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Santiment: Bitcoin Loses 566K Wallets, Hinting at Market Bottom

Zabi
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0
Santiment: Bitcoin Loses 566K Wallets, Hinting at Market Bottom

Santiment reports a drop of 566K Bitcoin wallets since June 15, hinting at a potential bullish pattern as seen in historical market trends.

Bitcoin’s recent market activity indicates a significant shift in investor behavior. According to Santiment, a market intelligence platform, the number of Bitcoin wallets with a balance has dropped by 566,000 since June 15, leaving 54.09 million wallets. 

This decline is reminiscent of a similar event in January, which preceded a notable price increase. Citing this data, the market intelligence resource noted that this could indicate a potential bullish pattern.

Net Drop and Historical Context

Santiment’s chart highlights the net decrease in Bitcoin holders, pointing out that such reductions often signal a market bottom. Historical data shows that in January and February, a similar drop in holders occurred before a substantial price rise. 

The annotation on the chart underscores that “weak hands” are exiting the market, driven by fear, uncertainty, and doubt (FUD). This behavior is considered bullish by some traders, as it indicates a clean-out of less committed investors, potentially leading to a stronger market foundation.

In addition to Bitcoin, Santiment provides data on other major cryptocurrencies. Ethereum currently has 124.61 million non-empty wallets, showcasing its broad user base. Meanwhile, XRP has 5.23 million, Cardano 4.48 million, and Chainlink 721,430 non-empty wallets. 

83% of Bitcoin holders are in profit

Elsewhere, IntoTheBlock’s data show 83% of Bitcoin holders are in profit, while only 13% are experiencing losses. Large holders, or “whales,” possess 12% of Bitcoin, indicating a significant concentration of wealth. 

Bitcoin Market Overview IntoTheBlock
Bitcoin Market Overview | IntoTheBlock

Furthermore, with Bitcoin price currently standing at $57,701, 70% of Bitcoin holders have maintained their positions for over a year, demonstrating strong long-term investment. High-value transactions exceed $97.15 billion over seven days. 

Meanwhile, exchange inflows amount to $7.47 billion, and outflows sit at $6.38 billion over seven days. This shows that exchanges have witnessed over $1.09 billion in net inflows in the past week, further compounding the existing selling pressure on Bitcoin.

Recall in late June, long-term Bitcoin holders sold off 200,000 BTC, equivalent to $10 billion in May and $1.2 billion in June. This reduction in holdings has been consistent throughout 2024, reflecting a broader trend of long-term investors liquidating their positions. 

Expert Predicts Minimal Market Disruption from Mt. Gox Bitcoin Repayments

Albert Brown
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Expert Predicts Minimal Market Disruption from Mt. Gox Bitcoin Repayments

Despite Mt. Gox beginning the long-awaited repayment, Bitcoin analysts conclude that the movement of the 47,000 BTC might not impact the market as investors fear. 

The recent analysis by CryptoQuant chief executive Ki Young suggests that the 47,000 BTC transfer by the defunct exchange Mt.Gox will not affect the BTC price. The post asserts that while the movement is a critical development for Mt.Gox creditors, the transactions will not influence the Bitcoin market price. 

Mt.Gox Transfers 47,000 Bitcoin

With creditors set to receive $9 billion worth of Bitcoin (BTC) and Bitcoin Cash (BCH), the recent on-chain movements mark the start of these repayments. Per the CryptoQuant chief’s update, Mt.Gox recently transferred 47,000 Bitcoin.

News of the transfer aligns with the recent announcement by Mt.Gox Trustee Nobuaki Kobayashi, assuring eligible claimants they will receive compensations in early July after enduring a decade of multiple delays.

The Bitcoin analysts ruled out the 47,000 BTC transaction influencing the price by detailing three possible scenarios. Ju considers the first scenario an internal transfer, possibly changing wallets for security purposes. 

Meanwhile, the on-chain analytics firm’s head considers the second scenario an over-the-counter (OTC) trading deal to avoid downward pressure on the BTC market price witnessed during sharp sell-off strategies. 

