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Here is Expected Timeline for XRP to Reach $104

Abdulkarim Abdulwahab
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Here is Expected Timeline for XRP to Reach $104

Changelly researchers argued for XRP’s potential to attain the $104 value before the next two decades.

XRP experienced a slight price increase of 3% during the recent mini-bull trend, marking a recovery phase from the earlier downturn. As a result, the seventh-largest crypto is up by 13% in its one-year trajectory. 

In contrast, closest rivals like Bitcoin, Solana, and Dogecoin wield over 100% gains through the same period. Moreover, at a market value of $0.53, XRP trades at the price levels it sold for precisely six years ago in 2018.

Regardless of XRP’s weakness in orchestrating a commendable price surge, analysts persist in setting ambitious targets for the asset, arguing for triple-digit values. Specifically, researchers at the Changelly crypto exchange are convinced that XRP could be worth $104 someday.

Projected Timeline for XRP to Reach $104

According to Changelly’s research report, XRP is expected to hit $104 by April 2040, precisely 16 years from now. The report indicated that in a less optimistic scenario, XRP would achieve a value of $96 by 2040.

In the most ambitious scenario, the researchers projected a price of $121 for XRP. Nonetheless, an average value of $104.62 is anticipated for XRP by April 2040.

Considering XRP hovers around $0.53 at the time of reporting, the asset must expand by 19,639% in the next 16 years to attain $104.62. Remarkably, at triple-digit values, XRP’s market cap would be trillions of dollars, exceeding Apple’s $3 trillion valuation.

Factors that Could Help XRP Hit $104 by 2040

Notably, Changelly’s report overlooked specific factors beyond technical analysis that could contribute to the projected 19,639% growth.

Meanwhile, among developments that could support the growth is regulatory assurance, with the ongoing SEC vs. Ripple terminating soon.

Ripple has already secured more than 30 money transmitter licenses in the U.S. for its crypto payment business, leveraging XRP. Essentially, XRP is expected to gain adoption within the U.S. financial space, potentially boosting its unit value.

Aside from the U.S. financial market, XRP is already garnering significant adoption across other continents. For instance, Japan SBI Group, in partnership with Ripple and  HashKey DX, will introduce supply chain solutions powered by the XRP ledger this year.

A similar product has already been launched in China. It has onboarded 23 banks and 4,000 companies, transacting over $7 billion in value.

Furthermore, the resolution of Ripple’s SEC lawsuit paves the way for exchange-traded funds that invest directly in XRP. Ripple’s initial public offering (IPO) will also surface in the next few years. Market participants see Ripple’s IPO further promoting XRP to a broader audience of financial investors.

In addition to Ripple’s specific initiatives, the XRP development community is actively rolling out solutions aimed at increasing XRP adoption.

Recently, the XRP blockchain welcomed the automated market maker (AMM) functionality. This feature provides an opportunity for heightened engagement with XRP, as participants can earn passive income through it.

At press time, 4,322,363 XRP tokens are locked in various AMM pools. These locked tokens create a scarcity factor in the XRP assets available for trading, potentially bolstering its price.

Essentially, 16 years is a significant timeframe, allowing for numerous developments that could support XRP’s journey towards $104.

Here’s Why Cardano Price Could Hit $0.60 in May 2024

Mark Brennan
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Here’s Why Cardano Price Could Hit $0.60 in May 2024

Cardano price surged above $0.47 on May 4, and with additional demand piling up across exchanges, ADA appears poised for another leg-up.

Cardano Surges 15% as Bulls Pile on 250M ADA Buy Orders

ADA price struggled for momentum in April 2024 as the crypto market entered a correction phase. At the close of April 30, Cardano was trading at a two-week low of $0.43.

That significantly low price appears to have drawn investors towards ADA when the crypto market recovery phase began in May.

Cardano Price Action | Source: TradingView
Cardano Price Action

The chart above shows how Cardano price has rapidly climbed 15% from $0.43 on April 30, to reach a daily timeframe peak of $0.47 at the time of writing on May 4.

