Home Blog Page 1503

Bitcoin Trader Declares $5,700,000 Profit from Shiba Inu

Abdulkarim Abdulwahab
-
0
Bitcoin Trader Declares $5,700,000 Profit from Shiba Inu

Bitcoin day trader Emily has disclosed profiting $5.7 million from Shiba Inu in addition to other substantial returns from similar meme projects.

In a recent post on X, Emily revealed her successes in engaging with prominent tokens in the meme coin market. According to her, she has realized multi-million dollars investing in Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, and the more recent Solana-based coin Book of Meme (BOME).

$5.7M from Shiba Inu

In particular, Emily announced that she had made $5.7 million from Shiba Inu. As for Dogecoin, she declared a profit of $4 million. Her most successful meme coin trading investment was with PEPE, making $7 million.

Meanwhile, the Bitcoin trader declared a profit of $900,000 from the recently launched Solana meme, BOME. Considering the acclaimed successes in trading these meme coins, Emily sought the community’s opinion on which token to consider next.

However, Emily did not elaborate on the strategy behind accumulating these funds. She failed to mention whether the accrued $5.7 million from SHIB was a recent venture or a record dating to the 2021 frenzy.

Confirmed Shiba Inu Millionaires

While the lack of further data has triggered doubts, verifiable on-chain data has proven cases of investors securing massive profits from Shiba Inu this cycle. The Shiba Inu millionaires mostly amassed their wealth with modest initial investments, often just a few thousand dollars. This was primarily due to their earlier engagement with Shiba Inu before mass adoption.

For instance, an anonymous wallet expended $8,000 to acquire Shiba Inu from August 2020 to February 2021. He accumulated 103.3 trillion SHIB cumulatively and held on to most of it when Shiba Inu hit an all-time high in October 2021. 

By then, the amassed SHIB had hit an astonishing value of $5.71 billion. This billionaire trade through Shiba Inu accounts for one of the few on-chain verifiable claims of fortune made through SHIB. 

Another instance involves a trader who invested just $3,793 in Shiba Inu in August 2020, later realizing profits of at least $127 million. If this investor had held onto their SHIB tokens until the coin’s all-time high, their initial investment of barely $4,000 would have been worth a staggering $1.35 billion.

Here are Shiba Inu Supply Walls Separating SHIB from Reaching ATH of $0.00008845

Sam Wisdom Raphael
-
0
Here are Shiba Inu Supply Walls Separating SHIB from Reaching ATH of $0.00008845

At its current price, Shiba Inu faces multiple supply walls with total volume exceeding 63 trillion SHIB on the path to reclaim its all-time high price of $0.00008845.

Shiba Inu is battling to conquer the $0.000028 territory amid the push toward a full-blown recovery. Since collapsing from $0.000045 last month, SHIB has witnessed stern opposition to its attempts at a rebound as the bears continue to control the scene.

With the broader market now showing strength, Shiba Inu recently recovered $0.000028, up 22% from the $0.00002366 floor attained on March 20. Notably, Bitcoin (BTC) has already slipped into its price discovery phase after conquering the previous cycle’s peak.

Shiba Inu aims to reach this phase as well, looking to leverage the upcoming altcoin season. Nonetheless, this campaign is poised to face major resistance, as data from IntoTheBlock confirms multiple supply walls standing between Shiba Inu and its ATH.

Shiba Inu Faces 63T Sell Wall

Interestingly, Shiba Inu will need to conquer four major supply walls before it can reclaim its ATH price of $0.00008845 and push toward reaching new peaks at $0.0001. These four supply walls cumulatively contain 63.76 trillion SHIB, representing 10.8% of the circulating supply.

Shiba Inu Address Profitability IntoTheBlock
Shiba Inu Address Profitability | IntoTheBlock

Further data indicates that these 63.76 trillion SHIB tokens were procured by 352,190 addresses, which represent up to 26.2% of the total addresses holding Shiba Inu tokens. The sheer magnitude of this volume suggests that SHIB has a strong opposition to breaking on its journey to greater heights.

The biggest concentration of wallets lies within the $0.000031 and $0.000036 price range, where 137,600 addresses amassed 20.96 trillion SHIB. Due to the massive resistance at this price level, Shiba Inu has failed to reclaim and conquer the $0.00003 level since its drop last month.

