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Shiba Inu Burn Rate Rises: Battles To Win Back Confidence After FTX Crash

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Today, the Shiba Inu burn rate climbed by 252% over the previous 24 hours, as per the Shibburn Tracking Services website statistics. A total of 23,735,647 SHIB tokens have been burnt in the last 24 hours, along with ten transactions.

25112022 0000
Source: Shibburn

A few days ago, millions of SHIBs were delivered to dead wallets, causing Shiba Inu’s burn rate to reach a peak of 1,082%. In all, 134,952,334 SHIB tokens had been burnt in 10 transactions.

This high was last seen in October when there were around 154 million SHIB. Due to the recent unfavorable market circumstances, SHIB daily burns have decreased to only a few million and even as low as 4 million tokens.

Shiba Inu has had a tough time since FTX crashed. Cryptocurrency markets are feeling the pain from this recent event, but Shiba Inu has been hit harder than most cryptocurrencies. 

Due to this decreased stability, the currency has moved down two spots to take up the 15th rank from its previous position as the 13th largest by market valuation.

However, the token is struggling to recoup its value. The CoinMarketcap’s data shows that it is currently trading at $0.000009244 with a gain of about 3% in both daily and weekly charts. 

SHIBUSD 2022 11 25 11 47 18
Source: Tradingview.com

Shiba Inu Ecosystem Developments

Shiba Inu has been battling to win back the confidence of its investors and make up for losses incurred as a result of the FTX crash. This week was, therefore, jam-packed with exciting events.

Such as, the Shiba Inu team has declared that holders of this meme coin are eligible for the project’s “exclusive special” from the blockchain-based travel agency Travala. If users pay with SHIB, the service will give them a free $25 travel credit to spend toward booking hotels, flights, and activities.

After the well-known meme currency community succeeded in its “battle” with the competing canine coin Floki Inu back in December 2021, Travala decided to promote it. But in May of last year, the platform added support for Dogecoin, a competitor cryptocurrency to Shiba Inu.

The pseudonymous lead developer of the well-known meme currency Shiba Inu, Shytoshi Kusama, previously declared that they had been warmly asked to collaborate with the World Economic Forum with regard to their “MV global policy.”  

In order to find out whether the public supports a partnership between Shiba Inu and the WEF, Kusama conducted a Twitter poll. Currently, there have been around 22,775 votes, with the majority of supporters—about 63%—supporting such a partnership.

In a subsequent tweet, Kusama claims:

We would be at the table with policy makers and would help shape global policy for the MV alongside other giants like FB (bye Zuck), Sand, Decentraland etc. And please don’t ask my opinion, you already know.

Related Reading | TRON Founder Backed Poloniex Could Be Merging With Huobi; Details

John Deaton Explains XRP Value Proposition To YouTuber Lark Davis

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After being asked about XRP’s value proposition by YouTuber Lark Davis, TheCryptoLark, in the wake of JP Morgan’s first DeFi deal, John Deaton from the Deaton Law Firm replied to him in a Twitter thread.

On November 24th, Davis tweeted the following query:

 If JP Morgan is using $matic and $aave to settle USD to JPY forex transactions, then what is the value proposition for #XRP now?

According to John, XRP has been a Top 10 Crypto for ten years. XRP was ranked second when FinCEN resolved Ripple in 2015, and it regularly competed with ETH for second place from 2017 to 2018. 

Even after Hinman gave ETH a pass in October 2018, the token was briefly in second place. When the SEC sued Ripple in December 2020, the token was ranked third. 

He also argued that the token is still one of the ten most popular cryptocurrencies despite facing obstacles such as the SEC’s lawsuit, which he says is more than just Ripple sales and XRP’s suspension or delisting from Coinbase and other well-known companies.

The Value Proposition For XRP?

John asserts that the value proposition of XRP can be observed in its persistence over time, which is represented in the rankings it has achieved in the cryptocurrency market.

He said that the point is that a major crypto influencer like TheCryptoLark needs to know a lot more about Ripple’s token:

First, does he not know the difference between @Ripple and #XRP? His question would make more sense if he had asked, does JPM’s use of #matic & #aave negatively impact Ripple’s business model. Of course, Ripple is one of the few companies involved in Crypto growing and hiring.

John questioned Lark, asking whether he was aware of the magnitude of the global Forex industry and whether Ripple was the only business using the XRPLedger. John thinks that despite being popular and near the top for a decade, Ripple’s token is still one of the most misunderstood cryptocurrencies.

