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Shiba Inu Macro 3rd Wave to Push SHIB Above $0.0001

Sam Wisdom Raphael
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Shiba Inu Macro 3rd Wave to Push SHIB Above $0.0001

Shiba Inu is on the verge of hitting its bottom price for the cycle, with crypto analyst Cipher expecting its macro third wave to push it above the $0.0001 zone.

The cryptocurrency market is currently facing a downturn, and Shiba Inu has not escaped the ongoing onslaught. SHIB is currently down 50% from its cycle top of $0.00004567, having breached multiple psychological support levels to trade at the $0.000022 territory.

Amid the current situation, crypto analyst Cipher has updated his outlook, looking to predict Shiba Inu’s future trajectory from this point accurately. In an analysis of X, Cipher disclosed that he had caught the Shiba Inu bottom for this cycle on the weekly timeframe.

SHIB to $0.0001
Image Source: https://twitter.com/CryptoCypher20/status/1780282291979227385

The analyst identified this bottom range with a gray box, currently sitting between $0.00001450 and the August 2022 highs at $0.00001690. According to Cipher, if the current market crash persists and takes Shiba Inu to this price range, SHIB needs to hold above it to remain within its projected trajectory.

Macro 3rd Wave Eyes Close Above $0.0001

For context, this projected trajectory takes the form of a complex web of Elliott Wave patterns. However, these smaller patterns are enshrined within a larger Elliott Wave structure, which Cipher calls the macrostructure. This macro Elliott Wave structure began during Shiba Inu’s early trading days.

SHIB completed Wave 1 when it surged to an all-time high of $0.00008854 in October 2021. The second wave started during the collapse from the all-time high and ended when Shiba Inu collapsed to the low of $0.00000543 last June.

SHIB then began Wave 3 on the heels of a recovery from this low. According to Cipher, Shiba Inu still trades within the third macro wave, which could lead to new all-time highs. However, data from his chart confirms that the current downtrend could take SHIB to the $0.00001450 and $0.00001690 range before it eventually recovers.

Nonetheless, Cipher failed to project a specific price target for when Shiba Inu stages a recovery. Despite this, the analyst expects SHIB to rally above the $0.0001 price territory, essentially breaking above its 2021 all-time high price. Several pundits have argued that SHIB could surpass the $0.0001 territory this cycle.

Shiba Inu Currently Undervalued

Meanwhile, despite the downturn, SHIB remains above its 21-week EMA at $0.00001857 as it trades for $0.00002263. The bears retested this pivotal threshold last week when they pushed Shiba Inu to a two-month low of $0.00001830 on April 13. However, SHIB showed resilience at this support, eventually recording a recovery.

Notably, the daily technicals suggest that Shiba Inu is currently undervalued and could be poised for a significant resurgence. Its CCI currently flashes a -106.64 value, while the RSI has dropped to 40.31 on the daily timeframe. Moreover, CryptoQuant data suggests that Shib exchange reserves have continued to decrease. 

If Shiba Inu Gains 100% Monthly, How Long Before It Breaks $0.0001, $0.001 and $0.01

Sam Wisdom Raphael
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If Shiba Inu Gains 100% Monthly, How Long Before It Breaks $0.0001, $0.001 and $0.01

This article evaluates how long it would take Shiba Inu to reach the price targets $0.0001, $0.001 and $0.01 if it secures a 100% gain every month from its current position.

Shiba Inu is now at the mercy of the bears, having given up multiple pivotal psychological price thresholds above the $0.00002 mark. Recall that SHIB relinquished the $0.00003 support zone on April 1 and has persistently battled the bears to reclaim this price level.

However, the recent market-wide collapse has brought Shiba Inu to the lower spectrum of the $0.00002 territory, threatening to push SHIB below this price to the $0.00001 zone. At the reporting time, Shiba Inu changes hands at $0.00002032, down 18% in the last 24 hours.

