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Analyst Forecasts Shiba Inu Surpassing Dogecoin, Highlights Historic Rivalry

Lele Jima
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Analyst Forecasts Shiba Inu Surpassing Dogecoin, Highlights Historic Rivalry

As the rivalry between Shiba Inu and Dogecoin gains momentum, popular crypto analyst Altcoin Sherpa identifies key moments when SHIB may outpace DOGE.

Dogecoin vs. Shiba Inu Rivalry

It is noteworthy that the contest between Dogecoin (DOGE) and Shiba Inu (SHIB), which has caught the attention of the broader crypto community, goes beyond market cap, running deep into technological innovations, sustainability, and community engagement.

However, recently, most investors have limited the rivalry to market cap and global crypto ranking. In the hours leading up to press time, Dogecoin is ranked as the biggest meme coin, with a market valuation of $24.88 billion.

Shiba Inu, on the other hand, boasts a market cap of $15.8 billion, making it the second biggest meme coin. While Dogecoin is the eighth biggest crypto by market cap, Shiba Inu is ranked 12th.

Shiba Inu May Flip Dogecoin

According to a recent analysis shared by pseudonymous crypto expert Altcoin Sherpa, Shiba Inu could have some critical moments when it eventually flips Dogecoin.

Altcoin Sherpa made the bullish comment while reviewing the top meme coins in the market, emphasizing why investors should consider buying or staying away from them in this bull run.

In the recent analysis, Sherpa identified the similarities between Shiba Inu and Dogecoin in terms of liquidity as well as the opportunity for investors to take sizable positions in both assets.

The analysis suggests that Shiba Inu has the required framework to accommodate massive trading volumes, like its major rival, Dogecoin.

Shibarium to the Rescue

Furthermore, Sherpa mentioned that Shiba Inu’s fundamental developments, especially its layer-2 blockchain Shibarium, could act as a competitive edge over Dogecoin.

Shibarium has recently garnered attention in the decentralized finance (DeFi) space, with Shiba Inu ecosystem partner K9 Finance DAO planning to launch its liquid staking derivative (LSD) platform on the network.

As disclosed in the latest edition of the SHIB Magazine, Hesper, the initial phase of K9’s decentralized application, will be deployed on Shibarium in late Q2 2024.

Looking Forward

Overall, the analysis identified significant moments when Shiba Inu could flip Dogecoin and take the lead as the biggest meme coin by market cap.

Despite Dogecoin’s formidable presence as the biggest meme coin by market cap, Sherpa called attention to Shiba Inu’s charts, which signal bullish trends on the high time frame (HTF)—an indicator that could pave the way for a potential rally.

Nevertheless, he warned investors to exercise patience as the possibility of Shiba Inu flipping Dogecoin requires time to come to fruition.

At press time, Shiba Inu has staged an increase of 0.71% in the past 24 hours to $0.00002668, while Dogecoin is down 3% in the same timeframe to $0.1724.

$MEDA Profit Potential Entices Market Bulls Amid Price Turbulence On MATIC And Render

Esra Zuhal
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$MEDA Profit Potential Entices Market Bulls Amid Price Turbulence On MATIC And Render
  • Milei Moneda ($MEDA) is experiencing heavy bullish momentum in its ongoing presale.
  • Polygon (MATIC) network experiences a 12-hour downtime.
  • Crypto analysts forecast a 12% price decrease on Render (RNDR) in the coming days.

Fueled by the recent downturns of established players like MATIC and RNDR, investors are increasingly turning to emerging cryptocurrencies that can help them recover from previous losses. Milei Moneda ($MEDA) has presented the perfect profit maximization opportunity for market bulls willing to seize it, and they’re seemingly taking no chances! Will Milei Moneda ($MEDA) live up to expectations? Read on to find out now!

Economize Like Milei: Invest in $MEDA!

Polygon (MATIC) Faces Price Plunge Amid Terrible Network Glitch

Polygon (MATIC) is undoubtedly one of the top crypto coins in the crypto space. However, since it hit its ATH in 2021, it has encountered persistent downward movement, seemingly unable to recover to previous highs.

This week, Polygon (MATIC) has already experienced a 10.52% price decrease, yet crypto analysts forecast a potential extension of this weekly loss. Key indicators assessed on its daily chart suggest the likelihood of further price decline, with projections pointing towards a support zone approximately 20% below its current price level.

