The Ethereum Shanghai upgrade, also known as Shapella goes live on the testnet in less than 12 hours on March 14, 2023. 

Ethereum core developers agree unlock of staked ETH tokens could occur in April, a delay from original timeline in March. 

Ethereum whales accumulated the altcoin through the recent dip, adding $600 million in ETH to their portfolio. 

Ethereum developers will deploy the Shanghai (also known as Shapella) hard fork on the Goerli testnet at 10 pm UTC on March 14, 2023. ETH holders are less than 12 hours away from the event that precedes the unlock of staked Ethereum tokens. ETH developers have pushed the timeline for token unlock to April, a slight delay from the previous announcement. 

What is the Shapella hard fork?

The Ethereum cryptocurrency network's Shanghai upgrade, alternately known as Shapella is a hard fork slated to launch in April 2023. Developers successfully implemented Shapella on the Sepolia testnet in February. On March 14, at 10 PM UTC, the Shapella hard fork will go live on the Goerli testnet. 

Within three to four weeks of the fork going live on the Goerli testnet, developers are confident that staked ETH tokens will be unlocked. For the first time since 2020, validators will be able to unstake their assets and get access to their Ethereum tokens. 

Why the implementation on the Goerli testnet is important?

Shapella hard fork’s implementation on the Goerli testnet is going to be highly watched, given that it is the largest public Ethereum testnet. This also represents the last chance for staking providers to ensure that their ETH tokens are in a state that they can be withdrawn or unlocked in, before Shapella reaches the mainnet. 

Experts believe ETH token unlock will not negatively impact Ethereum price

Christine Kim, VP of research at Galaxy Digital believes between 30-50% of validator node operators will withdraw their rewards and there is a very small percentage of validators waiting to withdraw their entire staked ETH holdings. 

This ensures that the circulating supply of ETH does not climb to the level where it increases the selling pressure on the asset. 

Kim cited two key reasons for a small percentage of full withdrawals by validators:

If validators needed the liquidity from their entire staked ETH, they would turn to liquidity staking instead of selling their ETH

Ethereum price has declined significantly since 2020, the unstaked ETH holders are most likely sitting on unrealized losses making it less lucrative to sell. 

Ethereum whales are bullish on ETH price recovery

While the ETH token unlock draws close, large wallet investors on the Ethereum network are bullish on the altcoin’s recovery and rally. Based on data from crypto intelligence tracker Santiment, ETH whales holding between 1,000 and 10,000 ETH have added 400,000 Ethereum tokens worth $600 million to their balance in the recent dip. 

Typically, whale accumulation is considered a bullish sign for an asset’s recovery. The largest altcoin by market capitalization followed Bitcoin in its recent recovery and climbed above the $1,700 level earlier today. ETH wiped out its losses from before the implementation of Shanghai on the Sepolia testnet, retesting $1,700 for the first time since February 21.

#Ethereum #crypto2023 #vitalik #ETH #koinmilyoner

Shiba Inu (SHIB) is a joke token inspired by the famous Japanese hunting dog Shiba. SHIB, an altcoin created on the Ethereum (ETH) blockchain, is considered an alternative to Dogecoin (DOGE).

The Shiba Inu (SHIB) ecosystem is completely under the control of the Shiba Inu community. As a matter of fact, Shiba Inu said, “What happens if a cryptocurrency project is managed 100 percent by the community?" it was created in response to the question. The Shiba Inu community is called SHIBArmy, and SHIBARMY has about 500 thousand members. SHIBArmy members have adopted the following principles:

The project started from scratch and with zero in hand, with the spirit of creating something from nothing.

The project is not based on an existing community or team.

SHIBArmy members have a love for the Shiba type of dog.

The Shiba Inu ecosystem consists of SHIB token, LEASH token and BONE token. The ShibSwap decentralized finance (DeFi) platform, Shiba Inu Incubator and Shiboshi NFTs are also part of the Shiba Inu ecosystem.

SHIB token project

SHIB token is a cryptocurrency created on the Ethereum (ETH) blockchain in the ERC-20 standard. The SHIB token, the cryptocurrency of the Shiba Inu ecosystem and supported by SHIBArmy, started as a joke token. So it wasn't a benefit or a governance token in the first place. However, over time, as the Shiba Inu ecosystem has developed, various functions of the SHIB token have also emerged.

For example, the ShibaSwap platform is supported by the SHIB token. In the same way, it is the SHIB token that powers the Shiba Inu Incubator, which was established to support Shiboshi NFTs and artists.

In addition to the SHIB token, there are also Leash (LEASH) and Bone (BONE) tokens in the Shiba Inu ecosystem. The supply of the LEASH token is 107 thousand 646 units and is much more limited compared to the SHIB token. BONE token is the governance token of the Shiba Inu ecosystem. The SHIB token is also used to buy BONE and LEASH tokens through ShibaSwap.

Who are the founders of the Shiba Inu (SHIB) project?

