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Japan’s Finance Giant SBI Becomes XRP Ledger Validator

Sam Wisdom Raphael
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Japan’s Finance Giant SBI Becomes XRP Ledger Validator

SBI VC Trade, the crypto exchange business of Japan’s finance giant SBI Holdings, launches a validator on the XRP Ledger (XRPL).

The team behind the Japan-based crypto exchange announced the move in a press release this morning, emphasizing their longstanding support of XRP, which has propelled the cryptocurrency to become one of the platform’s most favored assets.

According to the announcement, SBI VC Trade has already begun its node operation, with on-chain data confirming that the validator service is now operational at the reporting time. The overarching goal for the firm is to eventually become a dUNL validator on the XRPL, which would allow it to have more say on amendments.

SBI VC Trade XRPL Validator XRPScan
SBI VC Trade XRPL Validator | XRPScan

For context, a validator on the XRP Ledger confirms transaction validity. However, a dUNL (default Unique Node List) validator is a trusted validator that is part of a select group with more influence on the ledger’s operation.

While each validator can choose its UNL list, which comprises validators it trusts, the dUNL list most prominent for the XRPL is a list of validators recommended by the XRPL Foundation and Ripple. 

SBI VC Trade Aims to Become a dUNL Validator

Data from XRPScan shows that the XRPL has over 150 validators, including the recently launched SBI VC Trade validator. Nonetheless, of these 150 validators, only are part of the dUNL list. The XRPL Foundation updated its list last March to include the validator run by xrpcafe founder Vet and two others.

SBI VC Trade looks to secure an inclusion after its validator has shown a track record of integrity and stable operation. As noted in the press release, part of the reason the firm seeks to achieve this goal is to act as a validator that reflects the collective voice of XRP holders in Japan.

In addition to this, SBI VC Trade has disclosed plans to present educational resources to help the Japanese XRP community better understand the workings of the XRPL and the nature of each amendment. Afterward, the firm will cast its vote on any amendment after considering the opinions of the Japanese community through surveys.

SBI Continues to Support the XRPL

Moreover, the company emphasized the contributions its parent firm, SBI Holdings, has made to the XRPL ecosystem. In January, SBI Holdings revealed plans to issue NFTs on the XRPL. Last July, SBI VC Trade launched a series of campaigns to help bolster the presence of XRP within the Japanese market.

These contributions resulted from SBI Holdings’ partnership with Ripple, which led to the launch of a new subsidiary, SBI Ripple Asia, a joint venture between both firms that leverages RippleNet for remittance services across over 70 countries. SBI Holdings holds a 60% share of the firm, while Ripple holds 40%.

Shiba Inu Could Spike 1,126% to $0.0002858 Based on These Developments

Sam Wisdom Raphael
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Shiba Inu Could Spike 1,126% to $0.0002858 Based on These Developments

Shiba Inu ecosystem market specialist Lucie argues that, based on prevalent ecosystem developments, Shiba Inu could record a greater price upswing.

The Shiba Inu ecosystem could be on the brink of a significant breakthrough this bull season. Lucie, a market specialist within the community, recently highlighted the potential for an imminent spike in SHIB’s value, drawing attention to several key developments that underpin this optimism.

Notably, such price spikes are not alien to Shiba Inu, as it demonstrated them shortly after its launch in August 2020. In October 2021, a year after its launch, SHIB spiked from a price of $0.000007210 to its all-time high of $0.00008845, marking a massive 1,126% rise in three weeks.

Shiba Inu Could Spike 1,126% to $0.0002858

SHIB’s remarkable surge from $0.000007 to $0.000088 at the time serves as a testament to its resilience and potential for explosive growth. Lucie stressed that this leap occurred without token burns or major adoption, suggesting that the current, more robust ecosystem could catalyze an even greater upswing.

Shiba Inu now trades for $0.00002331, which is already up 135% this year. The 2021 rally occurred at the peak of the bull market then. With the current bull season gradually pushing toward maturity, if Shiba Inu sees a similar 1,126% increase, its price from here could reach $0.0002858, marking a new all-time high.

