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Parth Dubey

Shiba Inu team joins hands with former Activision VP for a Shiba game

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Shiba Inu’s team is not looking to slow down or remain confined as the team behind the SHIB ‘meme coin.’ After releasing Shiboshi NFTs, the team is planning on developing a new Shiba-backed game and releasing it for the fans.

On Thursday, the token crossed the 1 million holders milestone as SHIB price action turned bullish, and the token rose by a whopping 12% in a single day. The new venture of the SHIB team is an attempt not to let the SHIB craze die.

In order to avoid any missteps in the process, the Shiba Inu team has partnered with Activision’s Vice President William David Volk. Volk has made a mark in the gaming industry with the “AAA studio.”

“I am honored to be working with an amazing team on what will become one of the most significant games of all time.”

William David Volk

Volk has many years of game development experience and runs his own independent gaming studio. He is also behind the first iPhone game in history.

The Shiba Inu game

As per the Medium blog of Shytoshi Kusama, the volunteer leader of the Shiba Inu, “the only way to create a 7 figure game that is worthy of 1 Million FriendShibs is to find a perfectly fitting AAA Studio and build it with them.”

According to Kusama, after messaging several AAA studios and getting ghosted by them, the team found the perfect candidate but is currently under a mutual NDA.

While Shiba Inu is a completely decentralized platform, it has to turn into a corporate if it needs approval for the mobile (iOS and Android versions) Shiboshi game. There are multiple requirements behind the approval for a game.

“The completed game will be licensed solely to the decentralized team at Shiba Inu for use on Shibarium. They’ll also be able to add various decentralized elements to enhance this mobile version.”

said Kusama in the blog

Furthermore, the Shiba Inu team is also working on the concept metaverse and how SHIB fits into the same. The core development team is currently in talks with authorities to build a VR where players can interact with each other virtually.

DOT prices sliced by 12%, trading volumes surge as investors buy the dip

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Polkadot (DOT) prices dropped by more than 12% as the daily candle for Friday opened at $39.48, reaching a high of $39.62. What seemed like an uptrend turned into a bearish fall as the candle closed at $34.56 after touching a daily low of $33.67.

As per data from CoinMarketCap, DOT’s trading volume rose by 81.65% and currently stands at 2.24 billion USD. On the other hand, the asset’s market capitalization dropped by more than nearly 9% and was noted at $43.8 billion.

The trend is bearish as we have witnessed three consecutive weekly candles on the weekly chart. After making the all-time high at $55, the prices are down by 35.93%.

DOT price analysis on the daily chart

The 50-day and 100-day Moving Averages continue to progress below the price action, indicating a long-term bearish momentum. These price levels act as important support.

The prices broke out from the lower end of the Bollinger Bands, leading to a drastic 12% drop in prices. Currently, the prices remain in the lower end of the Bands, waiting for the bulls to over.

DOT price chart
DOT price chart by TradingView

The MACD indicator shows that the MACD line (the blue one) has broken below the signal line (the orange line), leading to a bearish divergence. This caused a drop in the price and a bearish histogram filled with red bars.

The RSI indicator is clearly in the bearish zone, i.e., below the 50-level. The selling is pressure is very high as traders are capitalizing on the gains made in the past few weeks. Furthermore, the RSI gradient is positive, and we might see higher prices today

DOT price chart
DOT price chart by TradingView

Conclusion

The DOT price action is bearish for today, and it is a good time to buy the altcoin before higher prices set in. The Parachain Auctions that installed a bullish notion might continue to drive the coin higher.

El Salvador buys 100 more BTC; Peter Schiff calls this “unfortunate”

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In September, El Salvador became the first country to adopt Bitcoin as a legal tender, and now it went ahead and purchased 100 BTC as the world’s first and biggest cryptocurrency dropped below $54,000.

The President of El Salvador took to Twitter to announce this new development. The country now owns more than 1100 BTCs and continues to add to its treasury.

Furthermore, the President has also approved Bitcoin mining using geothermal energy from the volcanoes in the country. The optimism to Bitcoin adoption has led to the foundation for a safe haven for BTC wealthy people, which is called the “Bitcoin City.”

El Salvador is “unfortunate”

As per Peter Schiff, the CEO of Euro Pacific Capital Inc., a broker-dealer based in Westport, Connecticut, the citizens of El Salvador were rather “unfortunate,” and buying the dip is nothing but trouble for the economy of the nation. Schiff replied to the tweet by President Nayib Bukele, wondering “how many more dips they will buy before they cut their losses and sell.”