Shiba Inu (SHIB) was founded in August 2020 by a person or persons using the pseudonym Ryoshi. Ryoshi has emerged as an alternative to Dogecoin (DOGE) and similar joke coins created in December 2013.

The Shiba Inu (SHIB) project is also supported by Tesla founder Elon Musk, who previously supported Dogecoin. #SHIB #DOGE #Meme #BTC #vitalik

Ethereum price is moving lower below $1,600 against the US Dollar. ETH must stay above the $1,500 support zone to start a recovery wave.

Ethereum is eyeing an upside break above the $1,560 and $1,580 resistance levels.

The price is trading below $1,560 and the 100 hourly simple moving average.

There is a connecting bearish trend line forming with resistance near $1,550 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could correct higher if there is a move above the $1,560 resistance zone.

Ethereum Price Extends Losses

Ethereum price failed to clear the $1,580 and $1,600 resistance levels. ETH formed a high near $1,565 and recently started a fresh decline. There was a move below the $1,545 support zone.

The price traded as low as $1,525 and the bulls were active above the $1,500 level. It is now consolidating losses below $1,560 and the 100 hourly simple moving average. Ether price corrected a few points above the $1,540 resistance zone.

It cleared the 23.6% Fib retracement level of the downward move from the $1,565 swing high to $1,525 low. On the upside, the price is facing resistance near the $1,550 zone. There is also a connecting bearish trend line forming with resistance near $1,550 on the hourly chart of ETH/USD.

The first major resistance is near the $1,560 zone. It is near the 76.4% Fib retracement level of the downward move from the $1,565 swing high to $1,525 low.

The next major resistance is near the $1,575 level, above which the price might start a decent increase. The next major resistance is near the $1,600 zone. A close above the $1,600 resistance zone might start a major upward move. In this case, the price may perhaps rise towards the $1,650 level.

More Losses in ETH?

If ethereum fails to clear the $1,560 resistance, it could start another decline. An initial support on the downside is near the $1,525 level.

The next major support is near the $1,500 zone. If there is a break below $1,500, the price might drop towards $1,435. Any more losses might call for a test of the $1,400 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,500

Major Resistance Level – $1,560

#Ethereum #vitalik #buildtogether #crypto2023 #koinmilyoner

An NFT collection based on a funding model designed by Vitalik Buterin and others is gaining popularity on OpenSea. The collection is called Quadratic Funding.

An NFT collection seemingly associated with Ethereum co-founder Vitalik Buterin has begun skyrocketing in value on OpenSea. The Quadratic Funding Open Edition is a collection that celebrates the quadratic funding proposal that Buterin, Harvard economist Zoë Hitzig, and RadicalxChange founder Glen Weyl published in 2018.

The collection contains various on-chain records of the proposal. This includes a new digital copy of the whitepaper signed by the three authors and two essays by Gitcoin’s co-founders celebrating its impact.

One notable aspect of the collection is that Buterin, Hitzig, Weyl, Kevin Owocki, and Scott Moore are listed as creators. Buterin has not made a public statement on this collection, so it’s unclear to what extent he is associated with it.

70% of the funds from the sales will go toward Gitcoin, 20% to the Plurality Institute, and 10% to Metalabel. The collection description notes that Gitcoin and Metalabel are the ones releasing the Quadratic Collection “to commemorate and preserve this original work and to raise funds for public goods.”

The Quadratic Funding Signature Edition is reciting several bids at the moment. Most bids for the NFTs in the collection are under 0.5 ETH. But there are some selling as high as 17 ETH.

What Is Vitalik Buterin’s Quadratic Funding?

Quadratic Funding is a specific model used in the matching process for crowdfunding campaigns. It is estimated that this model has had an impact of over $21 million so far. The essence of this model is that it is more decentralized.

Buterin has previously talked about Gitcoin and quadratic funding in the past in blog posts. In 2019, he offered an introduction to quadratic funding. More recently, in May 2022, he asked the crypto community if there was any interest in the model.

Quadratic Funding Collection Raises Millions in Short Time

Despite dropping largely unannounced, the collection has already raked in millions. Since releasing on March 1, the collection has crossed $10 million in volume in terms of ETH. In the past 24 hours, it has managed over $7 million in volume.

While there is no official word from Buterin yet, a representative from Metalabel told Decrypt that Buterin had “agreed to reissue the whitepaper he co-authored.” He also reportedly informed the outlet that he had signed 12 physical copies of the whitepaper in the signature editions.

#vitalik #Ethereum #opensea #buildtogether #koinmilyoner

Ethereum 2.0 stakers have seen realized value completely taper off over the past ten weeks. 

Ethereum tokens deposited in the ETH2 deposit contract hit a new all-time high despite long-term stakers being down an average of 31%. 

ETH stakers and long-term holders remain confident of Ethereum price rally despite average losses. 

Ethereum 2.0 staking remained popular among holders despite long-term stakers facing average losses of nearly 31%. Over the past ten weeks, realized value of Ethereum (ETH), the average price of Ether supply valued at the day each coin was last transacted on-chain, has eroded. 

