The cryptocurrency market continues struggling, with the majority of the altcoins charting considerable declines throughout the past 24 hours.
That said, let’s examine some of the more important updates concerning Ripple, Shiba Inu, and Cardano from the past few days.
Important Ripple Milestone
While all eyes remain focused on the legal battle between Ripple Labs and the United States Securities and Exchange Commission, the XRP Ledger achieved a considerable milestone.
On June 23rd, the blockchain saw 10 million XRP tokens for the first time, indicating growing investor confidence despite struggling prices.
Elsewhere, Brad Garlinghouse, the firm’s CEO, clarified some woes associated with a civil lawsuit where he’s the defendant. The case is held in California and was recently allowed to proceed to trial. However, the preceding judge dismissed some of the allegations, including those that suggested that Ripple violated federal securities law.
Speaking on the matter, Garlinghouse said that this is a “big win” for Ripple.
Shiba Inu (SHIB) Price Potential
On June 22nd, the investor and marketing lead at Shiba Inu, Lucie, took to X to once again remind users to exercise extreme caution in the cryptocurrency space to stay safe.
On the same day, the burn rate of SHIB declined by almost 100%, perhaps due to the lack of volatility and relative price stability at the time.
Data from Shibburn currently indicates that the burn rate is up 20% in the past 24 hours with around 13 million SHIB tokens being destroyed.
That said, we also took the opportunity to ask ChatGPT about SHIB’s price potential in case Bitcoin reaches $1 million. The AI-powered language model presented three different scenarios in which SHIB increases by 372%, 845%, and 2736%, respectively.
The Opportunity Cost of Holding Cardano (ADA)
Last but not least, we also took a look at interesting findings from a popular analyst, who was examining the considerable opportunity cost of holding ADA instead of BTC.
He found that the altcoin has lost around 90% of its value against BTC in the past 34 months alone.
Over the past 34 months, Cardano has lost 90% of its value relative to Bitcoin.
Don’t ignore opportunity cost, it’s costing ADA holders a lot of money.
Additionally, he also demonstrated ADA’s shaky performance in the past years:
Of course, other altcoins such as XRP, ETH, TRX, and more, have also suffered against BTC in the past years, but there are also those that outperformed it, such as SOL and BNB.
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