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Stanford Paper Cites Ripple Potential Strategic Value to US Policymakers

Zabi
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Stanford Paper Cites Ripple Potential Strategic Value to US Policymakers
  1. A Stanford paper highlights Ripple potential strategic value, criticizing US lawmakers for regulatory delays affecting competitiveness.

In a post on X, pseudonymous XRP community influencer WrathofKahneman (WOK) spotlighted a Stanford paper discussing the role of crypto in maintaining US monetary dominance. The paper specifically mentions Ripple, highlighting its potential strategic value to US policymakers. This discussion has sparked debate about the US government’s crypto regulatory approach.

Ripple Potential and Regulatory Hurdles

The Stanford paper emphasizes the need for the US government to foster a business-friendly environment for Distributed Ledger Technology (DLT) companies, particularly those like Ripple. The paper touted Ripple as a private sector payment network that handles over $1 billion in daily transactions and boasts a huge global reach. 

It argues that the uncertain regulatory landscape in the US has hindered Ripple’s competitiveness, research advancements, and growth potential. 

The paper suggests that US legislators should recognize the strategic intelligence and value Ripple offers, advocating for a clearer regulatory framework to support Ripple and similar companies. This regulatory clarity could enable such businesses to expand globally while contributing to US financial infrastructure.

Community Reactions and Political Implications

Reacting, community members intensified the debate on the role of US lawmakers in crypto regulation. Some individuals expressed frustration, pointing out that the strategic value of companies like Ripple has been evident for years. 

One commenter, Dan Thurman, emphasized the potential benefits of USD stablecoins backed by US Treasuries, which could drive sovereign debt demand and create liquidity in the debt market. However, he also acknowledged the challenges posed by the growing interest of over 100 nations in the BRICS alliance.

WrathofKahneman responded to questions about whether US officials’ actions were strategic or based on ignorance. He suggested that a combination of ignorance and financial interests might be at play, though he admitted this was his personal opinion without concrete proof.

Another commenter expressed disbelief that Congress could be ignorant of blockchain’s benefits, hinting at possible corruption as a more plausible explanation.

Ripple’s Legal Battle with the SEC

Adding to the regulatory turmoil, Ripple’s Chief Legal Officer, Stuart Alderoty, highlighted a development in the company’s ongoing legal battle with the SEC, per a June 17 report by The Crypto Basic. On March 22, the SEC had proposed nearly $2 billion in fines against Ripple for alleged violations of federal securities laws through unregistered sales of XRP to institutional investors. 

However, Alderoty deemed this demand ‘absurd.’ The proposed fine included a civil penalty of $876.3 million, disgorgement of the same amount, and $198.15 million in prejudgment interest, totaling nearly $2 billion.

Here’s When $1,000 Worth of Shiba Inu Can Become $1M

Abdulkarim Abdulwahab
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0
Here’s When $1,000 Worth of Shiba Inu Can Become $1M

Individuals investing $1,000 today in Shiba Inu may set a two-decade timeline to realize a return of $1 million from SHIB.

Shiba Inu investors are shouldering significant losses as SHIB plunged to $0.0000173 earlier today. This low price was last seen in late February, shortly before the explosion to the three-year high.

Essentially, most market participants who engaged with SHIB before the start of the last bullish wave are underwater. Meanwhile, many market watchers previously projected the this downturn. Accordingly, they urged enthusiasts to see these low values as an attractive buy zone before the next bullish wave.

With this optimism, individuals committing $1,000 into the Shiba Inu market today with a long-term perspective may be curious to know when their investment could be worth $1 million. This is due to multiple accounts of individuals who turned a few hundred dollars into multimillion-dollar fortunes by investing in SHIB. 

When $1,000 Shiba Inu Can Become $1M

At press time, Shiba Inu hovers around $0.00001807. A $1,000 investment can amass 55,340,343 SHIB tokens at the current price. 

For this investment to make one a millionaire, Shiba Inu must cancel three leading zeros to trade at $0.01807. Emphatically, Shiba Inu must surge by 99,900% for this price level to become a reality. 

Looking back at its history, Shiba Inu has seen an even more domineering upsurge. The Crypto Basic reported that SHIB’s rally post-2020 halving was over 884,300% increase. 

