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Shiba Inu Emerges As Top Gainer Among Crypto Assets With Massive Accumulation Trend

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Shiba Inu (SHIB) has captured the spotlight as it enters the list of top gainers among the 100 most considerable crypto assets over the past 24 hours. Since June, this bullish surge has come amidst a significant accumulation trend observed among shark and dolphin addresses in the SHIB ecosystem.

Leading crypto behavior analytics platform, Santiment, revealed shark and dolphin wallet addresses, holding 10 million to 1 billion SHIB, have accumulated a 1.11 trillion SHIB, currently valued at $9 million. The tweet contained an erroneous statement, suggesting these addresses held up to 100 billion SHIB.

The Journey Of Shiba Inu’s Accumulation Trend

The accumulation phenomenon began after a period of distribution when the price of Shiba Inu experienced fluctuations, dropping from the $0.00001 territory in mid-May. The decline led to a price range between $0.000008628 and $0.000009, sparking selloffs throughout the rest of May.

However, as the price of SHIB dipped below the $0.000008 threshold, it presented an opportunity for investors to accumulate the asset at discounted prices. This enticing prospect resulted in investors building up their holdings, marking the commencement of the accumulation spree in early June.

Despite further price drops, the buy-the-dip pattern persisted, with addresses amassing more SHIB tokens. Notably, the accumulation trend endured even as Shiba Inu’s price reached a record low of $0.00000543 on June 10, followed by a moderate recovery.

As a result of the sustained buying spree, addresses holding between 10 million and 1 billion Shiba Inu tokens now cumulatively possess a balance of 32.49 trillion SHIB, currently valued at a substantial $267 million.

Amid the ongoing accumulation, the market witnessed notable surges in large transactions on July 6 and mid-July, coinciding with price lows. Surprisingly, these whale transactions triggered remarkable comebacks, propelling SHIB to reach a high of $0.00000853 on July 15.

Shiba Inu’s Recent Performance

Subsequently, Shiba Inu experienced fluctuations below the July 15 high and remained consolidated below the $0.000008 price threshold until recently. Nevertheless, SHIB has demonstrated resilience against market bearishness, achieving significant gains while other assets trade flat.

SHIB exhibited a remarkable intraday gain of 4.73% yesterday, closing the day at $0.00000816. This marked the first time in nearly two weeks that the asset concluded above $0.000008 on the daily timeframe.

Shiba Inu is trading at $0.00000823, displaying a remarkable 5.52% surge over the past 24 hours and an impressive 4.97% gain over the last week. Consequently, SHIB is the fourth biggest gainer among the top 100 assets in the last 24 hours.

Related Reading: | Shiba Inu Price Forecast: Doubling the Value If Two Zeroes Are Eliminated

Ripple’s CBDC Platform Attracts Over 30 Countries In Global Revolution

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In an exclusive interview, James Wallis, the influential Vice President of Central Bank Engagements and CBDCs at Ripple, has shed light on the groundbreaking progress of Ripple’s Central Bank Digital Currencies (CBDCs) platform as it forges partnerships with countries across the globe.

Renowned XRP influencer Darren shared a snippet of the interview, where Wallis disclosed Ripple’s ongoing conversations with over 30 countries, eagerly considering adopting the innovative CBDC platform.

Ripple’s CBDC Endeavor Expands With Public And Private Partnerships

Ripple’s foray into CBDCs led its representatives to Montenegro, one of the nations collaborating with Ripple on its CBDC initiatives. The visit aimed to educate Montenegro about the potential of Tokenization and Web3 Finance.

According to Wallis, the company has already publicly announced partnerships with five countries while discreetly advancing discussions with another five on similar ventures. Additionally, they are actively engaged in talks with over 20 other nations to adopt their CBDC platform, offering them the option of utilizing private or public XRP.

Ripple’s Global Impact And Metcalfe’s Law

Darren emphasized the magnitude of Ripple’s endeavor, pointing out that considering the world’s 195 countries, more than 15% of nations contemplate embracing the transformative XRP CBDC platform.

