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Binance Founder CZ Debunks Misconception about Bitcoin Halving

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Hours before the imminent Bitcoin halving, Binance founder and former CEO Changpeng “CZ” Zhao clarified that it would not impact supply like stock splits.

Zhao disclosed this on X while attempting to address common misconceptions surrounding the much-anticipated Bitcoin halving event. This clarification comes just hours before the event, which is now less than 100 blocks away. The halving is expected to impact BTC’s mining rewards and availability.

Insights into Bitcoin Supply Dynamics

The former Binance CEO referenced a post from last October, announcing that a new page dedicated to Bitcoin halving would be added to the Binance platform. In his recent remark, Zhao addressed a cryptocurrency enthusiast’s question about whether the Bitcoin halving is comparable to a stock split. 

He noted that both phenomena are not comparable, emphasizing that investors in the Bitcoin market are still early. The emphasis is that this mechanism is not similar to a stock split because it does not increase the number of coins but decreases the rate at which new Bitcoin tokens are introduced.

For the uninitiated, a stock split is an event carried out by a company that involves dividing the shares it currently has. This move essentially increases the number of shares available. While a stock split and the Bitcoin halving involve changes in supply and inflation rate, they serve different purposes.

Zhao shared observations from the past three events, suggesting that a gradual increase in Bitcoin’s price has historically followed each halving. He carefully noted, however, that past trends are not indicative of future results, urging the community to manage their expectations.

Market Reactions and Expert Predictions

Experts like Samson Mow and Anthony Pompliano highlight the upcoming Bitcoin halving as a factor that could boost BTC’s price. They suggest that the event will trigger a supply shock as the rate of new Bitcoin created halves, leading to reduced availability, as earlier reported.

Meanwhile, the recent approval of spot Bitcoin ETFs has spurred a demand shock, with these funds acquiring more Bitcoin than miners produce daily. Mow predicts this confluence of supply and demand dynamics may result in a substantial price surge, potentially pushing Bitcoin’s value to record highs.

At press time, Bitcoin has risen in the past 24 hours. BTC is currently valued at $64,668, marking a 4.76% increase within a day. This rise has not gone unnoticed by market participants, who have contributed to a daily 21% surge in trading volume, now reported to be $51,102,430,740.

Ex-BitMEX CEO Questions Solana’s TPS Metric Authenticity

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BitMEX founder Arthur Hayes has taken aim at Solana, describing the network’s transaction metrics as “bullsh.t”

Layer-1 blockchain network Solana has dominated crypto news headlines in recent weeks for crumbling in the face of peak user demand. At some point in the past month, a majority of user transactions failed, a situation in which Solana developers deferred to increased bot attacks and surging demand for block space.

While the Solana ecosystem has recently released a new version to address the network’s challenges, these improvements have not stopped former BitMEX CEO Arthur Hayes from calling attention to Solana’s challenges. In a recent interview, Hayes Solana’s widely publicized transaction per second (TPS) metric as “bullsh.t.”

In an increasingly competitive blockchain space, many projects resort to overblowing the capability of the underlying network. Solana, for instance, claims to handle up to 50,000 TPS, even though that number exists theoretically if the network is used for simple transactions such as token transfers. 

When utilized for more complex transactions, such as those involving smart contracts and decentralized finance (DeFi) applications, the network handles way fewer transactions. According to Solana Explorer, the network handles only around 2300 transactions per second, a number that becomes even lower if one excludes the transaction quota allocated to validators on the network. 

Solana’s design entails that communication between validators also counts as transactions on the network, thus inflating the TPS metric. That design, however, is fundamental to how Solana achieves speed and low fees but has often been called out by critics as a marketing tactic.

Memecoins Expose Solana’s Weaknesses, Arthur Hayes Says

Commenting on Solana’s recent failings, Arthur Hayes told the Unchained Podcast that memecoins have shown the Solana TPS metric to be “absolute bullsh.t, as people have started to trade these things and 75% of transactions are starting to fail on Solana.”

In an apparent jibe, Arthur Hayes wished the Solana ecosystem “good luck” in its bid to become the Ethereum of the current crypto market cycle. 

