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XDC Token Triumphs in SBI Group Experiment for B2B Settlement Transactions

Abdulkarim Abdulwahab
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XDC Token Triumphs in SBI Group Experiment for B2B Settlement Transactions

The XDC token has successfully passed an experiment for fiat settlement in business-to-business transactions by SBI XDC Network APAC and SBI R3 Japan.

SBI Group announced this groundbreaking development via an official press statement today, May 31. This now completed experiment with the XDC token commenced in December 2023, leveraging the Corda blockchain and Corda Bridge. 

Notably, SBI Group and the XDC Network partnered on May 31, 2023, when SBI VC Trade began handling Japan’s first crypto, XDC. Essentially, the settlement transaction trial using XDC coincided with the second anniversary of this strategic partnership.

Per the latest update, SBI Group aims to enhance the integration of the XDC Network with Corda and broaden the Corda Bridge technology applications.

The SBI Group is optimistic that these efforts will reinforce their partnership and lay the groundwork for enhancing the efficiency of business-to-business payment processes in trade transactions.

Background the XDC PoC

Significantly, these Japanese financial giants executed the proof of concept (PoC) to test the feasibility of using the XDC token for fiat settlements in B2B transactions by connecting two distinct blockchain platforms. 

The first is Corda, a private blockchain renowned for its interoperability and privacy, which are crucial for B2B dealings. The second is the XDC Network, a layer-1 public blockchain network compatible with private chains. Notably, this connection was facilitated through the Corda Bridge. 

This integration aims to facilitate comprehensive settlements that cover both the private aspects, such as confidential transaction data and the public aspects, like the transfer of value. 

By doing so, they aim to provide an efficient settlement method that could reduce the time and cost of international trade transactions.

Results of the PoC

During the trial, SBI Group entities, acting as exporters and importers, successfully demonstrated the simultaneous processing of transaction information approval and settlement. In other words, the experiment confirmed the capability for instant remittance between the parties involved. 

From a technical standpoint, the experiment allowed for the independent implementation of the CorDapp and Corda Bridge components. It was verified that the XDC payment functionality could be generically integrated into the CorDapp for various applications beyond just the settlement scenario tested in this experiment.

While this was the inaugural hybrid PoC involving the XDC Network and other blockchains, SBI Group believes the positive outcomes indicate that transferring value across different blockchain platforms is achievable without issues.

Expectedly, XDC’s success in this settlement experiment has attracted bullish sentiment from crypto community members. 

Future Developments

Regarding future developments, SBI Group has recognized the need for further testing to ensure that the system can facilitate immediate intercompany settlements without issues from the volatility of XDC prices or currency exchange rates. 

SBI Group noted that this additional verification will necessitate partnerships with cryptocurrency exchange companies.

Moving forward, SBI Group plans to build on the findings from these tests by continuing its collaboration with SBI VC Trade and SBI Liquidity Market, the latter of which manages the group’s foreign exchange operations. 

The objective is to refine the verification process and develop a robust service that accelerates settlements between businesses and also mitigates the risks associated with the fluctuating values of cryptocurrencies and foreign exchange rates.

What Could Shiba Inu Price Be If Bitcoin Hits $1M?

Sam Wisdom Raphael
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0
What Could Shiba Inu Price Be If Bitcoin Hits $1M?

Shiba Inu could see its price skyrocket to a new all-time high if it trails Bitcoin should the premier crypto asset hit the $1 million target.

Being the first and largest crypto asset, Bitcoin (BTC) often dictates the movement of the broader crypto market. The asset kickstarted the previous crypto bull markets when its price soared to new highs in each cycle. Notably, the rest of the market has followed suit each time.

Market watchers expect a similar case in this cycle, projecting the altcoin season, a period when other assets outperform Bitcoin, to come up shortly after BTC hits its peak for the current cycle. However, it is difficult to determine this peak, as opinions vary among market analysts.

Bitcoin Price Predictions

Bitcoin already broke the last cycle’s all-time high two months back, setting a new all-time high above $73,000 on March 14. Despite this feat, analysts expect the price to go higher this cycle. Galaxy Digital CEO Mike Novogratz and “Rich Dad Poor Dad” author Robert Kiyosaki are two of the industry pundits who see BTC hitting $100,000.