To further illustrate the significance of these partnerships, Darren invoked Metcalfe’s law, which correlates a network’s financial impact with the square of its connected users. In the context of the CBDC platform, this law underscores the potential to revolutionize the global financial landscape as more countries join the network.

Moreover, Darren delved into the main net versus the private net, stressing the critical importance of interoperability for assets and XApps or dApps. He explained that countries investing in pioneering XApps on a private XRP Ledger (XRPL) could easily replicate their success on the XRPL main net, reaping cross-network benefits and exponentially increasing their value.

With a dynamic and far-reaching engagement with numerous countries, Ripple’s dedication to its CBDC platform is evident. The company’s efforts are poised to usher in a paradigm shift in the world of finance, promising a more interconnected and accessible financial landscape for nations embracing the innovative CBDC platform.

Related Reading: | XRP Whale Wallets Reach Highest Count Since May 13th, Amid July Trending

Cardano Achieves Milestone Of 5.83 Years Continuous Uptime

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In a remarkable feat, Cardano, the renowned decentralized proof-of-stake blockchain, has achieved yet another extraordinary milestone by maintaining uninterrupted uptime for an astonishing 2,129 consecutive days. This achievement further cements Cardano’s position as one of the most stable and reliable networks in the fast-paced and ever-evolving cryptocurrency industry.

The news of this remarkable milestone spread like wildfire on social media after a Twitter user, going by the name “Dave,” brought attention to Cardano’s impressive uptime record. According to Dave’s twe­et, Cardano has diligently maintained an uptime­ record for an astonishing 5.83 years, equivale­nt to precisely 2,129 days. 

Dave’s twe­et highlighted the e­nduring performance of Cardano. Its consistent succe­ss for more than five years stands as a te­stament to its robust design and technological prowe­ss. Additionally, Dave claimed that major service­ providers worldwide are unable­ to match the network’s exceptional uptime, showcasing the­ blockchain’s unrivaled durability.

This latest accomplishment by the network comes as a testament to the network’s commitment to providing users with a secure, efficient, and highly dependable platform for various blockchain-based applications. It reinforces the confidence of investors, developers, and the wider cryptocurrency community in the network’s ability to handle complex tasks while maintaining top-notch performance.

Cardano’s Ecosystem Flourishes: Major Updates 

In the latest updates on the network, one of ADA’s prominent whales expressed appreciation for the platform’s vibrant ecosystem and highlighted some unreported news. The LatestOnCardano series covered various topics, including L1+L2 upgrades, dapps, SPO, NFT, governance, and community developments. The 21st installment of the series showcased significant events within the ADA community.

One exciting development was the launch of Spectrum Labs_, introducing open-source, decentralized batchers and cross-chain capabilities. They also introduced the “LBSP” mechanism to boost liquidity and enhance the DEX landscape.

Indigo_protocol shared plans to implement ORCF₳X oracle feeds, decentralizing data collection and validation permissionless. This implementation will involve a strict data triangulation policy for all source data, contributing to the network’s growing Oracle innovation.

Another notable project, presented by MuesliSwapTeam, was OptionFlowTeam, a decentralized option protocol built on the network. This addition brings more diversity to the platform’s offerings. These are just a few of the many exciting developments in the Cardano ecosystem, making it a dynamic and ever-evolving platform.

Related Reading | Palau Taps Ripple’s Expertise To Create The Nation’s First CBDC

Craig Wright’s Case Against Kraken and Coinbase Rejected: Ordered to Pay $516K

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Craig Wright, an Australian computer scientist who asserts that he is the mastermind behind Bitcoin, known as Satoshi Nakamoto, and claims ownership of the foundational ideas behind various cryptocurrencies, has been ordered to provide 400,000 British pounds ($516,000) as security for covering legal expenses in his pursuit of claims against cryptocurrency exchanges Coinbase and Kraken.

Judge James Mellor, presiding over the England and Wales High Court, expressed skepticism about Wright’s ability to fund the legal costs. The judge referred to past instances where Craig Wright had allegedly made inconsistent statements regarding his financial situation. In a judgment issued on Tuesday, Mellor stated that the evidence presented was insufficient to convince him that Wright or his investment company possessed sufficient liquid assets to meet the potentially substantial legal expenses. He warned that the legal action would be struck out in a matter of weeks if the required security payment was not made.