Lastly, he indicates the potential utilization of brokerage services. Ju explains that this scenario represents likely post-sale settlement since the Bitcoin transfer hardly flowed via brokers’ wallets or exchanges. 

Broker Role in Mt. Gox Repayments

The analyst notes that while 1,500 BTC went to the crypto exchange Bitbank, the transfer involved a relatively small amount. As such, no significant surge in the Bitbank’s trading volume occurred. The on-chain analytic expert adds that monitoring exchange flows is crucial to ascertain Bitbank’s utilization in the broker role as Mt. Gox’s repayments begin. 

The CryptoQuant head considers applying scenario 3 in the transaction, which implies that Mt.Gox will avail 94,000 BTC for the sell-side liquidity. He downplays the likelihood of selling the sizable BTC amount without on-chain movement. Ju’s post assures that if the 47,000 BTC transaction is an OTC selling, the crypto market is clear of the perceived fear of mass dumping.

This comprehensive analysis downplays the FUD surrounding the Mt.Gox repayments to creditors. The analyst vows to keep data conservative, though indicates OTC deal and broker service scenarios are potential reasons the blockchain data shows the coins are still in Mt. Gox wallet.

The call for keeping data conservative by CryptoQuant’s CEO factors the difficulty of certain predictions of market impact in OTC deals. Ju is cautious in ruling out market influence since OTC deals have immediate downstream processes incapable of one to associate.

Ripple Unloads 150,000,000 XRP Amid Looming SEC Settlement, Others Move 400M XRP

Abdulkarim Abdulwahab
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0
Ripple Unloads 150,000,000 XRP Amid Looming SEC Settlement, Others Move 400M XRP

Ripple attracted attention in the crypto scene early today, dispatching massive XRP tokens to an anonymous destination amid the approaching SEC settlement.

Community surveillance service Whale Alert first drew public attention to Ripple’s transaction. The post revealed that Ripple transferred 150 million XRP, valued at approximately $64.29 million, to wallet “rP4X2hTa7A.” 

Blockchain record shows that the recipient’s wallet unloaded 50 million XRP tokens within three minutes of the inflow to another nameless address.

Is the 150M XRP Linked to the Impending SEC Settlement?

Ripple’s decision to dispatch 150 million XRP to an anonymous wallet has elicited various reactions from community members. Some wonder why such a massive movement of XRP originated from Ripple, and some are curious about where the transaction has any bearing on the concluding SEC lawsuit.

Notably, Ripple and the SEC are still disputing the settlement amount the American firm should pay to atone for its violation of federal securities law. The regulator has demanded about $2 billion, while Ripple thinks $10 million is appropriate. 

Both parties have presented their cases before District Court Judge Analisa Torres. Legal experts like Fred Rispoli have suggested that Judge Torres will issue her decision on the suit on 13 or 31 of this month.

Meanwhile, it is worth noting that the 150 million XRP Ripple offloaded to an external address today is part of its monthly sales. Recall that the payment unlocked 1 billion XRP from escrow on July 1, reserved 200 million, and re-locked 800 million tokens.

The recipient “rP4X2hTa7A” has been the channel Ripple often leveraged to dump XRP tokens each month. For instance, Ripple dumped 400 million XRP from the June escrow unlock to this anonymous address.

Other Entities Move about 400M XRP

Meanwhile, Ripple is not the only prominent entity that has unloaded enormous XRP tokens to unknown addresses within the last 24 hours. The most prominent crypto trading platform, Binance, has similarly dispatched 300,000,000 XRP valued at $130,132,907 to an unidentified wallet. 

This transaction has triggered bearish fears among community members about its impact on the price of XRP.

However, Binance did not stop at that transaction. Two hours ago, the exchange again transferred 52.1 million XRP to another anonymous wallet, bringing the total from Binance alone to 352.1 million.

Whale Alert also indexed a dispatch of 35.35 million XRP from the Bitstamp exchange to an unknown destination a few hours ago. Regardless of the continuous movements of XRP by influential entities, XRP posted a 2% price gain today.

