Home Blog Page 597

Bitcoin Now in Decision Zone: Will It Rally Above $116K or Fall to $100K?

Mark Brennan
-
0
Bitcoin Now in Decision Zone: Will It Rally Above $116K or Fall to $100K?

As Bitcoin remains within a critical range, a prominent market analyst has noted that how it leaves this zone will determine its next move. 

According to a chart shared by crypto analyst Marc Cullen, Bitcoin is trading in an inefficient price area between two weekly ranges. This zone, which spans from $112,000 to $116,000, is marked as a fair value gap on the chart. 

As Bitcoin fills this gap, the price has shown no clear direction, making the area pivotal for the next Bitcoin’s action. The chart suggests that how Bitcoin breaks out of this range, either to the upside or downside, will likely determine its short-term trajectory.

Bitcoin Break Above $116K Could Spark Rally.

In the bullish scenario, Cullen expects to Bitcoin break back above $116,000 and hold the level. Doing so would re-establish the prior range low as support and build a bullish structure.

Marc Cullen predicts BTC next move
Marc Cullen predicts Bitcoin next move

In this case, Cullen expects Bitcoin to continue higher, with a likely push toward new all-time highs. The chart shows potential targets above $130,000, with the move projected to occur in early August if momentum holds.

A break of this level would also overcome a descending trendline visible on the chart, further supporting bullish momentum. Notably, Bitcoin trades at 114,324, a 0.7% rise in the past day following a 4% decline over the last week.

Bitcoin Drop Below $112K Could Trigger Selloff

Meanwhile, the bearish scenario shows BTC failing to reclaim $112,000 and losing the weekend low, which is also near that level. If this occurs, Cullen notes that Bitcoin would likely be “accepting back in the previous value area.”

This would place BTC back into a lower trading range, increasing the probability of a move down toward the $100,000 level. The chart shows a steep red path below that could accelerate losses, with minimal volume support below the current range.

Such a move would invalidate the bullish case and shift market sentiment decisively bearish. The outcome of this range-bound activity will likely shape BTC’s direction in the coming weeks.

Other Analysts Predict Bitcoin’s Next Move

Moreover, a chart from analyst Michael Van De Poppe also notes that Bitcoin’s short-term resistance sits at $114,755, followed by $116,813 and $119,504, levels that must be reclaimed for a bullish reversal. He also marks $110,000–$112,000 zone as a strong accumulation area. 

Michael Van De Poppe notes BTC price action
Michael Van De Poppe notes the BTC price action

The analyst believes this level offers a good entry, expecting Bitcoin to trade higher over the next 6 to 12 months. Liquidity between $114K and $116K may trigger short-term volatility, while failure to hold support could send BTC toward $103,190.

Meanwhile, a chart shared by Crypto Michael shows Bitcoin retesting a long-term ascending trendline that has guided its price action for the past eight years. The trendline, which extends from 2018, has historically acted as a key resistance level across multiple market cycles. 

Crypto Michael says Bitcoin is testing bullish zone
Crypto Michael says Bitcoin is retesting the bullish levels

After setting a new all-time high above $123,000, Bitcoin has pulled back to the current level and is now testing this trendline from above. This move is a potential bullish re-test, suggesting that the former resistance may be turning into support. The outcome of this retest could determine whether Bitcoin resumes its upward momentum or faces renewed selling pressure.

While Bitcoin currently trades sideways, prominent analysts have hinted at a bullish move for Q3. For instance, CryptoGoos noted Bitcoin volatility nears historic lows, suggesting there could be a potential breakout. Meanwhile, veteran trader Peter Brandt believes a possible cycle top between $125,000 and $150,000 by Q3 2025, depending on whether Bitcoin reclaims its long-term parabolic trendline.

Shiba Inu Team Responds to Criticism Over Selective Project Support

Lele Jima
-
0
Shiba Inu Team Responds to Criticism Over Selective Project Support

The Shiba Inu team has addressed accusations of selectively endorsing specific Shibarium projects at the detriment of others. 

