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Bitcoin Funding Rate Turns Negative for the First Time this Year

Sam Wisdom Raphael
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Bitcoin Funding Rate Turns Negative for the First Time this Year

Bitcoin futures and derivatives data confirms that the premier crypto asset’s funding rate silently turned negative for the first time this year, right before the halving.

Market data provider Kaiko highlighted this occurrence while discussing Bitcoin’s network condition right before and immediately after the latest Bitcoin halving, which occurred at midnight on April 20. The recent halving slashed Bitcoin’s block reward from 6.25 to 3.125 BTC, essentially decreasing its inflation rate.

With the sentiment surrounding the event, Kaiko confirmed in a recent report that the halving is already having far-reaching effects on Bitcoin. Part of this impact occurred right before the halving, with BTC funding rate flipping negative for the first time this year.

Data from crypto derivatives and futures market platform Coinalyze confirms Kaiko’s disclosure. Notably, Bitcoin’s aggregated funding rate across all major derivatives markets slumped to -0.0030 on April 18, marking the first negative figure for the year. 

The last time the BTC funding rate dropped to the negative territory was on Oct. 19, 2023, when it collapsed to -0.0047. Since then, the metric had remained in the positive zone, surging to a peak of 0.0669 on March 31, this year. However, it continued to decline from this high, ultimately hitting the negative figure on April 18.

The metric also saw a negative value on April 19, the day before the Bitcoin halving, flashing -0.0006. A negative funding rate shows that short positions are paying long positions. This could indicate increased bearish sentiment, as short positions move to compensate long positions for their exposure.

Bitcoin Sees Resurgence of Bullish Sentiments

Following the two consecutive days of negative values, Bitcoin’s funding rate has recovered shortly after the halving, with the latest value being 0.0051. Aggregated Open Interest (OI) has also recovered since dropping to $15.55 billion on April 17. OI has now increased to the current figure of $17.18 billion.

At press time, the BTC Long/Short Ratio has also seen an increase to 1.46 over the last 24 hours, suggesting that market participants are now more bullish than bearish. Kaiko further attested in its report that the latest Bitcoin halving has so far affected Bitcoin’s price more positively than the previous three ones.

According to Kaiko, at the time of its report, BTC was up 3% since the halving. This marked a more substantial increase than what was observed after the 2012, 2016 and 2020 halving events. Despite a subsequent 2% drop over the last 24 hours, BTC is still up 2.1% since the halving.

Bitcoin currently trades for $65,218, down 8.65% this month. Closing April with a decline would mark Bitcoin’s first red monthly candlestick this year. Despite the short-term downward push, investors remain optimistic. CryptoQuant author Trader Oasis stressed that the declining funding rate was positive for BTC, noting the current bullish Coinbase Premium Index.

HBAR Spikes 96% Amid Debate around BlackRock Involvement in Tokenization on Hedera

Abdulkarim Abdulwahab
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HBAR Spikes 96% Amid Debate around BlackRock Involvement in Tokenization on Hedera

HBAR, the native token of the Hedera blockchain, exploded by over 96% amid the contested involvement of BlackRock in tokenizing a fund on Hedera.

On Tuesday, HBAR Foundation announced the tokenization of BlackRock’s ICS U.S. Treasury money market fund (MMF) on the Hedera blockchain alongside infrastructure firms Archax and Ownera. 

The announcement emphasized that the development marked a significant milestone, with Hedera welcoming a fund from the world’s largest asset manager.

Hedera’s New Tokenization Move

The report noted that the development adds to the Hedera platform’s expanding array of institutional RWAs. It reportedly builds upon the precedent set by Abrdn plc, the UK’s largest active wealth manager, which tokenized its flagship multi-billion euro MMF on Hedera last year. 

HBAR Foundation noted that the addition of BlackRock’s MMF, along with existing offerings, is accessible directly on the Archax platform and through affiliated networks catering to professional and institutional clients. The announcement has sparked considerable interest within the crypto sphere, racking up over 2 million views on X.

HBAR Takes Flight

Considering the weight of the announcement, Hedera’s HBAR token has emerged as the top performer among the most prominent cryptocurrencies. In the last 24 hours, HBAR soared by 96.96%, rising from a low of $0.09154 to $0.1806. Notably, this price point mirrors levels observed precisely a year ago.

However, some prominent figures in the crypto community have pointed out that HBAR’s remarkable surge may have been fueled by a misconception regarding BlackRock’s involvement with Hedera’s blockchain.

