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Here is Shiba Inu Price if Ethereum Hits $10K or $85K

Abdulkarim Abdulwahab
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Here is Shiba Inu Price if Ethereum Hits $10K or $85K

Shiba Inu could establish a new historic price level in a scenario where SHIB mirrors the trajectory of Ethereum if ETH ever attains $85,000.

The crypto market got a significant boost within the past day, with Ethereum standing out as one of the best performers while Shiba Inu gradually followed the trend. Specifically, ETH touched $3,714 earlier today, up by approximately 21% from the intraday low of $3,073.

At the same time, Shiba Inu advanced by approximately 10%, reclaiming a multi-week high of $0.00002613. These commendable gains in ETH and SHIB emerged as Bitcoin regained the $71K threshold lost two months ago. 

The outcome suggests the start of the second phase of this cycle’s bull run, where meme coins like Shiba Inu and other altcoins are projected to outperform Bitcoin. 

While the question of how high the value of leading altcoins like Shiba Inu and ETH could surge stands, The Crypto Basic explored the potential market value of SHIB in a scenario where the altcoin market leader Ethereum breaks price levels of $10K and $85K.

Shiba Inu Price when Ethereum Hits $10,000

At press time, ETH has corrected some of its recent gains, with its market value now hovering around $3,673. Accordingly, for ETH to attain $10,000 from this level, it must advance by 172.26%.

Notably, Ethereum peaked at $4,891 during the bull frenzy of 2021. Essentially, the $10K price level would mark a new history for the altcoin leader, putting its valuation at over $1.2 trillion. Prominent market analysts have argued the possibility of this $10K mark coming to fruition in this bull cycle. Bitcoin advocate Jason Williams recently proposed this view in a post on X.

Meanwhile, similar bullish projections have been extended to Shiba Inu as well. At the last check, Shiba Inu was trading at $0.00002554. If SHIB increases by 172%, mirroring ETH’s trajectory, it will have a market value of $0.00006947. Notably, this price point would still fall short of Shiba Inu’s all-time high of $0.00008845. Nonetheless, the $0.00006947 price mark would elevate SHIB’s market share to $40.94 billion.

While analyst Williams believes ETH could clock $10K this season, he disagrees that SHIB would only hit $0.00006947 in such a scenario. His projection for Shiba Inu in this market cycle is $0.05.

SHIB Price when ETH Hits $85,000

Meanwhile, Ethereum trading at $85K someday implies that the asset has expanded by 22X or 2,214% from its current market value. Bitcoin on-chain analyst Yazan recently proposed that ETH could attain this 22-fold growth by 2025.

Meanwhile, a similar 22X growth would propel Shiba Inu’s value to a new all-time high at $0.000591. At this price level, Shiba Inu would have a market cap of approximately $348 billion. Notably, this hypothetical valuation stands significantly below Ethereum’s and Bitcoin’s current market caps.

Remarkably, analyst Yazan proposed that where Ethereum clocks a value of $85K, Shiba Inu would have a price of $0.05. Recall that analyst Williams also believes Shiba Inu’s target this cycle is $0.05, albeit with ETH at $10K.

The collective view of Yazan and Williams stems from historical observations that meme coins often engineer more commendable performance than larger-cap cryptos like Bitcoin and Ethereum. 

Yet, it is worth noting that the projections of ETH achieving $85K or SHIB reaching $0.05 this cycle jointly oppose widely held views of other industry commentators. Prediction platforms like Telegaon and Changelly argued that $0.05 may be attainable for SHIB in decades to come rather than next year. As a result, these projections should not be regarded as investment advice.

EU Report Shows XRP Topped Solana and BNB in Volume

Sam Wisdom Raphael
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EU Report Shows XRP Topped Solana and BNB in Volume

A report from the European Securities and Markets Authority (ESMA) confirms XRP surpassed Solana and BNB in volume last year despite dropping below them in market cap share.

The report, released by the Economic, Financial Stability and Risk Department of ESMA last month, was recently highlighted by prominent XRP community figure WrathofKahneman (WOK). He specifically spotlighted the interesting divergence in XRP’s market cap share and trade volume share among the largest crypto assets.