However, it is important to note that this remains speculative, and SHIB’s upswing could be much higher or lower than this. In March, while responding to an earlier report from The Crypto Basic, Shiba Inu lead developer Shytoshi Kusama stressed that price targets such as $0.00012 are an underestimate for SHIB.

Pivotal Developments Catalyzing This Optimism

Lucie said in her latest remarks that the backbone of SHIB’s strength lies in its strong community and the robust Shibarium ecosystem. The community’s unwavering support and the ecosystem’s advancements have set the stage for SHIB to transcend its meme coin origins and cement its place in the broader crypto scene.

In addition, another pivotal factor bolstering Lucie’s confidence is the fact that SHIB is poised to play a pivotal role in the Shiba state as a governance token. This aligns with the vision expressed by Shiba Inu developer Kaal Dhairya, who envisions all ecosystem tokens to possess governance and utility. 

Moreover, Shiba Inu’s presence at major events has driven its adoption, another catalyst that could significantly boost its price upswing. The official platform, Shib.io, ensures that SHIB maintains a consistent representation at significant gatherings. 

One such representation occurred recently at the TOKEN2049 conference in Dubai last month. Notably, Shiba Inu participated in the event as one of the gold sponsors, helping to promote visibility. In addition, last March, Shiba Inu was represented at the 2023 Outer Edge Los Angeles event.

BNB Chain Announces 4 Upcoming Hard Forks on opBNB to Reduce Gas Cost by 10x

Sam Wisdom Raphael
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BNB Chain Announces 4 Upcoming Hard Forks on opBNB to Reduce Gas Cost by 10x

BNB Chain looks to deploy four hard forks on opBNB, its Optimistic layer-2 solution, with an aim to significantly reduce gas cost by up to 10x.

The team behind BNB Chain has announced a series of upgrades to their layer-2 network, opBNB, in a move to enhance the efficiency of transactions. These upgrades, coming in the form of hard forks, are set to drastically reduce gas costs by tenfold.

BNB Chain announced on X today that it has scheduled four sequential hard forks on the opBNB testnet, which will commence at 6 AM UTC on May 15. These forks are part of a broader strategy to transition the testnet’s data architecture in a way that optimizes transaction processing and cost.

For the uninitiated, a hard fork is a significant change or upgrade to a blockchain network that is not backward compatible. In this case, the hard forks will introduce a new data format called “blob,” or Binary Large Object. This format allows for more efficient storage and retrieval of data, leading to faster and cheaper transactions.

To achieve this, blobs temporarily hold transaction information, reducing the data processing workload. Enshrined in Ethereum’s Dencun upgrade, blobs have significantly cut transaction costs and quickened speeds across Ethereum layer-2 networks that have adopted them, including ZkSync and Starknet.

Per data on GitHub, four upcoming opBNB hard forks, named Snow Time, Shanghai/Canyon Time, Delta Time, and Cancun/Ecotone Time, will take place within a 30-minute window, each introducing incremental changes to the network. 

These changes are crucial for node operators on the testnet, who must update their systems to the latest version before the first fork to ensure seamless transition and continued participation in the network.

BNB Chain Sets Roadmap for opBNB

opBNB is a layer-2 network on the Binance Smart Chain that employs Optimism’s OP Stack framework to provide a scalable and cost-efficient solution for transactions. The solution is designed to significantly reduce gas fees while increasing transaction speed, making it an attractive option for developers and users.

The latest upgrades to the layer-2 network’s testnet involve removing certain configurations and adding new ones to streamline the operation of nodes. These updates would come exactly one month after BNB Chain introduced the Snow hard fork to opBNB mainnet.

Notably, the consistent developments are part of a broader roadmap for opBNB, with eight objectives set to be completed this quarter. The team has achieved four objectives, with the latest one involving the integration of blob transactions representing the fifth. 

Crypto Wallet Exodus Fails to List on NYSE American Amid Last-Minute SEC Delay

Abdulkarim Abdulwahab
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Crypto Wallet Exodus Fails to List on NYSE American Amid Last-Minute SEC Delay

The U.S. SEC has hindered the anticipated uplisting of crypto wallet provider Exodus on the NYSE American.

Exodus Movement, Inc., the developer of self-custody crypto wallet Exodus, has encountered a delay in its anticipated listing on the NYSE American exchange. The delay comes as the U.S. Securities and Exchange Commission (SEC) takes additional time to review the firm’s registration statement.