Debate Around BlackRock Involvement

In response to the announcement, Chris O’Connor, the founder of Cardano Ghost Fund DAO, emphasized that BlackRock itself has not chosen Hedera for tokenizing its fund. He added that BlackRock has no involvement in the new development and maintains no connection to Hedera.

Furthermore, the Cardano OG explained that what occurred was a project associated with HBAR tokenizing shares of a BlackRock fund through the secondary market. He likened it to a scenario where someone purchases a Rolex, takes a picture, and posts it on their social media account. Essentially, this action does not imply that Rolex has officially partnered with the individual.

Notably, the HBAR Foundation promoted the idea of a BlackRock partnership via the video accompanying the announcement. The inscription was “Ownera X Archax X BlackRock built on Hedera,” sparking congratulatory messages.

Meanwhile, in response to O’Connor’s commentary, Archax CEO Graham Rodford clarified that Archax made the decision to tokenize the BlackRock fund on Hedera. He noted that while it was Archax’s decision, and all parties involved were fully informed and aware of the process.

Nonetheless, O’Connor expressed concerns that the HBAR Foundation’s marketing language may have been misleading, given the ensuing frenzy. He projected that retail investors could get burnt after the rally cools off.

TVL on XRPL AMMs Surpasses 7 Million XRP in One Month

Sam Wisdom Raphael
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0
TVL on XRPL AMMs Surpasses 7 Million XRP in One Month

The total value locked (TVL) across all the XRPL AMMs has surpassed the 7 million XRP mark, with total XRP locked rising to 3.7 million tokens.

Vet, a dUNL validator and co-founder of NFT marketplace xrpcafe, first drew the public’s attention to this impressive growth rate, noting that the total value locked within the XRPL AMM ecosystem has seen a remarkable increase in just a few days after he failed to pay attention to it.

Citing data from XRPL-based DeFi analytics resource DeXfi, Vet showed in a post today that all the assets locked on the XRPL AMM pools have increased to a worth of 7.4 million XRP valued at $3.9 million at the time. 

However, recent data confirms that this figure has dropped to 7.3 million XRP. Interestingly, this now represents $4 million despite the observed decline due to XRP witnessing a greater value at press time as it looks to recover and solidify a position above the $0.55 price territory.

TVL on XRPL AMMs DeXfi
TVL on XRPL AMMs | DeXfi

It bears mentioning that the 7.3 million XRP refers to the value of all the assets locked across the XRPL AMMs, including Sologenic (SOLO), USDC, Bitcoin (BTC), Coreum (CORE) and USD. Of the recorded figure, the total XRP tokens locked amount to 3.7 million worth around $2 million a month after the AMM functionality went live.

XRPL AMMs Welcome 1.5M XRP in a Week

This marks an increase of 66% from the 2.2 million XRP witnessed on April 17, as reported by The Crypto Basic. The current value suggests that network participants have deposited an additional 1.513 million XRP over the past week.

Further data from DeXfi confirms that the SOLO/XRP AMM pool commands the largest TVL, coming in at 1.5 million XRP worth $911,600. XRPScan data indicates that, of this figure, XRP locked stands at 730,711 tokens. The pool also boasts the highest annual percentage yield (APY) at 2.54%, with a fee rate of 0.53%.

Meanwhile, the USDC/XRP pool comes second in terms of TVL, with up to 911,600 XRP worth of assets locked. Out of this figure, 457,083 is in native XRP, while the rest is in USDC. In terms of volume, the USDC/XRP pool has a 24-hour volume of 9,700 XRP, while SOLO/XRP boasts the largest, at 39,000 XRP.

This growth represents efforts into making the XRPL DeFi ecosystem robust enough to compete with its counterparts. Ripple is also looking to launch a native lending protocol as a part of these efforts, with plans to introduce a native stablecoin on the XRPL later this year.

Cardano Price Poised to Reclaim $0.65 after 30% Rebound: Here’s Why

Mark Brennan
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Cardano Price Poised to Reclaim $0.65 after 30% Rebound: Here’s Why

Cardano price tumbled 38% from $0.65 to a 2024 bottom of $0.40 between April 1 and April 13. On-chain data shows ADA bull traders are now mounting strategic orders that could potentially reverse the loses in the second-half of the month.

ADA Rebounds 30% in Second Half of April

Cardano price has been on a rollercoaster ride in April 2024. Starting the month at $0.65, the market crash sent ADA prices spiraling towards $0.40 on April 13, its lowest since December 2023.

