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FedNow Reportedly Processed XRP Transaction Sent to US Bank Account

Abdulkarim Abdulwahab
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FedNow Reportedly Processed XRP Transaction Sent to US Bank Account

Pseudonymous XRP community member “Crypto Value Hunter” recently suggested that FedNow processed an XRP fund sent to his bank account from the Uphold crypto platform.

The XRP community member disclosed this in a post on X. Crypto Value Hunter revealed that he withdrew funds from his Uphold account in XRP to his bank, and the funds hit the target account instantly.

Furthermore, he expressed surprise at the entity that settled the transaction based on the information in the payment description. Per the disclosure, the XRP funds were processed by FedNow, the U.S. Federal Reserve instant payment system.

XRP Community Reacts

This revelation has sparked significant optimistic remarks from community members, considering the swift transfer settlement, a prime characteristic of XRP transactions, and the alleged involvement of FedNow. 

X user Chris Gates confirmed to have experienced a similar instant settlement when he orchestrated similar transactions.

“The implications of this transaction are enormous. Global integration and adoption are occurring much faster than the vast majority of people realize,” remarked US Navy Veteran Allan Goode.

While reacting to the post, prominent community figure Chad Steingraber claimed Ripple Payments is connected to FedNow Service through the Uphold crypto exchange to process instant deposits to U.S. bank accounts. 

Furthermore, Steingraber asserted that “XRP is being used for domestic transactions.” Steingraber reached this conclusion amid Uphold’s partnership with Ripple to bolster cross-border payment infrastructure.

When challenged that FedNow does not use XRP to process transactions, Steingraber agreed to that fact. However, he countered that Uphold uses XRP, considering the alliance with Ripple.

Important Disclaimer

Moreover, some other commenters have contested the claim that FedNow settled the transactions involving XRP sent to a bank account. 

X users HighSteppin claimed to have moved funds multiple times from Uphold and has never seen the payment description suggesting FedNow processed the transactions.

Other community members have echoed similar sentiments that their payment description never displayed information related to FedNow.

Moreover, the timing of the revelation further cast doubt on its authenticity. Crypto Value Hunter made the post on April Fool’s Day, but he claims it is not a prank.

It is important to highlight that, contrary to Steingraber’s claim, the sole link between Ripple and FedNow was when the Federal Reserve enlisted Volante Technologies, a Ripple partner, in the trial run of the payment platform.

Shiba Inu Ventures to Dubai, Unveils Special Giveaway As SHIB Becomes TOKEN2049 Gold Sponsor

Lele Jima
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Shiba Inu Ventures to Dubai, Unveils Special Giveaway As SHIB Becomes TOKEN2049 Gold Sponsor

Leading canine-themed token Shiba Inu has become a Gold Sponsor of this year’s TOKEN2049 conference, which will take place in Dubai this month. 

The team behind the Shiba Inu ecosystem announced the impressive achievement in a recent post on X, underscoring its growing global recognition in the cryptocurrency industry.

Scheduled for April 18 and 19, the two-day meeting will host some of the top crypto leaders, entrepreneurs, developers, and investors, who will share views on how to move the industry forward.  

In the meantime, Shiba Inu has yet to reveal whether any of the ecosystem team members will deliver an address at the upcoming conference. As a Gold Sponsor, Shiba Inu would have the opportunity to promote its products, including Shibarium and its ecosystem tokens like SHIB and BONE, at the event.

Participating in the TOKEN2049 conference as a Gold Sponsor could further bolster Shiba Inu’s popularity within the crypto space.

Shiba Inu Announces Giveaway

The Shiba Inu ecosystem team recognizes the significance of sponsoring the TOKEN2049 conference in Dubai and has announced a special giveaway package to celebrate the milestone. 

In a post yesterday, the team announced that it plans to give away one free ticket to the conference. The giveaway requires members of the Shiba Inu community to participate in a simple task on X: liking and retweeting the sponsorship announcement.

The team did not disclose the duration of the contest. However, the giveaway is expected to end before the TOKEN2049 conference kicks off on April 18.

Kusama Hints at Shiba Inu’s Sponsorship of TOKEN2049 Conference

Recall that earlier this year, there were speculations that Shiba Inu would attend the TOKEN2049 conference in Dubai and Singapore. 

