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Shiba Inu Team Exposes New Fake SHIB Airdrop

Lele Jima
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Shiba Inu Team Exposes New Fake SHIB Airdrop

Shibarmy Scam Alerts, a community-driven scam alert channel, cautions Shiba Inu community members about fake SHIB airdrops. 

In its latest warnings, the channel emphasized that there are currently no official SHIB airdrops at the time of issuing the X post. Additionally, Shibarmy Scam Alerts warned users against connecting wallets to fraudulent websites in an attempt to claim the SHIB airdrop. 

The warning suggests that any claims of airdrops for SHIB are fraudulent and should not be taken seriously. 

Fake SHIB Airdrop 

Furthermore, it shared a screenshot showing a sample of a malicious X post promoting an airdrop for SHIB. The scammers published the post under a fake name, “Roberto Colon.” 

The X post highlighted steps on how Shiba Inu community members could participate in the malicious airdrop. One of the steps requires participants to connect their wallet to a fraudulent website. 

Connecting wallets to these websites would give attackers complete access to your wallets, leading to a loss of funds. 

Our Findings 

The scammers behind the X post have been making significant efforts to give the malicious post legitimacy. This involves retweeting other Shiba Inu-related news to deceive unsuspecting investors into believing that the SHIB airdrop post is genuine. 

Further investigation shows that the X account was created in October 2010 and has since amassed 1,437 followers. 

Although over 1,900 X users have viewed the SHIB airdrop post, it has only gotten two likes in the past three days. This suggests that Shiba Inu community members know the airdrop is a scam. 

Shiba Inu Warnings Against Fake Airdrops 

Airdrops are a common marketing tactic adopted in crypto to reward loyal community members with free tokens.  

However, scammers have adopted this strategy to lure unsuspecting investors into connecting their wallets to a fraudulent platform or giving away sensitive information like their seed phrases. 

This is not the first time the Shiba Inu ecosystem team has warned the community against engaging with malicious SHIB airdrops. As reported last month, Shiba Inu’s official X handle warned that there are no sanctioned airdrops for SHIB. It also cautioned investors against clicking links affiliated with any SHIB airdrop, as doing so could drain their wallets. 

Besides SHIB, scammers have also launched fake airdrops for Shiba Inu’s ecosystem and partners’ tokens, including BONE, KNINE, and LEASH. The Shiba Inu ecosystem team has issued similar warnings for these tokens, urging users not to engage with these malicious airdrops. 

Massive Transfers: 88,000,000 XRP Flow In and Out of Binance and Coinbase

Mark Brennan
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Massive Transfers: 88,000,000 XRP Flow In and Out of Binance and Coinbase

Blockchain tracker Whale Alert reports XRP whales moved over $88M in XRP to Coinbase and from Binance to unknown wallets amid a slight market decline.

In a financial maneuver monitored by blockchain enthusiasts, XRP whales have conducted a series of high-value transactions, prompting speculation about their next strategic moves.

These movements, captured by the blockchain tracking service Whale Alert, involved over $88 million in XRP, comprising transfers to Coinbase and movements from Binance to unknown wallets. This flurry of activity comes despite a slight decline of 0.57% in XRP’s market value over the past 24 hours.

Massive Transfers to Coinbase

According to the whale alert report, multiple high-value transactions were recorded from unknown wallets to Coinbase, the first involving 39,401,162 XRP valued at approximately $20,712,323. The sender, identified by the wallet address “rnnXxL5TQV…11Z5ZKaAN5,” transferred the funds to a receiver at Coinbase with the address “rUjfTQpvBr…GG76nvp8Ln.” 

This transaction, which took place three hours ago, was quickly followed by a similar high-value transfer involving 39,635,128 XRP, valued at $20,835,314. The funds were sent from an unknown wallet (rEUiR8963k…oMqtxzmzWP) to Coinbase, with the receiving wallet being the same as the previous transfer. This suggests a coordinated effort by the whale involved.

On the same accord, the series of large transfers continued with 39,564,579 XRP, worth $20,798,228, moved from another unknown wallet (rGL7E9s5Gs…qp51eXJ2pj) to Coinbase. The receiving wallet, again, matched those of the earlier transactions.