Cardano’s price struggles in April were largely attributed to the declining traction across the Cardano DeFi ecoystem. Investors withdrew over 36 million ADA from Cardano-native DeFi protocols during the course of the month, which triggered a 35% tailspin in prices.

With the DeFi scene yet to recover, on-chain data trends reveal that swing traders aping in on the overall crypto market rebound this week may be the main catalyst behind ADA’s 15% price bounce.

This stance is further affirmed by IntoTheBlock’s Exchange On-chain Market Depth chart, which depicts current volumes of active buy/sell orders listed for an asset across recognized exchanges and trading platforms.

Cardano ADA Exchange On-chain Market Depth 
Cardano ADA Exchange On-chain Market Depth | IntoTheBlock

Amid falling DeFi TVL, the aggregate exchange order books data shows bullish swing traders have seized control of the Cardano spot markets in the last few days. As seen above, the current market-depth data indicates that bulls have listed active orders to purchase 251 million ADA at an average price of $0.47.

Meanwhile the bears have only listed 230 million ADA for sale. Effectively, there’s now an excess market demand for 20 million ADA.

Going by the basic law of demand and supply, when buy orders exceeds active sell orders by such a large margin, it increases the likelihood of further price surge, as buyers may have to compete for the fewer orders by raising their bids. This explains why Cardano price has surged 15% in the last 3 days.

If this rare market dynamic remains tilted in the bulls’ favor, investors can anticipate further upside in the days ahead.

ADA Price Forecast: Demand Surge Could Spark $0.60 Retest

Cardano price looks set to reclaim the $0.60 milestone in the days ahead considering the current excess demand of over 20 million ADA. However, this lofty target will not be a cake walk for the bulls as IntoTheBlock’s GIOM data highlights a sell wall looming large at $0.50.

Cardano ADA Price Forecast 
Cardano ADA Price Forecast

As depicted above, 181,620 addresses bought 2.26 billion ADA at an average price of $0.49. If they opt to book early profits, Cardano price could struggle to reclaim the $0.50 territory.

But if the bulls can scale that sell wall, ADA could advance toward $0.60 before facing a more significant resistance cluster.

Litecoin Price Forecast: What Next For LTC after Breaking above $80?

Mark Brennan
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Litecoin Price Forecast: What Next For LTC after Breaking above $80?

Litecoin price smashed through the $80 resistance on May 3, on-chain analysis examines how LTC whale investors could drive the rally further in the days ahead. 

Litecoin Price Spikes 11% as amid Positive Macro Tailwinds

This week, Litecoin emerged one of the top gainers in the top 20 crypto market rankings as its price outperformed the rival mega cap Proof of Work (PoW) coins Bitcoin and Dogecoin.

Litecoin (LTC) Price Action | TradingView
Litecoin Price Action

Litecoin price has now surged 11.3% within the first 5-days of May 2024, as depicted in the TradingView chart above.

Overall, the crypto market recovery this week has been attributed to bullish headwinds from macroeconomic indices reported by US authorities this week. When Fed announced a rate pause on Wednesday, it threatened to throw markets into another tailspin.

However, the underwhelming Non-Farm Payrolls report published on Friday appears to have reaffirmed investors’ expectations of an imminent rate cut.

Whales Investors Sparked Bullish Momentum with $8M LTC Acquisition

While Litecoin price also benefited from the broader crypto market upswing on Friday, a closer look at the core LTC trading data shows that the Litecoin rally, which began before the latest US macroeconomic metrics, has unique fundamental catalysts.

The Santiment chart below tracks real-time changes in balances of wallets holding at least 10,000 LTC (~$800,000).

Litecoin (LTC) Price vs Whales Wallet Balances
Litecoin Price vs Whales Wallet Balances

As of April 28, these Litecoin whales held cumulative balances of 13.55 million LTC. But interestingly, while prices tumbled at the end of April, rather than join the sell-off, the whale investors increased their LTC holdings, capitalizing on the price dip.

At the time of publication on May 4, the Litecoin whale cohort identified above now have balances of 13.65 million LTC, which reflects an addition of 100,000 LTC.

When valued at today’s LTC prices, the whales have effectively invested $8.2 million in the last 7 days between April 28 and May 4, 2024.

