The XRP token has attracted much attention, especially because of Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC). This has led to speculations on whether Ripple is able to control the XRP price or not. So crypto analysts have chimed in to share their opinions. No Ripple Effect On XRP? Pro-XRP influencer Crypto Eri stated in a tweet that she doesn’t rely on the “efforts of Ripple” to increase XRP’s value. She suggested that the crypto company hasn’t done much to grow the token as it accounts for a “single digit impact on volume.” There is a common belief that token issuers should be able to control and drive up the price of their tokens, whether through their marketing efforts, a deflationary mechanism, or simply increasing the use cases of their tokens to send a bullish signal to the crypto community. In Ripple’s case, Eri believes holders shouldn’t rely on the company, especially after “surviving” the SEC attack. While her stance is unclear, many may argue that Ripple’s effort in its case against the SEC shows its commitment to building the ecosystem and promoting mass adoption of its token. Eri’s tweet came in reply to another pro-XRP influencer, Digital Asset Investor, who tweeted about why he was bullish on XRP. In contrast to Eri’s view, this influencer believes that Ripple’s efforts will greatly affect XRP’s value as Ripple promises to disrupt the global financial system, so he is bullish on the token. Has Ripple Had Any Effect On XRP? It is worth mentioning that the XRP price experienced significant gains on the back of Judge Analisa Torres’ ruling in favor of Ripple. The token surged over 23% within hours of the decision and rose to as high as $0.9 due to the ruling. Furthermore, XRP became the fourth-largest token by market cap following the decision (although it has dropped to 5th since then). However, there is no denying the potential for Ripple to go head-to-head with the foremost cryptocurrencies such as Bitcoin and Ethereum. Interestingly, there was a significant increase in daily transactions conducted on the XRP ledger, with more transactions conducted on the blockchain at the beginning of last month than leading blockchains Ethereum and Bitcoin. Ripple has also not rested on its efforts to develop the XRP ecosystem despite the SEC’s lawsuit against it. The crypto company is looking to expand into the tokenized assets industry by enabling trading of these asset classes on the XRP Ledger. There are also plans to release an upgrade for the XRP Ledger, with a notable amendment being the introduction of a novel automated market maker (AMM). This update could see XRPL become a major player in the DeFi space and increase XRP’s utility, which could trigger an increase in its value.

The Ethereum (ETH) market has been gripped by escalating bearish sentiment as the taker buy-sell ratio, a critical indicator of market dynamics, plunged to a yearly low. This downward trajectory has sparked concerns among investors and traders, highlighting the prevailing pessimism in the Ethereum futures market. ETH’s taker buy-sell ratio, as revealed by a recent report from the anonymous CryptoQuant analyst Greatest_Trader, has been on a consistent decline over the past few months. The ratio reached its nadir at the end of the previous month, signaling a growing dominance of bears in Ethereum’s trading arena. Greatest_Trader said: The dwindling taker buy-sell ratio is indicative of increased sell orders, reflecting a lack of confidence in the coin’s short-term prospects. Google Trends Reflect A Loss Of Interest In Ethereum Adding to Ethereum’s woes is the declining interest of mainstream internet users. Google Trends data indicates that the number of searches for Ethereum (ETH) has plummeted to levels not witnessed since November 2020. Even more strikingly, searches for “DeFi” have dipped to four-year lows. In the last seven days, the metric for “Ethereum” plummeted to a dismal 8/100, a level last seen during the crypto euphoria of 2021, where internet users were searching for Ethereum 12 times more frequently. This decline in interest signals a significant loss of confidence in Ethereum’s prospects among retail investors. ETH Futures Open Interest Hits Yearly Low The pessimism surrounding Ethereum is further underscored by an examination of its futures open interest. Currently standing at $4.67 billion, ETH’s open interest has reached its lowest point this year, marking a 36% decline since its peak on April 19. This drop in open interest reveals that institutional and retail traders are increasingly skeptical about the cryptocurrency’s short-term potential. As of now, Ethereum’s price hovers at $1,622.75, with a 0.6% decline in the last 24 hours and a 1.9% loss over the past seven days, according to CoinGecko. Ethereum’s once-promising outlook is facing headwinds as bearish sentiment prevails in its futures market. The declining taker buy-sell ratio, coupled with a lack of interest from retail users, paints a somber picture for the cryptocurrency. Moreover, the dwindling open interest in Ethereum’s futures suggests that traders are hedging their bets amid growing uncertainty. Ethereum’s journey in the coming months will undoubtedly be a challenging one, and investors and enthusiasts alike will be keenly watching to see if it can weather this storm and regain its bullish momentum. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Vauld

Binance faces a turbulent phase because of regulatory scrutiny and departures. Mayur Kamat, Global Head of Product, resigns from Binance. Binance, one of the world’s largest cryptocurrency exchanges, has seen its fair share of controversies and ‘FUD’ (fear, uncertainty, and doubt) this year. Adding to the turmoil, Mayur Kamat, Global Head of Product, has recently resigned. Binance confirmed Kamat’s departure through the email sent to the crypto media, mentioning gratitude for his contributions during a period of significant growth. Mayur Kamat, a tech industry veteran with experience at tech giants such as Google, Microsoft, and Agoda, joined Binance in January 2022. His LinkedIn profile highlighted his instrumental role in expanding Binance’s user base from 80 million to over 150 million within just 18 months, achieved through the introduction of various innovative product offerings. Kamat also claimed significant contributions to the successful launch of Binance features like Feed, Tax, and CeDeFi, which aimed to enhance the overall user experience on the platform. This latest executive departure follows a string of other high-profile exits, including Patrick Hillmann, who served as Chief Strategy Officer until July 2023, Steven Christie, the Senior Vice President for Compliance, and Hon Ng, the General Counsel, all of whom left the company in July Binance In a Challenging Period? Binance has been facing a series of challenges in recent months, primarily stemming from increased regulatory scrutiny in various jurisdictions. In the United States, the Securities and Exchange Commission (SEC) filed a lawsuit against the exchange in June, alleging involvement in a wash trading scheme where millions of dollars were moved between companies owned by CEO Changpeng Zhao. The lawsuit also raised concerns about Binance operating as an unlicensed securities exchange. Moreover, the Commodity Futures Trading Commission (CFTC) filed a separate lawsuit against Binance earlier this year, alleging violations of U.S. trading and derivatives rules CZ’S Response Changpeng Zhao, the CEO of Binance, has repeatedly addressed what he considers “fake news” coverage of the exchange, accusing critics of FUD. Zhao asserts that it remains ahead of the curve in terms of regulatory compliance, highlighting the company’s large user base and market share as evidence of its strength. Meanwhile, it has made internal changes, with Kristen Hecht being appointed as the new Deputy Chief Compliance Officer (CCO) and Global Money Laundering Reporting Officer (GMLRO). Hecht previously held the position of Global Head of Corporate Compliance within the company. Amid these Binance native tokens, BNB is down 0.07% in the past 24 hours, with the price trading at $215.

