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Peter Schiff Says the European Demand for Bitcoin Will Keep Falling

Elendu Benedict
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Peter Schiff Says the European Demand for Bitcoin Will Keep Falling

Long-term Bitcoin critic Peter Schiff has predicted that Europeans will continue to lose interest in Bitcoin, citing its price difference as proof.

Bitcoin is down slightly in the past 24 hours against the dollar, following a period of intense upward price action that saw it reach an intraday high of $108,310 today. While the asset has shown bullish momentum, particularly from a scare over the weekend that saw it drop below $100,000, some still believe BTC remains a bubble that will burst soon.

Bitcoin’s Demand Would Decline in Europe: Schiff

Particularly, in a tweet today, staunch critic Peter Schiff made another claim about Bitcoin and its long-term trajectory, especially outside the United States. He argued that the demand for the pioneering cryptocurrency would continue to decline in Europe alongside the demand for the US dollar.

For context, he cited that while Bitcoin is only 4% away from its all-time high of $112,000 attained on May 22, it is 14% away from its peak of €105,951 against the euro. Interestingly, BTC reached this peak on January 20, failing to find much joy against the euro as with the dollar, where it has hit two new ATHs since Inauguration Day.

Meanwhile, Schiff claims that this disparity is due to Bitcoin’s lesser popularity in Europe compared to the United States. While the European Union debuted a crypto market framework before the US, the latter still has more users and processes more crypto-related transactions than the former.

Notably, the Bitcoin critic expects this trend to continue. He emphasized that the global de-dollarization trend is ongoing, and Bitcoin’s adoption is likely to decline in Europe alongside the dollar.

“European demand for both will keep falling,” Schiff added.

Mere Forex Difference?

Meanwhile, Schiff’s comments drew the attention of the crypto community, with a reaction emphasizing that the acclaimed lack of interest is merely a forex disparity. Salomondrin highlighted that this was due to the US dollar index (DXY) dropping, which led to other cryptocurrencies appreciating against the USD.

For perspective, Donald Trump’s tariff war led many institutions to lose interest in the US dollar as they sought alternative means of cross-border trading. The DXY crashed on this development and remains in a downtrend, dropping to 97 today.

As a result, during the period, Bitcoin surged against the US dollar to new highs but failed to replicate a similar feat against the more stable euro. As a result, Schiff’s claim that the price difference suggested a lack of interest lacked logic.

Moreover, Salomondrin stated that a similar price difference is seen in gold’s price against the dollar and the euro. Gold sells at $2,880 per ounce against the euro and $3,300 against the dollar; hence, Schiff’s comments are based on relative all-time highs rather than Bitcoin’s real value.

Remarkably, top market watchers have tipped Bitcoin to continue growing both in price and adoption. Recall that Tim Draper tipped BTC to increase infinitely against the US dollar, with Coinbase CEO Brian Armstrong arguing that nations will hold more Bitcoin than gold in the future.

Ripple Partners with Wormhole to Bring Multichain Interoperability to the XRPL and XRPL EVM Sidechain

Sam Wisdom Raphael
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Ripple Partners with Wormhole to Bring Multichain Interoperability to the XRPL and XRPL EVM Sidechain

Ripple has joined forces with Wormhole to bring multichain functionality to the XRP Ledger (XRPL) and the upcoming XRPL EVM Sidechain. 

Notably, this move comes as demand grows for digital assets and stablecoins that can move easily across blockchains. The partnership focuses on giving developers and institutions a simpler way to transfer tokens, share data, and issue assets across over 35 connected blockchain networks.

Ripple Partners with Wormhole for Multichain Interoperability 

Importantly, Wormhole’s platform already powers more than 200 applications across dozens of chains. Since its launch in 2020, it has supported over $60 billion in cross-chain volume. 

Now, with this integration, XRPL developers can use Wormhole’s tools to transfer XRP, IOUs, and Multi-Purpose Tokens (MPTs) to and from other chains. Moreover, they can also interact with smart contracts outside XRPL by triggering messages and data between networks. Ripple confirmed the development in a post today.

Robinson Burkey, Co-Founder of the Wormhole Foundation, said the collaboration opens up a broader range of possibilities for XRPL. He noted that connecting XRPL to more chains through Wormhole helps break down the barriers that often slow blockchain adoption, especially in enterprise finance.