Nevertheless, in accordance with the token’s price analysis, it is currently trading at $0.401, up around 5% over the previous day. Additionally, the token rose by approximately 6.24% during the last week, and its 24-hour trading volume also showed significant growth of about 38.66%.

XRPUSD 2022 11 25 09 05 39
Source: Tradingview

Related Reading | TRON Founder Backed Poloniex Could Be Merging With Huobi; Details

TRON Founder Backed Poloniex Could Be Merging With Huobi; Details

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TRON founder Justin Sun’s backed Poloniex exchange would merge with the recently acquired Huobi exchange as personnel from both parties have already begun to integrate.

The trading platform has been reportedly bought by Sun from Circle in 2019, WuBlockchain disclosed citing anonymous sources. The latest collaboration might be a part of an expansion drive carefully orchestrated by the TRON founder.

As reported by TronWeekly, Sun who is a global advisor in his other firm Huobi has laid out three strategies to enhance its position as the market leader and rise to the top among other major players in the sector.

The Seychelles-based cryptocurrency exchange recently rebranded its name from “Huobi Global” to “Huobi” via a press statement.

The new name is made up of two Chinese characters, the first of which stands for eternal energy and the second of which expresses the will to triumph.

As part of a new roadmap for international expansion, Huobi will be ramping up its investments in South-East Asia, Europe, and other regions.

Sun further hinted that the country could set up shop in the Dominican Republic where TRON blockchain partnered with the Caribbean island state to issue a national digital currency, the DMC token, as legal tender.

With regards to Poloniex, its merger with Huobi will widen its customer base as its daily spot trading volume is only 1/10 of that of Huobi, per Coingecko.

While there have been no official comments from any of the exchanges, Sun responded that the Poloniex network brand will continue to exist.

TRON Founder Teased A Possible Collaboration With BNB chain

Just the other day, the exchange suspended BSC stablecoins without providing the reason for the abrupt announcement.

Furthermore, the team urged users to use the ERC20 and TRC20 networks for stablecoin deposits and withdrawals and would be offering equivalent multichain solutions for the different stablecoins.

On 25 Nov, Sun teased a possible collaboration with the BNB chain without specifying more. “I fully support the BNBCHAIN ecosystem and BUSD. Actually, we will have a big partnership announcement soon.”

In an earlier tweet, Sun notified the community of the arrival of a new BEP-20 TRX token on the BNB Blockchain.

But owing to continuing upgrades in Tron, DEX PancakeSwap delayed the rollout of the Tron syrup/pool These stake pools would enable users in staking CAKE and gain TRX.

Dogecoin Will Receive A Boost From Elon Musk & Vitalik Buterin, David Gokhshtein speculates

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Elon Musk, CEO of Twitter, and Vitalik Buterin, co-founder of Ethereum, are expected to work together to strengthen Dogecoin (DOGE), according to Gokhshtein Media CEO David Erik, who expressed his opinion through Twitter.

Additionally, David was also confident that these two crypto industry titans would not collaborate on Bitcoin:

They won’t work on #Bitcoin — well because Vitalik tried that in the past and was kicked and Elon is interested in turning something that started off as a joke into something serious.

Musk’s long-standing association with the cryptocurrency, which he frequently mentions in tweets and has accepted as a means of payment for some of the goods and services Musk’s businesses provide, may be based largely on Dogecoin’s surge in popularity.

The Ethereum creator Vitalik Buterin is one of the prominent board members of the Dogecoin Foundation, which also encouraged the currency’s popularity. When Ethereum successfully implemented the much-anticipated Merge update, Buterin suggested that it should be the next cryptocurrency to make a change from Proof of Work.

Additionally, DogecoinFdn (Dogecoin Community) received a contribution of 20 million DOGE from Buterin in November after a donation of 500 ETH in May. DogecoinFdn is an organization with the goal of advancing DOGE via advocacy and development.

Dogecoin Price Analysis

Investors of the popular meme coin DOGE are among the most relaxed under this current bear market. A recent study conducted by Coin Kickoff indicated that despite Bitcoin’s value being down, people are still feeling optimistic about DOGE’s stability in its stead.

Dogecoin (DOGE) lost 0.49% on Thursday and ended the day at $0.0814, reversing all of Wednesday’s gains. The fact that DOGE avoided ending the day below $0.0800 for a second consecutive session is noteworthy.