Shiba Inu Massive Sell Wall
Shiba Inu Massive Sell Wall | IntoTheBlock

Its most impressive attempt occurred on March 28, when it soared to a high of $0.00003285 but experienced intense selling pressure by these addresses. Once Shiba Inu conquers the $0.000036 high, its next resistance level sits between $0.000037 and $0.000040, with a volume of 7.54 trillion SHIB.

While the third supply wall is comparatively less potent, featuring only 5.55 trillion SHIB, the last one boasts the largest volume at 29.71 trillion tokens. This last sell wall rests in the $0.000057 to $0.000139 price range, representing Shiba Inu’s last opposition to the journey toward its price discovery phase.

Investors Remain Bullish on SHIB

As it currently faces resistance below $0.00003, SHIB would need immense support from the bulls to push through. Interestingly, CryptoQuant data suggests Shiba Inu reserves on exchanges have reduced 1.41% over the last week to 153.8 trillion, indicating lower selling pressure.

SHIBA INU Exchange Reserve All Exchanges 2
Shiba Inu Exchange Reserves | CryptoQuant

Moreover, with derivatives volume up 16.89% to $229.8 million and open interest (OI) rising 5.58% to $90.2 million, investors have continued to troop to the Shiba Inu market. More remarkably, according to Coinglass, the SHIB long/short ratio currently stands at 1.0186, indicating that more investors are bullish on Shiba Inu.

Shiba Inu Technicals Suggest Upsurge to $0.0001

Sam Wisdom Raphael
-
0
Shiba Inu Technicals Suggest Upsurge to $0.0001

Shiba Inu technical indicators suggest the possibility of another price uptrend that could take its price to a new all-time high above $0.0001.

The recent market correction has come to a halt, with prices seeing mild to massive rebounds. While Shiba Inu has not recorded as much recovery as market leaders Bitcoin (BTC) and Ethereum (ETH), it has reclaimed and held up well above $0.000028.

Shiba Inu Historical Data

Amid the perceived underperformance, market watchers expect SHIB to reach new heights during this current market cycle. One of the factors bolstering this optimism is an assessment of historical data, especially on SHIB’s 2021 price action.

In a recent TradingView analysis, crypto analyst Bunchhieng highlighted this historical pattern, noting that Shiba Inu is looking to replicate it in this bull run. For context, SHIB recorded an initial 406% rally from $0.00000697 on Oct. 28, 2021, to a high of $0.00003528 on Oct. 7, 2021.

Shiba Inu 1D Chart Bunchhieng
Shiba Inu 1D Chart | Bunchhieng

After reaching the $0.00003528 high, SHIB witnessed a retracement and subsequently consolidated for most of October 2021. Nonetheless, Shiba Inu engineered another round of gains, spiking 222% from $0.00002747 on Oct. 22, 2021, to its all-time high of $0.00008845 on Oct. 28, 2021.

SHIB Replicates 2021 Pattern

Bunchhieng believes history could repeat itself. Interestingly, Shiba Inu has seen a similar initial rally, surging 373% from $0.00000965 on Feb. 25 to a yearly peak of $0.00004567 on March 5.

IntoTheBlock called attention to this impressive rally, which occurred during the meme coin frenzy from late February to early March. The market analytics resource revealed that trade volume for meme coins has almost surged by three times this year. Notably, Shiba Inu commanded most of this volume at some point.

IntoTheBlock stressed that amid this surging volume, the combined market cap of meme coins rose to $56 billion. Dogecoin (DOGE) has seen its price double, while Pepe (PEPE) has recorded a 5x increase. Meanwhile, SHIB is already up 2.5x this year, indicating massive growth. 

Following the spike to $0.00004567 on March 5, SHIB has now retraced some of its gains and entered a consolidation phase. Trading platform TopgOptions highlighted this stage, noting that SHIB would consolidate within the $0.000027 area and retrace before embarking on another significant push.

If Shiba Inu replicated the previous price action in 2021, its next direction could be an uptrend. Bunchhieng expects this uptrend to push SHIB to a $0.0001 price, marking a 249% rise from its current price of $0.00002864. With Shiba Inu’s RSI currently at 53.15, SHIB has massive room for more growth.