This comes after Shiba Inu’s lead developer, Shytoshi Kusama, first changed his X location mark to Singapore before modifying it to reflect the United Arab Emirates (UAE) a week later. 

At the time, popular Shiba Inu community member Kuro (@kuro_9696_9696) suggested that Kusama’s visit to Singapore and the UAE could link to the TOKEN2049 conference. 

TOKEN2049 Global Conference 

For context, TOKEN2049 is an annual crypto global conference held in Dubai and Singapore. While the Dubai edition will take place on April 18-19, another segment will be held in Singapore on September 18-19. 

Interestingly, top decision-makers and entrepreneurs will gather in both locations to exchange ideas and network to shape the future of the crypto industry. 

The event’s speakers include some big names in the crypto sector, such as Tether CEO Paolo Ardoino, Polkadot founder Gavin Wood, Binance CEO Richard Teng, Polygon co-founder Sandeep Nailwal, Solana co-founder Raj Gokal, Circle CEO Jeremy Allaire, and a host of others. 

TOKEN2049 Dubai will bring together over 10,000 attendees from more than 5,000 companies in 100+ countries. There are two ticket categories for the conference: Last Bird and Special Access Pass. 

At the time of writing this line, the Special Access Pass, which costs $4,999, has been sold out. The Last Bird ticket is currently on sale for $1,499. 

Shiba Inu Targets 140% Jump to $0.000065 Following Retest of $0.000025

Sam Wisdom Raphael
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0
Shiba Inu Targets 140% Jump to $0.000065 Following Retest of $0.000025

The latest market correction has resulted in Shiba Inu retesting the $0.000025 low, with market analyst Scofield projecting an imminent 140% jump to the $0.000065 level.

Shiba Inu (SHIB) has not escaped the latest market collapse, relinquishing some of the gains of the previous upsurge. The asset eventually gave up the $0.00003 territory on April 1 amid a 6.83% intraday slump, closing the day at $0.00002864.

The market onslaught has continued, and SHIB has dropped further to the $0.000027 zone. Despite the bearish market conditions, crypto analyst Scofield expects a recovery from the recent lows and predicts an imminent push to new yearly highs.

His latest analysis revealed that Shiba Inu has been trading underneath a downward trendline that has stifled its growth since the drop from $0.000045 on March 5. The asset first attempted to breach this trendline on March 18, when it rallied to $0.00003285. However, resistance from the bears foiled this attempt.

A Possible 140% Surge

Scofield’s chart suggests that Shiba Inu could soon muster enough strength to break above the trendline. This prospect is further bolstered by the recent retest of the $0.00002550 low amid the latest market drop. SHIB has recovered from this two-week low and is looking to soar higher.

Once such a breakout occurs, Scofield expects Shiba Inu to breach two potent resistance levels stationed between the $0.000040 and $0.000055 levels on the back of the ensuing rally. According to the chart, SHIB could surge further to a new yearly peak of $0.00006537 after breaching these resistance points.

SHIB currently changes hands at $0.00002722 with a 1.69% rise over the last 24 hours. At this current position, a rally to $0.00006537 would require a 140% jump. Notably, the bulls could ride on the sustained HODL culture demonstrated by Shiba Inu investors to engineer this price jump.

Shiba Inu Bulls Demonstrate HODL Culture

Data from IntoTheBlock suggests that while traders (investors who entered the Shiba Inu market less than a month ago) have continually distributed their SHIB amid market turbulence, long-term holders remain resilient. As a result, wallets holding SHIB for over a year have increased by 3.61% in the past month.

Shiba Inu Holders IntoTheBlock
Shiba Inu Holders | IntoTheBlock

In addition, CryptoQuant indicates that Shiba Inu reserves on exchanges have continued to drop since Feb. 29 These reserves have dropped to 155 trillion SHIB as of press time, suggesting that investors are taking off their assets from exchanges possibly for long-term HODLing.

SHIBA INU Exchange Reserve All Exchanges 1
Shiba Inu Exchange Reserves | CryptoQuant

The recent analysis from Scofield is one of multiple bullish projections from market analysts who believe SHIB could record another massive run. For instance, Xanrox expects Shiba Inu to soar by an additional 300% this year. Moreover, Captain Faibik recently forecasted another 2x surge in SHIB’s price to $0.000058.