During a market downturn, Solana (SOL) remained strong among institutional investors. Solana marks a streak of 9 weeks of inflows, totaling $0.7 million. In a week marked by dwindling interest in digital asset investments, Solana (SOL) has defied the trend, emerging as the preferred choice for institutional investors. CoinShares, a prominent European cryptocurrency management platform, released its latest report, highlighting the remarkable resilience of Solana in the face of a market-wide slowdown. During this cooling-off period, digital asset investment products experienced relatively minor outflows totaling $11.2 million. This seven-week streak of negative sentiment now accumulates to a total outflow of $342 million. Notably, overall outflows of $8.6 million and $3.2 million were observed in Polygon and Ethereum, respectively. Cryptocurrencies Weekly Fund Flows (Source: CoinShares) Solana (SOL) Shines with Institutional Inflows Currently, Solana is the star of the altcoin arena. CoinShares’ report reveals that despite the withdrawal of funds by prominent cryptocurrency investors from other altcoins, Solana continues to attract significant institutional interest. Last week alone, $700,000 was invested in SOL through cryptocurrency investment providers, making it the “most loved altcoin among investors” at the moment. This surge in interest has not gone unnoticed, as Solana products experienced weekly inflows of $700,000, marking the ninth consecutive week of inflows. Over this nine-week period, Solana saw a total of $14.1 million in inflows, contributing to year-to-date inflows of $26 million. At the time of writing, Solana was trading at $19.28, marking a decrease of 1.96% in the last 24 hours. Still, the daily trading volume for SOL surged by over 18%, reaching $215 million. Further, Bitcoin (BTC) products were the other sole assets to witness weekly inflows, amounting to $3.8 million. Also, the overall sentiment appeared lackluster, trading volumes bucked the trend, surging to $2.8 billion for the week, marking a significant 90% increase above the year-to-date average. Recommended for you Solana (SOL) Price Prediction 2023

Today marks the grand opening of the Asian Web3 Gaming Gathering, a Korean Blockchain Week collaborative side event orchestrated by MixMarvel, Undefined Labs, and MetaCene. Scheduled to run from 4:00 PM to 1:00 AM GMT+9, the grand assembly will convene leading industry professionals, trailblazing innovators, and gaming aficionados, set against a backdrop of in-depth panel discussions, hands-on workshops, and intimate networking sessions. The event promises to shine a light on the burgeoning landscape of Web3 gaming, specifically emphasizing the metamorphosis of MMORPGs. A spotlight will fall on MetaCene, MixMarvel’s flagship game, during a showcase session. Attendees will get an exclusive first-hand look at its gameplay mechanics and have an opportunity to engage with the prodigious minds behind its creation. Event Highlights: – Registration: https://lu.ma/mmkbwgaming – In-depth Talks: A roster of keynote speeches by industry luminaries will share insights into the ever-evolving world of blockchain gaming and its accompanying technologies. – MetaCene in Focus: Attendees are in for a treat with a special showcase session earmarked for MetaCene. This segment will offer live gameplay demonstrations, exclusive behind-the-scenes scoops, and intellectual discourse on the game’s innovative features. – Engagement & Networking: Designed to foster collaboration, the event will feature a gamut of social events, including a Web3 gaming competition and a unique engagement with IP cosplayers. These attractions aim to seamlessly merge offline and online interactions, offering a holistic community experience. Schedule: – Main Event: – 4:00 PM – 4:30 PM: Registration and Welcome Reception – 4:30 PM – 5:00 PM: Host Introduction – 5:00 PM – 7:00 PM: Keynote Speeches – 7:00 PM – 7:30 PM: MetaCene Showcase and Demos – 7:30 PM – 8:10 PM: Panel Discussions – 8:10 PM – 9:00 PM: MetaCene Tournament and Cosplayer Photo-op – 9:00 PM – 10:00 PM: Networking, Refreshments, and Collaborations – Afterparty: – 10:00 PM – Midnight: Chill-out sessions at the bar About The Hosts: MixMarvel is building the world’s leading blockchain content incubation platform and creators community. Pivoting on investment, incubation, and publication, MixMarvel connects Metaverse entrepreneurs, investors, and mass users through industry investment, gaming incubation, asset distribution, infrastructure development, and other diversified scenarios in a new ecosystem of dapps. MixMarvel’s broad ecosystem comprises gaming IPs like DeHero and MetaCene, tech solutions like MixMarvel SDK and Rangers Protocol, investment organizations like MixMarvel DAO Venture, and other network resources for high-quality Web2 and Web3 native gaming projects. For more information, visit https://link3.to/mixmarvel. MetaCene presents a surreal post-apocalyptic society where survivors interact with diverse NFTs to redefine civilizations. It pioneers player-centric entertainment, governance, and creation through innovative PVE and PVP gameplay, robust technology infrastructures, social guild DAO governance, sustainable economic systems, and in-game editors. MetaCene is founded by gaming experts with 20+ years of industry experience from Shanda Games, Blizzard, Perfect World, and others. It envisages a multichain future from Rangers Protocol with real-time confirmation and super-low gas fees. After a highly successful Alpha Test in August and the launch of the MetaCene Apostle NFT collection, the team is currently working on the mobile version and the first official release, which is scheduled for Q4 2023. Undefined Labs was established in 2021 by three visionary founders. Undefined Labs is on a mission to create the inclusive Asian Builders Hub. With a combined expertise spanning traditional sectors and the blockchain landscape, Undefined Labs is poised to be a trailblazer in the Korean Blockchain market, fostering synergies and growth. Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