Transfers from Binance to Unknown Wallets

In addition to the transfers to Coinbase, there were notable movements from Binance to unknown wallets. One notable transfer involved 25,371,334 XRP, valued at about $13,365,853. This transaction was initiated from Binance’s wallet, identified as rDAE53VfMv…Qxfht6JPxr, and sent to an unknown wallet address, rarG6FaeYh…gFsPn2bZKk.

Another major transaction saw 24,887,349 XRP, worth approximately $13,076,779, moved from Binance to another unknown wallet. The sender’s wallet address was the same Binance wallet used in the previous transaction, while the receiver’s address was rfQ9EcLkU6…eN47Rk8Cvi.

XRP Technical Indicators

The XRP market is presently displaying signs of consolidation with low volatility, as evidenced by the MACD indicator trending just below the zero line at -0.00084 on the one-day chart. This positioning suggests a phase of trader indecision and hints at a possible breakout in either direction. 

XRP technical indicators New1111110101111
XRP Technical Indicators (Source: Tradingview)

Further supporting this observation, the MACD’s histogram shows bars flattening along the zero line, indicating a lack of market momentum. Simultaneously, the RSI indicator is positioned in the neutral zone at 49.91, reinforcing the absence of a clear market trend. 

Since the RSI is neither overbought nor oversold territory, it confirms that the market is in a state of balance without any dominant buying or selling pressure.

Ethereum New Milestone? VanEck Predicts ETH Price Surge to $22,000

Albert Brown
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Ethereum New Milestone? VanEck Predicts ETH Price Surge to $22,000

VanEck forecasts Ethereum to hit $22,000 by 2030, driven by significant growth in digital finance, AI, and blockchain utility.

According to a recent report from the American investment management firm, Ethereum’s role in finance, AI, and marketing positions it for a potential $15 trillion total addressable market (TAM) by 2030.

This projection follows the SEC’s recent approval of Spot ETH ETFs, boosting investor interest. VanEck bases the optimistic forecast on Ethereum’s anticipated $66 billion in free cash flows by 2030, applying a 33x valuation multiple.

In addition to ETF inflows, the next US Non-Farm Payrolls report on June 7 may have an impact on Ethereum’s price movement in June 2024. At press time, ETH’s price is quoted at $3,843, a 0.72% growth in the past 24 hours.

 

Ethereum’s Dominance in the Digital Economy

Ethereum has become a dominant digital economy, with 20 million monthly active users. Over the last year, it settled $4 trillion in transactions and $5.5 trillion in stablecoin transfers. ETH controls roughly $91.2 billion of stablecoins, $6.7 billion of tokenized off-chain assets, and $308 billion in virtual currency.

Ethereums Dominance in the Digital Economy
Source: Artemis

VanEck’s analysis focuses on Ethereum’s potential to disrupt finance, banking, marketing, infrastructure, and artificial intelligence. The forecasted $15 trillion TAM cuts across various industries. Ethereum’s platform may generate considerable income, with a projected 7.5% penetration in banking, 20% in marketing, 10% in infrastructure, and 5% in AI.

Unique Value Proposition and Revenue Growth

Per VanEck, Ethereum’s unique value proposition as “Digital Oil,” “Programmable Money,” “Yield Bearing Commodity,” and “Internet Reserve Currency” underpins its growth potential.

The blockchain’s revenue has surged, generating $3.4 billion in the past year. This revenue, which accrues to ETH holders, is bolstered by ETH buybacks and burns, permanently removing 0.4% of supply in six months.

Moreover, Ethereum’s user base and revenue growth outpace traditional web2 applications like Etsy and Roblox. The average Ethereum user generates $172 in annual revenue, comparable to Apple Music and Netflix. This economic activity drives demand for ETH, benefiting all holders.

Ethereum’s competitive advantage lies in its lower cost structure. While Apple and Google extract around 30% of app revenue, Ethereum’s take rate is around 24%, expected to drop to 5-10% with Layer-2 adoption. This efficiency could attract more businesses and users to the platform.

