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Cardano Price Forecast: Here’s Why ADA Could Fall to $0.30 in May

Mark Brennan
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Cardano Price Forecast: Here’s Why ADA Could Fall to $0.30 in May

Cardano’s price tumbled below $0.43 on May 1, after closing April with 35% losses; on-chain metrics reveal the major driver behind the ADA downtrend.

Cardano price Closes April 2024 with 35% Losses

In April 2024, Cardano’s price action was significantly volatile. As crypto investors took a cautious stance in the wake of Bitcoin’s halving, demand progressively dried up for mega-cap altcoins, including ADA, SOL, and ETH.

Earlier this week, the Cardano team announced plans for a hardfork that would enhance the proliferation of P2P transactions on the network, sparking rumors of a potential rally.

Cardano (ADA) Price Action | TradingView
Cardano (ADA) Price Action | TradingView

However, the chart above shows that bulls remained on the sidelines despite the community’s optimism surrounding the Ouroboros Genesis rollout. At the time of writing on May 1, ADA’s price dropped to $0.43, its lowest since April 13.

Cardano DeFi Ecosystem Users Withdraw 80M ADA in 60-days

Failure of the Ouroboros Genesis rollout to generate demand for ADA this week, signals the presence of a stronger fundamental bearish catalyst. Looking at the underlying on-chain data, Cardano’s DeFi ecosystems appear to be the key driver behind the recent negative price action.

The DeFiLlama TVL chart below monitors real-time swings in the number of ADA coins locked up within Cardano-native DeFi protocols.

Cardano ADA TVL 60-day trend| DeFillama
Cardano ADA TVL 60-day trend| DeFillama

As of March 1, 708.8 million ADA coins were locked up across the Cardano DeFi Ecosystem. But the latest data on May 1 2024, shows a TVL balance of 589.6 million ADA, reflecting a decline of 119.2 million ADA over the last 60-days.

Typically, a prolonged decline in TVL intensifies bearish pressure on the native coin price for two key reasons.

Firslty, when coins are locked in DeFi protocols, it temporarily reduces the short-term market supply. Hence drop-off in demand for ADA within decentralized finance protocols could lead to increased selling pressure on the native coin as investors seek alternative assets.

More so, the decrease in TVL suggests reduced liquidity and activity within the Cardano DeFi ecosystem, potentially signaling waning investor confidence.

Cardano Price Forecast: Bears Eyeing $0.30 Target

Valued at today’s Cardano prices, the 119.2 million ADA pulled from DeFi smart-contracts has added approximately $50 million to the short-term market supply. If it persists Cardano price could drop as low as $0.30 in the coming weeks.

However, IntoTheBlock’s global in/out of the money metric highlights that a looming sell-wall at $0.40 could Cardano bulls a life-line in the near-term.

Cardano (ADA) Price Forecast | Source: IntoTheBlock
Cardano (ADA) Price Forecast | Source: IntoTheBlock

As seen above, 379,980 addresses had acquired 3.67 billion ADA at an average price of $0.39.  This large cluster of holders could pose formidable short-term support if they make frantic purchases to cover their positions.

However, if the bulls fail to stage a rebound from the $0.40 support, ADA could enter a free fall toward $0.30 as predicted.

On the flip side, Cardano’s price trajectory could flip positive again if the bulls manage to trigger a decisive rebound above $0.50.

Bitcoin Price Dips Below $58k first time in 60 Days: Here’s Why

Mark Brennan
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Bitcoin Price Dips Below $58k first time in 60 Days: Here’s Why

Bitcoin (BTC) price tumbled 4.4% within a frenetic 4-hour period on May 1, sliding below the $58,000 mark for the first time in 60 days. On-chain data reveals the major bearish catalysts.

Why is Bitcoin Price Down Today?

Bitcoin price fell as low as $57,074 in the early GMT trading hours on May 1, as glowing Q1 earning reports from big tech companies drew investors’ attention to the stock markets, further exacerbating the BTC’s slowing market demand since the 2024 Halving.