Moreover, at its current value, market data sourced by CoinMarketCap indicates that Shiba Inu’s gains since its launch in August 2020 stand by as much as 1,353,726%.

Shiba Inu chart CoinMarketCap
Shiba Inu chart | CoinMarketCap

However, while SHIB canceled six zeros within a year between 2020 and 2021, the likelihood of a similar occurrence is low. As a result, well-known prediction portals like Telegaon and Changelly have suggested Shiba Inu could cancel three more zeros in sixteen years.

Specifically, Telegaon projected a higher $0.054 value for SHIB by 2040. In other words, people investing $1,000 today can expect a two-decade timeline to cash out $1 million from Shiba Inu.

XRP Community Faces New Scam Around Ripple RLUSD Stablecoin Launch

Abdulkarim Abdulwahab
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XRP Community Faces New Scam Around Ripple RLUSD Stablecoin Launch

Members of the XRP community are now at risk of a new scam surrounding the forthcoming launch of the Ripple USD (RLUSD) stablecoin.

Various reports on X have inadvertently promoted the idea that 1 billion RLUSD tokens have been issued, citing supposed “evidence” from XRP Ledger blockchain explorers.

The associated XRPL account has multiple recent transactions, mostly executed in the last 48 hours. These transactions primarily consist of trust-line transactions involving phantom RLUSD tokens in billions.

Some community members have asserted that this development is genuine since it is visible on an XRPL address, especially given that RLUSD is expected to launch on XRPL.

RLUSD Not Yet Issued 

However, reputable figures in the XRP community have swiftly denounced this as a scam. Vet, an XRPL dUNL validator and founder of NFT marketplace xrp.cafe, emphasized that RLUSD has not been issued yet. He urged members to wait for official information from Ripple to avoid falling prey to scammers.

 

Similarly, Wietse Wind, founder of Xumm (now Xaman) developer team XRPL Labs, stressed that the supposed RLUSD token is fake. According to him, they were created by scammers attempting to sell worthless assets on the DEX or through AMM. “Do not engage,” he cautioned.

“Activated by Bitrue” Means Nothing 

Meanwhile, community members resist these warnings, citing the wallet’s activation by the Bitrue exchange, which falsely lends credibility to the claim.

Wind clarified that being activated by Bitrue only means a Bitrue user activated the account or that the scammer used the exchange to send the first deposit, which does not confer any legitimacy.

At the same time, enthusiasts are puzzled about how bad actors could fake the minting of RLUSD or adopt the “RLUSD” ticker. Wietse Wind explained that the XRPL is an open network where anyone can issue anything, whether fake or genuine. 

He emphasized that anyone can create assets using any name they choose, but the name alone does not make the asset trustworthy. 

 

This point is further illustrated by a recent report revealing how some dishonest individuals used Elon Musk’s identity to falsely suggest that X/Twitter was testing payments with XRPL.

Amid this latest scam, X user Vincent Van Code questioned why anyone would be in such a hurry to buy a stablecoin like RLUSD, considering it would not yield any financial gain. He suggests those who fall for the scam deserve the loss as he expects it to teach them a valuable lesson.

Significantly, the Ripple stablecoin will launch before 2024 ends. Just as Ripple announced the RLUSD name for its stablecoin last week, similar official press releases will also announce its launch.

Pro-XRP Lawyer Says SEC Did Not Drop Its $2B Demand to $102M in Ripple Case 

Lele Jima
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Pro-XRP Lawyer Says SEC Did Not Drop Its $2B Demand to $102M in Ripple Case 

Prominent lawyer Jeremy Hogan clears misconception surrounding the SEC’s latest brief in the Ripple lawsuit, emphasizing that the regulator did not drop its $2B demand to $102M. 

Recall that Ripple leveraged the TerraForm Labs’ (TFL) settlement to support its argument for a $10M penalty. Ripple argued that the difference between TFL’s civil penalty of $420M and the company’s gross sales of $33B is around 1.27%. 

In response, the SEC disagreed with the presentation, noting that Ripple should apply the logic to TFL’s civil penalty and disgorgement of $3.58B. Comparing the difference between the agreed civil penalty and disgorgement in the TFL case, the SEC arrived at a ratio of 11.7%. 

