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Buying XRP? Discover If Grayscale XRP Trust Is a Better Choice

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2 months ago

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Grayscale XRP Trust has emerged as an alternative for investors looking to buy XRP, as it provides exposure to the cryptocurrency. However, the question remains whether the closed-end fund is a better choice than purchasing spot XRP on crypto exchanges and enjoying the self-custody of one’s coins.

Is Grayscale XRP Trust A Better Choice For Buying XRP

There are several benefits to buying XRP through Grayscale’s closed-end fund instead of through spot trading on crypto exchanges. The asset manager stated how the fund helps investors avoid the challenges of “buying, storing, and safekeeping XRP directly.” A major benefit of such a fund is the ease it provides, especially for non-crypto natives.

Traditional investors can buy the Grayscale XRP Trust instead of having to set up a crypto wallet and account with crypto exchanges. Moreover, buying shares in the fund is arguably more secure than buying XRP on crypto platforms. Security remains a major problem in the crypto space, with hacks still rampant. Recently, hackers stole $43 million worth of crypto from the BingX exchange.

Meanwhile, institutional funds are less prone to these attacks and exploits. Moreover, they are also under regulatory scrutiny, which makes them a better investment option than buying crypto independently through exchanges. The collapse of exchanges like Mt. Gox and FTX has shown that it always takes a while before customers can recover their assets if their funds are mismanaged.

Why The Fund Might Not Be The Better Choice

It is worth mentioning that the Grayscale XRP trust isn’t easily accessible. The asset manager stipulated that the fund is only available to accredited investors, who are believed to be brokerage firms. Moreover, investors will buy these shares through a private placement, with a one-year holding period.

This means that investors cannot trade their shares on the secondary market until after one year. Grayscale also revealed that redemptions of the shares are currently not authorized, meaning that investors might have to hold onto their shares longer than they want to.

The Trust also has a management fee of 2.50%, which Grayscale will earn from investors to oversee the investment fund. Therefore, buying XRP through crypto exchanges is arguably more cost-effective than gaining exposure through Grayscale’s fund.

The Grayscale XRP Trust currently has a net asset value (NAV) of $11.65 per share. Each share equals almost 20 XRP, meaning the Trust isn’t trading at a premium to the XRP price. Therefore, investing in the fund isn’t precisely an arbitrage opportunity for traders who usually look to take advantage of price discrepancies.

At the time of writing, Grayscale already has $707,080 in assets under management (AuM) for the fund, indicating that investors are already expressing considerable interest in the Trust.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Binance Expands Support for ACT, NEIRO and PNUT

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54 mins ago

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November 18, 2024

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The world’s largest crypto exchange Binance on Monday expanded its support by adding three new USDC pairs for margin trading. These new meme coin pairs, ACT I: The AI Prophecy (ACT), Peanut the Squirrel (PNUT), and First Neiro On Ethereum (NEIRO), are now available for both cross-margin and isolated-margin trading on the platform.

Binance Margin Adds ACT, NEIRO, and PNUT Pairs

According to an official announcement from Binance dated November 18, Binance Margin has added three new USDC trading pairs—ACT I: The AI Prophecy (ACT), Peanut the Squirrel (PNUT), and First Neiro On Ethereum (NEIRO). These pairs are now available for both cross-margin and isolated-margin trading, offering users more options for leveraging their positions.

The new trading pairs are:

  • Cross-margin trading pairs: ACT/USDC, NEIRO/USDC, PNUT/USDC
  • Isolated-margin trading pairs: ACT/USDC, NEIRO/USDC, PNUT/USDC

This news follows Binance’s listing of ACT, NEIRO, and PNUT for the first time on its spot market on November 15. This move comes as ACT sees a 100% price increase, PNUT surges by 330% in a week, and NEIRO faces a slight decline of 12%. These new additions are expected to attract more traders to Binance Margin and fuel interest in meme coin trading.

Will Price Explode for ACT, NEIRO, and PNUT Amid Meme Coin Mania?

As the top meme coins continue to dominate the crypto market, the addition of ACT, NEIRO, and PNUT tokens to Binance Margin could spark significant price action. With the recent surge in meme coin popularity, these coins have been gaining attention from both retail and institutional traders.