Speculation among crypto enthusiasts has also risen regarding the credibility, reliability, and scalability of Polygon’s (MATIC) network, particularly in light of a recent glitch in the protocol sequencer that resulted in a 12-hour outage on the Polygon (MATIC) network.  

Render (RNDR) Makes Swift Declines From Recent Highs

Like many other top altcoins, Render (RNDR) capitalized on the broader market’s gains this year to rebound from previous lows with an impressive 288% cumulative increase. Surpassing its previous peak, Render (RNDR) saw a remarkable 71.71% surge in price momentum. However, despite starting the year on a bullish note, Render (RNDR) struggled to maintain its upward trajectory, consolidating 10% below its recent high for three consecutive weeks.

Encountering strong resistance at key levels and seemingly unable to overcome them, Render (RNDR) broke below the consolidation zone two days ago with a strong surge in sell volume, swiftly retracing its earlier gains and now trading 51% below the peak.

Crypto analysts foresee an additional 12% decline in Render’s (RNDR) price in the days ahead, given the significant 66% decrease in its crypto market cap over the past five days. This decline suggests a diminishing interest among Render’s (RNDR) bulls.

Milei Moneda’s Presale Attracts Whale Investors 

Given the prolonged presence of Polygon (MATIC) and Render (RNDR) in the crypto market, and considering the fact that investors are often drawn to new and shiny cryptos, they both seem to have lost their allure. In the quest for massive gains, whale investors have been paying special attention to emerging cryptos, especially Milei Moneda ($MEDA), an excellent meme coin that has taken the crypto market by storm. 

Hailed for its forward-thinking approach and impending transformation of the meme coin space, Milei Moneda ($MEDA) appears poised for massive adoption. This is evident in its ongoing presale, which has sold more than 41 million $MEDA tokens at an altcoin price of $0.010 in Stage 1. Currently, at that same stage and price, Milei Moneda ($MEDA) offers investors the best opportunity to maximize their gains.

The excitement only intensifies as investors eagerly anticipate Milei Moneda’s ($MEDA) official Uniswap launch, scheduled for May this year. Early investors are guaranteed a price surge to $0.020 at launch –a 100% increase on their portfolios. Beyond the launch, additional benefits await, including zero transaction fees, community governance, access to some of the coolest NFTs, and lucrative staking rewards, further cementing $MEDA’s appeal in the crypto sphere.

Got $MEDA curiosity? Visit us or chat on Telegram for the inside scoop. Fast, fun, and informative!

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Investors Eyeing 100x Growth for This Memecoin

Lele Jima
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Investors Eyeing 100x Growth for This Memecoin

Crypto enthusiasts are expecting Slothana, a Solana-based meme coin, to register a significant gain of up to 100x after the conclusion of its presale. 

Slothana (SLOTH) is the latest Solana meme coin to capture the attention of crypto investors. As it continues to garner more attention, experts project that it could see a whopping 10,000% (or 100x) gain after its presale.  

Slothana’s Debut 

Since Slothana’s debut, the meme coin has captured the crypto community’s attention, with investors flocking in their numbers to participate in the ICO. 

Interestingly, the development team raised more than $5M in presale capital in one week. At the time of writing this line, the amount raised in the ICO has spiked to $9.02 million. 

It is worth mentioning that the Slothana team did not specify any hard cap target for the presale, which implies that the ICO can end at any time. The team adopted a “fair launch pricing system,” thus allowing investors to acquire the token at the same price. 

To acquire SLOTH, users must either send SOL to Slothana’s contract or connect their wallet directly to the project’s website to buy the asset. 

Here’s Why Investors Think SLOTH Spike 100x 

Although SLOTH is not yet available on exchanges, crypto enthusiasts speculate that the token could rally over 100x. 

They seem optimistic about SLOTH achieving the feat due to speculation that Slothana was created by the team behind another Solana-based meme coin, Smog (SMOG). A recent comment, “To The Moon,” from Smog’s official X account triggered this speculation.

Smog token, which launched on February 7, gave early investors 7,500% gains on their investments. Consequently, investors project that Slothana will surpass SMOG’s successes and register a price gain of up to 100x.

Notably, Slothana will debut on both centralized and decentralized exchanges after the presale ends. In a recent poll on X, most of Slothana’s community members voted in support of this initiative.