Tension has been brewing in the Shiba Inu community over the past few days following the IDO launch of Positions Exchange’s native token (POE) on July 31.

Notably, Shiba Inu leaders Shytoshi Kusama and Kaal Dhairya both serve as advisors to the Positions Exchange. Each promoted the IDO on their X timelines.

WoofSwap Accuses Shiba Inu Team of Selective Endorsement

Unhappy with the development, top Shibarium DEX WoofSwap called out Kusama and the official Shiba Inu X handle for giving preferential treatment, in the form of endorsement, to specific Shibarium projects.

The Shibarium-based DEX claimed that the Shiba Inu leaders are prioritizing individual projects over the broader SHIB ecosystem. It stated that such actions only create an uneven playing field for developers within the ecosystem.

“If I don’t speak out, my only other option is to walk away from the game entirely,” WoofSwap remarked.

Team Addresses Criticism

In response, Dhairya acknowledged that WoofSwap’s concerns are valid. However, he also pointed out his own efforts to ensure WoofSwap received appropriate recognition.

He argued that the main challenge currently facing Shiba Inu is not selective endorsement but a lack of unity. According to him, ecosystem decisions are mostly influenced by personal bias rather than objective valuations, causing legitimate projects to suffer collateral damage.

Dhairya acknowledged that recruiting advisors and influencers is a common practice in the crypto space, including within the Shiba Inu ecosystem.

While he considers this practice acceptable, Dhairya emphasized the need to set a higher standard for projects that receive promotion in the Shiba Inu ecosystem.

Team Calls for Unity Against External Threats

Notably, the developer urged the community to set aside internal conflicts and unite against external forces—such as projects that have displaced SHIB from the top 10 crypto rankings and those that seek to undermine the token.

He also called on the community to address entities like the Ethereum Foundation and Vitalik Buterin, who have declined to publicly support SHIB.

Way Forward

Dhairya noted that achieving this unity involves empowering the Shiba Inu DAO and establishing genuine community governance. Through this, Dhairya believes the community will have an equal voice on which projects to support and eventually put an end to favoritism and guarantee transparency.

He also suggested that Shiba Inu could utilize its quad-token governance model and the “Great Canine Code,” an ethical framework to hold leaders like Kusama accountable and prevent other top community figures from misusing their influence.

Meanwhile, the POE IDO underperformed. As a result, the team stopped the IDO abruptly and promised to refund all contributions made during the event.

Senior Ripple Engineer Confirms Nothing Would Happen to Your XRP if XRPL is Rewritten in Rust

Sam Wisdom Raphael
-
0
Senior Ripple Engineer Confirms Nothing Would Happen to Your XRP if XRPL is Rewritten in Rust

A senior Ripple engineer has cleared the air as talks around rewriting the XRP Ledger (XRPL) in Rust recently triggered unease among XRP holders.

Notably, these concerns picked up after Ripple’s Chief Technology Officer, David Schwartz, discussed the idea during a developer bootcamp. For context, the original XRPL architects, including Schwartz, wrote the network using C++, and pivoting to Rust could have immense benefits.

After community figure Eri highlighted this prospect in a recent post, certain members of the community questioned if such a change could impact their XRP holdings or disrupt the XRPL network.

Rewriting XRPL in Rust Has No Impact on Your XRP Tokens

In response, Mayukha Vadari, a senior engineer at RippleX, provided necessary clarification. Specifically, she explained that rewriting XRPL’s core software, “rippled” in Rust, or even creating a second version of it in Rust, would not change anything for users. 

According to her, the rewrite would only involve the language used to build the protocol, not the data stored on the blockchain or how the network operates. She stressed that users would still hold their XRP, and developers would continue building on XRPL the same way they always have.

