Cardano’s Coinbase Bonanza: XRP Weeps, ADA Rejoices! 🎉

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In the grand bazaar of cryptocurrency, where fortunes are made and lost with the whimsy of a tipsy aristocrat, the Cardano reserves on Coinbase have surged a preposterous 462% since the exchange unveiled its wrapped ADA on Base. This financial fandango follows the somber dirge of XRP’s dwindling supply, a spectacle that has left investors clutching their pearls and reaching for their wallets. 🤑

Cardano’s Triumph: A Tale of Wrapped Tokens and Institutional Fervor

Coinbase’s proof of reserves, a document as sacred as a society matron’s little black book, reveals a total supply of 9.56 million ADA backing the wrapped ADA on the Base network. Presently, 9.53 million cbADA frolic on said network, a 462% leap from the paltry 1.7 million at launch in June. One can only imagine the champagne corks popping at Cardano HQ. 🥂

This financial ballet underscores the insatiable demand for Cardano as investors, with the zeal of debutantes at a ball, employ the wrapped token for DeFi escapades on the Ethereum network. Mintern, a personage of some repute in the Cardano DEX Minswap, observed with raised eyebrow that ADA reserves on Coinbase have more than doubled in the past month alone. “Is institutional confidence about to explode?” they queried, no doubt with a smirk. 🤔

Adding to the melodrama, the impending launch of the Grayscale Cardano ETF looms like a society wedding, promising to further inflate ADA’s allure. With the final deadline under the 19b-4 standard upon us, one can scarcely contain one’s excitement. Hashdex, not to be outdone, has included Cardano in its crypto index fund, a move as inevitable as a scandal in high society. 🕴️

Coinbase’s custody arm, the trusty butler of Grayscale’s ADA fund, will ensure that the reserves swell further, holding ADA tokens with the diligence of a nanny guarding her charge. The months ahead promise a spectacle of financial one-upmanship, as the exchange’s reserves burgeon like a well-fed aristocrat. 🏦

XRP’s Plight: A Tale of Woe and Waning Supply

As Cardano basks in its glory, poor XRP finds itself in the doldrums, its supply on Coinbase plummeting from 970 million to a mere 99 million over the last 90 days. Crypto sage Del, with the gravitas of a soothsayer, declared that the market is ill-prepared for the tempest ahead. One can almost hear the mournful wail of XRP holders. 😢

Yet, even in this gloom, there is a silver lining: the impending XRP ETFs, which may yet rescue the altcoin from its doldrums. The current demand for ADA and XRP hints at a great migration, as investors flee the staid confines of BTC and ETH for the more exotic pastures of altcoins with spot crypto ETFs. 🌪️

Bitcoinist, ever the chronicler of financial intrigue, reported that institutions jettisoned BTC and ETH last week, while XRP and SOL enjoyed a veritable influx of capital. The launch of these ETFs is expected to act as a catalyst, sending altcoin prices soaring like a debutante’s hemline at a ball. 💃

At the time of this dispatch, Cardano’s price hovers around $0.85, a modest uptick in the last 24 hours, according to the ever-reliable CoinMarketCap. One can only wonder what dramas the coming weeks will bring. 🌟

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2025-10-03 22:25