Meanwhile, Shiba Inu is currently battling to solidify its position above the 200-day EMA at $0.00002806. A confident move above this point could bring SHIB to the resistance level at $0.00003075. Breaching this resistance would mark the start of a sustained push toward greater heights.

Bitcoin Investor Predicts XRP to $20, Says $5 for XRP is an Underestimate

Abdulkarim Abdulwahab
-
0
Bitcoin Investor Predicts XRP to $20, Says $5 for XRP is an Underestimate

Armando Pantoja, a notable Bitcoin investor, has argued that projections of XRP reaching $5 this bull season are an underestimation, asserting a price point between $10 and $20.

$5 Projection is Underestimation

Pantoja made this bold claim in a recent post on X, challenging those who forecast a $5 target for XRP. He asserted that such a target grossly underestimates the potential of XRP in the crypto scene. He likened the $5 projection to forecasting a $1,000 cap price for Bitcoin in 2015.

Notably, Bitcoin opened in 2015 with $310. By December 2017, it has already skyrocketed by 6,000% to a peak of around $19,188. 

Pantoja voiced confidence that XRP is following a trajectory similar to Bitcoin’s early days in 2015, implying substantial growth potential for the cryptocurrency. In accordance with his perspective, he forecasted that XRP would reach price levels of $10 and $20.

With XRP at $0.5896, reaching Pantoja’s ambitious target of $20 demands a 3,300% price growth. Pantoja anticipates that this price forecast for XRP will come to fruition during the anticipated altcoin season following Bitcoin’s halving.

Interstingly, Pantoja is not the only market commentator who has argued that $5 is a conservative target for XRP in this bull season. Nick, the founder of Web3Alert, similarly asserted that expecting XRP to rally by 15-fold to over $10 is not crazy thinking.

Opposing Views

Meanwhile, X user Jorge Pineda challenged the validity of the $20 projection. Pineda expressed skepticism about XRP reaching such high values, noting a shift in his perspective from being a staunch XRP supporter in the past. 

Pineda highlighted that the value of XRP is closely tied to the development activity on the XRP Ledger (XRPL). However, he is observing a trend in which many significant projects on the XRPL are departing the blockchain.

Similarly, analyst Jee Wiz remarked that, even when considering Fibonacci levels, surpassing $7.3 for XRP seems highly challenging. Wiz suggested that $5 appears to be a more realistic estimation from his perspective.

Besides, some commenters advocated for XRP to at least reclaim the $1 mark before entertaining discussions about higher price targets. 

Nonetheless, a few commenters aligned with Pantoja’s perspective, agreeing that XRP could indeed reach $20.

BOME And WIF Hit Record Highs, The New AI Meme Coin Raboo (RABT) On The Rise

Esra Zuhal
-
0
BOME And WIF Hit Record Highs, The New AI Meme Coin Raboo (RABT) On The Rise

Recently, the spotlight in the crypto world has turned to an innovative newcomer: Raboo (RABT), an AI meme coin that’s capturing the imagination of the crypto community with it’s presale price of only $0.003. With Book of Meme (BOME) and dogwifhat (WIF) reaching record highs, Raboo is emerging as a fresh and exciting player. It offers a unique blend of AI technology and meme culture that positions it as a new crypto with serious potential.

Raboo (RABT): A New Era in Crypto Investment

Raboo (RABT) is setting the stage for a revolution in the crypto space by blending the viral nature of memes with cutting-edge AI technology. This new AI meme coin is not just about financial transactions; it’s about creating a dynamic community where memes evolve and thrive through technological innovation.

Raboo’s platform introduces a unique ecosystem featuring NFT launches that celebrate the creative spirit of meme culture, staking options that reward community engagement, and partnerships with influencers to expand its reach.

At the heart of Raboo’s appeal is its AI-driven approach, which allows for the curation and generation of memes, promising to keep the content fresh and engaging. With its finger on the pulse of meme trends, Raboo is quickly becoming the go-to platform for those looking to invest in a project that understands technology, culture, and finance.