Wright claims ownership of the term “Bitcoin” and alleges that Coinbase and Kraken’s support for trading in bitcoin (BTC) and bitcoin cash (BCH) is damaging the reputation of the competing cryptocurrency, bitcoin satoshi vision (BSV).

Judge Mellor referred to statements made by Wright, where he asserted that he had made himself financially secure by utilizing a trust to transfer assets. However, these statements appeared to be inconsistent with his testimony in a parallel legal proceeding in the United States involving his former business partner, Ira Kleiman.

In addition, the judge noted testimony that seemed to conflict with statements made in connected U.S. court proceedings involving Craig Wright’s previous business partner, Ira Kleiman. Several members of Crypto Twitter also chimed in and suggested that he was broke.

In a separate case scheduled for later that day in Florida, Wright is facing accusations of contempt of court for allegedly withholding crucial information related to a dispute with Kleiman’s estate over $143 million worth of cryptocurrency ownership. Wright’s defense in this matter involves claiming that he lacks financial information about his wife, Ramona Ang, and that the witness statements he provided in UK courts should be considered as “hearsay.”

In October, an Oslo court ruled in favor of a Twitter user named Hodlonaut, who had posted tweets referring to Wright as a “fraud” and “scammer” for claiming to be Satoshi Nakamoto, the author of the 2008 Bitcoin White Paper. An appeal for this case is scheduled to be heard later this year.

Kraken addresses Craig Wright’s claims

Kraken’s spokesperson conveyed via email to CoinDesk that the court’s ruling is a significant victory in their efforts to counter Craig Wright’s assertions of having control over Bitcoin. The spokesperson emphasized that Satoshi Nakamoto’s original intention was never to grant one individual the authority over Bitcoin. Instead, Nakamoto released the Bitcoin software as open-source, making it accessible to the world for the benefit of all.

Coinbase and lawyers for Wright did not immediately respond to CoinDesk’s request for comment.

Dogecoin Surges By 25% in Two Weeks, Captures Traders’ Attention

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In a recent tweet, Santiment, the crypto analytics platform, reported a substantial surge in Dogecoin’s price, showing a remarkable climb of +25% over the past two weeks. The meme-inspired cryptocurrency has increasingly gained traders’ attention as its value continues to rise.

During this impressive run, Dogecoin has achieved a significant milestone, with the average DOGE trader actively participating in the market for the past year now finding themselves in a profitable position. This development comes as a notable achievement for the community and reinforces the coin’s appeal among investors.

Dogecoin’s surge in price and popularity comes at a time when cryptocurrencies are once again garnering significant attention in the financial world. As one of the most recognized and iconic digital assets, Dogecoin’s recent performance has captured the interest of traders and investors, sparking discussions about its potential as a viable investment option.

Dogecoin (DOGE) Surges Amid Speculation Of Twitter Integration

Meanwhile, Dogecoin experienced a substantial 10% surge in value on July 24, marking its most significant single-day gain since April 3. The recent price surge has brought the current trading price to $0.08015, reflecting an impressive 4% increase on the 24-hour chart, while the weekly chart shows a remarkable rise of 15.18%.

DOGE 7D graph coinmarketcap 3
Source: CoinMarketcap

Over the­ past fourteen days, DOGE has expe­rienced an upward trajectory, drive­n by speculative discussions surrounding its potential inte­gration as a payment method on the re­vamped Twitter platform. The conce­pt has garnered significant enthusiasm among marke­t participants, contributing to the recent surge­ in cryptocurrency prices.

Markus Thiele­n, head of research and strate­gy at Matrixport, expressed optimism re­garding the future of DOGE during the anticipate­d summer slowdown in the cryptocurrency marke­t. Originally scheduled for August, this lull prese­nts a promising opportunity.

RephraseThiele­n suggested that during this period, DOGE might attract atte­ntion while other cryptocurrency the­mes take a backseat. One­ of the driving forces behind this positive­ sentiment is the pote­ntial integration of DOGE into Twitter’s ecosyste­m.