Meanwhile, Ripple’s Chief Technology Officer, David Schwartz, added that true adoption depends on strong interoperability. He explained that tokens issued on XRPL will now have the flexibility to move across other blockchains while keeping the same structure and control. 

Schwartz stressed that this level of cross-chain access brings new options for developers building applications in payments, DeFi, and real-world asset tokenization. 

The XRPL EVM Sidechain

Interestingly, the partnership shows Ripple’s commitment to keeping XRPL open and flexible. This announcement comes at a time when Ripple is also preparing to launch the XRPL EVM Sidechain on the mainnet in the second quarter of 2025. 

Built by Peersyst Technology in collaboration with Ripple and other blockchain firms, the sidechain brings Ethereum compatibility to XRPL, allowing developers to run Ethereum smart contracts and dApps on the network.

Since launching its testnet on March 31, 2025, the sidechain has attracted over 87 new participants, including wallets, dApps, indexers, auditors, and other tools. 

Specifically, it runs on Cosmos SDK and evmOS, boasting fast transaction speeds, low costs, and support for tools like Metamask and Truffle. With the addition of Wormhole’s infrastructure to this environment, developers can now move assets between XRPL and other networks while triggering contract actions across chains.

The goal is to create a strong, multichain ecosystem ready to serve real-world finance. With Wormhole’s help, Ripple is giving developers the tools they need to build secure, scalable, and cross-chain apps on XRPL and its EVM Sidechain.

Cardano Also Eyeing Interoperability with the XRPL

At the same time, Cardano is also working on ways to connect with XRPL. Cardano founder Charles Hoskinson recently outlined a plan to link the two ecosystems. His approach includes integrating XRP and RLUSD into the Cardano blockchain, allowing users to manage them directly in the Lace Wallet. 

Cardano’s Midnight sidechain will also play an important role, presenting private smart contracts that support DeFi activities like lending and staking, while keeping XRP on its home chain.

Cardano will also launch interoperability bridges to connect with networks like Ethereum, Solana, and Avalanche, helping XRP expand its reach. Notably, to boost adoption, the project will airdrop NIGHT tokens to eligible XRP holders and spread them across various blockchains in later phases.

Judge Torres Denies Ripple and SEC Latest Request, Says They Can Still Withdraw Appeal

Lele Jima
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Judge Torres Denies Ripple and SEC Latest Request, Says They Can Still Withdraw Appeal

U.S. District Judge Analisa Torres has once again denied Ripple and SEC’s joint motion for an indicative ruling to vacate the permanent injunction and reduce the penalty. 

Pro-crypto journalist Eleanor Terrett called the public’s attention to the court’s judgment released today. Recall that the parties refiled their joint motion for an indicative ruling earlier this month, providing exceptional circumstances to vacate the permanent injunction imposed on Ripple’s XRP institutional sales and reduce the penalty to $50 million. 

Torres Denies SEC and Ripple’s Latest Request 

However, Judge Torres, in her decision, said the parties’ recent arguments did not persuade her to grant the indicative ruling. According to her, the parties’ settlement agreement, which involves vacating the injunction and reducing the penalty, does not override the court’s final and public judgment. 

She asserted that the precedents cited in the motion did not involve any injunction or civil penalty, unlike the Ripple lawsuit. Specifically, the judge noted that the SEC dismissed most of these cases before the court ruled on whether there was any violation of federal securities law. 

“Moreover, dissolution of the injunction as a precondition to the termination of the parties’ appeals is only necessary because the SEC and Ripple made it so,” Judge Torres remarked. 

According to her, the parties are free to withdraw their appeals at any time if they genuinely wish to do so. 

Is Appeal the Only Route?

However, if they insist on seeking relief from the final judgment, Judge Torres emphasized that the only route is through an appeal at the Second Circuit. 

“Neither option involves requiring this court to absolve Ripple of its obligation under the law,” Judge Torres added. 

The judge stated that while she respects their freedom to settle the legal dispute amicably, the parties cannot agree to opt out of the court’s final verdict. 

It remains unclear how the SEC and Ripple will respond to the court’s latest decision. In the meantime, the parties are committed to resolving the multi-year lawsuit. They have already asked the Second Circuit to pause their appeals to enable them to resolve the case amicably. 