First, a prolonged period of large purchases from whale investors enhances market depth and provides additional liquidity, allowing early profit-takers to exit without triggering major price downside.

Unsurprisingly, the whales’ buying trend has coincided with an 11.4% surge in Litecoin prices.

Litecoin Price Forecast: $90 Target in Focus

Having smashed the $80 resistance, LTC price now looks likely to advance towards higher targets above $90 especially if the whales keep adding to their recent $8.2 million purchase.

In terms of critical resistance levels, the IntoTheBlock data highlights that LTC bulls could face a daunting sell wall at $87 territory. The chart below shows a cluster of 1.58 million addresses that acquired 11.96 million LTC at the average price of $87.69 per coin.

Litecoin Price Forecast
Litecoin Price Forecast

But if those investors opt to hold out for more gains rather than exit early, Litecoin price could stage a decisive breakout above $90 as predicted.

On the contrary, if the market slides into another bearish reversal, the bulls can count on the looming buy wall at the $80 area for steady support in the near-term.

Here’s When Holding 10K, 50K, or 100K XRP Will Become $1M 

Lele Jima
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Here’s When Holding 10K, 50K, or 100K XRP Will Become $1M 

As market analysts anticipate a major price recovery for XRP, we’ve outlined how your 10K, 50K, or 100K XRP holdings could turn to $1 million. 

Despite the relief rally across the broader crypto market, XRP has only increased 1.87% over the past day. XRP, which currently trades at $0.5302, has plunged by 8.23% on the monthly charts. At the current price, XRP has also dipped 13.9% this year.

While several investors find XRP’s price action disappointing, they have remained optimistic about the coin’s prospects. This optimism is fueled by multiple XRP forecasts from notable analysts, with projections of potential spikes to $10, $20, and $100 making waves in the community.  

How Your 10K, 50K, 100K XRP Can Become $1M

As market watchers continue to issue audacious predictions, investors are evaluating how their XRP holdings can turn to $1 million should the coin eventually achieve the targets. 

Making $1M When XRP Hits $10 

Last month, popular crypto analyst Nick forecasted that XRP would hit a target of $10 during the peak of this bull cycle. It is noteworthy that this bull cycle is expected to end by 2025.  

Similarly, another analyst, BarriC, expects XRP to spike a range to $10 between 2028 and 2029. At the current price of $0.5302, XRP would need to rally by 1,786% to hit the $10 target. 

Investors hoping to make $1 million when XRP reaches the $10 price level would need to hold at least 100,000 XRP coins. The good thing is that these 100,000 XRP coins can be acquired for a discount at the current price. Purchasing 100,000 XRP today would require an investment of $53,020. 

How to Become a Millionaire When XRP Reaches $20 

Additionally, popular Bitcoin investor Armando Pantoja thinks XRP’s price could surge to up to $20 in a bull market. This represents a rise of 3,672% from the current price. 

Since Pantoja issued the prediction, speculations on returns of $1 million if XRP reaches the $20 target have emerged. Becoming a millionaire when XRP hits $20 requires a balance of 50,000 XRP, which can be acquired today for $26,510.  

How Much XRP Needed to Make $1M When Price Hits $100  

Furthermore, investors aiming to see XRP at $100 will have to wait beyond 2037 for this prediction to materialize, according to predictions from Andrew Forte. BarriC also speculated that the $100 target would come to fruition after the 2032 Bitcoin halving. 

For XRP to reach the $100 mark, it needs to rally 18,760% from its current price. As a result, investors who aim to make $1 million if XRP reaches the $100 target must hold a minimum of 10,000 coins. At the current exchange rate, investors can accumulate the 10,000 XRP for $5,302. 

Can XRP Reach These Audacious Targets? 

The possibility of XRP reaching these audacious targets has remained questionable due to its circulating supply, market realities, and the ongoing legal tussle between the SEC and Ripple. 

Besides seeking nearly $2 billion in fines and penalties, the SEC wants the court to impose an injunction against Ripple to prevent the company from selling XRP to institutional clients, specifically ODL customers. According to the court’s scheduling order, the SEC’s reply to Ripple’s opposition to its opening remedies brief is due by May 6. 

