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Shiba Inu Team Confirms Massive SHIB Burn Coming

Lele Jima
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Shiba Inu Team Confirms Massive SHIB Burn Coming

The Shiba Inu ecosystem team has confirmed plans to initiate a massive SHIB burn soon.

The team made this known through a post shared today by Shiba Inu’s marketing expert, Lucie. She said the team had collected 40 Ethereum (ETH) to incinerate SHIB tokens in the coming days.

At the time of writing, the 40 ETH are valued at around $155,720, with a unit of ETH priced at $3,893.

Another Shibarium-Powered Burn? 

Although Lucie did not provide sufficient details about the upcoming burns, it is expected that the move could be part of the ongoing Shibarium-powered burns.

Recall that the Shibarium team has been incinerating massive amounts of SHIB since December 2023 using a portion of the network’s gas fees. So far, the team has initiated five burns, incinerating 43 billion SHIB tokens in the process.

The last and fifth burn happened on January 9, when 9.35 billion SHIBs were removed from circulation. Shiba Inu’s official X handle also confirmed that the Shibarium team had burned SHIB using almost 200 ETH.

However, the team has not executed any Shibarium-powered burn since the fifth burn despite the network recording a spike in total transactions. The community speculated that the Shiba Inu ecosystem team could be waiting to deploy the Shibarium burn portal, which is still undergoing rigorous testing.

The protocol is expected to burn SHIB automatically when Shibarium fulfills certain conditions, like once the protocol accumulates $25,000 worth of BONE.

Here’s the Number of SHIB That Could Be Incinerated 

With Lucie disclosing that 40 ETH has been collected to burn SHIB, here is the number of SHIB that will be incinerated if the team initiates the burn right now.

A unit of ETH was changing hands at $3,893, bringing the value of the 40 ETH to $155,720. However, Shiba Inu currently trades at $0.00003356 as of press time.

Based on these estimates, if the team decides to burn SHIB with all 40 ETH right now, a total of 4,640,047,675 (4.64 billion) tokens will be removed from Shiba Inu’s circulating supply.

Although the figure is small compared to the massive circulating supply of 589.29 trillion tokens, burns like this could help bolster Shiba Inu’s ongoing uptrend, introducing a mild deflation amid the increased demand. 

At press time, SHIB has rallied 10.25% over the past 24 hours to $0.00003356. The token is also up 160.64% in the weekly charts and 275% over the past 30 days.

‘XRP is a Commodity and Currency Like Gold,’ Pundit Argues, Citing Ripple CTO

Sam Wisdom Raphael
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‘XRP is a Commodity and Currency Like Gold,’ Pundit Argues, Citing Ripple CTO

A prominent crypto media personality, Zach Rector, recently argued that XRP, like gold, is a commodity and a currency, citing the Ripple CTO’s words.

Taking to X, Rector quoted a post from Davis Schwartz, the CTO of Ripple, in which he debunked claims that XRP is a security. According to Rector, XRP is both a commodity and a currency, as opposed to the security label it received from the U.S. SEC.

Rector’s claim is built on previous comments from the Ripple CTO. Last January, Schwartz presented an argument to clarify why he believes XRP is more of a commodity than a security. He characterized XRP as a “raw good,” much like commodities. 

Notably, commodities like gold or oil are uniform and interchangeable, as each unit is treated as equivalent to every other unit. XRP fits this mold. It actively trades in the cryptocurrency market, much like commodities trade in traditional markets.

How XRP Qualifies as a Commodity

Schwartz emphasized that XRP’s value is not tied to external legal obligations. Unlike securities, where value can be influenced by company performance or contractual promises, XRP stands independently. Ripple has no contractual obligation to XRP holders.

When an investor holds XRP, he is not expecting dividends, voting rights, or an obligation from Ripple to increase XRP’s price. Instead, XRP’s value hinges on market forces like supply, demand, and investor sentiment. This uniformity and lack of reliance on external commitments are typical of a commodity.

