According to the CoinSpeaker Analytics:
Shiba Inu $SHIB Burn Rate Skyrockets 13,900% as SHIB Price Eyes Rebound
Shiba Inu (SHIB) has seen a huge spike in its burn rate, suggesting a possible price rebound. According to the Shibburn tracker, the platform that monitors the rate and amount of SHIB burnt, the burn rate has spiked by more than 13,900% in the last 24 hours. As a result, 96,634,993 SHIB tokens have been sent to dead wallets. This notably aligns with the communityâs effort to reduce the tokenâs circulating supply.
This massive burn rate surge coincides with an increase in the price of SHIB earlier this week. After this short-paced uptick, the tokenâs price has fluctuated. At the time of this writing, SHIB traded at $0.000014, corresponding with a 1.09% dip, per CoinMarketCap data.
The burn rate has reignited new hopes for a potential price rebound. From the circulating supply of about 583 trillion SHIB, the project has successfully destroyed over 410 trillion tokens.
The huge burn rate comes after an automated burn mechanism â ShibTorch â went live on Shibarium recently. Precisely, on August 9, the Layer 2 network, designed for the Shiba Inu ecosystem, underwent a crucial hard fork. The upgrade involved deploying a new version of the Bor software (v1.1.2-bone).
Upon successfully deploying at the block height of 6,206,570, the upgrade implemented a new burn mechanism designed to automate the burning of Shiba Inu. SHIB marketing lead LUCIE shared a few details on how the mechanism works. She clarified that it would be tied to usersâ transaction fees.
Therefore, 70% of all base transaction fees collected on the network will automatically go into the burn wallet. This leaves the remaining 30% for network maintenance, development, and growth. Noteworthy, the transaction fees are converted to SHIB before being burned.
As expected from its inception, this new burn mechanism is significantly reducing the amount of SHIB in circulation, as evident in the recent percentage burn rate reported.
đ **Crypto News Flash: Vitalik Buterin's ETH Moves!** đ
Ethereum co-founder Vitalik Buterin transferred 800 ETH ($2.01M) to a multisig wallet on Aug. 30. Shortly after, 190 ETH was swapped for 477K USDC. This isn't the first big move this month; on Aug. 9, he moved 3,000 ETH ($8.04M) to the same wallet.
đ **Key Points:**
- Buterin's transfers hint at fund consolidation or reallocation.
- Previous transfers include 1,000 ETH in June and 2,500 ETH in April.
- Buterin claims he hasn't sold ETH for personal gain in over 5 years.
đŹ What do you think? Share your thoughts in the comments!
đš Trump's Crypto Revolution: USA to Become the Global Crypto Hub! đșđžđ
In a groundbreaking announcement, Donald J. Trump has set his sights on transforming the United States into the "crypto capital of the planet" if re-elected! During a high-profile Bitcoin conference, Trump declared his ambition to lead the digital currency charge, stating, "If Bitcoin is going to the moon, I want America to lead the way." đ
His plan includes deregulating the crypto space, turning the U.S. into a haven for digital currency enthusiasts and businesses. This is not just talkâTrumpâs campaign has already begun accepting crypto donations, marking a historic first for a major party candidate. đž
Trump's bold move also includes the establishment of a "strategic national Bitcoin stockpile," signaling a strong commitment to positioning America at the forefront of cryptocurrency. His strategy aims to keep the U.S. competitive with global players like China, with a promise: "You will not have to move your family to China."
This vision could redefine the global crypto landscape, promising a new era where the U.S. leads in digital innovation. Buckle upâcryptoâs future is about to get thrilling! đđ°đ #CryptoCapital #Bitcoin #CryptoRevolution
NOT YOUR KEYS, NOT YOUR TOKENS!
If your $FLOKI / $TOKEN is anywhere other than in your own wallet, you need to realize that they do not truly belong to you. Itâs why they say, 'not your keys, not your tokens.'
Itâs better to be safe than sorry! â ïž
Read more đ
Do make sure you are very familiar with what youâre doing before withdrawing your tokens: understand how crypto wallets work and security best practices involved with using your own wallet.
For example:
- Donât share your private key/seed phrase with anyone or they can take over your wallet and your tokens. đ€«
- Make sure you properly store your private key/seed phrase because if you lose it you wonât be able to regain access to your wallet or tokens again if anything happens to your device. đŠ
- Be very careful when connecting your wallet to any website/app online; a lot of scammers are out there trying to steal from unsuspecting people. You can lose all your tokens if you connect to the wrong website/app. Make sure to double check the URL of key websites you interact with to make sure it is not a phishing/fake website impersonating the real one. đ
- Donât interact with strange tokens you see in your wallet; this means donât send or approve them for swap. Doing so can compromise your wallet and result in you losing your tokens. đ
ââïž
- Double check your wallet address before sending tokens to it from a CEX; be triple sure you are actually sending tokens to YOUR wallet. If you send to the wrong address you most likely wonât be able to recover it, ever. đą
Floki is fortunate to be partnered several amazing CEXs and this isnât a statement about anyone of them. Instead, it is essential advice we have for you because we genuinely care about our Vikings. đĄ
Stay safe out there, Vikings!
