Altcoin
Shiba Inu Stands With Ethereum & Vitalik Buterin Amid FUD, Says SHIB Team
Shiba Inu’s marketing lead Lucie on Saturday expressed immense support for Ethereum and its co-founder Vitalik Buterin amid rising FUD for ETH across the crypto space. The SHIB community bolstered the second-largest crypto by market cap amid rising market concerns attributable to large selloffs by the ETH Foundation and Buterin.
Shiba Inu Team Says, “Shib People Like & Support Vitalik Buterin & Ethereum”
In an X post dated October 26, Shiba Inu’s marketing lead stated, “We Shib people, like and support VitalikButerin & Ethereum.” Further, the marketing lead stressed how important the network is, acting as the foundational base for SHIB ecosystem assets and Shibarium.
For context, these statements, offering support to one of the largest crypto by market cap, come against the backdrop of rising FUD in the ETH market. Notably, the social media platform X recently saw users calling out on the co-founder for dumping the coin. However, Vitalik Buterin claims, “I haven’t sold a single ETH in the past month? The amount of ETH I hold has actually gone up,” sparking market intrigue.
Further, when asked about the ETH Foundation’s dumps, Buterin stated that the entity is paying researchers and devs on the network for reasons such as users’ fees being low today. Altogether, the co-founder’s statements defy any claims hinting that both parties are selling ETH. The Shiba Inu team has further jacked up these statements, as mentioned above.
Meanwhile, Kaaldhairya, another prominent developer within the SHIB community, stated, “When I see Vitalik Buterin facing the FUD, my own challenges / fud feel insignificant,” sparking additional market discussions.
How Are The Coins Performing?
Simultaneously, ETH and SHIB both traded in the red zone today, mirroring the broader market trend. SHIB price tanked slightly over 4% in the past 42 hours and is currently trading at $0.00001691. Its intraday low and high were $0.00001605 and $0.00001785, respectively.
ETH price cracked nearly 3% over the past day and is sitting at $2,468. The coin’s intraday low and high were $2,381.45 and $2,563.73, respectively.
While Ethereum’s future prospects remain uncertain amid recent market events, Shiba Inu has garnered significant investor enthusiasm with recent developments. CoinGape Media reported that the SHIB burn rate surged remarkably amid rising Shibarium growth recently, injecting further optimism over the meme coin’s long-term prospects.
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.
As the first XRP ETF hit the markets, prices have not gone according to the predictions of investors, sparking a wave of worry. XRP price hovers around the $1.81 mark as the hype around the XXRP ETF begins to wane.
XRP Price In Steep Decline Following ETF Launch
According to CoinMarketCap data, XRP price has taken a major hit following the launch of the first-ever XRP ETF in the markets. XRP tumbled by nearly 5% over 24 hours to trade at $1.81 despite the hype around the launch of an XRP ETF.
Teucrium Investment Advisors rolled out its leveraged XRP ETF, offering investors double the exposure to XRP. The leveraged ETF, with the ticker XXRP, failed to force a rally for XRP with several theories swirling for the decline in XRP price.
Odd ETF Douses Market Enthusiasm
The nature of the XRP ETF contributes to its lukewarm market reaction on launch day. The leverage ETF rolled out without the SEC’s approval of a spot ETF leaving market participants scratching their heads.
Bloomberg market analyst Eric Balchunas described the ETF as “very odd,” contributing to a tepid reception. Historically, spot-based ETFs have had seismic effects on prices, with Bitcoin and Ethereum spot ETFs triggering double-digit rallies.
Despite falling XRP prices, the approval of a spot-based ETF will trigger a strong rally for the asset compared to the leveraged offering.
Broader Market Selloff Is Impacting Prices
A glance at the cryptocurrency charts reveals a steep decline across the board for asset prices. Bitcoin price continues to trade well below the $80K mark while Ethereum has tumbled by nearly 6% over the last day.
The decline of the top two largest cryptocurrencies has dragged other altcoins underwater. XRP price is not the only one roiling under increased sell pressure, with ADA, SOL, and BNB facing bearish sentiments. The US-China trade war is stoking increased selling pressure for cryptocurrencies amid reciprocal tariffs.
Speculative Run-up For XRP
Another reason for the XRP price decline following the ETF launch is profit taking. Since reports of an imminent XRP ETF launch went mainstream, the asset experienced increased buying activity from investors.