ACT is currently trading at $0.6326, reflecting a 2% increase in the past 24 hours. The token saw a daily price range between $0.6142 and $0.6909. Over the last month, ACT has experienced an impressive 2,200% surge, making it one of the standout meme coins. With a 24-hour trading volume of $372 million, ACT is proving to be a popular asset among traders seeking high volatility and potential short-term gains.

NEIRO is currently trading at $0.002117, showing a 1.5% increase in the past 24 hours. The daily high and low prices ranged between $0.002042 and $0.002281. Over the last month, NEIRO has gained 7.6%, reflecting a more stable growth trajectory compared to other meme coins. With a 24-hour trading volume of $629 million, NEIRO has maintained a steady interest, even as its growth remains more moderate than other meme tokens.

Peanut the Squirrel is currently trading at $1.67, marking a 4% increase in the last 24 hours. Over the past month, the coin has surged by an astonishing 3,000%, demonstrating immense speculative interest. Its daily price fluctuated between $1.511 and $1.934, and its 24-hour trading volume stands at an impressive $1.63 billion. PNUT is drawing attention from traders looking to capitalize on its extreme price volatility.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Shiba Inu Burn Rate Soars 6200%, SHIB Price To $1 Possible?

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3 hours ago

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November 18, 2024

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The Shiba Inu burn rate witnessed a robust 6200% uptick on Monday, sparking investor optimism globally. As the meme token deals with a massive blow to its market supply, investors are exploring the potential impact of the development on its price. Simultaneously, SHIB price soared remarkably intraday, sparking further market optimism on future action amid a burn rate surge.

Shiba Inu Burn Rate Surges 6200% Sparking Bullish Market Sentiments

According to the latest data offered by the tracker Shibburn on November 18, a 6223% uptick was recorded in the Shiba Inu burn rate over the past day. As per the data, 290,321 coins were destroyed intraday. This massive token burn resulted in the abovementioned surge, garnering noteworthy attention to the crypto amid a bull market, especially as investors have shifted their focus towards the top meme coins.

Shiba Inu Burn Rate Shibbrun
Source: Shibbburn

Simultaneously, the coin’s total supply was evaluated as 589.26 trillion tokens at the time of reporting, with the abovementioned burn surge further weighing in. Also, it’s worth mentioning that the meme token witnessed 135 million SHIB taken out of its supply over the past week. Overall, with the supply witnessing a massive blow, market sentiments on the coin’s price turned bullish, mirroring the law of supply and demand.

Is SHIB Price To $1 Possible?

At press time, SHIB price noted gains worth 4% intraday and is now trading at $0.00002511. The meme coin’s 24-hour low and high were $0.00002403 and $0.00002563, respectively. Notably, the rising movement falls in line with the abovementioned Shiba Inu burn rate surge.

Simultaneously, Coinglass data pointed to a 6% rise in SHIB futures OI to $93 million. This stat underscores heightened investor interest in the asset, paving a bullish path for future movements.

Also, a recent Shiba Inu price analysis by CoinGape Media indicated that the coin showcases the potential for further gains, although a $1 price target remains highly optimistic. Market watchers continue to eye the token for further price action shifts amid a bull market post-U.S. elections.

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC Holds $90K, OM Soars 40%, HBAR Rises 28%

Published

5 hours ago

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November 18, 2024

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Crypto prices today hold steady following last week’s gains. Bitcoin (BTC) remains at $90K. Ethereum (ETH), Solana (SOL), and XRP rise 1-10%. Meme coins also show strength, with Dogecoin (DOGE) up 8% and Shiba Inu (SHIB) up 6%. The crypto market cap stands at $3.05 trillion, up by almost 2% in the last 24 hours. However, trading volume has dropped by 10%.

It’s noteworthy that MANTRA (OM) and Hedera (HBAR) emerged as the day’s leading gainers. Additionally, the meme coin sector soared in line with the broader market sentiment.

Here’s a brief collection of some of the top cryptocurrencies by market cap and their price action on November 16.

