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Shiba Inu: Shiba Eternity Closed Beta Testing Goes Live As Team Issues Important Warning 

Lele Jima
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Shiba Inu: Shiba Eternity Closed Beta Testing Goes Live As Team Issues Important Warning 

The highly anticipated closed beta testing for the Shiba Eternity game has finally gone live on Shibarium. 

Shiba Inu’s marketing lead Lucie made the announcement today, emphasizing that beta testing is currently open to LEASH stakers. According to Lucie, players who previously staked their LEASH, as mandated by the team, can connect their wallets to ShibaSwap and participate in the beta testing. 

Date for Shiba Eternity Early Access

In anticipation of closed beta testing, the team urged players to stake their LEASH tokens on July 29. Three weeks after LEASH staking commenced, the team officially granted stakers early access to the game. Meanwhile, Lucie disclosed that other players can still stake their LEASH to participate in the early access of Shiba Eternity. 

Furthermore, early access for Shiboshi and Shiba Eternity Lore NFTs holders will officially commence on September 5. Lucie emphasized that owning one of these NFTs automatically grants players access to Shiba Eternity’s closed-beta testing by September 5. 

Afterward, the team will announce a date for the public to participate in open beta testing for Shiba Eternity. During the open beta, players will not be required to own or stake any asset before participating in the testing.  

Shiba Eternity Features 

In a follow-up tweet, Lucie emphasized that the blockchain version of Shiba Eternity is not an updated version of the old game but a complete transition to Web3 with significant enhancements. 

She highlighted some new enhancements featured in the game. Topping the list is Shiba Eternity’s deployment on Shibarium mainnet, which now allows the game to feature NFT-based inventory cards. 

According to Lucie, players can earn rewards based on their rankings in a 15-day in-game tournament. The top 25 players in the tournament will also get exclusive access to seasonal events. 

She added that Shiba Eternity’s developers enhanced user experience with revamped tutorials, smoother performance, streamlined armory, and polished menus. Other features include welcome gifts for returning players of the mobile version of Shiba Eternity, faster progression, and better quests. 

Shiba Eternity to Contribute to SHIB Burns 

Furthermore, Lucie asserted that Shiba Eternity would be a major advancement for Shibarium, suggesting that the game will contribute to BONE and SHIB burns. 

Notably, Shiba Eternity is expected to bolster SHIB burns, especially now that Shib Torch is live on Shibarium. Since Shiba Eternity is live on Shibarium, every in-game transaction will require BONE- the network’s official gas fee token. 

Afterward, a portion of this fee will be used to buy and burn SHIB via the burn portal. 

Shiba Inu Issues Warning 

In the meantime, Shibarmy Scam Alerts issued a critical warning relating to the closed-beta launch of Shiba Eternity. The channel warned community members that scammers are on the prowl following the launch of Shiba Eternity’s early access. 

It cautioned against clicking on any link relating to the game on X or other social media platforms, noting that phishing scams are rampant, which could potentially lead to loss of funds. 

The channel recommended that players double-check website links and manually input URLs into their browsers. It also emphasized the need for due diligence before connecting wallets to any platform. 

Tether Announces Plan to Launch a Dirham-Pegged Stablecoin

Mark Brennan
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Tether Announces Plan to Launch a Dirham-Pegged Stablecoin

Tether stated that the new dirham-pegged stablecoin will be receive full backing from liquid reserves based in the UAE.

In a press release today, Tether announced plans to launch a stablecoin pegged to the dirham, the local currency of the United Arab Emirates. The move is in collaboration with tech conglomerate Phoenix Group and Green Acorn Investment.

The dirham-pegged stablecoin will be backed by liquid reserves in the UAE. The UAE released the Payment Token Service Regulation in June, a framework that seeks to guide the use of digital assets in the region. This was in correlation with other countries in the world seeking to maximize the growing adoption of virtual currencies.

The token joins Tether’s fleet of stablecoins. The firm has already launched currencies pegged to the US dollar (USDT), Euros (EUTR), Chinese Yuan (CNHT), Mexican Peso (MXNT), and Gold (aUSDT).

