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XRP’s Path to Millionaire Status: Bitboy Advocates a Conservative Stance for Success

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In a recent video, Bitboy, a well-known crypto influencer also known as Ben Armstrong, revealed the quantity of XRP, which are tokens on the Ripple network, that a cryptocurrency investor needs to possess in order to become a millionaire.

According to Armstrong’s perspective, in order to achieve millionaire status in the digital asset, a cryptocurrency enthusiast should possess 150,000 units of Ripple tokens. Predictably, this statement sparked a heated discussion within the crypto community, prompting various responses. Some individuals conducted polls to gauge the collective wisdom of the crypto community, seeking valuable insights on the subject.

Jenna, a renowned influencer in the XRP community, conducted a poll that garnered a significant response from digital asset enthusiasts. Interestingly, the majority of respondents expressed the belief that acquiring fewer than 150,000 units of XRP is sufficient to achieve millionaire status.

Furthermore, among the respondents, a notable 62.5% expressed the opinion that they require fewer than 150,000 units of digital assets to achieve their desired millionaire status. In contrast, the runner-up group, with 22.6% of the votes, believed that the figure of 150,000 units aligns with their expectations.

Bitboy’s Insights on XRP: Reacting to the Ever-Changing Crypto Landscape

Nevertheless, Armstrong issued a cautionary statement, emphasizing the significance of adopting a conservative approach in light of the poll’s outcome. Bitboy’s remarks came after his own estimation that owning 150,000 units of XRP would lead to millionaire status. Acknowledging the result, Armstrong warned against excessive optimism in predictions, underscoring the potential negative consequences that can arise from being overly enthusiastic.

Drawing from lessons learned during the previous bull run, Armstrong emphasized the significance of adopting a more conservative mindset. He highlighted the potential pitfalls of succumbing to ambitious predictions, as they can give rise to unrealistic expectations and potentially harm investors.

He said: “I learned one thing from the last bull run – being more conservative never hurt anyone. Being too aggressive with predictions can hurt people.”

Significantly, in order for 150,000 XRP to result in millionaire status, the value of the coin would need to exceed $6.7. At the present price of approximately $0.4271, acquiring 150,000 XRP would require an investment of around $65,000.

In contrast, Edward Farina, a crypto enthusiast, expressed an optimistic perspective on XRP, proposing that possessing 10,000 XRP tokens could potentially lead to achieving financial freedom. This differs from Bitboy’s suggestion of accumulating 150,000 XRP tokens.

Trader’s Taunt: Bitcoin Trader Mocks BitBoy’s Crypto Analysis

In a recent report by TheCryptoBasic, it was highlighted that a well-known Bitcoin trader named Nebraskan Gooner mocked BitBoy regarding his suggestions on achieving millionaire status with XRP. Gooner shared a screenshot of an article that featured BitBoy’s two-step approach, which involved creating a token and using the resulting funds to purchase $1 million worth of XRP.

Although Gooner’s taunt may have been unrelated to the article, his attention was directed towards BitBoy’s recent involvement with the newly launched BEN meme coin. Gooner hinted that BitBoy might engage in a rug-pull of the BEN coin project, aligning with the concerns expressed by others in the community.

Fraud Alert: Influencer Rugs Crypto Token, Cashes Out 2% of Supply on Followers

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Regrettably, the crypto market is becoming accustomed to frequent fraudulent activities. The latest case concerns a famous crypto influencer named DannyCrypt, who supposedly executed a rug pull on his supporters.

The influencer is being accused of receiving 2% of a token’s supply as payment for promoting it and subsequently selling most of those tokens to his followers without their knowledge or consent, resulting in a profit of $57K (31 ETH).

ZachXBT’s report suggests that @DannyCrypt was actively promoting the HODL coin on social media, emphasizing his intentions to hold onto his tokens. Meanwhile, he was informing his 26K-strong Telegram channel that he believed the price of the HODL coin had stabilized and that he was planning to purchase more. However, allegedly, within a span of 15 minutes of receiving the tokens, he sold them, resulting in a negative impact on the market price.

The wallet address linked to the transactions is 0x600ee4164bf7718998ce084d146c9c062561fc42. Following the incident, DannyCrypt has apparently attempted to dissociate himself from the scam by untagging himself from related tweets and portraying himself as a victim in subsequent posts.

This occurrence serves as a clear reminder of the importance of being cautious when investing in cryptocurrency projects, particularly those endorsed by influencers. To evade falling prey to such fraudulent schemes, it is advisable to follow the below recommendations.