VanEck also sees Ethereum playing a crucial role in AI applications, providing the necessary infrastructure for AI agents. By 2030, the AI sector could contribute $1.2 billion in revenue to ETH holders. With finance expected to dominate Ethereum’s revenue, Layer-2 solutions will enhance scalability, driving future growth.

Rich Dad, Poor Dad Author Predicts Bitcoin to Hit $350,000 by August 2024

Zabi
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0
Rich Dad, Poor Dad Author Predicts Bitcoin to Hit $350,000 by August 2024

Robert Kiyosaki predicts Bitcoin will hit $350,000 by August 2024, citing U.S. leadership incompetence and ongoing support for crypto.

Two months after expressing his support for Bitcoin, “Rich Dad Poor Dad” author Robert Kiyosaki has taken to X with a bold prediction. Kiyosaki forecasts that Bitcoin will reach $350,000 by August 25, 2024, labeling it a prediction, speculation, and opinion, but not a lie. 

Emphasizing his confidence, Kiyosaki attributes his optimism not to the cryptocurrencies themselves but to his perceived incompetence of current U.S. leadership, specifically President Joe Biden, Treasury Secretary Janet Yellen, and Federal Reserve Chair Jerome Powell.

This prediction has sparked diverse reactions from the community. Analyst Willy Woo suggested that while a $350,000 price is statistically possible by 2025 if monetary debasement resumes, it remains unlikely for 2024 without an extraordinary bullish event. 

Others have expressed doubt about the projection, contending that the chances of Bitcoin attaining this price are extremely low. For context, such a price would push Bitcoin’s market cap to $6.9 trillion, greater than the combined valuations of tech behemoths Apple and Microsoft.

A History of Bitcoin Predictions

This is not Kiyosaki’s first Bitcoin prediction. In February, he projected that Bitcoin would hit $100,000 by mid-year. At that time, Bitcoin’s price was $52,013, requiring a 92.2% increase to meet its target.

However, Bitcoin’s price stands at $70,965.41, showing a 0.10% increase over the last 24 hours and a 4.28% rise over the past week. BTC would still need to increase 40% this month to hit Kiyosaki’s target. The current price is 3.82% lower than its all-time high of $73,737.94 recorded in March 2024. 

Kiyosaki’s Investment Strategy

Meanwhile, Kiyosaki has been vocal about his investment strategy, advocating for Bitcoin, Ethereum, and Solana. He previously announced plans to buy at least 10 Bitcoin tokens by April, an investment of approximately $709,650 at current prices.

Notably, his decision aligned with the Bitcoin halving event that occurred on April 20. This event reduced miners’ rewards from 6.25 BTC to 3.125 BTC per block, effectively making Bitcoin scarcer.

Arbitrum (ARB) Price Forecast: Bulls target $1.50 Retest as Whales Activity Spikes 80%

Mark Brennan
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Arbitrum (ARB) Price Forecast: Bulls target $1.50 Retest as Whales Activity Spikes 80%

Arbitrum price reclaimed the $1.20 territory on June 6, after having fell to 2-week low of $1.10 48 hours earlier, on-chain analysis explores the key catalyst behind the ARB resurgence. 

ARB Price Rebounds 7% in the 48-Hours, Ending 14-Day Losing Streak

Established in 2022, Arbitrum has quickly risen to prominence over the past two years, becoming one of the most widely adopted Ethereum Layer 2 (L2) scaling solutions. The ARB token’s price has experienced significant volatility in the past month.

Starting May 2024 with a strong performance, Arbitrum’s price surged by 31% between May 1 and May 21. However, the momentum was halted by the approval of the Ethereum ETF.

Arbitrum price action (ARB/USD) | TradingView
Arbitrum price action (ARB/USD) | TradingView

While new entrants shifted their focus to Ethereum markets, existing Arbitrum investors adopted a more cautious approach. Consequently, ARB experienced a swift 17% price correction from May 21, reaching a two-week low of $1.10 on June 4.

However, this week, increased optimism about the upcoming US Non-Farm Payrolls report and an anticipated Fed rate cut has sparked bullish activity in the crypto markets.

As illustrated in the chart, Arbitrum’s price has rebounded by 7% in the past 48 hours, briefly climbing above the $1.20 level as of June 6.