There is speculation that the price decline is tied to traders “buying the rumor and selling the news.” This trading strategy leads to a correction in the face of positive fundamentals for an asset. Ripple’s acquisition of Hidden Road for $1.25 billion failed to trigger a reversal for the asset’s price.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
Altcoin
Developer Advocates For Pi Network Community To Launch Liquidity Pool To Stablilize Pi Coin Price
Amid frantic calls for a masterstroke for Pi Network price stability, one developer is picking up the gauntlet to launch a decentralized solution. The plan, a community-driven liquidity pool (CDLP), has received widespread support from the Pi Network community, stoking belief for an imminent launch.
Developer Urges Pi Network Community To Proceed With Community-Driven Liquidity Pool (CDLP)
The pseudonymous Satoshi Nakamoto has confirmed plans to proceed with the launch of a CDLP for Pi Network. According to an X post, the developer disclosed that the launch plans come on the heels of overwhelming community support for the initiative after a poll.
The CDLP, a decentralized price stabilization mechanism, involves Pi Network community members purchasing a fixed amount of Pi coins each month. Using the dollar-cost averaging (DCA) strategy, the steady purchases will create a decentralized liquidity pool with Pi coins controlled solely by investors.
Nakamoto shared a poll to gauge community opinion on the initiative on X, with 69% of votes supporting the idea. Going forward, the developer plans for the CDLP are underway, a valiant attempt to prevent steep price drops.
“Based on the results of the previous vote, we are officially establishing the CDLP community framework,” said Nakamoto.
He adds that the next phase will be the appointment of moderators for the CDLP from the Pi network community. While details for the framework are sparse, Nakamoto notes that the CDLP’s operation will follow the core principles of stabilizing the Pi price.
What Is The End Goal For The CDLP?
While the primary purpose of the CDLP is to stabilize the Pi coin price from sharp drops, Nakamoto says the initiative will have a far-reaching impact. He adds that a stable Pi price will provide a conducive atmosphere for developers to thrive.
Furthermore, businesses will be incentivized to accept Pi as a payment method, broadening its reach beyond Southeast Asia. In his submission, long-term Pi holders will receive rewards from Pi ecosystem projects and decentralized applications (DApps).
“As the community grows, Pi will become an increasingly adopted medium of payments and transactions,” added Nakamoto.
Community members like Dr Altcoin have called on the PiCoreTeam (PCT) to take decisive action to stabilize Pi Coin. Furthermore, Dr Altcoin suggests burning Pi tokens locked up in foundation wallets.
After a steep decline that saw the price lose 19% over the last week, the Pi price is recovering with optimists eyeing a rally beyond $3. Pi Network price currently hovers around $0.5 but the broader crypto market selloff threatens its recovery.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
In a major XRP news, crypto firm Ripple has announced plans to acquire prime broker Hidden Road for $1.25 billion. The XRP price surged on the back of this announcement, with the deal one of the largest in the crypto industry.
XRP News: Ripple To Acquire Hidden Road For $1.25 Billion
In a press release, Ripple announced that it will acquire Hidden Road for $1.25 billion, one of the largest deals in crypto history. The firm noted that with this acquisition, it will become the first crypto company to own and operate a global, multi-asset prime broker.
Hidden Road is a fast-growing prime broker offering institutions a one-stop shop of services, including clearing, prime brokerage, and financing across foreign exchange (FX), digital assets, derivatives, swaps, and fixed income. Meanwhile, this news comes just as the first XRP ETF went live in the US.
Furthermore, the crypto firm noted it is important that there are core infrastructure in place for institutional adoption for the industry to achieve the next phase of growth. This is where prime brokers come in as they bring the necessary credibility and professional trading services in legacy finance to the digital assets space.
As such, Ripple, alongside Hidden Road, plans to bring the promise of digital assets to institutional customers at scale, bridging traditional finance and decentralized finance (DeFi). Although not mentioned in the release, Fortune reported that the crypto firm will settle this acquisition primarily in cash, XRP tokens, and company stocks.
Commenting on the proposed acquisition, Ripple CEO Brad Garlinghouse said,
We are at an inflection point for the next phase of digital asset adoption – the US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance. With these tailwinds, we are continuing to pursue opportunities to massively transform the space, leveraging our unique position and strengths of XRP to accelerate our business and enhance our current solutions and technology.”
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. 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, a traveler 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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