However, Binance CEO Richard Teng and Standard Chartered expect Bitcoin to reach $150,000, while market veteran Raoul Pal sets a $250,000 target. Meanwhile, Cathie Wood’s Ark Invest predicts Bitcoin to reach an ambitious $1 million, but in the next six years. Former CEO of Twitter Jack Dorsey also sees BTC reaching $1 million.

Bitcoin reaching $1 million remains speculative but within the realms of possibility. Such a rally could have positive effects on other crypto assets, including Shiba Inu. While the two assets do not move in a strictly correlated manner, it is possible to make an educated guess by examining several key factors.

Shiba Inu Price If Bitcoin Hits $1M

Bitcoin’s current market cap is $1.354 trillion at the reporting time. Should Bitcoin’s price skyrocket to $1 million, its market cap would balloon to around $19.7 trillion, assuming the supply sits at the 19.7 million BTC. This scenario represents a 1,354% increase in Bitcoin’s market cap.

If Shiba Inu were to mirror Bitcoin’s market cap growth proportionally, its market capitalization could similarly increase by 1,354%. Currently, Shiba Inu’s market cap is around $14.3 billion. A proportional increase would raise it to an impressive $208 billion.

With the new projected market cap, we can estimate Shiba Inu’s potential price. Presently, SHIB’s price hovers around $0.000024, with a total supply of approximately 589 trillion tokens. If its market cap escalates to $208 billion, the price per SHIB would adjust accordingly to $0.0003531. 

These projections are highly speculative due to the volatile nature of the crypto market and could be influenced by various factors, including technological advancements, regulatory changes and market sentiment. In addition, SHIB could move at a different direction due to independent developments.

Donald Trump-Themed Meme Coins Dip as New York Jury Convicts Him of All 34 Charges 

Lele Jima
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Donald Trump-Themed Meme Coins Dip as New York Jury Convicts Him of All 34 Charges 

Following the conviction of former U.S. President Donald Trump, the prices of various meme coins named after him have plummeted heavily. 

Court Convicts Trump of Falsifying Business Records 

For context, the pro-crypto presidential candidate of the Republican Party made history by being the first former or serving U.S. president to be found guilty of a crime in his hush-money case. 

Sky News reported today that a jury in New York declared Trump guilty of all 34 counts of falsifying business records. Based on the conviction, Trump is awaiting sentencing, which is scheduled for July 11. 

Legal experts speculated that the sentencing could include a massive fine or prison time. Meanwhile, some experts asserted that Trump’s conviction could affect his political ambition adversely. 

Trump Meme Coins Plunge Heavily  

In the meantime, the conviction has dealt a heavy blow to most meme coins named after him. The Crypto Basic compiled a list of meme coins named after Trump that have plummeted heavily following this event.

The Trump-themed meme coin with the most significant loss in the daily chart is Boost Trump Campaign (BTC). Data from CoinMarketCap shows that BTC has plummeted 61.24% over the past 24 hours to $0.000001256. At press time, BTC was down 87.69% from its all-time high (ATH) of $0.0000102. 

Baby Trump (BSC) is the second Trump-themed meme coin to incur significant losses. The price of Baby Trump has plunged 44.1% in the daily charts. At the current price of $0.01333, Baby Trump has plummeted 43.7% from its ATH of $0.0254. 

The third meme coin on the list is Trump Inu (TRUMP INU). At press time, the Trump-themed meme coin os down 38.28% over the past 24 hours to $0.000009453. Trump Inu, which surged to an all-time high of $0.000102 in March 2024, has dropped 91.36% from this peak.

According to our findings, the fourth Trump-themed meme coin with the most losses in the past 24 hours is Super Trump (STRUMP). STRUMP, which soared to an all-time high of $0.02298 this week, has plunged 23% in the daily charts with a unit trading at $0.01206. The current price indicates that STRUMP has dipped 46.7% from its ATH. 

More Trump-Themed Assets With Huge Losses 

Melania Trump (MELANIA), a meme coin named after the former president’s wife, also witnessed significant losses following his conviction. Data from CoinMarketCap shows that the meme coin was trading at $0.0768, down 21.58% in the daily charts and 55.97% from its ATH of $0.1786. 

