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Pundit Explores How 1,000 XRP Can Provide Significant Financial Returns

Sam Wisdom Raphael
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Pundit Explores How 1,000 XRP Can Provide Significant Financial Returns

Levi, a well-known YouTuber, explores a scenario where holders of just 1,000 XRP tokens could record life-changing gains as XRP and the XRPL grow.

In a recent analysis of the XRPL ecosystem’s trajectory, the industry commentator emphasized that the distribution of XRP ownership is surprising and suggests that holding a relatively modest amount of it could lead to significant financial rewards.

To drive home this point, he discussed XRP’s supply situation. With 55 billion XRP in circulation of a total supply of 100 billion, understanding how these tokens are distributed among holders is important. His research into the XRPL revealed some interesting statistics about the distribution of XRP holdings.

XRP and XRPL Growth Trajectory

However, he first spotlighted the growth path of the XRP Ledger. Part of this growth is the recent surge in transactions on the XRPL. Daily transactions on the XRPL have skyrocketed, jumping from an average of 257,000 to over 5.41 million earlier this year. 

This uptick in activity, despite having cooled in the second quarter of the year, still marks a substantial increase from last year’s figures. Levi stressed that the surge points to a growing interest and use of the XRP Ledger for various applications, notably in decentralized finance (DeFi) and non-fungible tokens (NFTs).

Levi highlighted that, contrary to the general downturn in NFT sales across most blockchains, the XRPL has seen a rise in NFT transactions. In April, there were 35,000 NFT sales on the XRPL, with January boasting over 43,000 sales. This is in stark contrast to Ethereum, where NFT sales have plummeted.

Additionally, the creation of new tokens and meme coins on the XRPL, such as the Gensler SEC token, shows the network’s growing ecosystem, according to Levi. Some of these new tokens have achieved substantial market caps, with a potential to drive more volume and activity on the XRPL.

XRP Rich List Paints an Interesting Picture

Levi then highlighted the XRP rich list, revealing that the vast majority of XRP accounts hold relatively small amounts. Notably, data sourced by Santiment confirms that the XRPL has welcomed over 210 million holders this year, with total holders sitting at 5.19 million at press time.

XRP Total Holders Santiment
XRP Total Holders | Santiment

Interestingly, Levi noted that about 90% of these accounts have balances between 0 and 500 XRP. This suggests that holding as little as 1,000 XRP places an individual in the top 10% of XRP holders. 

For those able to accumulate between 50,000 and 75,000 XRP, the stats place them as “mega whales,” a designation reserved for only 26,000 accounts. Data from Rich-list.info confirms this claim. This distribution indicates that a small number of XRP could potentially yield significant financial rewards. 

Levi emphasized that reaching certain high price targets could transform modest holdings into substantial sums. For instance, if XRP clinched $100, holding just 1,000 XRP could result in $100,000. Analyst Javon Marks maintains that XRP could hit $200. At this price, 1,000 XRP could yield $200,000.

With XRP and the XRPL recording sustained growth, Levi suggests that procuring XRP now, while prices are still accessible, could set investors apart from the majority of the community. For those aiming to achieve millionaire status, holding tens of thousands of XRP is a realistic goal. However, this projected growth remains uncertain.

Bitcoin Cash (BCH) Price Reclaim $600 after Ethereum ETF Approval?

Mark Brennan
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Bitcoin Cash (BCH) Price Reclaim $600 after Ethereum ETF Approval?

Bitcoin cash price rebound 5% to reclaim $490 on May 24, recent movements observed among BCH whales suggests more upside could follow.

Ethereum ETF Sell-the-News Sends BCH Price Spiralling 8%

BCH price descended into an 11% tailspin over the last 72 hours before rebounding 5% to reclaim the $490 territory on Friday evening at 5 pm CET.

The Bitcoin Cash price volatility comes on the back of Ethereum ETF approval by the SEC on May 23, which sent swing traders and paper-hand investors into a “sell-the-news” frenzy.

Bitcoin Cash BCH Price Action after Ethereum ETF Approval

The “sell-the-news” concept is popular contrarian strategy in crypto trading where investors rapidly sell-off their holdings right at the cusp of a major bullish news event, lock-in early profits before the euphoria fades out, then buying at lower prices.