Here’s Shiba Inu Price After ETF Approval if SHIB Gets 10% of Spot BTC ETF Inflows

Sam Wisdom Raphael
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Here’s Shiba Inu Price After ETF Approval if SHIB Gets 10% of Spot BTC ETF Inflows

Shiba Inu can record substantial price growth if it secures a spot Shiba Inu ETF capable of attracting at least 10% of inflows witnessed by the spot BTC ETF products.

The Bitcoin market has benefited massively from the public trading of the spot BTC ETF products approved by the U.S. SEC two months back. These investment vehicles have attracted inflows from traditional institutions, resulting in BTC reaching new heights before its halving.

Amid the success of the spot Bitcoin ETFs, several crypto communities have clamored to see their native tokens secure a similar investment product. Ethereum (ETH) is on the verge of attaining this feat, with BlackRock, Fidelity and others already awaiting approval of their filings.

Meanwhile, the XRP and Shiba Inu communities have called for their tokens to receive similar attention. Last month, the Shiba Inu community launched a petition to implore Grayscale to file for a spot Shiba Inu ETF. As of March 12, the petition boasted over 5,000 signatures.

While Shiba Inu is still a long way from securing a spot in ETF, the implications of such a development cannot be overstated. The impact of the spot Bitcoin ETFs on the Bitcoin market demonstrates the bullish momentum a SHIB ETF could bring if it commands similar institutional interest.

Shiba Inu Price if It Gets 10% of Spot BTC ETF Inflows

Data from BitMEX Research confirms that the spot Bitcoin ETFs have witnessed $12.125 billion in net inflows since they began trading on Jan. 11. If Shiba Inu, due to its less prominence, commands only 10% of this capital flow, the asset could witness a massive price growth.

Notably, 10% of $12.125 billion amounts to $1.212 billion. This entails that the Shiba Inu market would record an impressive $1.212 billion capital flow. Adding the Bank of America (BoA) 1:10 multiplier effect, these inflows would result in Shiba Inu’s market cap soaring by an additional $10 billion.

Shiba Inu’s market valuation currently sits at $17.9 billion, making it the 11th largest asset. An addition of $10.2 billion to this valuation would result in a $28.1 billion market cap. If SHIB’s circulating supply of 589 trillion remains fairly stable, a market cap of $27.9 billion would translate to a price of $0.00004768.

This figure represents a mere 56.2% increase from Shiba Inu’s current price of $0.000028. While the projected value remains below Shiba Inu’s all-time high price, it only accounts for the minimal capital inflows and figures from the first three months of trading.

Should the potential spot SHIB ETFs witness similar sustained inflows for a year, Shiba Inu could record an additional $36 billion, bringing its market cap to $64.1 billion. At such a valuation, Shiba Inu’s price would skyrocket to the $0.0001 territory.

The Crypto Basic reported in February that the Shiba Inu community created a petition asking Grayscale Investments to launch the Shiba Inu ETF.

Top 3 Cardano-based Altcoins that Could Deliver Massive Returns

Sam Wisdom Raphael
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0
Top 3 Cardano-based Altcoins that Could Deliver Massive Returns

Some Cardano ecosystem tokens, including Minswap (MIN), Indigo (INDY) and Liqwid (LQ), have the potential to deliver impressive returns for investors in 2024. 

While Cardano (ADA) as a token has not performed as impressively as anticipated, its ecosystem has continued to record significant growth. Notably, this bullish growth path began last year and has persisted into the current market phase.

Last November, The Crypto Basic reported that the Cardano TVL had grown to 669 million ADA at the time, marking a new all-time high in terms of ADA. This figure would translate to over $2 billion at ADA’s all-time high of $3.10.

As the Cardano DeFi ecosystem continued to record massive growth, it surpassed Bitcoin in DeFi TVL, with Cardano overtaking Bitcoin as the 11th largest blockchain by TVL. At the time, the Cardano DeFi TVL had expanded to a whopping $240 million, while Bitcoin stood at $237 million.

This impressive growth was a direct result of the capital injected into Cardano-based projects, as the ecosystem continued to command investor interest. As a result, market watchers expect the tokens associated with some of these projects to witness substantial price growth this cycle.