The sixth meme-based crypto asset that reacted negatively to Trump’s conviction is Donate Trump (TRUMP2024). At the current price of $0.000000004318, TRUMP2024 is down 6.59% over the past 24 hours and 62.55% from its peak price of $0.00000001166, registered on January 25, 2024. 

Other Trump-Themed Meme Coins Soar 

While most Trump-themed meme coins have incurred significant losses, some meme-based tokens named after the former president have witnessed substantial gains following his conviction. 

In particular, Free Trump ($TRUMP), which launched in January, has soared 534.7% over the past 24 hours to $0.02115. Nonetheless, the token is currently down 75.6% from its peak price of $0.07546, registered earlier today. 

Similarly, popular Trump-themed meme coin MAGA (TRUMP) has also recorded a daily rise of 5.3% over the past 24 hours, changing hands at $13.69. MAGA, which hit a new ATH of $17.23 earlier today, has dipped 20.99% from the peak price in the hours leading up to press time. 

David Schwartz Discusses Ripple Roadmap to Integrate Big Institutions into DeFi

Abdulkarim Abdulwahab
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David Schwartz Discusses Ripple Roadmap to Integrate Big Institutions into DeFi

David Schwartz, the chief technology officer at Ripple, shares new insights on the company’s recently announced roadmap, which focuses on integrating big institutions into DeFi.

Schwartz commented on this subject in a podcast during the ongoing 2024 edition of CoinDesk’s Consensus conference.

 

Significance of Ripple’s Institutional-focused Roadmap 

He elaborated that the strategy involves enabling institutions to create highly regulated financial products, such as traditional loan portfolios, which can interact with DeFi ecosystems.

Schwartz illustrated this concept with the example of a regulated financial entity issuing conventional loans for real estate or business, followed by the tokenization of this debt, allowing it to be traded within a DeFi system.

Stressing the significance of institutions on mass crypto adoption, the Ripple executive drew parallels with the evolution of the internet. He highlighted that the internet benefited from initial government and military use. 

According to Schwartz, the move led to widespread grassroots adoption. He used this analogy to emphasize that such a synergistic approach is what leads to a system’s dominance and expansion.

In this context, the Ripple CTO highlighted the XRP Ledger as a blockchain platform that is well-suited for these types of applications.

Institutions Are Now Bringing Their Users to Crypto

Furthermore, Schwartz suggested that it is now an accepted fact that institutional adoption is a stepping stone to grassroots adoption. However, he admitted that Ripple’s initial move in that direction was premature.

Per his admission, when institutions adopted Ripple’s payment technology, such as using XRP for transactions, the end users remained unaware of the blockchain involvement. Essentially, banks using Ripple’s technology did not bring their customers into the blockchain space.

Regarding whether the crypto space has now embraced Ripple’s strategy of targeting institutions to drive mass adoption, Schwartz pointed to stablecoins like USDT as undeniable evidence. He noted that stablecoins are as institutional as they get, yet they fuel completely decentralized economies.

In parallel, Schwartz expressed excitement about the current trend of institutions not just adopting blockchain technology but also bringing their customers onto the blockchain or enabling blockchain-based activities.

Regarding Regulation

Moreover, Schwartz addressed skepticism about regulation. He explained that it is possible to have thoroughly regulated assets like stablecoins, loan portfolios, or tokenized securities.

These assets can undergo rigorous KYC and AML processes for every customer, while the underlying tokens representing ownership or collateral can remain completely decentralized.

Market Veteran Brandt Expects Bitcoin to Surge to 100 Ounces of Gold Worth $234K+

Sam Wisdom Raphael
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Market Veteran Brandt Expects Bitcoin to Surge to 100 Ounces of Gold Worth $234K+

Seasoned trader Peter Brandt forecasts a significant rise in the value of Bitcoin relative to gold, predicting BTC to hit 100 oz currently worth $234,400.

The BTC/GLD ratio, a measure of Bitcoin’s value in terms of gold, has continued to increase as BTC persistently outperforms gold. With Bitcoin gaining popularity and widespread adoption, this ratio has become a metric for comparing the leading cryptocurrency against the traditional safe-haven asset. 