Shiba Inu Lead Developer Shares How AI and Blockchain Are Transforming the Future of Business

Lele Jima
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Shiba Inu Lead Developer Shares How AI and Blockchain Are Transforming the Future of Business

Shiba Inu lead developer Shytoshi Kusama has provided insights into how AI and blockchain are transforming how individuals can launch businesses.

The Shiba Inu leader shared the insights during the sixth episode of his ‘Shy Speaks SHIB’ podcast. During the latest episode, he sat down with EtherMail CEO Shant Kevonian for a fireside chat. 

AI Makes Launching Businesses Easier

The Shiba Inu community X handle, Shibarium Updates, summarized the conversation in an X post, noting that the duo discussed how blockchain and artificial intelligence are reshaping the way new businesses launch and scale. 

Kusama and Kevonian emphasized that it is now easier to launch a business following the inception of blockchain and AI. These technologies have eliminated most of the barriers that new business owners previously encountered when starting a new company, potentially reducing financial and technical costs. 

Despite this, they acknowledged that new business owners still require passion, clarity, and focus to succeed in their endeavors. 

Shibarium: A Launchpad for Web3 Startups 

The latest episode portrayed Shiba Inu’s Layer-2 blockchain as a launchpad for future-focused Web3 startups. Launched in 2023, Shibarium offers low-cost, fast transactions, providing developers with a cost-effective and efficient blockchain hub for decentralized applications. 

Kevonian also highlighted EtherMail’s features in the podcast. According to him, EtherMail, an on-chain, privacy-first Web3 communication platform, enables users to send and receive emails, tokens, invoices, and NFTs through blockchain addresses. 

He suggested that EtherMail solves certain limitations inherent in most decentralized applications (dApps), particularly the requirement to link a traditional email to users’ wallets. By addressing this limitation, EtherMail helps to maintain users’ privacy, irrespective of whether they are using anonymous wallets. 

Furthermore, EtherMail could play a crucial role in filtering trusted communications, given the rise of AI-generated content and potential spam.  

Meanwhile, the community X handle hinted at a potential synergy between Shiba Inu’s Shib Name Service (SNS) and Ethermail. According to the post, this integration could provide a seamless communication layer for Shibarium-native identities. 

For the uninitiated, SNS is a Shibarium-based solution that lets users manage their digital identities. With this feature, users can replace the long, complex, alphanumeric blockchain addresses with human-readable names. This makes sending and receiving tokens easier while also reducing the risk of errors. 

In the meantime, the Shiba Inu lead developer has recently shown strong interest in AI. Earlier, he disclosed that he was exploring Shiba Inu and AI, as well as the cryptocurrency’s core function in the upcoming technological evolution. 

Bitcoin Correlation with This Metric Shows BTC Has Room for More Upside

Elendu Benedict
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Bitcoin Correlation with This Metric Shows BTC Has Room for More Upside

A widespread chart highlighting Bitcoin’s close relationship with the global M2 money supply suggests that Bitcoin could still rally extensively.

Bitcoin reclaimed $108,000 on Wednesday, continuing its resurgence from last week’s drop below $100,000. The recent push, which has pulled its market dominance to a 4.5-year high and left altcoins in the dust, has seen it extend its year-to-date gains to 15.53%, the largest among the top 10 assets by market cap.

Bitcoin’s Correlation with the M2 Money Supply

Meanwhile, while Bitcoin has outperformed most altcoins, a comparison of its price action against the global M2 money supply shows there is still room for more upside. Julien Bittel, the head of macro research at Global Macro Investor (GMI), highlighted this trend in a Wednesday, June 25, tweet.

He shared the updated version of “the most copied Bitcoin chart on the planet” in the tweet, which highlighted a clear difference in the trajectory between Bitcoin and the global M2 12-week lead. For the uninitiated, the M2 monetary supply tracks the amount of money available for spending and investing in the global economy.

Bitcoin and Global M2 12-Week Lead Chart

It comprises liquidity from M1, which is physical cash, savings deposits, money market funds, and other forms of cash readily available for economic activities. Typically, a growth in global liquidity usually translates to an increase in investment appetite, favoring assets like Bitcoin.

Essentially, Bittel’s chart shows a close correlation between Bitcoin and the M2 money supply. The two have closely followed each other’s trends since 2023. While they have occasionally decoupled, their relationship has remained largely intact.