Top Experts Predict Massive Solana Surge Up to $2,000 Driven by Tech Advances

Mark Brennan
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Top Experts Predict Massive Solana Surge Up to $2,000 Driven by Tech Advances

Raoul Pal and Ali Martinez predict a bullish future for Solana, setting up ambitious price targets despite the ongoing market downturn.

Solana has recently garnered significant attention due to its recent performance and promising future prospects. CEO of Real Vision Group, Raoul Pal, and analyst Ali Martinez, have provided bullish predictions for SOL’s price, driven by developments around its technology and market dynamics.

Raoul Pal’s Bullish Prediction

Raoul Pal is confident about Solana’s future price surge, particularly in 2025. He foresees Solana’s price increasing substantially, particularly during the anticipated “crypto summer.” Pal believes a 100% increase is likely, considering it a conservative estimate. 

 

He suggests a 300% rise as more typical, equating Solana’s potential price to $600. Using various chart analyses, he further speculates that Solana could reach between $800 and $1,200 during a complete bubble cycle, with a possibility of surpassing $2,000. Even in a shorter cycle, Pal predicts a price of around $750.

One of the key drivers behind Pal’s optimism is Solana’s new validator, Fire Dancer, capable of handling one million transactions per second. This opens up possibilities for high-frequency trading and the potential for exchanges like NASDAQ to operate on the blockchain. Pal sees this technological leap as a game-changer.

Despite the prevalent network issues, he remains heavily invested in Solana. While he acknowledges Ethereum’s potential to reach all-time highs and considers it a safer bet for institutional investors, Pal is more bullish on Solana due to its faster transaction speeds.

Ali Martinez Targets $950

Ali Martinez, another respected analyst, has posted his targets on social media, highlighting a repeating pattern in Solana’s price action. According to Martinez, Solana’s current price movement mirrors the pattern observed in 2021.

The Relative Strength Index (RSI) in both periods shows similar levels before a breakout. In mid-2021, the RSI was low before Solana’s price surged. Currently, the RSI again suggests potential for an upcoming bullish trend.

 

Martinez’s chart indicates a potential target price of $950 for Solana, extrapolating from the previous pattern. This implies a significant upside from current levels. Technical indicators further support this outlook, with oversold conditions typically preceding bullish trends. 

Solana Outperformed Ethereum

Meanwhile, in comparison, both Solana and Ethereum experienced an initial sharp increase, but Solana generally showed stronger performance throughout the period. Solana exhibited higher volatility with more pronounced peaks and troughs, while Ethereum showed a steadier increase.

SOL and ETH Source Coinmarketcap
SOL and ETH Source Coinmarketcap

By the end of the period, Solana achieved gains of around 8%, outperforming Ethereum’s approximately 4% gain. Both cryptos had significant rises early in the period, followed by notable drops and recoveries. However, Solana maintained higher growth rates.

These predictions come only a day after a July 8 report that Solana’s price rebounded 16% over the weekend, reclaiming the $140 territory. Despite intense downward volatility in early July, investor sentiment improved following the US Bureau of Labor Statistics’ non-farm jobs report. This positive shift suggests more upside potential for Solana in the week ahead.

Shiba Inu Lead Reveals Next Destination of His Global Tour

Lele Jima
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Shiba Inu Lead Reveals Next Destination of His Global Tour

Following the conclusion of the IVS Crypto event in Kyoto, Shiba Inu’s lead developer, Shytoshi Kusama, flags off a global tour, revealing the cryptocurrency’s forward marching orders.   

According to Kusama, the Shiba Inu ecosystem team will embark on a global tour to physically engage SHIB enthusiasts and other ‘crypto curious.’ 

Shiba Inu Global Tour 

Dubbed the “Treat Yourself” tour, the exercise will see Kusama and other Shiba Inu ecosystem members travel to different countries to speak with members of the Shiba Inu community. This would help strengthen the bond between the community and the ecosystem team. 

According to Kusama, the global tour officially commenced last week in Kyoto, Japan, where he and the team attended the IVS Crypto event. Kusama attended the event in a mask costume and interacted with crypto enthusiasts. 