 

Meanwhile, with the upcoming Bitcoin halving scheduled to take place later this month, April is expected to be a bullish month for meme coins.

Meme-based cryptocurrencies, including Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), and Pepe (PEPE), could experience a massive price rally after the halving event.

Slothana might also participate in the meme coin frenzy if it officially goes live on exchanges before or immediately after Bitcoin halves. However, it is important to remain cautious and carry out proper research when investing in early meme coin projects, as some investors have become victims of rug pulls.

Here are Projected Timelines for Cardano to Hit $10 and $21 

Lele Jima
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Here are Projected Timelines for Cardano to Hit $10 and $21 

With projections of $10 and $20 gaining steam within the Cardano community, certain entities have highlighted potential timelines for ADA to clinch these audacious targets.  

The recent market onslaught wreaked havoc on the prices of top crypto assets like Cardano (ADA) and Bitcoin (BTC). In particular, ADA recorded a price dip of 11.1% in the weekly charts and a 19.7% decline since last month. 

Despite ADA’s massive plunge, prominent market watchers have remained optimistic about an imminent price surge, with several projections of $10 and $21 making rounds within the Cardano community. 

Projected Timelines For ADA Surge to $10 and $20 

As these predictions garner momentum, top crypto experts and prediction platforms have issued potential timelines regarding when ADA could reach the $10 and $21 territories.  

ADA to $10 

Recent predictions from analysts at Changelly pegged the projected timeline for the potential $10 price target in March 2031, seven years from now. According to the data, ADA would surge to a maximum price of $10.21 by March 2021, with its minimum and average prices set at $8.57 and $8.83, respectively. 

As reported earlier, Changelly speculated that ADA would reach the $10 target by December 2030. However, following the recent correction across the broader market, the analysts have modified the timeline to March 2031. 

In addition, famous crypto analytic platform Telegaon expects ADA to reach $10 between 2030 and 2035. The platform set ADA’s minimum price target at $7.78 by 2030, with a maximum target of $16.24 by 2035. 

For context, reaching the $10 valuation would require an increase of 1,597% from the current price of $0.589.

Road to $21 

The ambitious $21 target is another prediction that has gained steam within the Cardano community. For ADA to reach $21, the coin must rally 3,465% from the current price.

Interestingly, Changelly predicts that ADA would clinch the $21 target by March 2033. ADA is expected to hit a maximum price target of $21.55 by then, while its minimum and average targets are respectively pegged at $18.03 and $18.59.

Meanwhile, Telegaon sees ADA’s $21 price prediction happening by 2040 when they believe the asset would hit an average target of $21.05. 

Telegaon ADA price prediction
Telegaon ADA price prediction

Potential Factors That Could Push ADA to $10 – $21 

Cardano’s journey toward the $10 and $21 territories would not be an easy one. The ninth-largest cryptocurrency by market cap must spike by 1,597% and 3,465% to achieve this feat, respectively. 

Nonetheless, crypto assets like Cardano are known for their ability to take the market by storm with their price gains. The three major factors that could push Cardano’s price to the $10 and $20 territories include increased development activities, widespread promotion, and upcoming Bitcoin Halving. 

It is no longer news that Cardano ranks among the top crypto assets with the most development activities. The coin has led other crypto projects in terms of development activities for several months. This feat paid off heavily last month when ADA surged to around $0.8. 

In addition, there has been widespread promotion recently centered around Cardano. Cardano fans have taken to social media platforms to promote the widespread adoption of the coin. Interestingly, Cardano founder Charles Hoskinson has also joined the campaign, noting that it is now a red flag for investors not to own ADA.

Lastly, the upcoming Bitcoin halving is expected to usher in a bull phase that could propel the prices of various assets, including ADA, to surge significantly. Recall that the last Bitcoin halving was one of the catalysts that paved the way for ADA’s rally to its all-time high of $3.10, registered in 2021. 

It is noteworthy that Cardano saw a surge of 3,775% months after the previous halving. With the next halving set to occur between April 16 and 20 this year, top experts are backing ADA to replicate a similar feat this season.  

As Shiba Inu Stays Above $0.000025, Here’s How Much SHIB Needed to Make $1M if It Hits $0.00015 or $0.0052

Sam Wisdom Raphael
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As Shiba Inu Stays Above $0.000025, Here’s How Much SHIB Needed to Make $1M if It Hits $0.00015 or $0.0052

As Shiba Inu maintains a price above the $0.000025 mark, here is how much an investor needs to make $1 million if SHIB ever reaches $0.00015 and $0.0052.