Tether Enters the UAE

Tether noted that the dirham-pegged stablecoin would provide users with a seamless and cost-effective way of accessing the currency while providing a hedge against inflation. Furthermore, the stablecoin will “streamline international trade and remittance,” reducing transaction fees.

Speaking about the new development, Tether’s CEO, Paolo Ardoino, expressed his pleasure, noting that the UAE was becoming a global economic hub. He also believes that the dirham-pegged stablecoin would provide options for investors in the country.

“Tether’s Dirham-pegged stablecoin is set to become an essential tool for businesses and individuals looking for a secure and efficient means of transacting in the United Arab Emirates Dirham,” Ardoino said.

The UAE has shown an appreciable affinity towards cryptocurrencies compared to most countries, like the United States. A court based in the UAE recently recognized cryptocurrency as a payment option for salaries, marking a new milestone for digital assets in the Asian country.

TRON Memecoin Deployer SunPump Generates Over $1.2 Million in Revenue

Albert Brown
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TRON Memecoin Deployer SunPump Generates Over $1.2 Million in Revenue

Recent data shared by Satoshi Club highlights significant revenue generated by SunPump, the memecoin deployer on TRON.

Launched on August 9, SunPump has amassed over $1.2 million in revenue, quickly becoming a key player in the memecoin market. With over 6,000 memecoins created in this short period, the platform has seen continued growth, generating approximately 7.6 million TRX in total revenue.

Steady Rise in Revenue and Memecoin Activity

The most notable daily revenue peak occurred on August 20, when the platform exceeded $2.76 million worth of TRX in a single day. 

SunPump is a platform on TRON designed for deploying memecoins, allowing users to create and launch tokens with ease. It supports the creation of community-driven crypto projects.

The TRON blockchain has witnessed a surge in liquidity following the launch of SunPump. This increase has been partially driven by a $10 million allocation from the Meme Ecosystem Boost Incentive Program, initiated by TRON’s founder, Justin Sun.

Alongside this, Tether minted an additional 1 billion USDT tokens on the TRON network on August 20, further contributing to the liquidity influx.

Sun’s Bullish View on Memecoins

While revenue continues to grow, TRON’s founder, Justin Sun, remains optimistic about the future of memecoins. According to his recent posts, Sun asserts that the success of memecoins is rooted in community-driven initiatives. 

He notes that when developers can build a loyal community, the potential for collective growth remains promising. Sun emphasized that memecoins foster fairness, decentralization, and the ability to share in the success of cryptocurrencies without inflated valuations.

Activities on SUNDOG Memecoin

Further adding to the excitement around the Tron blockchain is a report from Arkham Intelligence highlighting a remarkable memecoin trading success story. A trader managed to turn an initial $1,690 investment into $20 million by capitalizing on the rise of the SUNDOG token. 

The trader’s actions were well-timed, taking advantage of market conditions to grow their portfolio significantly. The SUNDOG token has surged more than 50% in the last 24 hours, trading at over $0.20 during the report’s release. 

XRP Price Prediction: This 100 Million XRP Signal Could Drive Price to $0.65

Mark Brennan
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XRP Price Prediction: This 100 Million XRP Signal Could Drive Price to $0.65

XRP price reached a 10-day peak of $0.62 on August 20, 2024. On-chain data reveals that XRP traders are increasingly shifting towards long-term savings following Ripple’s favorable ruling against the US SEC.

XRP Price Breaches Critical $0.61 Resistance

In the past two weeks, XRP has outperformed major assets like Bitcoin (BTC) and Ethereum (ETH). The recent ruling in favor of Ripple in its ongoing lawsuit against the US SEC remains a significant bullish catalyst. This lenient $125 million fine bolstered investor confidence, fueling a continued uptrend in XRP’s price over the last three weeks.

XRP price analysis | XRPUSD | TradingView
XRP price analysis | XRPUSD | TradingView

The XRP/USD daily chart above illustrates how XRP’s price surged from $0.43 on August 5 to $0.615 on August 20. This 42.2% increase coincided directly with the favorable ruling delivered on August 6.

The consistent price appreciation reflects a shift in investor sentiment, as the end of the lawsuit that began in 2020 has encouraged more long-term investment in XRP. The bullish momentum continues to drive XRP’s market value, showcasing a decisive change in investor behavior.