This narrative appears to have played out in the BCH markets over the last 24 hours. As seen in the chart above. After the Ethereum ETF official approval verdict on May 23,  BCH price tumbled 11%, dropping  to a weekly low of $472. But within hours, BCH price has rebounded 5% to reclaim $490 level.

Whale Investors Reacted with 10,000 BCH Acquisition

However, on-chain data shows that the “sell-the-news” wave was mainly restricted to swing traders and retail investors, while Bitcoin Cash whale investors maintained a bullish stance.

The Santiment chart below tracks the number of coins in custody of whale wallets holding balances of at least 1,000 BCH (~$500,000).

Bitcoin Cash Price vs. BCH Whales Wallet Balances
Bitcoin Cash Price vs. BCH Whales Wallet Balances

The chart above shows that BCH whales held a total of 11.92 million BCH in their cumulative balances as of May 19. But since Bloomberg analysts broke the news of the Ethereum ETF approval on May 20, the whales rapidly increased their buying pressure.

In nominal terms, since May 20, Bitcoin Cash whales have acquired 10,000 BCH, bringing their cumulative balances to 11.93 million.

Valued at the current price of around $493 per coin, the Bitcoin Cash whales have effectively invested approximately $5.2 million.

Typically, when whales start to buy such large volumes of coins within a short period, it put intense bullish pressure on the price of the underlying asset for two key reasons.

Firstly, the significant demand from whales reduces the available supply in the market, driving up prices due to increased scarcity. Secondly, whale accumulation often signals confidence in the asset’s future performance, encouraging other investors to follow suit, further amplifying the price increase.

This dynamic partly explains the rapid 5% rebound in BCH prices observed on May 24. If the whales keep up the buying trend, BCH’s price could ascend towards the elusive $600 target in the coming days.

BCH Price Forecast: $530 Resistance Looming Large

After the 5% rebound recorded after Ethereum ETF approval, Bitcoin Cash price now looks set for another leg-up toward $600. Based on the recent on-chain movements, a continuation of the whales’ $5.2 million buying trend will likely crowd-out the paper-handed swing traders selling into the market euphoria.

The Parabolic Stop and Reverse (SAR) technical indicator also affirms this bullish BCH price forecast. Currently the Parabolic SAR dots are pointing towards $454 level which is far-below the current BCH price at $493.

Bitcoin Cash Price Forecast BCH/USD
Bitcoin Cash Price Forecast BCH/USD

This alignment occurs when the markets are in a strong uptrend, providing a solid support level that could prevent significant downward movement.

On the flip side, the previous market top at $530 could form a key short-term resistance level. If BCH can break through this resistance, it would likely attract additional buying interest, likely propelling the price toward the $600 target.

Litecoin Price Could Hit $100 as Miners Acquire 120,000 LTC after Ethereum ETF Approval

Mark Brennan
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Litecoin Price Could Hit $100 as Miners Acquire 120,000 LTC after Ethereum ETF Approval

Litecoin price opened trading at $85 on May 23, reflecting a 4% upswing within the weekly timeframe: despite bearish headwinds in the aftermath of the Ethereum ETF approvals, LTC continues to flash bullish signals. 

Litecoin holds 4% gains despite Post-Ethereum ETF Correction Phase

Most of the top-10 ranked mega cap crypto assets have suffered significant outflows in over the last 24 hours. This widespread downswing comes as crypto investors switched focus to ETH markets in the aftermath of landmark spot Ethereum ETF approvals verdict from the US SEC on May 23.

Unlike, rival Proof-of-Stake (PoS) networks like Solana (SOL) and Cardano (ADA) which rapidly fell to weekly lows on Friday morning, Litecoin and other Proof-of-Work coins including BTC have shows significantly more resilience.

Litecoin (LTC) Price Action after Ethereum ETH Approval
Litecoin (LTC) Price Action after Ethereum ETH Approval

As seen in the chart above, positive speculations saw LTC price surge 10% to retest $90 at the start of the week, before succumbing to a 6% correction toward $84.50 range at the time of writing on May 24.

Meanwhile the likes of SOL and ADA which have slid to weekly lows after recording 15% and 14% losses respectively since the Ethereum ETF approval. Evidently, Litecoin price has shown significant more resilience.

Litecoin Miners Flip Bullish Acquiring 120,000 LTC in 3 days

Currently, Litecoin price is trending 4% higher than its opening price for the week despite the ongoing consolidation phase experienced by mega cap crypto assets in the aftermath of the Ethereum ETF approval.

