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Finance Industry Insider Says Banks Will Never Use XRP

Abdulkarim Abdulwahab
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Finance Industry Insider Says Banks Will Never Use XRP

Rajat Soni, a finance industry veteran with 10 years of experience, has publicly criticized XRP, calling it a “scam” and asserting that banks will never adopt it.

In a recent tweet, Soni outlined his reasons for why he believes XRP lacks the necessary qualities to be embraced by financial institutions. To him, Bitcoin is the actual digital currency that will shape the future of finance.

XRP “Has Centralized Risk”

Soni’s main critique centers on XRP’s decentralization, citing that the American payment firm Ripple largely controls XRP. Specifically, he pointed out that Ripple holds approximately 50% of the total supply of XRP.

In his view, this heavy concentration of ownership leaves the cryptocurrency vulnerable to price manipulation and presents a major risk to potential users, especially financial institutions. 

As a result, he concluded that “XRP is not decentralized,” asserting that banks do not want to be taken advantage of, as they are typically the ones who take advantage of others.

Furthermore, Soni claimed that Ripple has the ability to alter the XRP code and issue more coins if they choose, a claim many dub false. Soni argues that this “lack of true decentralization” makes XRP unattractive to banks. In his opinion, the idea that banks will adopt XRP is a misguided belief.

Meanwhile, Soni argued that a U.S. regulatory crackdown could hinder XRP’s price ascent. He claimed that aside from hopes that banks will eventually use it, many are not really interested in XRP. He recalled how the price of XRP tanked after the announcement of a lawsuit against Ripple in late 2020 to back his view.

Moreover, Soni claimed Ripple’s periodic sales of XRP contributed to the asset’s inability to reach an all-time high in seven years.

Bitcoin as “True Future of Digital Currency”

In contrast to XRP, Soni praised Bitcoin for its decentralization and growing global adoption. He stated that Bitcoin’s code is open-source, and any user can run the software, making it more resistant to control or manipulation.

Furthermore, he cited that the largest Bitcoin holders own no more than 5% of the total supply, preventing any single entity from taking control of the currency.

Soni also highlighted Bitcoin’s growing use in countries where traditional banking systems are inaccessible. He noted that if Bitcoin were banned in one country, it would still be used and traded in others. In his view, it is unlike XRP, claiming it could likely lose value if it were banned in the U.S.

Soni’s XRP Stance Under Check

It is worth noting that Soni is a longstanding XRP critic and Bitcoin maxi who has continued to issue heated pieces on the token.

Meanwhile, members of the XRP community have mostly grown immune to his takes, with lesser efforts to resist his negative narratives about the coin.

Why Web3 Gaming Is Likely To Succeed In Setting The Stage For Mainstream Crypto Adoption

Mark Brennan
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Why Web3 Gaming Is Likely To Succeed In Setting The Stage For Mainstream Crypto Adoption

The Web3 ecosystem has grown significantly over the past four years, with the total market cap of the crypto industry now at a whopping $3.8 trillion. This growth in valuation has mainly been fueled by the emergence of specific niches such as Decentralized Finance (DeFi), Non-fungible tokens (NFTs) and gaming platforms. 

But looking at the fine print, it is quite evident that the upward inflection in the crypto adoption curve coincided with the launching of NFT collections, especially those that were affiliated to blockchain-powered games such as the Axie Infinity. This NFT game recorded a total of 2.7 million daily active users at the height of the play-to-earn (P2E) boom in November 2021. 

More notably, blockchain games have consistently outperformed other crypto niches in terms of on-chain activity. The latest report by Dapp Radar revealed that there were 6.8 million daily unique active wallets (dUAW) interacting with this space in November 2024, ranking second only to DeFi which recently reclaimed its glory as the most active on-chain crypto sector. 

So, what stands out about blockchain gaming that has made DApps within this ecosystem thrive? For context, most of the popular projects in 2024 had some aspect of gaming in them; Pixels (social gaming metaverse), World of Dypians (open gaming metaverse) and Funtico (a full stack chain agnostic web 3.0 gaming platform). 

The Key to Onboarding More Users Into Web3 Economies 

While DeFi applications continue to play an important role in crypto adoption, games have proven to be more relatable to a wider audience. 

