As a seasoned crypto investor with a few battle scars from market volatility, I find the current state of the cryptocurrency market both challenging and intriguing. The past 24 hours have seen significant declines across the altcoin charts, yet it’s important not to lose sight of the developments within specific projects that could shape their future.
I’ve analyzed the cryptocurrency market recently, and I can tell you that it’s facing some challenges. Most altcoins have experienced significant drops within the last 24 hours.
Let’s take a closer look at some noteworthy developments regarding Ripple, Shiba Inu, and Cardano over the past few days.
Important Ripple Milestone
As a researcher following the ongoing legal dispute between Ripple Labs and the US Securities and Exchange Commission (SEC), I’m excited to share that the XRP Ledger recently made a significant stride despite the attention drawn to the legal proceedings.
As a researcher studying the blockchain market, on the 23rd of June, I observed an intriguing development: for the very first time, over ten million XRP tokens passed through the system. This significant milestone suggests that investor confidence in XRP remains resilient, even as prices continue to face challenges.
In other news, Brad Garlinghouse, the CEO of Ripple, addressed concerns linked to a civil lawsuit in which he is named as the defendant. This legal action is taking place in California and is now set for trial. Nevertheless, certain accusations against Ripple for supposedly breaching federal securities law were previously thrown out by the presiding judge.
Speaking on the matter, Garlinghouse said that this is a “big win” for Ripple.
Shiba Inu (SHIB) Price Potential
On June 22nd, Lucie, who is both an investor and marketing head at Shiba Inu, used X as a platform to issue a reminder to all users about the importance of exercising utmost caution when dealing with cryptocurrencies in order to ensure their safety.
That day saw a significant decrease of approximately 100% in SHIB‘s burn rate. This could possibly be attributed to the market conditions, which were characterized by low volatility and stable prices.
According to Shibburn’s latest data, approximately 13 million SHIB tokens have been burned over the last 24 hours, representing a 20% increase in the burn rate compared to the previous period.
As an analyst, I took the initiative to inquire about Shiba Inu’s (SHIB) price projection if Bitcoin hits the $1 million mark. The sophisticated language model, ChatGPT, provided me with three distinct possibilities: a 372% price surge, a 845% increase, and an astonishing 2736% growth in value for SHIB.
The Opportunity Cost of Holding Cardano (ADA)
At last, we explored intriguing insights from a renowned analyst. This person had delved into the significant cost of missing out on investing in Bitcoin (BTC), by continuing to hold Ada (ADA) instead.
He found that the altcoin has lost around 90% of its value against BTC in the past 34 months alone.
Over the past 34 months, Cardano has lost 90% of its value relative to Bitcoin.
Don’t ignore opportunity cost, it’s costing ADA holders a lot of money.
Additionally, he also demonstrated ADA’s shaky performance in the past years:
Certainly, there are various altcoins like XRP, Ethereum (ETH), Tron (TRX), and others that have underperformed Bitcoin (BTC) in the previous years. However, some altcoins including Solana (SOL) and Binance Coin (BNB) have managed to outshine Bitcoin during the same period.
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2024-06-24 07:10