It is recommended that users conduct their own research instead of blindly following the advice of influencers and maintain a healthy degree of skepticism towards unrealistic promises. Furthermore, investing all of one’s funds into meme coins and volatile digital assets should be avoided. It is crucial to keep in mind that the meme coin market is expanding quickly and is still rife with uncertainty.

While scams such as the one involving @DannyCrypt are unfortunate, they are not uncommon. To minimize risks, it is essential to stay vigilant, conduct thorough research, and invest wisely. Use the hashtags #ScamAlert and #MemeCryptocurrencies to stay informed.

Top 5 Crypto Meme Coins Making Waves in 2023

1. Pepe Coin

2.Baby Doge

3.Floki

4.Elon

5.Cope

Investing in meme coins can be quite risky due to their association with hype and social media, as well as their high volatility. Nonetheless, their potential for significant returns makes them an appealing investment opportunity for individuals willing to take risks. As of 2023, the top five meme coins, namely Pepe Coin, Baby Doge, Floki Inu, Dogelon Mars, and Cope, have seen gains due to their robust community support.

Nevertheless, it is vital to conduct thorough research and comprehend the potential risks and rewards before making any investment decision involving meme coins.

From Dogecoin to Pepe: Ex-Millionaire’s Expert Insights on Optimal Investment Timing

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In the unpredictable realm of cryptocurrency, having the right timing for buying is of utmost importance. Glauber Contessoto, popularly recognized as the “Dogecoin Millionaire,” has recently divulged his approach to investing in Pepe (PEPE), a cryptocurrency based on memes.

The online personality recommends prospective investors to exercise patience and wait for the cryptocurrency’s value to drop by approximately 80%-90% from its peak price of $0.00000431 before making a purchase.

Contessoto, whose story of turning his life savings into a fortune through Dogecoin garnered significant attention from major media outlets like CNBC, has gained fame for his daring tactics in the world of cryptocurrencies. His remarkable journey, which quickly spread across the internet in early 2021, has transformed him into a prominent figure and influential voice within the crypto community.

After experiencing a tremendous surge in value, he acquired the nickname “Dogecoin Millionaire.” Nevertheless, the prominent meme-based cryptocurrency has subsequently undergone a significant decline. According to CoinGecko data, it has now plummeted by 90% from its all-time peak.

Is PEPE a safe investment?

In recent weeks, PEPE, a cryptocurrency inspired by the internet meme Pepe the Frog, has experienced a rapid and notable increase in its popularity. It achieved a remarkable milestone by becoming the quickest Ethereum token to attain a market capitalization of $1 billion, reaching a peak of over $1.6 billion.

Nevertheless, in line with the characteristic extreme volatility often observed in meme-based cryptocurrencies, the whimsical token is currently experiencing a 61% decline from its highest recorded value.

Even amidst the ongoing market decline, Contessoto’s advice reflects his confidence in the potential for PEPE to recover. His strategy emphasizes a popular approach adopted by cryptocurrency investors, which is to purchase assets during periods of decline, commonly known as “buying the dip.”

As always, it is crucial to recognize that investing in cryptocurrency involves substantial risk due to its speculative and volatile characteristics. Therefore, individuals considering entering the crypto market should conduct comprehensive research and carefully assess their financial circumstances before making any investment decisions.

Shiba Inu and PEPE Coin: Exploring the Phenomenon of Strong Cryptocurrency Communities

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The world of cryptocurrency is abundant with a variety of digital assets. Although Bitcoin [BTC] continues to dominate, meme coins such as Shiba Inu [SHIB] and Pepe coin [PEPE] have gained popularity among ordinary people. The current meme coin craze has undoubtedly attracted many to the industry, but what is the main factor behind these assets’ appeal to the working class?

Markus Thielen, who is the head of research at Matrixport, has compared investing in meme coins with participating in a lottery. He pointed out that people often participate in lotteries with the hope of winning a huge amount of money, and investing in affordable meme coins works similarly. A lot of people invest, but only a few end up making significant gains.

Thielen added,

“There are numerous studies done on how most people in lower socio-economic classes play the lottery […] as that is their way to get out of their lower economic class. The people that speculate in the lottery are trying to make money lightning fast, and I think that’s very similar with crypto.”

During the initial rise of Shiba Inu in 2021, some people who were broke and unemployed made millions by investing just a few hundred dollars in meme coins. However, this trend was observed only during the early stages and the peak of Shiba Inu. As the number of investors in the asset increased, the phenomenon of individuals becoming millionaires by investing in SHIB became less frequent.

Shiba Inu and Pepe: a short-lived fad or a sustainable investment option?