On-chain data trends suggest that LTC miners have been pivotal to Litecoin’s resilient price performance over the last few days.

IntoTheBlock’s miner reserves data shows that real-time changes in the number of coins held in custody of recognized Litecoin miners and mining pools.

Litecoin Price vs. LTC Miners Reserves | IntoTheBlock
Litecoin Price vs. LTC Miners Reserves | IntoTheBlock

Litecoin miners had held their cummulative reserve balances constant at around 1.74 million LTC since the start of the May 2024. But that trend shifted on May 20, just as Bloomberg analysts broke the news of an impending SEC approval for Ethereum ETFs.

Based on the data presented in the chart above, since May 20, Litecoin miners have rapidly acquired 120,000 LTC, bringing their cumulative reserves to 1.86 million LTC at the time of publication around 5 pm CET on May 24.

Valued at the current Litecoin prices, the miners have accumulated newly-mined coins worth approximately $10.2 million within the last 3-days.

Typically, an increase in miners reserves is often considered bullish for Proof-of-Work coins for tow major reasons.

Firstly, it reduces selling pressure on LTC, with a much lesser number of newly-mined coins flooding the short-term market supply. This partly explains why Litecoin price has delivered a relatively more resilient performance, while the likes of SOL and ADA, battling with staking withdrawals have declined to weekly lows.

More importantly, the timing of the Litecoin miners’ reserve accumulation aligns closely with significant news of Ethereum ETFs approval by the SEC.  The anticipated inflow of fresh institutional investment into the crypto sector appears to have trigger a positive sentiment swing, encouraging miners to hold their reserves in anticipation of higher price upside in the coming weeks.

If this bullish price outlook holds true, and miners keep adding to their $10.2 million reserve inflows, Litecoin price could be setting up for a parabolic upswing above the $100 milestone as ETH ETFs begin to gain traction.

 

Cardano Price Forecast: ADA Dips 13% as Investors Turn to Ethereum

Mark Brennan
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Cardano Price Forecast: ADA Dips 13% as Investors Turn to Ethereum

Cardano’s price has dipped 13% from its weekly timeframe peak, sliding as low as $0.46 after the US Securities and Exchange Commission (SEC) approved Ethereum ETFs on May 23. 

Cardano Loses 13% After Ethereum ETF Approval.

Following the approval of Ethereum ETFs, crypto investors have started redirecting capital towards ETH and other altcoins hosted on the pioneer smart contract network.

Meanwhile rival Proof-of-Stake (PoS) networks like Cardano (ADA) and Solana (SOL) have received the short-end of the stick the amid recent market shuffle. The rapid inflow of funds into Ethereum ETFs threatens to exert bearish pressure on ADA price action.

ADAUSD 2024 05 24 15 36 41
Cardano ADA Price Action after Ethereum ETF Approval

Looking at the chart above, ADA price has declined 13.64% from the weekly timeframe peak of $0.51 registered on Tuesday, May 21. Meanwhile, Ethereum price, on the other hand, has continued on its upward trajectory. After 25% weekly gains, it has held firmly above the $3,700 support.

A similar trend of negative divergence between ADA and ETH price action has been observed in Solana markets, another rival Proof of Stake network, struggling for traction as Ethereum grabs investors’ focus.

This suggests that crypto investors have shown preference for ETH, and other Ethereum-hosted assets like PEPE which has recorded two new all-time highs in the 2 consecutive weeks, breaking into the top 20 ranked crypto assets by market capitalization.

Within 5 months post-launch, Bitcoin ETFs pull over $58 billion BTC holdings. As investor brace up for inflow of billions into Ethereum ETFs over the next couple of weeks, ADA price and other rival PoS network could struggle to break out of the current downtrend.

ADA Price Forecast: Bulls Swoop in to Defend $0.45 Support

Cardano’s price is currently hovering around the $0.46 territory and has declined rapidly from its $0.51 weekly timeframe peak. But after a 13% drop-off in the last 3 days, on-chain data trends show that Cardano bulls have swooped into action, preventing a downswing below $0.45.

IntoTheBlock’s Order Books chart below tracks the number of active ADA buy/sell orders currently listed across 13 prominent crypto exchanges, including Binance and Coinbase.