Minswap (MIN)

Minswap is a multi-pool decentralized exchange (DEX) on the Cardano blockchain. It distinguishes itself from conventional exchanges by functioning as a community-governed platform, facilitating token swaps with reduced costs and enhanced efficiency.

Minswap received the Best Cardano DeFi/DEX Project Award at the Cardano Summit for 2023. The protocol’s TVL saw a remarkable spike last February as it witnessed an influx of capital, spiking to a high of 179 million ADA in July 2023. 

Despite a mild drop from this figure, Minswap’s TVL remains above the 160 million ADA mark, currently sitting at 164 million ADA worth $96.94 million against prevailing rates. This makes Minswap the second largest DeFi protocol on Cardano in terms of TVL.

Holders of MIN, the native token of the Minswap DEX, enjoy multiple benefits such as governance voting and the opportunity to earn rewards through staking. MIN has already performed admirably in this phase, up 58% since last November to $0.0355. 

Indigo (INDY)

Indigo is a decentralized, non-custodial protocol for synthetic assets. Leveraging smart contracts, Indigo enables users to mint fully collateralized synthetic assets, termed iAssets. These iAssets mirror real-world assets, offering users exposure without the necessity of holding the actual underlying assets.

Indigo has attracted considerable capital since launch, with its TVL recently surging to $125 million last month. In addition, INDY, its native token which allows holders to participate in governance voting, currently boasts a market cap of $10.88 million, indicating more room for growth.

INDY has not performed impressively since the third quarter of last year, but investors remain optimistic. The token has dropped 20% year-to-date to the current price of $2.11. However, as the protocol gains more traction, INDY could see the necessary strength for a rebound this year.

Liqwid (LQ)

Liqwid is one of the fastest-growing Cardano protocols worthy of attention this year. The protocol gives users the opportunity to borrow and lend tokens. Lenders supply liquidity to pools, minting qTokens. Borrowers can then borrow against their qToken balance.

Liqwid hit a new TVL ATH last month when its total value locked surged to $68 million on March 5, translating to 88 million ADA. Liqwid’s TVL has since dropped to $49.75 million as of press time, making it the third-largest Cardano-based protocol.

Its native token, LQ, has also underperformed since late last year, when it dropped from a $5.4 high in December 2023. Meanwhile, LQ still commands a market cap below $1 million, signifying significant room for more growth. The token currently trades for $2.20.

Elon Musk Reportedly Following Cardano Fan Page

Abdulkarim Abdulwahab
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0
Elon Musk Reportedly Following Cardano Fan Page

Cardano Feed, a Cardano community-driven X account, recently suggested that tech billionaire Elon Musk is stealthily showing interest in Cardano, but there’s a catch.

On Monday, April 1, Cardano Feed shared a screenshot suggesting that Elon Musk had started following their account. “Oh my god! Welcome aboard, Elon Musk,” the statement read.

Community Reacts

The disclosure from Cardano Feed garnered significant attention, considering the potential weight of an endorsement by an eminent figure such as Elon Musk. An X user remarked enthusiastically:

“I guess we are getting the basics right if Elon Musk follows us. So many other organizations seem to ignore us at their peril.”

“Damn, is Musk hopping aboard the Cardano train?” X user Dom Stocchetti asked curiously, adding, “Wouldn’t surprise me. He’s good at cutting through the bullshit and putting his finger on the correct solution.”

Some individuals even speculated that Elon Musk might have reconsidered his stance on Dogecoin, leading him to consider Cardano a choice.

Meanwhile, before Cardano enthusiasts could rejoice at the reality of a genuine endorsement from Musk, other market participants were quick to spot that the screenshot was a counterfeit. 

In particular, Cardano Feed made the post in the spirit of April Fool’s Day, attempting to prank community members. Notably, the Cardano Feed handler did not deny that the screenshot was fake.

Meanwhile, Elon Musk himself has embraced the April 1 prank trend. In a playful tweet, he announced that he has joined Disney as their Chief DEI Officer.

He humorously expressed his excitement about collaborating with Bob Iger and Kathleen Kennedy to make their content “MORE woke.”

Reflecting on these prank trends, Ripple’s CTO David Schwartz remarked that April 1 resembles social media’s “Purge Day,” the only day of the year when people have to double-check the information they consume.