Vadari explained that the process would start with defining how the system currently works and breaking rippled into separate modules. From there, developers could gradually rewrite each part in Rust, though the transaction engine would likely stay in C++.

Why Use Rust?

Notably, she addressed the issue after Schwartz’s remarks at the XRPL Core Dev bootcamp. Someone from XRPL Commons, a nonprofit that supports XRPL growth, asked Schwartz why Ripple hasn’t moved forward with rewriting XRPL in Rust now.

For the uninitiated, Rust is known for its speed and reliability. It gives developers low-level control over memory while preventing common bugs that plague older languages like C and C++. 

This makes Rust a strong fit for blockchain software. Notably, blockchains like Solana, Sui, and Polkadot run on Rust. Rewriting the core XRPL software in Rust would help improve security, speed, and make the infrastructure easier to maintain.

Ripple CTO Confirms Ripple Already Considering the Idea

In response to the question, Schwartz said Ripple has already been considering the shift. He confirmed his role in those discussions. Schwartz explained that Ripple wants to break down the XRPL’s architecture into smaller, more manageable parts, especially the transaction engine, so it can eventually run inside a VM. 

Notably, this setup would make it possible to rework parts of the system in other languages, such as Rust, without rewriting everything at once.

A Major Challenge in the Payment Engine

However, Schwartz pointed out that one major challenge is in the payment engine. He said some of its operations rely on math that doesn’t always produce the same results when performed in different orders, which makes exact replication in another language difficult. 

For example, floating-point calculations might lead to small differences depending on the order of addition and subtraction.

He explained that it is important to make the XRPL more modular and flexible. “You can imagine a situation where the transaction engine is sort of compartmentalized and runs in a VM… we would like to have the code be more modular.” 

Schwartz also revealed that Ripple has started reviewing proposals from outside companies interested in helping with this work. He said the team is now deciding what to tackle first and how to move forward. He added that they also want to write formal specifications for each part of the system to make it easier to build alternate versions that all behave the same.

Despite the complexity, Schwartz believes there would be some benefit from moving forward with this idea. “So, yeah, I definitely think that’d be a good thing. It’s just not easy at all.” 

Here’s How High Shiba Inu Price Could Rise If Bitcoin Hits $21,000,000

Lele Jima
-
0
Here’s How High Shiba Inu Price Could Rise If Bitcoin Hits $21,000,000

If Bitcoin reaches an ambitious target of $21 million ($21,000,000), it could spark a massive rally across the broader cryptocurrency market, impacting major assets like Shiba Inu. 

Michael Saylor Predicts Bitcoin Surge to $21M By 2046 

With Bitcoin’s sway over Shiba Inu, many are asking how SHIB might react if BTC hits a jaw-dropping target of $21 million. Michael Saylor, a popular Bitcoin maximalist and executive chairman of MicroStrategy (now Strategy), forecasted the $21 million price for BTC. 

During a keynote address at BTC Prague 2025, he forecasted that Bitcoin will trade at $21 million by 2046, precisely 21 years from now. 

He highlighted macroeconomic shifts, accelerating adoption, and institutional involvement as key catalysts that could propel Bitcoin to $21 million.

Shiba Inu’s Price If Bitcoin Hits $21M 

Saylor’s $21 million Bitcoin forecast has sparked mixed reactions within the crypto community. In particular, users are debating how Bitcoin’s surge to the $21 million price target might impact the broader crypto market, such as that of Shiba Inu. 

As a result, we estimated SHIB’s price under the assumption that it grows proportionally if Bitcoin reaches $21 million. 

Bitcoin is currently trading at $113,800. To reach Saylor’s target of $21 million, Bitcoin must spike by 19,306% from its current trading price. Therefore, assuming Shiba Inu grows in proportion to Bitcoin, it could reach a new all-time high target. 