It is worth mentioning that Hayes’ recent comments may not completely reflect his view on Solana. Back in December, the BitMEX founder called for the price of Solana to reach $100, even publicly disclosing that he holds the cryptocurrency.

Cardano Signals Imminent 75% Spike As ADA Records Dip in MVRV Ratio

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Cardano (ADA) recently witnessed a dip in its MVRV ratio, a phenomenon that has historically resulted in impressive price growth.

Market veteran Ali Martinez called the public’s attention to the recent development, affirming its significance as a bullish indicator for Cardano amid the prevailing market downturn. Notably, ADA has been a victim of the broader crypto market crash, down 20% since April 12.

Cardano’s woes began on April 9 following a period of sustained price growth, which saw it reclaim the $0.62 price territory. Following this high, ADA recorded a price collapse as the broader market faced turbulence, eventually relinquishing the pivotal support levels from $0.62 to $0.59.

Cardano MVRV Ratio Drops

Cardano consolidated for two days after this sharp decline before it witnessed a steeper drop on April 12 and 13. During this period of downturn, its Market Value to Realized Value (MVRV) ratio suffered a massive crash.

For the uninitiated, The MVRV ratio compares the market value of a cryptocurrency to its realized value. Essentially, it helps assess whether the cryptocurrency is overvalued or undervalued based on the asset’s current price relative to its actual worth.

Data from Santiment, as spotlighted by Ali, shows that Cardano’s MVRV ratio recently collapsed to -22.08 as the market turbulence persists. An MVRV ratio of -22 suggests that ADA’s current market value is significantly lower than its realized value, indicating that it might be undervalued.

More importantly, Ali identified an interesting pattern observed on the charts whenever Cardano witnesses a substantial drop in its MVRV ratio. Specifically, ADA’s MVRV ratio also crashed to -22 last June when ADA saw a drastic 41.6% decline from $0.3773 on June 3, 2023, to a low of $0.2200 on June 10, 2023.

Following this drop in the MVRV ratio, Cardano recorded an impressive price run, appreciating by 75% above $0.37 in July 2023. However, this 75% surge took over a month to materialize amid sustained growth. Ali expects this pattern to repeat, rooting for what he dubs “another impressive rebound.”

A Possible Rebound Looms

At its current price of $0.4656, Cardano could hit $0.8149 on a 75% surge. This would mark a 2-year high for ADA, as the last time it saw the projected price mark was in May 2022. Cardano would need to breach multiple resistance levels to clinch this target, with the last one stationed at the March 14 high of $0.8090.

Cardano Resistance Levels
Cardano Resistance Levels

Data from IntoTheBlock confirms that Cardano has two massive sell walls before the $0.81 price. One of these sell walls rests between $0.5238 and $0.6007, where 355,100 addresses hold 4.49 billion ADA. The second is within a range of $0.6007 to $0.7268, featuring 336,990 addresses with a balance of 6.72 billion ADA.

Cardano Sell Walls IntoTheBlock
Cardano Sell Walls | IntoTheBlock

Despite this massive resistance, Ali’s vision for Cardano goes beyond the $0.81 level. Last week, the analyst reaffirmed his conviction that Cardano could hit $9 despite the current downturn. Moreover, media personality Jake Gagain predicted last month that ADA could reach $7.5.

Shiba Inu: Shibarium UI Revamped With Expanded Support for MetaMask, Coinbase Wallet

The Shiba Inu ecosystem development team has launched an updated user interface for Shibarium with support for prominent crypto wallet solutions MetaMask and Coinbase Wallet.

The Shiba Inu layer-2 blockchain has undergone a major revamp, prioritizing speed and development efficiency. The Shibarium team announced the unveiling of the updated Shibarium platform via their official X account and SHIB website.

They expressed excitement about the new milestone, noting the updated Shibarium user interface offers improved speed, seamless navigation, and enhanced accessibility.

New Choices for Shiba Inu Army

Notably, an outstanding feature of the recently rolled update for Shibarium is its focus on diversification. The report highlighted the team’s efforts to enhance wallet compatibility. 