A total of 300,000 Ethereum (ETH) has been moved from two unknown wallets to Coinbase. ETH trading volume has experienced a surge of 31.08% in the last 24 hours. Ethereum (ETH), the second-largest cryptocurrency, experienced a massive downtrend over the past few weeks, along with the entire crypto market. Despite the recent substantial decline in the crypto market, two wallets have made significant transactions to the major crypto exchange, Coinbase. According to Whale Alert’s data, these transactions are valued at over 300,000 ETH, equivalent to approximately $488 million. On September 5, Whale Alert, the crypto transaction analyzer, disclosed a transfer of 300,000 ETH, worth over $488 million, from two unknown wallet addresses to the cryptocurrency exchange Coinbase. Notably, these two wallet addresses are Coinbase cold wallets. Following the substantial transfer to the Coinbase cold wallets, the funds later distributed across multiple wallet addresses, totaling 4,282 ETH per transaction. In addition, an unknown wallet transferred 21,000 ETH, worth around 34,080,667 USD, to the leading crypto exchange OKX. With the continuous whale transactions, Ethereum expected to show a surge. However, the leading altcoin continued its downtrend. Ethereum (ETH) Continues its Downtrend Despite these massive transactions, Ethereum failed to gain momentum. At the time of writing, ETH has been trading at $1,621, with a decline of over 0.87% in the last 24 hours. However, the daily trading volume of ETH has experienced a surge of 31.08%, according to CoinMarketCap. Ethereum (ETH) Daily Trading Price Chart (Source: TradingView) The daily trading price chart shows that Ethereum maintains its bearish trend as the current price is trading below the 50-day exponential moving average (50 EMA). Meanwhile, the daily relative strength index (RSI) is at 35.38, denoting the largest altcoin’s position on the border of the oversold zone. If the current trend reverses, ETH may experience bullish momentum to surpass the nearest resistance of $1700. If the momentum continues, it will breach the $1750 range and even advance to surpass the $1800 mark. On the other hand, if ETH fails to overcome the nearest resistance at $1,700, it could face further downward pressure. In such a scenario, the price might decline toward the closest support level at $1,600 and potentially even drop below $1,540. Do you think ETH will break the bearish momentum soon? Tweet to us at @The_NewsCrypto and let us know your thoughts.

Since the start of H2 this year, TON’s social dominance has increased by 320%. TON has risen 19% in the previous 7 days and a whopping 48.9% in the last 30 days. Toncoin has risen to prominence with the recent price surge taking the price all the way to $1.95. Telegram, a prominent messaging platform within the cryptocurrency industry, has no official affiliation with the project anymore, although it is nevertheless intimately related to the cryptocurrency. The dramatic growth of Toncoin (TON) in the cryptocurrency market has also shone a focus on Telegram-bot tokens. Telegram has a longstanding reputation among crypto aficionados as an early adopter of blockchain technology. Originally conceived as the “Telegram Open Network” (TON) project, Toncoin was eventually renamed as “The Open Network” in 2020 due to legal challenges. On-chain statistics and Santiment’s TON Social Dominance chart both show a sharp uptick in interest from investors in June 2023. Since the start of H2 this year, TON’s social dominance has increased by 320%. Pullback Likely The increased interest has been a major factor in driving up the price of TON, which is now trading at $1.78 as per data from CMC. In particular, TON has risen 19% in the previous 7 days and a whopping 48.9% in the last 30 days. Source: CoinMarketCap Its low point was $0.96 on June 12, and it recently tested the $1.95 level, which is an increase of over 100%. Nonetheless, a pullback might happen in the next days due to the presence of key resistance around the $1.97 mark. If the price manages to break the $1.76 level then it might decline further all the way to $1.50 support level. On the other hand, if the price manages to break above the $1.97 resistance level then a fresh rally is expected.

Seoul, South Korea, September 5th, 2023, Chainwire Aims to create a vast ecosystem to drive common growth of global blockchains Complete user-customized omnichain network to easily and conveniently utilize services across multiple blockchains All platforms and dApps are connected as one with blockchains bringing complementary strengths to the ecosystem WEMIX has unveiled unagi, short for Unbound Networking & Accelerating Growth Initiative, which aims to construct an all-encompassing ecosystem that goes beyond the limitations of diverse blockchains by seamlessly integrating, connecting and encompassing multiple networks, fostering an environment where they coexist harmoniously. This need for an omnichain ecosystem that taps the potential for innovative synergy between blockchains is increasingly important amid the growing number and diversity of emerging blockchains. Overcoming existing integration challenges Proposed by the WEMIX Foundation, the launch of unagi marks a pivotal turning point with the potential to overcome existing challenges. unagi is designed to accelerate the mass adoption of blockchain by seamlessly integrating diverse blockchains and services, helping to address the multifaceted challenges that arise during chain interactions, and providing a seamless immersion into a wide array of blockchain experiences. With unagi, you can transcend the boundaries between chains and experience integrated transactions and comprehensive asset management. Core Mechanism At its core, unagi accomplishes a highly accessible omnichain, spanning on-chain and off-chain domains, through a messaging protocol known as unagi(x). This protocol supports decentralized off-chain messaging in addition to on-chain messaging, surmounting the computational limitations associated with contracts running on specific blockchains. This is achieved through a decentralized validation method, ensuring swift and secure transactions across heterogeneous chains that are completely reliable, both on-chain and off-chain. unagi enhances various aspects of blockchain activity, aiding in optimal route discovery for dApps, reducing fees, and supporting gas fee delegation services. Connecting 8 major blockchains Moreover, unagi(x) will initially support EVM networks and expand its compatibility to Non-EVM environments in the future, reducing entry barriers and enabling utilization of existing smart contracts. An initial group of 8 major blockchains are connected by unagi including Arbitrum, Avalanche, BNB Smart Chain, Ethereum, Kroma (WEMIX L2 project), Optimism, Polygon, and WEMIX3.0. Core Applications unagi’s core functionalities, supporting the omnichain, are accessible through the una Wallet, which provides a secure and speedy wallet authentication service that allows users to search and manage assets of various chains as if they were stored using a single wallet. It facilitates access to the services of these chains swiftly and securely through robust authentication mechanisms, and enables efficient management of assets across various chains through one wallet. Notably, unagi’s authentication will not only utilize MPC technology but also introduce Account Abstraction for unprecedented authentication speed and ease of use. una Wallet: natively manage assets on multiple chains through one single wallet with easy utilization of complicated concepts such as gas fee, seed phrase, network, etc. unagi Swap: A service that provides high liquidity and stability, and low fees using various cross-chain protocols, enabling users to potentially utilize dApp services at the lowest cost. unagi Scan: Get easy and direct access to transaction histories of various chains. Transactions that occur both on and between chains can all be recorded and searched through unagi. In addition to delivering user convenience, unagi will also provide support for partners and dApp builders using a Standard SDK/API that will simplify effective and efficient development of services for builders. This will create an environment where disparate blockchain services and assets effectively become interwoven as part of a single massive ecosystem and achieve what was once deemed unattainable in cross-chain transactions. Wemade showcases unagi at Korea Blockchain Week Experience unagi up close and personal at the Wemade booth on-site from 5 – 6 September at The SHILLA Seoul during Korea Blockchain Week 2023. Wemade is returning as the main sponsor for IMPACT, the key event headlining this year’s KBW. You can also watch the introduction to unagi on YouTube or visit unagi’s official website for more information. About WEMADE A renowned industry leader in game development with over 20 years of experience, Korea-based WEMADE is leading a once-in-a-generation shift as the gaming industry pivots to blockchain technology. Through its WEMIX subsidiary, WEMADE aims to accelerate the mass adoption of blockchain technology by building an experience-based, platform-driven, and service-oriented mega-ecosystem to offer a wide spectrum of intuitive, convenient, and easy-to-use Web3 services. Visit www.wemix.com/communication for more information. Contact Global PR Kevin Foo WEMIX [email protected]