Applying the 11.7% ratio to the $876.3M the SEC seeks as disgorgement in the Ripple case, the SEC noted that the civil penalty should be $102.6M instead of the $10M fine proposed by the defendant. 

Pro-XRP Lawyer Addresses Misconception

Following the SEC’s presentation, some XRP enthusiasts speculated that the SEC had dropped its initial request of $2B to $102.6M. Consequently, Attorney Hogan addressed the growing misconception, emphasizing that the SEC is not demanding $102M in fines. 

The pro-XRP lawyer said the SEC only used a comparative legal approach based on Ripple’s logic on the TFL settlement to determine that the potential penalty should be $102M. 

Furthermore, Attorney Hogan shared his previous prediction regarding the lawsuit, where he projected that the court could impose a fine of $100M against Ripple and a permanent injunction on institutional sales of XRP. 

Top Lawyer Shares Similar Sentiment 

Adding to Attorney Hogan’s analysis, Australian-based lawyer Bill Morgan shared a similar sentiment in a recent X post. According to Morgan, the SEC’s brief was misinterpreted to suggest that the SEC dropped its $2B remedies demand to $102M. 

The top lawyer accused ‘specific XRP influencers’ of spreading this false theory about the SEC’s demands. 

Meanwhile, the XRP community is awaiting the court’s imminent final decision, which could potentially end the multi-year lawsuit at the District Court level. It remains to be seen whether any of the parties will appeal the decision in the Second Circuit. 

Cardano Founder’s Pig Inspires NIKE Memecoin, Hits Nearly $1M in 12 Hours

Zabi
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0
Cardano Founder’s Pig Inspires NIKE Memecoin, Hits Nearly $1M in 12 Hours

Cardano founder Charles Hoskinson’s pig, Nike, inspired a meme coin that clinched a market cap close to $1 million in 12 hours due to market interest.

Hoskinson has revealed on social media that a picture of his pig, named Nike, has inadvertently sparked the creation of a meme coin. This meme coin has surged to nearly a million dollars in market capitalization within just 12 hours. Notably, Hoskinson expressed his surprise over this rapid development.

NIKE Token’s Rise and Metrics

The memecoin, named “NIKE,” was showcased in a screenshot from TapTools, highlighting its market data. As of the snapshot, the token’s price stood at $0.00061 with a liquidity of $40.32K. The market capitalization reached $610.84K, and the fully diluted valuation mirrored this figure. 

Per the snapshot, the daily trading volume was recorded at $274.39K. Performance statistics revealed substantial growth over various periods: a 1-hour increase of 88.83%, a 4-hour surge of 861.11%, and a 24-hour rise of 80,370%. Over the span of 7 and 30 days, the token maintained a consistent growth rate of 76,290%.

Buy and sell metrics showed a high level of activity with 1,189 buys and 749 sells. The buy volume was $159.70K, while the sell volume was $121.32K, reflecting significant trading interest in the newly minted token.

NIKE is Also Live on DexHunter

Following Hoskinson’s post, a commenter highlighted that the NIKE token was already live on DexHunterIO, providing further insights into its trading activity. The trading pair NIKE/ADA showed a token price of 0.037030 ADA. 

The 24-hour trading volume was 37K ADA, with 138 buys and 55 sells, indicating active participation. Liquidity was noted at 22K ADA, and the market capitalization was 80K ADA. However, the chart details revealed a slight dip in the current price, which was 0.000070 ADA, reflecting a price change of -6.67%.

Community Reactions and Related News

The rapid rise of the NIKE token has elicited mixed reactions from the community. While some expressed optimism, others voiced concerns about the speculative nature of such developments in the crypto space. One commenter remarked:

“This is everything that’s wrong with crypto and why a lot of people will never feel comfortable investing in it.”

Meanwhile, elsewhere, Charles Hoskinson recently humorously speculated in an interview about Tesla CEO Elon Musk potentially holding 20% of the Dogecoin supply.

During the conversation on The Thinking Crypto podcast with host Tony Edward, Hoskinson discussed a range of topics including the Midnight airdrop and the forthcoming Chang hard fork.

