BitBoy: Will XRP Overtake Meme Coins in Popularity?
In a recent analysis, crypto influencer Ben Armstrong, widely known as “BitBoy,” boldly predicted that XRP could soon replace meme coins as the main attraction for retail investors. Armstrong suggested that XRP may attract significant capital flows, shifting interest away from meme coins in the upcoming cycle. In a video, Armstrong shared, “XRP will take over the role of meme coins in the next cycle. It sounds wild, but that’s where the money could flow.” This statement has sparked debates within the crypto community about XRP’s potential as a utility-driven asset compared to speculative meme tokens. Read Also: Massive 200 Billion SHIB Acquisition: Is Gemini Positioning for a Market Shift? Legal Success Sparks New Interest in XRP Armstrong’s prediction comes with a renewed interest in XRP, primarily due to Ripple’s recent legal victory against the U.S. Securities and Exchange Commission (SEC). The SEC had claimed that XRP was a security, creating uncertainty around its trading within the U.S. market. The favourable outcome has validated XRP’s non-security status, drawing renewed attention from investors. Armstrong’s comments further amplify this interest, suggesting a shift from meme coins toward XRP could alter the crypto market landscape. According to Armstrong, reallocating funds from meme coins to XRP could redefine market dynamics. Meme coins like Dogecoin and Shiba Inu have previously attracted significant attention with their volatile nature and community-focused narratives. However, Armstrong believes the market may soon favour digital assets with real-world applications and institutional backing, like XRP. Could XRP Surpass Ethereum by 2025? Adding to this ambitious outlook, Armstrong has also suggested that XRP may overtake Ethereum to become the second-largest cryptocurrency by 2025. In a post on X, he pointed out that XRP once held this rank briefly in January 2017. Though XRP’s position as the second-largest cryptocurrency was short-lived, Armstrong speculates that recent developments could position XRP to challenge Ethereum’s current standing. Ripple’s efforts to build partnerships with global financial institutions could boost liquidity and adoption, increasing XRP’s relevance in cross-border payments. While Ethereum’s dominance comes from its dApp ecosystem and smart contract functionality, Armstrong argues that XRP’s role as a bridge currency might make it more influential within the global financial sector. Ripple’s approach of marketing XRP as a payment solution rather than a speculative asset could attract institutional investors seeking blockchain benefits without high volatility risks. Future of Meme Coins and XRP’s Utility Potential As the next market cycle approaches, Armstrong’s predictions have fueled discussions on the future of meme coins and XRP’s role as a utility asset. Meme coins, known for their price swings driven by social media, may struggle if investors begin seeking assets with practical applications. XRP’s non-security status could be a foundation for broader adoption, primarily if regulatory clarity draws in more conservative investors who previously avoided high-risk meme coins.
Massive 200 Billion SHIB Acquisition: Is Gemini Positioning for a Market Shift?
In a major move, Gemini has added 200 billion Shiba Inu (SHIB) tokens, worth about $3.39 million, to a new multisignature custody wallet. This new wallet, created just 18 days ago, has rapidly amassed a variety of altcoins, highlighting Gemini’s strategic positioning in the altcoin space. In addition to SHIB, the wallet holds significant amounts of other assets like Ethereum (ETH), Chainlink (LINK), and PEPE tokens, showing Gemini’s commitment to building a diversified portfolio for its clients. Altcoin Holdings in Gemini’s New Wallet The new Gemini wallet, labeled “0xc96,” holds 42,000 ETH, valued at approximately $103.8 million. This substantial holding in Ethereum further underscores Gemini’s emphasis on established cryptocurrencies alongside its recent acquisition of meme-inspired tokens. Alongside ETH, the wallet contains 350,000 LINK tokens, worth $3.77 million, and an impressive 400 billion PEPE tokens valued at around $3.29 million. These assets, stored in a single wallet, demonstrate Gemini’s robust custodial services and its active interest in maintaining a broad range of crypto assets. Increased Institutional Interest in Shiba Inu (SHIB) The acquisition of 200 billion SHIB tokens signals rising institutional interest in Shiba Inu. Initially launched as a playful alternative to Dogecoin (DOGE), SHIB has evolved into a significant community-driven project. With a loyal following and increasing adoption in the crypto community, SHIB appeals to both new and existing investors. By securing such a large quantity of SHIB, Gemini has shown confidence in SHIB’s potential, potentially making it more attractive for other institutional players. Gemini’s Commitment to Custodial Services Founded by the Winklevoss brothers in 2014, Gemini remains a major force in the cryptocurrency world. The exchange currently manages assets worth $6.05 billion and sees an average daily trading volume of $53.98 million. By consolidating millions of dollars in altcoins into its new wallet, Gemini appears to be strengthening its custodial offerings. This move aims to secure popular assets and provide investors with the assurance of Gemini’s advanced custodial infrastructure. Read Also: Dogecoin Signals Bull Run with Key Support: Price Target Revealed! Gemini’s decision to actively accumulate altcoins, including 200 billion SHIB, highlights its strategic commitment to expanding its altcoin custody services. By aligning with community-focused projects like SHIB, Gemini not only supports emerging crypto assets but also attracts a broader audience of investors. This active accumulation of assets indicates Gemini’s long-term vision for growth and its role in providing secure, diversified investment options for the future.
