There has been a lot of buzz lately around whether Shiba Inu (SHIB) could ever hit the $1 mark. With Ripple (XRP) recently crossing that threshold and analysts predicting that Dogecoin (DOGE) could follow suit, many are wondering if SHIB can make a similar leap.

However, reaching $1 for SHIB seems highly unlikely when you consider its enormous market supply compared to global wealth. SHIB has a total supply of a staggering 590 trillion coins, meaning a price of $1 would push its market cap to $590 trillion, far beyond the $454 trillion total global wealth in 2024.

Strong And Steady

The idea of a meme coin surpassing global wealth in market value seems almost impossible. That said, SHIB could still see substantial growth if it follows a trend similar to XRP which saw an impressive fourfold increase after breaking above a three-year compression pattern, and SHIB is showing a comparable trend, nearing the end of its own four-year compression phase.

If SHIB manages to break out, the target price based on its chart pattern would be $0.000114, representing a potential gain of about 265%. More modest mid-term targets could include revisiting early 2024 highs or reaching $0.000065.

Looking at its momentum though, the weekly RSI of SHIB is edging toward overbought territory, signaling that the trend is strong, though not overly stretched. Historically, SHIB has hit local peaks when its RSI has gone above 80, like in 2021 and early 2024, suggesting there is still room for growth based on past performance.

Growing Interest

In terms of supply dynamics, the market conditions are also favorable for SHIB. Santiment data shows that the coin has not yet reached the same selling pressure levels (red zone) it saw at the peak of the 2021 cycle, when supply hit 220 trillion. Today, that selling pressure has decreased to 144 trillion coins, meaning there is less selling pressure and more room for upward movement.

Moreover, interest in SHIB is on the rise, with a noticeable increase in active addresses. While the number of users has not yet matched the highs of early 2024 or 2021, this growing interest could lead to a surge in demand, driving the price even higher. While a $1 SHIB may not be in the cards, there is plenty of reason to believe that Shiba Inu could experience significant growth, especially if the trends continue to unfold in its favor.

Bitcoin (BTC) has officially reached a historic milestone by hitting $100,000 for the first time on December 5, following a year of remarkable growth in the cryptocurrency market. This achievement comes just weeks after surpassing the $90,000 mark on November 12th.

Various Factors

The price of Bitcoin also peaked at a new all-time high of $103,679 shortly after breaking the $100,000 barrier. In 2024, Bitcoin experienced more than $31 billion in net inflows via spot Bitcoin exchange-traded funds in the United States, along with a tighter supply due to the fourth halving in April.

Factors contributing to the price surge include Donald Trump becoming U.S. President once again, rising speculation about a national Bitcoin reserve, and greater corporate adoption, especially by Michael Saylor.

Additionally, Trump recently nominating crypto supporter Paul Atkins to replace Gary Gensler as the SEC chair could ease regulatory challenges faced by the industry under the Biden administration. Trump also appointed Scott Bessent and Howard Lutnik to head the Treasury and Commerce departments, signaling a potentially more crypto-friendly cabinet.

More To Come

Since the beginning of 2024, Bitcoin has increased by a whopping 126%, which is a staggering increase of around $44,000 since January. This growth has helped the market capitalization of Bitcoin soar to $2 trillion for the first time.

However, this rally, while significant, is not its most extreme. In 2017, Bitcoin saw a 1,900% increase, rising to $20,000 in December even though it was only $1,000 in January of that year. It also surged 1,250% in March 2020, when the pandemic began, to $69,000 in November 2021.

MicroStrategy remains firmly committed to acquiring Bitcoin (BTC), regardless of market fluctuations.

As November ends and December begins, the business intelligence leader has made significant progress in its Bitcoin strategy, increasing its holdings to over 400,000 BTC.

MicroStrategy now holds 402,100 BTC, worth around $38.2 billion, based on the current BTC price of $95,000. This latest acquisition was funded through share sales under its ongoing at-the-market program, as previously disclosed. Executive Chairman Michael Saylor hinted at this acquisition on December 1st, building anticipation in the crypto community prior to the official announcement.

Saylor Goes All In On BTC

In the past week, MicroStrategy sold 3.7 million shares of its MSTR stock, raising about $1.5 billion, which was immediately reinvested into Bitcoin. This marks the fourth consecutive week of Bitcoin purchases by the company.

As of now, MicroStrategy has approximately $11.3 billion left in its stock issuance program, part of a broader plan to raise $21 billion through fixed-income securities by 2027. As per the latest filing with the U.S. Securities and Exchange Commission (SEC), MicroStrategy bought 15,400 BTC between November 25th and December 1st, at an average price of $95,976 per token. Since November 11th, the company has invested over $13.5 billion in Bitcoin through three separate transactions.