XRP Traders Shift 100 Million XRP Worth $60M into Long-term Storage

The ruling has triggered notable bullish changes in investor behavior. On-chain data indicates a significant uptick in the number of investors adding XRP to their long-term savings portfolios. This shift is evident in the declining exchange reserves as investors move their XRP holdings into cold storage.

CryptoQuant’s exchange reserves chart shows the total number of assets held in exchange wallets. Historically, a reduction in exchange reserves signals that investors are increasingly leaning toward long-term savings.

XRP Price vs. Exchange Reserves | TradingView
XRP Price vs. Exchange Reserves | TradingView

At the beginning of August, investors held a total of 3.1 billion XRP coins in short-term trading wallets on exchanges. However, following the ruling, large quantities of XRP have been transferred to long-term storage, significantly contributing to the 42% price rally over the past three weeks.

As of August 21, exchange reserves have dropped to 3.01 billion XRP, indicating that over 100 million XRP have been moved to cold wallets in August 2024. Valued at $0.61 per coin, this suggests that traders have withdrawn over $60 million worth of XRP from the short-term market supply. This decline in exchange reserves is a bullish indicator, as it reflects growing investor confidence in XRP’s long-term potential. If this trend persists, XRP could be poised for further upside as broader market sentiment improves.

XRP Price Forecast: $0.65 Target Now in Focus

The technical indicators suggest that XRP is on track to test the $0.65 resistance level in the near future. The Bollinger Bands indicate that XRP is trading near the upper band, suggesting potential upside momentum. Meanwhile, the Parabolic SAR is trending below the current price, further signaling bullish conditions.

XRP Price Forecast (XRPUSD) | TradingView
XRP Price Forecast (XRPUSD) | TradingView

However, traders should remain cautious of a potential pullback if XRP fails to break the $0.65 resistance. Immediate support lies at $0.58, with stronger support at $0.55. If XRP breaks above $0.65, it could pave the way for a move towards $0.70, while a failure to maintain current levels could see a retest of $0.58.

Overall, with strong bullish signals and decreasing exchange reserves, XRP appears well-positioned for a continued rally. However, traders should monitor key resistance levels closely as XRP navigates its next price targets.

Why Bitcoin (BTC) Price Could Fail to Reach $65,000 This Week

Mark Brennan
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Why Bitcoin (BTC) Price Could Fail to Reach $65,000 This Week

Bitcoin price has retraced below $59,000 on August 21, following another unsuccessful attempt to advance towards $65,000. The latest data from the order books of 20 crypto exchanges shows that BTC is facing intense selling pressure.

BTC Suffers Another 4% Correction

Bitcoin’s price made a sharp recovery earlier this month, surging 35% between August 5 and August 16. However, recent trends indicate that the market has entered a consolidation phase over the past week, with prices stagnating within a narrow 5% range between $58,000 and $62,000.

As illustrated in the TradingView chart, BTC attempted to reclaim the $62,000 level on August 20, but the rally was repelled at around $61,395. As of August 21, Bitcoin is trading below $59,500, reflecting a 4% correction from the 24-hour high.

Bitcoin Price Analysis (BTCUSD) | TradingView
Bitcoin Price Analysis (BTCUSD) | TradingView

The US Federal Reserve’s proposed rate cut in September offers long-term positive sentiment. However, significant selling by the US government and FTX creditors, who have moved large amounts of BTC into exchanges, has triggered increased volatility. This activity has led to Bitcoin’s price being subdued and stuck in a prolonged consolidation around the $60,000 area.

Bitcoin Facing $50 Million Sell Pressure.

A rising number of sell orders has kept Bitcoin’s price rally in check over the past week. Without a fresh bullish catalyst, the existing bearish sentiment could nullify any upward momentum in the coming days.

The Exchange Market Depth data, as shown in the IntoTheBlock chart, reveals that total Bitcoin buy orders amount to approximately 47,000 BTC, while sell orders have surged to 53,000 BTC.

Bitcoin Aggregate Order Books | IntoTheBlock
Bitcoin Aggregate Order Books | IntoTheBlock

This represents a significant imbalance, with sell orders outweighing buy orders by about 6,000 BTC. At the average price of $59,516, this translates to a sell pressure of roughly $50 million.

