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Expert Predicts Timeline For Cardano to Hit $2

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The Cardano Chang hard fork could propel ADA to $2, predicts analyst Sebastian, with major upgrades in governance and smart contract efficiency.

Crypto analyst Sebastian has provided an update on the upcoming upgrade for the Cardano blockchain, indicating that June will mark the initial node upgrade. According to him, by August, all nodes should be updated, and the Chang Hard Fork is expected to be live. 

Sebastian predicts that ADA, currently trading at $0.4254, could reach $2 by August based on historical price surges preceding hard forks.

The Chang Hard Fork and Cardano’s Voltaire Era

The Chang Hard Fork, first announced in late 2022, is set to usher in Cardano’s “Voltaire” era. This phase will transition decision-making power from IOHK to the wider community. Charles Hoskinson, Cardano’s CEO, also confirmed that Cardano Node 9.0, which will enable the fork, is truly slated for release. 

According to Hoskinson, this development is a milestone in Cardano’s history. He emphasized the community’s role in achieving a decentralized governance system, which includes annual budgets, a treasury, and collective wisdom guiding the network.

Historical Precedents 

Community member Rami highlighted that past hard fork events have led to ADA price increases. The Chang Hard Fork is expected to enhance smart contract efficiency through Plutus v3 and introduce on-chain governance, distributing 1 billion ADA to the community. 

As the upgrade rolls out, improvements in decentralized exchanges (DEXs) speed, increased stablecoin usage, new central exchange (CEX) listings for many Cardano Native Tokens (CNTs), and the upcoming midnight airdrop are also anticipated.

Cardano’s Progress Amid Skepticism

Despite facing criticism from crypto influencers and media, Hoskinson maintains that Cardano is on track for substantial progress. He noted the disconnect between Cardano’s actual advancements and its portrayal by detractors. 

During this press, the price of Cardano (ADA) stands at $0.4253, with a 24-hour trading volume of $496,920,640. This indicates a 0.88% decrease in the past day and a 7.73% drop over the last week.

Binance Resumes Mastercard Payments for Shiba Inu and XRP 

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Binance users can now purchase multiple crypto assets, including Shiba Inu (SHIB) and XRP (XRP), using their Mastercard once again. 

This became possible after Mastercard reportedly resumed crypto purchases and deposits via its payment network on Binance.  

Mastercard Resumes Card Payments on Binance 

For the uninitiated, Mastercard halted the service in August 2023, at a time when Binance was under significant regulatory and legal scrutiny worldwide. In particular, the leading exchange faced multiple charges from regulators in the United States, including the SEC and CFTC. 

Last year, Binance and its former CEO Changpeng Zhao (CZ) pleaded guilty to violating the U.S. Bank Secrecy Act. Part of the plea agreement includes Binance accepting to pay a fine of over $4 billion, registering with FinCEN, and implementing an effective money laundering program. 

With a large chunk of Binance’s regulatory woes resolved, a spokesperson for the exchange claimed that Mastercard has lifted the ban on crypto purchases within the exchange. The spokesperson revealed that Mastercard resumed crypto purchases via its network after an extensive review of certain controls implemented on the exchange. 

According to the spokesperson, the exchange will add support for withdrawals through the second-largest payments network in the future. 

A Mastercard rep also confirmed the development in a statement. The official stated that the company resumed the service after evaluating the controls implemented on the exchange. Nonetheless, the spokesperson noted that the current status is subject to change based on ongoing assessment. 

Mastercard’s Alliance with Crypto Firms 

Mastercard has been a pro-crypto company, showing enthusiasm for the nascent asset class in recent times. In March, Mastercard recognized Ripple, a crypto payments company, among the leading companies shaping cross-border remittances in Latin America. 

Interestingly, Mastercard took its admiration for Ripple to greater heights by partnering with the company for its central bank digital currency (CBDC) program. In addition to Ripple, Mastercard has also collaborated with top crypto-related companies, including Consensys and Indonesia-based exchange Fasset. 

How 1,000, 5,000 or 10,000 XRP Holdings Can Generate $1M

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Investors could see their holdings of 1,000, 5,000 or 10,000 XRP skyrocket to $1 million worth at various price milestones.

