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Cardano Founder Celebrates RealFi Launch to Empower Unbanked Population

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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. 

XRP is Not Security Promoted at Trump New York Campaign Rally

The political campaign rally of Donald Trump recently in the South Bronx, New York, has one of the attendees promoting “XRP is not a security.”

XRP Not Security Advertised in Trump’s Campaign

In a recent post, U.S.-based X user Craig Brittain called attention to this development that surfaced during Donald Trump’s campaign. The presented video was a coverage from Fox Business News. 

As supporters stood to listen to Trump’s present speech, many took out their phones to capture the session. As the video depicted, one of those present raised a placard bearing a caricature of Trump with the inscription “XRP is not a security.”

XRP Not Security

For context, the U.S. SEC contested that XRP was a security when it commenced a lawsuit against crypto payment firm Ripple Labs in December 2020. The lawsuit accused Ripple of raising $1.3 billion by selling XRP in what the SEC claimed was an unregistered offering of securities to investors both in the United States and globally.

However, Ripple Labs challenged the claim over the years and secured a partial victory in July 2023. Specifically, District Court judge Analisa Torres ruled that XRP, by itself, is not a security.

Donald Trump is Welcoming to XRP

Precisely why the XRP enthusiast chose to promote this court decision at Donald Trump’s campaign rally is indefinite as the ruling is already ten months old. Meanwhile, it emerged just after Trump’s campaign began accepting donations via cryptocurrencies like XRP.

Before the official announcement welcoming crypto donations, Trump has been an open advocate for cryptocurrencies. Two months ago, he pledged to authorize Bitcoin for payments if re-elected president. 

Moreover, Trump stated that his administration would avoid unfavorable crypto regulations, as observable in the Joe Biden regime, with Gary Gensler as chairman of the SEC. In his words, “If you like crypto in any form, you better vote for Trump.”

Shiba Inu Volume Soars 51% as Coinbase Launches SHIB Futures for Institutions

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Shiba Inu trading volume surges more than 51% as US-based Coinbase exchange prepares to launch perpetual futures for its institutional clients outside the U.S.

America’s largest exchange Coinbase has announced the addition of new perpetual futures for three popular cryptocurrencies: Bonk (BONK), Floki Inu (FLOKI), and Shiba Inu (SHIB). These new trading options are set to boost flexibility and trading strategies for investors.

Scheduled to commence at 9:30 AM UTC on May 30, 2024, the launch will include the markets 1000BONK-PERP, 1000FLOKI-PERP, and 1000SHIB-PERP. These instruments are designed to provide traders with the opportunity to speculate on the prices of these cryptocurrencies without the need to own the actual assets.

Notably, Coinbase plans to launch the products on their Coinbase International and Coinbase Advanced exchanges. Coinbase International is the company’s dedicated platform that caters to institutional clients outside the United States, while its Advanced platform features sophisticated tools for professional traders.

SHIB Volume Spikes 51%

Following the news, SHIB has exhibited a 51.95% uptick in its trading volume in the last 24 hours, amounting to $955,251,666. This surge in interest indicates a growing demand for SHIB trading options, making the upcoming launch of 1000SHIB-PERP particularly timely. As of press time, SHIB is trading at $0.00002390 on Coinbase.

Just two days ago, as reported by The Crypto Basic, SHIB broke through an 11-week resistance that had limited its price growth for several weeks. The report further predicts that this breakout could result in a 210% increase, potentially raising its value to $0.000081, just below its all-time high (ATH) of $0.00008845.

In a similar report by Crypto Basic, ChatGPT identified ten key factors necessary to drive Shiba Inu’s value up by 285% to reach the $0.0001 mark. Among these factors is the implementation of burn mechanisms. ChatGPT argued that significant burns of SHIB tokens could reduce the overall supply, thereby increasing the value of the remaining circulating tokens.

Technical Overview

On the technical front, the MACD indicator is presently positioned above the zero line at 0.00000013. This indicates that the SHIB market is exhibiting a bullish trajectory. Moreover, the MACD’s histogram bars are gradually widening in the green zone, further cementing the optimistic mood of the SHIB market.

Shiba Inu SHIB Coinbase Technical Overview
Shiba Inu Technical Overview

Focusing on the Keltner Channel indicator, SHIB seems to be less volatile. This is evident as the Keltner Channel bands are narrowing, suggesting a period of price stability for SHIB before any significant movements.