Despite the massive market crash, investors have continued to hold onto their SHIB tokens, anticipating projected price rallies. Some of these projections predict rallies to $0.0001, $0.001 and $0.01. For instance, Market analyst Michael expects SHIB to hit $0.0001019 when it completes its 5th Elliott Wave.

In addition, earlier this month, market watcher Armando Pantoja predicted that Shiba Inu could hit $0.001 after the Bitcoin halving slated for this month. Interestingly, Shiba Inu ecosystem marketing specialist Lucie noted last month that she believes SHIB could reach $0.01 but not immediately. 

However, these price targets remain ambitious and highly speculative, with no guarantee that Shiba Inu can attain them. Nonetheless, the cryptocurrency market contains surprises in terms of price action due to its high volatility.

Timeline for Shiba Inu to Hit $0.0001, $0.001 and $0.01

A classic result of this heightened volatility was Shiba Inu’s surge 380% from $0.00000952 on Feb. 24 to the yearly peak of $0.00004567 on March 5. This represented an impressive gain for SHIB, but not its largest one. Notably, Shiba Inu is up 37,187,293% from its all-time low price, per CoinGecko data.

The real question is, hypothetically, what if SHIB were to replicate the recent 380% gain by recording a 100% increase consistently every month, how long would it take to reach the price targets?

If Shiba Inu achieves this feat, it would reach $0.0001 three months from now, as it requires a 392% rise to meet this target. However, clinching $0.001 demands a more substantial 4,821% rise. Should SHIB see a 100% increase each month, that would take over 4 years to reach $0.001.

Meanwhile, for the audacious $0.01 price target, Shiba Inu must rally by a massive 49,112% to attain this level. While the chances of SHIB seeing this price remains very low, if it surged by 100% each month, it would take 41 years to hit $0.01 from its current price.

Analyst Unfazed by Recent XRP Dip, Maintains 400X Target to $288

Sam Wisdom Raphael
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Analyst Unfazed by Recent XRP Dip, Maintains 400X Target to $288

Cryptocurrency analyst Javon Marks remains unfazed despite the recent XRP dip, maintaining his forecast of an imminent 400x price surge to the $288 territory.

XRP has continued to battle the bears amid the ongoing market turbulence. With the 23.9% collapse from April 11 to 13, XRP fell to the support at $0.4188, marking its lowest value since May 2023. However, XRP looked to recover the recent losses with a 5.12% rise on April 14. 

XRP Suffers Dip Below $0.50

Nonetheless, this recovery was short-lived, as the bears retook control of the scene the next day. XRP is now 21.77% down this month, struggling to reclaim and hold above the $0.50 psychological territory in an effort to flip it from resistance to support.

Despite XRP’s struggles, analysts like Javon Marks remain unfazed, confident that its bullish trend is intact. In a recent analysis, the market watcher provided an updated outlook on XRP’s price action. According to him, the ongoing market downturn does not invalidate a previous breakout that XRP recorded last July.

For context, XRP had continued to trade underneath a downward trendline since it dropped from the all-time high of $3.31. Notably, an attempt to breach this trendline came up in April 2021 when XRP soared to the $1.96 level. However, resistance from the bears foiled this attempt, leading to a failed breakout.

The next attempt at a breakout occurred in July on the heels of the pivotal ruling in the SEC vs. Ripple case. XRP soared to $0.93 on July 13, 2023, successfully breaching the downward trendline and holding above it. However, the correction that ensued in August 2023 saw XRP retest the trendline.

A Projection to $288 Amid Bearish Sentiment

Despite this retest, XRP remained above the trendline. In addition, the occasional bearish pressure since last August has not been potent enough to trigger a drop below the trendline. The latest market crash is one of these tests, but Javon’s chart indicates that XRP has maintained a position above the downward trendline.

With XRP remaining above the trendline, Javon holds onto the belief that a massive rally is imminent. The analyst expects this rally to trigger an over 400x increase in XRP’s price from $0.59 to an ambitious $288. He bases his his projection on XRP’s surge to $3.31 from 2017 to 2018 after it broke out of a similar downward trendline.