Book of Meme (BOME): Creativity Meets Complexity

Book of Meme (BOME) distinguishes itself by focusing on the creative and social dynamics within the digital realm, transcending the conventional transactional nature of cryptocurrencies. While BOME capitalizes on the Solana blockchain’s strengths—such as fast processing speeds and scalability—to offer an enhanced Web3 experience for meme generation, sharing, and community building, the project is not without its challenges.

The requirement to stake Bored Ape Yacht Club NFTs to generate $BOME tokens introduces a high barrier to entry, potentially alienating a broader audience that lacks access to such premium NFTs. Furthermore, despite BOMEs emphasis on real utility and governance, the reliance on a niche community of NFT holders for ecosystem decisions could limit diversity.

Dogwifhat (WIF): The Double-Edged Sword of Meme Coin Fame

Dogwifhat (WIF) has captured the hearts of the crypto community with its straightforward yet endearing concept—a Shiba Inu wearing a pink hat. Its ascent to a $3.3 billion market cap, despite lacking inherent utility, underscores the community’s might and the captivating charm of meme tokens.

WIF’s valuation, primarily driven by speculative trading rather than fundamental value, exposes investors to significant volatility and potential losses. Its absence of utility and reliance on internet trends for its valuation makes WIF a precarious investment, susceptible to sudden market shifts and the fickle nature of internet fame.

Conclusion: Raboo (RABT) Joins the Ranks of Must-Watch New Cryptos

As BOME and WIF set records, Raboo (RABT) is poised to carve its own path in the crypto market. This AI meme coin stands out for its innovative fusion of technology and meme culture, offering a new kind of investment opportunity that appeals to both tech enthusiasts and meme lovers alike. Raboo represents an exciting new crypto for those looking to diversify their portfolios with investments that resonate with the digital generation.

You can participate in the Raboo presale here.

Disclaimer: This article is provided by the Client. The Client is solely responsible for this page’s content, quality, accuracy, products, advertising, or other materials. Readers should conduct their own research before taking any actions related to the material available on this page. The Crypto Basic is not responsible for the accuracy of info and any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods, or services mentioned in this article.

Please note that The Crypto Basic does not endorse or support any content or product on this page. We strongly advise readers to conduct their own research before acting on any information presented here and assume full responsibility for their decisions. This article should not be considered investment advice.

Based Shiba Inu (BSHIB) Trader Records 53,576% Gain from $272 Investment

Abdulkarim Abdulwahab
-
0
Based Shiba Inu (BSHIB) Trader Records 53,576% Gain from $272 Investment

Crypto surveillance resource “The Data Nerd” has uncovered an investor who made a staggering 537-fold return on investment from Based Shiba Inu (BSHIB), a fast-growing meme coin on the Base network.

Per the disclosure, the investor with wallet “0xeC9” began the journey 25 days ago, flipping a mere $272 to over $146,000. At the time, the trader leveraged 0.07 ETH tokens valued at $272 to acquire 186 million BSHIB.

Turning $272 to $146K with BSHIB

Analysis by The Data Nerd reveals that the BSHIB investor held onto the meme asset for four days before initiating profit-taking moves. From the fourth day of the initial purchase, the investor commenced dumping BSHIB after observing significant gains.

The crypto surveillance account noted that the investor orchestrated ten BSHIB selloff transactions, offloading 122 million tokens. After these sales, the investor realized $86,000 in profit from the initial $272 portfolio.

Furthermore, The Data Nerd noted that the trader retains 64.2 million BSHIB worth over $60K at press time.

Considering the leftover and the profits realized, the astute BSHIB investor has turned a mere $272 into a $146,000 fortune. This impressive achievement signifies a staggering 53,576% growth in less than four weeks.

Similar Cases

Meanwhile, this is not an isolated event. The Crypto Basic has narrated numerous accounts of smart traders on other networks who jumped on meme coins with a paltry sum and made fortunes a few days later.

One stand-out case involved a Solana trader who witnessed an astonishing 630,000% ROI from trading Dogwifhat (WIF), one of the most successful Solana meme coins. 

Unlike the BSHIB trader, this WIF trader was more patient. In particular, he held the asset for more than three months. During this time, the coin gained more mass adoption and ultimately secured listing on prominent exchanges like Binance.

Meanwhile, these success stories around meme coins have raised skepticism that the supposed smart traders are insiders involved in the development of the tokens.