This bearish headwind from the order books suggests that sellers, who regained control after the last rally, could obstruct Bitcoin’s advance above $62,000. The ongoing shortfall in demand, coupled with the excess supply, is likely to push Bitcoin into a price correction phase as the week progresses.

BTC Price Forecast: Major Roadblock Looming at $62,000

Technically, the major roadblock for Bitcoin lies at the $62,000 resistance level. The chart reveals that BTC has been trading below the middle Keltner Channel band, which is acting as dynamic resistance. The price action is also struggling to maintain support around $59,302, as indicated by the RSI Divergence Indicator, which is showing a bearish divergence.

Bitcoin Price Prediction (BTCUSD) | TradingView
Bitcoin Price Prediction (BTCUSD) | TradingView

If Bitcoin fails to hold above $59,000, the next significant support level is around $54,565, which aligns with the lower Keltner Channel band. On the upside, breaching the $62,000 resistance would be crucial for any bullish continuation. However, given the current market conditions, the likelihood of a breakout appears slim, and Bitcoin could face further downward pressure before any significant recovery occurs.

Analyst Predicts XRP to $44, Outperform Bitcoin with 7,257% Price Surge

Abdulkarim Abdulwahab
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Analyst Predicts XRP to $44, Outperform Bitcoin with 7,257% Price Surge

Prominent crypto analyst Mickle has asserted that XRP could witness a substantial price surge to $44 against Bitcoin in this bull market.

This bold price prediction updated his earlier analysis, in which he predicted incoming parabolic price gains for XRP against Bitcoin. Mickle reached these bold conclusions after analyzing the XRP/BTC price charts on the historical timeframe.

The analyst found that XRP has recently reached a historically bullish bottom pattern in its price action relative to Bitcoin. Specifically, the XRP/BTC value hit a low of 0.00000661 BTC a few weeks ago.

Notably, this pattern is the fourth instance in XRP’s history where the asset has hit extremely low values against Bitcoin, followed by a significant uptrend. Historical data suggests that these low points have consistently marked the beginning of a substantial price increase for XRP.

For instance, in June 2014, XRP’s price against Bitcoin dropped to around 0.00000430 BTC. By the end of the year, XRP massively outperformed Bitcoin, rallying by over 20X to 0.00009155 BTC. 

In the second instance, XRP crashed to around 0.000005 in early 2017, only to rise by around 45 times to above 0.000246 BTC by mid-2017.

A comparable pattern emerged during the 2020 bear market, with XRP outperforming Bitcoin a few months after hitting a bottom. With the fourth-bottom pattern now in place, market analysts are speculating about XRP’s potential price movement in this scenario.

XRP to Outperform Bitcoin with 72X Surge?

In his analysis, Mickle presents a scenario where Bitcoin sparks a massive bull run, surging to $150,000. To put this in perspective, Bitcoin’s current price is around $59,000, which means it would need to experience 154% growth to reach this level.

However, Mickle predicts that in this scenario, XRP would not only follow Bitcoin’s upward trend but actually outperform it. Specifically, he projects that XRP could rally to as high as $44. This would represent an astonishing 7,257% gain from its current price of $0.598. 

Mickle stressed that the $150K price point for Bitcoin and $44 for XRP are realistic projections. For context, Bitcoin at $150K would translate to a cap of approximately $3 trillion. Meanwhile, at $44, XRP would command a cap of around $4.4 trillion, weakening the likelihood of this scenario.

Massive $55.47M DAI Hacked: Crypto Whale Falls Victim to Phishing Attack

Albert Brown
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Massive $55.47M DAI Hacked: Crypto Whale Falls Victim to Phishing Attack

A DeFi whale recently lost $55.47 million in DAI stablecoins to a phishing scam, according to an on-chain analysis by Lookonchain. 

The whale’s funds were stored in Maker, an Ethereum-based decentralized finance protocol. The attack occurred after the whale unknowingly signed a fraudulent transaction that transferred ownership of their assets to a phishing address.

Transaction Results in Ownership Transfer

Lookonchain reported that the phishing attack unfolded after the whale, holding a significant amount of DAI in Maker, signed an unknown transaction. This act inadvertently set the owner of the whale’s funds to the scammer’s address, identified as “0x0000db5c…41e70000.”