Shiba Inu has also faced the turmoil observed in the broader market. However, while it has given up the psychological support levels at $0.00004 and $0.00003, SHIB has shown resilience above the $0.000025 price territory, hedging against any drops below it.

The Crypto Basic recently reported that Shiba Inu is about to retest the $0.000025 zone amid the persistent downturn it has observed. Nonetheless, should this occur, it would lead to a more bullish outcome, as SHIB would likely leverage the $0.000025 support as a launchpad to higher price points.

Market participants and analysts have presented multiple targets for when this breakout materializes. Some of these projections involve a rally to $0.00015 and the more audacious $0.0052. Hitting these price targets would lead to new all-time highs for Shiba Inu. 

Expectedly, the prospect of witnessing price points such as these has resulted in increased optimism among investors. As a result, multiple whale addresses have continued to accumulate more SHIB tokens at the current discounted prices.

SHIB Needed to Make $1M if Shiba Inu Hits $0.00015 or $0.0052

With these ambitious price levels in mind, some investors speculate the amount required at current prices to reach a $1 million investment if Shiba Inu clinches them. Notably, SHIB would need to rally by as much as 447% from its current price of $0.00002739 to reach $0.00015.

At the $0.00015 price, an investor would need to hold 6.6 billion SHIB tokens to sit on $1 million. These 6.6 billion tokens are currently worth $182,599 at Shiba Inu’s present price, presenting an astute opportunity for a purchase at a massive discount. Such an investment would yield a profit of $817,401.

Meanwhile, for investors looking to see their holdings skyrocket to $1 million when Shiba Inu reaches the $0.0052 level, they would need to procure 192,307,692 (192.3 million) SHIB. These 192.3 million tokens are currently worth a discounted price of $5,267, presenting an opportunity for a $994K+ yield.

Can SHIB Reach These Targets?

While the prospect of these yields seems enticing, it is important to note that a price increase to any of these targets is not a guarantee. There are currently divided opinions on the possible timelines for these targets. 

For instance, Changelly analysts expect SHIB to reach $0.00015 in June 2028, predicting $0.000151 to be its maximum price in this month. In addition, the analysts see SHIB clinching $0.0025 in April 2040, in the next sixteen years. Nonetheless, these projected timelines remain speculative.

Analyst Expects Shiba Inu to Hit $0.001 After Bitcoin Halving

Lele Jima
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0
Analyst Expects Shiba Inu to Hit $0.001 After Bitcoin Halving

With a few weeks left before the next Bitcoin halving, market expert Armando Pantoja speculates that Shiba Inu would hit the ambitious $0.001 price target after the event. 

As the highly anticipated Bitcoin halving event edges closer, top industry commentators have issued favorable post-halving predictions for Shiba Inu (SHIB). 

Popular investor Armando Pantoja issued his post-halving target for Shiba Inu in a recent X post. The analyst expects Shiba Inu to hit a massive target of $0.001 and above after the highly anticipated Bitcoin halving event. 

In addition to Shiba Inu, Pantoja also set post-halving price targets for other top crypto assets. After the upcoming halving, the pundit expects Bitcoin to rally to $250,000, Ethereum (ETH) to $20,000, XRP (XRP) to $10, and Solana (SOL) to $800. 

Shiba Inu’s Road to $0.001 

Pantoja’s $0.001 price target for Shiba Inu coincides with other experts’ predictions. As reported earlier, prominent crypto community figure Increasity also sees Shiba Inu hitting the $0.001 target in this bull cycle. 

Given its current price, hitting the $0.001 target could seem daunting. Shiba Inu was changing hands at $0.00002732 at the time of writing.   

To hit the $0.001 target from this point, Shiba Inu must rally 3,660% from its current price. It is noteworthy that the $0.001 post-halving target set for Shiba Inu is also 1,130% higher than its ATH record of $0.00008845, registered on October 28, 2021. 

Will This Upcoming Halving Usher in a Bull Run? 

For the uninitiated, the upcoming Bitcoin halving is expected to occur this month. Analysts predict the event will take place between April 16 and 20 of this year. 

The remarkable event, which occurs every four years, sees Bitcoin miners’ rewards slashed in halves. Once this halving occurs, miners’ rewards will drop from 6.25 BTC to 3.125. 

