying for profit,” he said.

Here is XRP Price If It Processes 10% of SWIFT Transactions

Lele Jima
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Here is XRP Price If It Processes 10% of SWIFT Transactions

Popular community figure Amelie predicts a massive spike in XRP’s price if its underlying network, XRPL, is used to process 10% of all SWIFT’s transactions.   

In a recent X post, Amelie took a swipe at SWIFT (Society for Worldwide Interbank Financial Telecommunication), suggesting that XRP is a better alternative for cross-border settlements. 

Ripple Says Swift Isn’t Fast Enough 

In a recent X post, the community figure called attention to a Ripple advertisement stating, “Swift isn’t fast enough.” The remark was Ripple’s subtle critique of the global financial messaging giant’s transaction processing speed. 

Interestingly, Ripple recommended that financial institutions adopt its solution to move value across borders instantly. 

Commenting on the development, Amelie compared the transaction processing speed of SWIFT and XRP. According to the community figure, completing cross-border transactions on SWIFT typically takes three to five business days. Conversely, Amelie claimed that XRP-related transactions can be completed within four seconds. 

Following the analysis, Amelie echoed Ripple’s sentiments, emphasizing that SWIFT is not fast enough compared to XRP. 

XRP to Surpass $1,000 If It Processes 10% of SWIFT Transactions

Consequently, the enthusiast speculated that all SWIFT transactions will eventually be processed via the XRP Ledger (XRPL), the underlying blockchain of the XRP token.   

Interestingly, she suggested that the price of XRP could surpass $1,000 per token if 10% of all SWIFT’s network transactions are processed via the XRPL. However, Amelie did not provide details regarding how XRP could achieve this milestone.  

Can XRP Replace SWIFT? 

Several crypto enthusiasts have been comparing XRP to SWIFT in recent years. In particular, popular crypto asset manager Grayscale characterized XRP as an alternative to SWIFT. Notably, some users have taken this comparison to greater heights by projecting that XRP might eventually replace SWIFT due to its inefficiencies, including slow transaction processing. 

XRP potentially replacing an established system like SWIFT would require more than community support. Factors such as the final resolution of the SEC lawsuit, increased institutional adoption of XRP, and large-scale commercial partnerships leveraging Ripple’s payment solution could play pivotal roles in XRP’s potential replacement or integration with SWIFT. 

Leading Economist Says XRP Will Surprise Many in Doubt

Abdulkarim Abdulwahab
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0
Leading Economist Says XRP Will Surprise Many in Doubt

Mikybull, a notable economist and technical analyst, asserts that XRP is poised for a dramatic surge that will continue to catch skeptics off guard.

The seasoned economist voiced this sentiment in a recent update shared on X. Accompanying the post was a graph exploring XRP’s candlestick pattern within a one-year scale. 

The graph reveals that XRP was steadily reversing a downward trend that had begun after its sudden and unexpected spike to $0.74 in March, which saw a 20% increase in just a few hours.

Notably, the chart shows that XRP was in a prolonged downtrend before the sudden reversal in March. Mikybull believes that history may repeat itself, as XRP has been in a downtrend since March, setting the stage for a similar dramatic turnaround.

As a result, he boldly asserted that XRP would surprise naysayers in the subsequent days. Indeed, the projected rally materialized, and XRP garnered attention even from prominent critics among Bitcoin maximalists. 

At the time of the post, XRP traded at around $0.4744. However, just four days later, it surged to $0.6366, a price point not seen since April. This represented an impressive gain of over 34%.

Indeed, XRP Surprised Doubters

Following this unexpected gain, MMCrypto, a famous Bitcoin maxi, expressed an interest in XRP. While confessing that he is not an admirer of XRP, he noted that he would closely observe its performance for investment opportunities. Indeed, a few days later, he shared a post detailing how he had profited $9 million by trading XRP and other assets.

Likewise, mainstream media outlet Bloomberg also took notice of XRP’s remarkable rise. In particular, it published an article highlighting its emergence as a top performer among the top-ranking tokens.

More Surprises Await Skeptics

In a follow-up update, Mikybull acknowledged XRP’s uptrend, revealing that it had surpassed his short-term target much faster than anticipated. Meanwhile, the analyst hinted that the main event is still yet to come, suggesting that an even more dramatic and intense price surge is on the horizon. 

While XRP is currently experiencing a brief cool-off period, Mikybull noted that the cryptocurrency will be headed for the $1 target soonest.

As of press time, XRP is trading at $0.5985, having slipped 1.21% in value over the past 24 hours. Despite this minor correction, the cryptocurrency still maintains an impressive 30-day gain of over 28% at its current level.

Shiba Inu Use in Payment Spikes 76% on CoinGate 

Lele Jima
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0
Shiba Inu Use in Payment Spikes 76% on CoinGate 

Lithuania-based crypto payments platform CoinGate highlights a significant increase in Shiba Inu’s (SHIB) use as a payment method.  

According to CoinGate, Shiba Inu recorded a staggering 76% increase in orders on its platform in the second quarter of 2024. 

Factor That Bolstered SHIB Orders 

CoinGate attributed this spike to its expansion of Shiba Inu’s support to other notable networks, including BSC and Polygon, making it convenient for users to adopt SHIB for payments. 

Notably, SHIB’s expansion into the two prominent networks was driven by strong demand from Shiba Inu community members. In its latest report, CoinGate highlighted an X post published in Q2 2024, specifically on May 10, where it confirmed expanding support for SHIB to the BSC and Polygon networks. 

“As a result, this move [expansion] significantly impacted overall Shiba Inu order volumes, with SHIB orders increasing by 76% compared to Q1 2024,” CoinGate remarked.  

Commenting on the development, CoinGate confirmed that the enthusiastic and strong response from the Shiba Inu community reflects the asset’s popularity in the industry. They expressed their excitement to be part of the token’s success. 

Shiba Inu Reacts 

Notably, the official X handle of Shiba Inu called attention to the development via an X post. The ecosystem team said the spike in Shiba Inu orders confirms that “adoption is happening” for the popular dog-themed token. 

Furthermore, it invited Shiba Inu community members to reveal the items they purchased using SHIB. 

CoinGate’s Support for SHIB 

It bears mentioning that CoinGate officially supported SHIB as a payment method in November 2021. Since its integration, SHIB has become one of the platform’s most used crypto payment methods. One year after Shiba Inu’s support on CoinGate, the token ascended to the 12th position among the platform’s preferred crypto payment method. 

In November 2023, Shiba Inu fell to the 15th spot in the ranking. However, users solidified their interest in Shiba Inu as SHIB orders surged 76% in the second quarter of 2024, thanks to the token’s support over the BSC and Polygon networks. 

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