The Bitcoin price currently remains in a vulnerable position. Meanwhile, recent on-chain data suggests that Bitcoin whales are accumulating, but contrary to popular rumors, BlackRock isn’t among them. Meanwhile, analysts are divided on whether the worst is behind for Bitcoin’s price. Whales Accumulate Bitcoin, But It’s Not BlackRock On-chain analyst James V. Straten recently highlighted a trend in the accumulation score by cohort chart. He remarked, “Seems like peak Bitcoin distribution is behind us, as we can see a slight tick-up in accumulation. This is the most aggressive accumulation since June/July for whales that have over 10k BTC.” However, the waters are muddied by rumors surrounding BlackRock’s involvement. Speculation has been rife that BlackRock has been suppressing Bitcoin prices to buy cheap. But these claims are unfounded. “Many individuals don’t realize that BlackRock would require actual Bitcoin to back their Spot ETF. They might have already purchased their Bitcoin months ago when prices were lower,” is a statement that’s been debunked. The reality is that BlackRock, being a financial behemoth managing people’s money, undergoes audits every three months. This means they can’t hide Bitcoin purchases from auditors. If they were to invest in Bitcoin, it would be through an exchange-traded fund. In fact, BlackRock has already shown interest in the space by investing in Bitcoin mining stocks and MicroStrategy as a proxy. Remarkably, BlackRock is a major shareholder in 4 out of the 5 largest Bitcoin mining companies. Is The Worst Behind For BTC Price? The Bitcoin price trajectory remains a topic of intense debate among analysts. Will Clemente, a prominent figure in the space, shared the chart below and commented, “From a high-time-frame valuation perspective, Bitcoin’s position is intricate. While it’s not overheated relative to historical values, there’s a tangible risk of retesting the lows akin to Q1 2020.” He further emphasized the prevailing market apathy, pointing to the lowest aggregated trading volume since 2020, the dwindling Google search trends for Bitcoin at multi year lows and realized volatility, implied volatility, weekly Bollinger Bands all near record lows. Joe Burnett of Blockware Solutions chimed in with a compelling observation, “A staggering 94.6% of all Bitcoin remained stationary in the last 30 days. We set a record high at August’s end, and this might soon be surpassed. Historically, bear markets conclude when supply dries up. A mere spark of demand could ignite the next explosive bull market.” Crypto traders, too, are closely monitoring key levels. @DaanCrypto remarked the significance of the $26K-26.1K range as it marks the daily, weekly and monthly open, high volume node and weekly VWAP. Therefore, for bulls, it’s the line of action, and for bears, it’s the fortress to defend. Rekt Capital, a well-regarded crypto analyst, has been closely monitoring Bitcoin’s price action, especially in relation to its volume dynamics. He also highlights the significance of the $26,000 support level on the weekly chart, pointing out that Bitcoin’s price has been hovering around this mark even after retracing most of its gains from the previous Grayscale rally. However, the simultaneous decline in both buy-side and sell-side volumes is a cause for concern, suggesting a market that’s currently directionless. “The declining sell-side volume coupled with a lackluster buyer volume is concerning. Without a volume breakout, neither from sellers nor buyers, the market lacks momentum,” the analyst states. On the topic of the double top, a traditionally bearish pattern, Rekt Capital indicated that a breach below the $26,000 mark on the weekly chart could potentially send BTC tumbling towards $22,000. However, he also hinted at a silver lining: an inverse head and shoulders pattern observed earlier this year. If Bitcoin approaches the $24,000 mark, which serves as the neckline for this pattern, it could act as a robust support and possibly signal a bullish turnaround. At press time, BTC traded at $25,734.

Shiba Inu (SHIB) has recently been on the radar of cryptocurrency enthusiasts as data suggests a potential comeback for this meme-inspired digital asset. The SHIB community had reason to celebrate with the successful relaunch of the Shibarium Layer 2 solution, akin to a tech company unveiling a highly anticipated software update. This event not only breathed new life into the ecosystem but also injected a sense of optimism among SHIB holders. The Shibarium relaunch has elevated SHIB beyond its meme coin status, adding a layer of credibility and utility. SHIB Price Analysis Indicates Hope Over the past weeks, SHIB has seen a decline in its price, accompanied by a decrease in trading volume. However, recent price analysis hints at a potential change in the trend. The descending trading volume, coupled with the declining price, often serves as a signal that the downward momentum might be losing its steam. It appears that the market may be running out of compelling reasons to continue pushing the asset lower, providing a glimmer of hope for SHIB enthusiasts. Surprising Popularity Among American Investors In a surprising turn of events, Shiba Inu emerged as the sixth most popular cryptocurrency asset among American investors, according to a recent survey conducted by ConsenSys. Interestingly, 17% of respondents had allocated their funds to this $4.5 billion market-capped asset, placing SHIB ahead of larger and more established cryptocurrencies like Tether and Cardano. The survey also unveiled a prevailing sentiment among respondents regarding the cryptocurrency landscape. Many felt that this asset class needed “heavy regulation” to protect investors due to the prevailing uncertainty. While Bitcoin and Ethereum still held the top positions in terms of popularity among American investors, SHIB’s unexpected rise in popularity signifies a growing interest in alternative cryptocurrencies. Current State Of SHIB As of now, SHIB is trading at $0.00000745, according to CoinGecko. Over the past 24 hours, the asset has experienced a 3.3% decline, while the seven-day performance shows a 9.3% slump. These figures reflect the ongoing volatility in the cryptocurrency market but also underline the potential for a turnaround as SHIB aims to regain its footing. Shiba Inu’s recent Shibarium relaunch and its surprising popularity among American investors suggest that this meme-inspired cryptocurrency might be poised for a resurgence. Despite recent price declines, the signs of optimism, coupled with a shifting sentiment in the cryptocurrency landscape, could pave the way for a potential comeback for SHIB. However, as with all cryptocurrencies, investors should exercise caution and conduct thorough research before making any investment decisions. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from CarSwitch