Meanwhile, in the short term, XRP continues to trade underneath the 50-day EMA ($0.5865), as it faces bearish sentiments. Currently trading for $0.4932, its immediate resistance sits at Fibonacci 0.236 stationed at $0.4987. Breaching this level would take XRP above the $0.50 psychological threshold.

Forbes Weighs in on Cardano (ADA) Outlook for 2024 

Abdulkarim Abdulwahab
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Forbes Weighs in on Cardano (ADA) Outlook for 2024 

Forbes editors Mark Hooson and Laura Howard for the U.K. have commented on Cardano (ADA) price outlook for 2024. 

In their evaluation, the Forbes advisors highlighted Cardano’s initial promise to address Ethereum’s shortcomings. However, with the emergence of Ethereum layer two blockchain solutions, the experts argued Cardano’s once-distinctive features no longer hold the same influence in driving adoption.

The publication highlighted Cardano’s current underperformance, noting the asset is down 85% from its 2021 peak of $3.10. 

To gauge its potential for this year, the analysis examined prevailing market forces concerning ADA, such as demand, supply, market sentiment, and competition. 

Supply and Demand for Cardano

Regarding ADA supply, the Forbes advisors pointed out that over 35.25 billion tokens are in circulation, 78% of Cardano’s max supply of 45 billion. Accordingly, they emphasized that ADA still has significant headroom based on the available figures.

Meanwhile, given Cardano’s token issuance mechanism, it is projected to take over 100 years for the entire 45 billion ADA tokens to enter circulation. Essentially, the Forbes advisors noted that no significant pressure on the supply side may impact ADA’s price.

Regarding demand, the analysis highlighted that the level of transactions on Cardano correlates with its demand. Data from the intelligence platform IntoTheBlock suggests that the current one-week average daily transaction count stands at 57,000. 

The Forbes advisors observed that this figure has remained relatively stable over the past few years, indicating a lack of significant demand for ADA.

Moreover, the report referenced Google Trends search data, revealing a decline in search volume for Cardano following a surge in early March. Forbes also observed that interest in Cardano has generally remained flat since 2022.

Additionally, the analysis scrutinized the number of ADA addresses. According to the latest data from the analytics platform Messari, the number of active ADA addresses as of April 15 is 40,629. This figure represents a nearly 50% decrease from the count recorded exactly one year ago.

Cardano Active Addresses
Cardano Active Addresses

While emphasizing that the data should not be viewed as a conclusive indicator of interest in purchasing ADA, the Forbes advisors asserted that collectively, the factors could indicate a lack of significant pressure on the demand side, potentially resulting in relatively stable prices.

ADA Market Sentiment and Competition

On market sentiment, Forbes observed a notable pessimism within the community regarding Cardano’s prospects. This sentiment has become so pronounced that the ADA’s founder, Charles Hoskinson, recently defended Cardano in a post on X.

In terms of market competition, Forbes highlighted ongoing industry debates surrounding Cardano’s long-term potential. Some proponents argue that Cardano presents a more viable alternative to Solana (SOL), citing its similarities and superior track record on network uptime.

2024 Outlook

Ultimately, Forbes editors contended that current market conditions do not suggest a bullish trend for Cardano in the near future. However, they also noted that there is no indication of imminent decline. 

Meanwhile, they added that Cardano may continue to follow the current momentum in the crypto market influenced by Bitcoin.

Ripple CTO Says He’s Not a Billionaire, Holds 1M to 10M XRP

Abdulkarim Abdulwahab
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Ripple CTO Says He’s Not a Billionaire, Holds 1M to 10M XRP

Contrary to the prevalent belief across the XRP community, Ripple CTO David Schwartz has reiterated that he is not a billionaire.

Schwartz re-emphasized this position in a recent post on X when a surprised XRP enthusiast noted the Ripple CTO’s perspective during a live NBA league.

Specifically, Schwartz had commented on the recent Golden State Warriors vs. Utah Jazz match, sharing a photo depicting the event’s record. The camera angle suggested he was at an elevated vantage point.