Once the ownership had been changed, the attacker gained full control of the whale’s 55.47 million DAI, rendering the original holder powerless.

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Source: Lookonchain

When the whale attempted to withdraw the funds, the transaction failed due to the shift in ownership. Meanwhile, the attacker swiftly moved the stolen DAI tokens to a newly created wallet and began converting the tokens into Ethereum.

So far, the scammer has swapped 27.5 million DAI for around 10,625 ETH, funneling the majority of the stolen assets through a decentralized trading protocol.

Previous Incidents Reflect Growing Risks

The attack on this whale is not an isolated incident. In June, a MakerDAO delegate suffered a similar phishing attack, losing $11 million worth of various tokens, including USDe. This breach was detected by Scam Sniffer, a platform aimed at helping users avoid phishing sites and wallet-draining schemes. 

The delegate’s wallet, identified as “0xfb…accfa,” was compromised by a scammer at address “0x73…bb96,” who employed multiple phishing signatures to deceive the victim.

Scam Warnings on the Rise

The rise of such scams has prompted various security warnings within the crypto community. On June 8, Shibarmy Scam Alerts issued a warning about a surge in fraudulent websites posing as crypto wallet connection tools. These sites, designed to steal funds, mislead users by claiming to offer network syncing, reward refreshing, or liquidity pool fixes.

Growing Whales Interest in AAVE Teases a 106% Breakout Run

Albert Brown
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Growing Whales Interest in AAVE Teases a 106% Breakout Run

With a bullish reversal rally gaining momentum, AAVE prepares a bull run above $200. Will this uptrend reach the 50% Fibonacci level at $286?

Recovering from a long crypto winter, a new bull cycle in AAVE teases a trend reversal to reclaim lost levels. Sustaining dominance above the $100 psychological level, the bull run in AAVE accounts for a 50% surge in the last 10 days. 

Amid the rising interest of whales and surge in daily addresses, AAVE is ready to surpass $200. So, let’s take a closer look at the AAVE price chart to find out the upside potential in this DeFi token.

Recovery Run Fuels AAVE Bullish Reversal

In the weekly chart, the bullish trend in AAVE comes after an extremely long period of consolidation below 200D EMA in 2022 and below $150 in 2023. However, the recent price reversal from the 52-week low of $71.09 accounts for a 94% gain.

AAVE price Chart
AAVE price Chart

Further, the recovery run in the last two weeks accounts for a 50.96% hike and two consecutive bullish candles. Currently, AAVE trades at $137.66 with an intraday gain of 6.77% and 9 green candles in the last 10 days. 

The MACD line forms a bullish crossover against the signal line with a resurgence of positive histograms. Further, the 50-week and 200-week EMAs gain positive alignment in the increasing bullish influence. 

Investors Line up for AAVE

In a recent tweet from Intotheblock, the daily active addresses in AAVE are on the rise. The number has increased to 1.73K new addresses, highest in the last one year. 

AAVE daily active addresses
AAVE daily active addresses

Furthermore, the increasing interest of whales fuel the rising bullish sentiment in AAVE. In a recent buying spree, the whale 0xa923 spent 2,575 $stETH worth around $6.65M to buy 50,908 AAVE token. The average price of the purchase session comes at $131. Hence, the whale is at a profit of 4.22% at current market price. 

The second whale 0x0945 managed to buy AAVE at a dollar discount with an average price of $130. During the buying spree, the whale bought 11,101 AAVE tokens in exchange of 563 $ETH worth $1.45M.

Will AAVE Price Surpass $250?

Based on the Fibonacci levels, the uptrend in AAVE is ready to challenge the 23.60% Fibonacci level at $159.51. As the number of bullish catalysts rise, the breakout possibility increases for the DeFi token. 

A breakout run can aim for the 50% Fibonacci level at $286, a 106% rise in the coming weeks. 

Tether Mints $3B USDT in One Week, Triggering Bullish Sentiments

Mark Brennan
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Tether Mints $3B USDT in One Week, Triggering Bullish Sentiments

The funds minted at the Tether Treasury since August 5 have been moved to different exchanges, indicating potential large-scale accumulation among crypto investors.