Cardano (ADA) Price Forecast

Cardano (ADA) Price ForecastAs seen above, Cardano Bulls have mounted orders to purchase 225 million ADA at the average price of $0.46. Meanwhile, bears have only placed 207 million ADA up for sale around the current prices.

This suggests that after a 3-day-long selling frenzy, ADA bears may be showing signs of fatigue. With bulls now dominating the markets with a much higher buy-wall, ADA price will likely hold firm above the $0.45 support in the near term.

If the support buy-wall caves, ADA price could tumble towards the next psychological support cluster at $0.40 could be on the cards.

However, with the prevailing bullish sentiment surrounding the broader crypto markets and the rising buy orders, Cardano’s price will likely avoid another double-digit downswing, but it will consolidate within the $0.45 to $0.48 channel in the coming days.

Ethereum Poised to Clinch $5,000 After Spot ETF Approval if It Closes Above This Level

Sam Wisdom Raphael
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Ethereum Poised to Clinch $5,000 After Spot ETF Approval if It Closes Above This Level

Market veteran Ali Martinez analyzes Ethereum market dynamics in the wake of the spot ETF approval, seeing a rise to $5,000 if a critical level holds.

Ethereum has recently experienced significant price movements following the approval of multiple spot Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). 

This milestone has sparked renewed interest and discussions among traders and analysts. Market veteran Ali Martinez took to X to provide an in-depth analysis of the potential impact of the recent development on Ethereum’s market dynamics, calling attention to a shift in market trends.

Increased ETH Deposits on Exchanges

Martinez highlighted a surge in Ethereum transfers to cryptocurrency exchanges, noting that such movements often signal increased trading activity. In the past two weeks, more than 242,000 ETH have been moved to exchange wallets. 

As a result of this substantial influx of tokens, exchanges now hold 13.69 million ETH as balance, representing 11% of Ethereum’s circulating supply. This increased influx could signal an intent from whales to rebalance their portfolio, take profits or engage in speculative trading.

Ethereum Exchange Reserve All Exchanges
Ethereum Exchange Reserve | CryptoQuant

One of Ethereum’s co-founders, Jeffrey Wilke, is one whale involved in these transfers. Martinez found that he moved 10,000 ETH ($37.38 million) to the Kraken exchange. This move has added to the speculation that significant stakeholders might be preparing to take profits or adjust their holdings in response to the ETF approval.

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Martinez also called attention to the sentiments from industry pundits surrounding the Ethereum market. For instance, Anthony Pompliano, a prominent industry figure, views the approval of the Ethereum ETF as a significant milestone, potentially marking a broader acceptance of the cryptocurrency industry. 

However, Martinez urges caution, suggesting that the increased deposits to exchange wallets could indicate an impending sell-off or heightened profit-taking activities. Despite the uncertainty, a CryptoQuant report today confirmed that permanent ETH holders recently procured over 100,000 ETH.

Ethereum Support and Resistance Levels

Further, Martinez referenced the TD Sequential. This tool has presented a sell signal on the daily chart, featuring a green 9 candlestick. This signal suggests a potential retracement. Martinez explains that this could lead to a decline possibly extending to four days or initiate a new downward phase before a resurgence of the uptrend.

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In addition, support and resistance levels play a crucial role in determining Ethereum’s price movements. According to the In/Out of the Money Around Price (IOMAP) metric, a significant demand zone exists between $3,820 and $3,700. 

In this range, over 1.81 million addresses hold 1.66 million ETH. This area could act as a strong support level, potentially preventing a severe price drop amid selling pressure. However, if ETH fails to hold this level, the next support zone lies between $3,580 and $3,462, where 3.13 million addresses bought 1.50 million ETH.

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A Possible Ethereum Push to $5,000

On the upside, Ethereum faces a crucial resistance barrier between $3,940 and $4,054, where about 1.16 million addresses previously bought 574,660 ETH. Overcoming this resistance could be challenging, but if Ethereum manages to record a daily close above $4,170, it could invalidate the bearish momentum. 

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According to Ali Martinez, such a move might trigger a new upward phase, potentially pushing Ethereum’s price toward the $5,000 mark. ETH currently trades for $3,720, down 1.56% today but retains a 20% gain over the past week. Its daily RSI remains below 70, currently at 67 despite the latest uptick.