To put things into perspective, a 19,306% surge would take Shiba Inu’s price to $0.00225 from the current level of $0.00001261, marking a new all-time high for the canine-themed token. At $0.00225, Shiba Inu’s market cap will also climb to $1.32 trillion from $6.84 billion, assuming SHIB maintains its supply of roughly 589.25 trillion tokens. 

Can SHIB Hit $0.002 

While this analysis looks fascinating, it remains unclear whether Shiba Inu could reach the milestone. Many market commentators, including Davinci Jeremie, believe that SHIB’s substantial supply of over 589 trillion tokens may hinder the asset’s potential surge to lofty heights. 

Consequently, they recommend that the broader Shiba Inu community burn a substantial portion of the SHIB supply to drive the price to unprecedented levels. 

Although the need to drastically reduce SHIB’s hefty supply cannot be overemphasized, multiple entities have projected when Shiba Inu’s price might soar to the $0.002 region. According to ChatGPT, Shiba Inu’s price could soar to $0.002 between 2032 and 2034.  

However, Changelly trading platform predicted that it might take longer before Shiba Inu finally clinches the $0.002 target. Per Changelly, Shiba Inu would trade within the $0.002 region by February 2040, with SHIB expected to reach a maximum target of $0.00229 by then. 

Here’s How 5,000 XRP Could Make $16,900,000

Abdulkarim Abdulwahab
-
0
Here’s How 5,000 XRP Could Make $16,900,000

A viral forecast from an XRP analyst claims that holding just 5,000 XRP could one day be worth over $16 million.

A major component of this outlook is the expectation that global finance will shift onto the XRP Ledger. Notably, this bold prediction came from the analyst known as “Future XRP” in a tweet. He stirred the XRP community with a valuation model that places the token’s future price at $3,380.

The Bold Valuation Model

He argues that at XRP’s current price of $3.00, with a 60 billion circulating supply and a velocity of 10, the network can already handle $1.3 trillion in annual on-chain volume.

However, if XRP captures major portions of the financial system, including SWIFT, derivatives, FX markets, the DTCC, Amazon, and more, the volume could skyrocket to between $100 trillion and $2 quadrillion annually. Notably, this hope is inspired by recent statements from Ripple executives and the company’s integration strategy.

Specifically, last month, Ripple CEO Brad Garlinghouse said that in five years, the XRP Ledger could take over about 14% of SWIFT’s volume. 

Meanwhile, in April, the company announced acquiring Hidden Road, which has connections to the DTCC, an institution that processes over $11 trillion in daily volume. These developments continue to fuel discussions in XRP circles about the coin’s potential price.

According to the model proposed by “Future XRP,” if the circulating supply and velocity remain constant, XRP would need a 1,538 times price increase to accommodate a transaction volume of between $100 trillion and $2 quadrillion. Per his estimate, this results in a $3,380 price tag for XRP.

What That Means for XRP Holders

Based on this scenario, “Future XRP” outlined potential wealth outcomes for holders. He painted a picture where those holding 1,000 XRP would see their portfolio rise to $3.38 million. For 5,000 XRP, the value could reach $16.9 million.

Holding 10,000 XRP might translate to $33.8 million, while 50,000 XRP could be worth $169 million. In this framework, XRP becomes a gateway to generational wealth, assuming the market shifts align with the forecast.

Not Everyone Agrees

Expectedly, the prediction sparked significant pushback in the crypto community. Critics pointed to the velocity assumptions, noting that traditional financial systems like SWIFT have much higher money turnover rates, up to 200 times annually. If XRP operated at those speeds, it could process $2 quadrillion with a token price closer to $166, not $3,380.

Others questioned whether XRP could dominate the space alone, given the presence of competitors like Stellar, USDC, and Ethereum-based solutions.

Grok AI Weighs In

In a follow-up comment, the analyst invited the AI system Grok 3 to weigh in on the numbers he proposed. The AI summarized the argument and tilted slightly in favor of the bulls.