XRP has not performed as admirably as some market participants expected in the ongoing bull market. Notably, investors had believed the July 2023 judgment in the Ripple vs. SEC case, which declared XRP a non-security, could lift the legal pressure, eventually leading to an impressive performance in the bull run.

Accumulation Amid Bullish Expectations

However, these expectations have not come to fruition, as XRP continues to underperform while other cryptocurrencies record gains. XRP is down by more than 18% this year, making it the only crypto asset on the top 10 list with a year-to-date decline. Despite this bearish trend, market watchers remain unfazed.

Projections of ambitious price targets have surfaced, with some identifying two to three-digit prices. For instance, market commentator and game developer Chad Steingraber predicted XRP to reach a peak of $250 this cycle. Meanwhile, analyst EGRAG expects XRP to hit $27, citing historical patterns.

Other analysts have projected more realistic targets, such as $5, and the $8 to $13 range. Ultimately, the general argument is that XRP would not miss out on this bull run like it did the previous one. These bullish expectations have led to a sustained accumulation trend across different tiers of addresses. 

How 1,000, 5,000 and 10,000 XRP Can Yield $1M

Considering this accumulation campaign and the expectations, The Crypto Basic assessed how much XRP needs to grow in this bull cycle to yield $1 million for varying tiers of holdings. The assessment considered investors holding 1,000, 5,000 and 10,000 XRP tokens.

The 1,000 tokens are currently valued at $497.6 against the current price of $0.4976 per XRP. For these tokens to skyrocket to $1 million, XRP would need to appreciate by astronomical margins. The 1,000 tokens would be worth $1 million at an XRP price of $1,000. Analysts BarriC and JackTheRippler argued two months back that XRP is capable of reaching $1,000, representing a 201,228% increase.

Meanwhile, investors with 5,000 XRP in their portfolio would need XRP at a lower price to reach $1 million. These tokens, currently worth $2,483, would hit $1 million if XRP reaches a $200 price. Interestingly, cryptocurrency analyst Javon Marks has persistently contended that XRP could breach $200, marking a 40,165% price jump.

For addresses holding 10,000 XRP, if the price of the token hits a three-digit value of $100, their portfolio would surge to $1 million. Industry player Andrew Forte casually suggested in March that XRP could clinch $100 in 2037. While $100 is the least ambitious of the three targets, it still remains highly improbable.

President of The ETF Store Says Market Not Ready for XRP ETF

Nate Geraci, president of The ETF Store, recently suggested the market is not prepared to welcome an XRP spot exchange-traded fund (ETF).

Geraci shared his perspective during an interview with Tony Edward of the Thinking Crypto podcast. Edward highlighted projections suggesting that a Solana or XRP ETF could emerge by 2025 and asked Geraci to assess the likelihood of these crypto investment products coming to market.

XRP Futures ETF Must Precede 

Geraci explained that the introduction of an XRP ETF would require key developments. First, it would need to undergo a similar approval process to that of Bitcoin and Ethereum, where their futures are listed on a venue regulated by the Commodity Futures Trading Commission (CFTC). 

He cited, for instance, that Solana or XRP futures must be traded on the Chicago Mercantile Exchange (CME). Meanwhile, Geraci noted that even with this prerequisite, the U.S. SEC would want to see a track record and history of trading an ETF listed for XRP.

In other words, an XRP futures ETF would need to exist first before the market could ultimately see a spot ETF for XRP. Accordingly, the industry pundit argued that the market is looking at a timeline of several years for these developments to unfold.

Other ETF experts, such as Bloomberg’s James Seyffart, have reiterated similar views. However, Seyffart has emphasized that the earliest timeline for other crypto ETFs after Ethereum is 2026.

Congress May Speed up The Timeline

Meanwhile, the co-founder of The ETF Institute suggested an alternative route for an XRP ETF, which he believes would be much quicker and easier. Specifically, he proposed the establishment of a legitimate regulatory framework for crypto by the U.S. Congress. 