Despite the SEC’s demands, XRP can still witness a massive rally in the bull run. This can be achieved because XRP in itself currently has legal clarity as a non-security. Also, XRP’s programmatic sales no longer qualify as investment contracts. 

Here Is When Shiba Inu Can Hit $0.0007 and $0.007 if SHIB Gains 100% Yearly

Abdulkarim Abdulwahab
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Here Is When Shiba Inu Can Hit $0.0007 and $0.007 if SHIB Gains 100% Yearly

This article evaluates how long it could take Shiba Inu to claim the $0.0007 and $0.007 price levels with 100% consistent year-over-year growth.

At press time, Shiba Inu bulls have gained an upper hand, reclaiming price levels lost earlier this week. In particular, SHIB has advanced by 12% within the last 24 hours, clinching $0.00002533. The bullish run has canceled out the losses recorded within the past seven days.

Interestingly, these gains have not come as a surprise to keen market observers. Multiple analysts predicted this comeback late last month amid the market-wide bearish force that rocked April.

Among popular outlooks for Shiba Inu’s value in the emerging bull market is the hope that the asset will eliminate more leading zeros. For context, Shiba Inu currently trades with four zeros, the same number it had when it peaked at $0.00008845 in 2021. Essentially, eliminating any more decimal points would mark a new peak.

In light of this, The Crypto Basic explores the timeline for which SHIB may set new records around price points such as $0.0007 and $0.007 should the asset gain 100% yearly.

When Shiba Inu Can Hit $0.0007 with 100% Yearly Gains

Trading at $0.00002533, if SHIB grows by 100% in one year, its value will double to $0.00005066. Accordingly, if Shiba Inu engineers another 100% gain the following year, the value again doubles to $0.00010132. 

At this time, SHIB would have made history with a theoretically unprecedented market value of $0.00010132.

Meanwhile, should the asset maintain the pattern, by 2029, SHIB would have surpassed the $0.0007 threshold. Essentially, with consistent 100% yearly growth, it would crack $0.0007 in approximately five years. 

Cumulatively, Shiba Inu would have recorded a growth of 2,663% at any time it ever attained $0.0007.

When Shiba Inu Can Hit $0.007 with 100% Yearly Gains

Shiba Inu enthusiasts entering the SHIB market today would have to wait for more extended years to witness $0.007. In particular, a 100% yearly growth would push Shiba Inu value to $0.007 by 2032, eight years from now.

At this time, SHIB must have hypothetically soared 27,535% from its current market value of $0.00002533.

Analysts Agree with the Timeline

Remarkably, the prediction platform Telegaon proposed a maximum price of $0.000712 for SHIB by 2030. This timeline closely aligns with the projected duration for SHIB to hit $0.0007 with yearly 100% gains.

Shiba Inu Telegaon
Shiba Inu Telegaon

Moreover, analysts at Changelly Exchange expect Shiba Inu to attain $0.007 between 2033 and 2040.

Here are 5 Factors Behind the Massive Shiba Inu Bullish Frenzy Today

Abdulkarim Abdulwahab
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Here are 5 Factors Behind the Massive Shiba Inu Bullish Frenzy Today

Shiba Inu has responded to crucial developments this week, helping the asset reclaim $0.00002501.

Shiba Inu Upswing Today

In the last 24 hours, Shiba Inu’s market value has reached $0.00002501, the highest today at the time of reporting. The intraday peak marks a significant 9.4% uptick from the low of $0.00002266, the asset registered in the previous day.

As a result of this bullish trajectory today, Shiba Inu has reclaimed all losses incurred this week, with its seven-day performance now standing positive. Recall that on Wednesday, Shiba Inu nearly relinquished the $0.00002 threshold when it collapsed significantly following the reinforced pullback from Bitcoin bears that day.

However, trading at $0.00002501, Shiba Inu has recorded an impressive 20.76% gain from the Wednesday low of $0.00002071. Notably, this Shiba Inu upsurge today follows pivotal developments this week.