Notably, Kusama also met with other prominent figures, including a Japanese politician, Ippei Kumagai.  

Next Stop is Mumbai 

Following the success of the Kyoto trip, Kusama revealed that the next stop in the “Treat Yourself” tour is Mumbai, a major city in India. 

He disclosed plans to visit India today for some important meetings. The Shiba Inu lead developer referred to India as his second home, expressing excitement about his return to the country. 

“See you soon!” he remarked.  

Blockchain Futuristic Conference 

After the India trip, the Shiba Inu ecosystem team will travel to Canada for the highly anticipated Blockchain Futuristic Conference (BFC), scheduled to be held in Toronto on August 13 -14. 

Notably, Shiba Inu is a title sponsor of the conference. Like the recently concluded IVS Crypto event in Kyoto, Shiba Inu will have a dedicated booth where it will showcase its projects. Notably, one of Shiba Inu’s partners, K9 Finance, will host a hackathon at the event. 

Shiba Inu to Launch Its Conference 

Furthermore, Kusama disclosed that the team would make its final stop for the year in Bangkok, Thailand. During the visit, they will introduce Shiba Inu’s conference, dubbed “SHIBACON.”  

The Shiba Inu lead developer revealed that SHIBACON 2024 will coincide with this year’s edition of DevCon, slated to be held on November 6 – 7. While DevCon will be held in Bucharest, Romania, the inaugural SHIBACON event will take place in Bangkok.  

The upcoming SHIBACON 2024 event will create a platform for Shiba Inu community members and other top industry stakeholders to gather and network. 

Kusama promised that the event would differ from other crypto-related conferences, suggesting unique discussions, presentations, and networking at SHIBACON 2024. 

He hinted at an upcoming opportunity that would enable potential speakers and sponsors to participate in the conference. Meanwhile, the Shiba Inu lead developer promised to disclose more information about the event soon, 

Bitcoin Can Withstand German and Mt. Gox Sales with Only 10.5% Drop: Expert

Zabi
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0
Bitcoin Can Withstand German and Mt. Gox Sales with Only 10.5% Drop: Expert

Despite large Bitcoin (BTC) sales by the German government and Mt. Gox creditors, experts estimate the market can absorb them with a potential -10.5% impact.

Recent analyses by economist Alex Krüger and Ki Young Ju, founder and CEO of CryptoQuant, suggest that the Bitcoin market can endure significant sell-offs by the German government and Mt. Gox creditors, with an estimated potential impact of -10.5%. 

 

Young Ju’s prediction is based on the assumption that Germany will sell its remaining 23,788 BTC, and Mt. Gox creditors will sell 25,500 BTC in one go. This impact, he argues, is absorbable by the market, which would then stabilize around the $47,000 to $48,000 price range.

A commenter on Young Ju’s post, however, expressed concerns about the impact on retail investors. They argue that a 10% drop could trigger further shorting by hedge funds, delaying price recovery until Wall Street hedge funds take long positions. 

German Government Bitcoin Sales

Alex Krüger pointed out that, the German police, which held 50,000 BTC until late June, has been selling these assets in small increments since June 19. On a recent occasion, they moved 16,038 BTC, worth $910 million, to brokers and exchanges.

This large transaction resulted in a 3.5% price drop, around $2,000 per BTC. Despite these sales, Ki Young Ju believes the market can absorb the remaining German BTC in one scoop, mitigating long-term damage.

Per data from Arkham, the German government currently holds 27,461 BTC valued at approximately $1.57 billion. 

Mt. Gox Bitcoin Distributions

Meanwhile, Mt. Gox, the infamous exchange that collapsed in 2014, holds 138,985 BTC, worth about $7.96 billion.

They recently began repaying creditors, with 95,000 BTC scheduled for distribution within 90 days. Of this, 20,000 BTC will go to credit funds, 10,000 BTC to a New Zealand exchange, and 65,000 BTC to individual creditors.

