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Shiba Inu: Trillions Of SHIB To Be Burned

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An interesting upgrade for the Shiba Inu community has been released by the official Shibarium Network. The Shibarium team reiterated that the Layer 2 solution is only for the SHIB community and that BONE will be its only token before explicitly announcing that each Shibarium transaction will burn SHIB.

The hypothesis of burning billions of SHIB is expected to be heavily influenced by the future Layer 2 Shibarium. SHIBQueenie, a moderator on the SHIB Discord, predicts that dApps on Shibarium could cause the local ecosystem to burn trillions more SHIB after burning 111 trillion in months.

As the Shibarium beta launch draws near, the Shibarium team also stated that it was now concentrating on delivery. For the debut of the Shibarium beta, anticipation is growing. A Shibarium section has been added to the SHIB wiki on the official website, according to SHIB BPP, a Twitter account dedicated to the Shiba Inu community.

Given these anticipations, BONE, the Shibarium blockchain’s gas, is still one of the top trending topics on Twitter as of the time of writing. Shiba Inu’s governance token, BONE, has been added to the whitelist of DEX aggregator OpenOcean. BONE is currently up 4.19% at $1.09 and up 28% over the past seven days.

Shiba Inu Pulls Up Its Socks

Initiatives to prevent Shiba Inu burns have been among the ecosystem’s most significant ones. At first, there was a desire to lessen the number of Shiba Inus roaming around. This was done in the hope that it would eventually create scarcity and increase in value.

In terms of burning, 2022 has been a mixed year for SHIB. There were days when the burn rates spiked above 4000% and days when they sharply declined.

Shiba Inu was one of the coins that CoinMarketCap’s users added the most to their watch lists in the year 2022. The SHIB token is currently being accumulated by whales or significant holders. According to WhaleStats, “BlueWhale0159,” an ETH whale, just purchased 186,939,748,000 SHIB for a total cost of $1,596,465.

The greatest 100 and 2,000 ETH whales monitored by WhaleStats rate SHIB as one of the assets they have purchased the most of. Additionally, it rated as the most used smart contract for the top 2,000 ETH whales and the most traded asset for the top 1,000 ETH whales.

The Shiba Inu burn rate did, however, reach a higher level for the first three days of 2023.

Ethereum Surpasses Bitcoin With 338% Transactions During 2022

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Overtaking Bitcoin, Ethereum (ETH) has become one of the year’s top-performing cryptocurrencies. Throughout the year, ETH had its ups and downs, but that does not mean that it did not lose value. The value of nearly all crypto tokens has fallen this year, including the second-largest coin in the world.

Last year, the Ethereum network outperformed Bitcoin in terms of total transaction volume, but the king of cryptocurrencies still holds the top spot in terms of online search interest.

Data from Nasdaq and Ycharts that was posted on Reddit on January 2 showed that the Ethereum network had 408.5 million more total transactions than the Bitcoin network in 2022. (93.1 million).

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The data in the graph are expressed in terms of millions of transactions, with an average daily volume of 255,000 for BTC and 1.1 million for ETH.

However, compared to Ethereum, whose transaction volumes were significantly more volatile, the Bitcoin network’s transaction volumes were more regular and stable. This was brought on by demand spikes at particular times, such NFT launches and other gas-guzzling events like XEN minting.

According to Bitinfocharts, Ethereum’s higher transaction volumes have continued into the new year, with the total number of transactions on Jan. 2 hitting 924,614, a 300% increase over Bitcoin’s 229,191 transactions that day.

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According to the analyst who published the measurements, he was “sceptical about people saying that a flippening could happen someday,” but he added that those who were in favor of it now had good cause to do so.

When one chain outperforms a higher-ranked one for the same metric—in this case, transactions and activity—this is known as a flippening.

Layer 2 transactions, which would put Ethereum even further ahead of Bitcoin for this statistic, are also not included in the figures. L2beat claims that in the middle of October, the volume of L2 transactions per second (TPS) actually topped that of layer 1 Ethereum and has continued to do so ever since.

BTC Still Beats Ethereum In This Aspect

Ethereum may be ahead of Bitcoin in terms of transactions and activity, but Bitcoin is still the most frequently searched cryptocurrency online.

According to a newsletter from “In Bitcoin We Trust” published on January 1, 2022 will see the most Google searches worldwide, with 28.4 million of them being for BTC.

According to local media, which also reported that ETH did not come in second or even third for search popularity, the report was accurate. Shiba Inu and Dogecoin, two meme coins, took up these positions.

According to the data, 3.8 million global monthly searches were made for Ethereum, which came in fourth.

