TronWeekly

Crypto World News

You are here: Home / Archives for SHIB

SHIB

Bitcoin and Shiba Inu Witness Lowest Global Interest Levels since 2020

by

The interest and excitement surrounding cryptocurrencies have undoubtedly surged in recent years. Countries worldwide have been embracing digital assets, driven by regulatory focus and the increasing prominence of digitalization during the COVID-19 pandemic. This period has been highly advantageous for the adoption and popularity of cryptocurrencies like Bitcoin (BTC) and Shiba Inu (SHIB).

However, there has been a noticeable decline in global interest in cryptocurrencies. Data from Google Trends indicates that this metric has reached levels not seen since December 2020. The latest data shows a score of 9 as of May 25, which corresponds to the levels observed in November 2020. During that particular period, there was minimal public engagement with the crypto space, marking one of the lowest points in terms of global interest in cryptocurrencies.

Bitcoin [BTC]

Bitcoin
Bitcoin and Shiba Inu Witness Lowest Global Interest Levels since 2020 3

Much like the broader term “cryptocurrency,” the interest in Bitcoin has also witnessed a decline. The level of engagement and enthusiasm surrounding the leading digital asset has reached its lowest point since 2020, indicating a diminishing global interest in Bitcoin over time.

El Salvador has emerged as the country exhibiting the highest level of interest in Bitcoin, thereby contributing to the overall global interest in the cryptocurrency. Following closely behind, Nigeria and Switzerland secured the second and third positions, showcasing significant engagement and curiosity towards Bitcoin.

Furthermore, alongside Bitcoin, Shiba Inu has emerged as a notable topic of interest within the related queries for Bitcoin.

Shiba Inu (SHIB) Analysis: Evaluating Its Performance and Market Trends

Shiba Inu
Bitcoin and Shiba Inu Witness Lowest Global Interest Levels since 2020 4

The excitement surrounding meme coins, such as Shiba Inu, seems to be waning. Following its peak in 2021, the interest and enthusiasm surrounding Shiba Inu have been steadily diminishing. This suggests a decline in engagement and enthusiasm for Shiba Inu compared to its previous level of popularity.

Turkey and Cyprus have emerged as the countries showcasing the highest interest volume in the meme cryptocurrency asset, Shiba Inu. These regions have demonstrated a significant level of curiosity and engagement with Shiba Inu, reflecting a notable interest in the cryptocurrency within these areas.

Shiba Inu Users Scramble To Get Their Funds Off Hotbit Before Deadline

by

Holders of the Shiba Inu tokens rushed to get their funds out from Hotbit after the Chinese crypto exchange urged investors to withdraw their tokens before June 21 at 04:00 UTC

Just a few days back, the trading platform with 5 million users worldwide, announced to shut down operations, an indicator of its worsening condition.

According to a blog post, the probe in August 2022, when Hotbit management teams were compelled to cease operations for several weeks, was one of the events that contributed to the decision.

Second, the shift in the crypto sector ranging from the collapse of FTX to bank crises spurred massive fund outflows from CEX which in turn had a negative impact on Hotbit’s cash flow.

The Hotbit team believes that centralized exchanges [CEX] are becoming increasingly cumbersome, with highly complex and interconnected businesses that are difficult to comply with, whether for compliance or decentralization, and are unlikely to meet long-term trends.

In addition to the above issues, the exchange suffered numerous other problems, such as repeated cyber attacks and the exploitation of project defects by malicious users, resulting in significant losses.

“Therefore, the Hotbit team believes that the operation model of supporting a diverse range of assets is unsustainable from a risk management standpoint,” according to the post.

Notably, Hotbit was among the first exchanges to list a variety of new assets, such as SHIB, KSM, GRIN, and others. It was also the first to offer staking services starting with ATOM and the first to undertake Defi mining utilizing Compound.

Shiba Inu tokens, on the other hand, have caught the attention of whales as around 40 billion SHIB tokens have been transferred between the biggest cryptocurrency trading platforms, data from Etherscan showed.

Shiba Inu Continues To Be Whales’ Favourite

In just 1 hour, a total of six significant transactions were spotted, most of which involved 6 or 6.4 billion Shiba Inus that were moved by unidentified large-scale holders.

Also recently, Lucie Sasnikova, a key member of the meme token ecosystem cautioned investors looking for a rapid pump amidst SHIB’s layer 2 impending mainnet launch.

Even once the platform is launched, Sasnikova stressed that it may take months for it to become established in the market because prices are not driven that way.