This prompted questions from an XRP enthusiast who wondered how Schwartz, supposedly a billionaire, did not have courtside seats for a premium viewing experience.

Still Not a Billionaire

Responding to the comment, the Ripple CTO said he is not a billionaire. In the reply, Schwartz quoted his previous remarks on this matter during a 2021 conversation. At the time, he was similarly misattributed a billionaire status. 

“I am not a billionaire. At least, not yet,” he remarked. Schwartz humorously added that he still has not acquired his own yacht crew or a mansion without servants. Retweeting this earlier statement, he appended “still,” implying that nothing has changed since then.

This claim also surfaced during a discussion last year on the “fair tax rate” Americans are to pay based on their wealth status. Industry pundit John Whelan created the poll asking whether it is a fair rate if the rich and middle class pay 20% tax and billionaires get a 40% rate. 

In response to these proposals, Schwartz pointed out that he is far from being a billionaire, yet his effective income tax rate for 2021 stood at 41.5%.

Interestingly, despite the repeated public clarification, crypto community members continue to assume that Ripple’s chief technology officer is a billionaire. 

This is likely due to the billionaire status of other Ripple executives, such as Ripple chairman Chris Larsen. According to public records, Larsen’s XRP portfolio alone exceeds $1.15 billion.

A Glimpse of Schwartz’s Net Worth

Notably, Schwartz has publicly shared insights into his wealth without providing specific figures. In a 2020 conversation, he revealed that his XRP portfolio ranges between 1 million and 10 million. This suggests a monetary value of not more than $5 million in XRP alone against current rates.

Furthermore, the Ripple CTO has publicly acknowledged that his crypto portfolio includes Bitcoin, Ethereum, and other undisclosed tokens. Schwartz disclosed holding Ripple shares, noting he picked the company stock over XRP tokens. However, he is uncertain if that was the best decision, as the XRP tokens would have been more liquid. Notably, Ripple is yet to conduct an IPO.

Shiba Inu L2 Chain Shibarium Adds 375K+ Wallets in 4 Days as Adoption Spikes

Sam Wisdom Raphael
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Shiba Inu L2 Chain Shibarium Adds 375K+ Wallets in 4 Days as Adoption Spikes

Shibarium, the Shiba Inu ecosystem layer-2 blockchain, is witnessing an uptick in adoption, having seen an influx of over 375,000 wallets over the last 4 days.

The Shiba Inu ecosystem development team introduced Shibarium last August to help address Ethereum’s high gas fees and reduced transaction speed for market participants dealing on ecosystem tokens such as Bone ShibaSwap (BONE), Doge Killer (LEASH) and SHIB.

Shibarium has since commanded impressive adoption, with daily transactions especially witnessing massive spikes last December. For context, the layer-2 network recorded 20 million transactions within three days in early December 2023, as adoption skyrocketed.

However, amid the surge in transaction, the growth of wallets hosted on the network remained fairly stable. Now, despite a slowdown in daily transactions, Shibarium still records over 958K transactions every day, representing a sustenance of the adoption.

Shibarium Adds 375K+ Wallets in 3 Days

More remarkably, the latest data suggests that wallets have also begun witnessing a marked uptick. Shiba Inu community figure Clifford first called attention to this increase in hosted wallets. Taking to X on April 12, Clifford stressed that Shibarium had crossed the 1.4 million wallet mark, boasting 1,406,566 addresses at the time.

Interestingly, this figure has continued to grow since the April 12 disclosure. Clifford revealed in a subsequent post yesterday that the number of hosted wallets had increased to 1,616,558, representing an addition of 209,992 wallet addresses in a mere two days.

On-chain data confirms that this uptrend has persisted, with wallets recording an observable spike in recent times. Latest data shows that wallet addresses on Shibarium have now increased to 1,781,642, suggesting that the network has welcomed 375,076 new addresses in the past three days.

Growing Adoption

The recent surge in wallet address is attributable to the onboarding of multiple proponents by Shibarium-based projects. One such project is PIKA, an ERC-50 tokens introduced by the WoofSwap development team, the developers behind SolKiller (DAMN). 