ESMA published the report to demonstrate the impact of social media influence on cryptocurrency trading and the broader financial market. In a session dedicated to the correlation of cryptocurrencies, the government agency presented data on the market cap and volume shares of the top 10 crypto assets as of December 2023.

XRP Drops Below Solana in Market Cap Ranking

The data revealed that XRP’s trade volume remained fairly high in Q4 2023 despite relinquishing its position among the top 10 to Solana and USDC. For context, The Crypto Basic disclosed on Dec. 8, 2023 that Solana was on the verge of overtaking XRP in market cap amid a 13.88% price uptick.

At the time, SOL secured the sixth spot among the largest cryptocurrencies by market cap, boasting a valuation of $30.64 billion. Meanwhile, XRP held fifth with a market cap of $34.42 billion, only below Bitcoin (BTC), Ethereum (ETH), USDT and BNB. 

Solana eventually surpassed XRP’s market cap as of Dec. 21, 2023, relegating XRP to sixth among the top 10. The ESMA report reveals that XRP has continued to secure more trade volume despite the recent events that saw it drop on the top 10 ranking.

XRP Surpassed SOL and BNB in Volume

Citing data from CoinMarketCap and Kaiko, ESMA disclosed that XRP had an annual trade volume of $127 billion as of Dec. 31, 2023. This volume represented 2% of the total annual trade volume in the crypto market last year. XRP was only below market leaders BTC and ETH, and stablecoins USDT and USDC in this metric. 

XRP Volume Tops Solana and BNB ESMA
XRP Volume Tops Solana and BNB | ESMA

XRP’s $127 billion volume was $26 billion more than Solana’s volume ($101 billion) and $86 billion above BNB’s volume ($41 billion) within the same timeframe. Despite garnering more interest, XRP ended Q4 2023 with a 19.56% gain. Meanwhile, BNB saw a 45.29% rise and SOL spiked 376%.

Correlation with Price

Some commentators argued that this divergence in volume and performance confirms the theory that XRP suffers from price suppression. However, WOK presented an alternative viewpoint. According to him, the data might be proof that XRP’s utility, which has caused its volume to surge, has not overshadowed speculative trading.

WOK emphasized that the XRP Ledger has continued to work as expected. The network has been delivering effectively, welcoming an AMM functionality and looking to include a native lending protocol, a native stablecoin and an EVM sidechain, as its DeFi functions expand. The Ledger has also been instrumental in moving funds.

Tranglo, a Ripple partner, has processed a total volume of $11.8 billion, with some of this volume carried out through XRP with ODL. However, WOK noted that despite the XRPL’s utility in moving money, the XRP market has not seen an influx of new capital. 

According to the pundit, XRP could record a resurgence in price if it experiences more demand from retail or institutions or if it is used to move much greater value, a trend that would require its price to significantly surge.

Market Veteran Projects Shiba Inu Rally to $0.0001553 as SHIB Gains 9% in a Day

Sam Wisdom Raphael
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Market Veteran Projects Shiba Inu Rally to $0.0001553 as SHIB Gains 9% in a Day

Market analyst Javon Marks expects Shiba Inu to leverage the latest price upswing for a rally toward the $0.00015 price territory.

Marks made this forecast in his latest SHIB analysis, calling the public’s attention to a bull flag pattern formed by the dog-themed asset in the six-day timeframe. Bull flags typically occur as continuation patterns, showing a consolidation before a resumption of the previous uptrend.

Shiba Inu Forms Bull Flag

For context, Shiba Inu recorded its previous uptrend from Feb. 25 to March 5, when it surged by over 370% to the yearly high of $0.00004567. SHIB faced resistance at the $0.000045 territory, but this was expected, as IntoTheBlock data confirms a supply wall at this level, where 57,740 addresses hold 9.56 trillion tokens.

Shiba Inu GIOM IntoTheBlock 4 2
Shiba Inu GIOM | IntoTheBlock

The ensuing correction led to Shiba Inu giving up some of the previous gains of this initial upsurge. The broader market turbulence further exacerbated this bearish situation. Marks’ chart shows that this downtrend, which has prevailed since March 6, resulted in the formation of a bull flag.