Cardano (ADA) Price action | Source: TradingView
Cardano (ADA) Price Action

However, following the Bitcoin (BTC) halving, crypto investors have intensified buying pressure on mega cap altcoins.

This week, the likes of Solana (SOL) and Ethereum (ETH) have reclaimed key resistance levels at $150 and $3,200 respectively, and ADA price now appears to be on the verge of a similar breakout trend.

Cardano Market Demand Has Exceeded Sell Orders by 30 million ADA

Cardano price is exchanging hands at $0.50 at the time of writing, having rebounded 29.9% since the April 13 dip. However, looking at the flow of orders currently placed across prominent exchanges, ADA appears on the verge of another leg-up towards the $0.65 milestone.

IntoTheBlock’s Aggregate Exchange Order Books chart presents the current level of active Cardano buy/sell orders placed across 10 prominent crypto exchanges, including Binance and Coinbase.

Cardano (ADA) Aggregate Exchange Orders, April 24 2024. | Source: IntoTheBlock
Cardano (ADA) Aggregate Exchange Orders, April 24 2024. | Source: IntoTheBlock

The chart above shows that Cardano bulls have listed active orders to purchase 240 million ADA at an average price of $0.49. Meanwhile, traders have only put 210 million ADA up for sale as of April 24, 2024.

Essentially, this implies that there’s now an excess market demand of 30 million ADA in the Cardano spot markets. Going by the cardinal laws of demand, buyers may have to compete by raising their bid prices to get their orders filled quicker.

If this scenario plays out as predicted, ADA price looks set to establish a steady support base above the $0.50 territory and possibly advance towards the $0.60 level, as bull seek to erase the backlog of losses from the first half of April.

Here’s How Much XRP Whales Accumulated when it Dipped to $0.43

Abdulkarim Abdulwahab
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0
Here’s How Much XRP Whales Accumulated when it Dipped to $0.43

While XRP sank to the $0.4 threshold, crypto whales took the opportunity to load their bags.

Market watcher Ali Martinez recently called attention to this development in an update on X. In the post, Martinez highlighted how crypto whales took notice of XRP’s fall from the $0.6 range, crashing in the $0.4 channel.

About three weeks ago, XRP traded as high as $0.6413 but collapsed to a year’s low of $0.4336 days later. This marked a 32% dip in under three weeks. Meanwhile, whales found a significant buying opportunity through this retracement.

How Much XRP Whales Bought

Citing data from the intelligence platform Santiment, Martinez uncovered that whales amassed over 31 million XRP assets in the past week. Notably, these investors are in the tier of those holding between 10 million and 100 million XRP tokens.

Considering that XRP trades at $0.5442, this suggests that these whales have injected approximately $16 million into the XRP market. Meanwhile, The Crypto Basic earlier uncovered that the whales amassed 600 million XRP in two weeks.

Community Reacts

However, Martinez’s update on the latest accumulation frenzy by XRP whales has failed to impress crypto market participants. An X user argued that accumulating 31 million tokens “sounds weak,” emphasizing that the monetary value is insignificant. Another pointed out that despite the whale accumulation, there is barely a notable uptrend in XRP’s market.

While XRP’s price of $0.5442 reflects no positive gain in the last 24 hours, it marked a significant 10% advancement in its one-week performance. Meanwhile, some commenters believe XRP could be setting out for $0.65 soon amid the whale transaction.

Community reactions to XRP whale accumulation
Community Reactions to XRP Whale Accumulation

XRP Whale Count on the Rise

Furthermore, the chart accompanying Martinez’s update illustrated that wallets containing between 10 million and 100 million XRP historically tended to augment their holdings as XRP declined.

In an earlier update, Santiment similarly drew public attention to the growing count of wallets holding at least one million XRP. Santiment pointed out that as of April 22, wallets holding 1 million or more XRP reached 2,013. Their count has steadily increased for the past six weeks, soaring by 3.1%.

Remarkably, this new figure approached the previous all-time high of 2,014 recorded on June 17, 2023. The ATH coincided with XRP’s recognition as the only digital asset with clear regulatory status in the United States.

Shiba Inu (SHIB) Price Surges 50% in 10 Days as Team Seals $12M Deal – More Gains Ahead?

Mark Brennan
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Shiba Inu (SHIB) Price Surges 50% in 10 Days as Team Seals $12M Deal – More Gains Ahead?