Despite the mounting pressures, Ethereum stakers and long-term holders seem to be undeterred. ETH market participants are anticipating a recovery in the altcoin’s price. 

Ethereum staked in ETH2 deposit contract continues rising

As the Ethereum Shanghai upgrade – and the ETH token unlock event – is drawing close, stakers are pouring the altcoin in the ETH2 deposit contract. The total number of Ethereum tokens deposited in the contract has climbed to 17.52 million, based on data from crypto intelligence tracker Nansen.

According to experts from crypto intelligence tracker Santiment, Ethereum 2.0 stakers have seen an erosion of realized price over the past 10 weeks. Analysts at Santiment note that long-term stakers are down an average of 31%. Despite the unrealized losses, the volume of staked ETH continues climbing. 

The Ethereum network recently surpassed 1.9 billion transactions. This marks an important milestone for the altcoin’s journey. The second-largest cryptocurrency by market capitalization has sustained above the $1,553 level, after its recent decline from $1,600 on March 3. 

Based on data from IntoTheBlock, the $1,525 level is key support for Ethereum as 5.93 million wallet addresses accumulated ETH between $1,272.13 and $1,525. If the support wall at $1,525 holds, the altcoin could climb higher. 

#Ethereum #vitalik #buildtogether #crypto2023 #binancepaymarketplace

Vitalik Buterin’s wallet addresses converted 20,040 RAI to 56,746 USDC earlier today. 

Buterin has previously shared his optimism on Reflexer’s algorithmic stablecoin that is backed by Ethereum. 

It is uncertain whether Buterin’s move can be interpreted as support for Circle’s stablecoin USDC. 

Ethereum co-founder Vitalik Buterin recently converted his holdings of algorithmic stablecoin Reflexer (RAI) into Circle’s stablecoin USDC. It is uncertain whether this is support for the stablecoin during its crisis or a strategic move. 

Circle’s US Dollar pegged stablecoin USDC is currently battling a crisis. USDC lost its $1 parity and nosedived to $0.90. The stablecoin hit an all-time low of $0.87 earlier today. The collapse of the Silicon Valley Bank and Circle’s exposure to the institution triggered the depeg and the subsequent price drop. 

Several other stablecoins like FRAX, DAI, USDP and TUSD have suffered a decline in price amidst rising uncertainty in the crypto ecosystem. It is likely that crypto market participants are turning to stablecoins like RAI and LUSD, with limited to no exposure to Circle and its stablecoin USDC. 

Vitalik Buterin converts RAI to USDC: Show of support or something else

Ethereum co-founder Buterin converted 20,040 Reflexer tokens to 56,746 USDC on Saturday. The Etherscan transaction is shown below:

Reflexer’s algorithmic stablecoin has previously garnered positive commentary from the Ethereum co-founder. Buterin has shared his optimism about RAI in the past. Buterin’s latest move is currently open to interpretation and it is uncertain whether the ETH co-founder is supporting USDC in its crisis or just shedding his RAI holdings. 

Until June 2020, Circle’s stablecoin USDC was exclusive to the Ethereum blockchain. In June 2020, Centre, the collaboration between Circle and Coinbase announced a framework for multi-chain support for USDC. It is likely that Buterin is extending support to USDC, converting his algorithmic stablecoin holdings into Circle’s stablecoin. 

Where does Ethereum stand when trouble is brewing in DeFi?

Circle’s USDC is one of the important elements of the DeFi ecosystem. So are the other stablecoins that are currently suffering a depeg. Amidst wider crypto market uncertainty, the DeFi ecosystem is hit by the declining total volume locked on networks like Ethereum. 

Analysts at Citron Research, a stock commentary firm believe Ethereum is at risk of a decline to $350. The technical experts argue the case that Ethereum is a security and the New York State Attorney General is set to “end the charade.”

Attorney General Letitia James recently filed a suit against KuCoin, alleging that the exchange is violating securities laws, arguing “Ethereum is a security.” When the AG focuses on the Ethereum Network, analysts expect that James could uncover self-dealing, ICO transactions, multiple attempts to avoid federal laws of taxation and securities, all while being controlled by a small group of people. 

Experts believe switching from Proof-of-Work to Proof-of-Stake turned Ethereum into a security and made it an investment vehicle, not just a smart contract network. Experts have drawn parallels between Vitalik’s altruism and defunct FTX exchange founder Samuel Bankman-Fried’s charity efforts. 

Citron Researchers believe $175 billion in market capitalization puts Ethereum at the same level as Open AI, Twitter (TWTR), Chipotle Mexican Sausage (CMG) and Lululemon Athletica Inc (LULU) combined. Citron’s take on Ethereum has garnered mass criticism on Twitter, however it remains to be seen where ETH is headed next with Circle’s fast spreading contagion. 

#vitalik #Ethereum #usdc #buildtogether #koinmilyoner