5 Factors that Likely Influenced Shiba Inu Gains

After the market-wide dip of May 1 dampened investors’ enthusiasm, Bitcoin whales capitalized on the development. Yesterday, The Crypto Basic uncovered that whales injected $2,802,500,000 into the market. 

Specifically, they bought the BTC dip at an average price of $59K, amassing 47,500 tokens in one day. Following this accumulation frenzy, Bitcoin’s price spiked to $63,566, relieving the subdued market sentiment.

Accordingly, altcoins, particularly meme-themed tokens like Shiba Inu, are leading the market gains amid Bitcoin’s recovery. These meme coins are witnessing double-digit percentage gains with a mere 5% uptick in BTC’s value.

meme coin
Meme Tokens in Green Today | CoinMarketCap

Meanwhile, a crucial announcement from the Shiba Inu development crew this week also influenced SHIB’s gains. In particular, Shiba Inu’s blockchain Shibarium completed the earlier teased hard fork. This pivotal update ushers in “blazing-fast transactions” for the community and predictable gas fees.

Furthermore, Shiba Inu’s global price also got its boost following Binance Japan’s listing of the SHIB/JPY pair, allowing Japanese crypto enthusiasts to trade SHIB with their local currency. The significance of this listing is evident in the fact that Shiba Inu’s soared by over 300% to $0.00011 on the exchange shortly after the listing. 

Other exchanges like Kraken also introduced new margin trading pairs for SHIB on their platform this week.

Moreover, this week, Shiba Inu purchases opened to millions of U.S. residents using PayPal. As The Crypto Basic reported, Shiba Inu buying via PayPal became possible this week after crypto payment processor MoonPay partnered with PayPal.

Essentially, these significant developments, surfacing after Shiba Inu’s recent decline, are believed to have bolstered the asset’s continuing uptrend.

Pundit Makes Case for an XRP Rise to $1,000 Based on a $1T Cross-Border Payment Volume

Sam Wisdom Raphael
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Pundit Makes Case for an XRP Rise to $1,000 Based on a $1T Cross-Border Payment Volume

A recently surfaced sheet projects an XRP price increase to an audacious $1,000 value, factoring in a daily cross-border payment volume of $1 trillion.

XRP’s utility in cross-border payments, especially as utilized in Ripple’s On-Demand Liquidity product (now Ripple Payments), has contributed to the bullish sentiments surrounding the cryptocurrency among market participants. 

XRP’s Utility in Cross-Border Payments

This utility has caught the attention of multiple payment entities over the years. Last December, a JPMorgan report mentioned Ripple and XRP as entities that could help unlock the $120 billion trapped in cross-border payments. The Crypto Basic also revealed in November 2023 that Grayscale highlighted XRP as a potential alternative to SWIFT in cross-border settlements.

In addition, The American Institute of Physics, the IMF and the World Bank also spotlighted XRP’s utility in cross-border payments in different reports. Interestingly, even SEC Chair Gary Gensler previously acknowledged XRP’s advantages for use in cross-border payments over traditional fiat currencies.

With this utility recognized by the general public, investors believe XRP is massively undervalued, projecting an imminent price explosion, especially on the back of a growth in the cross-border payment sector. Citing the Bank of England, Ripple noted in its 2023 New Value Report that the cross-border payment sector could witness a $250 trillion in volume in the next three years.

With this projection expected to materialize, pundits argue that XRP would need to soar way beyond its current price below $1 if it captures a fraction of this volume. Mason Versus, an XRP community figure and founder of Gold Squad, presented a sheet last August of hypothetical price requirements for varying cross-border payment volumes.

An Argument for a $1,000 XRP Price

Market analyst EGRAG recently called attention to the document, lending credence to its content. In the sheet, the analysis evaluates what XRP’s price would need to be for XRP to cater to different daily cross-border payment volumes.

At prices ranging from $100 to $500, XRP could sufficiently handle daily payment volumes from $1 trillion, but this price becomes less feasible at volumes from $6 trillion to $20 trillion. This is because XRP’s circulating supply of 55 billion would not be sufficient for the amount of XRP tokens needed to handle these volumes.

Recall that finance pundit Shannon Thorpe previously argued that XRP would be undervalued at $500 if it locked in a portion of the projected $250 trillion cross-border payment volume.