Specifically, it highlighted XRP’s potential role as a neutral settlement layer in a de-dollarizing world. Grok’s stated price range of $200 to $1,000 per XRP is “realistic” if XRP plays a central role in a tokenized financial system. 

However, hitting $3,000 would likely require a major global transition, such as a treasury collapse or an accelerated move away from fiat-based reserves.

Here is the Price of Cardano If It Pumps 50% Smaller Than the Previous Cycle

Elendu Benedict
-
0
Here is the Price of Cardano If It Pumps 50% Smaller Than the Previous Cycle

Cardano could still reach double-digit figures if it replicates just half of its price performance from this point in the previous bull cycle.

Like most other altcoins, Cardano is deep in the red. Specifically, the blue-chip asset is down 3.78% since the start of August and 14.42% from its opening price of $0.833 on Monday.

Cardano Performance In the Previous Cycle Compared to Now

Nevertheless, despite its recent price correction and a poor outing in general since the start of 2025, Cardano has posted a substantial upside since the last bear market ended in 2022. For context, after receding 81% in 2022, ADA regained bullish momentum in 2023, growing 141% from around $0.246 to $0.594.

Also, the momentum endured last year, with ADA rallying another 42% to $0.844. Remarkably, it reached a high of $1.32 before correcting to the closing price last year.

However, compared to its previous cycle, Cardano has underperformed so far. Market data shows that ADA rallied a jaw-dropping 18,488% from its lows of $0.07 in 2020 to its all-time high of $3.16 in September 2021. This makes the current 500% rally from the low of $0.22 in 2022 to a high of $1.32 in 2024 negligent compared to the previous uptick.

Pattern Suggests Similarities in the Two Cardano Cycles

Analyst Ali Martinez highlighted on August 1 that Cardano is forming a similar price structure now to the last cycle. While he noted that it is unfolding more gradually this time, Martinez indicated that we might be early to an explosive price development for Cardano.

For perspective, after the high of $1.35 in 2018, ADA made lower lows and lower highs to the 0% Fibonacci level at $0.018. However, before reaching the bottom, according to Martinez’s accompanying chart, Cardano found support within a price range.

Cardano Analysis/Ali Martinez

The upper resistance of the price range is slightly above the 0.382 Fibonacci at $0.094, the mid-range is around $0.051, and the lower support is at $0.027. After the short-lived dump to $0.018, ADA regained bullish momentum, breaking above the range to new highs. The momentum continued to its current all-time high.

Meanwhile, Martinez identified a similar price development in Cardano’s recent price action. After the 2021 high, ADA retraced considerably to enter another range identical to that seen between 2018 and 2020.

The support at $0.24 served as the lower boundary, the 0.336 Fibonacci level at $0.431 as the mid-range, and $0.81 as the upper resistance. Notably, ADA has been ranging within this channel since early 2022 but saw an unsustainable breakout with the rally to $1.32 in December 2024 before falling back in.

Analyst Predicts the Price of ADA Even at a 50% Pump

Deezy quoted Martinez’s post on Friday and predicted the price of Cardano if it rallies 50% less than it did from this point in the previous market. An accompanying chart shows that ADA rallied by 3,031% from the upper boundary of last cycle’s range to an ascending trendline, adding $2.82 to its price to culminate in its current all-time high of $3.16.

Cardano Analysis/Deezy

Interestingly, the analyst noted that it would still be a bullish scenario for ADA if it mirrors even 50% of the price growth from this point in the previous cycle. Specifically, the chart shows that ADA would rally by 1,475%, adding $9.54 to its current price of $0.718. This could result in a new all-time high of $10.25.

Remarkably, this projection aligns with the price outlook from Ssebi and Cardano permabull Dan Gambardello.

Here’s XRP Price If Ethereum Hits $6K or $10K

Abdulkarim Abdulwahab
-
0
Here’s XRP Price If Ethereum Hits $6K or $10K

As traders begin to chart the next phase of the bull market, one analyst has presented a valuation model for XRP that hinges on Ethereum’s next major move.