Shiba Inu: D3 Announces Trading of Shib Name Tokens

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Prominent DNS domain provider D3 Global has announced the beta launch of the D3 marketplace, a platform where users can trade Shiba Inu (SHIB) Name Tokens.

According to D3, users can now access the beta version of the marketplace, where they can buy, sell, or make offers on supported Name Tokens, including Shiba Inu-based ones. 

A glance at the marketplace shows that D3 currently supports only two top-level domain (TLD) name extensions, such as .shib and .core. 

Notably, D3 Global attached a screenshot to the tweet, showing users can buy .shib or sell their .core TLDs. 

D3 Marketplace Beta Features 

The marketplace is equipped with a search box that users can use to ascertain whether a particular name is available. 

If available, the user will be required to pay for the TLD name, which costs about $10 for a year subscription at press time. D3’s supported payment methods are crypto and credit card. Consequently, users paying with crypto will have to connect their wallets and proceed to make payments. 

Interestingly, Shiba Inu ecosystem tokens, SHIB and BONE, are among the crypto assets D3 supports as payment options. Users can directly make payments with SHIB and BONE on D3 using their balances on Shibarium. This eliminates the need to bridge SHIB and BONE to the Ethereum network before paying. 

Top Crypto Projects Follow Shiba Inu to Secure TLD Name 

Shiba Inu’s partnership with D3 Global dates back to December 2023. At the time, Shiba Inu became the first project to push for a top-level domain name in the global crypto market. 

The Shib Name can be used as a username on web3 cross-platforms, multi-chain wallet address, and infrastructure identifier, among others. 

Following Shiba Inu’s partnership with D3, other crypto projects also collaborated with the DNS provider to debut their own TLD. They include leading crypto exchange Gate.io, Casper Network (CSPR), Core Network (CORE), and Viction (VIC). 

Meanwhile, D3’s beta marketplace will remain operational for months, allowing the team to identify and resolve all technical issues before the mainnet launch. At press time, there is no official date on when the mainnet version of the marketplace will go live. 

SEC Approves Eight Ethereum (ETH) Spot ETFs

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The SEC approves Form 19b-4 for eight Ethereum ETF issuers, opening the door for institutional investment, but S-1 registration statements are still pending.

The U.S. Securities and Exchange Commission (SEC) has made headlines recently by granting approval for Form 19b-4 to eight Ethereum exchange-traded fund (ETF) issuers, namely BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton.

Speculation has risen about the possibility of XRP being the next cryptocurrency to receive approval for ETFs. Nonetheless, before trading can begin, the ETF issuers must ensure that their S-1 registration statements are effective. Bloomberg analyst James Seyffart suggests that this process could take a few weeks to complete.

SEC’s Accelerated Approval and Oversight

The SEC’s ruling approved the proposals on an accelerated basis, encompassing trusts that will hold spot ether, either wholly or partially. The SEC found these proposals consistent with the Exchange Act and its regulations, particularly Section 6(b)(5), which mandates that exchanges’ rules are designed to prevent fraudulent and manipulative acts and protect investors and the public interest.

Additionally, the proposals align with Section 11A(a)(1)(C)(iii) of the Exchange Act, ensuring the availability of information regarding securities transactions.

The SEC has previously outlined that exchanges listing bitcoin-based ETFs can meet their obligations through comprehensive surveillance-sharing agreements with regulated markets of significant size related to the underlying assets.

Although spot ether does not trade on the Chicago Mercantile Exchange (CME), the exchanges involved have such agreements through their membership in the Intermarket Surveillance Group. 

This facilitates the sharing of information available through CME’s surveillance of its markets, including ether futures. The SEC concluded that these agreements are sufficient to prevent fraud and manipulation, even though spot ether does not trade on the CME.

Reactions to the Approval

The crypto community has responded positively to the SEC’s approval. TopGcrypto highlighted that the approval could lead to increased liquidity and stability in the Ethereum market, signaling exciting times ahead for the crypto industry.

Ripple CEO Brad Garlinghouse hinted at the possibility of XRP becoming the next crypto ETF following the approval of Ethereum spot ETFs. Garlinghouse emphasized the significance of the SEC’s approval and the passing of the FIT21 crypto bill, describing these events as momentous for the industry.