Bitcoin (BTC) Price Action | Source: TradingView 
Bitcoin (BTC) Price Action | Source: TradingView

The chart above shows the latest downswing has brought BTC below $58,000 mark for the first time in 60-days, dating back to Feb 28 2024. While the side-ways performance was attributed to weak post-halving demand, the ongoing downtrend appears to be driven by long-term investors actively exiting their BTC positions.

Long-term Holders Hit 10-day Peak Sell-Off

Looking beyond BTC’s 15% dip and millions of liquidations in the speculative markets, Bitcoin’s long-term holders’ bearish trading activity has been central to the price downtrend over the last two weeks.

Sentiments Age Consumed metric serves as a proxy for monitoring long-term holders’ on-chain activity. It multiplies the number of BTC coins traded on a given day by the number of days since they last moved. Age Consumed spikes when a higher number of previously long-held coins are on the move, and vice-versa.

Bitcoin (BTC) Age Consumed vs Price | Source: Santiment
Bitcoin (BTC) Age Consumed vs Price | Source: Santiment

As illustrated above, Bitcoin’s Age Consumed has been on a steady rise since April 20, signaling that many long-term holders started to offload their coins after the halving.

Bitcoin Age Consumed reached 14.37 million on April 30, representing a 471% surge from the 2.51 million recorded on April 20 Halving day. When long-term investors flood the market during periods of slow demand as observed above, it dilutes supply and heightens FUD (Fear Uncertainty and Doubt) among other stake holders.

Bitcoin (BTC) Price Forecast: Further Downswing toward $55,000?

Historically, Bitcoin price has often wobbled when BTC records significant spikes in Age Consumed appear. If this pattern repeats, the 471% surge recorded in the long-term holders’ in the last 10 days could be a precursor for a BTC price breakdown below $55,000 in the near term.

However, IntoTheBlock data shows that Bitcoin bears face an uphill task of overcoming the looming support buy-wall at $56,000.

As seen above, 590,360 existing holders had acquired 231,300 BTC at an average price of $56,100. If those holders make covering purchases to defend their positions, Bitcoin price could stage an instant rebound from that area. However, if the bears scale that key buy-wall, a Bitcoin price breakdown below $55,000 could be imminent.

Bitcoin BTC Price Forecast | Source: IntoTheBlock
Bitcoin BTC Price Forecast | Source: IntoTheBlock

On the contrary, with BTC now trading at its lowest in 60 days, strategic bulls traders could consider it is perfect timing to enter new positions. If this scenario plays out, the BTC price could target an instant rebound above $60,000. However, the initial sell-wall at $58,650 territory could invalidate this optimistic outlook.

Shiba Inu Community Burned 1,695,717,536 SHIB in April

Abdulkarim Abdulwahab
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Shiba Inu Community Burned 1,695,717,536 SHIB in April

While April may have been challenging for Shiba Inu, community members still incinerated 1,695,717,536 SHIB tokens throughout the month.

Shibburn, a community-driven tracking platform, recently highlighted the April burn record in a post on X. Per the update, the Shiba Inu community members wiped out over 1.696 billion SHIB tokens from circulation in April. Shibburn estimated the monetary value to be $37,254.

Shiba Inu April SHIB Burn

Notably, these burns were carried out through a total of 204 distinct transactions. April 13 saw the highest burn activity for the month, with over 600 million SHIB burned that day. This heightened burn activity on April 13 coincided with Shiba Inu’s price crashing to $0.0000185.

Furthermore, April 20 was another day with increased SHIB burn efforts, nearing 400 million tokens. Notably, most of the burns that occurred in April were below 100 million.

Overall, the approximately 1.7 billion SHIB tokens incinerated in April reflect an 89.16% drop in the monthly burn rate. In March, community members eliminated over 15.64 billion SHIB tokens valued at over $547K+. The burn rate for March was a staggering 2,330% growth from the previous month.