In contrast, securities are investment contracts or financial instruments. They come in various forms, such as stocks or bonds. When an investor invests in a security, he has legal rights and obligations. For instance, owning shares in a company entitles the investor to dividends or voting power. 

David Schwartz’s comments were in response to concerns raised by an XRP community member. The individual stressed that if the judge in the Ripple vs. SEC case rules that XRP is not a security, she ought to explain how the asset is a commodity. This prompted Schwartz’s clarification.

Regulatory Uncertainty in the US

Amid the regulatory uncertainty surrounding the crypto industry in the United States, arguments regarding the status of certain crypto assets have emerged. XRP had been at the center of these discussions for the better part of over three years due to the SEC lawsuit.

However, a ruling from Judge Analisa Torres last July confirmed that XRP is not a security in and of itself. This was one of Ripple’s arguments in the SEC case, which Schwartz emphasized in his remarks last January. The case is now in the remedies phase, with divided opinions on a possible settlement.

Shiba Inu Lead Clarifies His Stance on SHIB Reaching $100B Market Cap

Abdulkarim Abdulwahab
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Shiba Inu Lead Clarifies His Stance on SHIB Reaching $100B Market Cap

Shiba Inu’s lead developer, Shytoshi Kusama, has countered a statement misattributed to him about Shiba Inu’s market valuation reaching $100 billion.

On Wednesday, Shytoshi Kusama reacted to a daring projection that SHIB would claim a market cap of $100 billion in this emerging bull cycle. The bold forecast came from Jake Gagain, a crypto investor with a notable following on X.

Gagain voiced his opinion about Shiba Inu’s outlook, saying, “SHIB Will Reach 100 Billion This Cycle.” The post caught Kusama’s attention. He reacted with a GIF featuring the inscription, “Your words, not mine.”

Shiba Inu Lead Sets the Record Straight

While the Shiba Inu leader’s reply was clear and straightforward, some took it out of context. A site published an article with a misleading headline, stating Shiba Inu’s “project lead has teased the possibility of SHIB reaching a $100 billion market cap.”

This development has unsettled Shytoshi Kusama, who took to X to denounce the claim misattributed to him.

 

Kusama emphasized that his remarks were unambiguous when he stated, “Your words, not mine,” meaning that Gagain’s view of a $100 billion cap for SHIB is solely his.

Consequently, Kusama urged the site to rewrite the news headline and shun click-baiting maneuvers.

SHIB Reaching $100 Billion Market Cap

At press time, Shiba Inu’s market valuation is approximately $19 billion. Gagain’s suggestion that SHIB could attain $100 billion this season is grounded in the asset’s astonishing performance in the past few days.

In particular, Shiba Inu has seen its market cap grow by over 400% within the last two weeks from around $5.6 billion to as high as $23 billion. This resulted from its price growing by a similar margin from $0.000009483 to a multi-year high at $0.00004534.

Meanwhile, bearish forces are currently prevailing in the crypto market, sinking SHIB’s price to $0.00003216 at the time of reporting.

Where Shiba Inu’s circulating supply remains steady at 589 trillion throughout this bullish period, achieving a market cap of $100 billion would set its value at $0.00016969. This price implies a potential growth of 427% from SHIB’s current value of $0.00003216.

Remarkably, SHIB recorded similar percentage growth over the past 14 days. Essentially, the asset might exceed the $100 billion valuation much sooner than Gagain expects.

Analyst: XRP Could Hit $14.6 if XRP/BTC Pair Reclaims Record High with Bitcoin at $60K

Sam Wisdom Raphael
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Analyst: XRP Could Hit $14.6 if XRP/BTC Pair Reclaims Record High with Bitcoin at $60K

Dark Defender, a notable market analyst, has revealed that XRP could hit $14.61 if the XRP/BTC pair surges to reclaim its 2017 record high while Bitcoin (BTC) trades at $60,000.

The XRP/BTC market pair tracks XRP’s performance compared to Bitcoin, the leading crypto asset. The pair has continued fluctuating in value, recently witnessing a steady collapse as XRP underperforms Bitcoin during the current market run.