Shiba Inu has gained utility and popularity, but other meme coins such as PEPE and Milady have yet to do so. Despite this, these coins have seen significant growth in value without any apparent utility. For example, PEPE experienced a surge in value from April 29 to its peak on May 5, with a price increase of approximately 1,200%. However, Santiment attributes this growth mainly to speculation and crowd expectations rather than any intrinsic value.

source- Google
Shiba Inu and PEPE Coin: Exploring the Phenomenon of Strong Cryptocurrency Communities 2

The report suggests that the social dominance of PEPE has significantly decreased, indicating that meme coins are mainly influenced by market sentiment rather than intrinsic value or correlation with Bitcoin and macroeconomic events. Dr. Anastasia Hronis, a clinical psychologist specializing in gambling addiction, shared her perspective on this. She stated that younger investors have a greater tendency to invest in meme coins, possibly because they find them more entertaining.

The Shiba Inu Investment Dream: A $900 Bet Could Net You $1 Million if it Hits $0.01

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The price of Shiba Inu has hit its lowest point this year, currently trading at $0.00000860 after adding an extra zero in May. This sharp decline has caused concern for SHIB holders as their investment has steadily decreased over the last 30 days. However, some new investors and holders are taking advantage of the dip to accumulate SHIB tokens at the lowest price of the year.

These individuals believe that Shiba Inu has the potential to reach $0.01 in the future, making this a good opportunity to invest in the cryptocurrency at a low price.

Shiba Inu
The Shiba Inu Investment Dream: A $900 Bet Could Net You $1 Million if it Hits $0.01 6

Shiba Inu’s Future Potential: How an Investment of $900 in SHIB Could Result in $1 Million if the Cryptocurrency Reaches $0.01

At present, Shiba Inu is trading at $0.00000860, experiencing a 3.2% decline in the 24-hour day trade. As a result, a $900 investment could allow investors to accumulate approximately 103,806,228 (103 million) SHIB tokens.

Shiba Inu Coverter
The Shiba Inu Investment Dream: A $900 Bet Could Net You $1 Million if it Hits $0.01 7

If investors hold onto their portfolio for the long term and wait for the markets to enter the bull territory, the 103 million SHIB tokens purchased for $900 could potentially reach new highs. If the value of SHIB reaches $0.01 in the future, investors could make significant gains.

In the event that Shiba Inu reaches $0.01 in the future, the 103,806,228 SHIB tokens purchased for $900 today could potentially be worth $1 million, resulting in an ROI of approximately 120,000%. This represents a significant increase in value from the current price of $0.00000860.

Shiba Inu
The Shiba Inu Investment Dream: A $900 Bet Could Net You $1 Million if it Hits $0.01 8

To sum up, by investing $900 in Shiba Inu at its current price of $0.00000860, an investor could acquire 103 million SHIB tokens. If the price of SHIB eventually reaches $0.01, the value of these tokens would be approximately $1 million, resulting in a potential return on investment of around 120,000%. Nonetheless, it is uncertain whether SHIB will ever hit the $0.01 target, and there is no guarantee that investors will make a profit.

Shiba Inu’s Bloodbath: 80% of Holders in Red as Prices Plummet

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According to information obtained from IntoTheBlock, a significant majority of SHIB investors – about 80% or four out of five – are currently experiencing losses on their holdings. This data suggests that approximately 991,440 addresses holding Shiba Inu tokens are “out of the money” at present, representing a combined total of 497 trillion tokens, worth around $4.4 billion. These figures do not take into account the volume of SHIB that has been burned on inactive addresses.

Shiba Inu
Shiba Inu's Bloodbath: 80% of Holders in Red as Prices Plummet 10

Currently, the SHIB’s token has the sixth highest ratio of unprofitable addresses to profitable ones among all major cryptocurrencies. To put it simply, despite having a market capitalization of $5.19 billion, only a small portion worth $668.4 million of SHIB is actually generating profits for its holders.

It is worth noting that a significant number of these unprofitable addresses had purchased the Shiba Inu token when it was priced in the range of $0.000009 to $0.000014. According to data from IntoTheBlock, there are 348,170 such addresses, which collectively hold a substantial volume of 281.12 trillion SHIB.

This is noteworthy because the token was priced at these levels relatively recently, suggesting that the owners of these addresses may not be long-term holders of the token at this point in time.

Despite the considerable amount of Shiba Inu tokens that have been burned, the unidentified wallet still contains a massive 335.79 billion SHIB tokens, which are worth $2.96 million.

Shiba Inu Burns, According to Reports

According to a recent report the Shiba Inu Community has burned a remarkable 1.74 billion SHIB tokens in the past week, through 20 different transactions.