Despite Recent Slump, Expert Sees Shiba Inu Breaking into the $0.000081 to $0.00015 Range

Sam Wisdom Raphael
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Despite Recent Slump, Expert Sees Shiba Inu Breaking into the $0.000081 to $0.00015 Range

Notable analyst Javon Marks sees Shiba Inu breaking into the $0.000081 to $0.00015 range despite the latest market-wide slump that has sent prices tumbling.

Shiba Inu (SHIB) has felt a greater impact from the ongoing market retracement due to its higher volatility. While Bitcoin (BTC) and Ethereum (ETH) are respectively down 0.77% and 2.97% in the past 24 hours, SHIB has collapsed by a more substantial 9.88% within the same timeframe.

Shiba Inu Maintains Uptrend Despite Recent Dip

Despite the bearish momentum, which has triggered a 19% drop in the past seven days, market analysts such as Javon Marks expect the retracement to lead to a more substantial price upsurge. In his most recent analysis, Marks called attention to the fact that Shiba Inu is still seeing gains from the level it broke out of in February.

For context, Shiba Inu engineered a remarkable 370% increase in a week from late February to March 5, reaching the $0.000045 level. After a collapse from this peak, SHIB has failed to confidently record a recovery push to the previous highs. However, it remains well above the price it traded at before the breakout.

At a current price of $0.00001830, Shiba Inu is up over 91% from its low on Feb. 25. Another market analyst previously touted a drop to $0.000018 as a good but opportunity. Meanwhile, Marks sees the general uptrend as indication that the price run is still in effect. Based on this premise, he projects a 294% price upswing to take Shiba Inu toward the $0.000081 price territory.

According to him, the ongoing market pullback, which has broken below the $0.00002 level, could only be a contributing factor to the massive price upsurge. Marks expects Shiba Inu to eventually breach the $0.000081 level to the much-coveted $0.0001 territory, marking a new all-time high.

A Possible Rally to the $0.000081 to $0.0001553 Range

Notably, Shiba Inu faces a sell wall just below the $0.0001 price level, representing a major resistance between $0.000056 and $0.000139. According to IntoTheBlock, this massive sell wall represents a level at which 91,760 addresses procured 29.6 trillion SHIB currently worth $538 million at an average price of $0.000066.

Shiba Inu Sell Wall IntoTheBlock
Shiba Inu Sell Wall | IntoTheBlock

If Shiba Inu breaks the resistance at this supply wall, it is likely to retain the uptrend. Marks suggests a price increase to $0.0001553 when this happens. It bears mentioning that the analyst started this bullish projection months back, arguing in March that SHIB is on the verge of reaching the $0.0001553 level. He has since maintained this outlook.

Meanwhile, the bears have successfully breached the $0.00002 support level, causing a slump to a four-month low of $0.00001696 earlier today. The last time Shiba Inu saw the $0.000016 price was in February. Nonetheless, Santiment suggests that the bearish sentiment from this downturn could serve as a sign of an imminent rally.

Bullish Signal for XRP and Shiba Inu as Crowd Sentiment Hits 2024 Low Amid Dip

Abdulkarim Abdulwahab
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Bullish Signal for XRP and Shiba Inu as Crowd Sentiment Hits 2024 Low Amid Dip

Crowd sentiment toward XRP and Shiba Inu has reached a yearly low amid the ongoing market correction, suggesting an opportune time to buy the dips.

The bearish sentiment in the crypto market intensified over the past few hours, with Bitcoin falling further to revisit $64K before settling back in the $65K range. While Bitcoin only dropped by approximately 4% from its intraday high, altcoins like SHIB have bled more significantly. 

In particular, the meme coin market has plummeted by 11.3%, wiping out approximately $6 billion due to Bitcoin’s correction. This double-digit percentage loss is reflected in the market values of Shiba Inu, Dogecoin (DOGE), and PEPE.

Shiba Inu, XRP See Lowest Positive Mention of 2024  

Following this fresh round of dips, positive crowd sentiment for Shiba Inu and Dogecoin hit their lowest levels of the year. Santiment, a market intelligence platform renowned for its on-chain and social metrics, called attention to this latest outcome in an update on X. 