Exodus registered its displeasure about this turnout via an official statement posted to its website and official X account. According to the firm, the SEC’s action was a last-minute denial they did not see coming.

Anticipated Uplisting

Notably, on Monday, May 6, Exodus announced receiving initial approval for its Class A common stock to be listed on the NYSE American. This approval signaled a shift for Exodus from its current OTC trading on the OTCQX platform. As a result, the company prepared to commence trading on May 9 on the NYSE American. 

In the earlier announcement, JP Richardson, CEO of Exodus, highlighted the uplisting as a key milestone expected to enhance long-term shareholder value and increase Exodus’ visibility. “We believe the uplisting will broaden the awareness of Exodus,” Richardson remarked. 

Last-Minute SEC Blockade

However, this anticipated Thursday trading timeline has been pushed back due to the SEC’s ongoing review process. Richardson expressed surprise over the unexpected delay but remains optimistic about a prompt resolution. 

Notably, Exodus has indicated that it might contemplate going public on a national securities exchange after the SEC concludes its examination of the registration statement. 

Until that point, Exodus’ Common Stock will remain available for trading on the OTCQX platform, using the ticker “EXOD.” The company has reassured its current stockholders that no immediate action is required on their part during this interim period.

Since its inception in 2015, Exodus has been dedicated to facilitating a global shift away from conventional financial systems. The firm offers a multi-asset software wallet that supports desktop and mobile use and facilitates transactions across over 10,000 asset pairs.

Litecoin Price Forecast: What Next For LTC as Bulls Hold $80 Support

Mark Brennan
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Litecoin Price Forecast: What Next For LTC as Bulls Hold $80 Support

Litecoin price has stagnated around the $80 mark since the start of May 2024 despite positive sentiment surrounding the broader altcoin markets, what lies ahead for LTC?

Litecoin Price Stagnates at $80 amid Crypto Market Rally

The crypto market has made remarkable start to May 2024 amid positive macro economic indices reports in the US. But curiously, Litecoin price action has decoupled from the broader market trends, failing to capture double-digit gains like most mega-cap asset in the crypto market rankings.

Litecoin (LTC) Price Forecast 
Litecoin (LTC) Price Action vs Total crypto Market Cap

Litecoin price opened trading at $79.5 on May 1. But since then, LTC has only moved upwards by only 3.2%, hovering at the $80.7 territory at the time of writing on May 9.

But in comparison, the TOTAL Crypto market cap recorded $162 billion growth, which represents a 7.9% bounce during the same timeframe, more than double LTC’s gains.

This implies that Litecoin has underperformed relative to the market average, so far in May 2024. And as expected, some strategic crypto traders have taken note, placing bullish bets to front-run an imminent price breakout.

Litecoin Bulls Raise Funding Rates Anticipating Major Breakout

After 10-days of stagnation and consolidation around the $80 territory, vital market indicators suggest that LTC bulls are making strategic moves to trigger a Litecoin price breakout.

Coinglass Funding Rate track the real-time changes in fees paid between LONG contract holders and SHORT traders.

Litecoin Funding Rate vs Price
Litecoin Funding Rate vs Price

LTC Funding rate was trending at 0.0008% on May 7. That figure has since surged considerably to hit 0.0121% on May 9. Meanwhile, LTC price has dipped 2% during that period.

Spikes in funding rate is a key indication that Litecoin bulls are growing confident, hence they are now paying higher fees (funding rate) on leverage positions to SHORT contract holders, in hopes of booking amplified profits when spot price increase.

With Litecoin bull traders deploying considerably higher leverage in the derivatives markets over the last 48 hours, it signals an overwhelming expectation of an imminent upswing in spot prices.

LTC Price Forecast: Imminent Breakout Above $100?

Litecoin price has stagnated at the $80 since the start of May 2024, despite over 162 billion growth in the global crypto markets. But, after 10 days of stagnation, LTC price looks set for a major breakout above $100, drawing insights from the increased leverage deployed by bullish speculative traders this week.

However, in the event of a Litecoin price breakout, IntoTheBlock’s chart below shows that bulls could face a major roadblock at the $88 level.