However, the NZ exchange would not be able to sell off its 10,000 BTC due to ongoing bankruptcy proceedings. Now, assuming 30% of the remaining 85,000 BTC gets sold, this equals 25,500 BTC.

On July 8, Ki Young Ju reported a movement of 47,000 BTC from Mt. Gox, which did not impact the market price significantly. Potential scenarios for this movement include internal transfers for security, OTC deals to avoid market disruption or brokerage services settled post-sale. Additionally, 1,500 BTC moved to Bitbank without a significant surge in trading volume, suggesting minimal market impact.

Cardano Founder Celebrates Node 9.0 Release, Bringing Chang Hard Fork Closer

Sam Wisdom Raphael
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Cardano Founder Celebrates Node 9.0 Release, Bringing Chang Hard Fork Closer

Cardano founder Charles Hoskinson expresses his elation as Cardano moves a step closer to the Chang hard fork with the release of Chang node 9.0.

Cardano is edging closer to a significant milestone with the release of Node 9.0, an essential update that paves the way for the upcoming Chang hard fork. Charles Hoskinson, the founder of Cardano, announced this development during a YouTube broadcast on July 8.

Significance of the Latest Cardano Chang Node 9

Released 12 hours ago, Node 9.0 is crucial because it brings all necessary modifications for the Conway Ledger era. This includes the introduction of on-chain governance, support for Plutus V1 reference scripts, Plutus V3.0 and Plutus script signature. These developments position Cardano to transition smoothly into the Chang era.

Hoskinson described Node 9.0 as the first version capable of supporting the transition across the 9.0 hard fork boundary on the mainnet. The update initiates the bootstrap phase of CIP-1694, although it does not yet enable full governance protocol functionality, set to be introduced with version 10.0.

The process of integrating Node 9.0 involves rigorous testing by Stake Pool Operators (SPOs). These operators will independently assess the update, determining the appropriate time and level of testing needed for a smooth upgrade. 

“The SPOs are going to independently test this and they are going to make decisions on a case-by-case basis of when and how to upgrade,” Hoskinson remarked.

Once a threshold of 70% or more SPOs is reached, a date for the Chang hard fork will be announced. This step will officially mark Cardano’s entry into the new era, where elected ICC members will provide credentials, and the Genesis Keys will be burned.

Notably, at the reporting time, on-chain data from Cardanoscan confirms that SPOs are not yet ready for the hard fork. The Cardano founder stressed that he expects the process of transition to start on July 8 or 9. 

What Next After the Hard Fork?

Hoskinson outlined three critical steps after the hard fork to fully activate Chang, which will mark the start of the Voltaire era. The first step involves turning on decentralized governance structures, which will occur 90 days after the hard fork. 

During this period, registered decentralized organizations (DS) will gain full voting power. This phase will also see the activation of an interim constitution, providing a framework for network stability.

The second step focuses on the community’s role in building governance precedents. Community working groups will ratify roadmaps and annual budget processes, setting the stage for long-term governance practices. 

According to the Cardano founder, this will include, “the community coming together and building out the precedence for how the government makes decisions including the ratification of roadmaps and the ratification of the annual budget process.”

The working groups will convene in Colorado to discuss integration into the budget and product processes, forming a co-equal branch of the Cardano government alongside the Constitutional Committee and SPOs.

The final phase involves the Constitutional Convention. An interim constitution currently guides the network, but a more comprehensive constitution will be drafted and publicly reviewed. 

This document will be refined through global working groups, leading to a Constitutional Convention in Argentina. Delegates from these groups will finalize the constitution, which will then be ratified on-chain. This will prompt a new election for the constitutional committee, marking the end of IOG’s direct governance role.

Hoskinson charged everyone to get involved in the governance process, stating, “if you have a community, you need to become a DS, whether you’re a decentralized exchange or you are an NFT project or a meme coin, whatever it might be – if you’re on Cardano and you have a community – you owe it to your community to become a delegated representative.”

According to Hoskinson, the journey towards the Chang era has been marked by extensive collaboration and innovation. The release of Node 9.0 follows two years of development, involving thousands of hours of work and numerous workshops worldwide. 