There are quite a number of reasons for this, including the fact that not everyone understands finance or is in crypto to break away from the traditional financial ecosystem. Some participants, or rather a good number, are just in it for the thrill; what better way to capture this market than Web3 gaming innovations? 

The next of this article will highlight some of the main reasons why Web3 gaming stands a better shot at attracting more active users to the space. 

Player-Owned Gaming Assets 

First and foremost is the idea of player-owned gaming assets, Web3 gaming ecosystems are designed on the basis of decentralized economies. This means that players get to fully own the in-game assets such as skins, weapons and other features which they purchase for the purpose of enhancing their character or gameplay. 

To provide some more context, Web2 games like Fortnite and Call of Duty (CoD) also have their own in-game assets, but unlike Web3 games, the rights to owning these assets are to large extent controlled by the game publisher. This means that players are limited on where or how they can monetize their in-game items. 

With Web3, a player can leverage existing NFT marketplaces like Opensea and Blur to sell their in-game assets in exchange for other types of digital assets and fiat eventually. This ability to fully own or monetize an in-game item is a game-changer, which is not only attracting individual gamers into the Web3 space but also established game publishers such as Atari which is building the Atari X metaverse for this purpose. 

Incredible Reward Models for Players 

Incentivized tokenomic models are another factor behind the potential success of the Web3 gaming ecosystem. But what exactly does this mean? Most Web3 games are designed to include rewards for players who either engage, complete specific quests or invite more people to participate in a particular game. This approach has proven to be strategic in wooing players from all walks of life. 

A good example of a Web3 gaming ecosystem whose incredible reward model has attracted significant participation is Funtico. This platform hosts a suite of Web3 games, including a racing game dubbed Formula Funtico which hosts regular tournaments. As of writing, there is up to 15,000 USDT up for grabs in ‘THE BIG BANTER SHOWDOWN’ tournament that is currently in the semi-final stage. 

More importantly, Funtico is set to hold its official Token Generation Event (TGE) for its native token $TICO on January 27th. The project is hosting an exclusive VIP launch party that will be held at The Agenda in Dubai Media City on January 24, 2025 to celebrate the TGE. Once the TGE is live, players who earn the $TICO token will not only be using it on Funtico, but also be able to monetize it by buying or selling through on listed CEXs and DEXs.  

Ease of Interaction with Tap-to-Earn Innovations 

If you closely followed the crypto market developments in 2024, you’ve probably heard of tap-to-earn. This is a Web3 gaming niche where most of the DApps have been built on the Telegram Open Network (TON). As such, gamers can simply engage by tapping on their phones through the Telegram mini app to earn rewards. It is as straightforward as it sounds – anyone can tap on their phone regardless of their level of Web3 knowledge. 

While still a relatively nascent niche, the ease of interacting with this type of Web3 games has attracted over 500,000 registered users on Lucky Funatic, one of the popular tap-to-earn games on Telegram. The overall market has also grown to almost $1 billion as of press time with notable names such as Xhmaster, Notcoin and Catizen contributing to this performance. 

Conclusion 

The Web3 gaming ecosystem may still be a drop in the ocean compared to the valuation or adoption rates in existing Web2 games. However, that’s not an anomaly for any new technologies; going by the fundamentals and figures, it is only a matter of time before this space starts to challenge the status quo in gaming economies. The compelling value proposition highlighted in this article is the reason why we’re seeing more adoption in Web3 gaming compared to other crypto facets. 

Bitcoin Demand from Retail Remains High at $100K, but Market Veteran Expects Pullback to $95K  

Sam Wisdom Raphael
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Bitcoin Demand from Retail Remains High at $100K, but Market Veteran Expects Pullback to $95K  

Demand for Bitcoin around the pivotal $100,000 psychological mark has been strong among retail investors, but downside risks remain.

As Bitcoin (BTC) struggles to maintain $100,000 amid the recent correction, blockchain analytics firm Glassnode recently called attention to sustained retail interest in Bitcoin at this pivotal psychological price range. 

Bitcoin Retail Demand High at $100K

According to Glassnode, the Shrimp-Crab tier of addresses, comprising retail investors holding up to 1 and 10 BTC respectively, absorbed 1.9 times the newly mined Bitcoin supply in the last month. For context, this equates to a net accumulation of 25,600 BTC. 

Glassnode
Glassnode

However, despite this strong demand among these investors, market analyst Teddy has noted the risks associated with short-term holders (STHs) dominating recent accumulation. 