Analyst Predictions and Market Performance

Market analysts have provided optimistic forecasts following the approval of Ethereum spot ETFs. Miles Deutscher, a market analyst, predicted that Ethereum’s price could surge to $6,446 by July if the ETFs receive final approval, drawing parallels to Bitcoin’s historical performance post-ETF approval. 

Deutscher expects a similar trajectory for Ethereum, anticipating a 75.17% increase in value. Standard Chartered analysts foresee significant inflows into Ethereum, predicting between $15 billion and $45 billion within the first 12 months of ETF approval. They suggest that Ethereum prices could reach $8,000 by the end of 2024, driven by these inflows and broader market trends.

Currently, Ethereum (ETH) is priced at $3,654, with a 24-hour trading volume of $40,730,127,309. This represents a 4.29% price decline in the last 24 hours but a 23.37% increase over the past week. Notably, the highest price ever recorded for Ethereum was $4,878.26 on November 10, 2021, which is 24.73% higher than the current price.

XRP Returns to CMBI 10 Index After Passing Investability Review

Coin Metrics, a prominent provider of crypto financial insights, including market data and risk management solutions, reinstates XRP to its CMBI 10 Index.

On Thursday, Coin Metrics announced the move to relist XRP in the CMBI 10 Index in a statement on its official website. According to the report, the decision follows a thorough evaluation confirming that XRP fulfills the investability requirements specified in the CMBI Multi-Asset Methodology. 

Consequently, Coin Metrics plans to re-include XRP in the CMBI 10 Index, taking effect during the June index review.

Pseudonymous XRP community figure WrathofKahneman brought awareness to this development in a post on X.

 

Notably, the CMBI 10 Index tracks the performance an investor might anticipate from investing in a diverse group of cryptocurrencies, weighted by their available market cap. It includes the top 10 large-cap cryptos, like XRP, chosen based on their projected market cap over the next ten years.

Additionally, the CMBI 10 Index aggregates price data from leading global trading platforms that adhere to its market selection framework.

Why Coin Metrics Removed XRP Initially

In 2021, Coin Metrics excluded XRP from the CMBI 10 Index due to investability concerns stemming from the SEC’s lawsuit against Ripple Labs. Specifically, the delisting was influenced by the suspension of XRP trading on prominent exchanges such as Bitstamp, Coinbase, Binance.US, and Bittrex. 

Coin Metrics highlighted that these actions made it challenging for a U.S. investor base to access XRP markets, adversely affecting the investability of CMBI multi-asset products. 

Meanwhile, XRP triumphed in the SEC lawsuit in July 2023, sparking relisting actions from American exchanges, including Coinbase. However, Coin Metrics failed to reinstate XRP until ten months after the lawsuit victory despite the resumption of XRP trading on U.S. exchanges. 

Contrasting Coin Metrics’ prolonged deliberation period, Grayscale, which removed XRP from its GDLC following the initial wave of delistings by U.S. exchanges, acted more swiftly, reinstating XRP earlier in January.

Meanwhile, Coin Metrics’ announcement about re-adding XRP coincides with the return of XRP trading to crypto enthusiasts in New York.

Financial Analyst Says Something Big Coming For XRP

A financial analyst believes XRP is about to experience a pivotal movement before November, citing its position within a triangular pattern.

This ideology came from JT, a market analyst with 25 years of experience in the finance industry. Details from his chart indicate that XRP has been trading within a symmetrical triangle on the 2-month chart since April 2021, when it clinched $1.96 and witnessed a subsequent correction.

XRP Trades in a Symmetrical Triangle Despite Uptrend

This correction persisted until XRP hit the cycle low of $0.2870 in June 2022, a month after the Terra implosion, which triggered a massive bloodbath in the entire market. Following the drop to $0.2870, XRP mounted a recovery, with JT’s chart confirming that it has been in an uptrend since then, recording higher lows.

Despite this uptrend, XRP has continued to trade within the symmetrical triangle, with attempts at breakout meeting firm resistance from the bears. The last two times XRP made these attempts were in July 2023, when it spiked to $0.93 and in March this year amid the surge to $0.7449.

However, JT believes a breakout looms, predicting XRP to breach the upper trendline of the symmetrical triangle before November. He touted the pattern as one of the longest running triangles in the crypto market, having persisted for over 25 months. JT expects the triangle to continue for six more months before reaching its apex.

This confirmation has bolstered his conviction that a breakout is imminent this year. According to him, this incident would mark “something big” for XRP, essentially setting the stage for a massive price run. Another factor that could bolster XRP’s chances of recording this impressive run is the MACD indicator.