Notably, while Shibarium boasts a TVL of $2.66 million, WoofSwap alone contributes $1.82 million to this figure, marking a dominance of 68%. PIKA has witnessed increased social volume and heightened trading activity, with the PIKA/DAMN pair commanding the highest trading volume on WoofSwap at $104K.

Besides the impressive increase in hosted wallets, Shibarium now boasts over 416 million transactions and blocks totaling 4.236 million. Despite the surge in adoption rate, gas fees remain at the $0.00001 range, with block time averaging at 5 seconds.

XRP May Soar 942% to $5.2 After Bitcoin Halving

Abdulkarim Abdulwahab
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XRP May Soar 942% to $5.2 After Bitcoin Halving

XRP may potentially witness a near tenfold gain to a $5.2 price after the upcoming Bitcoin halving if it mirrors the 2020 pattern.

The much-anticipated Bitcoin halving is set to occur this week. While the crypto market has been in a bearish trend, crypto community members eagerly anticipate this event, given the historical bullish market that follows it.

Top cryptocurrencies like XRP, which follow Bitcoin’s price action, are expected to benefit from the post-halving bull market.  Accordingly, The Crypto Basic explores XRP’s potential price outlook for the impending post-halving bull market based on the historical performances of Bitcoin and XRP.

Bitcoin Trajectory After 2020 Halving

Bitcoin’s last halving event occurred on 11 May 2020. On this day, BTC opened for trading at $8,755. While it reached a low of $8,374, it later reached an intraday high of $9,033.

However, Bitcoin ranged below $10K for the next five months after the halving before breaking the bull market doors by late October. By January 2021, eight months after the halving, BTC had already made a 3X gain, entering the $30,000 range for the first time.

Bitcoin’s uptrend continued, cracking the $60K threshold by April 2021. However, Bitcoin succumbed to the bears later in April 2021, revisiting the $30K range a year after halving.

Notably, from October 31, 2020, when BTC first re-entered $14K, to April 14, 2020, when it peaked at $64,863 before commencing a significant price correction, the asset saw a growth of 363%.

With Bitcoin reaching an ultimate peak of $68,789 on November 10, 2021, it implies BTC soared by 721.46% from the low of $8,374 on the 2020 halving day.

XRP Trajectory After Bitcoin Halving.

Meanwhile, while the Bitcoin mining reward halved, XRP bottomed at $0.1885. Three months later, XRP briefly entered the $0.3 range. However, it mostly traded around the $0.2 channel until late October 2020, when the Bitcoin bulls commenced.

By the next month, XRP had witnessed a 307% gain, rallying from the Bitcoin halving day low to a daily high of $0.768.

Meanwhile, XRP did not maintain the uptrend alongside Bitcoin entering January 2021. Instead, it crashed below the November 2020 high of $0.768. Yet XRP later mirrored Bitcoin’s trajectory, reclaiming the $1 threshold in early April. 

During the bullish surge of 2021, XRP peaked at $1.9650 on April 14. Notably, the asset failed to establish a new high following Bitcoin’s collapse and subsequent recovery.

Remarkably, from the May 11 low of $0.1885 to the XRP zenith for 2021, the asset soared by 942.44%.

XRP Price if it Repeats History

With Bitcoin registering an over 700% gain following the 2020 halving, replicating this trajectory could position the asset above $500,000. However, prevailing forecasts for Bitcoin’s peak in this cycle typically range between $150,000 and $250,000.

Similarly, if XRP mirrors the remarkable 942% gain it experienced in 2021, starting from its current price of $0.5 and assuming it remains at this level until the halving, the asset could potentially surge to $5.2.

While some market participants express doubt about such a price action, others remain highly optimistic. According to some market analysts, even $10 is a conservative estimate for XRP this season. However, these projections remain speculative, with the possibility for XRP to take an entirely different direction.