Versluis’ sheet proposes that XRP would only sufficiently address daily payment volumes ranging from $1 trillion to $20 trillion if its price is at least $1,000. At a $1,000 price, the market would need to move 1 billion XRP tokens to account for a $1 trillion volume and 20 billion tokens for a $20 trillion volume.

For XRP to clinch a $1,000 price, it would need to skyrocket by a massive 188,543% from its current value of $0.5301. With this price potentially pushing XRP’s market cap to an unimaginable $55 trillion, some industry commentators have strongly expressed doubts.

Moreover, some have pointed out that a $1 trillion daily cross-border volume is a difficult task for XRP over the next ten years and beyond. For context, the entire global cross-border volume stood at $150 trillion in 2022, representing an average of $410 billion volume a day. A $1 trillion volume would be more than double this figure.

Shiba Inu Issues New Warnings Regarding Top SHIB Developers 

Lele Jima
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Shiba Inu Issues New Warnings Regarding Top SHIB Developers 

Shibarmy Scam Alerts, a Shiba Inu community-driven scam awareness channel, has called the public’s attention to the latest tactics deployed by scammers.  

The channel took to X to warn Shiba Inu community members about the presence of fake Telegram accounts impersonating top Shiba Inu developers Shytoshi Kusama and Kaal Dhairya. 

Scammers Impersonate Shiba Inu Developers 

It shared screenshots of two different Telegram accounts impersonating lead developer Kusama. Notably, both accounts were created using Kusama’s official Telegram name. However, the difference can be seen in the username. 

Similarly, malicious actors also created a hoax Telegram account impersonating top Shibarium developer Dhairya. While the Telegram name might mislead unsuspecting investors, a closer look at the username exposes the fraudulent act. 

For instance, the actors behind the fake Dhairya Telegram account tweaked the original username, changing it from “@kaaldhairya” to “@kaa1dhairya.” 

Shibarmy Scam Alerts Caution Users 

Notably, Shibarmy Scam Alerts cautioned Shiba Inu community members that malefactors are creating fake Telegram accounts to spread malicious information and direct people to fraudulent platforms. 

The intention behind this move is to steal people’s assets or convince them to share their information for malicious purposes. It warned Shiba Inu community members to remain vigilant and cautious, emphasizing the importance of relying on only trusted sources for information. 

The channel also reminded Shiba Inu enthusiasts that no member of the official team will ever contact them to disclose their information or connect their wallets to any platform. Furthermore, it encouraged users to protect other community members by reporting any suspicious activity. 

Growing Scams Targeting Shiba Inu Investors 

Despite the exposure, malicious actors have not relented in their quest to take advantage of unsuspecting Shiba Inu investors. 

These scammers have deployed various tactics, including promoting fake giveaways on social media and directing unsuspecting community members to illicit websites. 

They now impersonate top Shiba Inu ecosystem team members, including Kusama and Dhairya, to give their illicit posts authenticity. 

Last year, a fake X account impersonating Kusama promoted a fake Shibarium giveaway after celebrating the network’s version 2.0 launch. As reported earlier, popular Shiba Inu influencer “SHIB KNIGHT” warned members not to engage with the giveaway, emphasizing that the post was not from Kusama. 

Market Analyst Expecting Shiba Inu 120% Spike Amid Solid Bullish Wave

Sam Wisdom Raphael
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Market Analyst Expecting Shiba Inu 120% Spike Amid Solid Bullish Wave

Crypto and forex analyst World of Charts believes Shiba Inu could record a 120% spike amid an imminent solid bullish wave once it breaks out of consolidation.

With Shiba Inu up 10.94% this month, market sentiments have quickly switched from bearish to bullish, as investors expect a recovery of the massive 27.16% loss incurred in April. Notably, this marked Shiba Inu’s biggest losing month since May 2022, when it dropped 41.82% on the back of the Terra ecosystem collapse.

Amid the growing bullishness, World of Charts revealed in a recent analysis that SHIB is currently consolidating within a bullish flag on the 8-hour chart. Shiba Inu formed this flag pattern when it dropped from the $0.00004567 yearly high on March 5, marking the start of its downward slope.