However, as the summer progresses, all eyes are on Dogecoin to see if it can maintain its upward trajectory amidst ongoing developments and market conditions. With the possibility of integration with Twitter, DOGE enthusiasts are optimistic about the cryptocurrency’s future, anticipating further price gains and increased adoption in the coming days.

Related Reading | Glassnode Report: Bitcoin Whale Reshuffling & Short-Term Holder Surge

Shibburn Debunks Misconceptions On Token Burns And Shiba Inu Price Movement

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In a recent tweet that caught the attention of the Shiba Inu community, Shibburn, a Shiba Inu burn tracker known for automating transactions, shed light on the crucial relationship between token burns and their influence on Shiba Inu’s price movement. Addressing a common question often encountered, Shibburn tackled the puzzling query: “Why isn’t the price moving after ‘massive’ burns?”

Shibburn emphasized that token burns, even in massive quantities, do not possess the sole power to drive significant price movements. The burn tracker elucidated that burning as much as 10 billion tokens weekly would not create substantial price impacts when far larger token transfers occur regularly, keeping prices relatively stable.

It stressed that token burns should not be viewed in isolation to comprehend the dynamics of price movement. The value of a token hinges on the fundamental principles of supply and demand. Even if a token burns a significant portion of its supply, its price ultimately depends on the extent of demand in the market.

Shibburn Assures Shiba Inu Price Surge Despite Token Supply Concentration

Regarding the distribution of Shiba Inu tokens, Shibburn pointed out that a large portion of the token’s supply, approximately 400 trillion, rests in the hands of the top 100 accounts, mainly centralized exchanges. Despite this supply concentration, Shibburn reassured that the price can still surge based on increased demand, especially in bullish market conditions. As more individuals continue to buy, exchanges may raise their purchases, thus increasing Shiba Inu’s price.

Shibburn aimed to dispel the misconception that a token’s success solely hinges on achieving a specific price target, such as $0.01. The burn tracker elucidated that different investors have diverse price goals, and some may have already taken profits when the token reached their target price. Instead of fixating on a singular price target, Shibburn urged the community to focus on adoption, project development, and active participation in initiatives contributing to the token’s overall growth.

Shibburn challenged those dismissing token burns’ significance without grasping their underlying implications. To clarify the essence of token burning, employed an analogy, comparing it to a scenario where a whale buys many tokens but never sells them.

The burn tracker asked readers to envision token burning as if a massive whale were attempting to accumulate a substantial portion of the token’s supply yet committing to never selling. These tokens remain locked indefinitely, creating a scarcity that can undeniably impact the token’s value.

Shibarium’s Potential Impact

Looking to the future, alluded to the anticipation among Shiba Inu enthusiasts that at least five trillion SHIB tokens could be burned monthly once Shibarium, a significant development in the Shiba Inu ecosystem, goes live.

As the Shiba Inu community continues to navigate the intricacies of token burns and price movements, Shibburn’s insights offer valuable context and understanding, contributing to a more informed and enlightened discourse within the community.

Related Reading: | Weekly Highlights: Bitcoin & ETH Show Resilience While Altcoins Surging

Litecoin Halving Event Could Boost Its Price To $150

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Litecoin (LTC), one­ of the oldest proof-of-work (PoW) cryptocurrencie­s, is expected to take­ the lead in the upcoming marke­t rally as it approaches its halving event. The­ halving, scheduled for Aug. 2, has sparked gre­at excitement within the­ Litecoin community and a noticeable rise­ in the coin’s value.

Many investors and traders have been anticipating the halving event and accumulating more LTC throughout this week. @ali_charts, an on-chain analyst, revealed that Litecoin whales had bought over 590,000 LTC in the last 48 hours, worth around $59 million.

The trading volume­ of LTC has witnessed an impre­ssive surge, expe­riencing a remarkable incre­ase of 14.96% within the past 24 hours. This treme­ndous growth led to a new daily record, surpassing 527 million.

While­ many altcoins are struggling to keep up with Bitcoin (BTC), Lite­coin has managed to maintain positive momentum and achie­ved a modest gain of 1.68%, with its current trading value re­aching $93.78. 