The latest data reveals a significant decline of 69.48% in Shiba Inu’s burn rate compared to the previous week. In the previous week, a total of 3.98 billion SHIB tokens were burned through nineteen separate transactions, which is a considerably higher number than the current week’s figure.

Even though there has been a lot of burning activity in the past week, the price of Shiba Inu is struggling to rebound, having declined by 6.6% in the last seven days. At the time of writing, Shiba Inu is trading at $0.00000884, showing a 0.30% increase over the last 24 hours. The 24-hour trading volume for Shiba Inu stands at $91.07 million.

Bitcoin Emerges as the Top Choice for Safe Haven Investors

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The weaknesses associated with the U.S. dollar are now commonly acknowledged, as evidenced by the BRICS nations’ efforts to promote de-dollarization and the growing risk of U.S. debt default, which have undermined public confidence in the currency. Although gold remains the primary alternative investment option for many investors, Bitcoin (BTC) has recently risen in popularity and is now considered one of the top three preferred assets.

Despite the introduction of numerous new cryptocurrency assets, BTC had been losing its prominence. However, according to a recent survey by Bloomberg, Bitcoin is still a popular choice among investors who consider it to be a superior safe haven asset compared to the U.S. dollar, the Japanese yen, and the Swiss franc.

The report indicates that a majority of professional investors (51.7%) and retail investors (45.7%) are more interested in buying gold. A smaller proportion of professional investors (14%) and retail investors (15.1%) are willing to purchase government bonds. A relatively small percentage of professional investors (7.8%) and retail investors (11.3%) are more inclined towards buying Bitcoin.

Bitcoin Adoption Surges: Over One Million Addresses Now Hold 1 BTC or More

According to a recent report by Glassnode, the market sentiment has seemingly impacted Bitcoin’s on-chain metrics. The report reveals that the number of wallet addresses holding one BTC or more has now surpassed a significant milestone of one million.

The presented chart depicts how Bitcoin was able to maintain its holders despite experiencing a crash in 2022. Towards the end of the year, there was a rise in the number of “whole-coiners” – individuals holding at least one full Bitcoin. Furthermore, the number of addresses holding 100 Bitcoin or more has increased by 200 addresses in the past four days, signifying a notable rise.

Bitcoin
Bitcoin Emerges as the Top Choice for Safe Haven Investors 12

Bitcoin has often been considered a safe haven asset, but its slump in 2022 caused considerable disturbance in the financial market. The cryptocurrency’s value decreased by more than 65% over the course of the year, leading many to write off the digital currency. However, the data presented above suggests a renewed interest in and trust of the BTC ecosystem, indicating a resurgence of the cryptocurrency.

Additionally, there were indications of the king coin’s price recovering. At the time of reporting, BTC experienced a 1.64% daily surge, rising from a low of $26,762.25 to $27,280.38.

Regulatory heat prompts Binance’s US unit to reduce founder CZ’s controlling stake

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The executives at Binance.US are concerned that the lawsuit filed by US regulators against Zhao Changpeng may hinder the company’s ability to obtain certain licenses.

In March, the CEO of Binance, Zhao Changpeng, and the company were sued by the US Commodity Futures Trading Commission for supposedly running an “illegal” exchange and a compliance program that was deemed to be fake.

According to two sources familiar with the matter, both the US regulators and Zhao Changpeng, the founder and majority owner of the company, have been exploring options to decrease his stake in the company.

Since last summer, Zhao, who also serves as the company’s CEO, has been attempting to sell some of his shares. In March, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against the company and Zhao, claiming that the exchange was operating illegally and that its compliance program was a fake.

The US Commodity Futures Trading Commission (CFTC) accused Binance, its former top compliance executive, and Zhao Changpeng of deliberately evading US law and employing a calculated strategy of regulatory arbitrage to benefit the company commercially.

Following the lawsuit, leaders at Binance.US have been discussing the possibility of reducing Zhao’s stake in the company in order to improve its relationship with US regulators, as stated by The Information.

Binance.US executives are worried that having Zhao as the majority owner may prevent the company from obtaining certain regulatory licenses in the US. At the time of writing, Binance.US has not responded to Reuters’ request for comment.

CFTC Charges Binance and Its Founder

On March 27, 2023, the Commodity Futures Trading Commission made an announcement that it had taken legal action against Changpeng Zhao and three entities that run the company, filing a civil enforcement action in the US District Court for the Northern District of Illinois.

The charges were for multiple violations of the Commodity Exchange Act (CEA) and CFTC regulations. The lawsuit also accused Samuel Lim, the company’s former chief compliance officer, of aiding and abetting the company’s violations.

