Bitcoin SV

Theta Network

Internet Computer

Ethereum Classic

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/exploring-the-phenomenon-of-zombie-altcoins/" data-wpel-link="internal">Exploring the Phenomenon of Zombie Altcoins</a><br></p>
<p style="text-align: justify">Forbes has identified a list of 20 altcoins, each with a market value exceeding one billion dollars, referred to as “zombie altcoins”. Among these zombie altcoins are XRP (XRP), Cardano (<a href="https://en.coin-turk.com/a-comparison-between-cardano-and-ethereum-insights-from-charles-hoskinson/" data-wpel-link="internal">ADA</a>), <a href="https://en.coin-turk.com/whales-stir-in-the-bitcoin-market-surprising-acquisition-volume/" data-wpel-link="internal">Bitcoin</a> Cash (BCH), Litecoin (LTC), Internet Computer (ICP), Ethereum Classic (ETC), Stellar (XLM), Stacks (STX), Kaspa (KAS), Theta Network (THETA), Fantom (FTM), Monero (XMR), Arweave (AR), Algorand (ALGO), Flow (FLOW), MultiversX (EGLD), Bitcoin SV (BSV), Mina (MINA), Tezos (XTZ), and EOS (EOS). Despite their high market values, the minimal level of transaction activity or utility these altcoins provide leads to their classification as zombie altcoins in the cryptocurrency market.</p> 
<h2 style="text-align: justify" id="strong-the-case-of-xrp-among-zombie-altcoins-strong"><strong>The Case of XRP Among Zombie Altcoins</strong></h2> 
<p style="text-align: justify">In 2012, <a href="https://en.coin-turk.com/ripple-case-lawyers-defend-xrp-is-not-a-security/" data-wpel-link="internal">Ripple</a> Labs and its altcoin XRP marked a significant milestone in the development of Blockchain technology. Visionaries Jed McCaleb, Arthur Britto, and David Schwartz of Ripple Labs aimed to revolutionize global financial transactions by facilitating fast and cost-effective money transfers for banks and financial institutions worldwide.</p> 
<p style="text-align: justify">Amidst great excitement, Ripple Labs began its journey by creating 100 billion XRP and raising $1.4 billion through public sales. When XRP reached its peak in early 2018, it had a market value of $132 billion, making co-founder and CEO Chris Larsen’s net worth reach $8 billion.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-345162" src="https://coin-turk.com/wp-content/uploads/2024/04/Ripple-XRP-Altcoin.jpg" alt="" width="1624" height="792"></p> 
<p style="text-align: justify">Despite its initial promises, Ripple Labs’ goals of disrupting traditional banking systems encountered minimal impact on the global financial environment dominated by SWIFT, which controls daily trillions of dollars in interbank transfers. However, Ripple’s Blockchain, primarily a ledger for XRP transactions, continues to operate with limited benefits. Remarkably, XRP currently has a market value of $36 billion, making it the sixth most valuable cryptocurrency and the fifth most valuable altcoin. Chris Larsen, with an estimated net worth of $3.2 billion, remains a leading figure in the cryptocurrency world.</p> 
<p style="text-align: justify">Despite its extremely high market value of $36 billion, Ripple Labs continues to see low revenue from XRP transactions. According to data, XRP’s network generated only $583,000 in transaction fees last year, corresponding to a striking “price-to-sales” ratio of 61,689.</p> 
<h2 style="text-align: justify" id="strong-20-major-zombie-altcoins-strong"><strong>20 Major Zombie Altcoins</strong></h2> 
<p style="text-align: justify">Ripple Labs’ XRP exemplifies a common phenomenon in the cryptocurrency world: the zombie altcoin. These altcoins remain active but lack significant utility or widespread adoption beyond speculative trading. Despite the emergence of superior alternatives like stablecoins offering effective international payment solutions, zombie altcoins like XRP continue to exist with over $2 billion in daily speculative transaction volumes.</p> 
<p style="text-align: justify">According to Forbes, particularly at least 20 of them categorized as functional zombies, there are more than 50 altcoins valued over one billion dollars. Notable zombie altcoins include XRP, ADA, BCH, LTC, ICP, ETC, XLM, STX, KAS, THETA, FTM, XMR, AR, ALGO, FLOW, EGLD, BSV, MINA, XTZ, and EOS.</p> 
<p style="text-align: justify">Forbes underlined that the continued existence of zombie altcoins like XRP is possible thanks to significant capital reserves that sustain operations despite their limited utility. For instance, Ripple Labs, with $24 billion worth of XRP held in escrow, has sufficient resources to sustain its activities for years. Moreover, the absence of strict regulatory scrutiny and shareholder examination, typical of traditional companies, somewhat exempts these altcoins from accountability, allowing them to remain operational.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/exploring-the-phenomenon-of-zombie-altcoins/" data-wpel-link="internal">Exploring the Phenomenon of Zombie Altcoins</a></h5>

Exploring the Phenomenon of Zombie Altcoins

Table of Contents

COINTURK NEWS

Autres articles publiés le 27 avr. 2024

The Hidden Altcoins That Are Set to Take Off—Expert Predictions Inside!

Bitcoin Price Prediction: Is BTC About to Crash Below $61K Mark?

Investors and VCs must embrace crypto financial services in 2024 | Opinion

Senator Warren: Crypto Is The “Payment Of Choice” For Child Sexual Abuse, Urges DOJ Action

Top Crypto to Invest in Right Now April 27 – ApeCoin, Litecoin, BitTorrent

Opportunity? Brace for XRP breakout ahead of ‘exciting changes’

Join our free newsletter for daily crypto updates!