Here’s Why Ethereum Has Been Stirring Chaos Since Merge

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The Ethereum [ETH] network was widely covered in the media just before the FTX fiasco. This was due to a substantial update that was planned for the second-largest cryptocurrency. The entire ecosystem saw a significant shift as the Ethereum network transitioned into the proof-of-stake [PoS] sphere. Here is how the Merge affected the ETH network three months had gone since this upgrade.

The Ethereum network’s whales and sharks were on an accumulating binge, according to statistics compiled by Santiment. It was shown that huge ETH addresses have seen an increase in the total supply almost a month earlier. Since November 7, addresses involving between 10,000 and 1,000,000 ETH have increased the overall supply from 1.36 percent to 2.09 percent.

Santiment continued by praising this increase as a bullish hypothesis for the asset. Similar to this, the long-term addresses’ average return indicated bullishness. The 365-day trading returns are currently at -30%, although it should be noted that these holders were still experiencing “huge amounts of anguish.” The network is regarded as stable as long as this is more than -25 percent.

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It should be highlighted that some Ethereum holders have continued to lose 50% of their investment since ETH reached the $5,000 threshold. The Santiment wrote further on mid-term traders and ETH movement,

“mid-term traders could still see prices moving either way. Late November is where prices bottomed out, and the asset is actually +17% since November 22nd. To many, it certainly doesn’t feel this way, however. Because of the long-term upside indicated by MVRV, this metric points to bullishness.”

Ethereum’s Social Strength Plunges

The image below shows how Ethereum’s social standing has been deteriorating. But this wasn’t just restricted to ETH. Comparative to November 2021, the enthusiasm for the asset’s rivals was also waning.

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This wasn’t actually a negative thing, Santiment said. The paper called out the “tourists” of the sector, stating that “since it’s a natural progression of weak hands dropping out of crypto in general.”

Sadly, though, Ethereum received less attention than other well-known assets. Since late October, interest in ETH has actually been at its lowest level since December 2020 when compared to the top 100 crypto assets.

The lack of interest since the merger, according to Santiment, “is indicative that whales could push up prices with little resistance,” which was still another positive omen.

Even if the majority of indications were positive, the network’s actual profit and loss showed otherwise. It was highlighted that the three-week spike in Ethereum’s price resulted in more short-term profit-taking than short-term losses. This was also related to the rise in realized profits from the previous day. The fact that it was the largest daily gain in more than three months should be emphasized.

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Santiment emphasized the likelihood of history repeating itself once more. Previously, ETH’s price fell by 19 percent over the course of four days during the previous significant realized profit increase following the Merge. As a result, this can be a bearish signal.

However, ETH was priced at $1,287.52 with a hike of 0.29% over the last 24 Hours.

Cardano’s Accession Of Solana As Sidechain To Be A Reality?

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Network cooperation is not new in the crypto-verse. Many people were surprised by the Cardano [ADA] network’s efforts to persuade Solana [SOL] to join as its sidechain. An anonymous Twitter user created a poll, and the cryptocurrency world was paying close attention to it. A staggering 82 percent of participants expressed a desire to see these networks function together.

Charles Hoskinson, the person who created Cardano, veered in and continued by acknowledging the poll. In addition, he suggested that the Solana team join Cardano as a sidechain.

Hoskinson initially made this joke when he quipped, “Solana could end up being a side-chain of Cardano,” in a Twitter Space debate.

The fact that this was initially only a joke should be acknowledged. Solana’s potential role as a sidechain for the ADA network appeared tenuous. These networks all operate differently and use various algorithms.

Additionally, Cardano’s scalability could be improved by adding a suitable sidechain. But Solana’s scalability has consistently been praised.

Dogecoin [DOGE] was previously urged to join the Cardano network and function as its sidechain. Hoskinson started to use Dogecoin at this point when Elon Musk took control of Twitter.

A Joke Gone Too far, Cardano Community Takes A Dig

As soon as word of this spread, various members of the Cardano community intervened and attacked Solana. They continued by saying that Solana’s sole chance of surviving lay in joining the ADA network. Some of the others poked fun at the network, saying, “A side chain that shuts down? ”

Clearly, the Solana network hasn’t had a fantastic year. SOL fell from a peak of $197.88 to a low of $11.01 in a year due to greater exposure to the FTX fiasco.

SOL’s growth is being hampered by the bear markets, and another downturn might push it below the $10 level. If SOL trades in the single digits, confidence in the cryptocurrency may suffer, but it may also see significant inflows due to its cheap price.

