Despite some assets reporting losses and volatility, overall market sentiment among crypto investors remains positive. While the bulls remain in control, Shiba Inu may enter a period of range trading for a short period of time. Meanwhile, Ripple price will likely retest its 2018 highs as news surrounding the approval of RLUSD brings $3 into focus.
at the same time, Idegen continues to attract the attention of smart investors, as its unique approach to social engagement and pricing generated more than $4 million in revenue in less than a month after launch. The power of AI, social media, and memecoin craze has ranked this project as one of the top crypto investments of 2024 even before its launch.
Ripple price rises on news of stablecoin approval
XRP hit a multi-year high of $2.90 on December 3rd, and bulls are trying to gather momentum to reach the $3 mark for the first time since 2018. A profit-taking mood caused the stock to drop to $1.91 on Tuesday, but it has since risen. Paring some of those losses, it is trading at $2.42 at the time of writing.
Despite the recent pullback, investors remain bullish, with recent news on $RLUSD increasing prospects for a rally above $3. On December 10, Ripple CEO Brad Garlinghouse announced that Ripple's USD-backed stablecoin has been approved by the NYDFS. Stablecoins are expected to appear on exchanges soon, and their adoption is expected to significantly increase demand for XRP.
Now… we have final approval for $RLUSD from @NYDFS! List of exchanges and partners will be published soon – and a reminder: @Ripple will be the first to notify you when RLUSD goes public.
— Brad Garlinghouse (@bgarlinghouse) December 10, 2024
iDEGEN named in list of best meme coins to invest in 2024
Idegen; Although this experiment is still in the pre-sale stage, it has raised millions of dollars in just a few weeks. Launched on November 26, 2024, the project has already raised over $4.19 million with over 938 million tokens sold at the time of writing.
Notably, iDEGEN takes an interesting approach that could land it on the list of best cryptocurrencies of 2024. This potential lies in a unique trifecta: social media, artificial intelligence, and the ongoing wave of meme coins.
As stated on the platform, iDEGEN is “AI Born.” Degen Raised”. The concept works by having an AI agent post to X every hour. It then absorbs, learns and responds to all the information supplied by the cryptographic degen.
This AI-powered strategy created the kind of social engagement that sent meme coins skyrocketing. Unlike other meme coins, AI meme coins like iDEGEN are more responsive to the digital community, thus increasing the potential for virality. No wonder the price of the $IDGN token has increased over 2500% in less than a month since its launch.
Additionally, iDEGEN operates on a fair pricing model. This tactic further attracted investors to the platform. A typical pre-sale causes the price of a coin to skyrocket as more investors buy tokens. During an ICO, many people liquidate their holdings to make an easy profit.
For iDEGEN, the price of the token changes depending on demand. If an investor buys $IDGN tokens within 5 minutes, its price will not change for the next 5 minutes. However, if you make two consecutive purchases 5 minutes apart, the price will increase by 5%. Conversely, if 5 minutes pass without making any purchases, the price will drop by 5%.
When the auction ends on January 1, 2025, the listing price will be 10% higher than the final price. This means that trading on cryptocurrency exchanges will begin at a price close to the price expected by current token holders, reducing the chance of a drop in value after the ICO. You can purchase Click here for iDEGEN token.
The Shiba Inu may have just entered the period of range trading.
Shiba Inu, the leading cat-themed coin by market capitalization, has seen its price fluctuate in recent trading even though overall market sentiment remains positive. According to CoinMarketCap, its price has fallen by 2.56% in the past week, but has increased by 14.13% in the past 24 hours.
Ranked 12th among the most valuable cryptocurrencies, it fell below $0.00002,500 on Monday after trading above its support zone for nearly two weeks. It has since erased some of its recent losses and is trading at $0.00002921 at the time of writing.
With an RSI of 55 and trading above the 50-day and 20-day EMAs, SHIB/USD could break through the resistance at $0.00003000 and retest last week's highs at $0.00003350. However, if it lacks enough bullish momentum, it could end up trading within a range with $0.00002823 being a notable support zone.
