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Shiba Inu reacts to CoinMarketCap issues

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CoinMarketCap listed three fake Shiba Inu contract addresses on their website in a quite recent update. The SHIB token team took to Twitter to announce that the three contract addresses listed on CoinMarketCap, namely Binance Smart Chain, Solana, and Terra, are all fake and that interaction with these contracts must be avoided if not the user will be at risk of irreversibly losing their funds.

The SHIB token defense team expressed their disappointment in their tweet. Supposedly, the CoinMarketCap team had refused to communicate with the SHIB team concerning the updates on the token page. Allegedly, CoinMarketCap had willingly allowed these malignant troupe to deface the ‘dogecoin killer’ token. The meme coin team explicitly showed displeasure over the lack of professionalism rendered by the crypto asset price tracking website.

Wormhole addresses for Shiba Inu

In response to the squabble, CoinMarketCap interpreted that the contract addresses are indeed wormhole addresses for the SHIB. They explained that these addresses were used to aid cross-chain transactions of wrapped versions of the altcoin.

At the moment, the reason for the listing of the alternative addresses is uncertain, but such delinquency is adversely harmful not only to the altcoin but the entire crypto society.

At the time of writing, the three wormhole addresses were still visible on CoinMarketCap, in the dropdown segment next to the SHIB token’s official ETH contract address.

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Shiba Inu reacts to CoinMarketCap issues 2

Despite the warnings given by the Shiba Inu team, there seems to be an array of transactions on each of these fake contract addresses’ chains. This indicates that quite a few investors have already sent money to these addresses, which is alarming.

In a lighter perspective, Shiba Inu has risen as the most viewed cryptocurrency of the previous year, 2021, according to CoinMarketCap. It has been enumerated by the cryptocurrency price-tracking website that there have been more than 188 million views, for the meme token, over the last 12 months. The more astonishing fact happens to be, Bitcoin (BTC), the world’s largest and most sought-after cryptocurrency had only 145 million views at the same time, which makes it the second most viewed crypto asset.

Shiba Inu remains to be eminently frivolous despite its rising idolization among holders. At the time of writing, Shiba Inu was priced at $0.00003142 with a daily drop of 1.79%.

Tesla Takes DOGE Payments Mainstream as Musk Builds Hype

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It is now official that Tesla accepts Dogecoin (DOGE) payments for some of its merchandise. Not very long ago did Elon Musk tweet about his company accepting the famous meme coin, after which things were kept very low-key. Now, the cat is out of the bag.

Earlier this week Twitter user had confirmed the payment mode, among other modes of payment, on his Twitter handle. Although there was a huge tide of speculation, the token’s followers awaited an official confirmation from the company itself. Today, Elon Musk and Billy Markus, the founder of Dogecoin (DOGE) took to Twitter to announce that the American-based company is now accepting the meme token as payments. Musk’s tweet read,

“Tesla merch buyable with Dogecoin”

Tesla’s Electric cars not in exchange for Dogecoin

There was a bunch of merchandise listed in exchange for DOGE, but the electric cars weren’t one of them. Nonetheless, people were allowed to purchase Cyberquad bikes for kids, Giga Texas Belt Buckle, and Cyberwhistles with the altcoin.

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Tesla Takes DOGE Payments Mainstream as Musk Builds Hype 5
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Tesla Takes DOGE Payments Mainstream as Musk Builds Hype 6

The company put out a support page exclusively for Dogecoin inquiries. The page guides buyers on how to purchase with the altcoin. The Dogecoin network will be charging network fees every time a payment is made using the token.

The company has ensured to bring to the notice of the purchasers that any merchandise bought with DOGE as payment cannot be canceled once the order is placed. There is also a strict no-return policy in place when a product is bought using Dogecoin. To sum it up, the company has presented a draconian policy regarding all purchases through the altcoin and called it a ‘final sale’ with no return, no cancellation, and no exchange of products.

Furthermore, it has been made very clear that Tesla only accepts Dogecoin. The company asserts that it cannot receive or detect any other cryptocurrency. A disclaimer regarding the use of any other form of digital asset has been clarified on the support page.