Notably, data from the XRP/BTC monthly chart shows that XRP has dropped against Bitcoin for seven consecutive months since August 2023. This bearish trend emerged immediately after XRP outperformed BTC in July 2023 amid the pivotal ruling in the Ripple vs. SEC case.

XRP Underperforms BTC

Interestingly, XRP has been down 60% against Bitcoin since last August, triggering concerns among XRP proponents. However, Dark Defender remains confident of XRP’s future prospects, projecting the altcoin to outperform BTC as the cycle progresses eventually.

In his latest analysis, Dark Defender confirmed that XRP had hit its ultimate support against Bitcoin amid the seven-month slump. The support, currently sitting at the 0.00000914 level, aligns with an orange trendline that has demonstrated formidable resilience against steeper declines over the years.

XRP has retested the orange trendline, and Dark Defender expects XRP to start appreciating against Bitcoin from here, leading to a surge in the XRPBTC pair. However, one enthusiast asked the analyst how far XRP could go if the XRPBTC pair reclaims its all-time high value.

XRP Could Hit $14.61

Notably, the XRP/BTC pair hit an ATH of 0.00024351 in May 2017, when XRP recorded a much higher price surge than Bitcoin. At the time, BTC rallied 127% from $1,188 in March 2017 to a high of $2,698 in May 2017. Meanwhile, XRP skyrocketed 7,658% within this timeframe.

This resulted in a massive increase for the XRP/BTC pair, as it hit a record high of 0.00024351. XRP changed hands at $0.4345 when the pair hit this value, while Bitcoin traded for $1,784.

Now that Bitcoin has recovered and towered above the $60,000 mark, XRP would need to trade at a much higher price than the $0.4345 value if it looks to reclaim its ATH against BTC. Dark Defender stressed that if BTC trades at $60,000, XRP will rise to $14.61 if the pair recovers the 0.00024351 high.

However, should Bitcoin skyrocket to the $100,000 level, as projected by certain market veterans, XRP’s price would surge to $24 if the XRP/BTC pair reclaims the 0.00024351 record high. The pair currently trades at 0.00000941, with XRP changing hands at $0.6168.

Notably, XRP would need to rally by 2,268% to clinch a $14.61 price from here and by 3,791% to hit $24. While the crypto asset has recorded more substantial price surges in the past, its ability to replicate the previous run is not guaranteed. As a result, investors should remain cautious.

Galaxy Digital CEO Novogratz Predicts Bitcoin to Hit $100K This Year 

Lele Jima
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0
Galaxy Digital CEO Novogratz Predicts Bitcoin to Hit $100K This Year 

Prominent American businessman and Galaxy Digital CEO Michael Novogratz believes that the price of Bitcoin (BTC) could hit $100,000 this year. 

Novogratz made this known during his latest interview with Fox Business. Responding to questions about whether Bitcoin could reach $100,000 this year, Novogratz said, “I think so. I really do.” 

Potential Bitcoin Movements  

The businessman said that while he cannot predict when Bitcoin might breach the $69,000 resistance, it will not surprise him if BTC fluctuates between $58,000 and $69,000 in the coming weeks or months before moving upwards. 

Per Novogratz, it is difficult to correctly predict Bitcoin’s next target, given the growing interest among institutional investors in spot Bitcoin ETFs. 

“It’s really hard to say right now as there is probably a runway momentum in these [Bitcoin] spot ETFs. They’ve raised $7 – $8 billion in new capital, and they just keep coming in,” he remarked.  

Bitcoin Close to Surpassing Its ATH 

Novogratz’s prediction comes days after Bitcoin was close to breaking its all-time high of $69,044 on March 5. At the time, the top asset surged to over $68,800 before plummeting to around $60K a few hours later. 

In the hours leading up to press time, Bitcoin was up 1.2% in the daily charts to $66,785. Bitcoin’s recent surge brought its market cap to $1.31 trillion, marking a 52.8% dominance of the global crypto market. 

The recent Bitcoin price surge can be attributed to several factors, including increased institutional adoption and the upcoming Bitcoin halving event. Institutional investors have gained increased exposure to Bitcoin, thanks to the multiple spot ETFs approved by the SEC in January. 