Crypto Prices Today: BTC, ETH, SOL, & XRP Witness Gains

Top cryptocurrencies BTC price traded above $90,000, Ethereum (ETH), Solana (SOL), and XRP prices gained 1%-9%. This upward movement has sparked significant market intrigue as the broader industry reflects immense bullishness in Q4 this year. Further, even the meme coin sector soared in line with the broader trend, as seen by Dogecoin and Shiba Inu intraday price movements.

In addition to the top cryptocurrencies, both Hedera (HBAR) and MANTRA (OM) have shown remarkable gains in the last 24 hours. So, let’s dig deeper into the major crypto tokens and their prices today.

Bitcoin Price Today

BTC price gained nearly 0.5% in the past 24 hours and is now trading at $90,503. Its intraday low and high were recorded as $88,741 and $94,433, respectively. BTC’s market cap soared 0.5% from yesterday and is now resting at $1.79 trillion. Further, the flagship crypto’s market dominance witnessed a 0.04% increase in value to 58.77%.

Ethereum Price Today

ETH price gained roughly 1% in the past 24 hours and is now trading at $3,104. Its intraday low and high were $3,044 and $3,160, respectively. Ethereum’s market cap stood at the $374 billion level today. Simultaneously, the top altcoin market dominance was at 12.27%.

Solana Price Today

Simultaneously, SOL witnessed gains worth 11% in the past 24 hours and is now trading at $239. The token’s’s 24-hour low and high were $215 and $241, respectively. Solana’s market cap reached $113.92 billion today. The token soars alongside the broader market sentiment.

Notably, Solana meme coin PNUT has further caught the eyes of market participants, embarking on a rally amid backing from major exchanges.

XRP Price Today

XRP price soared roughly 5% in the past 24 hours and is now trading at $1.12. The coin’s intraday low and high were $1.05 and $1.13, respectively. XRP’s market cap is at $63.53 billion today, witnessing considerable gains among altcoins recently.

Simultaneously, in light of the remarkable gains, crypto analysts are bullish on a further XRP rally to as high as $4.96 following its breakout above $1. In a recent X post, Egrag Crypto analyzed XRP’s market cap, noting its rise above Fib 0.07 ($51.35 billion) and reaching Fib 0.786 ($60.06 billion), suggesting a potential surge to $1.83 trillion in market cap.

Meme Crypto Prices Today

DOGE price witnessed gains worth 6% over the past day and is now trading at $0.3688. It has now secured its position as the 7th top cryptocurrency by market cap. The 24-hour low and high for DOGE are $0.3461 and $0.3755, respectively. The 24-hour trading volume stands at $7.15 billion.

Simultaneously, Shiba Inu (SHIB) price surged 5% in the past 24 hours to $0.00002483. Its 24-hour low and high are $0.00002388 and $0.00002562, respectively. The trading volume in the last 24 hours is $1.18 billion.

Further, even PEPE, WIF, and BONK prices witnessed an uptick worth 5%-12%. The meme coins sector shows good gains today.

Top Crypto Gainer Prices Today

MANTRA

OM price has broken its all-time high, surging an impressive 40% over the past day. It is now trading at $4.30. The altcoin’s intraday low and high were $2.90 and $4.36, respectively.

Hedera

HBAR is up by 30% in the last 24 hours and is currently trading at $0.114. The 24-hour low and high are $0.08343 and $0.11, respectively.

Raydium

Raydium is up by 18% and is currently trading at $5.98. Its 24-hour low and high are $5.175 and $6.164, respectively. Trading volume has shot up 265% in the last 24 hours.

Peanut the Squirrel

PNUT is up further by 15% after a 2000% rally last week. The price is currently trading at $1.75, with a 24-hour low and high of $1.51 and $1.93, respectively.

Top Crypto Loser Prices Today

Ethereum Classic

ETC price dropped by 6% in the last 24 hours and is currently trading at $26.20. Its 24-hour low and high are $25.20 and $27.83, respectively.

Flare

FLR is trading at $0.02, with a 5% drop in the past 24 hours. The 24-hour low and high are $0.01943 and $0.02186, respectively.

Moreover, the hourly time frame charts indicate that BTC rising marginally while ETH gains 0.35%. The crypto market witnessed overall bullish sentiment over crypto prices today among investors. AI coins are gradually picking pace mimicking the broader market gains recently.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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