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However, at the time of writing, Solana was priced at $13.88 with a hike of 3.01% over the last 24 hours, according to Coin Market Cap.

Shiba Inu Burn Rate Reaches The Stars Along With 149 Transactions

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Shiba Inu appears to have begun its Christmas celebrations sooner than the rest of us. Earlier today, TWJ reported that the token was one of the top alternative currencies to enter the Swedish high-performance sports vehicle manufacturer Koenigsegg Automotive AB. The support was made available through BitPay, a well-known cryptocurrency payment module.

Christian von Koenigsegg founded the Swedish super sports vehicle, sports car, and roadster brand Koenigsegg in 1994. Before modification, the prices of its hypercars, which are premium automobile brands, range from $1.9 million to an incredible $3 million.

The retailer, which also sells Aston Martin, Bentley, premium electric car company Karma Automotive, and other exotic cars, is now able to accept Shiba Inu in addition to Bitcoin and Ethereum cryptocurrencies in exchange for these expensive automobiles thanks to its cooperation with BitPay.

Thanks to a collaboration with FCF Pay, the well-known meme coin Shiba Inu has been approved by American Air, the largest airline in the world, and Air Canada, the national carrier of Canada, according to TronWeekly.

The meme coin can be used to pay for hundreds of online shops as well as reserve flights with American Air and Air Canada. Shiba Inu is oddly the only volatile asset to have been added to the list of recognised crypto tokens.

Since the chief Shiba Inu developer, Shytoshi Kusama, focused all of his attention on the much awaited Shibarium – Layer 2 Solution, its governance token BONE has also been receiving a lot of interest from exchanges and investors over the past several months.

Hurray! Shiba Inu Burns Go over $666M!

The total SHIB destroyed in November increased by more than $500 million as compared to each individual weekly burn. Comparing that to the early fall and summer findings, it is still quite low.

According to the Shibburn monitoring website, the Shiba Inu army was able to steal “a devil’s number” of these meme currencies in November, or little over 666 million.

The SHIB burn rate showed tremendous volatility during that month and occasionally increased by above 4,000 and 5,000 percent. However, those increases only materialized once minute quantities of SHIB, such as 1-2 or even 6-8 million, were consumed over a 24-hour period.

Shibburn recently revealed that only one SHIB token has been transferred to a “inferno” wallet, but argued that this was still significant since each time a user sees a page about burns, they contribute to the elimination of more meme tokens from circulation.

Regarding the weekly burning in November, a total of 223,264,370 Shiba Inu were taken out of circulation last week.

“Users Dislike Cardano and XRP”: Morgan Creek CEO

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The ecosystem builder for one of the first decentralized exchanges on the Cardano blockchain, Adaswap, was claimed to have opened on the mainnet earlier this week, as reported by TWJ. Rumor has it that the testnet version of the platform was unveiled in June. AdaSwap was one of the first programs created on top of the Milkomedia Network, a cutting-edge protocol that grants features to blockchains like Cardano EVM.

In addition to this upside of the community, the price of the token surpassing that of ETH and BTC was yet another news to celebrate to.

The costs of crypto assets have once again risen at the start of this week. After losing 3% in just one day, the market value of all assets was $820 billion on Monday. Top assets fell between 2% to 4% during that time, including Bitcoin, Ethereum, and Cardano.

The asset’s users have been using it more regularly despite the downturn. At the time of writing, it surpassed popular networks like Bitcoin, Ethereum, and others as the blockchain with the highest level of activity. Almost $6.4 billion worth of trade was cleared on Cardano the day before. In contrast, there were $4.75 billion and $1.84 billion worth of transactions for Bitcoin and Ethereum, respectively.

Mark Yusko’s Contradictory Thought About Cardano

Mark Yusko, CEO of Morgan Creek Capital Management, claimed that Cardano (ADA) and XRP are comparable since consumers and developers don’t seem to adore them despite their popularity in a recent interview with the YouTube channel Altcoin Daily.

He further added,

“That one [Cardano] reminds me of XRP. The people love it. But the developers and the users don’t seem to love it. And that’s the part I don’t really get.”   

Yusko asserts that he would not, however, go so far as to compare XRP and ADA to meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). According to the investor, the well-known canine coins “must go to zero.”

Yusko claimed that XRP was excluded from Morgan Creek’s cryptocurrency index fund because it was “too closely held.” He referred to the fact that Ripple, a centralized firm, controls a sizable chunk of the current tokens. This occurred just a few months before the U.S. Securities and Exchange Commission filed a lawsuit against Ripple for unregistered sales of the XRP coin.