Bitcoin Still Lagging Against Global M2

According to data, the global M2 liquidity stands at $94.3 trillion. Notably, the figures have been growing extensively lately, following quantitative easing in some major economies globally and money printing by the central banks of certain countries. 

The chart shows that the global M2 has outgrown Bitcoin, suggesting that the crypto leader could follow its lead, considering their close correlation. Meanwhile, Bittel emphasized that the analysis is not about Bitcoin matching the global liquidity tick for tick, but rather an indication that the bullish momentum for BTC remains intact.

This suggests that Bitcoin could trend higher from current prices, potentially surpassing its all-time high of $112,000. While the analyst did not mention a precise target, earlier outlooks predict prices of $175,000, $200,000, and $250,000 by the end of the cycle.

Moreover, analysis from Zero Hedge supports Bittel’s outlook. An accompanying chart also shows a correlation between Bitcoin and the global M2, suggesting that BTC may rally extensively from its current prices to close a highlighted performance gap.

Bitcoin vs Global M2 Liquidity/ZeroHedge

Analyst Sina Issues Reality Check

In response to the trending chart, Sina identified what he described as data illiteracy. He highlighted in a tweet about a consistent data tweak among analysts to arrive at the perfectly trimmed correlation.

Furthermore, he identified a measurement problem and an overfitting by analysts to model “noise,” hence the close correlation. While he agreed that Bitcoin has a correlation with the global M2, he believes the circulating charts do not accurately portray their relationship.

Recall that Sina predicted that Bitcoin would hit $285,000 this year, citing the quantile model. At the time of writing, Bitcoin trades at $107,446.

Did Exchanges Really See $12B+ in XRP Outflows in 1 Day, Here’s What Actually Happened

Sam Wisdom Raphael
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Did Exchanges Really See $12B+ in XRP Outflows in 1 Day, Here’s What Actually Happened

Previous reports suggested that exchanges such as Binance and Upbit recently observed billions in XRP outflows, but on-chain data shows what really occurred.

Notably, this week, the XRP community witnessed an anomaly pertaining to exchange flows across multiple top trading platforms. Specifically, several exchanges, including Binance and Upbit, reportedly saw massive outflows involving XRP, triggering speculation of looming supply shock.

XRP Saw Drop in Exchange Reserves

The Crypto Basic called attention to the development, with data provided by market analytics platform CryptoQuant indicating that the withdrawals amounted to over $12 billion worth of XRP. Data from CryptoQuant suggested that Binance saw outflows of 617 million XRP over a week, while Upbit, which allegedly witnessed the largest outflows, observed 4.989 billion XRP in withdrawals. 

Besides Binance and Upbit, the trend also impacted Bybit and Bitfinex. However, in our previous report, we confirmed that an on-chain investigation of the wallets belonging to these exchanges showed no activity that reflects such large fund movements. As a result, we floated the possibility that the data could have been a glitch.

XRP Exchange Reserve Crash Was a Glitch on CryptoQuant 

It appears this speculation was right. Specifically, according to recent data, CryptoQuant appears to have corrected this glitch. However, the analytics platform has not released any statement on the matter, and a request from The Crypto Basic for comments have not been granted at press time.

Notably, a look at the recent data shows that although some exchanges have actually witnessed outflows, the previous data exaggerated the extent of these outflows. For one, Binance still holds around 2.8 billion XRP, observing only about 35 million XRP in withdrawals since June 18.

XRP Ledger Exchange Reserve Binance
XRP Ledger Exchange Reserve Binance

Moreover, the previous data suggesting that Upbit’s XRP reserves had collapsed to 1.08 billion XRP was way off. Specifically, Upbit’s reserves still contain 6.08 billion XRP as of press time, representing the largest XRP exchange balance globally. In fact, Upbit has witnessed XRP inflows since June 18, as opposed to the earlier data.

XRP Ledger Exchange Reserve Upbit
XRP Ledger Exchange Reserve Upbit

Bybit and Bitfinex Data Remains Unchanged

Meanwhile, for Bybit, its XRP exchange reserve chart still indicates a massive drop since June 15. Notably, according to data from CryptoQuant, Bybit held 326.75 million XRP on June 15. However, current data suggests the exchange now has 230.5 million XRP, suggesting that it has witnessed the withdrawal of over 96 million XRP over the past two weeks.