Shiba Inu Can Rally to $0.006539 After Bitcoin Halving: Here’s How

Sam Wisdom Raphael
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Shiba Inu Can Rally to $0.006539 After Bitcoin Halving: Here’s How

Shiba Inu has the potential to spike by as much as 30,385% to an ambitious $0.006539 price after the Bitcoin halving if it replicates a fraction of its previous upsurge.

With the Bitcoin halving just three days away, discussions surrounding its potential impact on Bitcoin’s price have gained steam. Notably, this event, which occurs every four years, helps reduce the daily inflation rate of new BTC tokens, further bolstering its price action.

The market observed this pattern after each of the three previous Bitcoin halving events in November 2012, July 2016 and May 2020. Remarkably, the price of Bitcoin saw rapid upswings following each of these events. As a result, industry commentators expect this trend to repeat in this cycle.

The Bitcoin Halving and Its Impact on Prices

Another interesting pattern is the effect these Bitcoin price rallies have had on the broader crypto market. Shiba Inu was one of the major beneficiaries of this trend, experiencing massive price surges that eventually transformed $12 to $1 million in 453 days. 

This impressive returns potential has attracted numerous investors to the Shiba Inu market, with hope of seeing SHIB record a similar uptrend. With the crypto market now in a bull run phase and the imminent Bitcoin halving, investors see SHIB registering a price increase, but by how much?

Amid the uncertainties around the potential increase rate, we carried out an evaluation based on Shiba Inu’s uptrend from 2020 to 2021 shortly after the most recent Bitcoin halving. This assessment provides limited but valuable insights into what one could expect from SHIB in this cycle.

Bitcoin Could Hit $513K and Shiba Inu $0.0065 Post-Halving

Notably, Bitcoin traded at an average price of $8,500 at the time of the previous bull run in May 2020. The premier cryptocurrency rallied to a high of $69,000 in November 2021 after the halving. This marked an impressive 711% increase recorded 20 months after the halving event. 

However, Shiba Inu, which launched three months after the 2020 Bitcoin halving, witnessed a more substantial price growth after the event. Nonetheless, this assessment will not consider Shiba Inu’s earliest trading price due to the low volumes, often reaching $300, it recorded at the time.

SHIB started witnessing real trading activity on Feb. 1, 2021, with its 24-hour volume spiking to $34.9 million. Shiba Inu’s price on this day stood at $0.00000002910. Remarkably, this price skyrocketed to the ATH of $0.00008845 in October 2021, marking a 303,851% rise in just eight months.

Now, if Bitcoin replicates its 711% post-halving increase during this market cycle, its price could skyrocket to approximately $513,000. SkyBridge Capital founder Anthony Scaramucci believes this $500,000 price is feasible. Should such a price increase occur in a similar timeframe, BTC could see the $513,000 value late 2025. 

Similarly, if Shiba Inu replicates its 303,581% increase, its price would hit unprecedented values. Due to the massive rate of this surge, this evaluation only captures 10% of the increase, amounting to 30,385%. If SHIB rises by 30,385% after the Bitcoin halving, its price would rise from the current $0.00002145 to $0.006539.

Notably, history does not necessarily repeat but it often rhymes. However, while this evaluation considers a mere 10% of SHIB’s previous uptrend, there is no guarantee that Shiba Inu could see a price rally such as this. In addition, Bitcoin’s projected upsurge also remains speculative.

Elon Musk Tweet Sparks Dogecoin Surge, Shiba Inu Team Eyes Top 10

Albert Brown
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Elon Musk Tweet Sparks Dogecoin Surge, Shiba Inu Team Eyes Top 10

Dogecoin (DOGE) saw its price jump by over 4% after a recent tweet from Elon Musk referencing a scene from the 1979 film “Monty Python’s Life of Brian”

In his post, Musk humorously depicted the mainstream media as characters from the film, struggling to keep a straight face while reporting on Dogecoin’s status among the top ten cryptocurrencies by market capitalization. The latest nod to Dogecoin spurred a quick, though temporary, increase in its price.