Is Altcoin Season Back? Crypto Analysts Expect BudBlockz To Experience Massive Growth In 2023

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Altcoins are essentially a category of cryptocurrencies composed of any cryptocurrency that is not Bitcoin. The first altcoins were originally launched in 2011; today, tens of thousands of them are available.

It is clear, however, that with the recent market conditions, altcoins are back, and numerous crypto analysts have become particularly interested in the BudBlockz platform, and its token $BLUNT. They believe it has the potential to experience massive growth throughout 2023 and beyond.

Today, we will be diving into everything you need to know about the future value of the $BLUNT cryptocurrency.

BudBlockz ($BLUNT) and its Future Growth

When assessing BudBlockz, we first need to look into why it has such significant growth potential, and why it has grasped the attention of investors. 

BudBlockz is an e-commerce platform and marketplace tailored around the cannabis space. It can enable users access to fractional ownership of marijuana businesses and gain exposure to a new asset class through $BLUNT and its future NFT collection known as the Ganja Gurus NFTs.

All of this is powered by the $BLUNT cryptocurrency, an Ethereum-based token that follows the ERC-20 token standard and is consequently compatible with all current Ethereum wallets, decentralized applications (dApps), and use cases that support the token standard.

Furthermore, the token can be used within the NFT marketplace and serves as a means through which anyone can access the DEX or DeFi products within the Ethereum ecosystem.

BudBlockz ($BLUNT) Price Movements

Now that we have a better understanding as to what BudBlockz actually is, we can move on to what crypto analysts expect out of the project and cryptocurrency.

Economic specialists forecast a global cannabis market cap of over 176.5 billion USD within the next decade. What this means is that $BLUNT lets its holders access an ecosystem and an asset class that is primed for success, and this alone is a huge value proposition for the cryptocurrency.

In addition, BudBlockz as an ecosystem also features a Play-to-Earn (P2E) gaming platform known as the Bud Blockz Arcade, which features a collection of retro games inspired by NES, SNES, and Sega Genesis games.

All of this, coupled with access to fractional ownership of dispensaries, farms, and CBD manufacturers, gives $BLUNT huge room for growth. 

At the current point in time, the $BLUNT token is hovering around $0.039; however, after the demand experienced during the presale period, we expect that its price could potentially double in value, or more, after it launches.

All of these aspects surrounding BudBlockz and $BLUNT are the reason why crypto analysts are bullish for the future, as it targets a demographic and a market that has previously not been an investment opportunity until now.

Each cryptocurrency holder and investor gains access to the entire ecosystem, driving its potential use cases and value. Altcoins are back, and $BLUNT is leading the pack. 

Learn more about BudBlockz (BLUNT) at the links below:

Official Website: https://budblockz.io/ 

Presale Registration:: https://app.budblockz.io/sign-up 

BudBlockz Community Links: https://linktr.ee/budblockz

Dogecoin’s Bull Run Shows 115% Price Hike Last Week: October’s Top Performer

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In the last few days, Dogecoin’s (DOGE) price has dramatically increased. CoinMarketCap (CMC) data show that the price of DOGE has risen by almost 115% over the last week. Moreover, according to CMC data, the well-known memecoin is currently trading at $0.129, up 7% in the previous 24 hours. The preferred cryptocurrency of billionaire CEO Elon Musk surpassed the market leaders, including Bitcoin (BTC) and Ethereum (ETH), which have increased by 6.5% and 19%, respectively, over the last week.

By flipping two of the alleged “Ethereum killers,” Solana (SOL) and Cardano (ADA), during this bullish run, DOGE rose to the eighth-largest digital currency by market cap. As of this writing, Dogecoin’s market cap is approximately $17 billion, based on data from CMC.

Furthermore, DOGE outperformed all 150 digital assets in the CoinDesk Market Index in October (CMI). In contrast to the CMI as a whole, which increased by 7% during the month, the price of DOGE increased by 101%. The largest cryptocurrency by market value, bitcoin (BTC), rose 5.5% on the month, while ether (ETH), which came in second, increased by 18%.

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Dogecoin: Who Let The Doge Out? Musk Apparently!

Digital asset analysts ascribed the significant increase in DOGE to Musk’s shocking $44 billion acquisition of Twitter, ostensibly because they believed the transaction might one day add value or utility to the Dogecoin blockchain and its corresponding cryptocurrency. Musk said, “Call me the Dogefather,” in a May 2021 performance on NBC’s “Saturday Night Live.” And in January 2021, Musk posted a picture of himself on Twitter cradling a Shiba Inu puppy, the type of dog that served as the inspiration for dogecoin. Musk once proposed charging 0.1 DOGE for every tweet, possibly in jest, possibly not.