An Impressive Breakout

However, the crypto market recorded a resurgence this week, championed by Bitcoin’s rally above $71,000 for the first time in over a month. SHIB has capitalized on this broader market rebound to record an impressive price spike, reclaiming the $0.000026 threshold yesterday for the first time in two weeks.

Despite the resistance encountered at this level, SHIB closed yesterday with a 9% increase. Marks confirms that the price uptick has helped Shiba Inu break above the prevailing bull flag. According to the analyst, SHIB’s ability to hold this breakout could catalyze another run similar to the one observed in late February.

Shiba Inu must defend against any drops below the support level at $0.0000246 to retain this breakout. Notably, a drop underneath this point would take SHIB back into the bull flag. To mitigate the chances of slumping below $0.0000246, the bulls would have to hold $0.0000249, which aligns with Fibonacci 0.236. 

Shiba Inu Targets $0.0001553

On the flip side, Marks expects this second leg up to push Shiba Inu by another 210% toward the $0.000081 level, just 9% below its ATH of $0.00008845. Should SHIB breach the $0.000081 level, the analyst sets a higher target of $0.0001553, marking a 511% increase from the current price of $0.0000256.

Interestingly, another analyst Eunice Wong predicted last month that Shiba Inu was on the verge of engineering this second upswing. Nonetheless, Wong set up a 409% rise to $0.000125 as the ultimate target for this rally. SHIB now looks to ride on a gradual uptick in accumulation to have a go at these targets. 

Shiba Inu Accumulation|Distribution
Shiba Inu Accumulation|Distribution

Market data indicates that the Accumulation/Distribution metric rose to 7.58 trillion SHIB yesterday amid the 9% intraday gain. This represents an impressive uptick from 7.34 trillion recorded on April 30. SHIB is down 2% today, but investors have continued to pull out their tokens from exchanges, per Coinglass data.

In Latest Update SEC Opposes Ripple Request to Conceal Information Relating to XRP Sales

Lele Jima
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In Latest Update SEC Opposes Ripple Request to Conceal Information Relating to XRP Sales

U.S. SEC opposes in part Ripple’s request to seal information relating to its confidential business information, including discounts offered to institutional buyers of XRP.

According to an update shared by seasoned defense lawyer James K. Filan, the U.S. SEC has filed its opposition to Ripple’s omnibus sealing motion. 

The SEC’s opposition comes a week after Ripple filed an omnibus motion to seal certain exhibits regarding its confidential business details, especially those relating to its XRP sales. 

In Particular, Ripple asked the court to seal its financial statements, discounts offered to institutional buyers of XRP, and other confidential business information. 

SEC’s Opposition 

In the SEC’s opposition, the regulatory agency noted that it partially opposes Ripple’s omnibus sealing motion. The SEC argued that Ripple failed to overcome the strong presumption that court filings should be made public by seeking to redact highly relevant information to the parties’ remedies-related briefs. 

“Ripple invites the public to form opinions about the merits of the SEC’s position. [Thus,] it cannot simultaneously hide from the evidence on which that position is based,” the SEC contended. 

According to the SEC, some of Ripple’s sealing requests would conceal pertinent information crucial to the court’s determination of the remedies litigation from the public. 

While the SEC did not completely challenge Ripple’s request to seal its recent financial statements, the regulator asked the court to make public financial figures and terms used to calculate and justify remedies requests. 

“The general deterrence of a civil penalty rests on the public understanding of the facts supporting the penalty amount,” it contended. 

SEC Objects Ripple Request to Seal Discounts Offered to Institutional Buyers of XRP 

Furthermore, the SEC objected to Ripple’s requests to seal the financial terms regarding the discounts offered to XRP institutional buyers. 

The regulator argued that Ripple made the request to hide how it offered XRP at discriminatory prices. The SEC referenced Ripple’s argument, which claims that if the discount’s financial terms become public, it could damage the company’s negotiating position with counterparties. 

“Ripple has not shown how old discounts would cause substantial harm, especially where it claims it has not offered discounts in years,” the SEC said. 

The SEC specifically objected to the redaction of certain Ripple’s financial statements, such as the company’s current assets amount, revenue from non-XRP sales, and post-complaint ODL-related sales of XRP. 

It contended that these data points are relevant to the court’s decision regarding Ripple’s penalty and injunctive relief. 