MetaMask Adds Bitcoin Support, But Faces Mixed Feedback from Users

Albert Brown
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MetaMask Adds Bitcoin Support, But Faces Mixed Feedback from Users

MetaMask announces Bitcoin integration, sparking mixed reactions from users who debate the focus on new features against improving current ones.

MetaMask, a digital wallet in the Ethereum ecosystem, is set to expand its reach by integrating Bitcoin support. While the timeline for this integration remains uncertain, sources indicate that Bitcoin functionality could be available on MetaMask in the next month. Initially, this support may be limited, with plans for feature expansion over time. 

 

Users Clash Over New Feature

The announcement of Bitcoin integration has elicited mixed reactions on social media, particularly on X, where traders have expressed mixed sentiments. One commenter criticized the move, suggesting that MetaMask should focus on improving the user experience for its current users rather than trying to attract Bitcoin users who already have preferred wallets. 

Another commenter echoed this sentiment, questioning MetaMask’s ability to improve itself. Conversely, some users have expressed enthusiasm, noting that they had anticipated such a feature.

Recent Developments

This announcement comes on the heels of several significant updates within the crypto space, particularly relating to Metamask. Recently, the Shiba Inu ecosystem team introduced an upgraded interface for the ecosystem’s layer-2 network Shibarium, adding support for MetaMask.

MetaMask also previously introduced a new feature enabling users to exchange Ethereum (ETH) for fiat currency. Reported by The Crypto Basic, this functionality allows users with crypto wallets linked to MetaMask’s Portfolio platform to convert Ether into fiat currency and transfer the funds to their bank accounts.

The feature, limited to the United States, United Kingdom, and select European regions, aims to simplify the process of converting digital assets into traditional currency, providing greater convenience for users.

During this press, Bitcoin was changing hands at $67,759, experiencing a 0.18% decline in the last 24 hours and a 2.77% increase over the past 7 days.  It currently boasts a 24-hour trading volume of $37,859,680,153.

How MicroStrategy Forfeited $12.82B Profit by Not Investing in Ethereum

Abdulkarim Abdulwahab
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How MicroStrategy Forfeited $12.82B Profit by Not Investing in Ethereum

Data shows Michael Saylor’s MicroStrategy missed out on a profit exceeding $12.82 billion by failing to invest its $7.59 billion in Ethereum.

Software firm MicroStrategy, led by Bitcoin bull Michael Saylor, has been a prominent institutional BTC investor for close to four years, injecting $7.59 billion into the asset since 2020. However, while MicroStrategy persistently committed substantial monthly funds to the BTC acquisition, Saylor unrepentantly retains maximalist views against other crypto assets.

Saylor is renowned for his claim that “there is no second best” crypto asset to Bitcoin. During a recent presentation, he told the audience that assets like Ethereum, XRP, Solana, BNB, and Cardano “are unregistered securities,” asserting none of them would ever be approved for an ETF.

Accordingly, analysts have challenged his views by evaluating MicroStrategy’s potential profitability if the firm had invested in Ethereum instead of Bitcoin.

Bitcoin is Second Best to Ethereum in Profit

On September 14, 2020, MicroStrategy announced its first investment of $175 million in Bitcoin, acquiring BTC at an average price of $10,419. This investment has yielded approximately $1.13 billion in revenue, resulting in over $954 million in profit.

At the same time, Ethereum traded at a low of $357 per ETH. If MicroStrategy had invested the same amount in Ethereum, it would have acquired 490,196 ETH. At Ethereum’s current market value, this investment would be worth over $1.8 billion, yielding a return of over $1.63 billion.

Thus, MicroStrategy’s initial crypto investment missed out on an additional profit of $671 million by choosing Bitcoin over Ethereum.

MicroStrategy Forfeited $12.82B+ Profit

From a broader perspective, Saylor’s firm has invested approximately $7.59 billion in acquiring 214,400 Bitcoins. This investment is worth over $14.45 billion, yielding a profit of about $6.87 billion, with Bitcoin trading at $67,238.

Blockchain Center suggested that a similar investment in Ethereum would have given MicroStrategy a portfolio of 4,986,791 ETH. With ETH trading at $3,692, this portfolio would be worth approximately $18.4 billion.

Even at Bitcoin’s all-time high of $73,750, MicroStrategy’s investment would be worth $15.8 billion, still significantly less than an equivalent investment in Ethereum.