The Shiba Inu price opened trading at $0.000027 on Wednesday, April 24, 2024, up 50% in the last 10-days. On-chain data trends examine how investors’ reaction to the recent $12 million TREAT funding round drove the rally.

Shiba Inu Price Bounces as Team Secures $12M Funding

On Monday, April 22, Shiba Inu’s pseudonymous marketing lead Lucie took to X (formerly Twitter) to announce the ecosystem team had secured $12 million funding for its upcoming blockchain project.

Shiba Inu (SHIB) Price action April 20 - April 24 | Source: TradingView
Shiba Inu (SHIB) Price Action

Prominent crypto venture capitalists including Animoca brands, Comma 3 Ventures, and Stake Capital were some of the big backers listed on the Shiba Inu funding round roster.

Unsurprisingly, Shiba Inu price rapidly surged 20% within 72-hours of the announcement, as bull traders look to front-run potential gains from the mooted Layer-3 blockchain development.

Looking beyond the price action, on-chain data trail shows how a surge in whale investors activity has been a major catalyst behind the SHIB rally.

Shiba Inu Whales Spring Back to Action after Funding Announcement

Shiba Inu whales cut down on their trading activity significantly when the global crypto market entered a correction phase in mid-April. But following the team’s $12 million funding announcement, on-chain data shows that the whales are back on the scene.

IntoTheBlock’s large transactions metric tracks each individual trade that exceeds $100,000 in value on a given day, serving as proxy for monitoring whale activity.

Screen Shot 2024 04 24 at 105425 AM
Shiba Inu Large Transactions | IntoTheBlock

As depicted in the chart above, Shiba Inu recorded only 72 large transactions on April 18. But that figure has now surged 170% as the latest data shows the whales conducted 195 large transactions on April 23.

An increase in whale transactions during a price uptrend often intensifies the rally for a number of reasons. Firstly, it enhances market depth and liquidity, helping early sellers execute trades at favorable prices without slowing the rally.

If this trend persists with the confidence boost from the funding announcement, SHIB bulls could target a parabolic breakout above the $0.000030 milestone for the first time since April 1.

Shiba Inu Identifies Key to Boosting Shibarium TVL, Trading Volume

Lele Jima
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Shiba Inu Identifies Key to Boosting Shibarium TVL, Trading Volume

Shiba Inu has identified the popular liquid staking derivative platform K9 Finance DAO as the key to boosting Shibarium’s economic activities.

This was disclosed in an X post yesterday, emphasizing that K9 Finance’s role as Shibarium’s official liquid staking partner would increase the network’s total value locked (TVL) and trading volume.

Can K9 Replicate Lido Finance Feat?

Notably, the Shiba Inu team believes that K9 Finance can replicate the feat achieved by Lido Finance on the Ethereum blockchain. For the uninitiated, Lido Finance is the largest liquid staking platform on the Ethereum network, with a TVL of $30.46 billion, according to data from DeFiLlama.

In a post yesterday, K9 Finance claimed that when Lido launched on Ethereum, it boosted the network’s TVL by a whopping 800%, or approximately $105 billion.

Interestingly, K9 revealed that it is following Lido’s model within the Shibarium network. It aims to allow KNINE holders to maintain liquidity on their staked tokens on its upcoming platform.

Accordingly, KNINE holders would benefit from this initiative following the increase in Shibarium’s TVL.

K9 Aims to Increase Staking Participation on Shibarium

Since its inception, K9 Finance has sought to enhance staking participation within the Shibarium ecosystem.

Once K9 launches on Shibarium, users who stake their BONE tokens will receive a liquidity token dubbed knBONE. Interestingly, users can trade knBONE with other tokens on the Shibarium network, potentially bolstering Shibarium’s TVL and trading volume.

At press time, Shibarium’s TVL stands at $2.62 million, with decentralized exchange WoofSwap ranking as the top protocol on the network. Last month, Buzz, the pseudonymous co-founder of K9 Finance, provided a rough estimate of how the project will boost Shibarium’s TVL.

According to Buzz, Shibarium’s TVL, which stood at $1M at the time, could surge by 50x if K9 reaches the industry average of $50 million.

K9 Upcoming Launch

Meanwhile, K9 recently revealed the roadmap for the upcoming launch of its decentralized application (dApp). The launch will occur in three phases, starting with the deployment of the beta version, Hesper, by the end of Q2 2024.

Afterward, K9 Finance will debut the second phase, Boro, by Q3 2024 with the release of its staking dApp on Shibarium mainnet.