Shiba Inu Consolidates Within a Flag

Following this collapse, SHIB entered into a bearish consolidation phase, witnessing intermittent declines and a string of lower lows and lower highs that eventually formed a downward channel. World of Charts highlighted this trend in his chart, stressing that this channel represents Shiba Inu’s bull flag.

 

Typically, a bull flag is a consolidation pattern that emerges after a massive price upsurge. This flag represents a temporary pause to the ongoing rally before an imminent resumption. World of Charts’ analysis hinges on this premise, with the analyst projecting an upcoming breakout.

According to him, once SHIB breaks above the downward sloping channel, investors should expect a further push toward previously lost highs, with an ultimate target of 120%. At Shiba Inu’s current price, a 120% upsurge would result in the reclamation of $0.00005434, leading to a new yearly peak.

SHIB Witnesses Bullish Momentum 

Meanwhile, SHIB’s current momentum suggests that this breakout could be on the horizon amid the 2-digit monthly gain. The Bollinger Bands on the daily timeframe looks to be tightening, as observed from Feb. 25 to 26. This pattern, which led to the late February rally, could precede a similar price upsurge for SHIB.

Shiba Inu’s immediate goal at the current position is to seal a comfortable spot above the 20-day EMA at $0.00002426, as it currently trades for $0.00002474. The bulls would need to push toward reclaiming the upper Bollinger Band at $0.00002753. This move would solidify the short-term bullish momentum.

Shiba Inu 1D Chart 3
Shiba Inu 1D Chart 3

Meanwhile, Coinglass data confirms that, while SHIB has seen a 3.38% decline in derivatives volume, Open Interest has spiked by 13.3% to $64.83 million over the last 24 hours. This surge in Open Interest is accompanied by an increase in long positions, indicating growing confidence in Shiba Inu’s recovery.

Shiba Inu Outshines BTC and DOGE to Become Most Traded Coin on India’s Leading Exchange

Lele Jima
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0
Shiba Inu Outshines BTC and DOGE to Become Most Traded Coin on India’s Leading Exchange

Popular canine-themed token Shiba Inu (SHIB) has continued to attract the attention of crypto traders in India as it became the most traded coin on WazirX in April. 

The leading crypto exchange announced this in a post yesterday, emphasizing that SHIB was the most traded token on its platform throughout last month. 

SHIB Outperforms BTC and DOGE 

The data suggests that WazirX traders are actively engaged with Shiba Inu more than any other crypto asset on the platform.

According to the data, Bitcoin (BTC) ranked as the second-most traded crypto asset on WazirX in April. Bitcoin was closely followed by Shiba Inu’s rivals, Dogecoin (DOGE) and Pepe (PEPE), which were the third and fourth most traded tokens in the same timeframe, respectively.

Notably, Ethereum, the second-largest cryptocurrency by market cap, sat at the bottom of the ranking. Like in previous months, WazirX did not disclose the trading volumes of all crypto assets in the list. 

Shiba Inu Popularity Soars in India 

Shiba Inu has grown to become one of the favorite tokens among Indian crypto traders. The canine-themed token accounts for a significant share of India-based exchange volumes. 

WazirX has actively reported Shiba Inu’s trading dominance in its monthly and yearly reports. In March, Shiba Inu ranked as the most traded token on WazirX, outpacing BTC, PEPE, Floki (FLOKI), and DOGE. 

Shiba Inu also stood out as the second-most traded token on the exchange throughout 2023, with the asset coming behind only Bitcoin. Commenting on the milestone, WazirX explained that its users have a strong preference for SHIB, as evidenced by their past behavior. 

For context, WazirX listed SHIB in May 2021, nine months after the canine-themed token launched in the crypto market. Since its listing, Shiba Inu has continuously ranked among the most traded assets on WazirX.   

The exchange, which supports 294 crypto assets, currently boasts a 24-hour trading volume of $2.23 million. Notably, Shiba Inu accounts for $168,923 of WazirX’s 24-hour volume, making SHIB/INR the third most traded pair on the exchange. 

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