The crypto market is gleaming with bullish sentiment as on-chain activity points to a notable institutional influx. These notions are backed by the increased minting and distribution activities of the leading stablecoin issuer, Tether.

Data from Lookonchain showed that Tether has minted $3 billion USDT in one week (between August 13 and 21) as the market gears toward bullish trends from Bitcoin and altcoins. Notably, the minted funds have flowed into major exchanges, signaling potential increased crypto accumulation.

The data showed that of the $3.22 billion minted on the Tether Treasury since August 5, $1.75 billion has flowed through Cumberland to Binance, Coinbase, OKX, Kraken, and Bullish.com. The other $1.29 billion moved into Kraken via a deposit address, “TQef1.” Cumberland has been a significant medium through which funds move from the Tether Treasury to exchanges.

Fund influx of this nature is always perceived as bullish for the market, as it shows surging demand for stablecoins to purchase cryptocurrencies. The incessant demand saw Bitcoin surge to $61,000 on Tuesday, while altcoins like SHIB and XRP reached $0.000039 and $0.613, respectively.

Stablecoins Hits $169B Market Cap

Data from Coingecko showed that the market cap for stablecoins has reached $169 billion, the highest ever in the sector. This increased market dominance from stablecoins has seen them hold 7.72% of the cryptocurrency market share.

Tether’s incessant USDT minting has kept it as the leading stablecoin issuer with a market cap of $117.3 billion. Notably, Tether dominates 69% of the entire stablecoin valuation, accounting for 5.36% of the crypto market.

Circle’s USDC is the second-largest stablecoin, with a market cap of $34.8 billion. The US dollar-pegged cryptocurrency ranks 6th in the crypto pecking order and accounts for 20.5% of the stablecoin market.

Historical data shows that an explosive increase in stablecoin issuance in the crypto market precedes a rally. Analytical platform CryptoQuants confirmed the bullish disposition of the event, stating it signals a potential rise in Bitcoin and altcoin prices.

Big Date Announced for Cardano, Hoskinson Reacts With Let the Wild Horses Run

Mark Brennan
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Big Date Announced for Cardano, Hoskinson Reacts With Let the Wild Horses Run

The Cardano Chang hard fork team has scheduled the upgrade for August 27 and the final decision for August 23.

Cardano founder Charles Hoskinson has reacted to a major update on the much-anticipated Cardano Chang hard fork. Hoskinson posted a one-minute video of horses running in the wildwood while quoting a tweet from Stake with Pride.

Hoskinson stated in the post that it was important to allow the children grow up and have some autonomy, possibly referencing the imminent shift in Cardano governance from IOG to the Cardano community. He then welcomed the Voltaire era to the ecosystem.

Cardano Drops Major Hardfork Update

Hoskinson earlier quoted an X article sharing a major update on the looming Cardano hard fork. The major mainnet upgrade that will usher in the Voltaire era is slated for August 27, with the final decision on execution to be made on August 23.

According to the update, the decision was made following a meeting between the hard fork working team. The group came up with the date after comparing the progress of key parameters for the upgrade against the threshold while considering the inputs and sentiments of the network’s community.

The Cardano network has made considerable progress in the hard fork preparation as a notable hurdle—about 70% of Cardano’s stake pool operators (SPOs) updating their nodes for the Chang upgrade—has been cleared.

The Tuesday update also revealed that major decentralized applications (dApps) showed improved preparedness for the upgrade. The Crypto Basic earlier reported that before now, Bitfinex was the only exchange entirely ready for the upgrade.

What the Upgrade Means for Cardano

The Voltaire era will affect certain changes in the Cardano network, including its governance structure. Cardano will move to community-driven governance, making stakeholders more inclusive in decision-making on the blockchain.

The Chang upgrade will also create a constitutional committee (CC) and delegated representatives (DReps). The CC will consist of seven members, three of whom are from the Cardano community. The first phase will usher in the CC, while DReps will come in on the second phase of the upgrade.

Cardano’s ADA saw a boost early Wednesday after moving one place to 11 on the market cap ranking. The asset dropped to 12 after Dogecoin and Tron overtook it but moved up after Avalanche moved downward three places. ADA traded at $0.3587 at press time, with a market cap of $12.9 billion.

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