Geraci stated that this framework would need to clearly define what constitutes a security and what constitutes a commodity and delineate oversight responsibilities.

He argued that if such a regulatory framework is implemented, other crypto ETFs could come to the market much sooner. However, he expressed skepticism about the likelihood of Congress enacting such regulations, especially in an election year.

“That’s a long way of saying I don’t expect to see Solana or XRP ETFs come to market anytime soon,” he submitted.

Meanwhile, Ripple’s CEO, Brad Garlinghouse, believes that an XRP ETF could surface as early as next year. While he is confident that an XRP ETF is inevitable, he maintains a flexible stance regarding the exact timeline.

Here’s How Many Shiba Inu You need to Hold to Make $1M if SHIB Reclaims ATH

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As experts project that Shiba Inu will reclaim its ATH this season, here is the amount of SHIB you need to hold to see a return of $1M if the prediction materializes. 

Some investors dream of becoming millionaires in USD through investments in digital assets like Shiba Inu (SHIB). 

However, things are not looking good for SHIB and other tokens due to the ongoing bloodbath across the broader market. 

Data from CoinMarketCap shows that SHIB trades for $0.00002210, representing a daily decline of 1.26% and a 7-day loss of 13.8%. At the current price, SHIB is down 75% from its ATH of $0.00008845 recorded on October 28, 2021.  

Despite the downtrend, several crypto experts are confident that Shiba Inu will embark on a recovery and potentially reclaim its ATH price. Javon Marks is one of the top analysts who share this sentiment. 

How Much SHIB Needed to Make $1M If Shiba Inu Reaches ATH 

That said, we’ve highlighted how much Shiba Inu you need to make a return of $1M if SHIB eventually reclaims its previous ATH.  

Making $1M when Shiba Inu reclaims its ATH price of $0.00008845 would require an investor to hold 11,305,822,498 (11.3B) SHIB. The upside of the recent market downturn is that you can purchase these tokens for a discount. 

Procuring the 11,305,822,498.586 SHIB tokens at the current price of $0.00002210 would require an initial investment of $249,858. The potential return on investment (ROI) stands impressively at 300.2%. 

Can Shiba Inu Reclaim Its ATH 

Multiple experts project that Shiba Inu will reclaim and even surpass its all-time high in the current bull cycle. The major question is whether SHIB can accomplish this milestone. 

Interestingly, the community remains confident in Shiba Inu’s prowess, emphasizing that SHIB can easily recapture its previous ATH in the current cycle. This confidence stems from Shiba Inu’s potential for astronomical gains, as seen in 2021. 

Additionally, community members believe that Shiba Inu ecosystem projects, including Shibarium and the upcoming play-to-earn version of the Shiba Eternity game, could contribute to helping SHIB reclaim its ATH price. 

Furthermore, the impact of the ongoing burn campaign on SHIB’s price cannot be overemphasized. Notably, the burn campaign recently gained momentum, with the community incinerating over 232M SHIB in the past day. 

Although it is commendable that the community remains confident about SHIB reclaiming its previous ATH, it is crucial to acknowledge the unpredictable nature of the crypto market. Consequently, it is uncertain that Shiba Inu could reach this price.

DEXTools Adds Support for Shiba Inu DEX ShibaSwap to Enhance User Experience

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ShibaSwap, the Shiba Inu ecosystem DEX, is now supported by DEXTools, providing advanced DeFi analytics and enhancing trading capabilities for the SHIB Army.

The ShibaSwap team has announced that DEXTools now supports ShibaSwap, aiming to provide advanced DeFi analytics to its users. This partnership promises to enhance the trading experience for the SHIB Army by offering comprehensive tools and real-time data crucial for informed trading decisions.

The integration with DEXTools brings a suite of sophisticated analytics tools to ShibaSwap users. This includes in-depth information on liquidity pools, trading volumes, and price movements, enabling traders to closely monitor market conditions. These features allow users to fine-tune their trading strategies, spot lucrative opportunities, and better manage potential risks. 