Litecoin LTC Price Forecast
Litecoin LTC Price Forecast

As seen above, 1.4 million active Litecoin addresses had acquired 10.9 million LTC at the average price of $87.89. If they opt to take profits early, LTC price could struggle to break above $100 as predicted.

On the flip side, in the event of a bearish reversal, the $75 buy-wall could offer significant short-term support. But given the rising funding rates observed this week, LTC looks more likely to advance towards $100 than succumb to a reversal below $70.

Analysts Optimistic as Arbitrum Record 2M Daily Transactions

Albert Brown
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Analysts Optimistic as Arbitrum Record 2M Daily Transactions

Arbitrum transaction volume doubles in two months, reaching 2M daily as analysts predict a rebound for ARB based on TD Sequential data.

Arbitrum is witnessing a surge in transaction volume. Data shared by DeFi intelligence platform IntoTheBlock on X reveals that transactions have more than doubled since early March, reaching over two million daily transactions as of May 8. This sharp rise contrasts the early March average of around one million transactions daily. 

In the initial phase, transaction volumes consistently stayed below 500K. The trend was relatively flat, pointing to low activity or stable operations. The consistent pattern implied a lack of substantial growth or decline. 

Going further, Arbitrum saw a rapid increase in transaction activity in November 2022, leading to a peak of over 600K transactions in January 2023. However, this peak was short-lived, as transaction volume quickly declined afterward.

Arbitrum Flashes Buy Signal

Following a subsequent spike in March 2023, transaction volume dropped sharply again, fluctuating between 500K and 1.5 million transactions. Nonetheless, from November 2023 onwards, Arbitrum’s transaction volume gradually stabilized and began to grow, culminating in the recent surge.

In addition to transaction trends, analyst Ali Martinez identified a buy signal on Arbitrum’s weekly chart, as the TD Sequential indicator suggests a looming resurgence. This indicator, which often predicts buy opportunities after trend exhaustion, anticipates a rebound for ARB over the next one to four weeks.

Currently, Arbitrum (ARB) is priced at $1.02, with a 24-hour trading volume of $267 million. Despite a slight price increase in the past day, ARB saw a 1.60% decline over the past week, underperforming both the overall cryptocurrency market and comparable Ethereum ecosystem tokens.

Forecasts suggest ARB could recover to $2.57 by Q4 2024 if it maintains its current momentum. Although the token saw a 30% drop recently, it has since rebounded, and analysts believe breaking past the $2 barrier could signal new heights, based on the Relative Strength Index and Moving Average Convergence Divergence indicators.

Binance, DWF Labs React to WSJ Report of Wash Trading and Market Manipulation

Lele Jima
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Binance, DWF Labs React to WSJ Report of Wash Trading and Market Manipulation

Leading crypto exchange Binance and DWF Labs react to a recent report by top media outlet Wall Street Journal (WSJ), affirming zero tolerance for market abuse.  

For context, the WSJ report revolves around allegations of wash trading and market manipulation involving some of Binance’s “VIP clients” who boast monthly volume worth $100 million. 

WSJ, citing sources familiar with the matter, claimed that Binance relies on these VIP customers, who account for two-thirds of the exchange’s trading volume. 

To explain further, WSJ recounted how Binance established a surveillance team in 2022 to uncover nefarious activities, including market manipulation, within the exchange. 

During the investigation, the team recommended that the exchange remove hundreds of users, including prolific crypto firm DWF Labs. Per WSJ’s claims, in 2023, the team revealed that DWF not only manipulated the prices of various tokens, like Yield Guild Game (YGG), but it also processed $300 million in wash trading on Binance. 

WSJ claimed that Binance did not act on the report but sacked the surveillance team head a week later. Binance’s compliance unit reportedly fired the head of the surveillance team due to speculations that he was working with DWF’s competitors. 

Binance Reacts, Affirms Zero Tolerance for Market Abuse 

Expectedly, Binance reacted to these allegations in an X post published in the hours leading up to press time. In the post, Binance confirmed that it runs a strict market surveillance program and provided insight into the measures taken over the years to eradicate market abuse on its platform.  