On the other hand, a Twitter user by the name of “BitSharkie” called out Schiff on his comment, asking him when he’d advise his clients to sell the gold that they own because “there have been plenty of dips worthy of making the call.”

Answering this question by the Twitter user, Schiff defended pro-gold stance.

“What losses are you referring to? I’ve been advising people to buy #gold since it was under $300 per ounce. It’s currently near $1,800. The record-high is only about $2,100.”

said Schiff in another tweet

The Twitter user stunned Schiff with another fact, stating that investors witnessed gold’s all-time high over ten years ago, and considering the inflation of 3% per year, gold is -30% since the high prices. However, Schiff did not reply to this comment.

El Salvador’s Bitcoin adoption has been a topic of multiple debates, whether a volatile asset like BTC should be the legal tender of a nation and used for payments.

As per a recent report by the IMF or International Monetary Fund, it will be conducting a deep analysis of the impact of BTC on the economic impact of Bitcoin on El Salvador.

Cardano price crashes, market turns bearish; Good time to buy?

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Cardano’s price turns bearish, unable to move past the resistance at $1.84. The nearest support zone rests at $1.6, but prices fell below this support zone. The support broke as a huge sell-off of Bitcoin brought it below $55,000.

The daily candle opened at $1.676, reaching a daily high of $1.685. ADA reached a daily low of $1.495, dropping by more than 8.42% in a single day.

As per the data from CoinMarketCap, the trading volume of the token surged by 8.12%, resting at $3.3 billion. The ADA dominance of stands at 2.08%, with a market rank of 6.

The market cap of the token dropped by 8.29% and stood at $52 billion. The smart contracts platform has been bearish for the past 30 days, dropping by nearly 30%, as per data from CoinGecko.

Cardano price analysis using technical indicators

Cardano price analysis is bearish for today as the token broken out from the lower end of the Bollinger Bands, dropping to the $1.5 price level. Multiple daily bearish candles can be seen in the chart below.

The price action dropped below the 50-day and 100-day Moving Averages, breaking the chances of an uptrend formation. We might see bulls trying to conquer these key Averages in the near future.

Cardano price analysis
ADA price chart from TradingView

The MACD indicator remains bearish as the blue (MACD line) breaks below the price action, leading to a bearish histogram full of red bars. We might see lower prices today.

The RSI indicator enters the oversold region, and if this continues, Cardano might drop further. The gradient is negative, which represents a surge in selling pressure. Bears are in charge of the market movement and will give investors a run for their money.

image 33
Cardano price chart from TradingView

Conclusion

Cardano’s historical price movement suggests that it is indeed a promising investment and, right now, would be the best time to buy Cardano.

China set to follow new regulatory trends on crypto

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China has already cracked down the entire crypto industry. Today, during the 2021 First Lujiazui National Financial Security Summit and the 11th China Anti-Money Laundering Summit, People’s Bank of China’s Anti-Money Laundering Monitoring and Analysis Center stated that digital assets can satisfy the privacy, wealth appreciation, and currency trust of some people.

Gou Wenjun, the director of the analysis center, said that at the same time, crypto’s decentralized, anonymous, and borderless features bring many underlying risks, including tax evasion, terrorist financing, gambling, money laundering, drug trafficking, extortion, and other illegal activities.

China mentions four aspects to look into

Wenjun thinks that crypto’s innovative nature and iteration speed make it extremely fast, and therefore, it requires better risk supervision and governance. He further added that there are four aspects to pay attention to while managing risks involved in digital assets:

  • Define the non-financial characteristics of digital assets and improve regulatory procedures for new virtual assets. They are inherently separated from the outside world and have some interoperability, making them ideal for criminals to use as a money-laundering method.
  • Improve virtual asset transaction assessment and analysis to penetrate and uncover the essence of digital asset transactions. As the exchange link between legal currency and virtual assets, banks and payment institutions should verify virtual asset transaction participants with real names and enhance the ability to spot fraudulent activity.
  • Establish a virtual asset transaction traceability and scene tracking system and boost the innovative application of new technologies. One approach is to widely deploy address probes and use artificial intelligence, machine learning, and other technologies to label accounts that transact with the probe address directly or indirectly. The second step is to create a transaction value model that can be used to detect different transaction scenarios from massive transaction data using clustering and other technological methods. The final step is to use address labeling and transaction scenario feature clustering to combine the information given by law enforcement agencies, trading platforms, and foreign financial intelligence agencies.
  • To build an international collaborative force against crimes involving virtual assets, improve information sharing and collaboration with abroad financial intelligence agencies. With 60 foreign financial intelligence agencies, the Anti-Money Laundering Center of China will continue to strengthen sharing of information and co-investigation coordination.