Popular analyst Mr. Xoom took to social media to outline a key trading pair scenario for the XRP/ETH ratio. According to him, if Ethereum climbs to $6,000 and the XRP/ETH pair hits a Fibonacci level of 2.618 (0.003), then XRP would be priced at approximately $16.

Pushing the logic further, if Ethereum reaches $10,000 and XRP maintains that same ratio, XRP could climb as high as $30. This model is based on a simple multiplication of Ethereum’s price by the 0.003 XRP/ETH ratio. It offers a projection that aligns with many community forecasts.

Ethereum to $10,000, XRP to $30

Indeed, the idea of Ethereum reaching $10,000 is a sentiment widely shared within the crypto community. In May, Altcoin Daily founder Aaron Arnold projected that ETH could hit $10,000 by late Q4 2025, driven by a potential Federal Reserve rate cut.

Analyst CryptoPatel also expects ETH to reach between $7,000 and $10,000 by Q4 2025, based on historical performance.

At that price level, Ethereum’s market cap would reach $1.2 trillion. Meanwhile, Mr. Xoom’s analysis suggests XRP could deliver an even more impressive price performance.

His forecast that XRP could hit $30 when Ethereum reaches $10,000 implies that XRP may outshine ETH, with a market cap of $1.77 trillion at a $30 price point.

As of today, XRP is trading at $3, up 2.6%, while Ethereum is exchanging hands at $3,500, down 2.7% over the past 24 hours. 

In parallel, the XRP/ETH ratio stands at 0.0008505 ETH, up 0.91% over the past week, suggesting XRP is slightly gaining the upper hand. However, looking at the monthly timeframe, Ethereum still leads, as the ratio is down 2.11%.

Overall, while both XRP and Ethereum continue to trade 22% and 28% below their all-time highs, respectively, Mr. Xoom’s tweet paints a promising future for the two altcoin leaders.

Analyst Still Plans to Sell Before $15

Despite the bullish math, Mr. Xoom noted that his personal strategy doesn’t involve holding XRP all the way to $16 or $30. Instead, he plans to begin taking profits between the $7 and $10 range, indicating a more conservative—yet still optimistic—outlook.

However, the point of the projection, according to him, is not to guarantee those highs, but to demonstrate that $15–$30 XRP is within the realm of possibility, especially in a market where Ethereum breaks into five-figure territory.

The post adds to a growing chorus of voices pointing to a potential breakout in XRP’s valuation. Last month, investor “ProfitMana” set a $15 target for XRP while projecting Ethereum could reach $12,000.

Shiba Inu Team Says They’ve Always Believed in SHIB Reaching $0.01, But Everything Takes Time

Lele Jima
-
0
Shiba Inu Team Says They’ve Always Believed in SHIB Reaching $0.01, But Everything Takes Time

Despite Shiba Inu’s continuous stay around the $0.00001 region, a top team member expresses belief that SHIB will eventually hit $0.01 someday. 

Recently, the broader crypto market has endured consistent downturns, keeping the price of major assets like SHIB at lower levels. The latest bloodbath happened toward the end of July, starting with the Fed’s refusal to slash interest rates. 

U.S. President Donald Trump mounted further pressure on financial markets, including crypto, after unveiling his administration’s latest reciprocal tariff plan. That announcement ushered in a major downturn, with SHIB’s price crashing to $0.00001179. 

Despite reclaiming $0.000012 shortly after the dip, SHIB remains far from reaching some ambitious targets, specifically the one-cent dream or $0.01 price. 

Team Believes SHIB Can Reach $0.01 

This price forecast has sparked a significant debate within the community, with top enthusiasts deliberating on whether SHIB could attain the target. Interestingly, Lucie, the lead of marketing at Shiba Inu, has also joined the debate. 