Considering ETH’s recent yearly peak of $4,092, the hypothetical Ethereum investment would have been worth over $20.41 billion. Essentially, Michael Saylor missed out on a profit of $12.82 billion, double the gains from Bitcoin, by not investing the $7.59 billion in Ethereum.

Meanwhile, the projected profit would be magnified further when additional gains from the ETH staking service are factored in. It bears mentioning that Saylor has vehemently emphasized that MicroStrategy would not be selling its BTC holdings despite the current profit it holds.

Standard Chartered Projects Timeline for XRP ETF Approval

Lele Jima
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Standard Chartered Projects Timeline for XRP ETF Approval

Geoffrey Kendrick, a seasoned analyst at Standard Chartered, speculates that the highly anticipated XRP ETF could launch in 2025, a year from now.

Following the approval of multiple spot-based Ethereum ETFs, there have been several speculations regarding when the SEC could approve a similar product for other crypto assets, like XRP. 

XRP ETF Could Be Approved in 2025 

Interestingly, Standard Chartered analyst Geoffrey Kendrick asserted that an ETF for XRP could be a 2025 story. This implies that Kendrick expects the SEC to approve an ETF for XRP next year. 

Kendrick, who is the current head of forex and digital assets research at Standard Chartered, made this known in a statement making rounds on X. 

Notably, he expects the regulatory agency to also approve an ETF for Solana (SOL), the fifth-biggest cryptocurrency by market capitalization. 

Like ETF, XRP Isn’t a Security 

The Standard Chartered expert dismissed concerns regarding the Ripple lawsuit impacting the potential approval of an XRP ETF. 

According to Kendrick, the approval of Ethereum ETFs suggests that the regulator does not consider ETH to be a security. He added that the decision also indicates that other altcoins akin to ETH that are currently under regulatory scrutiny, including XRP, will not also be categorized as securities. 

The Standard Chartered analyst contended that it would be difficult for the SEC to give the securities tag to XRP and other altcoins, whose core technologies are similar to Ethereum. 

Crypto Now Has Bipartisan Political Support 

Kendrick also commented on the significance of the pro-crypto FIT21 legislation, which saw 71 Democrats cross party lines to support it. 

According to him, the move suggests bipartisan political support for the crypto industry. Furthermore, the analyst projected that it is a matter of time before the U.S. crypto industry sees more favorable regulatory changes. 

Ethereum ETF Inflow Could Reach $45B in 12 Months

Regarding the recently approved Ethereum ETFs, Kendrick projected that these products could register inflows to the tune of $15 billion to $45 billion in their first 12 months of trading. 

Notably, despite the SEC’s approval, Ethereum spot ETFs have not commenced trading in the United States. This is because the SEC only approved exchanges’ 19b-4 filings for spot ETFs. However, the S-1 filings for these funds are yet to be approved, with experts projecting that the regulator could delay its decision on the documents.  

Meanwhile, he projected that the price of ETH could spike to $8,000 by year end. Kendrick’s prediction marks a surge of 115.22% from the current price of $3,717. 

PEPE Soars Into Top 20 Following 825% Yearly Gains

Mark Brennan
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PEPE Soars Into Top 20 Following 825% Yearly Gains

Pepe (PEPE) slips into the top 20 list with an 825% yearly gain, showing potential to surpass Litecoin, Polygon, and Shiba Inu.

Despite a modest global market correction in the last 24 hours, Pepe has managed to outperform expectations and climb into the top 20 rankings. Per data from CoinMarketCap, PEPE has achieved a remarkable 825% gain over the past year. This impressive achievement is a testament to Pepe’s strong fundamentals and growing investor confidence.

PEPE’s Rise

Issued in April 2023, the frog-themed token swiftly soared to a $1 billion market cap within weeks of its debut. At press time, PEPE stands as a mainstay in the meme coin arena, boasting a valuation of $5.8 billion. This huge growth has crowned PEPE as the most significant meme coin launch of 2023, outshining competitors such as Bonk (BONK) and Dogwifhat (WIF) despite their meteoric surges.

PEPE enters Top 20
PEPE Enters Top 20 | CoinMarketCap

With PEPE outsmarting nearly eight tokens since Monday, market experts predict that the token will soon surpass Litecoin and Polygon in market cap. A similar report by Crypto Basic suggests that PEPE might soon surpass Shiba Inu (SHIB), per industry estimates.