Suggestions of a Looming Breakout

Data from JT’s chart suggests that the MACD has continued to slope downward on the 2-month chart since April 2021 following a bearish crossover of the MACD and Signal lines. Now, with XRP moving closer to the apex of the triangle, JT believes the MACD could record a bullish crossover as well as a pivot to the upside.

While the analyst failed to give any price projections for his report, others have predicted ambitious price targets. Most recently, The Crypto Basic revealed that market analyst EGRAG set multiple targets for XRP amid an expectation of “impulsive waves,” with the ultimate goal residing at $66.

Moreover, another market watcher Casi suggested that XRP could be on the verge of breaking its 6-year consolidation, with targets set between $8 and $13. These projections have come up at a time when XRP still battles the $0.5 zone, currently changing hands at $0.5191 with a 2% drop today.

XRP’s immediate goal is to first breach the Fibonacci 0.382 level positioned at $0.5303 in its push toward $0.55. On this journey, XRP could leverage the ongoing whale accumulation for strength. This campaign has seen addresses holding 10 million to 100 million tokens procure 460 million tokens since April, per Santiment data.

XRP Whale Addresses Santiment
XRP Whale Addresses | Santiment

Shiba Inu Lead Developer Hints at ETF Possibilities Amid Ethereum’s Recent Approval

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With the SEC approving multiple Ethereum spot-based ETFs, Shiba Inu lead developer raises a question about how the approval could pave the way for a SHIB ETF.

Following the SEC’s approval of multiple spot-based Ethereum exchange-traded funds (ETFs), crypto enthusiasts have been debating the next crypto asset in line for a similar product.

Interestingly, Shytoshi Kusama, the pseudonymous lead developer of the Shiba Inu ecosystem, joined the debate, questioning whether the SEC’s approval of multiple Ethereum ETFs could also pave the way for a SHIB ETF. 

This implies that since Ethereum has succeeded in receiving approval for a spot-based ETF, it prompts the question of whether Shiba Inu could also secure similar approval from the regulatory agency if an issuer makes such a filing. 

Kusama did not give a definite answer to the question. However, he urged his followers to share their opinion on the matter. 

Notably, no asset manager has indicated any interest in filing for a SHIB ETF despite the SEC choosing not to brand Shiba Inu as a security in its multiple cases against crypto firms. The Shiba Inu community launched a petition in February to convince Grayscale to file for a SHIB ETF. Despite garnering thousands of signatures, the petition has not captured the attention of the asset manager.

In the meantime, Kusama revealed that he will remain focused on upcoming Shiba Inu projects. Also, he congratulated the Ethereum community on the approval of the spot-based ETF products. 

Shiba Inu Highlights Significance of Ethereum ETF Approval 

Additionally, the Shiba Inu ecosystem official X handle also congratulated the Ethereum community, describing the approval as a huge win for the broader crypto industry. 

The handle highlighted the significance of the approval to Shiba Inu community members, stating that it opens doors to greater financial inclusion for them. 

This suggests that the approval potentially makes it easier for investors, particularly Shiba Inu community members, to gain more exposure to crypto via Ethereum ETFs. 

Furthermore, the Shiba Inu handle highlighted the impact of both the SHIB and Ethereum communities, noting that together, they are active players in driving change. 

Shiba Inu Prepares for Blockchain Futuristic Conference 

Meanwhile, the Shiba Inu ecosystem team is preparing for the upcoming 2024 Blockchain Futuristic Conference in Toronto, an event in which it emerged as a title sponsor. 

Notably, Shiba Inu will be showcasing its ecosystem projects, including Shibacals and Shibverse, in a dedicated booth at the conference. 

Moreover, Shiba Inu’s liquid staking derivative partner, K9 Finance DAO, hopes to attract more developers to Shibarium with its upcoming hackathon at the Blockchain Futuristic Conference. 

Here is Shiba Inu Price if It Gets Bitcoin Market Cap

Shiba Inu price could record substantial growth if it captures the market cap of Bitcoin (BTC), the largest crypto asset.

The market has not been completely fair to Shiba Inu, with prices witnessing a tumble after the latest gains. At its current price, SHIB is down 7.57% from the May 16 high at $0.00002588. Notably, this downward pressure has kept it below the yearly peak of $0.000045 as selloffs continue to pile up.