ABC Conclave is set to gather blockchain enthusiasts, industry leaders, and innovators from around the globe on 7-8 October 2023 at the prestigious Dubai World Trade Centre. This immersive event will provide a unique platform for collaboration, education, and exploration of the latest trends in blockchain, cryptocurrencies, NFTs, DeFi, and Web3 technologies. With the blockchain industry evolving at an unprecedented pace, ABC Conclave aims to bring together the brightest minds and disruptive projects to drive innovation and shape the future of decentralized technologies. The event will feature extensive expert speakers, interactive workshops, panel discussions, and networking opportunities to foster knowledge-sharing and strategic partnerships. Attendees can expect a diverse range of activities, including thought-provoking presentations by industry visionaries, engaging panel discussions on cutting-edge topics, hands-on workshops, and live demonstrations of blockchain solutions. The event will also showcase the fusion of Web2 and Web3 gaming through exhilarating Esports tournaments, a pulsating Music Festival, a spectacular Cosplay event, a thrilling hackathon, exclusive FOMO lounge access to establish impactful relationships with key industry players, ABC Awards ceremony to honor the trailblazers who have made exceptional contributions to the field, as well as an array of engaging Side Events and Workshops, creating an unforgettable experience for the 20,000+ Web3 community under the roof of the grand stage at the Dubai World Trade Center. ABC Conclave 2023 features an impressive lineup of renowned industry speakers, including: Ahmed Elmetwally, CEO / General Manager, Private Office of Sheikh Mohamed Bin Ahmed Bin Hamadan Al Nahyan, UAE Carmelo Milian, Founder and CEO, Polkacity, USA Ethan Pierse, Co-Founder, NFT Factory Paris, France Mohammed AlKaff AlHashmi, Co-founder, Islamic Coin, UAE Dr. Zayed Al Hemairy, Blockchain, Cryptocurrency & ICO Expert, Bitcoin Inc,UAE Alex Chehade, Executive Director and General Manager, Binance, UAE Igor Bershadsky, Director of Business Development & Partnerships, Hacken, UAE Jason P. Allegrante, Chief Legal & Compliance Officer, Fireblocks, USA Haidy Riad, Financial Economist & Consultant, McKinsey & Company, KSA Khushboo Gehi, Gold Coding Ambassador, Digital Economy and Remote Work Applications Office, UAE George Chivi, Head Of Partnerships, Smart Token Labs, UAE Ali Safri, AI and Metaverse, Avanza, UAE Mohamed Roushdy, Senior Consultant – Digital Transformation and Fintech, IFC – International Finance Corporation, UAE Vadim Krekotin, Founding Partner, Cryptomeria Capital, UAE Ashish Kumar Singh, Vice President, Expand My Business, UAE Akina Ho, Co-founder, Global Head of Business Consultancy and Head of Asia Pacific Chapter, AllStarsWomen DAO, Singapore Malik Khan Kotadia, Co-founder and Chairman, Finnovation Labs Private Limited, Manila Sunil Sharma, CEO, SquadX & Coingape, India Dr. Jane Thomason, Inaugural Chair, Organization: World Metaverse Council, Australia Tim Mangnall, Founder & CEO, Capital Block, UAE Matthias Mende, Co-Founder, Dubai Blockchain Center, UAE Cristina Ceban, Founder, Women Do Crypto, UAE Charlie Hu, Lucid Blue Ventures, UAE Arpit Sharma, Managing Director of SE Asia & MENA Near Foundation, UAE Marcello Mari, Founder & CEO of Singularity DAO, UAE Farkhad Shagulyamov, Founder & CEO of Velas Network, UAE Bruce Porter Jr, CEO Global Boost/Impact Protocol & Founder of Washington Elite, USA Rudy Shoushany, Founder, Producer, Dx Talks & Crypto Talks, UAE Shailesh Kunnath, Co-Founder, Masary Capital, UAE Ravindra Kumar, Frontier Wallet, India BK Raj, Founder and Director of Scallop Group, UAE Aaron T, Octopus Network, UAE Ramani Ramachandran, Founder & CEO of Router Protocol, India Tobais Bauer, Principal, BFF, Singapore Preetam Rao, CEO & Co-Founder, QuillAudits, India Harrison Goldsmith, CEO, Kernel Ventures, Singapore Geoff McAlister, MD, Hex Trust, UAE Catie Romero, Founder and CEO of BABs Labs, USA; to name a few. Our distinguished speakers will share their expertise, insights, and visions for the future of blockchain technology. Their sessions will cover a diverse range of topics, including decentralized finance (DeFi), non-fungible tokens (NFTs), smart contracts, and the evolution of Web3. ABC Conclave is proud to have the support of leading sponsors who share our vision of advancing the blockchain ecosystem. These strategic partners will gain unparalleled exposure to a global audience, showcasing their products and services, and forging valuable connections within the industry. As a participant at ABC Conclave, you will have the opportunity to explore the latest innovations, gain insights from industry experts, and connect with like-minded individuals who are driving change in the blockchain space. Whether you’re an investor, developer, entrepreneur, or simply curious about the potential of blockchain technology, ABC Conclave offers a vibrant environment to expand your knowledge, network, and business opportunities. “Web3 is more than a technology, it’s a revolution. At ABC Conclave, we’re not just hosting an event, we’re creating a platform for this revolution to grow and thrive. We’re bringing together the brightest minds in blockchain, digital assets, and fintech from across the globe for a two-day immersive experience in the heart of Dubai. From Web3 Conclave and high-stakes Esports tournaments to groundbreaking hackathons, from the pulsating rhythms of our music festival to the vibrant creativity of our cosplay event, ABC Conclave is a celebration of the diverse and dynamic spirit of the web3 community”. – Kirubakaran Reddy, Founder & CEO, Alphablockz. Book your tickets today and secure your place at this landmark event. Take advantage of the limited-time Early bird discounts and be among the first to experience cutting-edge technologies, innovative projects, and exciting opportunities in the blockchain industry. Get ready to embark on an incredible journey of knowledge, networking, and growth. Apply the code “ABCSPL30” to avail an additional 30% discount on our tickets, applicable until September 10, 2023. If you are a VC, media partner, C-level executive, or a prospective sponsor interested in being part of our groundbreaking event, inquire now: https://abcconclave.com/get-in-touch Secure your spot at the #ABCDXB today and become a driving force for change in the blockchain industry: https://abcconclave.com/tickets We look forward to welcoming you to ABC Conclave 2023 and joining forces to shape the future of blockchain technology. 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The crypto market is always in flux, with new narratives and trends emerging each week. Renowned crypto analyst Miles Deutscher recently took to Twitter to share his insights on the altcoin space, shedding light on the tokens that are catching his attention. Crypto Watchlist For This Week Starting with UNIBOT, Deutscher highlighted its recent performance, noting that it’s down significantly (-60%) from its highs. He attributed this decline to a combination of fear, uncertainty, and doubt (FUD) and a decrease in key metrics. However, he remains optimistic, suggesting that the accelerated selling might be slowing down. “I used the dip as an opportunity to add to my position. I don’t think there’s a rush – but if you believe in the narrative you’re now getting another chance to accumulate in the double digits,” he shared, indicating a belief in the token’s long-term potential. KAVA is another token on Deutscher’s radar. He pointed out several positive developments, including its addition to Fireblocks, a platform that serves as a gateway for institutions. Furthermore, the involvement of DWF Labs and Kava’s role as a gateway to the Cosmos ecosystem for Tether are promising signs. The recent launch of their first perpetual decentralized exchange (perp dex) further underscores Kava’s growing momentum in the market. “Recently added to my accumulation list + I’m watching the chart closely,” Deutscher stated. However, not all tokens are receiving a positive nod. The analyst expressed concerns about GALA, citing internal disputes between its founders. “The situation over there is crazy, with both founders suing each other,” he remarked. This ongoing legal battle could potentially hinder the token’s performance and future developments. Deutscher also raised concerns about GALA’s centralization because of the fact that both the founders own 7,000 nodes and 50,000 nodes respectively, a revelation that emerged from recent documents. In the gaming altcoin space, PYR stands out. Following the turbulence surrounding GALA, liquidity seems to be moving towards other gaming tokens, with PYR emerging as a strong contender and probably the closest counterpart. Deutscher praised its resilience and positive accumulation phase, hinting at its potential for growth. “Upon checking the PYR chart, we rarely see a token in such an extended/positive accumulation phase”, Deutcher remarked. Another altcoin to watch is Maker (MKR). Currently, the community is abuzz with the news of their “End Game” initiative. Deutscher highlighted the project’s ambitious plans, including the proposal to launch their own native chain and move away from Ethereum. This move, however, has not been without controversy. “Vitalik obviously didn’t like it, as he sold his remaining MKR,” Deutscher mentioned, pointing to the Ethereum founder’s recent actions. Sui Network (SUI) is another token that’s been performing well, with a 70% increase in its Total Value Locked (TVL) over the past month. Deutscher sees potential in SUI, hinting at its explosive growth when it gains momentum: “When SUI pumps, it pumps hard. Definitely not one I’m fading when it wakes up (from a price perspective).” Short Solana (SOL)? Lastly, Deutscher touched upon Solana (SOL), a high-performance blockchain platform, which has recently been the subject of much discussion and speculation in the crypto community. The analyst pointed out that there’s been “negative noise” building around Solana, particularly in relation to the upcoming FTX liquidations. These liquidations have raised eyebrows due to the potential impact they could have on the token’s price. While some in the community believe that the effects of these unlocks and the eventual “forced selling” are already priced in, Deutscher suggests that the current lack of liquidity in the market might amplify the price fluctuations more than many expect. The situation is further complicated by the involvement of Galaxy, who are responsible for handling the funds. They are scheduled to appear in court on September 13th to present a liquidation plan. The figures being discussed are significant, with potential liquidations of up to “$100m weekly, and up to $200m for select tokens.” Despite these challenges, Deutscher remains strategically optimistic about Solana’s long-term prospects. He hinted at the possibility of adding to his long-term positions if a price correction occurs. However, he also noted that the current environment might present “interesting short opportunities” for those with a keen eye and a willingness to navigate the risks. At press time, SOL traded at $19,22. After falling below the 50% Fibonacci level ($20.22), a deeper retracement to $17.33 could be on the cards.