Is SHIB’s Reign at Risk?

According to the report, for PEPE to reach Shiba Inu’s (SHIB) market cap, its price would need to rise to $0.00003582. This would represent a significant increase of 221.8% from its current value. As of press time, PEPE is trading at $0.00001382, marking a 2.40% decrease from the previous day’s price.

However, despite this slight dip, PEPE’s price has surged by 35% over the past 7 days. In comparison, SHIB is presently priced at $0.0000241, with a 24-hour trading volume of $933,188,157. SHIB’s market cap stands at $14.212 billion, indicating its more substantial market presence and higher investor interest.

PEPE Resistance at $0.000016900

On the daily chart, PEPE/USD is stabilizing around the 78.6% Fibonacci retracement level. In this phase, the price might oscillate between the support level of $0.000010867 and the resistance level at its all-time high of $0.000016900. 

PEPE USD 1 Day Chart Top 20
PEPE 1Day Chart

Should buying pressure increase and PEPE/USD break above the all-time high of $0.000016900, it could pave the way for a new high. Conversely, if the price fails to break this resistance, a pullback to the next support level at the 50% Fibonacci retracement around $0.000010867 is likely.

Further support levels to watch are the 38.2% Fibonacci level at approximately $0.000008000 and the 23.6% Fibonacci level at around $0.000004000.

Cardano Founder Celebrates RealFi Launch to Empower Unbanked Population

Albert Brown
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Cardano Founder Celebrates RealFi Launch to Empower Unbanked Population

Cardano founder Hoskinson reacts as Cardano launches RealFi, aiming to provide blockchain-based financial services to unbanked populations.

Cardano has marked yet another milestone with the introduction of RealFi, a development recently celebrated by Charles Hoskinson and the community on X. This achievement, driven by the efforts of JJ O’Connor and his team, according to the Cardano founder, aims to bring financial services to unbanked populations through the power of blockchain technology.

RealFi, or Real Finance, is a concept from Cardano that focuses on providing decentralized financial services with real-world applications. It aims to offer accessible financial solutions, such as lending and borrowing, to underserved populations, leveraging blockchain technology to enhance transparency, security, and efficiency in the financial sector.

RealFi is a cornerstone of Cardano’s strategy, bolstered by key partnerships with World Mobile and Atala PRISM. These collaborations aim to create a comprehensive digital identity platform, essential for securing access to financial services. Atala PRISM provides self-sovereign digital identity solutions, facilitating the integration of individuals into the global financial ecosystem.

Cardano Founder on RealFi’s Future

In an Input Output blog post earlier in 2021, Charles Hoskinson predicted that RealFi would see widespread adoption among DeFi providers. He highlighted that RealFi’s integration of identity and metadata would establish robust standards, enhancing security, functionality, and regulatory compliance. This evolution is expected to resolve existing challenges in the DeFi sector and attract a larger customer base.

While financial access is vital, RealFi aims to address a broader spectrum of needs. Through blockchain and digital identity, RealFi seeks to provide access to essential services such as insurance, education, and healthcare. This would reduce risks and create equal opportunities for individuals in developing regions, enabling them to compete with peers in more developed areas.

Cardano’s Focus to Developing Markets

Cardano’s focus has consistently been on empowering the developing world. Hoskinson emphasizes the potential to connect approximately 3 billion people who currently lack reliable financial services to the cryptocurrency space. Cardano intends to provide these individuals with access to RealFi, allowing them to participate in the global market by integrating digital identity and wallet solutions

Despite recent progress, Cardano has faced skepticism, particularly regarding its partnership with World Mobile. This collaboration, announced in June 2021, aimed to connect Tanzanian regions to the internet via a blockchain-based solution. However, slow progress led some crypto enthusiasts to question Cardano’s ability to deliver on its promises. Hoskinson actively addressed these concerns, emphasizing the project’s long-term potential.

Current Market Performance

Currently, Cardano (ADA) is priced at $0.4613, with a 24-hour trading volume of $563,572,724. This represents a 4.12% decline in the last 24 hours and a 4.08% decrease over the past week. According to The Crypto Basic, Hoskinson has also previously pointed out the evolving role of NFTs within the Cardano ecosystem, noting their potential beyond art. 

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