FLOKI Soars With 3.39M Twitter Mentions, Leaving SHIB In Its Wake

by

In a recent tweet, FLOKI, the popular meme coin, announced its skyrocketing popularity on Twitter. With a staggering 3.39 million mentions, it has taken the social media platform by storm, leaving other meme coins like SHIB trailing behind with a mere 45.6k mentions. This surge in social media buzz comes hot on the heels of some major developments for the token.

FLOKI Sparks Frenzy Amidst Exciting Milestones

According to the latest development, DWF Labs, a prominent digital asset market maker and multi-stage web3 investment firm, has invested a whopping $5 million in FLOKI tokens. This strategic partnership between FLOKI and DWF Labs is a testament to the former’s potential and the bright future of its Ecosystem. 

DWF Labs, known for its connections with exchanges, trading outlets, and institutional investors, will utilize its extensive network and resources to accelerate the token’s adoption. This partnership marks a significant milestone, demonstrating strong institutional demand and unlocking funds for the expansion of the Floki Ecosystem.

Further amplifying its influence in the crypto world, Bitvavo, the largest crypto exchange in the Netherlands and a prominent European player, has announced the token’s listing. 

As of today, traders and enthusiasts can trade, deposit, and withdraw FLOKI tokens on the Bitvavo platform. Bitvavo’s decision to embrace the token aligns with its mission to offer a diverse range of digital assets, catering to the evolving demands of the crypto community. 

Along with it, Bitvavo recently added other notable cryptocurrencies like Optimism (OP), Sui (SUI), Harmony (ONE), and Syscoin (SYS) to its platform.

FLOKI’s success story continues to unfold, fueled by its strategic partnerships and widespread recognition. This meme coin, originating from the popular meme-inspired cryptocurrency trend, has managed to transcend its meme status and attract institutional interest. 

However, with the support of DWF Labs and its strong belief in the token’s potential, the road to becoming the world’s most recognized and utilized cryptocurrency looks promising.

Nevertheless, as FLOKI garners attention both on social media and within institutional circles, it is clear that this meme coin possesses both bark and bite. It’s growing popularity and strategic alliances set the stage for further growth and development in the coming weeks and months.

Related Reading | Litecoin Soars: 160M Transactions Milestone & Anticipation Builds For Halving Event

Shiba Inu Grabs Whales Attention As 40B SHIB Tokens Tossed In Exchanges

by

Shiba Inu’s demand rise as nearly 40 billion SHIB tokens was shuffled by whales to and from top crypto exchange platforms, data from Etherscan showed.

The last hour saw a total of six significant transactions, most of which involved 6 or 6.4 billion SHIB that were moved by unidentified large-scale holders.

From the six, the two biggest moved 9 billion meme coins, and the smallest moved 1.5 billion Shiba Inus. 13 billion SHIB were purchased and taken out of the Crypto.com exchange among these billions. On KuCoin, 1.5 billion were both purchased and withdrawn to cold wallets.

Additionally, 6.5 billion SHIB were transferred to OKX, most likely to be sold, and a total of 6.1 billion Shiba Inu tokens were transmitted to a Binance wallet. According to the current SHIB/USD exchange rate, 36.5 billion SHIB is equal to $316,090.

The highly anticipated mainnet debut of Shibarium now has an expected timeline, much to the joy of SHIB enthusiasts. Following user complaints about the lack of one, content marketing professional Lucie Sasnikova tweeted a response between Q2 and Q3 2023.

Besides that, Sasnikova revealed that the Shiba Inu team has several groups working on the launch, including one that integrates AI.

“Our estimate is for 2023, and we are not pumping anything but focusing on sustainable growth. The testing process and security audits are crucial before the launch,” she added.

In addition, Puppynet, the testnet for Shibarium, has continued to expand rapidly since its launch on March 11.

Shiba Inu’s L2 Milestone And A New Listing

Puppyscan’s most recent statistics show that there are now 15.9 million active wallet addresses on the native testnet, up from just 3 million just a few weeks after launch.

In addition, Shibarium recorded over 10 million total transactions, and at the time of publication, the average block time or time it takes to create a new block is 5 seconds.

In related news, the popular memecoin has landed in a well-known platform for trading digital assets Digitra.com, a Brazilian exchange, which recently announced its support for Shiba Inu. This update allows users of Digitra to conveniently purchase, sell, or hold SHIB tokens without any transaction fees.

Shiba Inu L2 Mainnet Launch Time Released; AI Integration Is Also In The Cards

by

Shiba Inu’s highly anticipated mainnet launch of Shibarium has now an estimated timeline. After users’ complained of not having one, Lucie Sasnikova, content marketing specialist responded by tweeting between Q2 – Q3 2023.