According to the complaint, the company’s Holdings Limited, Holdings (IE) Limited, and Binance (Services) Holdings Limited (collectively referred to as “Binance”) operate the company’s centralized digital asset trading platform through a deliberately opaque common enterprise. Zhao serves as Binance’s owner and CEO.

The defendants are accused of intentionally disregarding the provisions of the CEA while pursuing a regulatory arbitrage strategy for their commercial benefit. The CFTC is seeking disgorgement, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against any further violations of the CEA and CFTC regulations in its ongoing legal action against the defendants.

BlockFi to Repay $297 Million to its Users

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BlockFi, a well-known cryptocurrency lending platform, has made the news again due to recent developments. In November 2022, the company filed for Chapter 11 bankruptcy protection. However, a US judge has now authorized the company to refund $297 million to customers who had deposited funds in its Wallet program.

Although this digital asset is returning $297 million to its customers, there are some limitations to this refund. Customers who have BlockFi Interest Accounts (BIA) will not be eligible to receive the refunded funds.

This is because the funds held in BIA accounts were utilized by BlockFi for lending activities, meaning they are considered assets of the bankruptcy estate. Therefore, these funds will be used to repay all creditors at a later stage.

Bankruptcy Judge Michael Kaplan has ruled that customers with Interest Accounts (BIA) who tried to transfer funds to Wallet accounts will not receive a refund at this time. This means that interest-bearing accounts will suffer a significant loss.

It is worth noting that around November 11, 48,000 customers attempted to transfer $375 million from their BIA accounts to Wallet accounts. However, the company had already ceased all transfers on November 10 at 8:15 pm, preventing these transfers from going through.

Bankruptcy Judge Michael Kaplan stated that the user interface did not accurately reflect these transactions. According to court documents, BlockFi reported that approximately $292 million worth of assets were stuck on the platform because customers tried to move them after the halt. However, BlockFi is now authorized to cancel these transactions.

BlockFi Wallet Customers Exempted: Understanding the Ruling

Custodial accounts in BlockFi maintained their ownership rights and were not affected by the halt of transfers. As a result, their owners chose to move their funds into a more secure digital wallet to safeguard their assets. This gave them greater control and protection over their assets during that time.

udge Kaplan has given a favorable ruling for BlockFi and its custodial account holders. As a result, the crypto lending platform has until May 15 to present its plan to exit bankruptcy.

BONE Emerges as the Most Popular Cryptocurrency in India’s Major Exchange

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The Bone token, a part of the Shiba Inu ecosystem and used in ShibaSwap, has been selected as the top choice for the next crypto listing in an exchange poll. Their success in the poll surpassed that of its competitors, PEPE and FLOKI.

The governance token of Shiba Inu’s decentralized exchange called ShibaSwap, Bone, is likely to obtain another significant listing in India. Unocoin, a prominent cryptocurrency trading platform in India, has initiated a Twitter poll to gather input from its users regarding the next asset to be added to its platform.

The poll options are PEPE, FLOKI, and ShibaSwap. With only nine hours remaining, the poll has received more than 9800 votes.

At the time of writing, Bone ShibaSwap has an enormous lead in the poll with 84.7% of the total votes. In contrast, PEPE has only received a small percentage of votes at 7.2%, while FLOKI has received even less with 5.9%.

Such a significant majority suggests that token is likely to be listed on Unocoin’s platform soon. If this occurs, it will be the fourth Indian cryptocurrency exchange to add support for Bone ShibaSwap after SunCrypto, FlitPay, and Giottus.

Participate in Exclusive BONE Token Giveaway Contest

Giottus, India’s top-rated exchange, has just added the digital asset with the BONE/INR trading pair. Following the listing of digital asset on the exchange, a special giveaway contest has been launched to celebrate this significant event. The contest is designed to attract crypto enthusiasts and provide them with an opportunity to win a portion of the generous prize pool of 2000 INR.

According to the announcement from Giottus, participants in the contest must interact with the exchange on social media by liking, retweeting, and tagging three other individuals on the dedicated giveaway post. Ten fortunate winners will be randomly selected, and each of them will be rewarded with 200 INR worth of Bone ShibaSwap. The contest is scheduled to conclude on May 15th at 5 PM.

On November 29, Suncrypto was the first to introduce support for this digital asset, followed by Flitpay last month, which added the BONE/INR trading pair.

Despite this progress, the Shiba Inu community remains motivated to petition the world’s top cryptocurrency exchanges, such as Binance and KuCoin, to list Bone ShibaSwap.