The report also noted that the heightened negative sentiment transcends meme coins. Notably, XRP, the seventh-largest crypto asset, is experiencing similar negativity. Specifically, Santiment has observed that positive mentions of XRP, DOGE, and SHIB are now at a 2024 low following price declines.

Good time to Load SHIB and XRP

Meanwhile, the extremely negative crowd sentiment surrounding these large-cap altcoins has been recognized as a potential bullish indicator. Santiment emphasized that patient investors who have been waiting for the market to lose interest in Shiba Inu and XRP may now have a prime buying opportunity.

Previous Negative Crowd Sentiment Led to Historic Surge

Notably, this metric has proven reliable in recent times. For instance, on Feb. 5, Santiment disclosed the emergence of negative crowd sentiment toward large-cap crypto.

This happened as Bitcoin continued consolidating at lower-than-expected prices in the $43k range, even after Bitcoin spot ETF approvals. This trend contradicted the uptrend that began in the last quarter of 2023.

At that time, Santiment noted that XRP, Cardano (ADA), and Solana (SOL) were all experiencing more negative crowd sentiment than their historical averages, marking the first occurrence in over six months.

Indeed, precisely a month later, Bitcoin reached a new all-time high of $73,650. In parallel, altcoins like Shiba Inu and DOGE achieved new market highs not seen since 2021.

Essentially, while the ongoing dip hurts traders who bought XRP and SHIB at higher prices, the current metric suggests a potential rebound that may reward those buying the dip today.

Shiba Inu Team Reveals Shytoshi Kusama’s Crucial Message to Developers 

Lele Jima
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Shiba Inu Team Reveals Shytoshi Kusama’s Crucial Message to Developers 

Shiba Inu marketer Lucie shares ecosystem lead Shytoshi Kusama’s message, outlining the project’s current development and future plan. 

In an X post yesterday, Lucie emphasized that Shiba Inu is currently in the building stage. She stressed the importance of building by citing a message from lead developer, Shytoshi Kusama, to the team, which says: “The moat has been built to protect the castle; now we build.” 

This analogy signifies the relevance of establishing foundational security measures for protection before progressing further. According to Lucie, Shiba Inu is currently in the initial stage of its developmental journey – a point she labeled “stage 1, step 1.”

Shiba Inu Likened to a Railway Track 

Interestingly, she likened Shiba Inu’s L2 blockchain, Shibarium, to a railway track. The marketing lead revealed that the team is establishing essential points of access for users and developers on Shibarium. 

The efforts also include updating Shiba Inu’s technology, fostering key partnerships, and ensuring the ecosystem is always healthy. 

Furthermore, she noted that top industry figures are monitoring Shiba Inu. Although she did not provide hints on the identity of these industry figures, the move indicates a growing interest in Shiba Inu that could potentially lead to key partnerships. 

A New Story 

Meanwhile, Lucie acknowledged that building a comprehensive ecosystem takes time and effort. Despite the challenges, she expressed confidence that Shiba Inu would have a new story once the necessary elements (stations) have been established. 

Finally, she urged community members to stay informed and involved in the ongoing development, which would birth a new story for the dog-themed token. 

In the meantime, the Shiba Inu ecosystem team is working behind the scenes on multiple projects, including its play-to-earn (P2E) game Shiba Eternity. Although Shiba Eternity’s mobile version rolled out in October 2022, the team is currently developing its blockchain version, which is expected to be released this year or next. 

Additionally, Lucie recently disclosed that the team is working on SHIB: The Metaverse, adding that it has not forgotten about the project. Both Shiba Eternity and SHIB: The Metaverse are essential parts of the ecosystem that would further transition Shiba Inu from a memecoin to a utility project. 

Next Triangle Consolidation to Take XRP Between $50 and $200: Market Analyst

Sam Wisdom Raphael
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Next Triangle Consolidation to Take XRP Between $50 and $200: Market Analyst

Notable market analyst EGRAG suggests XRP could skyrocket to a price range of $50 to $200 amid its next triangle consolidation. 

EGRAG’s latest price analysis comes on the back of XRP’s downward slope, leading to concerns and sustained bearish sentiments from market participants. Notably, XRP currently trades underneath the pivotal $0.50 psychological level, which had served as support for several months amid the market downturn.