Where Does MARA Fit In?

Bitcoin miner MARA Holdings (MARA) is following what MicroStrategy is doing, recently acquiring 6,484 BTC for around $618.3 million in cash between October 1st and November 30th, at an average cost of $95,352 per token. As of November 30th, MARA holds 34,959 BTC, valued at $3.3 billion at current prices.

However, MicroStrategy is currently facing challenges, as its market capitalization has seen an unprecedented four-day drop. Since peaking on November 21st, the company saw its valuation fall by over 35%, losing more than $30 billion.

President-elect Donald Trump has nominated Paul Atkins, a former SEC commissioner with a strong track record of supporting cryptocurrency, to lead the U.S. Securities and Exchange Commission (SEC), according to a Tuesday report by Unchained Crypto, citing three sources familiar with the matter.

Trump is currently awaiting Atkins to confirm whether he will accept the nomination. If Atkins declines, Trump will need to select another candidate. If he agrees, the nomination will move forward to the Senate for approval.

A Solid Choice

Atkins, who served as an SEC commissioner under President George W. Bush, has been a vocal advocate for the cryptocurrency sector since leaving the commission. He has co-chaired the Token Alliance at the Digital Chamber of Commerce since 2017 and has been advising digital finance firms on regulatory matters through his consultancy, Potomak Global Partners, which he founded in 2009.

Senate Republicans hold Commissioner Paul Atkins in high regard, said J.W. Verret, a professor at George Mason University and former SEC Advisory Committee member. He was the first libertarian to serve as an SEC commissioner, which was a groundbreaking moment at the time.

The New Administration

Should Atkins accept the nomination, he is expected to bring a pro-innovation, pro-crypto approach to the SEC, encouraging growth while ensuring proper regulation. Paul Atkins was always incredibly respectful and appreciative of the SEC staff, said John Reed Stark, who worked with Atkins at the SEC in 2008, praising his leadership style.

The new Trump administration reached out to leaders in the crypto industry for input on the SEC chair position before making their decision. This nomination is part of broader efforts by Trump to fulfill promises made to the crypto community.

In addition to the SEC nomination, Trump has proposed creating a Crypto Advisory Council to guide policy and a Strategic Bitcoin Reserve using government-seized crypto assets. Other possible candidates to assist Atkins include Bitcoin supporter Scott Bessent as Treasury Secretary and Howard Lutnick, a backer of Bitcoin and stablecoins, as Commerce Secretary.

Following the example set by Kraken, RTFKT, known for their virtual NFT (Non-Fungible Token) sneakers, will officially be shut down by January 2025, as per an announcement made via X earlier today.

A New Website

Acquired by Nike in 2021 for an undisclosed amount, the Ethereum-based tokens of the company will still be available, even after the shutdown. To honor and preserve this pioneering legacy, the team will launch a new website highlighting the groundbreaking work that defined the RTFKT journey, the aforementioned announcement stated.

Founded in 2020, the Nike NFT project quickly became a leader in the NFT and metaverse sectors. It gained significant attention through major partnerships, including with Nike, as well as collaborations with notable figures like sneaker designer Jeff Staple and renowned Japanese artist Takashi Murakami.

The Rise Of Digital Collectibles

The success of the project attracted significant investment, raising at least $8 million by backers such as Andreessen Horowitz before its acquisition by Nike. The meteoric rise of RTFKT also coincided with the growth of digital collectibles, with the Nike NFT project innovating by blending physical and digital items.

Early achievements included a collection on Nifty Gateway that generated $10,000 in sales and building a community through Ethereum-based NFTs and tangible products. Over its lifetime, the company generated nearly $50 million in revenue, with over $45 million coming via royalties, according to DefiLlama data.

However, despite its success, the NFT market has faced increasing challenges. Nike forecasts an even further decline in demand for physical sneakers, which may signal a broader dip in interest for digital collectibles.

Coinbase CEO Brian Armstrong has taken a strong stance against law firms that hire former U.S. Securities and Exchange Commission (SEC) officials who he believes have harmed the cryptocurrency sector. He announced that Coinbase will no longer collaborate with law firms employing individuals who were involved in actions detrimental to the crypto industry during the previous administration.

No More Niceties

Brian emphasized that all law firms partnered with Coinbase have been informed that hiring former SEC officials who enforced restrictive policies on crypto would lead to a termination of the business relationship.

In a post on X, Armstrong argued that while these individuals can seek employment in other sectors, the crypto industry should not financially support them after their involvement in regulatory actions. He specifically pointed to Milbank law firm, which hired former SEC official Gurbir Grewal, resulting in Coinbase severing ties with the firm.