Single Solana Network transaction consumes lesser energy than 2 Google searches

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The Solana Foundation published a report which reveals that a single transaction on the Solana network consumes less energy than two Google searches and 24 times less energy than charging a smartphone.

The report published on November 25 further explains that one transaction on Solana Network consumes 0.00051 kWh (1,836 Joules) of energy. On the other hand, Google reports that a single Google search takes 0.0003 kWh (1,080 Joules) of energy.

However, the report further claims that the whole Solana Network consumes almost the same amount of energy as 986 average American households, which is estimated to be 3,186,000 kWh per year.

Solana Network uses way less energy than Bitcoin and Ethereum

With 1,196 validator nodes processing an approximated 20 million transactions per year, the Solana network is less decentralized than top currencies like Bitcoin or Ethereum. According to the report, the Foundation will lower the network’s energy consumption even more by adopting a program to become carbon-neutral and offset the ecosystem’s environmental footprint by the end of 2021. There was no further data on whether the network intends to buy carbon offsets or cut its emissions.

The Solana Foundation joined hands with Robert Murphy in May 2021 to draft the report to frame the Solana network’s impact on the environment. Murphy describes himself as a “Builder and investor focused on climate and energy technologies” and has founded Othersphere. It has formerly also worked as an Energy Specialist at the World Bank.

The network, which works on the Proof of Stake mechanism, uses way less energy than those relying on the Proof of Work mechanism like Bitcoin and Ethereum. Notably, a single Bitcoin transaction consumes approximately 4,222,800,000 joules.

Furthermore, Ethereum uses around 644,004,000 joules per transaction based on the amount of energy required to run the network and the average number of transactions. As a network technically does not consume a specific amount of energy for a single transaction. It can be the same whether it processes one or a million transactions. Therefore, these are rough comparisons. 

Dogecoin prices fall 20% this month, is the hope for further highs?

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Dogecoin prices have fallen 70% from the all-time high of the meme coin at 0.7376 USD, which was witnessed on May 7. As per the monthly analysis, the prices are down by more than 20% on the November candle.

CoinMarketCap data shows that the market capitalization of the altcoin dropped by 1.01% and currently rests at $28.7 billion. On the other hand, the trading volume also dropped by 0.51% and is currently at $1.3 billion.

The Dogecoin prices opened for the day at $0.217, reaching a high of $0.2209, finally falling flat to the lowest price of $0.2138. However, the candle is yet to close for today’s price movement.

In recent days, DOGE has been one of the biggest risers for 2021, reaching a high of $0.7376 from a low of $0.00298 in the last 52 weeks.

Dogecoin price analysis on the daily chart using indicators

The technical indicators for Dogecoin show that the token will continue to progress in the bearish trend. The price action has broken down below the 50-day and 100-day Moving Averages.

Furthermore, the prices are currently situated in the lower end of the Bollinger Bands. However, a surge in trading volume might reveal something else. We can expect a breakout from the lower end of the bands if bulls are not able to sustain the current price levels.

image 30
Dogecoin price analysis on the chart by TradingView

The RSI levels show that the token is still bearish and progressing in the region where the selling pressure is very high. The gradient is slightly positive, and this means that we will see a little bullish movement, if not aggressive.

The MACD indicator shows that the MACD line is accelerating below the signal line. This means that the selling pressure is defeating the buying pressure, giving control to the bears

Dogecoin
Dogecoin price analysis on the chart by TradingView

Conclusion

Dogecoin prices remain bearish, and it seems that the asset has lost its magic. Without the support of Elon Musk, it seems that the crypto is just a meme coin with not much value.

Shiba Inu Twitter releases a teaser but what does this mean?

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Shiba Inu recently released a short video clip in a tweet that caught the attention of a lot of members of the Shiba Army. The tweet features a video that is over 16 seconds long and can be divided into two halves of 7 and 9 seconds.

The Shiba Inu army is waiting for the token to once again turn bullish as prices are 56.06% low from the all-time high created a month ago. Could this teaser help SHIB tokens turns bullish once again?

The first 7 seconds of the video are full of bright lights and include hanging bulbs and two studio floodlights. On the other hand, the background music of the video features a hip-hop track.

After the 7 seconds, the next 9 seconds feature a black screen where the same background music runs for the next 9 seconds. The screen is not totally black as it features two words, “WV” and the logo of SHIB, BONE, and LEASH.

Shiba Inu teaser decoded

In a recent tweet, the lead developer of the SHIB team, Shytoshi Kusama, revealed that there is some good news right around the corner for the SHIB army.