The court will issue a decision regarding which exhibit and document requires sealing. This decision could be issued at any time, and the parties will be required to publicly file redacted versions of the documents within 14 days after the ruling. 

Only Thing Stopping Judge Torres’ Final Judgment 

Meanwhile, popular XRP community figure Ashley Prosper speculated that the “only thing” stopping Judge Torres from issuing the final judgment is the decision about whether Andrea Fox, a top-level SEC accountant, is an expert or summary witness. Prosper asserts that this issue could lead to more delays in the case.

Recall that the SEC submitted Fox’s declaration in support of its opening remedies-related brief on March 22. While the agency claimed that Fox was a summary witness, Ripple argued otherwise. Consequently, the company asked the court exclude her testimony as the SEC did not tender her declaration during discovery. 

Here’s How Much Your 10K, 100K XRP Would be Worth If XRP Reclaims $3.84

Abdulkarim Abdulwahab
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Here’s How Much Your 10K, 100K XRP Would be Worth If XRP Reclaims $3.84

Wallets holding 10K and 100K XRP are in a position for significant profits if XRP regains its $3.84 all-time high.

XRP remains a favorite crypto asset in the market, boasting over five million holders. Crypto enthusiasts hold XRP to position themselves for substantial wealth someday. With the crypto market amid a bull cycle, XRP is among the assets anticipated to make investors wealthy.

While the crypto market has experienced the first phase of this bull season, with very few assets reclaiming 2021 all-time highs, XRP was among those that took a back seat. This was established in Ripple’s quarterly crypto market reports. The report uncovered that XRP saw only a marginal 7% gain in the last quarter of 2023. Meanwhile, at the end of Q1 2024, XRP registered a negative growth of 5%.

Essentially, XRP has not had its bullish phase in the unfolding bull market. Nonetheless, with Bitcoin reclaiming $67K after a landslide dip, the crypto market is likely entering the second phase of the bull run, where XRP may pull a commendable stunt after a protracted passive period.

In light of this, The Crypto Basic explored the potential monetary value of wallets holding 10,000 and 100K XRP should XRP reclaim its $3.84 all-time high in this second phase of the bull frenzy.

How Much Your 10K, 100K XRP Would be Worth with XRP at $3.84

With XRP trading at $0.5089 at press time, it costs $5,089 to acquire 10K XRP tokens. However, this investment would be worth $38,400 should XRP regain the $3.84 peak, marking a substantial near seven-fold return. 

Similarly, while acquiring 100K XRP costs $50,890 today, the portfolio’s value would expand to $384,000 if the asset re-establishes its old ATH.

Chances of XRP Reclaiming $3.84

However, XRP presently trades at a value significantly below the $3.84 ATH, specifically down by over 86.77%. To cancel this wide gap, XRP must engineer a rally that drives its value by 654%. 

Meanwhile, lately, XRP has not demonstrated the kind of performance that would suggest it can achieve such a 654% increase in the near future.

Nonetheless, despite the recent underperformance, market watchers are confident that XRP will not only reclaim $3.84 but soar to the double-digit value range. 

Analyst EGRAG recently proposed that XRP may hit $3.84 by September. His proposition was based on the historical 21-moving average crossover on the 2-week chart, which has previously indicated bullish trends for XRP.

XRP Breakout Hints at 20-30% Bullish Surge: Analyst

Mark Brennan
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XRP Breakout Hints at 20-30% Bullish Surge: Analyst

The XRP/USDT pair breaks a key trendline, indicating a possible 20-30% bullish wave, as it holds its prices above $0.50 and targets $0.55 resistance.

The XRP/USDT trading pair has exhibited alarming movement, breaking a crucial trendline in the 12-hour timeframe. ZAYK Charts confirms this breakout, indicating a potential bullish wave for XRP.

Image Source: https://x.com/ZAYKCharts/status/1792051601005498553

According to a tweet from ZAYK, the XRP market now anticipates a possible 20–30% bullish wave driven by this trendline breach. The chart further reveals that the XRP/USDT pair is anticipated to aim for the $0.68 zone should the bullish uptick occur.