In a disclosure today, he noted that STHs are typically more reactive to market fluctuations, often selling during minor downturns to secure quick profits. This tendency could increase selling pressure if volatility rises, or market sentiment weakens. 

Notably, this is especially concerning as Glassnode expects extreme volatility in the market soon. In a separate report, Glassnode pointed out that Bitcoin’s current 60-day price range is unusually tight. 

Typically, such periods of low volatility have been precursors to significant price movements. Additionally, Glassnode revealed that 20% of the total Bitcoin supply is concentrated within a narrow ±15% range of the current spot price. This clustering of supply could lead to amplified volatility as investor profitability thresholds shift.

Potential BTC Slump to $95K

Amid these on-chain trends, market veteran Michaël van de Poppe discussed Bitcoin’s current market position, as it drops 1.26% today. Despite the pullback over the past two days, Van de Poppe believes Bitcoin’s price could drop further, but only temporarily.

The analyst suggested in a report today that Bitcoin might slump to the $95,000-$97,000 range before resuming its upward trajectory. He believes such a pullback would help take liquidity and strengthen the asset’s foundation for further gains.  

Meanwhile, Bitcoin’s price currently hovers around $102,376, defending the psychological $100,000 mark after reclaiming it on Jan. 15. Notably, the asset briefly dipped below this level on several occasions but quickly rebounded each time. 

The bullish momentum led to a new all-time high of $109,300 on Jan. 20, coinciding with the inauguration of Donald Trump. However, Bitcoin has since retraced from its peak, facing resistance as it attempts to stabilize.  

Indicators on the daily chart also suggest potential downside risks. Bitcoin’s Commodity Channel Index (CCI) has declined to 67.66, indicating that the asset is facing bearish pressure but not yet oversold. This leaves room for further price declines before the market signals a rebound opportunity.

Analyst Says XRP Loves Wedges, Predicts Current Falling Wedge To Push XRP Price

Sam Wisdom Raphael
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Analyst Says XRP Loves Wedges, Predicts Current Falling Wedge To Push XRP Price

Market analyst CryptoWZRD claims XRP loves wedges, suggesting the next falling wedge breakout could push XRP price to a new all-time high.

His analysis comes on the back of another falling wedge structure triggered by XRP’s price movements over the past few days. Notably, the current wedge structure is one of multiple similar patterns witnessed by the altcoin in recent times, leading to CryptoWZRD’s latest assertion.

XRP Trades Within Another Falling Wedge 

Data from an accompanying chart confirms that XRP formed the ongoing wedge pattern after it collapsed from the recent seven-year peak of $3.4 last week, specifically on Jan. 16, 2025. Since this top, XRP price has struggled to find its footing, collapsing to a low of $2.8 on Jan. 19 before sharply rebounding.

XRP Falling Wedge CryptoWZRD
XRP Falling Wedge | CryptoWZRD

Since Jan. 16, XRP has been in a consolidation, fighting to record a decisive push above the recent $3.4 peak. Amid this battle between bulls and bears, CryptoWZRD’s chart highlights the formation of a falling wedge structure. At its current position, XRP is still largely below the upper trendline of the wedge.

Notably, to retest the resistance at the upper trendline for a possible breakout, XRP price must reclaim the Jan. 20 highs of $3.3, which would require a mere 5% uptick from the current position. With the 4-hour CCI now at -40, indicators suggest XRP is getting oversold amid the weakening strength.

XRP 4h Commodity Channel Index
XRP 4h Commodity Channel Index

Interestingly, this position can be rather bullish, as it confirms XRP has more room for extended growth once the bulls recover. A push above the $3.35 mark could see XRP retesting the falling wedge’s resistance, potentially engineering a breakout that could result in a more substantial uptrend.

Breakout Eyes $4 Target

CryptoWZRD believes this uptrend would likely take XRP to a new all-time high, with a target of $4, representing an 81% increase from recent lows. However, with XRP now trading for $3.14, a rally to the $4 psychological mark would only demand a 27% upsurge from current levels. 

The market analyst’s confidence largely comes from previous XRP performances around wedge patterns. Just before the current structure, XRP observed a previous falling wedge pattern when it dropped from $2.9 on Dec. 3, 2024. This previous wedge persisted for over a month.