Additionally, March is the month Shiba Inu witnessed the most significant SHIB burn compared to others, while February is so far the worst, with only 643 million SHIB burned. 

Remarkably, Shiba Inu burns heightened in March as SHIB broke at $0.000045, a level last seen three years ago. However, the asset later lost more than half of that value in April, with the overall market sentiment for the month being bearish.

How SHIB Burned 1.69B Tokens in April

Meanwhile, Shibburn clarified that a significant portion of the SHIB coins burnt last month were assets sent to the Shiba Inu contract address. Shibburn added that the actions were not influenced by major news events as some have suggested. 

Instead, some individuals inadvertently transferred their SHIB tokens to the contract address without really intending to have them burnt. Due to this misstep, they effectively lost their SHIB investment.

Accordingly, Shibburn urged community members to be more cautious and double-check crypto wallet addresses before hitting the transfer button.

Here are Projected Timelines for Cardano to Hit $45

Lele Jima
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Here are Projected Timelines for Cardano to Hit $45

With multiple entities projecting a potential Cardano surge to $45, we’ve compiled a list of possible timelines regarding when this target will materialize.

Cardano (ADA) has not been spared in the ongoing bloodbath across the broader crypto market. At the current exchange rate of $0.44, ADA has registered an intraday loss of 3.17% and a weekly decline of 13.2%.

Despite ADA’s recent performance, investors have remained optimistic that its price will register significant gains in the near future. Projections of a potential spike to $45 are making rounds within the Cardano community.

It is worth noting that the $45 target is an audacious prediction for Cardano, as it requires the 10th-largest cryptocurrency to spike by 10,127% from its current price.

Projected Timelines for ADA Surge to $45

While the road to $45 is bumpy, it is interesting to note that top blockchain analytic platforms believe ADA could achieve this feat in the next few years.

For instance, Telegaon expects ADA’s price to reach the $45 target by 2030, six years from now. According to Telegaon forecasts, ADA would rise to a maximum price of $45.87 in 2030, representing a 10,325% increase from the current price.

Cardano price prediction
Cardano Price Prediction | Telegaon

However, analysts from the crypto trading platform Changelly issued a different prediction regarding the potential timeline for ADA’s surge to $45.

These analysts projected that ADA could reach the much anticipated $45 target from 2033 to 2040. By 2040, Changelly experts speculated that ADA would start the year with a minimum price of $50.35, marking a surge of 11,325% from the current price.

Possible Factors That Could Push Cardano to $45 

As stated earlier, Cardano’s journey to the $45 mark could be a difficult one. The asset must overcome numerous roadblocks at different levels to hit the $45 mark in its lifetime.

Nonetheless, Cardano has been in the news for the right reasons in recent times. Amid the ongoing bloodbath in the market, whales have showcased strong interest in ADA, taking transactions exceeding $100,000 to levels not seen over the past six months. If whales continue to indicate interest in Cardano, it could pave the way for an uptrend.

Additionally, Cardano is set to become more decentralized and self-sustaining this quarter via the upcoming launch of Chang’s hard fork. Scheduled for Q2 2024, Chang will introduce community-run governance, allowing ADA holders to influence what happens within the Cardano ecosystem. This would bolster investors’ confidence in Cardano, thus driving ADA’s adoption.

Furthermore, the latest Bitcoin halving could also pave the way for ADA’s surge to unprecedented levels. Historically, crypto prices usually witness massive price spikes several months after a Bitcoin halving event.

Although the broader market has underperformed massively over a week after the halving event, investors are still optimistic that the current market cycle will follow in the same direction as previous ones.

For instance, in the previous cycle, ADA surged to an all-time high of $3.10 on September 2, 2021. Interestingly, analysts like Jake Gagain speculated that ADA could spike to $7.5 by next year.