An Ethical Issue

The comments made by Armstrong extend beyond business strategy to an ethical standpoint. He labeled actions that harm the crypto industry through vague regulations and lack of clarity as an ethics violation. He believes that SEC officials who remained in their roles during this period must be held accountable for their actions.

This decision is not motivated by personal grievances but by a principle-driven approach, Brian emphasized, urging law firms to consider the impact of hiring former SEC officials who supported damaging policies. He made it clear that such decisions could cost firms valuable clients in the crypto space, where there is strong opposition to regulatory overreach.

While Armstrong acknowledged that people should be allowed to work elsewhere, he firmly stated that the crypto industry will not welcome those who previously worked against its interests, emphasizing that actions have consequences. The industry, he said, needs clear standards of conduct, shaped by past experiences with unclear regulations and aggressive enforcement.

Ripple (XRP) recently saw its market capitalization reach a record high of over $140 billion, surpassing both Tether (USDT) and Solana (SOL) to become the third-largest cryptocurrency by market value, according to CoinGecko.

Retouching Its Peak

XRP now holds the position of the third-largest crypto asset by market cap. In the past month, its value has surged nearly 400%, outperforming many major cryptocurrencies. This achievement brings XRP closer to its pre-SEC lawsuit peak. After the SEC filed a lawsuit in December 2020, XRP plummeted $0.17, resulting in a loss of approximately $15 billion. It took nearly four years for XRP to regain its place among the top 7 crypto assets, and it is now on an upward trajectory.

Currently, XRP is just 27% below its all-time high of $3.4 which it reached in January 2018. It is now only behind Bitcoin (BTC) and Ethereum (ETH) in the crypto rankings. Bitcoin remains in the lead with a market cap nearing $2 trillion, while Ethereum holds second place with a $448 billion valuation.

The Trump Card

The recent rise of XRP began after Donald Trump became United States President once again, with his pro-crypto stance boosting market sentiment. However, the rise is more likely tied to SEC Chair Gary Gensler being forced to resign. The token surpassed $1 for the first time since November 2021 after Gensler hinted at stepping down, and then surged 25% to $1.4 when he officially resigned.

Market analysts see Gensler leaving as a potential turning point for Ripple, with many speculating that the ongoing SEC cases against crypto firms could either be dismissed or settled. The price growth is also supported by positive developments such as new stablecoin initiatives, business expansion, and increasing institutional interest by Ripple.

Elsewhere, asset management firms like Bitwise and Canary Capital are also seeking SEC approval for XRP ETFs, while Ripple is working to obtain approval by the New York Department of Financial Services to launch its RLUSD stablecoin.

Shibarium, the layer-2 scalability solution within the Shiba Inu (SHIB) ecosystem, has achieved a new all-time high (ATH) in Total Value Locked (TVL), reaching $10.22 million, ahead of a scheduled hard fork set for early this week.

Substantial Growth

This milestone highlights the growing strength of Shiba Inu and its network, driven by increased user engagement and active participation in decentralized finance (DeFi). Key contributors to this surge in TVL include K9 Finance DAO, with $4.35 million, ShibaSwap at $3.94 million, WoofSwap at $1.15 million, and ChewySwap with $609,829. These platforms have all seen substantial growth in TVL over the past month.

Rapid Expansion

Shibarium is expanding rapidly, with the number of accounts rising to 203,266 (a 12.92% increase), total transactions reaching 587.749 million (up 30.21%), and the number of deployed smart contracts growing to 23,008.

Additionally, verified contracts have risen by 11.03%, to 4,522. The upcoming hard fork is expected to further enhance the overall scalability and transaction throughput of Shibarium, continuing its upward trajectory in the blockchain space.

RuneSoul raised $1M in Seed Funding with assistance being provided by AccelByte. RuneSoul aims to provide a memorable and fun gaming experience by combining Web3 principles with traditional ARPG elements.

Bleap secured $2.30M in Pre-Seed Funding with help by Ethereal Ventures. Bleap Finance is a fintech platform designed to bridge traditional finance with cryptocurrency, focusing on providing non-custodial financial services.

Moongate acquired $2.50M in Undisclosed Funding with support by GBV Capital. Moongate is a Web3 utility platform focused on driving mass adoption of NFTs. With a mission to democratize access, Moongate has developed a no-code tool enabling brands and events to effortlessly create, distribute, and integrate NFT tickets and memberships.

U2U Network obtained $13.80M in Undisclosed Funding with help by KuCoin Exchange. Unicorn Ultra (U2U Network) is a Layer 1 blockchain platform built on Direct Acyclic Graph (DAG) technology and is compatible with EVM.

