“Memecoins are more than just a meme in the current market upswing catalysed by Bitcoin ETFs”
The unpredictable nature of the cryptocurrency market has led Google's Bard AI to chime in on an interesting query.
It responded to the question: "Which cryptocurrency will first break its all-time high?"
According to Bard, XRP stands the best chance of achieving this feat, beating out Shiba Inu and Cardano.
Image: Perfomatix
It cites XRP as the fourth-largest cryptocurrency in terms of market capitalisation.
In simple terms, this means a lot of eyes are on it, and a lot of people are trading it. This liquidity and visibility can help push the price upwards.
One of XRP's unique selling points is its practical application in cross-border payments.
Think of it as a faster, cheaper way for banks to send money across countries. Bard mentions that financial institutions are already using XRP for this purpose. This gives the coin a good foundation for growth.
Image: Cryptonews
It notes that both have strong fundamentals but face their own sets of challenges.
Cardano, for instance, is still under development and hasn't reached its full ecosystem potential. It's like a student still in university, not yet ready for the job market.
Image: CryptoPotato
Shiba Inu differs as it falls under the category of meme coins.
Over 630 million Shiba Inu tokens were burned last week, with a dramatic 7,400% surge in the burn rate just in the last 24 hours, removing 369 million SHIB from circulation.
This strategy aims to increase the token's scarcity and value, and it appears to be working as the coin's price has risen by 12% over the week.
Meanwhile, Shibarium, Shiba Inu's layer-2 scaling solution, has also gained quick traction, marking over 3.5 million transactions and 1.3 million blocks since its August launch.
Memecoins are riding the coattails of a market upswing, largely driven by the advent of Bitcoin exchange-traded funds (ETFs).
As these ETFs offer a mainstream channel for Bitcoin investment, they've stirred positive sentiment across the broader market.
These types of cryptocurrencies are volatile and driven by short-term buzz rather than long-term fundamentals.
Image: Coinpedia
To conclude, while there are no certainties in the crypto market, Bard opines that XRP has the edge.
It sums up that factors like market size, real-world application, and a dedicated community make XRP more likely to reach an all-time high before Shiba Inu and Cardano.
But Bard also notes the risks inherent in crypto investments and underscores the need for comprehensive research and professional advice.
Coinlive is dedicated to delivering impartial, clear-cut journalism. While this article strives for timely accuracy, we recommend that readers independently fact-check and seek professional advice before taking any action based on this material.
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