Whale Activity Up 68% in June 2024 

Looking past the daily price charts, on-chain data indicates that recent fluctuations in whale investors’ activity might be fueling the ongoing Arbitrum recovery phase. As demand returns to the crypto markets this week, the outlook for Arbitrum’s short-term price prospects appears increasingly bearish.

IntoTheBlock’s Large Transactions trends, shown in the chart below, tracks the daily number of transactions on a crypto network that exceed $100,000. This metric offers insights into the level of whale demand a cryptocurrency has attracted over a specific period.

Arbitrum Price vs. ARB Whale Transaction Count | IntoTheBlock
Arbitrum Price vs. ARB Whale Transaction Count | IntoTheBlock

As of June 1, Arbitrum recorded only 129 whale transactions. However, demand from whale investors has surged significantly since then.

Over the next five days, whale activity steadily increased, culminating in 218 large transactions on June 5. This represents a 68% rise in whale demand for Arbitrum since the beginning of the month.

A sustained increase in whale transactions typically exerts upward pressure on the token’s price. The added liquidity from these transactions allows profit-takers to exit without disrupting the ARB price rally.

ARB Price Forecast: $1.50 Resistance at Risk

Historically, Arbitrum price has often faced strong resistance at the $1.20 level, but the 68% uptick in whale transactions means bulls could now target a rebound toward the $1.50 level.

Meanwhile, IntoTheBlock’s GIOM data, which matches all the current Arbitrum investors according to their buy-in prices, also supports this bullish stance. 

Arbitrum Price Forecast (ARB/USD)
Arbitrum Price Forecast (ARB/USD)

As seen above, there’s a formidable resistance cluster of 100,900 ARB addresses that acquired 158.36 million ARB at an average price of $1.45. If Arbitrum whales keep buying and that sell-wall caves, ARB price could advance to new monthly peaks above the $1.50 milestone.

Conversely, if the market enters a prolonged correction phase, bears could target a major reversal below $1.

Charles Hoskinson Says Cardano is Here to Stay and Not Dead

Abdulkarim Abdulwahab
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Charles Hoskinson Says Cardano is Here to Stay and Not Dead

Charles Hoskinson, the founder of Cardano, has taken a swipe at naysayers, asserting that the blockchain is here to stay amid widespread FUD.

In a recent post on X, Hoskinson expressed dismay at the observed contrast between Cardano’s actual progress and the portrayal by crypto influencers and the media.

According to him, never in his professional journey has he witnessed such a significant disconnect between the reality of Cardano’s achievements and the opinions of influencers and media.

Why Cardano is Here to Stay from Technical Perspectives

Hoskinson highlighted that the Cardano team is on the brink of the most significant hard fork in the project’s history. Specifically, Cardano anticipates the Chang hard fork, scheduled for Q2 this year. 

This milestone will begin a new governance era for the blockchain, which results from years of hard work, rigorous testing, and community participation.

Amid this, Hoskinson noted that the Cardano community is witnessing rapid growth in decentralized applications (dApps). This suggests a thriving ecosystem that is gaining traction among developers and users. 

Other technological developments within the Cardano ecosystem include the maturation of the layer-2 scaling solution Hydra. Hoskinson also disclosed ongoing work on partner chains, including Midnight and Prism, which are anticipated to enhance the blockchain environment.

Furthermore, the Cardano founder revealed that the project is at the forefront of scaling research and development within the industry. However, per his observation, critics are painting a different picture of Cardano to the public. 

Cardano Pursuing Several High-profile Events

In addition to these technical advancements, Cardano is preparing for several high-profile events. One such event is Rare EVO, a blockchain convention scheduled for August 15-17, 2024. 

According to Hoskinson, Rare EVO promises to be a major gathering that welcomes multi-chain projects, industry leaders, investors, and enthusiasts. The event will focus on interoperability and the convergence of traditional industry with Web3 technology.

Hoskinson also mentioned that the upcoming Cardano Foundation summit would be another significant event for the community. Moreover, he disclosed that Cardano will be present at Token 2049, another leading crypto event. These underscore Cardano’s ongoing commitment to engaging with the broader industry.