The halving e­vent holds significant importance for Litecoin and the­ entire crypto industry. It involves re­ducing the block rewards given to mine­rs from 12.5 LTC to 6.25 LTC per block, creating more scarcity and potentially driving up the demand and price of the coin.

Litecoin Halving As A Precursor For Bitcoin

The upcoming Lite­coin halving event holds significance as it can provide­ insight into Bitcoin’s impending halving set to take place­ in April next year. Both cryptocurrencie­s follow a similar four-year halving cycle­, often showing correlated price­ movements.

If Litecoin’s halving results in a strong price rally, it may suggest that Bitcoin’s halving will also have a positive impact on its value. Some analysts have predicted that Bitcoin could reach a new high of at least $100,000 after its next halving.

If Litecoin’s halving results in a strong price rally, it could indicate­ that Bitcoin’s halving will also have a positive influence­ on its value. Several analysts have­ predicted that Bitcoin might re­ach a minimum of $100,000 following its upcoming halving event.

Big Eyes Coin (BEC) is a compe­titor that aims to offer a superior alternative­ to Litecoin. With faster confirmation times, lowe­r transaction costs, and greater scalability than LTC, BEC claims impressive­ benefits. Moreove­r, it distinguishes itself with a unique mining algorithm that promote­s fair distribution of rewards.

The Big Eye­s coin was officially launched on Uniswap on June 15th, 2023. it is available on othe­r exchanges, including LBank, Poloniex, and DODO (Ethe­reum).

Related Reading | Shiba Inu Community Burns 522 Million SHIB In A Week

Shiba Inu’s Shytoshi Kusama To Dazzle Fans At Canada’s Biggest Blockchain Event

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Shiba Inu has unlocked a new feat, as the popular meme token is reportedly one of the main title sponsors for the much-hyped Blockchain Futurist Conference in Toronto, Canada. The event, touted to be the biggest of its kind in the nation, will put major emphasis on the various SHIB ecosystem projects, including the layer-2 solution Shibarium.

Kusama confirmed rumors that they will address the public for the first time at the Toronto conference which is slated to take place from August 15 to August 16. In the subsequent tweet, the developer enthusiastically added, “Had to put on the tux for this one,” before exclaiming, “NEW ACHIEVEMENT UNLOCKED!”

Besides Kusama, Marcie Jastrow, consultant for “Shib: The Metaverse,” will also be speaking at the major blockchain event. The project head also launched a ticket giveaway program for owners of the DOGE Killer, LEASH, giving members of the Shib Army a chance to take part in the next event.

This was done to promote greater visibility. Kusama tweeted, “SHIBARMY BLOCKCHAIN FUTURIST TICKET GIVEAWAY.” “This contest for 100 generals and 2 VIPs to this amazing conference in Toronto is for LEASH holders as it consists of the utility of exclusivity. 24 hours only. Join the Shibarium Tech discord for more details,” the lead developer added.

Shiba Inu Embarks On A New Era

Shiba Inu has consistently been a preferred choice when it comes to the top 1,000 ETH whales’ most traded coins. A few days ago, the meme coin grabbed investors’ attention after a newly created address rose to the position of the 27th largest SHIB holder upon purchasing a whopping 4.1 trillion tokens worth over $32 million.

As part of its commitment to promote SHIB and its associated activities on a global scale, the Shiba Inu team recently revamped the official portals as well as numerous other websites linked to the meme token ecosystem.

“As we continue with the Summer of Shibarium, we take great pride in introducing fresh branding for other ShibArmy websites,” project lead Shytoshi Kusama said, urging the community to check out the platforms’ new looks.

Shiba Inu Community Burns 522 Million SHIB In A Week

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The Shiba Inu community has been actively reducing the supply of SHIB coins through token burns, with a significant amount of 522 million SHIB burned in the past seven days. This move comes as part of the ongoing Shibarium pre-launch campaign, with expectations of even more extensive burns in the future.

According to data from the Shibburn Explorer, the cumulative amount of SHIB coins transferred within the past week totaled 522,956,324. This figure represents a decline of 63.97% compared to the previous week’s burn rate. Additionally, in the last 24 hours, 35,772,688 SHIB was sent to dead-end wallets in 10 transactions, the largest of which involved 12,999,999 SHIB and was executed by an anonymous crypto whale 17 hours ago.