The marketing lead emphasized that she has always had faith in Shiba Inu’s ultimate rally to the $0.01 target. This has been Lucie’s aspirational goal for SHIB since she became a holder in 2021. 

Despite believing in Shiba Inu’s capacity to rally towards $0.01, she cautioned that SHIB will not reach the target immediately. Lucie stressed that everything, including SHIB’s potential surge to $0.01, requires time to materialize. 

Lucie has been a firm believer in Shiba Inu, suggesting that the token will kick off the bull run. Her confidence stems from the team’s dedication to enhancing SHIB’s utility, which has led to the birth of several projects, such as Shibarium, ShibaSwap, non-fungible tokens, and P2E games like Shiba Eternity.  

The team is also intensifying efforts to reduce SHIB’s enormous supply of 589 trillion. This is evident in the team’s allocation of Shibarium gas fees to token burns. 

Given Lucie’s knowledge of the Shiba Inu ecosystem and the things happening behind the scenes, she believes the token could reach $0.01 in its lifetime. However, she cautioned that it may take time for this prediction to materialize. 

Debate About SHIB $0.01 Forecast Spike 

As mentioned earlier, deliberations about the possibility of $0.01 prediction coming to fruition have not cooled off, with the community divided into two separate views. 

One part features the likes of Lucie, Luis Delgado, and YourPOP, who believe $0.01 is a realistic target for SHIB. However, most commentators regard the $0.01 target as unattainable, given the extraordinary growth rate SHIB would need to achieve it. 

For context, from the current price of $0.00001201, Shiba Inu would require a rally of 83,163% to reach $0.01. This estimated price is equivalent to a market capitalization of $5.89 trillion, assuming Shiba Inu’s supply remains the same at 589 trillion tokens. 

Proponents of this theory believe that the only way SHIB can attain the $0.01 target is if it burns a massive chunk of its supply and the token attracts the attention of institutional investors. So far, no institutions have shown such interest, nor has any spot ETF been filed for the token. 

Arthur Hayes Joins The Market Sell-Off, Dumps Ethereum, Pepe, and Ethena Worth $13.3M

Elendu Benedict
-
0
Arthur Hayes Joins The Market Sell-Off, Dumps Ethereum, Pepe, and Ethena Worth $13.3M

Arthur Hayes, the former CEO of BitMEX, dumped Ethereum, Pepe, and Ethena worth millions of dollars, joining a broader market sell-off.

The cryptocurrency market has taken an unexpected turn, and some market users are already selling. Hayes, who is a long-standing bull, joined the trend yesterday, data from Arkham shows.

For context, wallet address “0x6cd6,” marked as Arthur Hayes by Arkham, moved Ethereum, Pepe, and Ethena to multiple trading platforms on August 1, potentially to sell them. This comes following a broader market dump, which saw Bitcoin and Ethereum fall 1.50% and 4.63% in the past 24 hours.

Arthur Hayes Offloads His Cryptos

Notably, the selloffs started with Ethena, with the wallet moving 7.764 million ENA tokens to Binance Deposit on August 1 at precisely 20:03 (UTC). Notably, this is all his ENA holdings, worth $4.62 million at the time of the transfer.

Two minutes later, he transferred 38.86 billion PEPE worth $415,470 to Cumberland DRW. Arthur then started converting his wrapped Ethereum (WETH) to Ethereum for sale.

Arkham shows that he unwrapped 2,095 ETH ($7.86 million) over two transactions on the Uniswap V3 pool, receiving the 1:1 reciprocal in Ethereum. Following the conversion, he transferred them to centralized trading platforms.

First, he moved 1,000 ETH ($3.5 million) to B2C2, a liquidity provider and trading platform based in London. He then offloaded 1,373 ETH ($4.82 million) to Binance Deposit, bringing the total to 2,373 ETH ($8.32 million).

Notably, the offset came from his outstanding Ethereum stash, currently standing at 233,444 ETH ($824,390).