It bears mentioning that this article is for informational purposes and should not be taken as investment advice, as the feasibility of a Cardano surge to $45 remains highly contested. That said, it is imperative to conduct due diligence before investing in cryptos.

Ripple CTO Held 26M XRP, Says He Never Sold XRP for Other Crypto 

Abdulkarim Abdulwahab
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0
Ripple CTO Held 26M XRP, Says He Never Sold XRP for Other Crypto 

Ripple CTO David Schwartz has publicly declared he used to hold 26 million XRP, noting he never liquidated his XRP tokens to acquire other cryptocurrencies. 

Schwartz made this disclosure recently on X while engaging in a debate with Charles Hoskinson, the founder of Cardano. During the conversation, Schwartz and Hoskinson had a stern disagreement, sparking intrigue from some community members.

“Billionaires arguing. Good lord,” remarked an X user. However, Ripple’s CTO refuted the billionaire title, a trend he has persistently held onto. Meanwhile, another commenter went on to claim that Schwartz “sold billions of XRP” to buy Ethereum tokens, as purportedly established in a statement from the SEC.

On this premise, the Ripple executive set the record straight by disclosing his XRP holdings while dispelling the billionaire status persistently misattributed to him.

Ripple CTO Held 26M XRP

In particular, Schwartz revealed that he had approximately 26 million XRP when he held more cryptocurrencies. This disclosure suggests that the Ripple executive now holds less XRP than during his peak holding period.

Recall that Schwartz stated he holds between 1 million and 10 million XRP, as The Crypto Basic uncovered recently.

Furthermore, the Ripple CTO asserted that he liquidated some of his Bitcoin holdings to acquire XRP and ETH. However, he noted that he has never sold XRP tokens to acquire other cryptocurrencies.

Except for some unusual purposes, I don’t think I’ve ever sold XRP to buy another cryptocurrency. Schwartz revealed.

Sold Some XRP to Manage Risk

Meanwhile, Schwartz faced more questions about how he divests his XRP, particularly whether he sells it when he requires funds.

In response, the Ripple CTO noted that he adopted “a reasonable risk minimization strategy” for his cryptocurrency holdings. Based on this arrangement, he sells BTC and XRP whenever they reach new all-time highs.

Furthermore, Schwartz highlighted that he adopted the risk management strategy as he is naturally very risk-averse. Per the disclosure, incurring losses in his investments hurts him more than any wins.

“I am not, by nature, a person who is comfortable with risk. I get little joy from wins and really feel losses,” Schwartz noted.

When Next is Schwartz Selling XRP?

When questioned about the timeframe for his next XRP sale, the Ripple CTO mentioned that it would probably occur the next time he receives XRP as payment. 

He clarified that this is because of tax implications. The Ripple CTO explained that receiving a cryptocurrency as compensation typically involves selling some to cover withholding taxes.

Shiba Inu Team Speaks on Possibility of Ethereum Using SHIB for Gas Fees

Albert Brown
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Shiba Inu Team Speaks on Possibility of Ethereum Using SHIB for Gas Fees

Shiba Inu marketing specialist Lucie deems SHIB unfit for Ethereum gas fees amid network upgrades and the launch of the new SHIB/JPY trading pair in Japan.

Lucie, the Shiba Inu ecosystem marketing lead, recently addressed the feasibility of using Shiba Inu (SHIB) as a gas fee on the Ethereum network amid significant market activities, including a major upgrade to the Shibarium network and new exchange listings.

 

Ethereum’s Technical Framework and SHIB’s Role

Lucie clarified that Ethereum, a digital platform for dApps, relies exclusively on its native token, Ethereum (ETH), for transaction fees, known as gas fees. These fees incentivize validators and are crucial for maintaining the network’s operations. 

Despite speculative interests in using SHIB, an alternative cryptocurrency, as a substitute for ETH to cover gas fees, technical and security challenges render this option impractical.