Bitstamp Sees XRP in Moon: Is Robinhood Listing Coming

Abdulkarim Abdulwahab
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Bitstamp Sees XRP in Moon: Is Robinhood Listing Coming

Bitstamp’s moonshot post sparks optimism about a potential XRP listing on Robinhood following the plan to acquire the exchange.

Recently, Bitstamp, the world’s longest-running crypto exchange, stirred bullish interest in the XRP community by hinting at a moonshot for the asset. Specifically, the exchange shared a post of XRP on the moon, reliving optimism among the XRP Army.

The post suggests in a lighthearted tone that XRP could engineer an astronomical price surge, a long-standing aspiration of the XRP community. 

XRP Army Reacts

Expectedly, the community reacted with excitement, with some pondering whether a major announcement was around the corner that could facilitate the hinted moon rally.

Edo Farina, Head of Social Adoption at XRP Healthcare, expressed the bullish sentiment that XRP heading for the moon is too conservative. “The moon is too close; XRP is going to Saturn,” Farina remarked.

Meanwhile, community commentator Chad Steingraber linked Bitstamp’s XRP moonshot post to the recently announced move by prominent American exchange Robinhood to acquire Bitstamp. 

Is Robinhood Listing Coming?

Steingraber cited a portion of the announcement stating that acquiring Bitstamp would enable Robinhood to expand its crypto business offering. 

Last year, major exchanges such as Coinbase, Bitstamp, Gemini, and Kraken reinstated XRP trading for U.S. users after a federal judge ruled that XRP is not a security.

However, Robinhood, well-known for its strict policies, maintained its distance from XRP; the judgment was insufficient for it to consider listing XRP. The exchange only provides real-time market data for XRP. 

Meanwhile, last month, Robinhood entered an agreement to take over Bitstamp in a deal set finalize in early 2025. Once complete, the acquisition will integrate Bitstamp’s crypto exchange operations into Robinhood’s platform, allowing it to serve clients in the U.S., E.U., U.K., and Asia.

A significant implication of Robinhood’s acquisition of Bitstamp is that it could pave the way for XRP’s listing on its crypto platform. Notably, Bitstamp has robust technical support for XRP Ledger, meaning Robinhood will inherit infrastructure to list XRPL-issued tokens like XRP.

As a result, XRP community members are optimistic that XRP could start trading on Robinhood after fully acquiring Bitstamp.

However, not everyone shares the optimism about XRP’s potential listing on Robinhood. Crypto analyst Mr. Huber has expressed a more cautious view, suggesting that Robinhood might instead delist XRP from Bitstamp’s platform once the acquisition is complete.

Pundit Sets Timeline for XRP Price Pump Based on End Date for Ripple v SEC Case

Sam Wisdom Raphael
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Pundit Sets Timeline for XRP Price Pump Based on End Date for Ripple v SEC Case

An XRP community commentator sets a timeline for XRP to experience its much-anticipated price pump based on a predicted end date for the Ripple v. SEC case.

The crypto market remains unpredictable and volatile, and XRP is no exception. Currently, XRP is navigating a bearish trend marked by significant selling pressure that mirrors the broader market’s downturn. 

This July alone, XRP plummeted by 8.44%, while Bitcoin (BTC) also dropped by 8.61%. The general sentiment across the crypto market is one of pessimism, yet some analysts foresee an imminent turnaround for both the market and XRP.

Timeline for an XRP Price Pump

At the moment, XRP is trading at $0.4354, caught in a bearish storm that has traders and investors on edge. The Ripple Effect, a notable commentator in the XRP community, recently highlighted a crucial technical pattern on Twitter. 

He pointed out that no one seems to be discussing the significant breakdown of a massive triangle pattern in XRP’s price chart. The Ripple Effect warns that a weekly close below $0.42 would signal extremely bearish conditions for XRP, potentially leading to a sharp sell-off. 

He bases this forecast on the belief that XRP is in the throes of a primary Wave 2 correction, which started following its 2018 peak of $3.81. The current phase, Wave C, is now unfolding, and The Ripple effect suggests that the market might be witnessing either Wave 3 or Wave 5.