XRP Ledger Exchange Reserve Bybit
XRP Ledger Exchange Reserve Bybit

In addition, the Bitfinex XRP reserve chart also indicates a large drop in the exchange’s XRP balance. Bitfinex now holds 58.55 million XRP, representing outflows of 4.117 million XRP. It is unclear if these figures reflect the current reality of whether CryptoQuant has failed to correct the glitch on the Bybit and Bitfinex charts.

XRP Ledger Exchange Reserve Bitfinex
XRP Ledger Exchange Reserve Bitfinex

Ripple Chairman Says It’s Not About Tech; It’s About Trust

Abdulkarim Abdulwahab
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Ripple Chairman Says It’s Not About Tech; It’s About Trust

Chris Larsen, co-founder and Chairman of Ripple, says the company’s most important accomplishment isn’t a technical breakthrough.

Instead, it lies in earning the trust of enterprise financial institutions worldwide. Larsen shared this perspective while speaking on the “When Shift Happens” podcast, hosted by Kevin Follonier.

Larsen highlighted that credibility and consistency have been the keys to Ripple’s long-term positioning in the global payments ecosystem.

“It’s not about tech, but about trust,” Larsen stated. “We’ve earned the trust of the financial world… that takes a lot of work and consistency.”

According to Larsen, Ripple’s engagement with treasury operations and payment players across the globe is the result of more than a decade of reliable performance.

Consistency Over Hype

In an industry often driven by hype cycles and rapid innovation, Larsen noted that Ripple’s rise came from its consistent presence over 13 years, marked by a commitment to solving real-world problems.

This is evident in the several pivotal alliances and major regulatory licenses for operation across various continents that Ripple has secured during its decade-long journey in the crypto space.

In the 2010s, Ripple entered collaborations with SBI Holdings, Santander, MoneyGram, American Express, and Standard Chartered. These alliances led to the introduction of various products that serve the goal of moving value for human benefit.

Specifically, in 2018, SBI Ripple Asia launched MoneyTap, a Ripple-powered app for domestic payments in Japan. That same year, Santander introduced One Pay FX using Ripple’s system.

In the 2020s, Ripple continued the partnership streak. Notably, it acquired Swiss crypto custody firm Metaco for $250 million in May 2023, and Hidden Road for $1.25 billion in 2025.

The company also secured a license from Singapore’s central bank to offer digital payment services in 2023 and holds about 50 money transmitter licenses across many U.S. states.

Ripple Chairman Larsen stressed that the company didn’t get where it is by luck. Instead, it succeeded through consistency and values that resonate with institutional players.

The Culture Behind the Mission

Larsen also credited Ripple’s internal culture as a powerful force behind its success, describing it as “the glue” that holds the mission together.

He gave a special shoutout to Ripple CEO Brad Garlinghouse for preserving the company’s foundational values through changing markets.

“Hats off to Brad for continuing and staying really pure to the culture,” Larsen said, praising the team as “amazing, dedicated people… working every single day very hard with the right core values and their heart.”

Overall, Ripple continues to expand its role in enterprise payments, releasing key products like the recently launched stablecoin, RLUSD, to better serve the financial market. Larsen’s comments confirm that trust and long-term vision are Ripple’s most valuable technologies.

Analyst Says Time for Bulls to Rule as Dogecoin Price Eyes 214.6% Pump

Mark Brennan
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Analyst Says Time for Bulls to Rule as Dogecoin Price Eyes 214.6% Pump

Dogecoin forms an accumulation base as historical chart patterns align, and an analyst suggests it’s time for bulls to rule.

Dogecoin has recently shown signs of recovery after a brief decline. Between June 20 and June 23, the asset dropped steadily, reaching just above $0.145. However, the price rebounded sharply, forming a V-shaped recovery pattern. By June 26, Dogecoin had stabilized in the $0.162 to $0.167 range.

While the asset now trades sideways, TradingView analyst Setupsfx points to a critical development phase based on Wyckoff theory, suggesting that a bullish shift may be forming.

Wyckoff Pattern and Accumulation Signs Emerge

According to the chart shared by Setupsfx, Dogecoin appears to be in an accumulation phase. The chart also highlights multiple Change of Character (CHoCH) patterns, typically indicating early buying interest. In addition, marked Fair Value Gaps (FVG) and Imbalances (IMB) suggest potential target areas if upward momentum increases.