Ethereum’s architecture is designed to support ETH for transaction fees per the marketing lead. Integrating a different token like SHIB would necessitate substantial network infrastructure changes, potentially compromising security and efficiency due to the shift from its Proof of Stake consensus mechanism.

Positive Developments Across the Shiba Inu Ecosystem 

Parallel to discussions about token utility on Ethereum, the SHIB community is anticipating an upgrade to the Shibarium network. Set for release on May 2, this hard fork aims to introduce features that will improve user experience and platform performance, such as quicker block processing times and more predictable transaction fees. 

These enhancements are a direct response to community feedback. They aim to boost usability and maintain affordability even during high-traffic periods. 

In yet another positive development for Shiba Inu, Binance Japan introduced a SHIB/JPY trading pair, capitalizing on the growing interest among Japanese investors. 

This move, effective from April 30, allows local investors to engage with SHIB in their native currency. Additionally, this listing is part of an ongoing campaign that includes fee-free transactions, potentially attracting a larger user base.

Despite these bullish sentiments surrounding these imminent developments, SHIB has encountered a significant slump in the market, as illustrated by the 7.87% crash within a 24-hour period and a 19.30% drop over the past week.

SHIB Team Explains Why Shiba Inu is Falling Today

Lele Jima
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SHIB Team Explains Why Shiba Inu is Falling Today

Prominent Shiba Inu ecosystem team member Lucie has identified the possible reasons behind SHIB’s recent price dump.

Investors expected the prices of various crypto assets, including Shiba Inu, to surge tremendously shortly after the highly anticipated Bitcoin halving event.

However, the reverse has been the case, as the broader crypto market continues to witness massive declines.

Shiba Inu Dips 18.9% in 7 Days

To put it into perspective, the global crypto market cap has slumped 4.8% over the past 24 hours to $2.2 trillion.

In particular, the leading canine-themed token, Shiba Inu, has plunged 7.53% in the past day and registered an 18.9% on the weekly chart. The massive dump witnessed across major assets, especially Shiba Inu, has raised concerns among investors who expected a different outcome given the hype surrounding the latest Bitcoin halving.

Potential Reasons Behind SHIB’s Dump

In an X post yesterday, Shiba Inu marketing strategist Lucie described the recent price dip as “bumps on the investment road.” Interestingly, she highlighted possible reasons behind the recent decline in SHIB’s price.

At the top of the list are post-halving sell-offs and miner adjustments. While the quadrennial Bitcoin halving event offers numerous benefits, like increasing scarcity and potential price surges for BTC and other crypto assets, it also introduces a major challenge for miners.

With rewards slashed in halves (from 6.25 to 3.125 BTC), miners would try to adjust to reality by selling most of their BTC holdings to cover their operational costs. This adjustment, especially the sell-offs, usually ushers in massive volatility in the market.

Other Notable Factors Behind Price Slump

In addition, Lucie mentioned the recently launched Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong as another possible reason that could have triggered SHIB’s recent dump.

For context, the industry expected the rollout of spot Bitcoin and Ethereum ETFs in Hong Kong to positively impact the prices of the underlying assets and the overall crypto market. However, Hong Kong’s Bitcoin and Ethereum ETFs had a tough start on the first day of trading, with daily volume hitting a paltry $12 million.

Furthermore, Lucie pointed out that the recent dump could have stemmed from the market’s response to recent policy changes and economic forecasts. Notably, the financial market eagerly awaits the Federal Reserve’s unveiling of its monetary policy decision this month, with many debating on whether the FOMC will cut or increase interest rates.

Although the Federal Reserve has yet to decide its next course of action, various financial instruments have already started seeing bearish impacts. For instance, the S&P 500 registered a decline of 1.6% on Tuesday, while the Dow plunged 1.5% in the same timeframe.

Amid the ongoing bloodbath, Lucie identified patience and education as the key to navigating the so-called bump on the investment road.