XRP Price Action

As of press time, the XRP coin is experiencing a decrease of 0.39% within the past 24 hours, currently valued at $0.5369. This modest downturn contrasts with the 4.15% appreciation observed the preceding week, indicating a shift in market dynamics.

XRP price chart XRP at $053
XRP price chart, Coinmarketcap

Amid the recent bearish trajectory, XRP’s open interest experienced a drop of 0.73%, descending to $574.13 million. Moreover, XRP, which occupies the seventh position by market capitalization, encountered a slight contraction of 0.52% in its intraday market cap, now evaluated at $28,289,580,993.

Contrastingly, XRP’s trading volume paints a divergent narrative. It has soared by 63.52% from the prior day, escalating to $813,742,892. This alarming increase in trading volume suggests a robust investor interest and confidence in XRP despite the prevailing weak bearish sentiment.

XRP Token Eyes $0.55 Resistance

On the 4-hour chart, the XRP token has held strong above the $0.50 key support level, last touched on May 15. Presently, XRP is situated around the 38.2% Fibonacci retracement level, which provides low-level support. As a result, the coin intends to challenge the $0.55 mark, which serves as its primary resistance level.

XRPUSDT 4 Hour Chart Source Tradingview
XRP/USDT 4-Hour Chart (Source: Tradingview)

If this resistance is broken, XRP may target the 78.6% Fibonacci level, with the possibility of overcoming the critical resistance at $0.57, which was last tested in April. Conversely, if bearish sentiment prevails, XRP’s price might fall, finding support again around the $0.50 region. A breach of this support could lead to further declines, potentially targeting the May low.

XRP RSI and MACD indicator 4 hour chart
XRP RSI and MACD indicator

On the technical front, the MACD indicator is trending downward, positioned at -0.007, indicating weak bullish momentum for XRP. The narrowing of the MACD histogram bars toward the zero line further supports the weakening of the bearish momentum.

Additionally, the RSI line is moving upward but remains below the neutral zone. Positioned at 49.62 and crossing over the signal line, this suggests that the bearish mood is decreasing, and a potential bullish shift may be imminent.

ETH Up 20% As Bloomberg Says 75% Chance of Spot Ethereum ETF Approval This Week

Mark Brennan
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ETH Up 20% As Bloomberg Says 75% Chance of Spot Ethereum ETF Approval This Week
Ethereum prices received a remarkable 20% boost on May 20 as media reports suggests an imminent approval of ETH spot ETFs by the US Securities and Exchange Commission (SEC).

On May 20th, Bloomberg ETF analyst Eric Balchunas increased the probability of a spot Ethereum ETF approval from 25% to 75%. His post on X gained over a million views in an hour, leading to a significant rise in ETH prices and a surge in the broader altcoin market.

Bloomberg Analyst Predicts 75% Chance of Ethereum ETF Approval This Week

Eric Balchunas, a well-respected Bloomberg analyst in the crypto ETF space, recently updated his forecast, boosting the likelihood of a spot Ethereum ETF approval to 75%.

Balchunas, who has been a key figure in the news coverage of the spot Bitcoin ETFs launched in January 2024, shared his insights on X, causing instant ripples across the crypto markets. ETH prices spiked more than 10% within minutes of his post.

Bloomberg Analys Eric Balchunas says 75% of Ethereum ETF Approval
Bloomberg Analyst Eric Balchunas says 75% of Ethereum ETF Approval.

Balchunas indicated hearing “chatter this afternoon that SEC could be doing a 180 on” spot Ethereum ETF applications. The SEC, which has been mostly silent on Ethereum ETFs, has been deliberating whether to classify ETH as a security or a commodity. This silence had previously been interpreted as a negative sign for ETF approval chances.

However, with a looming deadline for multiple ETF decisions on May 23rd and 24th, there is increasing pressure on the SEC to act. Balchunas referenced another tweet from Nate Geraci, a crypto ETF expert, explaining that the SEC must approve both the 19b-4s (exchange rule changes) and S-1s (registration statements) for ETFs to launch. Geraci suggested that the SEC could approve the 19b-4s first and take more time to scrutinize the S-1s, allowing for a more thorough review of the applications.