Elon Musk’s Crypto Endorsement

Interestingly, this Cardano endorsement prank emerged amid the initial phase of this cycle’s bull run, mirroring the first instance Elon Musk tweeted about Dogecoin (DOGE). Musk has remained a Dogecoin promoter since 2020, contributing to DOGE’s push into top ten. 

Moreover, the tech billionaire similarly supported Bitcoin during the last bull season. His automobile firm, Tesla, accepted BTC in exchange for electric cars until the service was later discontinued.

Recent reports suggested Tesla remains the third-largest publicly traded firm holding Bitcoin. Elon Musk’s firm has held 9,720 BTC for seven quarters straight without buying or selling.

SEC Victory Over Coinbase Puts Ripple Win at Risk: Top Journalist

Lele Jima
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SEC Victory Over Coinbase Puts Ripple Win at Risk: Top Journalist

Fox Business journalist Charles Gasparino speculates that the appellate court could reverse Ripple’s victory against SEC following the rejection of Judge Torres’ ruling by the judge in the Coinbase case.

The recent court decision in the SEC v. Coinbase lawsuit has increased the uncertainties regarding the regulatory agency’s legal tussle against Ripple Labs. 

Judge Failla Sides With SEC, Rejected Coinbase Argument 

Recall that in an attempt to dismiss the SEC lawsuit, leading San Francisco-based exchange Coinbase cited the Ripple verdict, specifically the decision on programmatic sales of XRP on digital exchanges. 

For the uninitiated, a part of the verdict in the Ripple case held that XRP sold on digital exchanges does not qualify as investment contracts because they were executed through blind bid/ask transactions. 

However, on Wednesday, March 27, U.S. District Judge Katherine Polk Failla rejected this argument, essentially siding with the SEC. 

Higher Courts Might Reverse Ripple Victory  

Interestingly, the SEC’s recent victory over Coinbase at this early stage of the lawsuit elicited a reaction from Charles Gasparino, a senior correspondent at Fox Business. 

Citing anonymous securities lawyers who he says have commented on the matter, Gasparino suggests Failla’s decision serves as a warning to XRP holders, claiming that a higher court could reverse Ripple’s victory. 

Gasparino noted that while Judge Failla rejected Ripple’s decision, she relied on Judge Jed Rakoff’s reasoning in the SEC case against TerraForm Labs. Like Failla, Judge Rakoff also rejected Judge Torres’ reasoning regarding Ripple’s programmatic sales of XRP. 

Before now, Gasparino had continued to speculate that the appellate court would overturn Ripple’s win against the SEC, claiming Judge Torres’ decision suggests that XRP is a security and non-security at the same time. 

A Bad Take

Since Judge Failla issued the Coinbase decision, there have been a series of debates regarding whether the Second Circuit would overturn the Ripple decision. 

Expectedly, top industry commentators have dismissed Gasparino’s opinion on the Coinbase decision and its significance to the Ripple lawsuit. In particular, Seedstarter founder Jesse Hynes characterized Gasparino’s opinion as a “bad take.”

Hyness criticized Gasparino’s reasoning, emphasizing that no real lawyer would apply a ruling issued on a motion to dismiss, like the one filed by Coinbase, to a summary judgment decision given in the Ripple case.  

For context, the SEC vs. Coinbase case is just entering the discovery phase, and the judge’s final decision on the case is yet to come up. Interestingly, Australian-based pro-XRP lawyer Bill Morgan also described Gasparino’s narrative as a bad take. 

Will the SEC Appeal Ripple Victory After the Remedies Stage? 

It remains to be seen whether the SEC would challenge Judge Torres’ decision in the Second Circuit after the remedies phase. Last year, Judge Torres denied the SEC’s motion to appeal her decision on Ripple’s programmatic sales and other distributions of XRP. 

She ordered the regulatory agency to wait until all pending issues of the case are resolved at the district court level before it can file a full appeal. 

At the moment, the remedies litigation is the only pending issue in the lawsuit, and the SEC has already filed its opening brief. As a result, top crypto stakeholders, including Ripple CTO David Schwartz, believe the judge will issue a final decision this year. 

Once the court issues the final decision, the SEC will decide whether to challenge the ruling on programmatic sales and other distributions. Meanwhile, the SEC runs the risk of elevating the Ripple verdict as a legal precedent for the broader crypto market if the Second Circuit affirms Judge Torres’ decision. 