Remarkably, after XRP secured a breakout from the structure on Jan. 11, 2025, its fortunes flipped. Immediately, the bears mounted a massive upsurge, which eventually led to the most recent peak of $3.4. CryptoWZRD believes a similar rally would ensue once the current wedge gives way.

Notably, besides CryptoWZRD, several analysts have also projected the $4 target. Last month, Ali Martinez predicted that XRP could reach $4 after breaking the $2.6 resistance. XRP has since breached this roadblock. Most recently, Oscar Ramos suggested he was accumulating XRP before it eventually hits $4.

Meanwhile, market watcher Luca called attention to a bull flag formation on the 2-hour XRP chart. This pennant structure has endured since the $3.4 peak on Jan. 16, and a break above could be bullish for XRP. 

XRP Bull Flag Luca
XRP Bull Flag | Luca

China Already Sold 194K Bitcoins Seized From PlusToken: CryptoQuant Chief

Okoya David
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China Already Sold 194K Bitcoins Seized From PlusToken: CryptoQuant Chief

CryptoQuant CEO asserts that China might have already disposed of its PlusToken Bitcoin stash.

There have been several scams in crypto’s decade and a half history, but not many as big as PlusToken, a Ponzi scheme that ran between 2018 and 2019 in China and led to the seizure of over $4 billion in crypto, leaving the government with a 194,000 BTC nest egg, or so some have thought.

China Already Sold?

According to Ki Young Ju, CEO of leading crypto analytics platform CryptoQuant, the Chinese government might have disposed of the PlusToken Bitcoin stash almost as soon as it got its hands on it.

In a Thursday, January 23 X post, Young Ju asserted that all 194,000 BTC were sent through mixers and offloaded on exchanges like Huobi in 2019, citing a CryptoQuant chart analyzing the flow of the assets. 

CryptoQuant chart showing flow of PlusToken Bitcoin to mixers and exchanges
CryptoQuant chart showing flow of PlusToken Bitcoin to mixers and exchanges. Source: Ki Young Ju

“There’s no point in using mixers and multiple exchanges if they didn’t sell it,” Young Ju stressed. 

He further supports his view, citing a 2022 Valkyrie report based on data from CryptoQuant and prominent on-chain sleuth “Ergo BTC.”

The report asserted that PlusToken’s Bitcoin stash peaked at an estimated 171,000 BTC around August 2019 but quickly diminished to less than 50,000 BTC by December 2019 amid government selling after the seizure. The authors argue that this dump contributed to a Bitcoin price drop experienced during this period.

Excerpt of Valkyries 2022 Bitcoin report
Excerpt of Valkyries 2022 Bitcoin report. Source: Valkyrie

Specifically, Bitcoin fell from highs above $12,000 in August 2019 to lows near the $6,000 price point in December 2019. 

At the time, Valkyrie described it as the first major indirect liquidity attack on Bitcoin by a government. 

At its peak price, the 194,000 BTC sold by China would have been worth about $2 billion. At the time of writing, however, it is now worth about ten times that figure, about $20.2 billion.

A Positive for Bitcoin Holders?

Some members of the crypto community may see the suggestion that China has already disposed of bitcoins seized from the PlusToken Ponzi as a positive development, eliminating any fear of a looming sell-off driven by the Chinese government in the future.

The government, of course, has yet to issue any official statement to this effect.

The government has adopted a crypto ban in 2021. At the time, some had feared that the move could mean doom for Bitcoin as most miners were domiciled in the Asian economic giant. However, The Bitcoin network proved resilient, with its hash rate quickly bouncing back amid an exodus of miners.

Multi-Chain Exploit Costs Phemex $37 Million as Exchange Takes Emergency Action

Albert Brown
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Multi-Chain Exploit Costs Phemex $37 Million as Exchange Takes Emergency Action

The global crypto exchange Phemex has come under scrutiny following the detection of suspicious transactions involving its hot wallets.

Cyvers Alerts, a real-time security monitoring platform, revealed that suspicious addresses had moved over $29 million worth of digital assets from Phemex. Notably, this happened across multiple blockchains, including BNB Chain, Ethereum, Optimism, Polygon, Base, and Arbitrum. 

Subsequent investigations have confirmed additional breaches on Bitcoin and Tron blockchains, pushing the estimated total loss to approximately $37 million.