To emphasize its zero tolerance for market abuse, Binance said it removed nearly 355,000 users for violating its terms. These users, who account for $2.5 trillion in trading volume, were offboarded from the exchange over the past three years. 

Despite acknowledging the fierce competition in market making, Binance noted that its compliance team usually conducts an unbiased analysis of relevant evidence. 

In the meantime, Binance emphasized its commitment to fostering fair competition within the industry and steadfastly protecting its users from market manipulation. 

DWF Labs Responds 

Similarly, DWF Labs also reacted to the report, characterizing it as unfounded and fact distortion. The company affirmed that it conducts its operations with the highest transparency, integrity, and ethics standards. 

Tether Pumps Funds into CityPay to Bolster Crypto Payments in Europe

Mark Brennan
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Tether Pumps Funds into CityPay to Bolster Crypto Payments in Europe

Tether strengthens its foothold in Eastern Europe with increased investment in CityPay.io, enhancing cryptocurrency accessibility across 2,000+ locations in Georgia.

Tether is set to expand its presence in Eastern Europe by boosting its investment in CityPay.io, a crypto payment processing resource. With its reach spanning over 2,000 locations in Georgia, the payment platform stands to benefit from Tether’s additional funding. 

The company revealed this development in a recent press release. Interestingly, the latest funding follows Tether’s initial investment in CityPay.io in 2023, when it came into the limelight as Georgia’s “payment solutions provider.”

CityPay.io offers payment services for individuals and businesses through avenues such as cryptocurrency. Looking ahead, CityPay.io aims to introduce innovative e-wallet and card solutions within the next two years, targeting a user base of over 400,000 individuals. 

In addition, the company plans to set up over 500,000 “crypto payment points” across strategic locations to boost expansion. Its innovative solutions and penchant for growth have captured the attention of Tether, eventually leading to the increased funding.

Meanwhile, the recent move is part of Tether’s goal of tapping into growing African and Asian markets. In June 2023, the company partnered with Yellowcard, an African fintech and cryptocurrency platform, to improve its stablecoin adoption in Africa.

A Mission to Drive Regional Crypto Adoption 

Tether’s latest investment aligns with CityPay.io’s expansion efforts in Eastern Europe and Asia. These regions present promising opportunities due to their growing utilization of payment technologies and cryptocurrencies.

Chainalysis’ 2023 Crypto Adoption Index revealed that Southeast Asia boasts the largest rate of cryptocurrency adoption in the world. In Eastern Europe, crypto adoption has seen an equal surge, with Ukraine leading the charge. Data from Triple A also confirms that about 2.89% of Georgians own cryptocurrencies.

Tether CEO Paolo Ardoino commented on the development, highlighting the company’s focus on emerging markets. He disclosed his satisfaction with the additional funding from the company.

In an official statement, Ardoino expressed enthusiasm about collaborating with CityPay.io, emphasizing the advancement of technology to disrupt traditional payment systems. He added that this renewed partnership mirrors Tether’s pledge to improve cryptocurrency adoption and education.

Dogewifhat Price Forecast: WIF Traders Bet $5M on $4 Rebound

Mark Brennan
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Dogewifhat Price Forecast: WIF Traders Bet $5M on $4 Rebound

Dogwifhat price dipped below $2.8 on Thursday, May 9, down 24% from its monthly peak of $3.7 recorded on Monday: resilient speculative traders continue to place bullish bets on WIF.

Dogwifhat Extends its lead ahead of BONK.

Dogwifhat price action in May 2024 began on a positive note as the WIF further stretched its ahead on BONK as Solana‘s largest memecoin project by market capitalization. The daily price chart below shows how WIF price had surged 61.4%, as prices grew from $2.6 to $3.7 between May 1 and May 6.

Dogwifhat (WIF) Price action vs. BONK
Dogwifhat (WIF) Price action vs. BONK

BONK’s price also grew significantly within the same timeframe. However, its 42.13% gain is a far cry from WIF’s 61.44% bounce in the first 5 days of May 2024.

Notably, WIF price has now retraced 24% in the last 48-hours to find support at the $2.81 territory at the time of writing on May 9. But despite this double-digit pullback, speculative WIF traders continue to maintain a largely bullish stance.