Xumm Team Votes to End XRP to XAH Burn2Mint Process

Sam Wisdom Raphael
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Xumm Team Votes to End XRP to XAH Burn2Mint Process

The Xaman (formerly Xumm) team, led by founder Wietse Wind, has voted to end the Burn2Mint (B2M) approach involving XRP and XAH, the native asset of the XRPL sidechain Xahau.

As first spotlighted today by XRP community figure Eri, data confirms that Richard Holland, the CTO at the Xaman development team XRPL Labs, recently closed an amendment seeking to implement this change, merging the amendment to the Xahau code.

Notably, Wietse Wind initiated the amendment three weeks ago, proposing the discontinuation of the Burn2Mint strategy for generating new XAH tokens. Wind cited numerous reasons for this accelerated cessation.

The XRP to XAH B2M Approach

For context, the Xaman team originally introduced the B2M mechanism as a method for users to obtain XAH directly, bypassing the need for secondary markets or cross-chain bridges. It allows users to burn XRP, effectively eliminating it from circulation, and mint an equivalent amount of XAH.

As affirmed by Wind in the latest amendment, the Burn2Mint process was structured with a gradual decline in yield. This gradual decline would eventually lead to 0, mitigating inflation and ensuring a regulated distribution of XAH by essentially halting the minting of new XAH tokens.

However, given the increasing availability of XAH on secondary markets and potential regulatory concerns, the Xumm team has decided to cease the B2M feature abruptly. The amendment, now passed, reduces the B2M yield to zero in an approach that makes it look like the B2M timeline has ended.

According to the amendment, despite this alteration, critical functions such as account activation and regular key/signer list synchronization will persist. This guarantees that although XAH can no longer be minted through B2M, the platform’s infrastructure remains supportive of its user base.

The Xahau Launch

The Xaman team launched the Xahau sidechain last November, providing network participants with access to the attractive XRPL features while leveraging additional infrastructure not available on the XRPL, such as native smart contracts through Hooks.

Following the launch, Ripple’s CTO David Schwartz stressed that Xahau is a good avenue to test out the functionality of Hooks before its eventual deployment in the XRPL. Notably, the delay in deploying Hooks to the XRP Ledger is due to concerns over potential risks the protocol could bring to the network.

When the Xumm team introduced the Burn2Mint approach as the avenue to get XAH, some XRP proponents raised concerns about parting with their XRP tokens to mint XAH.

However, David Schwartz allayed these concerns, emphasizing that the approach boasts several benefits, such as serving as a source of demand for XRP, an opportunity to procure XAH in a decentralized and secure manner, and the absence of issues with cross-chain bridges.

Here’s What Cardano Price Might Reach If ADA Repeats 3,775% Surge of 2021

Abdulkarim Abdulwahab
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0
Here’s What Cardano Price Might Reach If ADA Repeats 3,775% Surge of 2021

If Cardano repeats the 3,775% surge of late 2020 and 2021, its price could rise to a substantial double-digit value at the peak of the anticipated altcoin season.

The current bull market has been ongoing for approximately six months, during which Bitcoin (BTC) has surpassed its 2021 all-time high.

Lower-ranked assets such as Render (RNDR) and Injective (INJ) are also experiencing a price discovery phase, having cracked their previous all-time highs.

Despite the ongoing bull market, many altcoins like Cardano (ADA) remain significantly below their 2021 highs. In particular, ADA trades at a staggering 81.04% below its previous peak of $3.10.

Nonetheless, market participants are still optimistic about a potential ADA price surge once the altcoin season gains momentum. Market observers expect the altcoin season to kick into full gear this month following the Bitcoin halving.

Despite the growing optimism, the potential extent of Cardano’s rally for this cycle’s bull season remains contestable. 

Nonetheless, The Crypto Basic attempts to assess the potential value of ADA, based on historical data, should the asset reestablish the rally that took it to the 2021 high of $3.10.

Cardano 2020 to 2021 Bull Trajectory 

Notably, ADA traded for pennies for an extended period after the 2017 rallies before regaining its footing in late 2020. For instance, Cardano opened in 2020 at $0.03283 and remained around that range for most of the year. 

Meanwhile, the token experienced a 338% rally that year, propelling its price to $0.14 in August 2020. By this time, the Bitcoin halving had already occurred in May 2020.