Ripple Unlocks 500M XRP from Escrow as Price Retests $0.50

Sam Wisdom Raphael
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Ripple Unlocks 500M XRP from Escrow as Price Retests $0.50

Ripple has witnessed the release of 500 million XRP from escrow to cater for May, with the latest escrow unlock coming amid a period of price volatility for XRP.

Data from XRPL explorer Bithomp shows that the transaction occurred today at 02:15 AM (UTC), consistent with the standard procedures for escrow unlocks. The execution was initiated by OffEscrowerOfDai, an account commonly engaged in such processes and noted for its unusual memos.

Notably, the recipient address also received 500 million XRP from last month’s escrow execution but has held onto the tokens until now. As a result, following the latest release, the address now holds 1 billion XRP valued at more than $500 million. 

On-chain data shows that this address retains 4 billion XRP in escrow, which is scheduled to be released every month until January 2025. Overall, Ripple now has 39 billion XRP tokens locked across eight escrow wallets, which represent 39% of XRP’s total supply.

Anomalies in Ripple Escrow Unlocks

It is noteworthy that the recent escrow unlocks involving the release of only 500 million tokens represents a departure from the typical procedure—a trend observed throughout the year. Although the escrow execution process schedules the release of 1 billion XRP on the first day of each month, deviations from this schedule have occurred.

Last month, Ripple saw the release of only 500 million XRP on the first of the month. Nearly a week later, on April 12, the escrow wallet unlocked another batch of 500 million tokens. Meanwhile, March saw the release of only 500 million XRP tokens. The second transaction, meant to unlock the remaining tokens, encountered an error.

Moreover, in February, Ripple witnessed the release of 600 million XRP on the first day of the month and 400 million tokens on Feb. 25. January is the only month that has recorded the standard procedure of escrow release this year. However, Ripple has continued to lock back 800 million XRP each month.

It bears mentioning that while Ripple programmed the escrow wallets to unlock 1 billion tokens on the first day of each month at midnight, these releases only occur when triggered by an external party. At times, these parties fail to execute the transactions, leading to delays. 

XRP Battles to Retain $0.50

Meanwhile, the latest unlock comes at a time when XRP is battling to defend the $0.50 psychological support amid the market volatility. Following reports that a U.S. court had sentenced Binance founder Changpeng “CZ” Zhao to four months in prison, Bitcoin dropped below $60,000, taking the rest of the market down with it.

Nonetheless, XRP has held up quite well over the last 24 hours, as it changes hands at $0.5020. While Bitcoin (BTC) and Ethereum (ETH) are down 5.54% and 5.94%, XRP has only seen a 2.69% decline within the same timeframe. In addition, Solana (SOL) has collapsed 8.22%, with Dogecoin (DOGE) slumping 8.52%.

XRP Poised for 70% Surge Following False Break of Support

Sam Wisdom Raphael
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XRP Poised for 70% Surge Following False Break of Support

Market analyst Linda disclosed that XRP is on the verge of registering an impressive 70% uptrend following a recent false break of a pivotal support level.

XRP recently witnessed one of its most bearish periods in mid-April, when it collapsed by nearly 24% from April 11 to 13. Amid the massive slump, XRP momentarily dropped to $0.4188, its lowest price this year. The last time it saw this value was during a crash last August.

A False Break Below Support

Immediately after XRP slumped to this price, the bulls pushed to record a recovery, bringing it back above the $0.50 price territory the next day amid a 5% intraday gain. Market analyst Linda recently affirmed that XRP recorded a false breakdown below a pivotal support level when it dropped to $0.4188 on April 13.

Notably, the bulls had firmly defended the $0.50 psychological support since last October, effectively hedging against any declines to lower levels throughout Q4 2023 and this year. However, the collapse to $0.4188 marked a massive break below this level, triggering panic across the market.

XRP 2D Chart RLinda
XRP 2D Chart | RLinda

Nonetheless, Linda remains optimistic of XRP’s bullish trajectory, asserting in her recent analysis that the price would continue to consolidate above the $0.50 support. According to her, this consolidation would eventually lead to a continuation of the growth path.