Ethereum price is struggling to recover above $1,650 against the US Dollar. ETH is showing bearish signs and might dive below the $1,600 support. Ethereum failed to gain strength for a move above the $1,650 zone. The price is trading below $1,640 and the 100-hourly Simple Moving Average. There are two bearish trend lines forming with resistance near $1,630 and $1,640 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate lower if the bears push it below the $1,600 support. Ethereum Price Remains At Risk Ethereum’s price attempted a recovery wave from the $1,600 support zone. ETH price climbed above the $1,630 level but the bears were active near the $1,650 zone, like Bitcoin. The price is again moving lower and showing bearish signs. There are also two bearish trend lines forming with resistance near $1,630 and $1,640 on the hourly chart of ETH/USD. Ether is now trading below $1,640 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,630 level and the first trend line. The next resistance is near the $1,640 level, the second trend line, and the 100 hourly SMA. It is close to the 23.6% Fib retracement level of the downward move from the $1,750 swing high to the $1,600 low. A close above the $1,640 level might send the price toward the $1,670 zone. The main resistance is now forming near $1,700 or the 61.8% Fib retracement level of the downward move from the $1,750 swing high to the $1,600 low. Source: ETHUSD on TradingView.com To start a fresh increase, Ethereum must settle above the $1,700 resistance zone. The next resistance might be near $1,750. Any more gains might send the price toward the $1,800 resistance. More Losses in ETH? If Ethereum fails to clear the $1,640 resistance, it could continue to move down. Initial support on the downside is near the $1,610 level. The first key support is close to $1,600. The next major support is near the $1,580 level. If there is a downside break below $1,580, the price could accelerate lower toward the $1,540 level. Any more losses might send the price toward the $1,480 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,600 Major Resistance Level – $1,640

BNB price (Binance coin) failed to settle above $225 and trimmed gains against the US Dollar. The price could decline heavily if it trades below $210. Binance coin price tested the $235 resistance before the bears appeared against the US Dollar. The price is now trading below $220 and the 100 simple moving average (4 hours). There was a break below a key bullish trend line with support near $220 on the 4-hour chart of the BNB/USD pair (data source from Binance). The pair might gain continue to move down unless there is a close above $225. Binance Coin Price Fails Again In the last analysis, we discussed the chances of BNB price recovering toward the $235 resistance zone. The price did climb higher toward the $235 resistance but failed to extend gains. It started a fresh decline from the $235 zone. There was a break below a key bullish trend line with support near $220 on the 4-hour chart of the BNB/USD pair. The pair is now showing bearish signs below $220 and the 100 simple moving average (4 hours), like Bitcoin and Ethereum. A low is formed near $211.1 and the price is now consolidating losses. On the upside, it is facing resistance near the $216.5 level and the 100 simple moving average (4 hours). It is close to the 23.6% Fib retracement level of the recent decline from the $235 swing high to the $211 low. Source: BNBUSD on TradingView.com A clear move above the $217 zone could send the price further higher. The next major resistance is near $225 or the 61.8% Fib retracement level of the recent decline from the $235 swing high to the $211 low, above which the price might rise toward $235. A close above the $235 resistance might set the pace for a larger increase toward the $250 resistance. Another Decline in BNB? If BNB fails to clear the $217 resistance, it could start another decline. Initial support on the downside is near the $211 level. The next major support is near the $210 level. If there is a downside break below the $210 support, the price could drop toward the $202 support. Any more losses could send the price toward the $184 support. Technical Indicators 4-Hours MACD – The MACD for BNB/USD is losing pace in the bearish zone. 4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level. Major Support Levels – $211, $210, and $202. Major Resistance Levels – $217, $225, and $235.