Arthur Hayes Crypto Sales

A Broader Market Ethereum Sell-Off

Meanwhile, Lookonchain identified that besides Hayes, other whales are also selling Ethereum. The analytical platform shared that the wallet address “0x3c9E” has deposited 26,182 ETH ($93.66 million) to several exchanges, including Binance, Bybit, OKX, and Kraken, in the past 48 hours.

Coinbase and Binance have also been depositing Ethereum to Wintermute. In the past 24 hours, they have moved thousands of Ether to the platform, potentially to use its OTC services to dump them with minimal market impact.

Some Others Are Buying the Dip

Nonetheless, some still see the Ethereum correction as an opportunity to buy cheap. For context, a new wallet, “0xdf0A,” received 16,496 ETH ($58.5 million) from the Galaxy Digital OTC address.

Lookonchain pointed out that a total of 12 new wallets have bought 808,347 ETH ($2.85 billion) since July 9.

Meanwhile, SharpLink Gaming also bought the dip, spending another 108.57 million USDC to buy Ethereum. Lookonchain noted that it received 14,933 ETH ($52.5 million) a few hours ago, bringing the Ethereum treasury company’s total Ether holding to 464,209 ($1.63 billion).

Uphold’s XRP to $1,000 Comments Make Waves Again

Abdulkarim Abdulwahab
-
0
Uphold’s XRP to $1,000 Comments Make Waves Again

The long-standing speculation about XRP reaching $1,000 has resurfaced as a community member revisited past posts by U.S.-based exchange Uphold.

Earlier today, X user HchannelX brought attention back to Uphold’s past tweets speculating on an XRP price of $1,000. While the posts, dating as far back as 2020, were intended as hypothetical prompts, they continue to stir excitement among XRP holders who view the scenario as a long-term possibility.

One of the tweets from Uphold, originally posted in late 2021, asked, “What’s the first thing you’d do if XRP reached $1,000?” 

Although never meant as a price prediction, these posts have repeatedly gone viral, often interpreted by some community members as indirect bullish signals. Now, with XRP trading around $3, these old tweets are gaining new relevance.

A $1,000 XRP Would Be Monumental

At the current price of $3, XRP would need to rise by 33,233% to reach $1,000. Such an increase would turn a $1,000 investment today into more than $330,000, a dream scenario for many long-term holders.

The hypothetical milestone would also give XRP a market capitalization of over $59 trillion based on its circulating supply today. For comparison, Bitcoin’s market cap is currently around $2.26 trillion, and the total crypto market stands just above $3.7 trillion.

Despite the enormous leap required, the community’s appetite for big numbers remains strong.

XRP Army Reaction to $1,000 Price Outlook

Responding to Uphold’s original question about what holders would do if XRP reached $1,000, XRP enthusiasts have shared various aspirational goals. Some joked about buying private islands, while others mentioned paying off debt, investing in businesses, or donating to charity.

Yet, not everyone supports the lofty vision. Some community members urged caution, pointing out the implausibility of a $1,000 XRP under current global market conditions. At that valuation, XRP alone would surpass the GDP of most countries.

However, industry leaders like EasyA founder Dom Kwok argue that it’s not unrealistic for XRP’s valuation to reach the trillions or exceed the GDP of many nations. According to him, dismissing the $1,000 outlook based on current limitations may prove short-sighted in hindsight.

Uphold Clarifies: No Official Prediction

While many interpret Uphold’s XRP-to-$1,000 posts as price predictions, the exchange has consistently clarified that it does not issue official forecasts. Instead, it frames these posts as community engagement prompts, inviting users to imagine hypothetical future scenarios.

However, the XRP Army, known for connecting dots, continues to speculate. Uphold holds a significant reserve of XRP and maintains close ties with Ripple. It serves as a key partner for cross-border payments and RLUSD stablecoin distribution.

1...596597598...2,636Page 597 of 2,636