According to CryptoPotato, the cryptocurrency market is currently facing a challenging period, with most altcoins experiencing significant declines in the last 24 hours. This article provides key updates on Ripple, Shiba Inu, and Cardano.
Ripple recently achieved a significant milestone despite the ongoing legal battle between Ripple Labs and the United States Securities and Exchange Commission. On June 23rd, the XRP Ledger saw 10 million XRP tokens for the first time, indicating growing investor confidence despite the struggling market. Brad Garlinghouse, the CEO of Ripple, commented on a civil lawsuit in which he is a defendant, stating that the dismissal of allegations suggesting Ripple violated federal securities law is a 'big win' for the company.
Shiba Inu's investor and marketing lead, Lucie, urged users to exercise extreme caution in the cryptocurrency space on June 22nd. On the same day, the burn rate of SHIB declined by almost 100%, possibly due to the lack of volatility and relative price stability at the time. However, data from Shibburn indicates that the burn rate has increased by 20% in the past 24 hours, with around 13 million SHIB tokens being destroyed. An AI-powered language model, ChatGPT, presented three different scenarios in which SHIB could increase by 372%, 845%, and 2736%, respectively, if Bitcoin reaches $1 million.
Lastly, an analysis of Cardano (ADA) revealed the significant opportunity cost of holding ADA instead of BTC. The analyst found that ADA has lost around 90% of its value against BTC in the past 34 months. The analyst also highlighted ADA's shaky performance in recent years. While other altcoins such as XRP, ETH, TRX have also suffered against BTC, some like SOL and BNB have outperformed it.