Phemex warning alert
Phemex warning alert by Cyvers Alerts on X

Cyvers Alerts reported that attackers quickly began converting stolen funds to Ethereum, making it difficult to trace the assets. Typically, such actions aim to launder funds through mixing services.

In their analysis, Cyvers identified 125 suspicious transactions spread across 11 blockchains. Some tokens, including stablecoins, were already swapped to evade freezing measures by security teams.

Phemex Reacts

Meanwhile, Phemex announced an immediate suspension of withdrawal services to conduct a comprehensive security inspection. The exchange also confirmed that trading services remain operational, and its cold wallets are unaffected.

According to Phemex’s CEO, the company is working on an emergency plan to enhance wallet security and implement a compensation scheme for affected users.

Ongoing Threats to Exchanges

This incident at Phemex follows a rise in exchange-targeted hacking activities over recent months. In September 2024, Singapore-based exchange BingX suffered a breach, losing over $43 million.

Blockchain security firm PeckShield reported large outflows from BingX’s hot wallets. Notably, this prompted the exchange to transfer assets to cold wallets as part of its emergency response.

Similarly, Indonesian exchange Indodax lost $22 million in a security compromise four months ago. Blockchain analysts tied the attack to North Korea’s Lazarus Group, which exploited vulnerabilities to access the exchange’s wallets. The stolen assets included Bitcoin, Ethereum, Tron, and USDT.

Further, India’s largest crypto exchange, WazirX, suffered a major breach in July 2024, with hackers stealing over 5 trillion Shiba Inu (SHIB) and other assets. Blockchain analytics platform Lookonchain revealed that crypto worth $230 million was transferred to an unidentified address.

Institutional Inflows Could Push Bitcoin to $200K While Altcoins Lag: Standard Chartered

Abdulkarim Abdulwahab
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Institutional Inflows Could Push Bitcoin to $200K While Altcoins Lag: Standard Chartered

Standard Chartered suggests that institutional inflows could double Bitcoin price by the end of 2025, with altcoins only benefiting mildly from the rally.

Geoff Kendrick, the company’s global head of digital asset research, conveyed this perspective in a recent statement. Kendrick asserted that consistent inflows from Bitcoin and Ethereum ETFs would support their expected price ascent throughout this year. 

For Ethereum, Standard Chartered has projected unprecedented heights at $10,000 by year-end. 

Notably, Kendrick predicts that institutional capital, particularly from long-only funds like pension funds, will surpass 2024 levels. However, while altcoins could see some capital flow in 2025, Kendrick believes the dominant focus on Bitcoin and Ethereum will limit their potential. 

“The market will see an altcoin light season,” he explained, suggesting that institutional interest will temper the usual intensity of altcoin rallies.

Interestingly, this perspective aligns with that of Ki Young Ju, founder of CryptoQuant, regarding the much-anticipated altcoin season. Young Ju noted that institutional investors and ETFs are driving demand this cycle, unlike previous retail-driven cycles. 

These institutions typically do not rotate their Bitcoin holdings into altcoins, which affects liquidity and hinders altcoin growth.

Potential for an Altcoin Revival Amid Institutional Influence

Despite the expected dominance of Bitcoin, analysts believe that the recent launch of the TRUMP meme coin could spark a new wave of interest in altcoins. Specifically, QCP Capital analysts have pointed to the dramatic surge in the TRUMP meme coin’s popularity as a sign of a shift in the crypto market.

“The speed at which TRUMP surged signals a paradigm shift in capital formation as crypto assets become increasingly mainstream,” they noted.

For context, the TRUMP meme coin attracted nearly 930,000 new traders in its first four days. It saw new trader activity peak at 42,208 per hour on January 18. This coincided with the coin’s extreme price volatility, which spiked 43,759% to $80 on January 18 before crashing to $30 amid a sell-off.

This surge could catalyze an altcoin season, though it may be more subdued compared to previous cycles due to the ongoing institutional focus on Bitcoin and Ethereum.

Altcoin Season Potential with Bitcoin Dominance Drop

Nonetheless, independent market analysts believe the ongoing cycle is mirroring historical trends. As a result, they still project that a full-blown altcoin season will emerge once Bitcoin’s dominance drops. However, this is taking longer than anticipated.