Today, the bull breaks over the $ 0.0857-second major resistance level, and after doing so, it hits the third major resistance level at $0.0894. However, it is currently trading at $0.08841, on a bullish trend toward growth, with a rise of 11% in the last 24 hours and 3.77% in the previous seven days, as per the data from Coinmarketcap.

DOGEUSD 2022 11 25 05 00 45
Source: Tradingview.com

There is still more breakthrough potential up to $0.0910. However, Dogecoin must maintain above the 50-day moving average at $0.085 before it can trade bullishly.

Nevertheless, the Dogecoin community on CoinMarketCap predicts that on December 31 of this year, the price will reach $0.096 if the breakout session continues. 

Related Reading | Shiba Inu (SHIB) And Gala (GALA) Whales Dumping, Orbeon Protocol (ORBN) Profits 125%

Shiba Inu Gets The Nod From Top Airlines, Thanks To FCP Pay

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The well-known meme coin Shiba Inu has received approval from the world’s largest airline, American Air, and Canada’s flag carrier, Air Canada thanks to a partnership with FCF Pay.

The meme coin can now be used to book flights with American Air, and Air Canada and pay hundreds of merchants online. Interestingly, Shiba Inu is the only volatile asset that has made it to the list of accepted crypto tokens.

According to the press release, debit cardholders of FCF Pay would be able to make use of over 20 stablecoins.

In addition, owners of Shiba Inu can use their SHIB via FCFPay Visa Card to make purchases on Amazon and stream content from Netflix.

Users of FCF Pay’s virtual visa cards can also utilize them to convert their crypto holdings into local currency with the help of Apple/Google Pay in the US and Canada region.

FCF Pay crypto payment gateway platform headquartered in Canada announced adding the popular meme coin to its prepaid card on October 22nd, after the SHIB army “made enough noise.”

The challenge given to fans of SHIB was to make 1,000 retweets of the FCF Pay tweet about SHIB which was accomplished less than 30 mins after the announcement tweet.

That said, SHIB has led the pack of meme coins to score multiple adoptions from some of the leading businesses in the hotel industry.

For instance, a five-star hotel called W Dubai– The Palm recently permitted guests to check in using SHIB.

Subway, an international American fast-food restaurant chain, joined the movement as well. Three of its Berlin-based locations have begun accepting bitcoin as payment.

The other day, the lead developer of Shiba Inu, Shytoshi Kusama, confirmed that the World Economic Forum [WEF] invited the team to help shape global metaverse policy.

The Majority Of The Shiba Inu Fans Welcomed The Metaverse Invite

As reported by TronWeekly, Kusama polled the SHIB community over a request for collaboration from the World Economic Forum.

The proposal received an overwhelmingly positive response with over 60% voting in support of the move.

However, a few of them have voiced concern that the team would divert from the much-anticipated layer-2 project Shibarium. The lead developer of Shiba Inu assured users that the layer2 project won’t be abandoned in any way.

Circle Warns Of Ongoing Phishing Activity Targeting USDC Token Holders

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On November 24th, Circle, a leading provider of financial technology and the creator of the USD Coin (USDC) stablecoin, tweeted a warning about an ongoing phishing activity that aims to trick users into sending USDC tokens to malicious addresses.

According to the statement:

The scammers are pretending to be from @centre_io. There is not a new version of USDC in the marketplace. Please do not fall for this.

However, a recent study by the Interisle Consulting Group shows that phishing is at its peak. So far this year, there have been over one million phishing attacks alone – a 61% increase from last year. Not only does it represent a significant threat to many users out there, but it also poses real consequences for companies.

Moreover, Phishing attacks targeting wallets and exchanges specifically have increased dramatically in the cryptocurrency space. Phishers successfully attack virtual currency using methods they have used against traditional financials.

The number of cryptocurrency-related phishing attempts rose by 257% yearly. Crypto wallets were the most often targeted companies, and over 80% of the generic top-level domains (gTLD) identified for phishing were fraudulently registered.

StraitsX’s Partnership With Circle

The company also issued a press release on November 24th, announcing that to grow their network, Circle Internet Financial and StraitsX, a Southeast Asian payment system, have teamed up. Through the StraitsX platform, users may swap USDC and deposit it into their personal or company accounts.

The press release said:

With USDC being one of the fastest-growing stablecoins in the world and a widely requested asset from partners on StraitsX, the integration aims to better serve its business, corporate, institutional and retail users. 