WIF Speculative Traders Invest Another $5M Amid Price Dip

Amid the 24% price dip, Dogwifhat investors in the derivatives markets continue to pile on more capital inflows into WIF futures contracts in high hopes that Solana’s most sought-after memecoin will regain its upward momentum in the near term.

Indicatively, the Coinglass open interest chart below presents the total value of capital currently invested in WIF perpetual futures contracts. It helps to track the level of investor participation and real-time swings in overall market sentiment.

Dogwifhat WIF Open Interest | Coinglass
Dogwifhat WIF Open Interest | Coinglass

When the Dogwifhat price pullback began on May 6, WIF’s open interest stood at $295 million. While prices have slid 24% since then, the latest data shows that WIF open interest has grown to $300.2 million.

This effectively means that rather than close out their positions amid the price dip, WIF derivatives traders have doubled-down on their positions with over $5 million capital inflows within the last 48-hours.

Typically, when open interest surges at the onset of a price dip, strategic investors may interpret it to be a positive signal. It essentially indicates that traders are mounting hedge positions, to consolidate on their holdings rather than exit.

WIF Price Forecast: Bulls Keeping $4 Rebound Hopes Alive

Dogwifhat price has succumbed to a 24% decline after failing to advance above $3.8 on May 6. But with Dogwifhat traders mounting $5 million in fresh capital inflows in the last 48 hours, WIF price is likely to snap out from the downtrend and make another attempt at reclaiming $4 in the days ahead.

Dogwifhat WIF Price Forecast
Dogwifhat WIF Price Forecast

Looking at potential resistance zones ahead, the upper band Bollinger indicator highlights the $3.40 territory as the next major roadblock. A decisive breakout from that resistance cluster could drive the WIF price above $4, as predicted.

But importantly, to validate this optimistic WIF price forecast, bulls must avoid a downsing below the $2.50 in the near-term.

As depicted by the lower-limit Bollinger band indicator, losing the $2.45 support could tilt the short-term market momentum in the bear’s direction.

Shiba Inu Team Says Time To Pay Attention to SHIB/BTC

Abdulkarim Abdulwahab
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0
Shiba Inu Team Says Time To Pay Attention to SHIB/BTC

Shiba Inu marketer Lucie has asserted that it is prime time for SHIB enthusiasts to closely monitor the performance of the meme coin alongside the premier crypto, Bitcoin (BTC).

In a recent post on X, Lucie, Shiba Inu’s marketing specialist, urged the community to pay attention to price movements of SHIB and BTC. She cited the performances of both assets between April 22 and 24 during the market-wide rebound. 

Lucie presented an image illustrating how Shiba Inu and Bitcoin exhibited similar performance trajectories on the chart during the period. 

Notably, when BTC recorded a 2.68% gain that pushed its value to $66,020, SHIB pulled a similar pattern, increasing by 3.09% to a value of $0.00002651. 

The gains in both assets emerged after a substantial setback that forced Bitcoin’s price to $60,919 and SHIB to $0.00001853 on April 13. Remarkably, in the recovery match, both assets established identical patterns, as Lucie’s image depicted.

Why Pay Attention to SHIB and BTC

Notably, Bitcoin is the primary driver of the crypto market, with altcoins such as Shiba Inu typically following its lead. 

In the past 24 hours, Bitcoin has exhibited bearish fluctuations around the $60,000 price level, decreasing by 2.03%. Shiba Inu has experienced a 1% drop in its performance over the same period.

Essentially, the Shiba Inu official called attention to the remarkable correlation between SHIB and BTC as the market’s bullish sentiment subdued. This observation is likely to fuel optimism that Shiba Inu will ride the wave of the anticipated bullish trend following Bitcoin’s halving event.

Shiba Inu Mirroring Bitcoin

The Crypto Basic has frequently covered predictions for Shiba Inu’s potential surge during this bullish phase, especially in scenarios when Bitcoin reaches milestones like $150K or $200K. One of the more optimistic forecasts for Shiba Inu, in light of Bitcoin’s performance, is for SHIB to attain prices of $0.00013856 or even $0.00014. 

Furthermore, Shiba Inu’s track record of closely following Bitcoin’s price movements was evident in the previous bull run, and it has already demonstrated its ability to emulate a similar pattern in the current cycle.

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