“All that said, I’ll have good news for the #shibarmy this week. Going back into quiet mode to finish up.”

said Shytoshi Kusama in his tweet

However, it seems that this could be the dawn of a celebration that will be held when Shiba Inu crosses 1 million holders. As per a report it is a possibility that this has got something to do with the celebration otherwise, the video could’ve been released at a later date.

A music video?

The dark background with only audio featured the letters “MV,” in which the two characters were not in a straight alignment, and the transparency was reduced to the lowest levels.

The background sound followed with a video could be a celebration music video of SHIB crossing 1 million holders. However, it doesn’t matter how hard one speculates; the “MV” could stand for anything. Once the Shiba Inu Twitter handle reveals the entire video, we’ll know what it is.

SEC calls for an open meeting on Dec. 2 to discuss crypto

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The United States Securities and Exchange Commission (SEC) announced on November 24 that the topic of the upcoming crypto panel under the Investor Advisory Meeting on December 2 would be “Helping to Ensure Investor Protection and Market Integrity in the Face of New Technologies.”

The SEC notified that it would hold two-panel discussions. The first-panel discussion would be regarding cryptocurrencies and digital assets, entitled, “Helping to Ensure Investor Protection and Market Integrity in the Face of New Technologies.” The other panel discussion would be regarding the SEC’s possible role in addressing the elder financial abuse problems. 

The first-panel discussion’s agenda will primarily focus on the regulatory structure and will cover market structure issues, digital assets, and underlying risks in the upcoming technologies and innovation. Other than this, the panel is also expected to discuss NFTs, crypto-based exchange-traded funds (ETFs), blockchain technologies, and stablecoins.

Before this, the SEC announced on November 15 that the meeting is open for the general public, and moderators and panelists will participate in the meeting remotely.

The panelists have been decided very thoughtfully as almost 50% of them are in blockchain-specific roles. The other half of the panel has members such as financial market experts and luminary law professors. The blockchain-oriented members are:

  • Ali Emdad, founding director of the Center for the study of Blockchain and Financial Technology and professor and associate dean at Morgan State University’s Earl G. Graves School of Business and Management.
  • Sydney Schaub, general counsel corporate secretary and chief legal officer at Gemini
  • Tyrone Ross, CEO, and Co-founder of Onramp Invest, Founder of 401stc
  • Kristin Smith, executive director of The Blockchain Association

SEC meeting might include its recent actions

The first-panel meeting about the crypto discussion is decided to start from 10:45 am to 12:45 pm EST. The session will be a webcast on the official website of the SEC. The introductory session for the meeting will begin at 10:00 am EST.

The SEC’s controversial decision to deny Jan VanEck’s spot ETF proposal and the form of the Commission’s involvement with the crypto industry are expected to be reviewed, although the particular questions to be discussed by the panel have not yet been disclosed to the public.

Solana prices turns bearish today, trading volumes also drop

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Solana ranks 5th on the entire crypto market and has risen by massive amounts in the recent weeks. The smart contracts platform has secured humongous investment from institutional investors.

As per data from CoinMarketCap, the Solana prices are down by 2.22%, with a 15.60% drop in trading volume. The market capitalization of the token dropped by 0.20%, and is currently at $64.6 billion.

On the other hand, the data from CoinGecko shows that the token fell by 5.0% in the past 7 days, followed by 12.6% in the last 14 days. This data further claims that Solana rose by 9100.7% in the past year.

The token opened the daily candle today at $221 and rose to the daily high of 222 USD. The lowest price for the day was $207. However, the daily candle for Nov 24 hasn’t closed and we can expect more volatility as the day ends.

Solana price analysis on the daily candle

Solana price analysis is bearish for today, dropping by around 6%. However, the 50-day and 100-day Moving Averages continue to progress below the price fractal. This indicates that the prices will remain bullish.

On the other hand, the price movement continues to progress in the lower end of the Bollinger Bands, and suggests a breakout if sellers maintain their dominance.

image 29
Solana price chart by TradingView

The MACD indicator shows a bearish price movement as the MACD line (blue) continues to progress below the orange (signal line). This shows that the sellers are in control of the momentum.

The RSI line is progressing with a bearish stance as the gradient is negative and lower prices might follow. Moreover, the line is dropping below the 50-level which is the neutral zone. This drop indicates that lower prices will follow in the short term.

Solana
Solana price chart by TradingView

To conclude, it seems that the SOL/USDT pair will remain above $200. However, the possibility of bears remaining in control of the prices is high.