However, ADA collapsed significantly in September, dropping to $0.08. Remarkably, its recovery from this point was more enduring, as it maintained a steady path and reclaimed the $1 threshold by February 2021. 

Cardano’s uptrend did not cool off until May 2021, when it traded at $2.3 for the first time. It experienced nearly three months of bearish performances before resuming the bullish momentum and ultimately hit $3.10 by September 2, 2021.

From the September 2020 low of $0.08 to the $3.10 peak a year later, Cardano soared by 3,775%.

ADA Repeating History

At press time, Cardano sells for $0.5832. Repeating a similar 3,775% surge over the next year would imply ADA expanding by nearly 38-fold, potentially putting its price above $21.

Renowned market analyst Ali Martinez has asserted that Cardano’s current pattern mirrors those exhibited in late 2020. Consequently, he projected a $7 price point for ADA’s peak for this cycle. 

Meanwhile, in subsequent updates, Martinez revised his projection for ADA to $8. He believes this $8 target is attainable by January 2025. Other market watchers, including Cardano bull Dan Gambardello, have argued the possibility of an $11 price point for ADA.

Anonymous User Burns Over 105M Shiba Inu At Once

Lele Jima
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0
Anonymous User Burns Over 105M Shiba Inu At Once

An unknown user recently burned over 105 million Shiba Inu tokens in a single transaction amid the current crypto asset’s bearish trend.

The month of April started poorly for cryptocurrency industry. Just two days into this month, the prices of notable crypto assets, like Shiba Inu, have plummeted heavily.

Notably, Shiba Inu’s price has slumped by 11.7% since the beginning of the month. In the hours leading up to press time, Shiba Inu was trading at $0.00002687, marking a 6.3% decline in the daily charts.

Shiba Inu Community Burns 110M SHIB in 24 Hours, But Price Slumped

SHIB’s latest price plunge coincides with a 2,307% increase in Shiba Inu burns over the last. In particular, the community burned 110,474,927 (110.47 million) SHIB worth $2,968 in the past day.

The most notable burn recorded within this timeframe involved the incineration of 105,469,546 (105.46 million) SHIBs, worth $2,833, in a single transaction.

Data from Shibburn shows that the transaction occurred today at exactly 5:15 AM (UTC). However, the identity of the user behind the transaction remains unknown at press time.

On-chain data indicates that the unknown wallet recently reawakened after 141 days of dormancy. Notably, the address first received about 79 billion SOS tokens last November. The wallet held onto these tokens, showing no signs of a dump.

However, amid the recent Shiba Inu collapse, the address swapped the SOS tokens today for 106 million SHIB and then proceeded to burn all the SHIB tokens.

26.33B SHIB Incinerated in 2024

The Shiba Inu community has intensified efforts to reduce SHIB’s enormous circulating supply through burns. This year alone, 26,336,410,083 (26.36 billion) tokens have been removed from Shiba Inu’s circulating supply.

In March, the community burned a total of 15,644,329,668 (15.64 billion) SHIB tokens in 217 transactions. Shiba Inu’s Layer-2 blockchain Shibarium played a pivotal role in increasing the number of tokens burned in March.

 

The Crypto Basic reported last month that the Shiba Inu ecosystem team manually burned 13.4 billion SHIB tokens in two transactions using a portion of Shibarium gas fees.

In February, the community did not witness any Shibarium-powered burn. As a result, the number of tokens incinerated throughout February was around 643.65 million. The community witnessed nearly 10 billion Shiba Inu tokens destroyed in January. Now, this month, over 110M SHIBs have been destroyed.

Overall, more than 410.72 trillion SHIBs have gone up in flames since Shiba Inu’s inception in August 2020. Ethereum’s co-founder Vitalik Buterin burned the vast majority of these tokens in 2021.

According to reports, Buterin, who received 50% of Shiba Inu’s one quadrillion supply, sent 410 trillion SHIB to a dead wallet. He distributed the remaining SHIB to different non-profit organizations.

Explaining the rationale behind the move, the Ethereum co-founder said he expected SHIB to crash by 100x after Shiba Inu’s pseudonymous founder Ryoshi gifted him the tokens.

However, Shiba Inu outperformed his expectations, as it became one of the leading crypto assets in terms of adoption.

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