Shiba Inu Burn Rate SOARS 28,000%
A single transaction on Thursday burnt 96,086,320 Shiba Inu (SHIB) tokens (worth $1,364), the highest burn event in two months.
The August 29, 2024 21:19 UTC transaction caused this massive fire. Shibburn, the event tracker, indicates that a Coinbase user burnt the tokens from a wallet. Etherscan shows the wallet made numerous Coinbase transactions.
Before the SHIB burn, the wallet was idle for 154 days, last transacted on March 28, 2024. Through THORChain, the wallet swapped 0.2839 ETH (valued $715 at the time).
The Shiba Inu community is curious about the wallet owner's reasons and future plans after the wallet was suddenly reactivated and a major transaction was made. Anonymous wallet addresses are notable. The address decreased to 0.013485458648025166 ETH, worth $34.13, at press time.
Related Reading: Shiba Inu Team Releases Second Shibarium Game
This recent blaze is remarkable for its magnitude and part of a bigger pattern. Two months earlier, an unidentified person burned 290.43 million SHIB tokens on June 30, 2024. Comparing these two significant events shows community commitment to reducing SHIB supply.
Within 24 hours of reporting, the community burned 96.43 million SHIB in two significant transactions. Another anonymous wallet burned 348,673 SHIB (worth $4.95) at 17:21 UTC on the same day, supplementing the 96.08 million SHIB burn.
Shiba Inu Whales Return With Over 1.3 Trillion SHIBâBullish or Bearish?
This coordinated effort caused the Shiba Inu burn rate to surge 28,145% from the previous day. These burns are part of the community's dynamic token supply management approach to increase scarcity and market value.
#SHIB #BNBChainMemecoins #PowellAtJacksonHole $SHIB
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***Lawsuit Dismissal***
Elon Musk and Tesla won the dismissal of a federal lawsuit that accused them of manipulating Dogecoin prices and engaging in insider trading.
***Core Allegations***
Investors claimed that Musk used various public platforms, such as Twitter and his 2021 appearance on âSaturday Night Live,â to hype Dogecoin and artificially inflate its price. They alleged that Muskâs actions caused Dogecoinâs price to surge by over 36,000% over two years, followed by a crash, leading to significant financial losses.
***Specific Incident***
One notable incident involved Musk replacing Twitterâs logo with Dogecoinâs Shiba Inu dog in April 2023, which allegedly caused Dogecoinâs price to rise by 30%. Investors argued that Musk then profited by selling Dogecoin after this increase.
***Defense Arguments***
Muskâs legal team argued that the plaintiffs had no concrete evidence to support their claims, despite multiple revisions to the lawsuit. They maintained that Muskâs tweets were harmless and that there was no proof that Musk or Tesla owned the wallets involved in the alleged trading.
***Judgeâs Decision***
U.S. District Judge Alvin Hellerstein dismissed the case, concluding that the investors failed to provide sufficient evidence of fraud or insider trading.
Source: market screener
#CryptoMarketMoves #DogecoinCommunity #Write2Earn!
đ A Few Words about the Crypto Market Structure
âĄïž The legendary trader from the first half of the 20th century, Jesse Livermore, used to say that a smart market player knows when to trade and when not to trade. Sometimes inaction is the best strategy.
âĄïž It seems like todayâs crypto market is one of those cases. I have open positions and am waiting for a momentum to form (possibly after the release of U.S. statistics) before reassessing the situation.
đ In the meantime, I recommend paying attention to the structure of the crypto market. We are still in the "Bitcoin season."
âïžAs soon as $BTC dominance drops below 50%, altseason will begin. In the first months, I expect capital to flow into Ethereum and other large altcoins, and then into smaller ones.
âïžWhen BTCâs share drops to 35-40%, it will be time to take profits. But that wonât happen for a while yet. đ
#btcupdates2024 #BTCpredictions #CryptoMarketMoves #BinanceBlockchainWeek #TON
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đ Exciting times in the crypto world! Bridge, a startup founded by Square and Coinbase alumni, just raised $40M, aiming to build a global stablecoin payments network. This brings their total funding to $58M! đ°
Their mission? To let companies use stablecoin rails effortlessly, tackling the hurdles of on-ramps, off-ramps, and cross-token transfers. With big names like SpaceX and Coinbase on board, Bridge is set to be the Web3 version of Stripe.