 

Dogecoin Market Response

The Dogecoin daily chart shows a volatile 24-hour trading period, with the price encountering resistance around $0.0165, then dipping to form a support base near $0.0155. After a modest recovery, it failed to break the resistance again, suggesting a consolidating market. Despite fluctuations, DOGE remains among the top ten crypto assets.

Although the surge was brief, it demonstrated the X CTO’s effect on cryptocurrency markets. Since propelling Dogecoin into the limelight in 2021 with multiple endorsements, Musk has remained a pivotal figure in its market performance.

The meme coin peaked following his appearance on “Saturday Night Live” but has since adjusted to a lower, yet still robust, market position, maintaining its rank as the eighth largest cryptocurrency with a market cap of $22.7 billion.

It bears mentioning that Musk recently announced that his social media platform, X, would start charging a small fee for posting and liking to curb spam from bots. This has reignited speculation that Dogecoin could be used as a form of payment for these services. However, this has not been confirmed.

Shiba Inu Eyes Top 10

Meanwhile, Shiba Inu ecosystem content marketer Lucie reacted to the post, hinting at the potential of Shiba Inu’s trajectory similar to that of the top 10 cryptocurrencies by market cap.

 

For context, SHIB boasts a market cap of $12.8 billion, as it trades for $0.00002177 at press time. Shiba Inu briefly slipped into the top 10 list last month when it recorded a massive surge to $0.000045, overtaking Avalanche. However, at last check, SHIB ranks 12th, now below Avalanche.

Ripple CTO Reacts To Elon Musk New Move Regarding X

Abdulkarim Abdulwahab
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Ripple CTO Reacts To Elon Musk New Move Regarding X

Ripple CTO David Schwartz has opposed Elon Musk’s move to charge new users “a small fee” before engaging posts on X (formerly Twitter).

X Daily News, an account dedicated to reporting the latest developments about Musk’s social media platform, sparked the conversation by uncovering a freshly updated policy concerning user engagement.

Per the disclosure, X plans to demand a small annual fee from new accounts before they can engage in posting, liking, replying, or bookmarking posts on the platform. This initiative aims to mitigate the proliferation of automated bots and spam accounts.

Moreover, the update highlighted that the new policy was already in force for X users in New Zealand and the Philippines. 

Meanwhile, Elon Musk himself affirmed the new policy in a reply to the post. He emphasized that implementing a small fee for new user write access is necessary to combat the relentless onslaught of bots. Musk pointed out that current AI and troll farms have advanced to the point where they can easily pass “Are you a bot” tests.

Furthermore, the X CTO highlighted the implications of spam accounts, noting that the flood of fake accounts also exhausts the available namespace, resulting in many desirable handles lost to bots.

Ripple CTO Reacts

Several leading figures in the crypto community have reacted to this development, including Ripple’s CTO. Schwartz perceives the move as a contradiction to Elon Musk’s longstanding proposition for free speech. 

“I thought you were against censoring any lawful speech on your platform,” Schwartz asked in response to Musk.

Schwartz further questioned whether keeping certain lawful speech off X solely because it is annoying is significant enough for Elon Musk to alter a fundamental principle of the platform.

In response, an X user pointed out that the distinction is between silencing bots and silencing an entire side of the political spectrum.

However, Ripple’s CTO countered by highlighting that the difference lies in speech one cares about versus speech one does not care about. He emphasized the importance of not pretending to do anything other than defending speech that aligns with one’s preferences.

“Small Fee” May not Deter Crypto Spam

On the other hand, prominent crypto investigator ZachXBT suggested that Elon Musk’s decision to charge new accounts to prevent spam may not yield the desired result. 

He pointed out the existence of numerous “business-verified” scam crypto accounts for which scammers have paid thousands of dollars. Essentially, ZachXBT argued that a small fee may not be enough to deter bad actors.

Notably, bots and spam accounts have repeatedly targeted crypto enthusiasts, especially the XRP Army. They relentlessly advertise sham XRP giveaways with the images of Ripple executives to lend credibility to their schemes. However, Ripple has continuously warned XRP enthusiasts against the fraud.

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