OpenBrick RE obtained an undisclosed amount with support being given by SIX. OpenBrick is a digital platform that facilitates real estate financing and investment through the tokenization of assets. It enables the issuance, management, and trading of tokenized securities linked to real estate projects, providing access to a broader investor base, faster fundraising, and enhanced liquidity for real estate assets.

Girin Labs raised $300K in Strategic Funding with help by CRIT Ventures, Inc.. Girin Wallet is a crypto wallet designed to enhance user experiences within the TRN and XRPL ecosystems. It is a wallet designed to support social login on TRN and XRPL, making it easier than ever to manage digital assets securely and conveniently.

Margarita Finance secured $1M in Pre-Seed Funding with support by Tomahawk.VC. Margarita Finance is a platform on the Solana blockchain designed for creating custom yield-generating investment strategies. It allows users to manage risk and returns through structured financial products, combining DeFi tools with approaches from traditional markets.

Rarimo Foundation acquired $2.50M in Undisclosed Funding with assistance being provided by Vitalik Buterin and several other angel investors. Rarimo is building a permissionless ZK Registry that redefines how identities, interactions, and social graphs are managed.

Igloo, Inc. raised an undisclosed amount in Strategic Funding with help by Animoca Brands. Igloo is on a mission to create the largest onchain community, driving the consumer crypto revolution. Igloo is also the parent company of Pudgy Penguins.

LibertyRoad Capital secured an undisclosed amount in M&A Funding with support by Hilbert Group. LibertyRoad Capital provides investors with access to yield enhancement solutions, offering a robust range of investment products tailored to meet diverse needs.

As the world continues to embrace technological advancements, the cryptocurrency market has seen a massive surge in tokens associated with Artificial Intelligence (AI) projects. Over the past week, several AI-driven coins have experienced impressive growth, with some recording gains of over 150% in just a week.

FET And AGIX Hold Strong

One standout performer is Virtuals Protocol (VIRTUAL), which has seen a staggering 153.8% increase in its value over the last week. Trading at $1.50, VIRTUAL has a market cap that has grown to an impressive $1.49 billion, driven by increased investor interest in the potential of virtual and AI-powered ecosystems. This strong performance underscores the growing demand for innovative projects leveraging cutting-edge technologies.

Another notable AI-related token, NetMind Token (NMT), has seen a phenomenal 127.9% jump in the last seven days, bringing its price to $4.47. NMT, which focuses on the intersection of AI and machine learning, is now valued at over $187 million, highlighting the market's increasing appetite for tokens with AI-related utility.

Meanwhile, Artificial Superintelligence Alliance (FET) and SingularityNET (AGIX) continue their solid performance, with FET climbing 21.6% over the week to $1.85, while AGIX has gained 26.7%, now trading at $0.80. These projects, both central to the development of superintelligent AI systems, show a sustained upward trend, indicating long-term confidence from investors in the future of AI technology.

AIXBT And AI16Z

Two AI tokens in particular have been very impressive as of late. For starters, aiXBT (AIXBT) has experienced a remarkable 240.3% increase in the last week alone, positioning it as one of the most notable AI tokens in recent days. Trading at $0.1759, AIXBT reached an all-time high of $0.2379 on November 30th, 2024. Although its price has since corrected by 26.5%, the token remains a strong performer with a market capitalization of $175.85 million.

The token is part of the Virtuals Protocol, designed to provide powerful AI agents that track and analyze crypto market trends. In addition to tracking trends, AIXBT offers a private analytics platform for token holders, adding utility beyond its speculative value. The 24-hour trading volume has surged to $34.5 million, signaling a strong investor interest and active trading in decentralized exchanges such as Bitget, Raydium, and Meteora.

Meanwhile, AI16Z has also shown impressive performance, posting a 139.2% increase in the last week and reaching a price of $0.3373. This AI-driven token, part of an emerging class of AI-focused cryptocurrencies, has seen its market cap soar to $376 million. Since its debut, AI16Z has achieved significant price growth, up an astounding 3,209% compared to its all-time low of $0.01019 recorded just a month ago.

Investors are particularly drawn to AI16Z for its integration with the DeFi ecosystem, where AI algorithms can predict market trends and optimize trading strategies. The potential applications for AI16Z are vast, and its growing community and high investor engagement suggest it could become a leader in the AI crypto space.

Other Notable AI Agents

The excitement around AI cryptocurrencies extends beyond just the biggest players. Altered State Machine (ASTO), a newcomer with a niche focus on AI in gaming, has surged by 281.8% over the past week, making its price of $0.05431 an intriguing prospect for speculative traders.