Cardano Is Not Dying

With an endless list of positive developments for Cardano in the next six months, Hoskinson noted it is impossible to keep up. In contrast, he would observe appalling headlines in crypto media questioning Cardano’s longevity.

“Then I look at the crypto media, and the headlines are ‘Will Cardano die?'” Hoskinson said. “It’s beyond pathetic,” Cardano founder lamented. 

Hoskinson went on to assert that Cardano is here to stay and is a juggernaut that will drive the industry forward. He projects that Cardano will be addressing real-world economic, political, and social issues, even if it has to do so forcefully.

$100K+ Transactions for Shiba Inu and Cardano Double Compared to Yearly Average: Santiment

Sam Wisdom Raphael
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$100K+ Transactions for Shiba Inu and Cardano Double Compared to Yearly Average: Santiment

Shiba Inu (SHIB) and Cardano (ADA) see a surge in whale interest as whale transactions worth at least $100,000 spike to double the yearly average.

This renewed interest among whale addresses comes at a time when Shiba Inu has reclaimed the crucial $0.000025 price threshold, seeking to leverage another price pump toward the $0.000027 and $0.000028 range. Meanwhile, Cardano has faced a roadblock to the mild upsurge it registered at the start of the week.

Notably, behavior analytical resource Santiment called the public’s attention to this surge in whale transactions, citing on-chain data. They confirmed that this week has witnessed a rise in transactions worth $100,000 and above for Shiba Inu, Cardano, and JasmyCoin (JASMY), surging to over double the average for the year. 

While Santiment presented figures for June 4, the most impressive spikes occurred on June 5, as market whales doubled down on their transactions across the three crypto assets.

Cardano Drops Amid Whale Transaction Spike 

Of the three tokens, ADA has witnessed the most whale transactions within the period considered. On June 5, Cardano saw 1,091 whale transactions. This marked the largest figure recorded by ADA throughout this year, demonstrating the magnitude of interest.

Cardano ADA 063503 06 Jun 2024
Cardano Whale Transactions | Santiment

In Cardano’s case, the transaction spike occurred after it witnessed a price resurgence. Notably, ADA saw a mild recovery on June 3 and 4, recording a 3.35% price increase to reclaim the $0.46 level. Cardano eventually closed above $0.46 on June 4 for the first time in over a week. 

This rebound triggered a reawakening of the whales, but the impact on ADA was not favorable. As whale transactions spiked to the yearly peak of 1,091 on June 5, Cardano faced a roadblock to its rally, ranging between $0.45 and $0.46.

Coinglass data confirms that on June 5, ADA saw a spike in exchange inflows, leading to a positive netflow of $1.44 million. This increased selling pressure.

Cardano Exchange Netflows Coinglass
Cardano Exchange Netflows | Coinglass

As a result, ADA closed the day with a mild drop but retained the $0.46 support. However, a subsequent and more vigorous price slump today has pushed Cardano below $0.46, as it currently changes hands at $0.4584. However, market pundits remain optimistic, with projections of a rise to $1 recently emerging.

Shiba Inu Rides on Whale Transaction Spike

Meanwhile, Shiba Inu’s whale transaction spike led to a different price reaction. On June 5, SHIB transactions worth at least $100,000 surged to a daily top of 764, the highest in over two months. The last time Shiba Inu witnessed whale transactions at this level was in mid April.

SHIBA INU SHIB 070909 06 Jun 2024
Shiba Inu Whale Transactions | Santiment

The latest spike coincided with a price resurgence from Shiba Inu, leading to the reclamation of the $0.000025 level. SHIB closed June 5 with a 5.4% increase, its largest intraday gain in two weeks. Interestingly, Shiba Inu witnessed a similar setback as ADA in terms of exchange flows, as it saw a positive exchange netflow of $6.7 million.

Shiba Inu Exchange Netflows Coinglass
Shiba Inu Exchange Netflows | Coinglass

Despite the selling pressure that emanated from this increase in exchange reserves, Shiba Inu demonstrated remarkable resilience against the bears. The latest SHIB rally has cooled as of press time, with a 0.81% drop this morning. Regardless, Shiba Inu holds up well above $0.000025, currently trading for $0.00002573.