Yesterday,shibarium_ guessed that the launch of the mainnet would be in August, while my guess is for Q3 and ShytoshiKusama guessed July. So STOP SAYING YOU DON’T HAVE AN ESTIMATED TIME You do!!! Q2 – Q3 2023.

In addition, Sasnikova disclosed that the Shiba Inu team has several groups working on the launch, including one that integrates AI.

“Our estimate is for 2023, and we are not pumping anything but focusing on sustainable growth. The testing process and security audits are crucial before the launch,” she stressed.

Earlier, Sasnikova made public a screenshot of a message from developer Shibarium1, in which he said that because the dev team, led by Shytoshi Kusama, is speeding up work on the mainnet, it would be released sooner than the community had anticipated.

Besides, certain things are going well “in testing, etc,” according to the message.

Shibarium’s release date will depend on how well beta testing and subsequent audits go, the marketing specialist said in a May 4, 2023 comment. She also revealed Kusama had confirmed that audits would be conducted.

Sasnikova, a key member of the meme token ecosystem also emphasized the importance of prioritizing safety and the need for rigorous crash tests.

A Word Of Caution For Shiba Inu Investors

She also cautioned investors looking for a rapid boost, saying that in this situation prices are not driven that way.

Even once the platform is out, Lucie noted that it might take months for it to establish itself in the market.

Recently, another prominent Shiba Inu member known as Ragnar revealed that the team is currently working on the latest version of ShibaSwap, a decentralized exchange [DEX].

Ragnar issued the update on Telegram in response to the community’s frequent requests for information on the development of the DEX.

He claimed that before it is released, ShibaSwap 2.0 would need a fresh security audit from the top blockchain security platform CertiK and urged SHIB fans to wait for the audit which will help silence critics and doubters.

Crypto Exchange Hotbit’s Farewell: Unexpected Suspension Amidst Turbulent Times

by

Hotbit, a major crypto exchange boasting 5 million users, has immediately suspended its operations. In a public statement released today, the Hotbit management team cited deteriorating operating conditions as the primary reason behind this unexpected decision. 

Users have been urged to withdraw their remaining assets before June 21 as the exchange prepares to cease all centralized exchange (CEX) operations.

This unforeseen turn of events stems from a series of unfortunate circumstances that have plagued Hotbit since August 2022. During that time, the exchange was embroiled in an investigation, leading to the arrest of several managers and the freezing of certain accounts by Chinese law enforcement. 

While the specifics of the investigation remain undisclosed, it is believed that the founder of Hotbit was linked to a project under scrutiny, thus casting a shadow over the exchange’s operations.

In a letter addressed to Hotbit users, the team expressed their regret over this difficult decision. They acknowledged their pride in serving as a vital player in the crypto landscape for the past 5 years and 4 months, with a staggering user base of 5 million individuals. 

Discontinuing CEX Operations Amid Crypto Challenges

However, the management team recognized the need to discontinue CEX operations due to three fundamental factors. Firstly, the operating conditions have significantly deteriorated. Following the forced suspension of operations in August 2022 due to the investigation, the industry has faced a series of crises. 

Notably, the collapse of FTX and banking crises triggering USDC off-peg incidents have caused substantial outflows of funds from various CEX platforms, including Hotbit, consequently impacting cash flow and financial stability.

Secondly, the evolving trend within the crypto industry has played a crucial role in Hotbit’s decision. The continuous collapse of large centralized institutions has pushed the industry towards embracing regulation or decentralization. 

The Hotbit team believes centralized exchanges are becoming increasingly cumbersome, with complex and interconnected businesses that are difficult to align with compliance standards and decentralization principles. In light of these challenges, the team deems it unlikely for CEX platforms to meet long-term trends.

Hotbit has been recognized throughout its operation for its wide selection of assets and value-added services. The exchange pioneered listing numerous emerging assets, such as SHIB, KSM, and GRIN and was the first to introduce staking services and Defi mining utilizing Compound.

However, due to the inherent uncertainties in the industry, Hotbit has faced significant hurdles, including repeated cyber attacks and malicious exploitation of project vulnerabilities, resulting in substantial losses. 

Consequently, the Hotbit team deems the model of supporting a diverse range of assets unsustainable from a risk management perspective.

As Hotbit bids farewell to its users, the team expresses gratitude and takes a final bow. While this chapter may be closing, they remain optimistic about the future of crypto innovation, with some team members continuing to fight for its advancement.

Related Reading | Bitcoin’s Recent Drawdowns Pale In Comparison To Previous Bull Cycles: Glassnode

Shiba Inu: Puppynet Smashes New Records

by

Puppynet, testnet of Shiba Inu’s layer-2 has continued to take massive strides since its inception on March 11. The most recent data from puppyscan showed that the number of interacting wallet addresses on the native testnet has reached an astounding 15.9 million, up from just 3 million transactions a few weeks after the debut.