Recent Developments

This integration marks a milestone in the Shiba Inu ecosystem, driven by the efforts of lead developer Shytoshi Kusama. Recently, ShibaSwap transitioned to the Shibarium blockchain, consolidating all Shiba Inu-related projects into a single, cohesive ecosystem. This shift improves user experience by creating a unified platform for all Shiba Inu activities. 

In a recent statement, Kusama expressed his excitement about the DEXTools integration and urged the community to continue their positive momentum into the summer months.

ShibaSwap’s New Multi-Chain Features

Notably, the transition to Shibarium introduced several new capabilities to ShibaSwap, including the creation of new liquidity pools on the Shibarium blockchain. This feature allows for seamless token exchanges between Ethereum and Shibarium, taking advantage of the strengths of both networks. 

ShibaSwap now operates as a multi-chain platform, offering enhanced SHIB burns and improved scalability. By leveraging Shibarium’s efficiency and Ethereum’s security, ShibaSwap users can now optimize their trading and liquidity management strategies in unprecedented ways.

In recent months, ShibaSwap has also seen the launch of the meme coin DAMN, known as the “SOL Killer,” which has quickly gained popularity within the Shiba Inu community. This new token is also supported by DEXTools’ advanced analytics.

Ex Ripple Director Explains Why XRP Price Cannot Moon

Sean McBride, former director at Ripple, expressed his views about why the price of XRP may not see a significant leap for the time being.

XRP’s lackluster performance has been a persistent topic of discussion. During periodic bull frenzies in the market, the asset stays stagnant. However, XRP is not spared during price corrections.

Meanwhile, several XRP-related positive developments have recently surfaced, but the asset has shown immunity to the impact of these occurrences, triggering concerns among some community members.

During a recent exchange, X user Johnny Ramos urged McBride to share his view on why XRP’s value has crashed despite recent positive news.

Nothing Happens to XRP Until Lawsuit Ends

In response, McBride emphasized his belief that the price of XRP will not experience any significant movement until the U.S. District Court Judge Analisa Torres issues a final ruling in the ongoing SEC vs. Ripple case. He stressed that until this legal dispute is resolved, substantial changes in XRP’s value are unlikely.

“So anyone expecting anything different is delusional,” McBride asserted.

 

On July 13, 2023, Judge Torres ruled that XRP is not a security, dissolving the SEC’s claim. This news initially boosted XRP by 100% within 24 hours, reaching $0.93. However, XRP is trading at $0.4814 a year later, having lost half its value despite a generally bullish market.

This contradiction has led pundits to argue that the ongoing legal dispute continues to affect XRP’s performance. They believe that the resolution of issues related to Ripple’s institutional XRP sales could trigger a significant price increase.

US Institutions Will Flip the Switch for XRP

According to the ex Ripple director, once Judge Torres decides, people will learn more about what’s truly happening behind the scenes. He believes this ruling could pave the way for U.S. institutions to start working with Ripple “to flip the switch” for XRP.

Moreover, McBride highlighted Ripple’s efforts to acquire over 30 Money Transmitter Licenses (MTLs) needed for operations in the U.S. He stressed that the company would not have invested in such extensive preparations to no end.

When asked about the potential scenario where the SEC appeals a favorable decision for Ripple, McBride stressed that an appeal would not prevent the anticipated developments in the U.S. from occurring unless Ripple never received a favorable ruling in the first place.

He expressed confidence that a positive outcome for Ripple would set the stage for significant progress, regardless of an SEC appeal.

Shiba Inu: Unknown User Burns 225,637,580 SHIB as Burn Rate Soars 2,834%

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Shiba Inu burn campaign gains momentum as an unknown user sends over 225M SHIB to the dead wallet in a single transaction, bringing the total daily burns to over 232M. 

Shibburn has indexed a transaction involving the incineration of over 200M Shiba Inu (SHIB) tokens. According to the burn tracker, an anonymous user sent a whopping 225,637,580 (225.63M) SHIB tokens worth $4,964 to the dead wallet. 

Data from Shibburn shows that the transaction occurred yesterday at 17:25 UTC. Further investigation into the wallet showed that the user withdrew 1.41 ETH ($4,946) from Robinhood before initiating the burn. At press time, the wallet does not hold any token.