Notably, the highly anticipated halving event will occur in April, when miners’ rewards will be slashed from 6.25 BTC to 3.125 BTC. Many believe the upcoming halving would bolster Bitcoin’s scarcity, leading to a spike in price. 

Crypto Market Now at Frothy Levels 

Novogratz’s $100K prediction for Bitcoin comes days after he characterized the present state of the market as reaching “very frothy” levels during a Bloomberg interview.  

According to the Bitcoin proponent, the crypto market is seeing true price discovery for the first time, propelled by new investors, like baby boomers. He, however, warned that the market could experience a massive correction during price discovery. 

Market Veteran: Bitcoin Could Drop to $60,600 If It Falls Below This Key Support

Sam Wisdom Raphael
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Market Veteran: Bitcoin Could Drop to $60,600 If It Falls Below This Key Support

A prominent market veteran has identified a key Bitcoin (BTC) support level that is pivotal in the asset’s defense against a collapse to the $60,600 price territory.

Bitcoin has leveraged a confluence of increased demand from the spot Bitcoin ETFs and bullish sentiments to print a massive market run. The crypto asset rallied 74% from a price of $39,541 on Jan. 23 to an all-time high of $69,098 on March 5.

However, upon breaching the $69,000 territory, Bitcoin recorded a massive retracement that saw it collapse below $60,000. The asset has regained most of the losses from this sudden retracement, now looking to engineer another run to breach the $69,000 territory and hold above it.

Bitcoin BTC 1D Chart
Bitcoin 1D Chart

The recent market condition has left traders cautious, as expectations of another push down emerge. Amid the current market reality, crypto analyst Ali Martinez has called attention to an important price level that investors should keep a close eye on.

Bitcoin Needs to Hold $66,112

According to Martinez, Bitcoin currently boasts a formidable support at the $66,112 price, a price level with which the bulls could leverage to hedge against any subsequent price declines in Bitcoin’s price.

Citing data from Glassnode’s UTXO Realized Price Distribution (URPD), the analyst emphasized that the support at this price point is due to a large concentration of transaction volume. The Bitcoin URPD metric can be instrumental in identifying pivotal support and resistance points.

Notably, the metric illustrates when market participants moved some BTC tokens and at what prices they acquired them. A bar on the chart represents the amount of existing BTC created within specific price ranges. This metric helps us understand the entry points of different groups.

As highlighted by Martinez, data confirms that the Bitcoin network recorded a massive volume of 306,676 transactions at the $66,112 price. 

The significant volume experienced at this level indicates strong buyer interest. This could result in the level acting as a buffer against potential downward movements amid the current uncertainty surrounding the market.

A Possible Collapse to $60,600

However, Martinez does not rule out the possibility of a breach below $66,112. According to him, should this bearish event occur, Bitcoin’s next pivotal support level would come in at $60,600. This indicates that the asset does not boast formidable defense between $66,112 and $60,600.

Meanwhile, Bitcoin currently changes hands for $67,188, having recently reclaimed the $67,000 price threshold in the recovery campaign. The asset has gained by 1.69% today, looking to secure a second consecutive winning day following the massive 6.54% decline on March 5.

Despite the possibility of a collapse to $60,600, market watchers remain confident in the long term. Recently, CryptoQuant founder Ki Young Ju argued that Bitcoin would never retest the $46,376 due to the fact that its spot ETF products began trading at this price level. 

Tron Network Hits Major Milestone With Total Accounts Topping 216M

Mark Brennan
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Tron Network Hits Major Milestone With Total Accounts Topping 216M

The Tron Network is celebrating a major milestone after registering a total account exceeding 216 million.

Attributing the feat to its efforts toward decentralizing the web, the network welcomed the 216,200,837 accounts over a steady evolutionary course since its inception in 2017.

Tron plays a key role in the digital currency ecosystem, recognized as one of the layer-1 protocols that facilitate cheap and fast transactions. Tron is also one of the most popular protocols housing the Tether (USDT) stablecoin.