XRP briefly retook $0.50 overnight following an unexpected price upsurge. However, this momentum was invalidated by renewed bearish pressure in the market, which pushed Bitcoin (BTC) below $65,000 earlier today for the first time in nearly a month. Due to the broader collapse, the global crypto market cap has dropped 2.3% over the last 24 hours.

Currently, XRP is the only asset on the top 20 list witnessing a price increase over the last 24 hours despite a meager 0.6% gain. Amid the current market conditions, EGRAG sees XRP equally outperforming in the nearest future, citing data from a 2-month chart.

XRP’s Historical Triangle Consolidation Patterns

In his analysis, he leveraged historical context to make his bullish projections. Interestingly, XRP is currently trading within a symmetrical triangle. This extensive triangle formed during the 2018 cycle after XRP claimed the all-time high of $3.31 in January 2018. Amid a series of declines and surges, XRP has failed to breach the upper or lower boundary of the triangle.

EGRAG calls this triangle the triangle consolidation, showing that this marked the second one in XRP’s history. Notably, before XRP formed this second triangle, it surged 914% in mid 2017. After slipping into the triangle, it continued to record intermittent yet tremendous upswings, including a 4,587% rise to the $3.3 ATH.

Now, the market analyst expects XRP to spike to a third triangle consolidation, suggesting that this upcoming triangle would lead to greater price heights. For instance, he expects XRP to skyrocket 914% to reach this triangle position, similar to what happened in mid 2017.

XRP to Target $50 to $200 in Third Triangle Consolidation 

Once inside the triangle consolidation, EGRAG predicts gains reminiscent of the 2017/2018 cycle. Specifically, he believes XRP would reach a price level of $50 and then surge to $200. According to him, in the period this price would materialize, newcomers at the time would discuss XRP’s stagnation at $50 and discredit its spike from $50 to $200.

At press time, XRP currently changes hands at $0.4937, looking to recover the $0.50 level despite the broader market turbulence. A rise to $200 from this level would require a 40,410% increase. Besides EGRAG, analyst Javon Marks has consistently predicted XRP to reach $200. 

Shiba Inu Primed for a Rebound as Burn Rate Spikes 12,842% 

Lele Jima
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0
Shiba Inu Primed for a Rebound as Burn Rate Spikes 12,842% 

Following the emergence of a buy signal on the Shiba Inu chart and the subsequent surge in burn rate, market expert Ali Martinez projects that SHIB is primed for a rebound. 

Shiba Inu has been on a free fall lately as its price continues to crash to lower levels. Despite showing signs of a rebound on June 16, the dog-themed token has plunged below the $0.00002 range, following a 24-hour decrease of 11.28%. 

At the current price of $0.00001817, SHIB is down 19.59% in the weekly charts and 27.3% over the past 30 days. 

SHIB Primed for a Rebound 

Although Shiba Inu has plummeted heavily lately, two major factors suggest that the asset could be preparing for a price surge. The first factor was spotlighted by prominent chartist Ali Martinez, who predicted an imminent price rebound.

Using the popular technical indicator TD Sequential, Martinez identified a buy signal on SHIB’s daily chart, potentially hinting at a reversal in the token’s downtrend. For context, traders usually interpret this signal as a perfect opportunity to buy an asset.

Shiba Inu Burn Rate Surges 12,842% 

In addition to Martinez’s speculation, SHIB’s burn rate has skyrocketed tremendously lately. The burn rate has soared 12,842% over the past 24 hours, due to the incineration of 12,047,795 (12.04 million) SHIB.

SHIB burn rate
Shiba Inu Burn Rate | Shibburn

The importance of this exercise cannot be overstated. In particular, it contributes to Shiba Inu’s deflationary strategy by reducing the circulating supply. This could support any attempts of a price recovery.

Although the spike in burn rate and Martinez’s positive sentiment on Shiba Inu suggest that the asset could be primed for a price rebound, it is essential to note that nothing is guaranteed in the market. 

The volatile nature of emerging assets makes it challenging to forecast their future performance accurately. Consequently, it is necessary to conduct due diligence before investing. 

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