Cardano Price Prediction Experts Now Eyeing Bitcoin Solaris as the Next Crypto to Create Thousands of Millionaires

Circle has rolled out its Circle Payments Network (CPN), designed to change the landscape for cross-border transactions. The new offering attempts to snag market share for Ripple Payments, pitting both heavyweights in a scramble for dominance.

Circle Launches CPN For Cross-border Payments

Stablecoin issuer Circle has announced a payments network for financial institutions offering real-time and cost-effective payments. According to the announcement on X, the Circle Payments Network will provide round-the-clock, low-cost, and near-instant settlement for financial institutions.

Per the statement, CPN will lean on Circle’s stablecoins USDC and EURC for settlement, sidestepping traditional bottlenecks. The stablecoin issuer says CPN will support invoice payments, remittances, treasury services, and contractor payouts.

“By orchestrating stablecoin payments, Circle Payments Network enables payment providers to unlock new markets and new business models faster than ever before,” said Circle CTO Nikhil Chandhok.

Circle is hitting the ground running, racking up a raft of design partners for CPN in the first wave. The list includes 20 design partners, including Flutterwave, CoinMENA, Coins.ph, WorldRemit, and Yellow Card amongst others.

Apart from near-instant settlement times, Circle is offering partner financial institutions with easy onboarding via a single tech stack. Circle has tapped Deutsche Bank, Santander, Standard Chartered, and Societe Generale as advisors in the CPN project.

“We are not just building stablecoins,” said the stablecoin issuer. “We are building a modern infrastructure for global payments.”

The passage of the STABLE Act is providing regulatory direction for stablecoin issuers like Circle as they seek to expand the scope of their offerings.

CPN Will Compete With Ripple Payments

Circle’s launch of CPN will jostle with Ripple Payments for market share in the coming months. Ripple currently enjoys a first-mover advantage in the ecosystem following the launch of its On-Demand Liquidity (ODL) offering.

Running on the XRP Ledger, Ripple Payments allows banks to process international transactions at a lower cost than traditional alternatives. However, CPN is poised to be a direct competitor to Ripple Payments given its slew of initial partnerships.

Ripple has a trove of partnerships under its belt, but an integration with SWIFT is tipped to be the icing on the cake for adoption metrics and XRP price. Both Ripple and XRP are mulling over the prospects of an IPO

Circle and Ripple are currently jostling for positions following the intention of the US to lean on stablecoins to preserve the dollar’s dominance. Circle argues that USDC is the largest regulated stablecoin with a market capitalization of $60.91 billion. On the flipside, Ripple says its RLUSD is the fastest-growing US dollar-denominated stablecoin in the ecosystem, recording a 100% spike in trading volumes on the tailwind of glowing fundamentals.

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Shiba Inu price has been lagging behind newer meme coins such as FARTCOIN and PEPE, which have registered notable gains in the last month. However, a recent spike in the SHIB burn rate and active address count has sparked speculation over whether the second-largest meme coin can compete with these new coins.

SHIB value today is flashing bearish signals with a 2% decline to trade at $0.000013 at press time. The dips come after the broader crypto market retreated after Bitcoin (BTC) slipped below $96,000.

Shiba Inu Price in Focus as Burn Rate Spikes 22,000%

A rally is brewing for the Shiba Inu price after a drastic surge in the burn rate. Data from Shibburn shows that in the last 24 hours, more than 27 million tokens have been removed from the circulating supply, with a single address burning more than 15 million SHIB.

The surging burn rate coincides with a surge in user activity after the active address count soared to the highest level in nearly two months. Data from Santiment shows that the number of active addresses in the last seven days has reached 23,014, which is the highest since late February.

As network usage grows, it triggers a surge in the burn rate as depicted in the above data, and this makes a bullish case for the Shiba Inu price prediction.

Can SHIB Compete with New Meme Coins?

In recent weeks, capital has been rotating from older meme coins to newer ones as traders chase quick profits. This capital rotation follows weak Shiba Inu price performance, considering that it has gained by only 9% in the last month. In contrast, FARTCOIN has soared by 196% during the same period, while PEPE is up by 23%.

However, given that old meme coins such as Dogecoin and SHIB are less volatile, traders might shift away from these newer coins if they show signs of a weakening trend. Moreover, analysts have also predicted an upcoming SHIB rally.

Hence, if the burn rate and active address count continue to rise, SHIB has the potential to compete against new meme coins. If these fundamentals weaken, then coins such as FARTCOIN will continue outperforming Shiba Inu.

Shiba Inu Technical Analysis

The price of Shiba Inu is breaking out of a descending parallel channel on the weekly chart, suggesting that the bearish momentum is growing weak, which may unlock an upward trend. However, SHIB still needs to overcome resistance at $0.0000173, at which point it will have created a higher high and confirm a shift trend from bearish to bullish.

However, this upswing will only be confirmed if the top meme coin can attract buy-side activity that will push the RSI above 50. Doing so will confirm the shift in market structure, and this will trigger the uptrend towards key resistance levels.

If the above bullish thesis fails and SHIB fails to make a decisive close above the descending trendline, it may spark a decline to the support level of $0.108. However, as long as the active address count and SHIB burn rate remain high, the meme token has the potential to sustain gains.

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