Tron Network Statistics

Beyond the total number of accounts registered on the platform, crypto analytics platform IntoTheBlock (ITB) shared deeper insights into the key growth metrics of the Tron Network. 

With its native token TRX up 9.55% in the past month, profitability comes in at 113.95 million addresses or 95.28% of the total addresses.  This metric is down from the 99% recorded in mid-February.

The addresses in losses or those who bought TRX from $0.138640 to $0.166333 come in at 3.3 million addresses, accounting for 2.76% of the total.

Tron Network Profitability Chart | IntoTheBlock

With the ITB data, the TRX holders at the breakeven point sum up to 2.35 million or 1.96%. These addresses stacked up the coin when the price hovered from $0.135160 to $0.138640.

Despite these impressive statistics, the price of Tron is still more than 54% below its All-Time High (ATH) of $0.3004.

Active Users On The Rise

While the Total accounts give the overall picture of growth in the Tron Network, more granular metrics like the Daily Active Addresses also help shed more insight into how vibrant the protocol is. 

The ITB data reveals an 11.78% growth in this metric in the past 24 hours with the addresses pegged at 2.38 million. The metric has recorded a consistent surge since February 24, when the figure was 1.54 million to date.

In addition, the number of non-zero addresses crossed 95 million as of February 28, underscoring a trend of steady growth across the board.

With key records linked to Tron and the intriguing product roadmap recently unveiled by its Founder Justin Sun, a brighter future might be ahead of the protocol.

Shiba Inu Trading Volume in 4th Place Excluding Robinhood, Surpassing DOGE, XRP, and ADA

Mark Brennan
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Shiba Inu Trading Volume in 4th Place Excluding Robinhood, Surpassing DOGE, XRP, and ADA

A close study reveals that global trading volume on Shiba Inu (SHIB) surpasses most major altcoins, including Dogecoin, XRP and Cardano.

Shiba Inu is one of the best-performing altcoins in recent weeks. The meme-inspired cryptocurrency climbed into the top ten cryptocurrencies by market capitalization and briefly threatened to overtake Dogecoin.

However, data that often goes under the radar is how Shiba Inu’s trading volume compares to other cryptocurrencies. Shiba Inu is one of the most widely traded cryptocurrencies, especially during periods of peak market performance

The latest market data on CoinMarketCap supports this stance, with Shiba Inu seeing $5.5 billion in trading volume. This volume places Shiba Inu just behind BTC, ETH, and SOL on the rankings, excluding stablecoins.

Looking more closely at the data, SOL’s trading volume is buoyed by a recent surge to $138, with Shiba Inu’s volume still close to the altcoin despite losing 14% in the past 24 hours. 

Meanwhile, Shiba Inu’s trading activity is far superior to those of other major altcoins ranked above it in terms of market capitalization. Binance Coin (BNB), XRP, Cardano (ADA), and Dogecoin (DOGE) all trail SHIB in volume.

Robinhood Trading Activity May Further Boost Shiba Inu Numbers

In reality, Shiba Inu’s true volume could actually be higher, as CoinMarketCap’s data excludes popular trading platform Robinhood. Shiba Inu (SHIB) is the third-largest cryptocurrency held by Robinhood’s 22 million users. 

The platform has also been moving a significant amount of SHIB lately, suggesting substantial trading activity on the platform. Factoring in trading volume from the platform could see Shiba Inu’s numbers outrank Solana’s and perhaps even edge closer to ETH.

Robert Kiyosaki Says Invest Even $500 in Bitcoin as He Targets 348% Rally to $300K

Abdulkarim Abdulwahab
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0
Robert Kiyosaki Says Invest Even $500 in Bitcoin as He Targets 348% Rally to $300K

Renowned financial pundit Robert Kiyosaki has urged the investing community to consider Bitcoin more in their portfolio, even in small quantities, as targets a 348% rally to $300k.

Buy Bitcoin Even with $500

In a recent post on X, Kiyosaki highlighted that Bitcoin is in an explosive phase. According to him, the worst oversight an individual could make now is delaying their Bitcoin involvement.