The upcoming halving is expected to usher in a bullish market trend like the three previous events since Bitcoin’s inception in 2009. 

Changelly and Telegaon Don’t See Shiba Inu Hitting $0.001 Target Anytime Soon

Although some analysts see Shiba Inu hitting the $0.001 territory after halving, others do not expect the token to achieve this feat anytime soon. 

For instance, experts from crypto exchange Changelly speculate that Shiba Inu will not hit the $0.001 target before 2033. Additionally, crypto analytic platform Telegaon project the price of SHIB will rally to $0.001 by 2035. 

Grayscale Reinvests in XRP, Now Holds 16.7M XRP After Exiting Cardano

Abdulkarim Abdulwahab
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Grayscale Reinvests in XRP, Now Holds 16.7M XRP After Exiting Cardano

Grayscale Investments, the most prominent crypto asset manager, has adjusted its Digital Large Cap (DLC) Fund by divesting from Cardano (ADA) and reallocating the proceeds towards acquiring XRP and other existing assets.

Grayscale officially communicated this move through a press release detailing the fund’s quarterly rebalancing. The rebalancing concerned several of the firm’s investment products, specifically its Digital Large Cap Fund, Smart Contract Platform Ex-Ethereum Fund, and DeFi Fund.

Grayscale’s New XRP Holding

According to the report, Grayscale modified its DLC’s portfolio by liquidating its Cardano holdings. Consequently, the firm diverted the cash returns from the sale to acquire other assets in the fund.

After this rebalancing, XRP makes up 1.73% of Grayscale’s DLC Fund. Notably, Grayscale’s DLC Fund has $570,206,758.29 in assets under management, per record from its official website. 

With XRP representing 1.73% of the fund, equivalent to $9,864,576, it suggests that Grayscale holds approximately 16.7 million XRP tokens.

As expected, Bitcoin maintains the largest share of Grayscale’s DLC Fund, accounting for 70.96%. Following Bitcoin, Ethereum (ETH) holds the next significant portion at 21.85%, with Solana (SOL) following at 4.52%. 

Meanwhile, Avalanche (AVAX) makes the least composition with 0.95%. Also, as of the end of Q1 2024, the firm has reported no new token additions to its DLC Fund. 

XRP’s Re-entry into the GDLC Fund

Notably, XRP re-entered Grayscale’s DLC Fund following the rebalancing of the last quarter of 2023. This move occurred five months after XRP emerged victorious in the legal dispute against the SEC. 

Grayscale had previously held XRP in its DLC fund before the SEC contested its classification as a security. This regulatory challenge compelled Grayscale to distance itself from XRP.

With XRP now notably featured in the fund, crypto community members speculate on its potential impact on XRP’s market value, especially considering the firm holds over 16 million XRP.

Notably, the Grayscale Digital Large Cap Fund’s primary objective is to expose investors to some of the most significant crypto assets.

XRP’s return to the GDLC Fund continues to spark speculation regarding Grayscale’s potential launch of an XRP spot exchange-traded fund (ETF). 

This speculation is fueled by Grayscale’s recent launch of Bitcoin spot ETFs, with one for Ethereum currently in development. Market participants perceive XRP as the next logical choice due to its clear regulatory standing.

Market Analyst Unveils XRP Surge to $1,000 is Feasible

Sam Wisdom Raphael
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Market Analyst Unveils XRP Surge to $1,000 is Feasible

Crypto market analyst BarriC has provided an extensive explanation why he believes an XRP surge to $1,000 is feasible despite the ambitious nature of the target.

While XRP still struggles below the $1 mark, market watchers remain optimistic of its potential, projecting eventual price surges to lofty targets. For instance, analyst Charting Guy expects XRP to reach $13. Last November, EGRAG predicted XRP to hit $149.

However, one of the most audacious price targets XRP has seen in recent times is a $1,000 projection. This prediction implies a monumental leap from its current trading price of $0.59, signaling a possible 169,391% increase. 

If realized, XRP’s market capitalization would catapult to $55 trillion, eclipsing the value of gold, the largest asset, which currently stands at $15.7 trillion. For context, the entire crypto market cap currently boasts a market cap of $2.54 trillion.