XRP Community Reacts as Jim Cramer Tells SEC Chair He Lost Ripple Case 

Lele Jima
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0
XRP Community Reacts as Jim Cramer Tells SEC Chair He Lost Ripple Case 

A viral video of CNBC’s “Mad Money” host Jim Cramer telling SEC Chair Gary Gensler that he lost the Ripple case stirs mixed reactions within the XRP community. 

In the video making rounds within the crypto community, Cramer told Gensler to his face that he lost the XRP case. 

“The SEC Vs. Ripple Labs… You lost that one,” Cramer told Gensler during a CNBC interview on June 5. 

 

Although the SEC recorded a partial victory in the lawsuit, Cramer’s comment suggests that the SEC did not get its desired outcome.  

Prominent crypto enthusiasts, including Amelie and Abdullah “Abs” Nassif, the host of the Good Morning Crypto podcast, have shared an excerpt of the interview on X. 

XRP Community’s Mixed Reactions 

Expectedly, XRP community members expressed mixed reactions since the video went viral. While some XRP enthusiasts applauded Cramer for his bold assertions, others emphasized that his comment indicates “bad” news for XRP holders. 

The CNBC Mad Money host is a notable figure in the crypto space popularly called “Inverse Cramer.”  He earned the title because the outcome of his predictions usually moves in the opposite direction. 

For instance, the price of Bitcoin kept soaring shortly after Cramer predicted that “Mr. Bitcoin is about to go down.” 

With most of Cramer’s predictions not moving as he projects, top crypto stakeholders advised investors to always do the opposite of anything Crammer recommends. Interestingly, investors have adopted this recommendation. Whenever Cramer issues a bullish signal regarding any asset, market participants humorously interpret it as a sell signal. 

Following Cramer’s recent comments to Gensler, XRP enthusiasts hope the SEC does not emerge victorious against Ripple. 

Current Status of SEC v. Ripple Lawsuit 

Meanwhile, the SEC v. Ripple case is almost over. U.S. District Judge Analisa Torres had already decided the majority of the lawsuit via her summary judgment decision issued in July 2023, which gave the parties partial victories. 

While Judge Torres declared institutional sales as investment contracts, she held that Ripple did not violate securities law via its programmatic sales and other distributions of XRP. 

Nonetheless, the court still needs to determine two crucial matters in the lawsuit- the remedies litigation and the motion filed by Ripple to exclude Andrea Fox’s declaration. The parties have submitted the relevant motions for both matters and await the court’s decision, which could come at any time. 

Shiba Inu Lead’s Bold Statement to Ethereum Founder: ‘Thinking Bigger and on Massive Scale’

Sam Wisdom Raphael
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Shiba Inu Lead’s Bold Statement to Ethereum Founder: ‘Thinking Bigger and on Massive Scale’

Shiba Inu, the lead developer, reacts as the Ethereum founder presents features that a celebrity meme coin must have to attract his respect.

The meme coin scene has seen a notable exchange between Ethereum founder Vitalik Buterin and Shiba Inu lead developer Shytoshi Kusama. This interaction unfolded on X, sparked by a discussion initiated by Chris Buniske, a partner at crypto hedge fund Placeholder.

Buniske pointed out the potential of a MOTHER, a meme coin tied to Iggy Azalea. He suggested it could be a pioneering example of sustainable value creation in the ongoing wave of celebrity-backed cryptocurrencies. This observation comes amid a flurry of celebrity memecoins, with figures like Caitlyn Jenner and Nigerian music artiste Davido joining the trend.

Ethereum Founder Critiques Meme coins

However, responding to Buniske, Buterin expressed his dissatisfaction with the current landscape of celebrity meme coins. He stressed that while financialization can be respectable if it serves a noble purpose like healthcare or open-source software, it loses merit when it becomes the end goal itself.

He contrasted this with the “Stoner Cats” project by American movie stars and couple Ashton Kutcher and Mila Kunis, which he deemed more honorable due to its tangible output—a funded cartoon show.

To improve the direction of celebrity crypto projects, Buterin outlined several key features he believes are essential. According to him, meme coins that command these features are likely to attract his respect. The recent comments come amid this sustained criticism of meme coins.