At the reporting time, it takes around 29.1 ounces of gold (oz), currently worth an excess of $68,000, to buy one Bitcoin. However, Brandt believes Bitcoin will substantially appreciate against gold in the near future, causing this ratio to further appreciate. 

Bitcoin Current Position against Gold

In his analysis, Brandt reviewed historical trends. Since Bitcoin’s launch, it has steadily gained ground against gold. The attached chart reveals how the ratio has evolved, highlighting periods of rapid growth interspersed with corrections. Since 2011, BTC has gained 375,383% against gold.

Despite this impressive performance, Peter Brandt believes the firstborn cryptocurrency still has room for growth. Brandt supports his forecast with technical tools, including moving averages and the Relative Strength Index (RSI) on the weekly BTC/GLD chart.

Notably, the analyst uses the 18-week and 28-week moving averages to identify trends. Presently, the BTC/GLD ratio is hovering above these moving averages, which currently sit at the 28 oz mark, indicating a prevalence of bullish momentum for Bitcoin.

In addition, the weekly RSI confirms growing strength for BTC against gold, currently hovering around the upper boundary of the 61 threshold. This position suggests that Bitcoin is gradually tilting toward overbought territories, with a push above 70 indicating an imminent reversal to the downside.

Bitcoin to Clinch 100 Ounces of Gold

However, Brandt anticipates that the BTC/GLD ratio will stabilize within the current range for another 12 to 18 months. This period of consolidation is common after significant price movements as the market digests gains and prepares for the next phase. 

Post-consolidation, Brandt predicts a strong upward movement. He expects Bitcoin to reach a point where one Bitcoin will be equivalent to 100 ounces of gold. At the current price of an ounce of gold, BTC reaching 100 ounces would translate to a value of $234,400. This represents a massive 243% increase from BTC’s current price.

Brandt has always had the opinion that Bitcoin would continue to outperform gold. BTC is already up 42% against gold this year, securing four monthly gains out of five. BTC initially hit a peak of 34.08 oz in March amid its surge to the new ATH above $73,000. However, it witnessed a correction in April, leading to a 16.51% decline.

On April 2, while BTC traded at 28.9 ounces of gold, Brandt noted that Bitcoin would remain king over gold in the longer timeframe. Interestingly, the analyst’s declaration came up at a time when Bitcoin had relinquished the 30 oz level, dropping by 7.39% that day. The BTC/GLD metric has ranged since then.

At press time, BTC trades for $68,333, up by a mild 0.65% over the last 24 hours. Meanwhile, an ounce of gold changes hands at $2,344, trading flat in the past day. This brings the BTC/GLD ratio to 29.1, marking a slight uptick today.

Luna Foundation Guard Moves $95M in BNB and AVAX as SEC Settles with Terra and Do Kwon

Lele Jima
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0
Luna Foundation Guard Moves $95M in BNB and AVAX as SEC Settles with Terra and Do Kwon

Luna Foundation Guard transfers nearly $95 million worth of BNB and AVAX tokens to an unmarked address, as TerraForm Labs CEO Do Kwon agreed to a settlement deal with the SEC. 

In a surprising development, a blockchain address linked to the Luna Foundation Guard (LFG), the company behind the Terra ecosystem, moved substantial amounts of cryptocurrencies earlier today. 

LFG Transfers $95M Worth of BNB and AVAX 

Data from the popular analytic platform Arkham Intelligence shows that the LFG address transferred 1,974,002.88 (1.97 million) Avalanche (AVAX) tokens and 39,498 Binance Coin (BNB) to an unidentified address.

The total value of the transaction, which occurred today at exactly 03:33 AM (UTC), was approximately $95 million. At press time, the LFG’s address still holds $94.27 million worth of AVAX and BNB tokens. 

Meanwhile, the LFG is known for moving huge amounts of crypto assets over the years. In November 2022, the company claimed it spent a whopping $2.8 billion defending the de-pegged algorithmic stablecoin TerraUSD (UST). 

At the time of writing this line, the company has not disclosed the reason behind the recent transfers, leaving the crypto community embroiled in speculation. 

TerraForm Labs Founder and SEC Settles 

The development comes amid reports of a settlement between Do Kwon, the founder of TerraForm Labs, and the United States Securities and Exchange Commission (SEC). 