Analyst Makes Case for an XRP Rise to $1,000

Due to the ambitious nature of this projection, proponents have summarily dismissed it as impossible. However, in a detailed and thought-provoking analysis, market analyst BarriC laid out a comprehensive case for why XRP could potentially reach the $1,000 value. 

BarriC drew parallels between the early prices of major cryptocurrencies in 2016 and their subsequent explosive growth, highlighting Bitcoin’s rise from $330 to $74,000, Litecoin’s jump from $3 to $400, Ethereum’s surge from $10 to $3,000, and XRP’s own climb from $0.008 to $3. 

He leveraged these examples to show the unpredictable and exponential nature of cryptocurrency valuations, suggesting that current skepticism around XRP’s potential to reach $1,000 mirrors past doubts about other cryptocurrencies’ growth.

His analysis also extended into the future of the cryptocurrency market. BarriC speculates about the next five to ten years, expecting a scenario where more personal and institutional wealth enters the market. 

With over $400 trillion in personal wealth “on the sidelines,” as he presumes, and an unspecified but presumably significant amount of institutional money yet to be invested in cryptocurrencies, the potential market capital influx is immense.

BarriC’s argument hinges on the prospect of the crypto market exploding from the current valuation of $2.54 trillion to a much higher market cap. Such an explosion would be possible with the right amount of capital influx.

Capital Influx from Spot ETFs

He cited the success of the spot Bitcoin ETF as a catalyst for future growth, implying that as more crypto ETFs become available, institutional investors will have increased access to and interest in cryptocurrencies, including XRP. 

For now, asset managers have only shown interest in Ethereum (ETH), but pundits believe other assets will follow. Some XRP proponents have also called for asset management firms such as BlackRock to launch a spot XRP ETF.

BarriC rejects the notion that XRP’s failure to reach a $1,000 valuation equates to the stagnation or regression of the entire crypto market. Instead, he posits that such a perspective overlooks the possible evolution of the market and the ongoing developments within Ripple that aim to expand XRP’s use and adoption.

Critics and skeptics of this prediction have voiced concerns, pointing to the seemingly arbitrary nature of the $1,000 price target and questioning the source of the $400 trillion figure of personal wealth. 

Despite these criticisms, BarriC maintains that the skepticism mirrors past doubts about cryptocurrencies’ potential for growth—a skepticism repeatedly proven wrong by the market’s history.

Pro-XRP Lawyer Says SEC “Loathes” Ripple for Impeding Its Plan to Control Crypto For 3 Years 

Lele Jima
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0
Pro-XRP Lawyer Says SEC “Loathes” Ripple for Impeding Its Plan to Control Crypto For 3 Years 

The legal tussle between the SEC and Ripple takes a new twist as XRP enthusiasts characterize the commission’s remedy request as an abuse of power. 

The crypto community has slammed the United States Securities and Exchange Commission (SEC) over its remedy request against blockchain payments company Ripple Labs.

SEC Seeks $1.95B in Fine Against Ripple   

It bears mentioning that the SEC made its remedies request against Ripple on March 22. In particular, the commission requested a whopping $1.95 billion in fines and penalties following Ripple’s unregistered securities offering in the form of XRP institutional sales. 

The $1.95 billion fine requested by the SEC surpassed the amount Ripple gained from the securities violation. Notably, the crypto company raised $728.9 million via its institutional sales of XRP from 2013 through 2020. 

Law Professor Sheds Light on Disparity in SEC’s Request  

The SEC’s request has elicited reactions among XRP community members, who believe the commission made the demand out of its hatred towards Ripple. 

Prominent law professor J. W. Verret pointed out the massive disparity in the SEC’s remedies demand against Ripple in a post on X.

According to Verret, the regulatory agency typically requests about 11% recovery from violators of federal securities laws in other cases, including those involving Kik, Kraken, LBRY, and Telegram. 

For instance, in its case against LBRY, the SEC collected $111,614 from the company due to the fact that it raised $11 million from the LBRY Credit (LBC) sales. 

However, Verret noted that instead of the 11% recovery the SEC typically collects in similar cases, the regulatory agency is targeting a whopping 300% recovery from Ripple. 

Abuse of Regulatory Power 

Other XRP proponents also commented on the massive disparity in the SEC demand. Australian-based lawyer Bill Morgan weighed in on the matter, characterizing the SEC’s demand as an abuse of regulatory power. 