Buterin States His Recommended Features

The first feature he mentions is that the project should aim to serve a public good beyond merely enriching the celebrity and early adopters. This could involve supporting art projects or the celebrity’s favored charities.

Secondly, Buterin emphasized that the project should offer engaging mechanics beyond token trading. While the Ethereum founder stressed that he is not a fan of token voting decentralized autonomous organization (DAO), he acknowledges they provide a way for people to engage and organize.

In addition, Buterin noted that the project should be designed to last at least ten years rather than being a short-lived hype cycle. For context, the meme coin launched by Davido and announced on X saw an over 90% drop just hours after its launch. On-chain data suggests the Nigerian artiste sold off his holdings.

Buterin emphasized that the primary goal for celebrities and developers should be to create a project where participants feel satisfied with their involvement, even if the tokens eventually become worthless. He noted that conventional charities and businesses often achieve this standard, and crypto projects should aim for it as well.

Shiba Inu Lead Reacts

Shytoshi Kusama responded positively to Buterin’s critique, indicating that Shiba Inu is already working on a project that aligns with Buterin’s vision.

Kusama mentioned that they are considering an even larger scale and would present Buterin’s feedback to their team for validation. His response suggests that Shiba Inu is not only aware of the need for meaningful, lasting projects but is actively pursuing such ambitions.

Interestingly, the Shiba Inu ecosystem team, led by Kusama, is transforming SHIB from a meme coin project to a decentralized ecosystem. They have made progress on this with the introduction of several ecosystem tokens and projects such as ShibaSwap, Shibarium, Shiboshis, and the Shiba Inu metaverse.

Here is XRP Price if Total Crypto MarketCap Hits $5T as Predicted by Ripple CEO

Sam Wisdom Raphael
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Here is XRP Price if Total Crypto MarketCap Hits $5T as Predicted by Ripple CEO

XRP price could breach the $1 level if it rises proportionally should the global crypto market cap hit $5 trillion, as predicted by Ripple CEO Garlinghouse.

In April, Garlinghouse predicted that the global crypto market cap could skyrocket to $5 trillion before the end of this year. He cited macroeconomic trends and the capital influx triggered by the spot Bitcoin ETFs as catalysts that could drive this surge.

Recently, while speaking at this year’s Consensus, the Ripple CEO reaffirmed his optimism about this projection as he discussed the crypto ETF market. This optimistic outlook has sparked widespread speculation about the potential impact on various cryptocurrencies, including XRP.

XRP Price if Crypto Market Hits $5 Trillion

Currently, XRP is priced at $0.5113 with a market cap of $28.3 billion. Meanwhile, the total crypto market cap stands at $2.5 trillion. If Garlinghouse’s prediction comes true, the crypto market would double in value, presenting significant opportunities for XRP.

With the current market cap at $2.5 trillion and the future target at $5 trillion, the market could see a doubling effect or a 100% increase. If XRP records a similar increase in its $28.3 billion valuation, it would soar to $56.6 billion. This assessment assumes that XRP’s market cap rises in direct proportion to the overall market.

At a $56.6 billion market cap, XRP’s price would also witness a similar surge if its circulating supply remains fairly constant at 55.35 billion tokens. This would bring the price to $1.022, a position that sits below the projections of prominent market analysts.

Essentially, if the global crypto market cap reaches $5 trillion, as Garlinghouse predicts, XRP’s market cap could grow to $56.6 billion, and its price might climb to around $1.022 on the back of a proportional increase. This projection highlights a potential doubling of XRP’s current value, reflecting the broader market’s expansion.

Loftier Projections

However, some market analysts believe XRP clinching $1 would only be the start of its uptrend. For instance, last month, World of Charts projected an imminent XRP price increase to $5. Meanwhile, CryptoBull identified a market structure he believes could push XRP to a three-digit figure of $154. 

Such lofty targets could exponentially increase XRP’s market cap, significantly bolstering its market dominance, which currently sits at 1.16%, down from the peak of 31.33% in May 2017. If XRP hits $5, its market cap could reach $276 billion. At this figure, XRP’s dominance would sit at 5.3% if the crypto market cap hovers at $5 trillion.

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