SHIB Faces Selloffs 

The Accumulation/Distribution indicator confirms this persistent selloff campaign. This metric spiked to a daily peak of 35.293 trillion SHIB on May 3, right before Shiba Inu clinched the $0.00002632 high the next day. The spike in the Accumulation/Distribution metric suggested that more investors were buying more SHIB than selling.

Shiba Inu Accumulation Distribution Metric
Shiba Inu Accumulation Distribution Metric

However, after reaching the 35.293 trillion Shiba Inu high, the metric has continued to decline, currently sitting at 16.707 trillion SHIB. This has been a result of a surge in selloffs, as market participants troop to offload their tokens at breakeven upon the latest rally. The ensuing downtrend has also impacted Shiba Inu’s market cap.

Shiba Inu Price if It Reaches Bitcoin Market Cap

SHIB now has a market cap of $14.08 billion, making it the 11th largest cryptocurrency in the market. The drop in valuation led Shiba Inu’s price to relinquish its spot among the top 10 assets. Meanwhile, Bitcoin, the largest crypto asset by market cap, currently boasts $1.31 trillion, which is 92.7 times the valuation of SHIB.

Shiba Inu’s current market cap is due to its struggling price at $0.00002390. Market analysts have predicted that SHIB will soar to more substantial heights in the foreseeable future. Some of these analysts expect Shiba Inu to hit a $0.00051 price. Meanwhile, last month, Lucie, a content specialist, expressed confidence in SHIB hitting the $0.01 level.

Most of the individuals that have expressed doubt about some of these price projections have cited SHIB’s circulating supply, which could skyrocket its market cap to unfeasible heights at these prices. As a result, The Crypto Basic recently assessed what Shiba Inu price could realistically be if it captured Bitcoin’s market cap.

If Shiba Inu commands a market valuation of $1.31 trillion, its price will surge to $0.002217, marking a massive 9,287% gain. At this price, $1,000 invested in Shiba Inu would transform to $92,761. This further demonstrates the magnitude of such a rally. There is little evidence that SHIB could even capture 10% of this valuation. 

Ripple CEO Indirectly Confirms XRP ETFs Coming

Ripple CEO Brad Garlinghouse has indirectly confirmed to the XRP Army that XRP may be the next crypto ETF amid approval for Ethereum spot ETFs.

Garlinghouse gave this subtle hint via his reaction to a comment on his post celebrating the recent authorization of Ethereum spot ETFs. Notably, the U.S. regulator assented to eight Ethereum spot ETFs on Thursday, including BlackRock, Grayscale, VanEck, and Fidelity applications.

Taking to X, the Ripple CEO reflected on the significance of the SEC’s approval and the passing of the FIT21 crypto bill, describing the week’s events as momentous for the industry, akin to a “hell freezes over.”

Ripple CEO Agrees that XRF ETFs Next 

Reacting to Garlinghouse’s remark, three XRP enthusiasts suggested that an XRP spot exchange-traded fund should follow the Ethereum-based ETFs. Interestingly, the Ripple CEO endorsed these suggestions by liking them.

Prominent XRP community pundit Zach Rector called attention to this development in a post on X. Rector sees the action aligning with Garlinghouse’s earlier commentaries that 2024 “will be big” for XRP.

During an interview in February, Garlinghouse asserted that an XRP spot ETF is inescapable, stressing that such an investment product is significant for diversification purposes. When asked about working with asset managers like BlackRock to get an XRP ETF listed, he declined to provide a definitive answer. 

Despite Garlinghouse’s optimism about the XRP ETF prospect, he avoids speculating on the timing, noting regulatory challenges. Meanwhile, other industry pundits, like Sean McBride, Ripple’s ex-director, have suggested that an XRP ETF may surface by 2025.

ETF Analyst Sees Solana ETF Next

Conversely, ETF analysts like Bloomberg’s James Seyffart have opposed this sentiment. During a conversation on Wednesday, Seyffart suggested that Solana (SOL) is the most likely candidate for a spot ETF after Ethereum due to its more prominent market position and appeal. 

Yet, Seyffart cautioned that a Solana ETF might not emerge until 2026, pending the establishment of a CFTC-regulated futures market. He also noted the SEC’s view of SOL as a security could complicate matters. 

As for XRP, its ETF prospects are seen as more distant, contingent on the resolution of Ripple’s SEC lawsuit and further regulatory developments.