With this news like a gust of wind, Dogecoin (DOGE) price seems to be soaring high. At the time of writing, Dogecoin (DOGE) was priced at $0.1965 with a an escalation of 13.26% over the last 24 hours.

Musk’s Dogecoin preference impugned by Boyapati

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In a recent podcast interview with Lex Fridman, Elon Musk listed out a couple of reasons as to why he prefers Dogecoin(Doge) to Bitcoin(BTC). While Fridman did not catechize Musk’s answers, the famous author of ‘The Bullish Case for Bitcoin’, Vijay Boyapati listed out a few errors in the answers.

Vijay Boyapatti, who claims to be a fan of Fridman’s podcast episodes, showcased his counters to the answers given by the Tesla CEO, through a series of tweets.

When Musk was asked why he prefers Dogecoin to Bitcoin, he said that the meme-coin has a much higher transaction volume capability than Bitcoin, to which the author explained that Bitcoin has orders of magnitude that is more transactional throughout, using the second layer lightning network. He even pointed out that scaling at the blockchain layer is fundamentally flawed as it crucially undermines decentralization and protocol immutability.

Elon went on to say that the cost of making a Dogecoin transaction is very low. Boyapatti, with his difference of opinion, exhibited that the altcoin’s network has almost zero transactional usage which is why the cost of transaction is low, it’s not because the network has a superior design and even that Bitcoin had low fees back in the day when no one used it. He points out that Bitcoin’s inflation schedule has credibility precisely because it is truly decentralized and that no entity has the power to change it at its own discretion.

Elon Musk says that a smaller block size doesn’t make sense now

“When Bitcoin was started in 2008 bandwidth was lower, so a smaller block size made more sense but it doesn’t now.”

Vijay Boyapati, counters the above-given answer of Musk, by saying that a larger block size is more feasible now, but ‘changing’ it undermines protocol immutability and credibility of monetary policy. He annotates that even if a larger block size was chosen, it could not be scaled to handle global transactions at the base layer and that scaling must happen on the second layer systems.

To the statement where Musk says that there is some benefit to having a currency increase in supply as people won’t spend it if it’s too deflationary, Boyapati says,

“Elon is correct that market participants will tend to hold (rather than trade) an appreciating asset when the opportunity cost of relinquishing it in trade is very high, as is the case with any inelastic monetary good in the process of monetization.”

He continues to add,

“That cost is so high because Bitcoin is so early in its monetization. Eventually, the opportunity cost will diminish significantly once Bitcoin reaches widespread adoption and it will “only” appreciate at the rate of global productivity increases.”

The author, Vijay Boyapati concludes by asserting that Dogecoin‘s inflation schedule does not alter the necessary evolution, but it merely undermines the first stage of it of becoming a store value. He also remarks that in the long term few people will trust the inflation schedule of a coin that can easily be altered or whose supply is unlimited.

Dogelon Mars snags a spot on Huobi and Gemini

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Gemini, a prominent crypto exchange and custodian, followed suit and resorted to Twitter to reveal that Dogelon Mars token was available for custody and trading on their website and their mobile application.

“$ELON is now available for custody and trading on our API/FIX and ActiveTrader applications for USD trading pairs, and on our mobile application and website for USD, GBP, EUR, and CAD pairs

Welcome to the Gemini family, #DogelonArmy”

After Gemini, today, Huobi Global, a Seychelles-based cryptocurrency exchange, one of the world’s leading assets platforms announced to its users and the world that it will be opening ELON (Dogelon Mars) spot trading (ELON/USDT) at 06:00 (UTC) on Dec 24.

Huobi, took to Twitter to announce the listing of Dogelon Mars on their platform.

So far, the altcoin has been listed on various exchange platforms like Crypto.com, Uniswap, OKEx, KuCoin, Gemini, and now on Huobi.

Dogelon Mars is a dog-themed meme coin that is based on Ethereum and Polygon. It follows the example of other successful coins like Dogecoin, Shiba Inu, and Floki Inu. The symbol on the coin is similar to that on Dogecoin but in Elon Musk’s appearance. the $elon token plays on several popular themes in the meme coin space. The name of this coin is a combination of the name of the Tesla CEO and his favorite cryptocurrency.