Court records show that the parties reached a settlement in principle before U.S. District Judge Jed Rakoff on May 29. Consequently, the court ordered the parties to finalize and submit the settlement terms by June 12, 2024. 

Recall that in April, the SEC asked the court to impose $5.3 billion in civil penalties, disgorgement, and prejudgment interest against Kwon and TerraForm Labs. The regulatory agency made the request after the court found Kwon and Terra liable for fraud following the collapse of the Terra ecosystem. 

However, the defendants proposed a significantly lower penalty of $1 million as it urged the court to dismiss the SEC’s disgorgement request. 

The final terms of the settlement remain unclear at the time of writing. Nonetheless, the public could get more details about the settlement when the parties file these final terms on June 12 for the court’s approval. 

As of press time, it remains unclear whether the LFG’s recently transferred $95 million worth of AVAX and BNB tokens is part of the settlement deal. 

Ripple CEO Says XRP ETF is Inevitable along with Cardano and Solana

Sam Wisdom Raphael
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Ripple CEO Says XRP ETF is Inevitable along with Cardano and Solana

The Ripple CEO Brad Garlinghouse believes it is only a matter of time before an XRP ETF launches, alongside ETFs tracking Cardano and Solana.

Garlinghouse made these remarks while speaking at the ongoing Consensus 2024 held in Austin, Texas. The comments come at a time when Ripple’s age-long legal battle with the SEC is drawing to a conclusion, having recently slipped into the remedies phase. 

While XRP has been legally declared a non-security in the case, it remains entangled in the ongoing lawsuit, with recent arguments pointing to a case of price manipulation by Ripple. In addition, the SEC has also contended that assets like Solana and Cardano are unregistered securities in its cases against exchanges Coinbase and Binance. 

Ripple CEO Expects XRP ETF Approval

Despite this regulatory uncertainty surrounding the crypto industry, Garlinghouse is confident that the SEC will approve spot ETFs on Cardano, Solana, and XRP. In a broad context, the Ripple CEO suggested that he expects more crypto ETFs to launch following the approval of spot Ethereum ETFs and the launch of Bitcoin ETFs in January.

However, he acknowledged the regulatory hiccups that these products might face before they eventually secure approval, predicting the process of approval to be especially lengthy. This was observed with the spot Bitcoin ETFs, which the SEC rejected for months, and the spot Ethereum ETFs, which were delayed for an extended time.

Following the approval of 19b-4 filings on spot Ethereum ETFs, discussions have shifted to the next product in line to get approval. These discussions have especially centered on Solana, with some pointing to XRP. Members of the XRP community see no reason why a spot XRP ETF should not gain approval.

Garlinghouse Criticizes US Regulatory Stance on Crypto

Speaking further, Garlinghouse criticized the crypto regulatory environment in the United States. He pointed out that while SEC Chair Gary Gensler has not been able to place a label on Ethereum despite queries from Congress, he contends that the laws are clear and require no updates to accommodate the crypto market.

According to the Ripple CEO, the Howey Test, developed in the 1946 Supreme Court case, has been the litmus test for the SEC, a move he deems inappropriate. He revealed that most of their new hires are now from outside the United States due to the regulatory concerns. However, it appears the regulatory stance is gradually changing.

Crypto Becomes Political

Recall that the U.S. SEC granted approval to 19b-4 ETF filings from eight issuers for their Ethereum ETFs on May 23. This approval was rather speedy and unexpected, considering the duration at which the agency had delayed a decision on the products. Cathie Wood, CEO of Ark Invest, argued that this speedy approval was political.

The broader cryptocurrency industry has perceived the Biden administration as adversarial, largely due to its policies and the SEC’s regulatory approach. However, with the presidential election nearing, the administration seems to be making efforts to engage the crypto community, particularly as GOP candidate Donald Trump gains traction among its members.

This shift in regulatory stance in the United States is evident in the House of Representatives passing the FIT21 bill to provide clarity in the industry and the repeal of SAB121, the SEC’s guidance on crypto custody, which the crypto industry has condemned.

Cathie Wood believes these moves are efforts toward gaining the favor of the crypto community. Notably, these efforts could ultimately result in the SEC granting approval to spot ETFs on other cryptocurrencies, a decision it would not have ordinarily made.