Bitcoin price is struggling to recover above $26,200. BTC is again moving lower and there could be a sharp decline below $25,500 in the near term. Bitcoin failed to recover above the $26,200 and $26,500 levels. The price is trading below $26,000 and the 100 hourly Simple moving average. There is a major bearish trend line forming with resistance near $25,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate lower below the $25,500 and $25,400 levels in the near term. Bitcoin Price Resumes Slide Bitcoin price attempted a recovery wave from the $25,350 zone. However, BTC struggled to recover above the $26,200 pivot level and remained in a bearish zone. The price is again moving lower and trading below the $26,000 level. There are a lot of bearish signs emerging below $26,000 and the 100 hourly Simple moving average. Besides, there is a major bearish trend line forming with resistance near $25,650 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $25,650 level and the trend line. The first major resistance is near the $26,000 level or the 23.6% Fib retracement level of the downward move from the $28,150 swing high to the $25,332 low. Source: BTCUSD on TradingView.com The next major resistance is now near the $26,200 level. A clear move above the $26,200 level might start a decent recovery wave toward $26,500. The next major resistance is near $27,000, above which there could be a decent increase. In the stated case, the price could test the $27,800 level. More Losses In BTC? If Bitcoin fails to clear the $26,000 resistance, it could continue to move down. Immediate support on the downside is near the $25,350 level. The next major support is near the $25,000 level. A downside break below the $25,000 level might send the price further lower. In the stated case, the price could drop toward $24,500. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $25,350, followed by $25,000. Major Resistance Levels – $25,650, $26,000, and $26,200.

Renowned crypto expert and market analyst, Doctor Profit, has made bold predictions around Bitcoin (BTC), asserting that the cryptocurrency is poised for a significant bullish rally in the coming months. Despite recent market uncertainties, Doctor Profit remains confident in BTC’s long-term potential, emphasizing the importance of zooming out and considering broader market trends. Bitcoin Surge To $90,000? Bitcoin is currently trading at $25,800, displaying a stagnant pattern within a narrow range of $25,700 to $26,200. The cryptocurrency’s recent attempt to consolidate above $27,000 and surpass its strongest resistance at $28,000 proved unsuccessful. Furthermore, the BTC market has exhibited signs of fear and outflows in recent weeks, characterized by low volatility and trading volume. As a result, Bitcoin has lost its previous bullish momentum, awaiting a catalyst that could reignite its upward trajectory. On this matter, while acknowledging the possibility of further market manipulations, pump-and-dump schemes, and the dissemination of fear, uncertainty, and doubt (FUD), Doctor Profit advises investors to maintain resilience and navigate through these challenging conditions. According to Doctor Profit, two crucial factors will drive Bitcoin’s surge to new heights. Firstly, the upcoming halving event, a phenomenon occurring every four years that historically triggers a bull cycle in BTC with remarkable accuracy. Secondly, the anticipated approval of a BlackRock exchange-traded fund (ETF), which could attract institutional investors and fuel the BTC frenzy. Doctor Profit points out an interesting correlation between the BlackRock ETF approval and the BTC halving. The deadline for the BlackRock ETF falls in March, just one month before the anticipated halving. This synchronicity, in Doctor Profit’s view, sets the stage for the “ETF, Institution, BTC FOMO” bull market, potentially igniting a period of significant upward momentum. Based on his analysis and historical trends, Doctor Profit forecasts a sudden BTC pump above $30,000, with initial targets ranging from $40,000 to $45,000 in 2023. He further predicts a consolidation period followed by a surge in July or June 2024, projecting conservative targets of $90,000 and optimistic targets exceeding $150,000. BTC’s Price Set For Sideways Consolidation In the short term, Doctor Profit anticipates a sideways consolidation in Bitcoin’s price until the following week. With lower trading volume and fewer data releases, the market is expected to remain calm. He identifies two liquidity pools around the $28,500 region, aligned with the daily MA50 and MA100, as critical levels to monitor. Additionally, he points out a liquidity pool at around $25,200 that could be utilized for quick profit-taking through short-term long scalps. Drawing upon historical data, Doctor Profit highlights September’s reputation as a challenging month for both stocks and Bitcoin. He warns against disregarding this historical trend, cautioning investors against assuming that the current market conditions are different. The chart patterns, liquidity dynamics, psychological factors, and Bitcoin’s cycle all point towards a downward trajectory, suggesting the need for caution and preparedness. Featured image from iStock, chart from TradingView.com

A fresh perspective on Bitcoin has recently surfaced courtesy of prominent crypto enthusiast and YouTuber Lark Davis. Davis offers an interesting parallel between Bitcoin’s potential fate and gold’s historical performance, especially spotlighting the transformative year of 2004 for the latter. Reflecting on gold’s journey in the early 2000s, a period marked by the introduction of a gold Exchange Traded Fund (ETF), Lark Davis suggests that Bitcoin may be on the brink of a similar breakout. While this is a bold claim, its rationale, centered on the anticipated launch of a Bitcoin spot exchange-traded fund (ETF), warrants a closer look. Gold’s 2004 Surge: A Prelude To Bitcoin’s Future? 2004 was transformative for gold, with its price trajectory reflecting a notable paradigm shift. The catalyst for this change was the launch of the first gold ETF – SPDR Gold Shares (NYSE: GLD) by State Street Corporation. A chart shared by Davis vividly encapsulates this: the price of gold began its ascent from a modest $400 per ounce towards the end of 2004 and reached a pinnacle of $1,939 by 2011. Although a decline to $1,184 followed this meteoric rise, the overall trend showcased the profound impact of ETFs on asset prices. If history were to serve as a guide, Davis’s analogy suggests Bitcoin might follow a similar path. A potential Bitcoin spot ETF could usher in a flurry of new investments, changing the market’s supply and demand dynamics. As Davis showed from the gold example, introducing such an ETF for Bitcoin could potentially attract between $20 billion and $30 billion. Assuming today’s prices, this would be equivalent to newcomers snapping up approximately half of the available Bitcoin on exchanges. ‘Supply And Demand Don’t Lie’ While Davis’s projection is rooted in past trends, it’s crucial to understand the broader dynamics at play. His assertion that “supply and demand don’t lie” underlines the fundamental economic principle that when demand exceeds supply, prices generally rise. The launch of a Bitcoin ETF would invariably boost demand by offering a more accessible and regulated way for investors to gain exposure to Bitcoin without owning the underlying asset directly. This surge in demand and Bitcoin’s capped supply might push prices higher, just as it did for gold in 2004. However, as with all financial forecasts, there’s a degree of speculation involved. While the parallel between gold’s 2004 trajectory and Bitcoin’s potential future is compelling, only time will reveal the actual course of events. Despite this forecast, Bitcoin has seen a slight dip over the past 24 hours, with a current market price of $25,867, at the time of writing. Featured image from iStock, Chart from TradingView