The “Rich Dad Poor Dad” author emphasized the need to begin investing in Bitcoin at its current price, noting the asset is bound to be more expensive in the coming months.

“The biggest mistake you can make is to procrastinate. [It is] important to start, even if only for $500,” Kiyosaki remarked.

Robert Kiyosaki’s investment advice follows the recent all-time high record set by Bitcoin while its halving event remains a few weeks away. This marked a unique precedent in BTC’s history.

In particular, Bitcoin has a new peak at $69,170, although it trades slightly lower at press time. Kiyosaki believes Bitcoin’s current value remains a bargain price compared to the target it could attain next.

Two months ago, he argued that an opportune time to enter the Bitcoin market lies between January and March. At the time, Bitcoin hovered around $43,000. Essentially, the asset has since grown by at least 60%. 

Bitcoin Heads for $300k

Amid counseling piecemeal investment in BTC, the renowned financial author set a new astonishing target to watch. Specifically, Kiyosaki boldly asserted that Bitcoin is on track for $300,000 this year.

Considering BTC’s prevailing market value at $66,925, achieving the $300k price point implies an explosive 348% rally. Kiyosaki’s $300k target marks a significant revision from his earlier outlook of $100k, which he issued after Bitcoin first broke the $51k threshold in February.

Essentially, he has grown more confident in the asset’s potential, as it cracked an all-time high before halving. Meanwhile, some prominent market watchers do not share Kiyosaki’s view of Bitcoin hitting $300k this year.

For instance, legendary trader Peter Brandt revised his outlook for Bitcoin from $120k to $200k following the recent breakout. Besides, Brandt set a 2025 date for the $200k threshold to materialize.

Here’s a Projected Timeline for Cardano to Reach $3.10 Again

Mark Brennan
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Here’s a Projected Timeline for Cardano to Reach $3.10 Again

According to Changelly’s prediction, investors may have to wait significantly longer for Cardano to reclaim its all-time high.

Cardano (ADA), the eighth-largest cryptocurrency by market cap, reached its previous all-time high of $3.10 in September 2021. Since then, the cryptocurrency had struggled before recently recovering to a yearly high around $0.73.

Despite the progress, Cardano investors may have to wait much longer to see the cryptocurrency go back to its previous bull market highs. A recent prediction by popular trading platform Changelly claims that Cardano will not beat its previous all-time high in the current market cycle.

Instead, the cryptocurrency will only reach a maximum price of $0.79 in 2024 and could even trade as low as $0.445 by November. However, Changelly expects that things will start looking up again for Cardano in the year after.

For instance, the forecast suggests that Cardano will enter the single-digit club again by April 2025, when its price will reach $1.04. Additionally, the next twelve months will deliver excellent returns for Cardano investors, paving the way for ADA to reclaim its all-time high by 2027.

The milestone figure will be broken in July 2027, when the cryptocurrency is expected to reach a maximum price of $3.10. From that point onward, Cardano’s price will gradually increase and close out the year around $3.57.

Cardano Price Prediction
Cardano Price Prediction | Changelly

Bearish Forecast Goes Against Current Bullish Trend

While Changelly’s prediction may seem appealing to investors who are bearish on Cardano’s future, it defies the bullish trend that has enveloped the crypto market in recent weeks. 

Cardano’s current price is around $0.73, which means that the altcoin only needs a less than 10% gain to beat the maximum predicted price of $0.79 in 2024.

Moreover, Cardano broke its previous all-time high in the last market cycle, and there is no clear indication that markets would do otherwise in the current cycle.

Meanwhile, the global crypto market outlook and macro trend point to a bullish year ahead for risk-prone assets such as cryptocurrencies. Bitcoin’s upcoming halving and the growth of the Cardano ecosystem all further hint at ADA possibly shattering Changelly’s price prediction.

As a result, most market watchers are more bullish than bearish on Cardano. For example, popular analyst Ali Martinez believes that Cardano’s price could surge well into the double-figure range in the current market cycle if history repeats itself.

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