The overall market sentiment among cryptocurrency investors remains positive, even though some assets are showing losses and volatility. Bulls still hold control, but Shiba Inu may enter a short period of range-bound trading. Meanwhile, Ripple’s price appears positioned to retest its 2018 high as news of approval for the $RLUSD stablecoin highlights the $3 level as a clear target.
At the same time, iDEGEN remains on the radar of savvy investors for its unique approach to social engagement and token pricing, having raised more than $4 million in under a month since launch. The project’s combination of AI, social media activity and meme-coin momentum has put it among the most talked-about crypto investments for 2024 even before wider listings.
Ripple price strengthened by announcement of stablecoin approval
The XRP token reached a multi-year high of $2.90 on December 3 as bulls attempted to gather momentum to push past $3 for the first time since 2018. Although profit-taking drove a pullback to $1.91 on Tuesday, XRP has recovered some losses and was trading around $2.42 at the time of writing.
Despite the recent dip, investor optimism remains intact. Prospects for a push toward $3 and beyond were bolstered by news about RLUSD. On December 10, Ripple CEO Brad Garlinghouse announced final approval from the New York Department of Financial Services (NYDFS) for a Ripple-backed USD stablecoin, $RLUSD. The stablecoin is expected to list on exchanges soon, and its adoption could significantly increase demand for XRP.
Latest news… we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be announced soon. And reminder: when RLUSD goes live, you’ll hear it first from @Ripple.
— Brad Garlinghouse (@bgarlinghouse), on December 10, 2024
iDEGEN listed among top meme coins to watch in 2024
iDEGEN, currently in pre-sale, raised millions within weeks of launching. The project, which began its pre-sale on November 26, 2024, had raised over $4.19 million and sold more than 938 million tokens at the time of reporting.
iDEGEN’s potential comes from a distinctive trifecta: social media, artificial intelligence and the current meme-coin wave. This combination gives the project a different growth profile compared with traditional tokens.
Describing itself as “AI Born. Degen Raised,” iDEGEN uses an AI agent that posts on X (formerly Twitter) hourly, then ingests, learns from and responds to community input. That AI-driven engagement drives the type of social momentum that can rapidly lift meme-coin prices. Unlike static meme coins, an AI-linked token such as iDEGEN can react dynamically to its digital community, increasing its chances of viral growth. It is therefore unsurprising that the $IDGN token reportedly rose over 2,500% since launch in under a month.
iDEGEN also employs a fair-pricing model that has attracted additional investor interest. In a typical pre-sale, token prices climb continuously as demand increases, and many early holders sell at listing to lock in quick profits. iDEGEN’s model ties price movement to short time intervals: if someone buys $IDGN within a five-minute window, the token’s price remains fixed for the following five minutes; if buying occurs in two consecutive five-minute windows, the price increases 5%; conversely, the price drops 5% if five minutes pass without a purchase.
When the auction ends on January 1, 2025, the listing price will be set 10% above the final auction price. That design aims to reduce post-listing price pressure and start exchange trading at a price closer to what current token holders expect.
You can buy the iDEGEN token through its official channels while the pre-sale is still active.
Shiba Inu may enter a period of narrow range trading
Shiba Inu, the largest cat-themed cryptocurrency by market capitalization, has experienced price swings in recent sessions even as overall market sentiment stays positive. According to CoinMarketCap, SHIB fell 2.56% over the past week while gaining 14.13% in the last 24 hours.
Ranked the 12th largest cryptocurrency by market cap, SHIB slipped below $0.00002500 on Monday after trading above that support level for nearly two weeks. It later recovered some losses and was trading around $0.00002921 at the time of writing.
With an RSI of 55 and prices sitting above the 20- and 50-day EMAs, SHIB/USD has the potential to break resistance at $0.00003000 and retest last week’s high at $0.00003350. However, a lack of strong bullish momentum could keep the token confined to a tight trading range, with $0.00002823 identified as a key support level to watch.