As of November 24th, 2022, over 20 million USDC has been traded through this new exchange, “the StraitsX OTC desk,” and the strong demand for digital assets on the platform has tripled what it was in 2021, according to the press release.

Aymeric Salley, Head of StraitsX, also asserts that this relationship is the first time they have worked directly with another stablecoin issuer, and they look forward to additional partnerships with similar-minded companies like Circle.

Vice President of Asia Pacific for Circle, Raagulan Pathy said:

We are excited to partner with StraitsX and we look forward to them offering the stability of USDC to their customers in the Asia Pacific region and beyond.

Related Reading | Solana Loses About $180M In Crypto On FTX

Here’s Why Cryptocurrency Is In Crisis According To “Black Swan” Author

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Cryptocurrency has gone from being the hottest new thing to experiencing a complete catastrophe. Whether their bitcoin, dogecoin, and other tokens are safe should be the first thing crypto owners should be asking themselves right now. If you hold them with the incorrect broker or custodian, they could disappear into a protracted bankruptcy procedure and possibly never reappear.

Author of “Black Swan,” Nassim Nicholas Taleb, refuted the notion that the cryptocurrency market is experiencing a liquidity crisis in a recent Twitter discussion.

The Lebanese-American scholar contends that while cryptocurrency is currently experiencing a crisis, it is actually because of a shortage of financial flow. He contends that as long as the business can make money, the market price is unimportant.

Cryptocurrency hasn’t succeeded in creating something “remotely usable” in order to generate cash flow, despite all the hype.

According to Taleb, the revenue is circular with some suckers in the middle. Because Bitcoin doesn’t produce earnings or cash flows for its buyers, some skeptics think that cryptocurrency is only supported by speculative activity.

Bill Gates’s Opinion On Cryptocurrency

Bill Gates, a co-founder of Microsoft, recently asserted that non-fungible tokens are an investment that falls victim to the “greater fool argument.”

Gates said that those who spent a lot of money on monkey artwork would be able to change the world for the better.

The latest market correction has caused the NFT bubble to inevitably bust, with the floor price for a Bored Ape Yacht Club lately falling to its lowest level since last August. Within just two months, entry costs have dropped by approximately 80%, leaving investors who paid considerably more to purchase the hot NFT stocks in the dust.

The value of other well-known NFT collections, such as e CryptoPunks, has also fallen.

Even while NFTs have had a lot of celebrity endorsements, some well-known figures decided to reject them at the height of their appeal. For instance, Canadian actor Keanu Reeves thought it was absurd to spend a lot of money on pieces of art that could be readily copied.

Given that Gates has long criticized cryptocurrencies, his pessimism shouldn’t come as a surprise. The billionaire allegedly stated in May 2018 that he would be open to short Bitcoin. Given that he lamented cryptocurrencies’ lack of intrinsic worth in a Reddit post, it appears that Gates hasn’t warmed up to them.

Despite being a bear, Gates insists he hasn’t shorted Bitcoin.

Ethereum Devs Unveil ”Shandong,” an Early Pre-Shanghai Testnet

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On Nov. 24, the Ethereum Foundation announced that eight Ethereum Improvement Proposals (EIP) had been chosen by developers at the Ethereum Foundation to be investigated for the Shanghai update, which will be the next significant update following the merge and the switch to proof-of-stake consensus.

Developers made decisions regarding the features to be included in the upcoming hard fork, which will be published in the second half of 2023, during a weekly call. According to the Twitter account for the ETH Foundation JavaScript Team:

Ethereum pre-Shanghai testnet, the “Shandong”

Beacon Chain staked ETH is expected to be unlocked in the Shanghai hard fork, making it possible to withdraw the assets with the upgrade.

This means that users who staked ETH before the Merge will be able to access those tokens as well as any other rewards. According to an earlier schedule, locked ETH should become accessible 6–12 months after the Merge.

The EIP 4844, one of the approved proposals, focuses on using proto-danksharding technology and is anticipated to significantly improve scalability by increasing network throughput and reducing transaction fees. Other EIPs, such as EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450, deal with upgrading Ethereum Virtual Machines.

image 21
Ethereum Devs Unveil ”Shandong,” an Early Pre-Shanghai Testnet 6

One of the most eagerly awaited updates in the community is the Shanghai testnet, or Shandong, which launched on October 18. It allows developers to work on implementations like the Ethereum Virtual Machine (EVM) object format and could be useful for on-chain validators.