In a recent X post, Attorney Morgan said the SEC “loathes” Ripple due to its relentless resistance in the lawsuit, which has halted the commission’s agenda of exerting control over the crypto industry for three-and-a-half years. 

The SEC has been making significant moves to elevate itself as the appropriate regulator for the crypto sector. This has led the commission to file several lawsuits against crypto entities such as Binance, Coinbase, Kraken, and Ripple.

However, its case against Ripple has not gone as expected and has lingered from December 2020 to date.

Ripple has won most aspects of the case, including the finding that XRP in itself is not a security. The court also sided with Ripple and held that the company’s programmatic sales and other distributions of XRP do not constitute investment contracts.

Furthermore, the SEC also dropped its charges against Ripple executives Brad Garlinghouse and Chris Larsen. Consequently, crypto enthusiasts like Morgan believe Ripple’s defense in the lawsuit has prevented the SEC’s quest to gain complete control over the industry.

Will the Court Side With the SEC? 

Whether the court grants the SEC’s remedies demand of $1.95 billion against Ripple remains to be seen. Meanwhile, Ripple will file its opposition to the SEC’s opening brief later this month. 

It is expected that Ripple would argue against the demand, providing facts and evidence to convince the judge to impose a lesser penalty. 

The SEC will file the last brief in the remedies stage by May 6. After this, the court will then issue the final judgment at a later date. 

Shiba Inu Nears Critical Support, Eyes $0.000056 as Next Target

Sam Wisdom Raphael
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0
Shiba Inu Nears Critical Support, Eyes $0.000056 as Next Target

Shiba Inu is about to retest the critical support at $0.000025, looking to leverage it as a launchpad for a push toward a 30-month high at $0.000056.

The cryptocurrency market is still within a bearish phase, and Shiba Inu has been one of the victims of the onslaught. SHIB has recorded a massive 41% collapse since the correction began, dropping below crucial support levels to trade at the $0.000026 price territory.

SHIB’s Symmetrical Triangle 

However, Shiba Inu could be gearing up for a potential recovery, and recent market data confirms this imminent bullishness. Notably, data from the daily chart shows that Shiba Inu has been trading within a symmetrical triangle since the drop from $0.000045 last month.

Since then, SHIB has been pushing to break out of this symmetrical triangle for a marked uptick. Shiba Inu attempted to breach the upper trendline of the symmetrical triangle from March 28 to April 1, but it faced a series of rejections.

This upward push coincided with the broader market slump at the start of the month, with Shiba Inu dropping by nearly 15% from April 1 to 3. This drop led SHIB to retest the $0.000025 low for the first time in two weeks. Despite recovering 5% of its value on April 4, SHIB is still at the mercy of the bears.

Notable analyst SHIB Knight called attention to the current position, stressing that Shiba Inu is presently in an accumulation phase. According to him, he is procuring more tokens at the discounted price to contribute to the imminent price pump.

Shiba Inu Could Push Toward $0.000056

Interestingly, Shiba Inu has now moved to the apex of the symmetrical triangle, with a breakout to either side on the horizon. Amid this condition, the bears have continued to dictate the market, with a possible retest of the $0.000025 territory coming up.

Shiba Inu 1D Chart 2
Shiba Inu 1D Chart

Nonetheless, should SHIB retest this price point at the lower trendline of the symmetrical triangle, it would signal an imminent breakout to the upside. The support at this level is further bolstered by the 50-day EMA at $0.00002446, further preventing any steeper drop.

After retesting this point, SHIB would need to breach the resistance at the 21-day EMA ($0.00002806) to record a push toward greater heights. Following this breach, Shiba Inu would face minimal resistance once it breaks above the $0.000036 level, at which its largest sell wall exists, per data from IntoTheBlock.

Shiba Inu Sell Wall IntoTheBlock
Shiba Inu Sell Wall | IntoTheBlock

Once the $0.000036 territory gives in, Shiba Inu would face minimal resistance on the path to the $0.000056 zone, where 62,940 addresses purchased 5.64 trillion SHIB at an average price of $0.000051. The last time Shiba Inu saw this price position was in November 2021.

SHIB bulls are already gearing up to bolster this push, with a growing accumulation pattern observed among whales. In addition, Shiba Inu has witnessed a growth in social volume, recently pushing up to an AltRank score of 2, as assessed by LunarCrush. SHIB currently trades for $0.0000266, down 3.75% in the last 24 hours.

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