Dogecoin Signals Bull Run with Key Support: Price Target Revealed!
Dogecoin (DOGE) recently displayed a bullish indicator that has traders excited. A MACD bearish cross just formed, often signaling that DOGE will trade sideways for about a week before potentially entering another bull run. As this cross appears now, many traders eagerly anticipate an upward surge. Crypto analyst Ali recently pointed out an important development for Dogecoin on the 4-hour chart. He observed that the TD Sequential indicator has issued a buy signal, suggesting that bullish momentum could be building. According to Ali’s analysis, if Dogecoin stays above the key support level of $0.141, it could rebound to reach approximately $0.162. Buy Signal and Price Target Identified by Analysts Ali’s chart analysis revealed that the TD Sequential displayed a “9” green buy signal. This particular signal suggests that an ongoing downtrend may be nearing exhaustion. Traders often view this pattern as a prime buying opportunity, as it suggests the price is poised for a correction upward. At the time of Ali’s analysis, DOGE traded around $0.1457 within a 4-hour timeframe. Closing above the $0.141 support level becomes essential for a potential bullish move. If Dogecoin falls below this level, the bullish outlook could fade. Critical Support and Current Price Action Currently, DOGE trades above the critical $0.141 support level, at about $0.156. This price movement further validates Ali’s identified buy signal and strengthens expectations for a rally toward the $0.162 target. This target level aligns with previous price action, where resistance might emerge if bullish momentum continues. Many traders are now hopeful that Dogecoin will continue this upward path. Technical Indicators Favor an Upward Move Ali highlighted that the “9” green buy signal, issued by the TD Sequential, typically points to the exhaustion of a downtrend. Many traders consider this a strong buying opportunity, as it indicates potential for an upward shift in price. Meanwhile, another analyst noted that Dogecoin’s 2-month Logarithmic MACD just turned bullish, which last happened before its major rally in 2021. This crossover reinforces positive momentum, suggesting a potential breakout. Read Also: LUNC 24-hour Price Analysis: Strong Resistance Near $0.00009300 As Bulls Battle For Dominance Outlook for Dogecoin in November 2024 Looking at November’s trends, analysts predict that Dogecoin may see a parabolic bull run. If Dogecoin holds above the $0.141 support, traders may see considerable gains as market conditions stabilize post-election. With multiple technical indicators aligning and historical patterns pointing to similar gains, the outlook for DOGE this November remains optimistic.
Charles Hoskinson Reacts to Herd’s Bold Blockchain Aspirations
Charles Hoskinson, the founder of Cardano, recently reacted humorously to a new gaming project within Project Catalyst, a platform for community-driven innovation. Pierre Aceituno’s proposal outlines the development of “Herd,” a decentralized music and DJ battle game that combines blockchain, NFTs, and community governance. Herd’s Core Features: Blockchain, NFTs, and DJ Battles Herd aims to bring DJ battles into the blockchain world. It allows players to mix sound packs in real-time while competing against each other or AI opponents. These DJ battles are streamed live on Twitch, where users can earn rewards through active participation. The game heavily integrates NFTs, enabling artists to create and sell sound packs while earning royalties from both in-game purchases and secondary market sales. This system could create new and sustainable revenue streams for musicians and sound creators. https://t.co/cBAuyo8Rzy— Charles Hoskinson (@IOHK_Charles) October 13, 2024 Romain Pellerin, the CTO of Input Output, recently shared the ambitious proposal on social media. In response, Hoskinson posted a gif with the caption, “He’s gone mad with power,” humorously referencing the boldness of Aceituno’s vision for Herd. The light-hearted exchange highlighted the potential excitement surrounding this innovative project. Herd’s Dual-Token Economy and DAO Plans The game will operate using a dual-token economy. A stable utility token will be used for purchasing in-game assets and entering tournaments. Meanwhile, a governance token will allow players to vote on decisions regarding treasury allocation and future game development. Herd also plans to establish a Decentralized Autonomous Organization (DAO) in Japan. Related article: Charles Hoskinson Surprised by Bitcoin-Cardano Bridge Development This DAO will manage intellectual property, oversee project development, and handle treasury operations, ensuring sustainability and rewards to creators. Moreover, the Herd project plans to partner with several community initiatives, including HOSKY Token and NMKR, to increase visibility and drive early adoption. It will also integrate with the Paima Engine to enable smooth blockchain interactions. Herd’s NFT management will depend on Midnight’s technology, with the project set to launch once the Midnight mainnet goes live. However, if necessary, the team has a backup plan to launch on the Cardano mainnet.