Screenshot 2025 06 26T100230072
Dogecoin Price Prediction

Notably, historical data from 2024 also reflects similar behavior. A descending trendline formed after Dogecoin surged to $0.2286 in late March 2024. The trendline rejected upward movement several times, including on July 22 at $0.141 and July 29 at $0.135. A breakout in late 2024, following a visible accumulation, sent prices as high as $0.48 by December 2.

Following that high, a new falling trendline emerged. The price touched $0.435 on Jan. 13, 2025, before declining to $0.128 by April 7, 2025. After rebounding again, Dogecoin faced another rejection near $0.254 on May 19, 2025. The asset has since entered a new accumulation zone, indicating a possible attempt at another breakout.

Upside Potential Cited by TradingView Analyst

Setupsfx has emphasized that Dogecoin is now trading at a key buying level. However, the analyst noted the need for confirmation before any trading decision. The current phase may take some time to mature, as it is currently in a state of accumulation. According to the analysis, price movement into a distribution phase would offer stronger directional signals.

Based on the chart setup, Setupsfx projects that a successful swing trade from the current price of $0.1653 could yield gains up to 214.6%. If that occurs, Dogecoin could reach a potential target near $0.52, a new yearly peak. However, risk parameters remain necessary, given the structure has not yet fully confirmed a bullish breakout.

Key Metrics Indicate Network Growth 

On-chain data from IntoTheBlock confirms the thesis of ongoing accumulation. Over a 7-day period, new addresses rose by 102.40%, while active addresses increased by 111.32%. 

Screenshot 2025 06 26T104817390
Dogecoin Daily Active Addresses

Zero balance addresses—often indicating prior holders returning—grew by 155.45%. These metrics suggest rising interest and user participation, both critical elements for sustaining accumulation phases in crypto markets.

Higher-Low Structure Signals Possible Continuation

Meanwhile, an additional analysis came from Twitter users WIZZ and Chris also pointed to looming bullishness. Chris, in a June 24 tweet, mentioned Dogecoin’s bounce from a multi-year support trendline on the weekly chart. He noted the move maintained the coin’s higher-low structure, established after October 2023. This structure previously triggered a shift into an ascending channel. 

Chris indicated that, if the structure holds, Dogecoin may continue toward the top of the wedge. His chart projected a potential move to $1, or even as high as $1.40.

Top Pundit Calls His Cardano Math Discovery ‘Jaw-Dropping’ After Recalculating

Elendu Benedict
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0
Top Pundit Calls His Cardano Math Discovery ‘Jaw-Dropping’ After Recalculating

A recent jaw-dropping disclosure from a top crypto pundit has triggered curiosity and intense discussion within the Cardano community.

Specifically, Altcoin Daily, a prominent YouTube channel managed by two brothers, Aaron and Austin Arnold, caused the stir. In a Wednesday tweet, it shared that it re-ran the ADA math, and the results were jaw-dropping.

More Context for the ADA Math

Notably, Altcoin Daily’s post has caused an uproar, with reactions clamoring for further context. However, the pundits are yet to provide clarity to what they called the Cardano math at the time of writing.

Altcoin Daily on X
Altcoin Daily on X

Notwithstanding, crypto enthusiast Ivy employed the help of AI chatbot Grok to explain what the cryptic message might be insinuating. Interestingly, the outcome was all bullish for Cardano.

For context, Grok indicated that the post reflects a sudden realization of Cardano’s market potential. It suggested that ADA is trading at a bargain at its current price, with a trading volume uptick to $988 million on June 25 hinting that an explosive price action could be on the horizon.

Notably, recent data from CoinMarketCap shows that ADA’s 24-hour trading volume has dropped to $651 million, as its price has declined by nearly 2% over the past day to $0.5715.

Cardano’s Technology Supports the Jaw-Dropping Math

Meanwhile, the chatbot continued by highlighting Cardano’s technological advancement, particularly improving on Bitcoin’s energy-intensive proof-of-stake mechanism. Cardano uses the proof-of-stake consensus called Ouroboros, which selects validators based on the amount of ADA staked or delegated to a user.