Amid the numerous rag-to-riches accounts with meme coins, some traders have not had them well. For instance, investor Edward Morra recently lamented losing about 98% of his fund 53 days after attempting to turn $1K into $1 million.

Analyst Anticipates Giant XRP Green Candle As Result of Major Consolidation

Lele Jima
-
0
Analyst Anticipates Giant XRP Green Candle As Result of Major Consolidation

With XRP consolidating around the $0.6 level for the most part of the year, top analyst BlockchainedBB speculates on the possibility of the asset experiencing a notable price surge this week.

XRP has not benefited much from the Bitcoin-led rally witnessed across the broader crypto market. The coin has traded around the $0.6 price level for most part of the year. 

Although XRP managed to break out from the $0.6 resistance when it surged to $0.74 on March 11, this momentum was short-lived as the asset plunged back to the $0.6 level.

Growing Speculations About XRP Potential Rally 

Following XRP’s consolidation around $0.6, there are speculations that it could embark on a jaw-dropping rally and give investors massive gains. 

Amid the growing speculation, famous market watcher BlockchainedBB quizzed her 172,300 followers about whether they think XRP’s chart could print a “giant green candle” this week. 

Interestingly, most XRP holders believe that the coin could achieve this feat, with some enthusiasts setting its short-term target at $0.9 – $1.

Coinstare commenting BlockchainedBB tweets says that XRP could reach $4 to $5 in long term while XRP can get $1 easily in short term with a big candle.

While most investors expect the coin’s chart to print a giant green candle soon, BlockchainedBB acknowledged the uncertainty inherent in the crypto market by urging proponents to “wait and watch.” 

BlockchainedBB to Take Early Position in XRP

In the meantime, the analyst seems optimistic about a potential rally for XRP, as they highlighted the coin among the crypto assets they intend to trade this week. Interestingly, XRP topped the list, followed by XLM, DOGE, SHIB, RATS, STX, and API3. 

BlockchainedBB’s speculation about XRP comes on the heels of a 2% rally over the past 24 hours to $0.6088. On the daily chart, XRP’s price has soared from a 24-hour low of $0.5895 to a high of $0.6102. 

Favorable XRP Predictions 

Notably, several analysts have projected that XRP could break out from its multi-year symmetrical triangle, which could take its price to unprecedented levels. 

Top market watcher World of Charts shared this sentiment last month, projecting that a successful breakout from this symmetrical triangle could pave the way for a 360.63% rally to $2.3719. 

In the same month, popular crypto analyst JD also asserted that XRP was breaking out from a six-year triangle that could result in an upward movement toward the $3.5 mark. 

XRP’s attempts to break out from the resistance within the $0.6 region of the multi-year triangle have ended in futility on several occasions. This is mainly due to the volatility across the broader crypto market and developments in the ongoing legal tussle between the SEC and Ripple. 

As reported earlier, there were speculations that Ripple could dump nearly $2 billion worth of XRP in the market if the court grants the SEC’s remedies request. 

Although the SEC seeks remedies totaling nearly $2 billion, there is no guarantee that the court will grant them. Ripple will file its opposition to the SEC’s brief on April 22, and the company is expected to convince the court to trim the commission’s hefty demand. 

Shiba Inu Targets $0.000049 and $0.0001 As SHIB Eyes Breakout on Multiple Timeframes

Sam Wisdom Raphael
-
0
Shiba Inu Targets $0.000049 and $0.0001 As SHIB Eyes Breakout on Multiple Timeframes

According to several market analysts, Shiba Inu is currently eyeing a crucial breakout on multiple timeframes, with price targets set at $0.000049 and $0.0001.

The recent market downturn has elapsed, with Bitcoin (BTC) leading the latest recovery campaign amid a reclamation of the $72,000 territory. Shiba Inu has also taken advantage of this rebound, looking to recover the losses incurred during the recent downtrend.

Amid this push to recovery, market data confirms that SHIB is eyeing a breakout from its symmetrical triangle on multiple timeframes. This pivotal development, projected by several analysts, could set the stage for a major price rally capable of leading to new yearly highs.