Restrictions and Reminders for Dogelon Mars users

Alongside the announcement, Huobi has also added a few commands to its users. During the first three minutes after Huobi commences the trading of $ELON, there will be a restriction on the price for limit orders of ELON to not more than 5 times the opening price. It is said that normal trading will resume after the 3-minute opening price restriction.

Huobi has reminded its users that in the case of no orders on the order-book within 90% -110% of the last price, all the new market orders that have been placed for buying or selling will be canceled automatically to prevent slippage.

Shiba Inu bags a spot on NiceHash

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Shiba Inu is now being listed on yet another crypto trading platform, NiceHash.

Despite all the pickle that the $SHIB has been through over the past few weeks, many podiums seem to be listing the altcoin on their websites. The previous week, Spain’s largest crypto exchange listed the meme-coin. As for Bitstamp, they have assured the users that the Dogecoin-killer will be listed in 2022 without fail. Now, yet another platform has given the SHIB users hope by listing the asset on their website.

Shiba Inu to have a Merry Christmas indeed

The British Virgin Islands-based company NiceHash had hosted a Twitter poll on 21 December 2021 asking its followers to pick a coin of their choice.

As a result, NiceHash took to Twitter to announce their listing of Shiba Inu in the form of wishing A Merry Christmas to many SHIB related twitter profiles such as the ShibArmy, ShibInformer, Shibtoken, ShibInfo, ShibaSwapDEX, ShibInform, and ShibReports. To which the ShibArmy replied saying that #Shib is the Future.

NiceHash is a worldwide cryptocurrency hash power broker and cryptocurrency exchange that was launched in 2014. This company was founded by two sSlovenianuniversity students, Marko Kobal and Matjaz Skorjanc.

NiceHash is an open market that connects various miners with buyers of capacity using the sharing economy approach. Its users are fundamentally video gamers with prevailing GPU graphic cards that befit Cryptocurrency mining. The company has over 2.5 million users in 190 countries globally, according to aesearch in November 2021.

The company believes in the world of sharing economy and decentralization that has led them to create massive tools and platforms for cryptocurrency miners and traders. NiceHash serves as a grit network by indirectly providing new coin creation and transaction validation on several different blockchains.

NiceHash has come a long way in a short period, it is also known to be used by buyers of hash power. With the enlisting of Shiba Inu on their exchange platform, the company seems to be gaining more users.

Bitstamp pushes Shiba Inu [SHIB] listing to 2022

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Bitstamp had earlier mentioned that it will be listing Shiba Inu [SHIB] on its exchange portal. Along with the ‘dogecoin killer’, Bitstamp is also listing DYDX, GALA, and Perpetual Protocol (PERP) cryptocurrencies.

As the wait continued for Bitstamp to list Shiba Inu, the investors of the famous meme coin grew curious. The exchange has been experiencing a lot of technical difficulties while integrating SHIB on their portal, but they seem to be redressing the issue.

Better late than never; A happy Christmas for Shiba Inu community

Bitstamp has reassured its traders that the meme coin will be listed on their portal, but it might take a while. The exchange portal has taken to Twitter to announce that the asset will be enlisted in the coming year, 2022.

Shiba Inu being listed on Bitstamp has a hefty impact as SHIB accomplished this feature in less than two years of its initiation. Bitstamp isn’t just another trading platform in the market, it is the most trusted and user-friendly application that European investors rely on. Bitstamp is the largest exchange in Europe and claims to have 4.4 billion users all over the world.

The fans of this meme coin, who call themselves the ‘SHIBARMY’ have expressed their gratitude with a tweet

“Thank you for the update, #SHIBARMY truly appreciate you support”

Shiba Inu coin was created in the year 2020, anonymously. The altcoin rapidly gained speed and value as a swarm of investors were drawn by the appealing charm of the coin. The new listing has created a rampage of excitement amongst the Shiba Inu community and has created hope for many more first-time investors.

Many other exchanges are looking to list this meme coin as it gains more value by the minute. At the time of writing, Shiba Inu was priced at $0.0000338 and had taken a plunge by 0.42% in the last 24 hours.