Image
Source on X: https://x.com/DefiWimar/status/1867247806655725943

Bitcoin’s dominance stands at 58.9% at press time, up 2.3% over the past week and month. According to the CoinMarketCap Altcoin Season Index, it is at 45, suggesting that Bitcoin still outperforms most top-ranking altcoins.

Ledger Co-Founder Regains Freedom After Kidnappers Demand Ransom in Cryptos

Lele Jima
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Ledger Co-Founder Regains Freedom After Kidnappers Demand Ransom in Cryptos

David Balland, the co-founder of leading crypto wallet provider Ledger, has finally regained his freedom less than two days after his abduction.  

Leading media outlet Bloomberg learned of Balland’s release from the Paris prosecutor’s office. According to the report, a group of professional kidnappers stormed the home of the Ledger co-founder in the early hours of Tuesday, where he was abducted. 

While he was in captivity, the kidnappers requested an undisclosed amount of crypto to be paid as ransom. Following the police involvement, the kidnappers released Balland on Wednesday night, less than 48 hours after his abduction. It remains unclear whether Balland’s family paid any ransom for his release.

Current Status

Per the prosecutor’s office, Balland is currently receiving medical care. In the meantime, the French police, the crime unit of the prosecutor’s office, and the CIGN have launched a full investigation into the matter to identify the culprit. It is unclear whether the authorities have made any arrests relating to Balland’s kidnap. 

Notably, Ledger remains one of the leading crypto hardware wallets in the market. Balland and a group of tech enthusiasts, including Thomas France and Eric Larchevêque, founded the firm in 2014. 

Prior to his ordeal, Balland was a prominent exec in Ledger. He served as the site director of the company’s manufacturing plant in Verizon, France, between 2019 and 2021. 

Since its launch, Ledger has completed multiple fundraisers, including a Series C funding round in March 2023, which raised $108 million. At the time, according to a Tech Crunch report, Ledger’s valuation soared to $1.4 billion. 

Crypto-Related Crimes 

The growing popularity of cryptocurrencies has had its pros and cons in different parts of the world. While the pros outweigh the cons, certain negative reports relating to cryptos have left many speechless. 

As previously reported, Michael Rivas, a Florida-based man, pleaded guilty to his involvement in a failed ransom plot. Rivas, alongside five other suspects, kidnapped a Florida couple, hoping to get a ransom from their son, whom they believed held a substantial amount of crypto assets. 

Also, last year, a North Carolina jury convicted a man, Remy St. Felix, for violently breaking into people’s homes and stealing crypto assets from his victims. 

Shiba Inu Team Predicts Timeline for New Historic Moment for SHIB

Lele Jima
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Shiba Inu Team Predicts Timeline for New Historic Moment for SHIB

Shiba Inu marketing lead Lucie is optimistic about the future of the crypto market, predicting timelines for altcoins like SHIB to observe new historic moments.  

Bitcoin stole the show in the latest crypto market rally, hitting a new all-time high (ATH) of $109,114 on January 20, 2025.

Altcoin Season Hasn’t Happened Yet 

Although the prices of various altcoins like XRP (XRP) reached greater heights in the rally, Shiba Inu’s marketing lead still thinks the market has not yet experienced an altcoin season.

An alt season happens when the prices of multiple altcoins skyrocket tremendously, outperforming Bitcoin’s growth rate. This phase usually comes after Bitcoin experiences an explosive run, as investors tend to allocate some of their BTC gains to other alternative cryptocurrencies, driving their prices to unprecedented levels. 

In a tweet yesterday, Lucie said she is bullish because she believes the highly anticipated alt season has not yet occurred. This reflects her confidence in the potential for altcoins like Shiba Inu to witness substantial gains in the future. 

Timeline for Historic Moment 

The marketing lead noted that the next four years will be interesting, hinting at significant developments within this period. Lucie suggested investors could witness another historic moment over the next four years. 

Although she did not provide specifics, the context of her tweet indicates that altcoins like Shiba Inu could experience significant price surges in the upcoming alt season. 

SHIB Historic Rally 

One of the biggest alt seasons took place in the 2020/2021 market cycle. Interestingly, Shiba Inu, which launched within this period, emerged among the biggest gainers. 

Its price spiked by over 153 million percent, soaring from its initial launch price of $0.000000000056 on August 1, 2020, to an all-time high (ATH) of $0.00008616 on October 28, 2021. 