Is a Massive Wave Coming for Shiba Inu as Whales Stock 503.9 Billion SHIB in 1 Day

Abdulkarim Abdulwahab
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0
Is a Massive Wave Coming for Shiba Inu as Whales Stock 503.9 Billion SHIB in 1 Day

While Shiba Inu saw a brief bullish comeback, the accumulation of over 503 billion SHIB from exchanges by whales may hint at an impending aggressive wave.

Within the last 24 hours alone, the trend of Shiba Inu withdrawals from centralized exchanges has gradually picked up momentum. 

503.94B Shiba Inu Withdrawn from Exchanges

In an update today, the crypto surveillance account Lookonchain called attention to the activity of a prominent Shiba Inu whale. The investor under scrutiny withdrew approximately 58.08 billion SHIB tokens from Binance about ten hours ago.

Meanwhile, just 21 hours ago, another whale transferred over 445.87 billion SHIB tokens from American exchange Robinhood to a private wallet. 

Collectively, whales have been spotted moving out 503,945,153,661 (503.9 billion) Shiba Inu from exchanges within the last 24 hours. These tokens command a monetary value exceeding $13.4 million.

Shiba Inu Price Action

The timing of these massive transactions adds to the intrigue surrounding the whales’ actions. Specifically, this accumulation from centralized exchanges occurred amid Shiba Inu’s mini-bull run. 

Shiba Inu had exhibited lackluster performances until the last 48 hours when it reclaimed a two-month high of $0.00002933. Meanwhile, the Shiba Inu bulls have encountered opposition during the advance to the $0.00003 level. 

While SHIB established an intraday high of $0.00002844, it has lost most of the daily gains in light of the ongoing price correction spearheaded by Bitcoin bears. At the time of reporting, SHIB had touched a low of $0.00002569 before settling at $0.0000268.

Essentially, following Shiba Inu’s recent gains, whales move to drain from the supplies available on exchanges, which could trigger further bullish rides for the meme coin.

Diminishing Shiba Inu Reserve on Exchanges

Notably, this recent withdrawal aligns with the trend observed over the past few months, in which SHIB reserves on centralized exchanges have diminished. 

CryptoQuant data shows a 10-month downtrend in SHIB’s exchange supply, suggesting a buildup of scarcity that could lead to price appreciation if demand persists. 

The exchange supply peaked at 191 trillion SHIB in March 2022 and has since decreased to about 150 trillion.

Shiba Inu CryptoQuant
Shiba Inu exchange reserve | CryptoQuant

Historical patterns suggest that a drop in available SHIB on exchanges can precede price rallies, as seen in late February when a supply decrease led to a significant price increase by early March.

Here’s What XRP Price Could be if Bitcoin Hits $155,000

Abdulkarim Abdulwahab
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0
Here’s What XRP Price Could be if Bitcoin Hits $155,000

Recently, we asked OpenAI’s ChatGPT to suggest the potential value of XRP in a scenario where Bitcoin attains a new peak at $155,000. 

This comes amid suggestions from market analysts that the $155K price point could be in the cards for the premier crypto after the recent $71K re-entry. Meanwhile, XRP continues to underwhelm, even threatening to retest the $0.4 price channel in the last 24 hours.

ChatGPT XRP Outlook with Bitcoin at $155k

ChatGPT recognized that estimating XRP’s price in the event of Bitcoin reaching $155,000 is complex. While noting the absence of a straightforward method to determine XRP’s value from Bitcoin’s price, it pointed out that past trends might offer some clues.

Accordingly, the AI chatbot highlighted the historical correction in the movement of Bitcoin and altcoins like XRP, noting that a significant surge in Bitcoin generates a proportionate upswing for altcoins.

Meanwhile, ChatGPT noted that as Bitcoin’s price approaches $155,000, its dominance would determine altcoins’ fate. Specifically, it mentioned that if Bitcoin maintains a high dominance after reaching $155K, altcoins may not witness comparable increases. On the flip side, a decline in Bitcoin’s dominance could redirect investment into altcoins like XRP.

Backing this view, ChatGPT cited historical records, such as the 2017 cycle, when XRP peaked at $3.84 after Bitcoin settled above $20K. Notably, XRP outperformed Bitcoin by registering an above-750-fold price gain.