The analyst expects XRP to record a few days of downward momentum to retest the $0.50 support before an eventual upward push. She further identified a symmetrical triangle that XRP has been trading in since April 2021 on the weekly timeframe, noting that a breach of the resistance at the upper trendline would soon emerge.

XRP Symmetrical Triangle RLinda
XRP Symmetrical Triangle | RLinda

XRP Poised for a 70% Upsurge

This breakout could help bolster the upward momentum when it materializes. Should this occur, Linda projects an ultimate 70% growth, essentially setting a target at the $0.85 level, last witnessed in July 2023. 

However, to clinch this target, XRP would need to conquer two pivotal resistance levels, $0.6431 and $0.7325. A resurgence of whale accumulation could help the bulls when faced with these roadblocks. Data from Santiment shows that addresses holding between 100,000 and 10 million XRP have continued to increase their holdings over the last week.

The Crypto Basic has also called attention to multiple cases of whale accumulation throughout April, with whales amassing 600 million XRP in the two weeks leading to April 23. Linda ascribed this trend to a buy-the-dip campaign embarked on by these investors, further bolstering buying pressure.

Meanwhile, currently changing hands at $0.4983, XRP must hold above certain pivotal support levels to maintain the consolidation range. The first support, which XRP continues to defend, lies on $0.50. A break below this level would bring the $0.4226 level into play.

Here is Shiba Inu Price After SHIB ETF Approval if it Gets 30% of Bitcoin ETF Inflows

Sam Wisdom Raphael
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Here is Shiba Inu Price After SHIB ETF Approval if it Gets 30% of Bitcoin ETF Inflows

Shiba Inu has the potential to soar to greater heights if a SHIB ETF product captures 30% of the spot Bitcoin ETF inflows following an approval.

The cryptocurrency market is fast appealing to TradFi investors, evidenced by the massive adoption of the spot Bitcoin ETF products months after their launch. Amid the success of the Bitcoin ETFs, industry commentators have evaluated the likelihood of asset managers launching ETFs tracking other crypto assets.

Leading asset management firms such as BlackRock and Fidelity Investments have turned their eyes on Ethereum, but the chances of approval of these Ethereum-based products grow slimmer by the day as the SEC battles Consensys on the status of ETH as security.

Meanwhile, crypto assets such as Shiba Inu have attained sufficient decentralization to secure the non-security status. Amid its numerous lawsuits, the SEC has failed to label SHIB a security, bolstering its chances of seeing a spot ETF. As a result, the Shiba Inu community has called on BlackRock to launch the product, introducing a petition for this cause.

Shiba Inu Price if SHIB ETF Gets 30% of Spot Bitcoin ETF Inflows

However, if such a product does launch, how much would it impact Shiba Inu’s price? The extent of such impact would depend on the adoption it commands. Notably, Bitcoin has seen massive price upswings this year due to the extensive inflows into its spot ETF products, currently totaling $11.946 billion since Jan. 10.

This inflow translates to an average of $2.98 billion in positive net inflows every month. At this pace, Bitcoin’s ETF products could record $35.78 billion inflows by year-end. However, this is highly unlikely to be the case, as the evaluation considers a steady inflow value each month.

Nonetheless, if Shiba Inu witnesses the launch of a SHIB ETF, and this product captures 30% of the projected yearly inflows into spot Bitcoin ETFs, it could see $10.734 billion in capital inflows. This figure would translate to a $100 billion addition to Shiba Inu’s valuation when the Bank of America (BoA) multiplier of 1:10 is applied. 

Such a figure would bring Shiba Inu’s market cap to $113 billion, putting it among the top 5 crypto assets by market capitalization. At such a market cap, SHIB could see its price rise to $0.0001917 if its current circulating supply of 589 trillion tokens remains fairly constant. This price represents a 750% rise in Shiba Inu’s current value of $0.00002256.

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