It bears mentioning that this surge was driven by several notable events, including SHIB’s listing on Tier-1 exchanges and Ethereum co-founder Vitalik Buterin’s burn of 410 trillion tokens. 

Nonetheless, this record constitutes a major part of Shiba Inu’s history. Several investors expect SHIB to replicate this performance in the 2024/2025 alt season.

While many market observers expect the 2024/2025 bull season to be the biggest due to the inception of a pro-crypto administration in the United States, altcoins are yet to register substantial price spikes. 

Experts Set Ambitious Targets for Shiba Inu in Alt Season 

However, crypto analysts remain optimistic about the upcoming altcoin season, with some setting ambitious price targets for SHIB. 

Top market observer Alan Santana expects Shiba Inu to hit a new ATH of $0.00023179 this season, marking an increase of 1,057% from the current price of $0.00002002. 

Additionally, renowned crypto expert Davie Satoshi predicts that Shiba Inu could surpass Santana’s target to a new ATH of $0.0006753 this year. From current levels, a surge to this target represents a 3,273% increase. 

Furthermore, analyst Armando Pantoja set an ambitious price target of $0.001 for Shiba Inu, marking a 4,895% rise from the current price. The market commentator expects this prediction to come to fruition before the end of this year. 

While these projections look enticing, Shiba Inu would require more than an alt season to drive its price to these targets. Factors such as massive adoption, increased burns, and growing utilities could bring these projections to reality. 

In the meantime, Shiba Inu is trading at $0.00002002, down 2.16% over the past 24 hours and 8.51% in the past week. This plunge aligns with the performance of top assets like Bitcoin and Ethereum, which have also lost a substantial amount of their value over the past day. 

Recapping Day 2 of Trump Presidency: Key Crypto Developments You Need to Know

Albert Brown
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Recapping Day 2 of Trump Presidency: Key Crypto Developments You Need to Know

Since Donald Trump took office on Monday as President of the U.S., the crypto industry has continued to see a flurry of positive developments.

In a tweet today, Nate Geraci, President of The ETF Store, shared key crypto updates from Day 2 of President Donald Trump’s administration. Specifically, significant developments have emerged from potential futures contracts for XRP to the registration of a Dogecoin Trust.

Rumored CME Futures for XRP and Solana

Market attention centered on rumors regarding the possible introduction of XRP and Solana futures by CME Group. A staging version of the CME website temporarily displayed details about the contracts, including sizes of 50,000 XRP and 500 SOL, alongside micro versions of 2,500 XRP and 25 SOL.

This sparked speculation before the page was removed. Subsequently, a CME Group spokesperson clarified that the site was a mock-up draft that was inadvertently made public. 

The company emphasized it has yet to reach a formal decision regarding such futures. Despite this, industry analysts noted CME’s tendency to test new offerings on its staging site before official announcements, maintaining speculation that the products may be under consideration.

Bitwise Registers for Dogecoin Trust

Meanwhile, Bitwise Asset Management is laying the groundwork for a potential Dogecoin exchange-traded fund (ETF). The firm registered the “Bitwise Dogecoin ETF” as a Delaware statutory trust, a preparatory step commonly undertaken before an ETF filing. 

While the registration does not guarantee an imminent filing, it reflects Bitwise’s interest in expanding its crypto product lineup.

Market analysts have suggested the price of Dogecoin could reach $15 amid ETF filings.

Bitcoin to Reach $700K

In another significant development, BlackRock CEO Larry Fink shared projections for Bitcoin at the World Economic Forum in Davos. Fink noted that sovereign wealth funds were exploring allocations of 2% to 5% in Bitcoin portfolios. He highlighted that Bitcoin’s appeal lies in its ability to hedge against political and economic instability.

Fink suggested that widespread adoption by institutional investors, including sovereign wealth funds, could propel Bitcoin’s value between $500,000 and $700,000.

Recapping Trump Day 1 In Office

In his commentary, Geraci pointed out these recent developments as additional positive indicators that Trump’s administration could be beneficial for the crypto market.

Notably, his first day in office marked the initial filings for meme coin ETFs. In addition, significant leadership changes are underway at the SEC and CFTC, with the appointment of acting chairs.

At the SEC, the agency has also formed a crypto task force to provide the long-awaited regulatory clarity for the crypto industry.

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