To gauge XRP’s outlook for this season, ChatGPT drew on the peak values of Bitcoin and XRP in the 2021 cycle. Given an increase from approximately $69K to $155K at a ratio of 2.25, ChatGPT projected a similar growth ratio for XRP. Applying this ratio suggests that XRP’s 2021 high of $1.96 could rise to $4.41.

ChatGPT projection for XRP
ChatGPT projection for XRP

However, unlike Bitcoin, which is currently close to its 2021 all-time high, XRP is significantly down from its 2021 peak. In particular, XRP trades at $0.5199 as of today. Applying Bitcoin’s projected growth ratio of 2.25 suggests that XRP’s attainable price point would be $1.16.

Analysts Disagree

Meanwhile, independent analysts have expressed strong disagreement with this outlook. They believe XRP would similarly set a new all-time high should Bitcoin attain $155k. For instance, Crypto Benny, who recently projected the $155K price for Bitcoin, set $5 as XRP’s target.

Ethereum Records Spike in Whale Addresses Holding 10K+ ETH

Sam Wisdom Raphael
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0
Ethereum Records Spike in Whale Addresses Holding 10K+ ETH

Ethereum addresses with at least 10,000 ETH ($37 million) as balance witness a remarkable spike in number amid a resurgence of accumulation among whales.

Notable on-chain analyst Ali Martinez first drew the public’s attention to this bullish trend, confirming that sentiments among whales have quickly flipped to the upside. This sudden switch comes despite Ethereum persistently battling the $3,800 price territory.

A Shift from Distribution to Accumulation

Citing data from Glassnode, Martinez showed that the mega-whale address count for Ethereum has recorded a remarkable shift, suggesting that the trend of distribution, which persisted since earlier this year, has concluded. Instead, mega whales have begun accumulating more tokens.

The chart indicates that addresses holding at least 10,000 ETH ($37.8 million) had seen a drop since the first quarter of this year. This decline in number persisted until May 20, when they plummeted below 1,000. Now, these addresses have continued to increase, surpassing the 1,000 mark again and reaching levels last seen in mid-April.

Breakdown of Ethereum Whale Addresses

Data from IntoTheBlock shares more insights into these wallets. As detailed in the chart below, addresses holding between 10,000 and 100,000 ETH have increased to 1,000 in number. Notably, this number was 980 as of May 25, suggesting an addition of 20 more addresses in four days.

Ethereum Addresses by Holdings
Ethereum Addresses by Holdings | IntoTheBlock

However, in a contrasting trend, those holding between 100,000 and 1 million ETH dropped from 98 on May 25 to the current figure of 95. Meanwhile, the number of wallets with balances greater than 1 million ETH ($3.8 billion) remains fixed at 6. 

The contrast in this trend shows that while the bigger whales have reduced in number, the smaller ones have continued to increase at a greater pace. Interestingly, Santiment data confirms that despite the drop in wallets holding 100,000 to 1 million tokens, their cumulative balance has seen a sharp increase.

As of May 29, these addresses held 19.67 million ETH. Nonetheless, current data shows that they now hold 21.03 million Ethereum. This change indicates that these wallets accumulated 1.36 million ETH tokens worth $5.1 billion within a single day. 

Ethereum Whales Holding 10K+ ETH
Ethereum Whales Holding 10K+ ETH | Santiment

While addresses holding 10,000 to 100,000 ETH and those with 10,000,000 to 100,000,000 tokens have also amassed more tokens within the same timeframe, the increase in their balances is much lower than what was observed with addresses holding between 100,000 and 1 million ETH. 

Whale Wallets Procure 1M ETH in 3 Weeks

As a result of this accumulation spree, wallets with at least 10,000 ETH as balance now hold 100.84 million tokens, representing 84% of Ethereum’s circulating supply. This figure was 99.8 million as of May 10, indicating that these addresses have cumulatively increased their balances by 1 million ETH in the last three weeks.

Meanwhile, Ethereum has failed to decisively tower above the $3,800 price threshold. The previous rally on the back of the spot ETF news saw it breach this level, but it faced resistance at the $3,900 zone. The ensuing retracement has brought it below $3,800, currently trading for $3,789 at the reporting time.

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