Shiba Inu on 4H Timeframe

Notable market analyst, World of Charts, is one analyst predicting this scenario. In a recent analysis, he identified a symmetrical triangle formed by Shiba Inu in the 4-hour timeframe. SHIB slipped into this triangle following the drop from the $0.000045 yearly peak on March 5.

Image Source: https://twitter.com/WorldOfCharts1/status/1777116310541066282

Shiba Inu’s first and only attempt at breaching the upper trendline of the symmetrical triangle came up on March 28 amid the broader market resurgence, but it faced stern resistance at $0.00003285, leading to steeper declines.

As the latest market-wide rebound starts to take full effect, World of Charts stressed that Shiba Inu wants to push toward breaching this level. Interestingly, SHIB recently achieved this goal when it broke above the $0.000029 threshold to reach a 1-week high of $0.00002954.

With a retest of the trendline now on the horizon, the analyst expects an impressive bullish surge when Shiba Inu completes its retest. Data from an accompanying chart projects a 71% rise to a new yearly peak of $0.00004941.

SHIB Records Breakout on Daily Timeframe

Crypto King, a crypto community figure, shares similar sentiments, calling attention to another symmetrical triangle formed by Shiba Inu on the daily chart. According to him, SHIB also formed this triangle following the drop from $0.000045 on March 5.

Shiba Inu 1D Chart Crypto King
Shiba Inu 1D Chart | Crypto King

The market pundit noted that Shiba Inu is currently in a consolidation phase, dubbing it a project with “OG meme status” that could command a more substantial volume. Data from his chart indicates that he expects SHIB to explode in price once it breaches the upper trendline of the symmetrical triangle.

Market analyst Crypto Sheriff also holds this idea. He highlighted the symmetrical triangle on the daily chart, confirming that Shiba Inu has already broken above the upper trendline. This breach came on the heels of the recent market rebound, which has seen SHIB gain 3% today.

Image Source: https://twitter.com/Gem_Sheriff/status/1777259792462946505

Like the rest of the market commentators, Crypto Sheriff sees Shiba Inu surging to a new yearly high once the uptrend begins. However, his target remains the most ambitious, as he expects a rally to the $0.0001 price territory.

Despite the audacious nature of the $0.0001 target, several pundits believe SHIB can reach it. Shiba Inu lead developer Shytoshi Kusama called a forecast of $0.00012 an underestimate. In addition, crypto influencer Oscar Ramos noted that he is 100% sure SHIB is going to $0.0001.

Michael, another notable crypto analyst, also predicted that Shiba Inu’s fifth Elliott Wave could bring it to $0.0001019. Currently trading for $0.00002911, SHIB would need to rally 243% to reach $0.0001. Given its 180% YTD gain, Shiba Inu has the potential to attain a 243% rise.

Here’s How Many Shiba Inu Binance Currently Holds

Lele Jima
-
0
Here’s How Many Shiba Inu Binance Currently Holds

Binance has published its updated Proof-of-Reserve (PoR) report for March 2024, boasting a holding of 67.67 trillion Shiba Inu (SHIB) tokens. 

The report showed that the exchange held billions of dollars’ worth of crypto assets, including Shiba Inu (SHIB), at the time of the audit on April 1, 2024, at 00:00 (UTC).

Binance’s Shiba Inu Holdings  

It is worth noting that the exchange’s Shiba Inu reserve exceeds users’ deposits by 3.59%. According to the data, while Binance customers’ net balance stood at 65,321,321,452,095.36 (65.32 trillion) tokens, the exchange boasts a reserve of 67,670,462,296,521 (67.67 trillion) SHIB. 

This indicates that Binance collateralizes its users’ Shiba Inu deposits at a ratio of 103.60%. With SHIB trading at $0.00002894, the users’ Shiba Inu deposits are worth $1.89 billion, while the exchange’s SHIB balance is valued at $1.96 billion.  

The latest report suggests that both Binance and its customers’ net balances represent a slight decrease from the figure recorded in January. As of February 1, Binance had a net balance of 69.4 trillion SHIB, with a collateralization ratio of 103.6%. 

Binance PoR System 

Following the epic collapse of FTX, Binance and other major exchanges published monthly reports showing their proof of reserves for selected assets. This move was an attempt from these exchanges to prove that they hold customer assets as is.