A 2022 report in Energy Research and Social Science compared Cardano’s energy-conservative ecosystem to Bitcoin’s. According to the study, Cardano is 99.95% more energy-efficient than Bitcoin, a factor that has sparked institutional interest in the layer-1 blockchain.

As a result, the Cardano ecosystem’s technology, which would be further improved with the Bitcoin DeFi push and the Midnight launch, bolsters Altcoin Daily’s claims.

Furthermore, the growing shift among institutional investors from legacy assets, such as gold and stocks, to the crypto sector could further boost Cardano’s chances of a strong upward trend in the near term.

Industry leaders like Michael Saylor have advocated for a shift in the US reserve from gold to Bitcoin, a possible catalyst for massive capital influx into assets like Bitcoin and Cardano if it comes to fruition.

Bullish Cardano Outlooks

Meanwhile, most analysts are bullish on Cardano’s short and long-term trajectory, citing both technological advancement and emerging technical developments. For instance, Bitcoinsensus projected a rally to $2.40 after a retest of the crucial support at $0.38.

However, Cardano SPO Ssebi insisted that Cardano is on track to reach $10, citing Cardano’s pole position in unlocking Bitcoin DeFi as a major catalyst. He also mentioned the imminent launch of a spot Cardano ETF in the United States as a possible driver for the uptick.

Shiba Inu Remains Sidelined as Top Meme Coin Enters SEC ETF Review

Lele Jima
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0
Shiba Inu Remains Sidelined as Top Meme Coin Enters SEC ETF Review

Shiba Inu has once again been overlooked for a potential ETF launch in the United States.

The Cboe BZX Exchange seeks to list and trade shares of the Canary PENGU ETF. Yesterday, Cboe submitted its 19b-4 application to the U.S. SEC.

According to the filing, Cboe has indicated its interest in listing and trading shares of the Canay PENGU ETF, which aims to provide investors with indirect exposure to the Solana-based meme coin. Bloomberg ETF analyst Eric Balchunas also confirmed the development in an X post.

Canary PENGU ETF

This comes three months after Canary first submitted its S-1 application to launch the PENGU ETF in the U.S. The proposed spot-based exchange-traded fund seeks to invest primarily in the PENGU token and Pudgy Penguins NFTs.

Moreover, the Canary PENGU ETF will hold other digital assets, such as Solana and Ethereum. Notably, this move aims to facilitate the sale and purchase of the ETF’s core holdings, PENGU and Pudgy Penguins NFTs.

While Canary sponsors the ETF, CSC Delaware Trust will be the fund’s trustee. Like most crypto-focused ETFs, the Canary PENGU ETF will be structured as a commodity-based product.

Regulatory Process Commences

Notably, Cboe has backed Canary’s PENGU ETF application with a 19b-4 filing, officially commencing the regulatory process for the ETF. Per the filing, Cboe seeks to list and trade shares of the Canary PENGU ETF under BZX Rule 14.11(e)(4).

In the meantime, the SEC is expected to acknowledge the application within two weeks of filing. Afterward, the commission will schedule four separate deadlines to decide whether to reject or approve it.

Shiba Inu Overlooked Despite Growing Demand for SHIB ETF

This development comes as asset managers continue to bypass Shiba Inu, focusing instead on other meme coins as potential candidates for spot ETFs.

Firms have submitted ETF applications for Dogecoin (DOGE), Pudgy Penguins (PUDGY), Official Trump (TRUMP), Bonk (BONK), and Official Melania Meme (MELANIA).

However, they have consistently overlooked Shiba Inu, despite calls from its community for a SHIB ETF. As previously reported, the Shiba Inu community petitioned Grayscale on Change.org, urging the digital asset manager to introduce an ETF tied to SHIB. The petition has attracted 11,700 signatures since its introduction last year.

In an effort to attract asset managers, Shiba Inu’s marketing lead, Lucie, published a post on X earlier this year, highlighting why SHIB is worth an ETF. She cited the token’s broad accessibility, resistance to manipulation, and community-driven growth.

Despite these efforts, asset managers have largely continued to overlook Shiba Inu as a potential ETF candidate, favoring other meme coins instead.

Meanwhile, Shiba Inu’s popularity in the meme coin niche and the broader crypto market has continued to grow. It currently ranks as the 19th-largest crypto and the second-largest meme coin, with a market capitalization of $6.88 billion.

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