Solana Continues it’s Rocket Ship Ride as New All-Time High Gets Set

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Solana [SOL], has emerged as one of the biggest winners of the past week and saw massive double-digit gains. The new week started with a spark for cryptocurrencies all across the charts as prices blinked bright green. While Bitcoin was sitting pretty above the $51k mark, the altcoins were pulling their own weight by ascending.

At press time, Solana was trading for $145 with a total market cap of $42.4 billion. The spike becomes apparent when one compares Solana’s price point just a month ago. Back in August, Solana was trading for a lowly $26.6 after which the cryptocurrency saw a price and rank boost on the charts. A 43 percent weekly climb elevated SOL’s market volume to $3.143 billion.

Solana 1 hour:

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Solana’s performance in the hourly spectrum has been consistent for the past 72 hours. Price action pointed to a cryptocurrency in the throes of a battle between the bull and the bear. SOL’s immediate support clocked in at $115 while the green candles dominated over the past day.

Relative Strength Index: The RSI dipped slightly from the overbought zone, indicating a change in holding behavior. There was no immediate reason to panic as the investors continued to remain bullish.

Chaikin Money Flow: SOL CMF climbed strongly above the zero-line to show that the capital coming into the market was more than the outflow.

Parabolic SAR: The markers holding below the price candles was a ticker for the rising momentum in the SOL ecosystem. The PSAR’s bullish lean was helped along by solid green candles.

Solana 1 day:

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Solana Continues it's Rocket Ship Ride as New All-Time High Gets Set 9

In the long term, it was clear that SOL was hitting cruise control to set new all-time highs. The cryptocurrency’s current price point of $145 is the highest it has ever reached with indicators showing more sustained pushes.

Relative Strength Index: SOL’s RSI was above the overbought threshold, settling at its highest point ever. All-time highs have contributed to the largest influx of users into the Solana ecosystem.

Parabolic SAR: With red candles barely able to make a dent in Solana’s price action, the Parabolic SAR markers continued to stay under the graph. The markers only blinked bearish once in the last month.

Chaikin Money Flow: Solana’s CMF formed a K-shaped graph after a sudden spike in investments. The strong bullish sentiment was accentuated by the fact that the last time the CMF fell below the zero line was in the middle of July.

Total Crypto Market Cap Goes For A Stunning Run Above $900 Billion

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The cryptocurrency market is on a full-scale bullish track. The total market cap has reached a milestone of $909 billion before retracing back to the current figures of $865 billion.

This coincided with Bitcoin blasting past $34,000 which, in turn, propelled the altcoin market to enter the bullish weekend bender. According to data compiled by CoinMarketCap, the market cap had previously touched close to $840 billion during the parabolic surge back in 2017-2018.

With this, the crypto market is a little over 10% away from hitting a whopping $1 trillion market cap. This called on for a cheeky comment by Erik Voorhees, CEO of Shapeshift, who went on to state that the latest figure for the total market cap was “roughly 1/7th of The Fed’s balance sheet”.

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Ethereum Trails Behind Bitcoin’s uptrend

Bitcoin is the largest cryptocurrency out there. It is not just the largest by adoption, and market capitalization, but also most importantly, by hash rate. And while the crypto-asset is undoubtedly responsible for this rise, the altcoins have also caught up to the bullish affair. One of the most prominent coins that have aided the cumulative market capitalization to a new high was Ethereum. The world’s largest altcoin crossed $1,150.

The last time Ethereum hit a four-figures on the dollar was nearly three years back in February of 2018.

The Impact?

Bitcoin’s strong momentum can eventually bring in the much-talked-about alt season in the coming days. Most often than not, altcoins prepare for a substantial surge when Bitcoin consolidates after a big rally, something that was observed since Christmas which has extended to 2021. This essentially happens because it is when Bitcoin stabilizes, that market participants and investors often look to take more risk-on plays in the crypto market.

Historically, when Bitcoin consolidates, the altcoin market was found to be witnessing a significant rise in volume.