In addition, Shibarium had 10.7 million total transactions, and at the time of publication, the average block time or time it takes to create a new block is 5 seconds.

Recently, Unification Foundation, the team behind Shiba Inu’s layer 2 announced to deploy the Verified Open Randomness [VOR] and Oracle of Oracles [OoO] smart contracts on the Shibarium testnet as reported by TronWeekly reported.

For those new, UnificationUND is the non-profit organization behind the Unification Protocol and Shibarium.

VOR, as the name suggests, is a contract used for producing verifiably random outputs, for applications like lottery systems and game dApps that require randomization.

The Oracle of Oracles [OoO], created by Unification, is the next to be implemented on the Shibarium testnet which it said would address the issue of hackers and other threats that might lead to exploitation, such as the manipulation of asset values.

Oracles are smart contracts that have the ability to retrieve data from outside sources, such as cryptocurrency prices, and send it to the blockchain.

These smart contracts act as a bridge between the outside world and the blockchain, they help to facilitate this.

“The OoO Data Request API has been developed in such a way that a variety of data can potentially be plugged in without disrupting the existing smart contracts or infrastructure,” as stated in the blog.

Shiba Inu’s Native Cold Wallet Launch

In related news, the Shiba Inu team will shortly unveil the limited edition of its personalized cold wallet from Tangem. As per a Discord message by Shibarium1, an update regarding a preorder would be announced shortly.

The Tangem blockchain company in Switzerland created a user-friendly, smartphone-compatible bitcoin wallet that looks and functions like a standard credit card. It is also portable because it doesn’t require batteries or wires.

Shiba Inu’s Personalized Cold Wallet To Debut Soon

by

Shiba Inu is set to launch the limited edition of its customized cold wallet from Tangem soon. As per a Discord message by Shibarium1, an update regarding a preorder would be announced shortly.

The cryptocurrency wallet, which was developed by the Swiss blockchain firm Tangem, is user-friendly, built like a regular credit card, and can be used with a smartphone. Additionally, it doesn’t need batteries or wires, which suggests portability.

Shiba Inu marketing expert Lucie Sasnikova presented the suggested characteristics of the Tangem SHIB Wallet in the announcement post from May 13 quoting Tandem.

The unique wallet will support over 6,000 cryptocurrencies, as well as several DeFi apps like non-fungible tokens [NFTs] and decentralized exchanges [DEXes], according to the tweet. The wallet is free to use, and no personal information needs to be entered.

image 61
Shiba Inu's Personalized Cold Wallet To Debut Soon 6

The latest update comes after crypto wallet maker Ledger has come under massive backlash for its new “Ledger Recover” feature. Some Twitter users claimed that the service, which stores encrypted user seed phrases with third-party custodians, undermines Ledger’s stated commitment to privacy and security.

The stir prompted Sasnikova to say that the SHIB team had made the right decision not to partner with Ledger to create their SHIB cold wallet.

In some related developments in the meme token ecosystem, Shiba Inu’s Metaverse team would unveil the previews of four hubs namely WAGMI Temple, Rocket Pond, Ryo Plaza, and Tech Trench by the month of September.

The latest update was shared by Marcie Jastrow, SHIB’s metaverse consultant, in an interview with Sasnikova. Apart from that, Jastrow also disclosed that Shiba Inu’s metaverse will be released on PC, mobile, and virtual reality [VR]. 

Recently, the Shiba Inu community saw the emergence of a new large SHIB holder. The investor added $176,800,000 worth of Shiba Inu tokens, data from Etherscan showed. 

Whale Bought 20T Shiba Inu Tokens, Making Him The 5th Largest Holder

On-chain data revealed that the whale scooped up 20 trillion SHIB tokens worth $176.80 million in four consecutive equal transactions of 5 trillion SHIB tokens each.

The transfer has made the SHIB investor the fifth biggest holder. This new SHIB investor’s portfolio also makes up 2% of the Shiba Inu supply.

Shiba Inu Metaverse Team Set To Unveil 4 Hubs By September

by

Shiba Inu’s Metaverse team would unveil the previews of four hubs by the month of September. As per Lucie Sasnikova, SHIB marketing specialist, the hubs include WAGMI Temple, Rocket Pond, Ryo Plaza, and Tech Trench.

The latest update was shared by Marcie Jastrow, SHIB’s metaverse consultant, in an interview with Sasnikova. Apart from that, Jastrow also disclosed that Shiba Inu’s metaverse will be released on PC, mobile, and virtual reality [VR]. 