This five-part process, which started with The Merge, has since been expanded upon by a number of Ethereum developers, ecosystem members, and commentators. The Merge’s major improvement is a sharp drop in power usage, which should cut Ethereum’s energy use by 99%.

A long-awaited update, the merge, finally arrived in the cryptocurrency world on September 15. The merge enabled the initial blockchain powerhouse to successfully switch from the proof-of-work (PoW) consensus algorithm to the proof-of-stake (PoS) consensus algorithm.

Out of a large number of updates Ethereum has planned between now and 2024 to cement its status as the blockchain of the future, the merge represented one of the most significant. more widely used, more cost-effective, and more environmentally friendly.

Tron’s Justin Sun Applies to Contribute to Binance Recovery Fund

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Justin Sun, the billionaire founder of Tron DAO and a blockchain operator, has submitted an application to contribute money to Binance’s industry recovery fund.

On November 14, CZ made the first mention of the industry recovery fund. The CEO of Binance also said that more information will be released soon. Binance provided the information as promised in one of its most recent announcements.

The “Industry Recovery Initiative” (IRI), the name of the recovery fund, aims to support web3’s future. The IRI is not an investment fund, as stated in the announcement. The IRI will initially receive $1 billion from CZ’s exchange. In reality, though, $2 billion is where the money is headed in the near future.

Tron’s Justin Sun applies to be a part of the recovery fund

The entrants who have contributed about $50 million to the fund are identified by the announcement’s specifics. Animoca Brands, GSR, Kronos, Jump Crypto, Polygon Ventures, Aptos Labs, and Brooker Group are a few of these businesses. For the sake of transparency, the public is also informed about the public address with the $1 billion fund.

“We were not aware of the announcement. Different players likely contacted Binance at different times. We have already applied to join this funding initiative and will hear back from them soon.”

 Justin Sun’s Tron DAO spokesperson told The Block

Justin Sun’s assistance will also help in boosting the fund. Binance hopes that the fund will help lessen some of the harm that Sam Bankman-Fried’s collapse of his empire of cryptocurrency businesses, which included the FTX exchange, caused to the sector. The collapse of FTX has impacted a wide range of companies in the sector, including early-stage DeFi projects and investment firms.

By design, blockchain analytics can be used to track contributions to the industry recovery fund. The fund will focus on initiatives that are thought to be innovative and economically viable but are having trouble getting funding because of the FTX crisis.

Binance’s fund comes as a last resort and a ray of hope for several potential projects. These projects have vested their trust in FTX and were brought down by the collapse of the exchange.

Binance Increases OG $1B To Another Billion As Crypto Recovery Fund

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Changpeng “CZ” Zhao, CEO of Binance, first stated that his exchange is establishing an industry recovery fund to aid in the sector’s reconstruction.

According to CEO Changpeng “CZ” Zhao, Binance is aiming for a $1 billion or more recovery fund to buy troubled crypto assets, which was previously revealed.

According to the news outlet, CZ said,

“If that’s not enough we can allocate more.”

Following the demise of FTX and its CEO Sam Bankman-Fried, CZ has emerged as a significant player in the sector over the past few months, solidifying his status as a significant leader. On Twitter earlier this month, he voiced his worries about FTX and abandoned a proposal to buy it to help it out of its financial difficulties.

A number of businesses, including lender BlockFi, are reportedly planning for bankruptcy as a result of the industry-wide effects of FTX’s insolvency.

Binance will be introducing a recovery fund “to aid projects who are otherwise healthy, but in a financial problem,” CZ stated last week.

According to CZ on Thursday, the exchange will have a “loose approach where different industry players will contribute as they wish.” A thorough blog article will shortly be published.

Binance CEO Announces Additional Allocation

The industry recovery fund at the cryptocurrency exchange Binance has received an additional $1 billion in funding, bringing the total amount of the fund to almost $2 billion.

“CZ”, CEO of Binance, made the additional allotment public on Friday.

A day after CZ stated that Binance is aiming for $1 billion for its crypto recovery fund, the size has increased. Along with other well-known cryptocurrency businesses, Aptos Labs and Jump Crypto joined CZ’s initiative and will each make a $50 million donation to the fund.

The industry would be supported and troubled crypto assets would be purchased using the recovery fund. Since the beginning of the year, the cryptocurrency market has experienced a sharp downturn, which has caused a number of crypto enterprises to close their doors.

BTC is currently trading 1.6% lower during the day and is hanging around $16,400 at the time of writing, indicating that the cryptocurrency market is still under pressure.