Spectral (SPEC) and Oraichain (ORAI) have also posted significant gains. SPEC rose by 55.2%, now priced at $15.37, while ORAI, focusing on AI-powered DeFi, has seen an 8.7% increase, bringing its value to $10.47.

Smaller but intriguing tokens, such as Dolos The Bully (BULLY) and Strawberry AI (BERRY), also saw substantial growth. BULLY jumped 10.9% to $0.1725, while BERRY experienced a 23.4% increase, now priced at $0.4674.

The rise of AI cryptocurrencies highlights the growing recognition of artificial intelligence as a transformative force across industries. AI is undoubtedly becoming an increasingly vital component of the blockchain landscape. Investors are clearly tuning in to this trend, betting that AI tokens will continue to outperform as their utility and adoption evolve.

The cryptocurrency market is currently navigating an intriguing phase. Several altcoins are gaining momentum, gradually diminishing the dominance exhibited by Bitcoin (BTC), which is stabilizing around the $97,000 mark. The total market capitalization stands at approximately $3.56 trillion.

Volatility Continues
Bitcoin has experienced notable volatility over the past week, with the price dipping to near $90,000 before staging a strong V-shaped recovery. Yesterday, bullish momentum attempted to push the price toward $99,000, but the effort fell short. Currently, Bitcoin is trading around $96,700, where it has been consolidating in recent hours.
The question now is whether buyers will drive the price toward the coveted $100,000 level or if we will witness another correction. Over the past week, the dominance of BTC has dropped by more than 3%, currently standing at around 53%. This suggests that altcoins have been outperforming Bitcoin in recent times.
To that end, Ripple (XRP) has emerged as the standout performer, surging 15% in the past 24 hours, making it the top-performing large-cap cryptocurrency in the top 20. The broader market heatmap over the last 24 hours is predominantly green, indicating a positive sentiment across the market. Finally, among the top 100 cryptocurrencies, some of the most notable performers include, Hyperliquid (HYPE), up 76%, Core (CORE), up 40%, and Ethereum Name Service (ENS), up 30%.

Other Markets

In 2022, opposition to the United States Dollar (USD) grew, especially after the U.S. imposed sanctions on Russia. Former President Trump is now urging BRICS nations to commit to using the dollar for trade. Meanwhile, concerns about a stock market bubble are rising, as new plans by the Trump administration could inflate the bullish market.

Meanwhile, Black Friday sales saw significant growth, with online shopping leading the charge. In South Korea, electricity shortages are leading officials to suggest increasing U.S. energy imports while the French bond market faces turbulence. Adani shares dropped following a U.S. indictment and scrapped bond sale, though the company denies bribery charges.

On the financial front, critics are pointing to flaws in budget planning, while Northvolt AB is closing its battery plant in Poland. The central bank has raised alarms about the housing boom and its potential risks to banks, while CPI Property plans to open its Czech portfolio to retail investors. Finally, the Quant Olympics, a global competition by Millennium, is searching for the next wave of finance talent.

According to Odaily, market sources have revealed that Elon Musk has announced that the U.S. Government Efficiency Department (DOGE) will carry out an audit of the Internal Revenue Service (IRS). This news has quickly captured attention and sparked widespread discussions about the potential implications for the IRS and its role in managing the U.S. tax system.

The news has sparked heightened interest among stakeholders, including tax professionals, lawmakers, and the public, who are eager to understand what steps the Government Efficiency Department might recommend.

A Vested Interest

The announcement by the Tesla CEO is especially significant given the crucial function the IRS serves in collecting taxes, enforcing tax laws, and overseeing various government revenue processes. The idea of an audit by the Government Efficiency Department has raised a number of questions about the objectives and scope of such an examination.

In addition, observers are particularly interested in understanding how this audit will impact the massive global operations that the IRS conducts on a daily basis, particularly when it comes to areas such as efficiency and potential areas for reform.

Far-Reaching Consequences

Although detailed information regarding the audit is still limited, the involvement of the Government Efficiency Department indicates that the focus will likely be on evaluating the operational effectiveness of the IRS. This suggests that the audit could uncover inefficiencies, redundancies, or areas of potential improvement within the agency.

The outcome of this audit could lead to significant recommendations aimed at streamlining the IRS and its numerous operations, enhancing its overall performance, and potentially reshaping how it interacts with taxpayers and manages resources.

This audit could have far-reaching consequences, including policy changes or shifts in how the IRS operates moving forward. As the situation unfolds, all eyes are on how the audit progresses and what kind of impact it will have on the broader tax system and governmental efficiency.