The last phase of the K9 dApp launch, tagged the Caninae stage, would occur in Q4. Here, the team behind the project would offer a complete liquid staking product on Shiba Inu’s L2 blockchain.

Shiba Inu, LEASH, and BONE Show Strong Performance in Q1

Mark Brennan
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Shiba Inu, LEASH, and BONE Show Strong Performance in Q1

Q1 2024 sees the Shiba Inu ecosystem soar, with SHIB soaring 190%, LEASH rising 87%, and BONE gaining by 25%, amid robust trading and strategic partnerships.

The Shiba Inu ecosystem demonstrated significant growth during the first quarter of 2024, with SHIB and its companion tokens Doge Killer (LEASH) and Bone ShibaSwap (BONE) experiencing remarkable price increases.

Numbers from Bitget, a cryptocurrency exchange, indicate a surge in activity for these tokens. Shiba Inu, the leading token, recorded a 190% jump in value. This impressive performance was closely followed by LEASH, which saw an 87% rise. BONE, crucial for governance within the ShibaSwap platform, also enjoyed a notable 25% increase in its price.

The trading volume for these cryptocurrencies skyrocketed by 416% in the first quarter, while the trader count grew by 178%. This rise indicates active participation from the investment community in the Shiba Inu ecosystem.

Strategic Partnerships and Innovations

The positive trajectory of the SHIB tokens coincided with significant developments in the broader crypto market. The approval of a Bitcoin ETF in the United States played a pivotal role, instilling bullish sentiment across various digital assets. 

Additionally, Shiba Inu’s collaboration with Zama, a pioneer in Fully Homomorphic Encryption technology, further established its commitment to enhancing transaction security and privacy. This collaboration was massive, as reported by The Crypto Basic in late February.

Furthermore, D3 Global, a leading DNS domain provider, announced it would support payments in Shiba Inu (SHIB) and BONE on Shibarium. This move allows users to pay directly from their Shibarium addresses, eliminating the need to bridge tokens to Ethereum. 

Moreover, trading options for BONE holders expanded during the first quarter of 2024 following BONE’s listing for margin trading on Gate.io. The Shiba Inu ecosystem team also conducted a substantial burn, torching over 13.4 billion SHIB tokens, 19.5K BONE tokens, and 28.7 LEASH tokens in four transactions last month. 

Performance of Shiba Inu Ecosystem Tokens

Meanwhile, the last 24 hours have observed mixed performances within the Shiba Inu ecosystem as the tokens experience volatility. SHIB saw a modest increase of 2.12%.

However, BONE experienced a decline of 2.48%. Despite these fluctuations, LEASH, which had a 1.8% decline, maintains a significant value of $429.43, solidifying its position as a key player within the ecosystem.

Solana (SOL) Price Breaks Above $150 with $11.3 Billion Gains in 24-Hours

Mark Brennan
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0
Solana (SOL) Price Breaks Above $150 with $11.3 Billion Gains in 24-Hours

Solana (SOL) price rose 16.5% within the daily time-frame on April 23, adding $11.3 billion to its market capitalization in the process. On-chain data shows that Solana node validators are moving to book to early profits. 

Is Solana price on the verge of a parabolic breakout, or could the looming sell-wall derail the rally?

Solana Price Market Cap Grows $11.3 billion in 24-Hours

Solana emerged the best performing mega-cap asset in the top 10 crypto market rankings on Tuesday April 23, 2024. Solana’s blistering performance came as investors ignored volatility in the BTC and ETH prices to pile on bullish positions in the altcoin markets.

At the time of writing, Solana is exchanging hands $156, with a market capitalization of $68.5 billion, up 36.57% since the last local bottom recorded on April 12.

Solana (SOL) Price Action April 23 2024 | Source: TradingView
Solana (SOL) Price Action April 24, 2024 | Source: TradingView

But after SOL added whopping $11.3 billion to its market cap during the latest 16.5% leg-up on Tuesday April 23, 2024, a curious pattern has emerged among Solana node validators’ staking trends that could put the price rally on hold.

Node Validators Un-stake 5 million SOL as Price Recovery Begins

Like every Proof of Stake (PoS) consensus project, Solana is network is secured by a decentralized stream of node validators who stake SOL coins in exchange for reward incentives.

As prices began to recover from the 40-day low of $116 recorded on April 13, Solana has witnessed a steep decline in its network staking balances.

The StakingRewards’ chart below presents real-time changes in total balance of SOL coins deposited in smart contracts.