Stablecoins offer a stable entry into the crypto economy, but what challenges do you think lie ahead? Share your thoughts below! #CryptoNews #Stablecoins
**Crypto Startup Bridge Raises $40M to Build Global Stablecoin Payments Network đ**
Crypto startup Bridge, founded by Square and Coinbase alumni Zach Abrams and Sean Yu, has raised $40 million in fresh funding, bringing their total to $58 million. Their goal? To create a seamless global stablecoin payments network that companies can use without a second thought.
- **What are Stablecoins?** Crypto tokens pegged to traditional assets like the U.S. dollar, offering stability in the volatile crypto market.
- **Challenges:** Companies face hurdles in accessing on-ramps/off-ramps and facilitating transfers across different tokens and blockchains.
- **Bridge's Vision:** To become the Web3 version of Stripe, enabling smooth integration for developers.
What do you think about the future of stablecoin payments? Share your thoughts in the comments!
Whale's Strategic WIF Buys Yield $65.6M Profit
đ Big moves in the crypto world! đ The largest holder of Dogwifhat ($WIF) has just boosted their holdings to 28.66 million tokens, now valued at $44.13 million. Their recent purchase of 643,832 $WIF, financed partly by a $1.4 million loan, has already netted them a staggering $65.6 million profit. đ
This strategic acquisition underscores their proactive approach to crypto investment, aiming to capitalize on potential future gains. Despite a slight dip in price to $1.54, $WIF maintains robust trading activity with a daily volume of $298.42 million. đ
Stay tuned as the crypto market continues to unfold with dynamic moves like these! đđ°
#CryptoNewsđđ„ #WIFđ„đ„ #CryptocurrencyAnalysis #Investing
According to the CoinTurk Analytics:
Analyst Predicts Toncoin $TON Could Outperform Market Despite Recent Decline
According to Lee, the double-digit decline mirrors Bitcoinâs performance, which has recently struggled to surpass the $60,000 mark. Lee also noted that despite recent struggles, TON has outperformed Ethereum.Â
âTON has recently experienced a decline due to negative news, but despite major bad news like the arrest of Telegramâs founder, we noticed that TONâs price did not experience a serious collapse and instead showed significant resilience and recovery. Over the past 30 days, TONâs decline was almost at the same level as Bitcoinâs and significantly outperformed Ethereum.â
Lee observed that despite the negative press surrounding Pavel Durovâs arrest, the overall sentiment for TON remains bullish. He attributed this resilience to the unity among the TON ecosystemâs founders, projects, and supporters, which resulted in a noticeable absence of FUD on social media.
đ BlackRock's spot Bitcoin ETF saw its first outflow in nearly four months on Thursday đ. Investors withdrew $13.5 million đž from the fund, marking a significant shift in sentiment đ€.
$ETH $BTC đ‎ïžđȘ
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đ This is only the second outflow since the fund's launch in January đ, with the first occurring on May 1 đ.
đ The outflow comes amid a decline in Bitcoin's price đž, which has fallen approximately 7.5% since Monday đ and is currently trading at $59,400 đ.
đ€ Other Bitcoin ETFs also experienced outflows đ, with Fidelity's FBTC recording the highest outflow at $31.1 million đž.
đ This suggests a broader trend of investors reducing their exposure to Bitcoin and cryptocurrency-related assets đ.
đ€ The outflow from BlackRock's spot Bitcoin ETF may be attributed to various factors đ€, including:
1. đȘïž Market volatility: Bitcoin's price fluctuations may have led investors to seek safer havens đ .
2. đš Regulatory uncertainty: Ongoing regulatory discussions and potential changes may have caused investors to become cautious đ€.
3. đ Investment reallocation: Investors may be reallocating funds to other asset classes or strategies đ.
đ This outflow serves as a reminder of the dynamic nature of cryptocurrency markets đ and the importance of monitoring investment positions closely đ.
đNEUTRAL: $BTC (4H)
Analysis:
BTC is currently teetering on a critical zone within a rising wedge pattern. If BTC manages to break above the resistance at $62K, we might witness a bullish continuation. Alternatively, a break below the trendline could signal a deeper bearish correction towards $52K.
Price Targets:
If bullish, the next targets to watch are $62K and potentially upwards to $70K and $72K. If bearish, BTC might dip to $61K, and further down to $52K or even $50K. Holding off until confirmation from these key levels is a wise move!
$BTC #DYOR #TON #DOGSONBINANCE #BNBChainMemecoins
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