Shiba Inu’s Scarcity Strategy and Shibarium Mainnet Launch

The main goal of token burns is to reduce the circulating supply of a cryptocurrency, in this case, SHIB, to create scarcity and potentially drive up its value in the long term. However, despite the significant amount of SHIB already locked in unspendable wallets, there hasn’t been a noticeable impact on the Shiba Inu price so far.

As the launch of the Shibarium mainnet approaches, the SHIB community is bracing for trillions of SHIB to be burned on a weekly basis. This is expected to occur due to every transaction on Shibarium contributing to token burns through gas fees, which will be paid in BONE tokens. Part of these fees will be allocated to developers, while the rest will be converted into SHIB and subsequently burned.

In a notable development, Shytoshi Kusama, the anonymous leader of the SHIB developer team, has confirmed his participation in the upcoming ETH Toronto event. The event is scheduled to take place during the Blockchain Futurist Conference in Toronto, Canada, on August 15-16. Kusama is expected to deliver a speech via AI, maintaining his anonymity and not revealing his true identity.

With Kusama’s involvement at the ETH Toronto event, speculations arise that the launch of the Shibarium mainnet is drawing near. According to SHIB’s marketing expert, Lucie, the team is making final preparations to roll out the mainnet soon after the conclusion of the conference. The community eagerly awaits the milestone moment that is set to change the dynamics of SHIB and the entire Shiba Inu ecosystem.

Related Reading:| Surprising Impact: $2.5M Shiba Inu Sale and Price Anomaly

Old Bitcoin Wallet Wakes Up, Transfers $37.8 Million Worth Of BTC

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An ancient crypto whale that has been dormant for 11.3 years has suddenly become active and moved 1,037.42 BTC, worth about $37.8 million, according to the crypto tracker @lookonchain, a popular blockchain monitoring account.

The walle­t received the­ Bitcoin in April 2012. At that time, the value of BTC was e­valuated at $5,107, while the flagship digital coin trade­d at $4.92 (aside from LTC).

It appears that the­ whale has now moved his BTC with intentions to se­ll. Interestingly, just a few ye­ars ago, the movement of the­se dormant whales and their substantial Bitcoin holdings had the­ potential to impact the­ BTC price negatively.

The wallet is considered a “Satoshi-era” wallet, which indicate­s its origin when Bitcoin’s cre­ator, Satoshi Nakamoto, was actively involved. Howeve­r, Nakamoto mysteriously disappeared in 2010, le­aving behind a legacy of innovation and mystery.

The whale transferred the BTC to a new wallet, possibly indicating an intention to sell in the future. Lookonchain has also confirmed the­ movement of the BTC to a fre­sh wallet.

Bitcoin’s Past Awakens: Dormant Wallet Movement

Rece­ntly, there have be­en several cases of dormant Ethe­reum wallets reactivating. The­se wallets acquired the­ir ETH during the ICO in 2014. Since its inception, Ethe­reum, a prominent cryptocurrency, has witne­ssed substantial growth in value and adoption.

One of the most famous cases of an old Bitcoin wallet waking up was in November 2020, when someone moved 69,370 BTC, worth about $1 billion at the time, from a wallet that had been dormant since 2015. 

This particular wallet was associated with Silk Road, an infamous online­ marketplace notorious for facilitating illicit transactions using Bitcoin until its closure by the­ FBI in 2013. 

Another notable case of an old Bitcoin wallet becoming active was in October 2020, when someone moved 1,000 BTC that had been mined in September 2010.

Bitcoin is currently trading at $29,926.86, with a current market cap of $581.66B USD. In the­ last 24 hours, it has shown a positive growth of +0.45%, with a trading volume reaching $9.91B USD. 

The re­gulatory challenges faced by cryptocurre­ncy have resulted in downward pre­ssure. However, some optimistic analysts and investors view the dip as a chance to buy, believing in its promising future.

Related Reading | Crypto’s Fading Fad: AI Takes Center Stage