Moreover, the address has been interacting with the Blaze Token since last June, receiving and sending out millions of BLZE on occasion.

Shiba Inu Burn Rate Spike to 2,834% as Over 232M SHIB Are Destroyed  

The transaction represents the largest burn recorded over the past 24 hours. This single transaction pushed Shiba Inu’s daily burn to around 232,222,042 (232.22M) SHIB. With SHIB trading at $0.00002200, the dollar value of the tokens burned in the past day is equivalent to $5,108. 

Following the 232M token burn, Shiba Inu’s daily burn rate spiked 2,834%. The recent market downturn has negatively impacted the Shiba Inu burn campaign, leading to lower daily burns. As reported earlier, the Shiba Inu community incinerated 271,470 SHIB on June 10 and another 7.9M tokens the following day. 

However, the ongoing burn campaign has gained momentum, with huge amounts of SHIB sent to the dead wallet. 

Other Hefty SHIB Burn Recorded in 24 Hours 

Data from Shibburn shows that in addition to the 225M SHIB burned in one transaction, other burn-related transactions contained millions of Shiba Inu tokens. 

For instance, an unknown wallet sent 1.95M and 1.23M SHIB tokens in two transactions over the past 13 hours, and another unknown wallet burned 1.69M SHIB in the same timeframe. 

Meanwhile, the wallet with the largest Shiba Inu burn recorded in the past 24 hours is no stranger to burning Shiba Inu tokens. The wallet has previously burned SHIB tokens. Notably, the wallet sent 500.8 million SHIB to the dead wallet on March 25. 

Although the SHIB destroyed in the past day is tiny compared to Shiba Inu’s hefty market cap of $12.95B, its impact could be felt in the long run. 

Top Analyst Reveals What Shiba Inu Investors Can do if SHIB Slumps to $0.000018

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Pseudonymous market analyst, The Don of Apes, expects Shiba Inu to plummet to the $0.000018 level but identifies this area as a good entry zone.

The analyst disclosed this on the back of a request from market participants suggesting he provides insights into Shiba Inu’s current market dynamics. Notably, SHIB has not performed admirably this month following its collapse from the $0.00002945 top on May 29. 

June has predominantly featured sustained bearishness for SHIB due to uncertainties in the broader market that have kept Bitcoin (BTC) below the $70,000 threshold. Market data sourced by CryptoRank confirms that the month of June is historically Shiba Inu’s worst performing month.

Shiba Inu Monthly Returns CryptoRank
Shiba Inu Monthly Returns | CryptoRank

Shiba Inu Could Drop to $0.00001822

Notably, SHIB has never ended June with a price gain since its inception. This year might not be different, as Shiba Inu is already 13% down on the monthly chart. The Don of Apes believes the ongoing downtrend would persist, eventually leading to a break below the crucial $0.00002 psychological support.

Since collapsing to $0.00001830 on April 13 and immediately staging a recovery, SHIB has firmly defended the $0.00002 territory despite sustained losses. The closest it has been to breaching below this level was when it slumped to $0.00002057 on May 1. 

With Shiba Inu currently hovering around the $0.000021 zone, The Don of Apes expects an eventual drop to the $0.000018 level. This is especially likely given that SHIB does not boast a potent demand wall between $0.000019 and $0.000021. Per IntoTheBlock data, the only support at this level features just 9.45 trillion tokens held by 8,380 addresses.

Shiba Inu GIOM IntoTheBlock
Shiba Inu GIOM | IntoTheBlock

Should any downward pressure ensue, the bears could easily breach this support due to its minimal volume. The Don of Apes specifically predicts a steeper price collapse to $0.00001822, marked with a green bar on the daily chart. The last time SHIB saw this price was on March 2, during its previous uptrend.

An Attractive Entry Point

However, the analyst highlights a silver lining. He suggests that if the price drops to the green bar, market participants should view it as a buying opportunity. He identifies the $0.00001822 price level as a potential good entry point for investors. Although he does not explicitly state it, this implies that he expects SHIB to recover from this level.