MV project supporters continue to have a few inquiries, such as which hubs will be made public this year and how the team intends to launch the metaverse.

A user questioned whether the reveal would occur before or after the debut of the Shibarium. A SHIB-focused account responded by saying that MV would be working on Shibarium. Shibarium Mainnet will therefore launch first, followed [assuming all goes well] by Shib the MV Beta.

When asked about the Kennel Club, the SHIB member replied that all hubs will be developed. But the procedure will be introduced gradually. Right now, developers are concentrating on the first four. The remaining seven will then be added.

Out of the four hubs, the Shiba Inu team recently announced to reveal the final look of its newest hub; The Rocket Pond. The team in its tweet also invited the community to get in touch and submit MV-related inquiries.

Last September, SHIB released the glitzy concept art for its Rocket Pond Metaverse project after asking members what they would like to see or do in Rocket Pond.

Shiba Inu’s Metaverse Hubs Preview Got Rave Reviews

According to an official blog post published then, the environment at Rocket Pond would be similar to a mountainside resort, YMCA, or KOA campsite, with a combination of modern amenities and tourist attractions.

Animal life coexists with crystal-clear rivers, mountaintop resorts, and lush vegetation.

Not long ago, Mastrow who spoke at NAB in Las Vegas, highlighted the ability of Shibarium to advance the SHIB metaverse project and stated that it is attracting interest in Hollywood circles.

Another development worth noting is the burn initiative where the Shiba Inu community wiped out more than 3 billion SHIB tokens the other day, producing an astounding increase in the burn rate of 26,388.06%.

Data from Shiba Inu burning portal shibburn showed that a total of 3,034,309,519 SHIB tokens were sent to dead wallets in two transactions.

Massive Shiba Inu And Dogecoin Transactions Shake Crypto Market, Single Address Becomes 5th Largest SHIB Holder

by

On May 17, it was observed that large-scale whale transactions were executed involving Shiba Inu and Dogecoin meme coins. Whale Alert reported four transactions involving the transfer of 5 trillion SHIB tokens. The whale behind these transactions moved 20 trillion SHIB tokens worth $175 million. This whale has become the fifth-largest holder of SHIB tokens.

Whale Alert reported five transactions involving 680 billion DOGE tokens, valued at $48 million per transaction. These transactions originated from a singular wallet address. Consequently, this whale transferred a total of 3.4 billion DOGE tokens, which equates to an approximate value of $250 million. As a result, the whale has acquired the position as the fifth-largest holder of DOGE tokens.

A tweet by Lookonchain on May 17 presented new on-chain data, unveiling a fascinating connection between transactions involving Shiba Inu and Dogecoin. The findings suggest that the individual holding the fifth largest amount of SHIB and the fifth largest amount of DOGE is probably the same person.

Lookonchain has claimed that either Jump Trading or one of its associates executed these transactions. A wallet address identified as “0x73AF” moved 20 trillion SHIB, equivalent to $176 million, in four separate transactions to “0x40B3,” making them the fifth largest holder of Shiba Inu. Meanwhile, another wallet address, “DDuXGM,” moved 3.4 billion DOGE, worth $248 million, across five transactions to “DEgDEF,” resulting in them becoming the fifth largest holder of Dogecoin.

The wallet address “0x73AF” obtained 310K ETH, amounting to $563 million, from Jump Trading’s wallets “0x0716” and “0xeA3e.” These wallets could either belong to Jump Trading internally or to one of Jump Trading’s partners.

SHIB and DOGE Price Movement

In significant whale activity, it is noteworthy that both SHIB and DOGE have encountered a recent decline in their market performance. Both cryptocurrencies have witnessed a decrease in value of approximately 20%, a pattern also evident in the broader crypto market. Nevertheless, the bold actions taken by this entity indicate a confident and strategic approach to investing in cryptocurrencies, despite the associated risks.

Over the past 24 hours, the price of DOGE has experienced a 2% surge, reaching a current trading value of $0.073. The lowest and highest points within the 24 hours were recorded at $0.071 and $0.074, respectively. Additionally, there has been a slight rise in trading volume during this time, suggesting a growing interest among traders.

Meanwhile, the price of SHIB has remained relatively stable throughout this week, displaying a sideways movement. It has experienced a 1% decrease in the past 24 hours, and its current trading value is $0.0000087.

Related Reading: | Bitcoin Dominates Weekly Outflows: Digital Assets See $54M Withdrawn, $38M From BTC |

BTCUSDT 2023 05 17 17 16 11
Source: Tradingview.com