This strategic delay could be beneficial, as it would give the SEC additional time to address the complexities involved in approving these ETFs. Recently, ARK and 21Shares amended their application to remove staking, likely to make their proposal more appealing to the SEC. Although removing staking could be seen as a drawback, it might improve the chances of approval.

Balchunas’ revised outlook is noteworthy given that just a week ago, he considered the odds of a spot ETH ETF approval to be “slim to none.” His dramatic shift to a 75% likelihood indicates substantial new information or insights.

How Will Ethereum Price React to ETF Approval?

The approval of a spot Ethereum ETF would mark a significant milestone for crypto adoption, potentially opening the door for a broader range of investors and pushing ETH to new all-time highs above $4,900.

Ethereum (ETH) Price Action | May 20, 2024
Ethereum (ETH) Price Action | May 20, 2024

As seen above, Ethereum price surged 19% from $3,408 to $3,719 within the last 24-hours as investors reacted to Bloomberg analyst’s insights on the Ethereum ETF approval prospects. Haven broken above the upper-limit Bollinger band indicator, bull are now firmly in control of ETH short-term price action.

However, strategic investors will be wary of this rapid price surge. If the SEC issues an official approval later this week, it could spark a sell-the-news wave among paperhand swing traders looking to book quick profits, potentially causing a retracement toward the $3,500 level.

The path of the Ethereum ETFs parallels the spot Bitcoin ETFs’ approval process, suggesting that despite the SEC’s relative silence, an approval could be imminent.

US Bitcoin ETFs Drive Over $1B Inflows for Global Crypto Investment

Abdulkarim Abdulwahab
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US Bitcoin ETFs Drive Over $1B Inflows for Global Crypto Investment

The U.S. has dominated the global crypto investment market, with inflows exceeding $1 billion, largely buoyed by Bitcoin.

According to CoinShares’ latest market analysis, crypto investment products have experienced a positive influx of capital for the second consecutive week. Specifically, crypto investments saw a total inflow of $932 million last week, led by Bitcoin.

Remarkably, CoinShares indicated the surge in inflows to crypto investment products was largely in response to the “lower-than-expected” U.S. CPI report released last Wednesday.

The report underscored that 89% of these inflows occurred in the last three trading days of the week. CoinShares analysts noted that the trend further affirms the renewed correlation between Bitcoin prices and interest rate expectations.

However, the report highlighted that, although there has been an increase in investment inflows, the trading volumes for the week pale to existing records. In particular, volumes stood at $10.5 billion for the week, significantly lower than the $40 billion recorded in March.

U.S. ETF Market Led with $1B+ Inflow

In the regional breakdown, the U.S. ETF market took the lead, with inflows exceeding $1 billion last week. Grayscale, which has faced $16.6 billion in outflows since the introduction of a Bitcoin ETF in January, experienced its first minor inflows, amounting to $18 million.

In other regions, Switzerland and Germany reported the most significant inflows after the U.S. Market. Specifically, Switzerland recorded a positive flow of $27 million, while Germany saw $4.2 million. 

Conversely, Hong Kong and Canada experienced the most significant outbound, registering negative flows of $83 million and $17 million, respectively.

Crypto investment product inflows per region
Crypto investment product inflows per region

Bitcoin Led Flows with $942 Million 

Regarding individual crypto, Bitcoin led the market by attracting $942 million in inflows last week. Notably, a negligible amount went into short Bitcoin positions, suggesting an optimistic sentiment among investors. 

Also, various altcoins experienced more modest inflows in their respective investment products. Specifically, investment products related to Solana (SOL), Chainlink (LINK), and Cardano (ADA) received $4.9 million, $3.7 million, and $1.9 million, respectively.

At the same time, Ethereum-based investments saw over $23 million outflows. CoinShares noted that Ethereum investments faced a bearish outlook due to the U.S. SEC’s impending decision on Ethereum spot-based ETF.

Bitget Announces Vechain Listing with $37,750 in Rewards

Albert Brown
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Bitget Announces Vechain Listing with $37,750 in Rewards

Bitget announces the listing of VeChain (VET) with $37,750 in promotions, available for trading on May 21, 2024.