According to him, speculators could eye-buy targets within the ranges of $0.12 to $0.14 and $0.07 to $0.08, respectively, aligning with retracement targets 3 and 4. Investors might see these levels as attractive entry points before a projected significant price surge between 2026 and 2030. 

The anticipated price dump to these levels represents what some consider the last opportunity to buy XRP at a low price before its value skyrockets. 

The Impact of the Ripple v SEC

A significant factor influencing XRP’s price trajectory is the ongoing legal battle between Ripple and the SEC. The case, which started in 2020, initially hinged on whether XRP should be classified as a security. 

Interestingly, last July, a critical milestone was reached when XRP was classified as not a security, a decision that injected some optimism into the market. However, the end of this legal saga remains a point of contention among experts, with the case now in the remedies phase.

The Ripple Effect suggests that the lawsuit could drag on until July 2026, based on the timeline of the Second Circuit Court, which might not deliver a ruling until mid-2026. 

This timeline suggests that a substantial price pump for XRP could be delayed until the legal uncertainty is fully resolved. The commentator emphasized the importance of patience for investors, positing that the resolution of the case would lead to a massive price increase for XRP.

However, Ripple’s CEO, Brad Garlinghouse, has a more optimistic view on the timeline of the resolution of the case. 

He predicts that the case could conclude by the end of this year, as the lawsuit is now in remedies, where the final terms of settlement are negotiated. Other industry observers share this optimism, with some expecting a final ruling as early as this month.

Shiba Inu: Two Top Assets Land on Shibarium

Lele Jima
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0
Shiba Inu: Two Top Assets Land on Shibarium

Shiba Inu’s partner tokens K9 Finance DAO (KNINE) and Unification (FUND) officially transition to the popular Layer-2 scaling solution, Shibarium. 

The tokens were integrated into the L2 network yesterday via the Shibarium Bridge, a technological innovation bridging assets from Ethereum to the Shiba Inu blockchain. 

Shiba Inu Celebrates the Integration 

Interestingly, Shiba Inu’s ecosystem team celebrated the transition of both tokens to Shibarium on X yesterday, suggesting that the integration would enhance their functionalities and operations within its ecosystem. 

The Shiba Inu ecosystem system team also highlighted the roles and functions of K9 Finance and Unification. It introduced K9 Finance as the leading Shibarium’s liquid staking derivative (LSD) platform, offering innovative solutions for maximizing returns. 

With K9 Finance, users can participate in DeFi opportunities without limitation by staking their assets while retaining liquidity. The K9 Finance team officially launched KNINE on the Ethereum network on March 7, 2024. 

Shiba Inu Highlights Unification Significance 

Also, Shiba Inu’s welcome tweet recognized Unification for its role in bridging FUND to Shibarium. It pointed out that the integration would enhance utility and accessibility within the Shiba Inu ecosystem.  

“With their advanced blockchain solutions, we’re driving innovation and building a stronger DeFi network,” Shiba Inu remarked. 

Unification was one of Shibarium’s leading developers, making substantial contributions to the network’s launch in August 2023.  

Furthermore, Shiba Inu extended gratitude to Unification and K9 Finance DAO for choosing Shibarium, highlighting their confidence in the network. The team emphasized that as developers believe in Shibarium, it is committed to building the network to become a platform for future innovation in blockchain and finance. 

Shibarium Bridge Update 

Recall that the Shibarium Bridge launched last year alongside the L2 scaling solution, allowing users to transfer assets from Ethereum to Shibarium. During its inaugural launch, users could withdraw Shiba Inu ecosystem tokens like SHIB and LEASH within 45 minutes to three hours. 

However, the BONE transfer took up to seven days. Following an update in May, Shibarium developers were able to reduce BONE bridge time to 45 minutes from seven days. 

This enhancement also applies to other tokens seeking to transition to Shibarium from Ethereum, suggesting that FUND and KNINE could be bridged to Shibarium in less than an hour. 

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