Some of the most prominent Dogecoin supporters and investors think that the well-known memecoin may soon be utilised for payments on the microblogging platform as a result of Musk’s purchase of Twitter.

While Matt Wallace and Glauber Contessoto, two billionaire Dogecoin users, are ardent supporters of Elon Musk and the canine-themed coin, Algorand’s chief technical officer John Woods disagrees.

Woods took to Twitter to state that it “would be a shame” if Dogecoin were to be utilized on Twitter while “projects like Cardano and Algorand” exist.

Here’s Why These Terra Case Witnesses Are About To Face Prison-Time

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Kim Seo-Joon, a significant witness called to testify in the Terra parliamentary inquiry, did not appear, citing “extreme stress,” according to the local South Korean news outlet Korea Economic Daily. Seo-Joon is the CEO of the venture capital firm Hashed and a pioneering investor in Terra (LUNC, formerly LUNA). Seo-Joon stated “extreme stress” as a justification for missing the investigation.

According to the news report, Seo-Joon is one of the six individuals chosen to take part in the Terra collapse investigation by the South Korean parliament. The South Korean government is attempting to comprehend what transpired to cause the LUNA and UST currencies to lose $40 billion.

To explain his absence, Seo-Joon wrote a letter to the national assembly. He claimed that he had a significant mental collapse after the sudden demise of LUNC (formerly LUNA) and the de-pegging of its related algorithmic stablecoin TerraClassicUSD (USTC). He declared,

“I have been suffering from anxiety disorder and panic disorder due to extreme mental stress.”

Seo-Joon also sent a professional evaluation and a medical certificate confirming that he had been hospitalized since July 29 and was undergoing therapy from a psychiatrist along with his letter. Seo-Joon is “in desperate need of emotional stability at this moment,” in the professional’s opinion, and it was claimed that both medicine and counseling treatment made his anxiousness worse.

Seo-Joon claimed that Hashed had lost $3.6 billion from its peak value in late April in an interview with Bloomberg in August. The company held 30 million LUNC (at the time, LUNA) tokens.

Fate Of The Other Witness In Terra Case

Seo-Joon is not the first witness to cancel on the investigation. On October 6, the parliamentary session was also missed by Lee Jung-hoon, the chairman of the South Korean exchange Bithumb. According to Jung-hoon, his panic issue prevented him from attending the investigation. And if that weren’t enough, Jung-hoon is currently facing a maximum sentence of 8 years in jail for a $70 million scam.

Other witnesses who have provided testimony throughout the Terra investigation include Kang Jong-hyun, a significant Bithumb shareholder, CEO of Dunamu, the organisation that runs UpBit, South Korea’s largest cryptocurrency exchange, Lee Seok-woo, Chai Holdco Director Shin Hyun-sung, and Terraform Labs Co-Founder Daniel Shin.

Do Kwon, the chief of Terra, is not on the assembly’s list of people to question. However, international law enforcement agencies keep looking for the now-famous creator.

Tether’s CTO bears good news; Asset’s US Treasury bills up by 58.1%

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Tether [USDT], the biggest stablecoin on the market, has recently made headlines for a number of different reasons. Sadly, not all of it was done for the right reasons. The former auditor of the company received criticism for “improper professional conduct.” In the meantime, the stablecoin issuer was urged to submit paperwork to the court in a proceeding. The network disclosed that it has reduced its holding of commercial paper to less than $50 million in the midst of all of this.

Tether’s CTO Paolo Ardoino recently mentioned on Twitter that the network increased its holding of U.S. Treasuries to 58.1% on September 30. Remember that this was an increase from 43.5% as of June 30, 2022.

Simply said, commercial papers are unsecured, short-term financial instruments that are typically issued by corporations. Commercial papers are “less stable” than US treasuries.

The company’s commercial paper value was $20.1 billion in May. By the end of June, this had further declined to $8.5 billion.

Tether to nullify its commercial paper holdings?

The company announced its intention to reduce its exposure to commercial paper by $200 million by the end of the month back in August. The company also disclosed that this would reach zero before the year is over.

Earlier, Ardoino said the following in relation to the same,

“The utility of Tether continues to be supported by the transparency of its reserves and has been a leading source of stability allowing us to build a tool for the global economy. Our commitment to transparency and the community is a long-standing pillar in the underlying ethos of the company and aligns with our responsibility as a market leader.”

In light of this, Tether has been preparing to submit financial records to the New York Court, including balance sheets, general ledgers, income statements, and cash-flow statements.