Bitget has confirmed the listing of VeChain (VET) on its platform, generating excitement among the community, particularly on social media platform X. This development presents new opportunities for traders and investors, accompanied by promotional activities amounting to $37,750 worth of VET. The new listing will be available for trading on May 21, 2024, at 11:00 AM (UTC), with deposits already open.

CandyBomb and VET X Giveaway

VeChain (VET) will be featured in Bitget’s Innovation, Depin, and Public Chain Zone, allowing users to engage in VET/USDT spot trading. Withdrawals will be enabled starting on May 22, 2024, at 12:00 PM (UTC).

To celebrate this listing, Bitget has initiated two main promotional activities. First, the CandyBomb promotion will run from May 22, 2024, at 11:00 AM (UTC) to May 29, 2024, at 11:00 AM (UTC). During this period, users can participate in the VET deposit pool worth $12,500 and the VET new user trading pool also worth $12,500. Participants must reportedly complete VET deposit and trading tasks to qualify for these rewards.

Second, the VET X Giveaway is scheduled from May 20, 2024, at 11:00 AM (UTC) to May 30, 2024, at 11:00 AM (UTC). According to Bitget’s announcement, users need to follow Bitget and VeChain on X to participate. Participants must deposit and trade VET on Bitget and complete the registration form in the giveaway post. A total of 850 qualified users will be selected randomly to win $15 worth of VET each.

Analysts Predict VET Price Surge

Prior to this listing, market analysts have expressed optimistic predictions for VeChain. According to Crypto market analyst Ali Martinez, VeChain could see a price increase, potentially reaching $0.60. This prediction is based on the emergence of fractal patterns on the 1-month chart, which previously indicated substantial growth.

Historically, VeChain has shown similar patterns, as observed from Q4 2018, leading to price increases over 19 months. Despite a recent decline, with VET trading at $0.03425—down 34.6% from its yearly peak and 87.8% from its all-time high—analysts believe a bullish trend is imminent.

Shiba Inu Trading Goes Live on This British Virgin Islands Exchange 

Lele Jima
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Shiba Inu Trading Goes Live on This British Virgin Islands Exchange 

Backpack, a British Virgin Islands-regulated crypto exchange and wallet provider, says Shiba Inu (SHIB) trading is now live on its platform.  

The exchange made the announcement in a tweet today, stating that trading for the canine-themed token has gone live.  

Notably, Backpack paired Shiba Inu against Circle stablecoin (USDC), as trading commenced today at exactly 10:00 AM (UTC). Although Shiba Inu trading has commenced on Backpack, the exchange did not disclose whether it has enabled deposit and withdrawal services for SHIB. 

Backpack Exchange Offering 

Launched in 2023, Backpack is a next-gen exchange that allows users to buy and sell crypto assets, including Bitcoin (BTC), Ether (ETH), Solana (SOL), and dogwifhat (WIF), among others. The exchange is registered in the British Virgin Islands and operates in different parts of the world, including Africa and Europe. 

With Shiba Inu trading now live on Backpack today, the exchange now supports 25 crypto assets. All supported crypto assets are paired against USDC. 

Backpack boasts a 24-hour trading volume of $27,885,596 ($27.88 million), marking a daily surge of 58%. The most active trading pair on the exchange is SHFL/USDC, which has registered a 24-hour volume of $18.06 million. 

Since Shiba Inu went live on Backpack, users have only traded $59.51 worth of SHIB on the platform. Shiba Inu’s volume on Backpack is not enough to impact the price of SHIB. 

The token was trading at $0.00002407 in the hours leading up to press time, representing a 24-hour decline of 0.35%. 

Shiba Inu Listing on Exchanges Soars 

The listing has further expanded Shiba Inu’s availability to more crypto enthusiasts. Before Shiba Inu’s listing on Backpack, several crypto exchanges recently rolled out support for the token. 

Binance Japan is included in the list of exchanges that recently listed SHIB. At the time of the listing, Shiba Inu witnessed a momentary surge of 360%, with SHIB’s price hitting $0.00011 on Binance Japan. 

Last month, Nexo finally listed SHIB after ignoring the demands of Shiba Inu community members. The exchange further affirmed SHIB’s listing by releasing an educational piece focusing on the token. 

More exchanges are expected to list Shiba Inu as the asset continues to gain prominence. 

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