In this article, we will share the bullish forecasts for five popular altcoins in particular. Here are the details…
Social responsiveness positive for the Shiba Inu
Shiba Inu (SHIB), a cryptocurrency that has gained immense popularity and interest in recent months, is making waves once again as its price shows signs of recovery. This week, SHIB price held a promising rise above the $0.0000065 range. Furthermore, on-chain data analysis reveals a notable increase in prosocial sentiment within the vibrant Shiba Inu community. After the volatile start of the month, SHIB investors began to feel more optimistic about the prospects of the project. This renewed optimism can be attributed in part to Santiment’s sentiment, which assesses the overall mood of a Blockchain community by comparing the number of positive comments with negative ones.
In addition to the positive sentiments, the Shiba Inu community has received interesting updates from key figures within the project. Shytoshi Kusama, a prominent Shiba Inu developer, created a stir with a mysterious tweet about an upcoming product launch. Shortly after, Lucie Shib, another key contributor, confirmed the vitality of the project and her commitment to development in a separate tweet. According to the latest data from CoinMarketCap, the current price of SHIB stands at $0.00000669 and has increased by 2.65% in the last 24 hours. In the past seven days, the price of SHIB has seen some improvement and the meme coin has gained 7.29%.
There is high volatility for altcoin MATIC
Polygon made an important announcement and launched “The Value Prop,” an open database of Blockchain use cases. This comprehensive catalog includes more than 300 applications and various use cases across multiple business sectors, blockchain networks, and geographic locations. The initiative aims to showcase the positive applications for Blockchain technology and present it as a versatile tool beyond asset trading.
Amid the negative sentiment surrounding blockchain technology due to regulatory pressures on major market participants like Binance and Coinbase, Polygon’s move to highlight real-world applications is significant. It is in line with the belief among Web3 experts and industry players that Blockchain should be viewed as a general-purpose technology that addresses real-world challenges. Polygon’s efforts to increase Web3 development and uncover new uses are in line with the industry’s overall trend. Ripple (XRP) has recently partnered with Colombia’s central bank Banco de la República to explore blockchain use cases. This shows that the potential of blockchain technology beyond cryptocurrencies is increasingly recognized.
Polygon co-founder Sandeep Nailwal also launched the Nailwal Fellowship, a grant program that provides financial support and resources to early-stage Web3 developers. This venture is enabling the growth of the Web3 ecosystem by offering funding, mentoring and access to top founders and investors. Meanwhile, Polygon’s native token MATIC is trading in positive territory, up 9% in the last 24 hours. According to the TradingView chart, the price is $0.6228 at the time of writing.
$10 for XRP?
The SEC-Ripple lawsuit, which has been going on for over two years, could end very soon. Marc Fagel, the former District Director of the SEC’s San Francisco District Office, expects a judge to make his decision in the XRP case in the coming days. In a tweet, Fagel was responding to an XRP enthusiast who suggested that the SEC’s withdrawal of cases before summary judgment potentially weakened the presiding judge. A follow-up tweet stated that the delay in the decision would strengthen the public relations argument that it influenced the judge’s decision and lead to further confusion.
1/ 1) I try to avoid speculating, but my guess is a ruling is coming within days. 2) Even if I'm wrong, there's no basis to think the delay is due to anything beyond the complexity of the case. 3) I don't understand the "greater confusion" point–Ripple is substantially different
— Marc Fagel (@Marc_Fagel) June 15, 2023
Trying to avoid speculation, Fagel stated that a court decision could be expected in a few days. According to Fagel, any further delay in the case will be due to the complexity of the case, not any hidden agenda. According to former SEC director Fagel, Ripple’s case is quite different from other enforcement actions recently initiated by the securities watchdog. He noted that the judge would likely not address the Hinman documents or the issue of secondary market trading. However, the e-mails may be referenced in connection with a decision regarding the liability of individual defendants.
$5 for Cardano?
Cardano (ADA) aroused great interest as analysts had high hopes for its price performance by the end of 2023. Citing the platform’s solid foundations and expanding ecosystem, experts predict significant milestones and enormous upside potential for ADA. However, investors’ concerns about recent price fluctuations have sparked controversy over what is causing the market volatility for ADA. 1.2 Capital Management CEO Sebastian Purcell predicts Cardano prices will rise as the recent drop in ADA’s price caused by SEC concerns has subsided and worried investors are likely to liquidate their holdings.
The analyst predicts that the decision of the Ripple case will significantly affect the price of ADA. If Ripple wins, ADA could rise to a low 0.50 range. Even during a future bull market, ADA may find it difficult to hit its previous all-time high if the result is negative. He stressed the importance of monitoring the Ripple case as it could affect the performance of the ADA. Different forecasts from other analysts, ranging from $5 to $10, show a consensus among analysts that ADA will rise. These estimates are based on Cardano’s growth in terms of user base, interoperability, and functionality. Due to its innovative approach to decentralized finance, Cardano is heralded as a possible game changer in the crypto space.
In Altcoin Arbitrum, this development signals bullishness
While Arbitrum governance token ARB has experienced a steady decline since the airdrop at the end of March, its ecosystem is showing healthy growth. A recent Nansen report shows that Arbitrum’s activities improved after the airdrop and stabilized at a “higher level” compared to before the airdrop. Daily active users, gas fees and transaction count have been consistently higher since April 2023. The gap between the number of active users on Arbitrum and Optimism widened after the Aribtrum airdrop, approaching Ethereum. Trading volume on Arbitrum-based decentralized exchanges paints a similar picture, showing a marked increase in volume after the airdrop.
Moreover, Nansen’s report shows that ARB airdrop recipients only account for 5 percent of activity on Blockchain, and Arbitrum attracted much more new users after the airdrop. Also, an upcoming update on Ethereum in the second half of 2023, called Cancun-Deneb (Decun), will include EIP-4844 (proto-Danksharding), which will reduce transaction fees on Arbitrum and increase the Blockchain value proposition. In addition, the Arbitrum Foundation recently revealed the backlog from the sequencer, which is part of the layer-2 fees that users pay to send the data to Ethereum.