A well-known trader at the Amsterdam Stock Exchange Michaël van de Poppe noted that the probability of a temporary Bitcoin establishing a local top is increasing. And if the prediction does hold true, chances of that triggering a massive rally for the altcoin part is likely to materialize.

“The likelihood of a temporary top is becoming significant at this point. Bitcoin dropping down intraday after reaching the second target, while #Ethereum is bouncing upwards heavily in the $BTC pair. That’s great news for altcoins in general.”

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Cryptocurrency Trading Volume Numbers Enroute All-Time High Records as Bull Continues to Run

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The cryptocurrency market has seen an upturn of fortune over the past few months with bull markets elevating the industry to new heights. Bitcoin remained the spearhead for the green run with market caps and volumes hitting all-time records.

In the midst of this market upheaval, users have made sure that they are wholly involved in ushering in a new decentralized age. Latest research recently showed that the trading activity on cryptocurrency exchanges had climbed to uncharted territories, even surpassing the 2017 bull run.

A cumulative assessment of trading volumes on cryptocurrency exchanges laid out the fact that November 2020 was one of the most successful months in the industry’s history. The data was compiled from a melange of exchanges that included CEX, BTSE, ItBit, Luno, Binance, Gemini, and Kraken. November witnessed the total cryptocurrency trading volume almost hit the coveted $300 million mark. The previous month, October 2020, barely clocked in $130 million in terms of crypto transactions.

Binance held the top spot in terms of volume as the Changpeng Zhao founded exchange dealt with almost $180 million in transactions. Coinbase came next in line with users trading close to $30 million on the platform. In October, Binance only dealt with $70 million in transactions as the entire ecosystem shrunk to a 3-month low. If you compare the November volume with that of January’s, you will notice that there is a staggering 4x increase. The exchange that exceeded expectations in this market was LMAX Digital with a relatively smaller exchange capturing the third-largest market share.

Despite the current march, the market still has some way to go before breaching the main record. The ATH was created in November 2017 when the ecosystem’s trading volume hit $330 million. Fans of the industry were positive that a new number would be established in the coming weeks. The rise in positive sentiment was due to the fact that Bitcoin was still above the $25k mark for more than a week.

At press time, Bitcoin was trading for $26,936 with a total market cap of $401.54 billion. A 2.7 percent dip in trading price had lowered the daily BTC volume to $67.402 million. Ethereum, on the other, had climbed by more than 13 percent over the previous 24-hour timeframe.

Bank of England Governor Has Specific Plans for Emerging Stablecoin Market, Claims that the Industry Needs Overwatch

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Financial regulators across the planet have been doing everything in their power to bring cryptocurrencies and virtual assets under their mandate. Ever since the inception of Bitcoin and the altcoin industry, many traditional bodies have been convinced that the rules might need to be amended to accommodate the latest technology.

The latest traditional body to make a statement on the virtual assets industry was the Bank of England, which specifically stated that it needed to stay a step or two ahead of the emerging stablecoin market. This comment was made by the newly appointed BoE Governor Andrew Bailey who took charge of the post in March of this year.

The stablecoin market is still perceived as an emerging market despite the rise of major tokens like Tether. These tokens are linked with the US dollar which makes their prices much more ‘stable’ than the rest of the pack. Stablecoins shot into the limelight when Facebook announced its own called Libra coin. This disrupted the already controversial market with policymakers convinced that they had to do something about it.

Coming back to the Bank of England Governor, he claimed that the traditional market heads should ensure proper coverage of the cryptocurrency market. In his words:

“If stablecoins are to be widely used as a means of payment, they must have equivalent standards to those that are in place today for other forms of payment types and the forms of money transferred through them. If a sterling retail stablecoin wishes to operate at scale in the UK, then we will strongly consider the need for an entity to be incorporated in the UK.”

The United Kingdom has made some radical changes over the past couple of years to strengthen its financial ecosystem and protect it from anything that may hurt its integrity. Apart from this, the country has also asked the G20 nations to adopt stringent standards to watch over the cryptocurrency industry. This was a point reiterated by Andrew Bailey who claimed that existing regulatory standards must be examined and updated where necessary in light of stablecoins.