Amid the widespread adoption of Shiba Inu on Binance, the exchange added SHIB to its PoR system in February 2023. At the time of writing, Binance’s PoR system covers 31 of the most widely adopted crypto assets on the exchange. 

Bitcoin and Ethereum Holdings 

In the latest report, Binance also indicated that the collateralization ratio for top crypto assets like Bitcoin (BTC) and Ethereum (ETH) stood at 104.46% and 103.58%, respectively. 

For Bitcoin, Binance users hold 568,788.919 BTC worth $41.09 billion, while the exchange maintains a net balance of 594,136.021 BTC ($42.92 billion). 

Similarly, while Binance users hold 4,446,480.486 ETH ($16.04 billion) as deposits, the exchange boasts a balance of 4,605,595.896 ETH ($16.61 billion). 

Meanwhile, Binance is preparing to implement a new know-your-customer (KYC) measure by April 20, which could impact its crypto holdings.

Following the implementation of the policy, users who have not completed the exchange’s KYC requirements would no longer gain access to their sub-accounts on the platform. 

Expert Identifies 3 Persistent FUDs Surrounding XRP

Abdulkarim Abdulwahab
-
0
Expert Identifies 3 Persistent FUDs Surrounding XRP

Pro-XRP attorney Bill Morgan has highlighted three enduring FUD narratives within the XRP community despite numerous efforts to debunk them.

Recently, Morgan weighed in on the continuous trend of negative narratives about XRP circulating in the crypto community. Pointing out three of the top negative narratives, he noted that it appears the XRP Army cannot move on from the prevalent misconceptions.

FUD One: Ripple Sales Suppress XRP

Morgan first addressed the widely held belief that Ripple’s continuous sale of XRP suppresses the cryptocurrency’s price. Without dwelling much on it, the legal expert dismissed this view.

Notably, proponents of this theory argue that Ripple’s sale of XRP introduces “new” tokens into circulation, consequently exerting bearish pressure on XRP’s value. They often cite this narrative to rationalize XRP’s apparent underperformance during the current bullish market.

However, recent findings by The Crypto Basic have debunked this claim. It attributes XRP’s underperformance not to Ripple’s sales but to a lack of demand. Additionally, a comparison with Solana, the best performer among the top ten cryptocurrencies, reveals that XRP faces less than half the inflationary pressure observed with Solana.

FUD Two: XRP Has No Legal Clarity

Meanwhile, Morgan highlighted that the second prevalent FUD narrative revolves around the misconception that XRP still lacks legal clarity. According to the legal expert, this narrative takes two forms. 

On the one hand, some argue that despite the court’s clear determination that XRP itself is not a security, certain sales could transform the token into one. Morgan emphasized the absence of legal precedent supporting such a notion.

On the other hand, proponents of this misconception even question Judge Analisa Torres’s judgment. Morgan noted that the Securities and Exchange Commission (SEC) has declared it had no intention of appealing the court’s findings on this matter. Yet, some still question the validity of Judge Torres’s decision.

Furthermore, the lawyer highlighted the reaction of market participants to Judge Katherine Failla’s recent decision in the case between the SEC and Coinbase as an illustrative example of the undue scrutiny that Judge Torres’s decision has come under.

Notably, Judge Failla sided with the SEC that tokens sold on exchanges may qualify as investment contracts. Following this ruling, pundits like Fox Business’ senior correspondent Charles Gasparino have claimed that the victory ruling delivered for XRP risks reversal by a higher court.

Meanwhile, other leading attorneys in the crypto sphere have regarded this viewpoint as unrealistic, particularly considering the context of Judge Failla’s decision. It is important to recognize that Judge Failla’s ruling pertained to a motion to dismiss the SEC’s case against Coinbase rather than a summary judgment like in the XRP case.

“Proposed XRP Stablecoin Will Kill XRP”

The last FUD narrative Morgan highlighted was the growing view that the proposed XRP stablecoin would either replace XRP, diminish its demand, or depress its price. He observed that this view primarily emanates from newcomers in the space.

While pundits have debunked this theory, Morgan observes that the erroneous perception subsists.

1...1,5021,5031,504...2,670Page 1,503 of 2,670