Here’s a recap of the latest happenings in the crypto world from this past weekend, featuring the top three stories.
Key Insights on XRP’s Success from Bitwise CIO
Matt Hougan, the CIO of Bitwise, recently shared his thoughts on the X platform regarding the XRP Las Vegas event that took place last weekend. He emphasized that the XRP community seems to be embracing the potential of both XRP and Bitcoin to cater to various markets. One of the standout points from the event, according to Hougan, was indeed the strength of the XRP community. He mentioned that a significant factor in crypto’s success is how strong the backing community is, and XRP exemplifies that well. Earlier, Bitwise suggested that if Ripple’s token can establish a solid presence in areas like payments and tokenization, it might reach almost $30 by the end of the decade.
Shiba Inu Faces Decline Amid Market Drop
On Saturday, May 31st, Shiba Inu saw a notable decline, dropping over 5% in the previous 24 hours as the broader crypto market faced a downturn. The token has been in a downward spiral since May 28th. During Friday’s trading session, meme tokens dipped below the 50-day simple moving average at $0.00001378, marking the first time in weeks. If it continues to drop below this threshold, it might fall to around $0.00001; however, a bounce back could create opportunities for short-term trading. The overall crypto market experienced nearly $700 million in liquidations, with 89% of that—around $600 million—coming from long positions, indicating that traders may be too optimistic. According to IntotheBlock, about 30.49 trillion Siv tokens are held by roughly 64,000 addresses in the $0.000012-$0.000013 range, suggesting there’s some solid support in that area. Traders are now watching to see if support holds or if further declines occur. Key resistance levels were identified at $0.000014 and $0.000019, with a previous total of 577.47 trillion Siv purchased.
Challenges in Acquiring Bitcoin: Insights from Michael Saylor
In a recent speech at the Bitcoin 2025 event, Michael Saylor, the founder of CNBC Cover Strategy, discussed the surging interest from major companies in accumulating Bitcoin. He noted that last week, Trump Media announced a plan to invest $500 million in Bitcoin. Meanwhile, Tether, Softbank, and Jack Mullers from Strike have launched initiatives aimed at acquiring 42,000 BTC, positioning themselves as potential leading corporate holders of Bitcoin. Saylor remains optimistic about Bitcoin’s future, pointing out that numerous companies are adopting similar strategies amid a “surge of interest.” Despite some skepticism from firms like Microsoft regarding Bitcoin investments, Saylor believes the future innovations will compel businesses to pay attention to Bitcoin. He expressed aspirations for his company to continue acquiring more BTC, noting, “We think buying Bitcoin will be exponentially difficult, but we will work more exponentially efficiently to buy Bitcoin.”