Solana Price vs. SOL Staking Balances | Source: StakingRewards.com
Solana Price vs. SOL Staking Balances | Source: StakingRewards.com

When the Solana price dip bottomed out around April 15, the node validators held a total of 378.4 million SOL in staking contracts. But as prices began to rise, there has been a gradual decline in staking deposits, suggesting that some investors are moving to capitalize on the price surge to book early profits.

At the time of publication on April 24, the total stake has dropped to 374.4 million SOL. Essentially this implies that investors have unstaked 5 million SOL in the last 10-days.

When node validators begin to un-stake their coins during a price uptrend, it could be a precursor to an imminent correction for a number of reasons.

Firstly, with Solana currently trading at $156 per coin, the newly-unstaked coins are worth approximately $780 million. By flooding the markets with such a large volume of coins within a short-period, it dilutes supply on exchanges.

Without a commensurate surges in demand, Solana price could experience an initial correction phase in the days ahead before the next major breakout toward $200.

Solana (SOL) Price Forecast: Pullback toward $150?

Drawing insights from Solana node validators withdrawing $780 million SOL in the last 10-days, SOL price looks set for a short-term pullback towards $150.

Solana price has to close trading for the day above the $160 area, for the bulls to sustain the upward momentum. But the Bollinger band technical indicator suggest this could be a tall order considering the looming sell-wall at the 20-day SMA price level of $157.

Solana (SOL) Price Forecast | April 2024 | Source: TradingView
Solana (SOL) Price Forecast | April 2024 | Source: TradingView

With the $780 million worth of un-staked SOL flooding the markets, a large-scale sell-off at that key resistance zone could put Solana price at risk of a reversal towards the $150 territory in the days ahead.

But if the bulls can smash that sell-wall, an establish a steady support base above $160, another leg-up towards $200 could be on the cards.

Tangem Wallet Adds Shiba Inu As Payment Method

Lele Jima
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0
Tangem Wallet Adds Shiba Inu As Payment Method

Over a year after releasing a branded wallet for Shiba Inu, leading crypto hardware wallet provider Tangem has expanded its payment options to include SHIB.

The crypto wallet provider recently announced that customers can now purchase the Tangem Wallet with cryptocurrencies, including Shiba Inu.

In a follow-up blog post, Tangem stressed that integrating crypto payment options aligns with its dedication to enhancing security and convenience for its global crypto users. Notably, Tangem supports Shiba Inu payments on both the Ethereum and BNB Smart Chain (BSC) networks.

How to Purchase Tangem with Shiba Inu

Users can follow the steps below to purchase a Tangem Wallet with Shiba Inu. 

  • Visit Tangem’s official website and select the wallet set type that suits your needs. At press time, the three-card set for one wallet costs $69.90, while the two-card set is valued at $54.90. 
  • After choosing your preferred card set, enter a promo code if you have any, and select the number of sets you wish to acquire. 
  • Proceed to the next phase by clicking the “Get Tangem” button and entering your personal details in the address block. Once you’ve done this, proceed to payment and select “crypto payment.” 
  • Choose Shiba Inu from the list of available currencies. The system will automatically evaluate the equivalent SHIB you need to pay for the order based on your shipping address, tax, and wallet cost. 
  • After clicking “pay,” you will be redirected to Tangem’s payment processor, NOWPayments, to complete the payment. You can pay by scanning the QR code containing a wallet address or manually copy the address and make a deposit via WalletConnect. 

Besides Shiba Inu, users looking to acquire Tangem Wallets with other cryptos can make payments using Bitcoin (BTC), USD Coin (USDC), Tether (USDT), Ether (ETH), Litecoin (LTC), Solana (SOL), Bitcoin Cash (BCH), Polygon (MATIC), Dogecoin (DOGE), Kaspa (KAS), and ApeCoin (APE).

Tangem Support for Shiba Inu

Meanwhile, the development comes over a year after Tangem introduced a card-shaped branded wallet for Shiba Inu. The initiative attracted the attention of Shiba Inu community members, who quickly pre-ordered 5,000 units of Tangem Wallet. Tangem commenced shipment of the first batch of the branded Shiba Inu wallets by July 2023. 

The wallet provider also offered a 10% discount to early users as compensation for the delay in shipping the products. Notably, Tangem further expanded its support for the Shiba Inu ecosystem in February by integrating with Shibarium, the cryptocurrency’s L2 blockchain. 

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