Such a recovery chance is bolstered by current bullish market data. According to CryptoQuant, Shiba Inu is currently in the oversold zone at its price of $0.00002178. The Relative Strength Index (RSI) at 22 and the Stochastic indicator at 19 confirm this bullish position, suggesting that Shiba Inu could be gearing up for a reversal to the upside.

SHIB Currently Oversold CryptoQuant
SHIB Currently Oversold | CryptoQuant

Expert Says This Solana Cat Memecoin Will Destroy Shiba Inu and Dogecoin

The host of the popular crypto channel Altcoin Daily has asserted that Solana meme coin MEW will “destroy” all dog-themed meme tokens like Shiba Inu and Dogecoin (DOGE).

Altcoin Daily expressed this view in an analysis exploring how the cat-themed meme coin could challenge established memes and potentially usurp their dominance. 

A key factor in this argument is MEW’s advantage of being part of the burgeoning Solana ecosystem and its unique appeal as a cat-themed token in a market crowded with dog-related meme cryptocurrencies. 

Moreover, the commentator drew on MEW’s recent partnership with IP giant LOCUS Animation Studios.

The Case for MEW Challenging Shiba Inu, Dogecoin

Altcoin Daily explained that MEW, dubbed “cat in a dog’s world,” captivates through its character, supporting characters, and storyline. 

He argued that dogs have dominated the meme coin space for too long. But now, with the support of the Solana blockchain, MEW is emerging as a significant player. He believes the narrative behind MEW will transcend the crypto space itself.

He pointed out that MEW has a total supply of 88,888,888,888 tokens. Of this figure, 90% has been burned, and 10% airdropped to the Solana community. 

Notably, this figure contrasts with what is obtainable with Shiba Inu and Dogecoin. Specifically, DOGE has a circulating supply of 144,636,806,384 tokens with no maximum cap. Meanwhile, SHIB has a maximum supply 1 quadrillion tokens, with over 410 trillion tokens staked and 589 trillion now in circulation.

Furthermore, Altcoin Daily highlighted critical metrics for MEW, such as its 184K holders and 100% circulating supply. MEW also boasts a DEX reliability score of 99/99 and a verified contract not flagged as a honeypot.

MEW Collab with LOCUS Animation Studios

Regarding the partnership with LOCUS Animation Studios, the goal is to animate the MEW ecosystem, telling the relatable tale of a lone cat navigating a world dominated by dogs. 

The partnership seeks to expand MEW’s reach and appeal beyond the crypto sphere by leveraging animation’s storytelling and visual artistry.

Significantly, LOCUS Animation Studios is recognized for producing globally acclaimed intellectual properties. These include ‘Red Shoes’ and ‘Yumi’s Cells,’ which have been popular in Korea and distributed across 128 countries worldwide.

Exchanges Listing MEW

Furthermore, the host of Altcoin Daily also expressed admiration for the number of exchanges listing the MEW token for trading. Prominent centralized exchanges listing MEW include OKX, Bybit, Gate.io, HTX, KuCoin, MEXC, Bitget, and BingX. 

Last Thursday, Bithumb listed MEW in the KRW market. On the DEX side, MEW is available on Raydium, Orca, and Solana exchange Jupiter.

Can MEW Surpass SHIB and DOGE?

Considering these factors, along with the success of meme coins launched on Solana, the pundit asserted that MEW would rival all dog-themed meme coins. Currently, MEW ranks as the tenth most prominent meme coin, with a cap of nearly half a billion dollars.

Meanwhile, Dogecoin and Shiba Inu boast much larger market caps of $21.3 billion and $13.77 billion, respectively. For MEW to surpass DOGE and SHIB, it would need to achieve a 30x increase, an astronomical surge that is unlikely without comparable increases for the established meme coins, making its journey to the top more challenging.

For instance, the Solana meme coin Dogwifhat (WIF) experienced more than a 20x surge in Q1 but did not come close to outranking Shiba Inu. Even at its all-time high on March 31, WIF’s market cap was still 5x below that of Shiba Inu.

In essence, the notion of MEW surpassing Dogecoin and Shiba Inu remains speculative and highly improbable.