Less than a week after Vitalik Buterin, one of the co-founders of Ethereum, sold his Maker (MKR) stash for ETH, one crypto whale has done the opposite. On-chain data on September 4 shows that one Ethereum holder sold 694 ETH, worth roughly $1.13 million when writing, for 1,010 MKR. At the time of the swap, MKR was changing hands at $1,122. Whale Swaps ETH For MKR As of September 4, the address, “0x3737,” had over $20.37 million worth of assets. While the whale trades against Vitalik and doubles down on MKR, zooming in on the address’s portfolio shows that the largest holding is ETH. The address holds 10,000 ETH worth $16.3 million at spot rates, representing over 75% of the total portfolio. Meanwhile, some of his other major holdings include Arbitrum (ARB), worth $2.9 million, and MKR, worth $1.1 million. MKR, the token issued by MakerDAO, the decentralized autonomous organization (DAO) that controls the minting of DAI, a stablecoin on Ethereum, has been ripping higher in the last few months. MKR plays a key role in stabilizing DAO and is used as a last resort. Holders participate in governance, voting on proposals that best stabilize the algorithmic stablecoin, deciding collateral types accepted, stability fee adjustments, and others. From June, MKR has more than doubled, rising 125% to peak at around $1,300 in early August. It is now trading at over $1,100, up 13% from August lows. Maker Presents Endgame The token’s surge has been attributed to multiple factors, specifically the release of the “Endgame” roadmap. Under this plan, MakerDAO plans to, among other things, release their blockchain, rebrand, and introduce two more tokens. This move is significant because MakerDAO is among the first decentralized finance (DeFi) protocols. According to DeFiLlama data, the protocol has a total value locked (TVL) of over $5 billion. It is the largest decentralized money market in the world. Meanwhile, DAI, its algorithmic yield-earning stablecoin, has been stable recently and is the largest in Ethereum. At press time, DAI had a market cap of $5.3 billion, perched at 12th on the leaderboard. At this pace, DAI is the third-largest stablecoin after USDT and USDC. Vitalik Buterin, despite the stellar performance of MKR relative to the broader crypto market, liquidated $580,000 worth of MKR after MakerDAO’s co-founder, Rune Christensen, said it was considering launching a new blockchain bridging to Ethereum that’s based on Solana’s code. The new blockchain, dubbed NewChain, is part of MakerDAO’s roadmap, “Endgame”.

In the last crypto bull market spanning from 2020-2021, the price of Shiba Inu ran as high as $0.00008. Due to the high euphoria at the time, expectations rose rapidly around the meme coin, leading to calls for SHIB at $0.001. However, this target remains as unrealistic today as it was back then and this report dives into the reason why. Not Enough Of SHIB Supply Is Being Burned The Shiba Inu community officially kicked off its burning initiative back in 2022 which SHIB tokens being sent to dead addresses weekly. However, despite being roughly a year in the making, the total number of SHIB tokens burned so far has been next to negligible in the grand scheme of things. Shibburn, a Shiba Inu burn tracking website, shows that a total of 410,658,326,324,061 tokens have been burned since the first burn. This accounts for a little over 46% of the maximum total supply of more than 999 trillion tokens. But even more interesting is the fact that the community burn makes up less than 1% of the total burned figure. The vast majority of the burned figure mentioned above comes from the burn carried out by Ethereum founder Vitalik Buterin. The Shiba Inu founders had sent half of the token’s supply to Buterin, who then donated 50 billion SHIB to an Indian COVID relief fund and sent the rest to a burn address. Buterin’s transaction carried over 410 trillion tokens and was the first-ever recorded SHIB burn event. Given that the SHIB burned so far is sitting at 410,658,326,324,061, it means the community burn over the last year makes up around 0.15% of the total burned tokens. Can’t Drive Shiba Inu To $0.001 The point of the Shiba Inu community burn was to encourage the rapid reduction of the SHIB supply. With the supply of the token so high, it has served as a hindrance for it to reach higher prices compared to its fiercest rival Dogecoin. The community burn is not removing tokens from circulation as fast as is needed, stalling the potential of SHIB’s price hitting $0.001. Realistically, for SHIB to rise as high as $0.001, at least 80% of its supply would have to be burned to make this an attainable goal. This means removing hundreds of trillions of tokens from circulation just like Buterin did with his burn. However, given that most of the remaining SHIB supply is already in circulation, meaning in the hands of millions of holders, such a large burn is impossible. This is because investors would not want to burn large chunks of their holdings, which is the same as throwing dollar bills in an open flame. Unfortunately, this means the price of the meme coin will likely not reach $0.001 given that its current circulating supply sits at over 579 trillion, even more than the portion of supply already burned.

The consultation process has been given the go-ahead to resume. The Economics Legislation Committee has been hard at work post submission of the bill. The Economic Legislation Committee of the Australian Senate has voiced strong opposition to a Bill that would support regulation of crypto trading platforms in Australia. InnovationAus.com, a public policy and commercial innovation think tank, said that the Committee’s rejection was based on the perception of internal strife within any movement to enact the measure. Since pro-crypto Senator Andrew Bragg submitted the Bill. The Economics Legislation Committee has been hard at work, as highlighted in their report. Although it was claimed that the goals were well-intentioned (protecting investors from frauds). Participants were split on whether new regulation or tweaks to current regulation was more important for digital assets. Consultation Process Restarted There were also noted disagreements from important parties including FinTech Australia. It had issues with the lack of specificity in regards to the governance and digital asset exchange standards. While the legislative body as a whole is of the opinion that the sector needs more oversight. The remarks highlighted the fact that the measure did not do much justice in giving appropriate specifics that it corresponds with the country’s goals in regard to its wide expectations. Despite the fact that one of its primary intentions is to assist safeguard consumers and to also encourage the digital asset sector. It is worth noting that Senator Andrew Braggs and other advocates are not happy with the latest development. But the consultation process has been given the go-ahead to resume. The crypto sector has been facing strict regulatory scrutiny across the globe in order to safeguard users. Highlighted Crypto News Today: Lido Finance’s Dominance Sparks Ethereum Decentralization Concerns