Specifically, Shibarium now welcomes expanded support for Coinbase Wallet, MetaMask, Rainbow, Wallet Connect, and Trust Wallet. This move allows network participants to connect through their preferred channels with ease.

Furthermore, the report highlighted that the team reconstructed Shibarium by harnessing the capabilities of NextJS and React. They emphasized that this decision has led to unparalleled performance and user-centric design.

For developers, the new Shibarium platform streamlines operations by cutting out redundant external libraries. It features improved error handling for APIs and Smart Contracts. Moreover, it transitioned from JavaScript to CSS animations to decrease RAM usage.

SHIB Army React

The Shiba Inu community has warmly embraced the upgraded Shibarium platform, heralding it as a significant milestone for the ecosystem. X user Edward Salomons remarked that this update marks a crucial step towards wider adoption, particularly for newcomers. He expressed eagerness to test it out at the earliest opportunity.

“This update made it way easier to connect your wallets to Shibarium. It was definitely needed. WOOF!,” exclaimed another Shiba Inu enthusiast.

Meanwhile, some other community members are wondering how the updated Shibarium platform directly impacts SHIB’s price, especially in terms of token burns.

Shiba Inu Conveys Series of Warnings to Community

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The Shiba Inu ecosystem team has issued a series of warnings to SHIB community members.

In an April 17 tweet, Shiba Inu marketing lead Lucie urged community members to be vigilant and resilient against deceptive individuals who appear harmless but have ulterior motives to exploit unsuspecting investors.

She emphasized that the crypto industry is filled with malicious individuals who lurk around to exploit other investors for their gains.

Notably, Lucie stressed that encountering scammers only strengthens the community’s resolve to establish an honest, open, and reliable ecosystem within the crypto space.

Growing Scams Ahead of Bitcoin Halving

The alert comes as the crypto industry anticipates the Bitcoin Halving, set to fully bolster the bull run. In recent times, several analysts have recommended different tokens that could rally significantly in the bull market.

Investors are mostly asked to purchase these assets before the highly anticipated Bitcoin Halving. Notably, these malicious individuals have also launched fake tokens and used various deceitful tactics to promote them as genuine investment opportunities within the Shiba Inu ecosystem.

The outcome of this type of investment usually ends in losses for investors. At press time, the Bitcoin Halving is expected to occur in the next 14 hours.

Shiba Inu Scam Channel Issues Similar Warnings

Meanwhile, the official Shiba Inu ecosystem scam channel “Shibarmy Scam Alert” recently issued a similar warning about scammers.

The channel reminded community members of scammer tactics, which include creating fake social media accounts to disseminate misleading information, redirecting unsuspecting users to fraudulent platforms, and obtaining victims’ details for malicious purposes.

Shibarmy Scam Alert advised investors to follow official Shiba Inu ecosystem team members, emphasizing that no one from the team would reach out to users privately to request wallet synchronization or personal information.

Shiba Inu Founder Early Warnings Resurfaces

Similarly, Shiba Inu’s pseudonymous founder Ryoshi’s old message about scammers resurfaced online. Buzz, the founder of K9 Finance DAO and the Shiba Inu ecosystem liquid staking partner, brought the message to light in a recent tweet.

In the message, Ryoshi clarified that they were tasked with defending “the line and brand.” Furthermore, Ryoshi tagged “anybody who comes and honors Shiba” as a friend while characterizing “anyone who leeches from Shiba” as a scammer.

Ryoshi’s message suggests that Shiba Inu community members should only see people who honor Shiba Inu as friends, urging them to send malicious actors with bad intentions into exile.

Ryoshi first shared the now-deleted message while still active on social media. However, the pseudonymous founder deleted the message, along with other posts, in 2021.

Shiba Inu L2 Shibarium Sees Highest Daily Account Growth Since Launch

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Shibarium, the Shiba Inu ecosystem blockchain, recently welcomed over 13,000 new accounts in a single day, marking a new all-time record.

While the crypto market has slipped into a bearish trend, Shibarium has continued to hit record levels in adoption, suggesting resilience among network participants. One of its latest feats involved a record 13K+ new accounts on the blockchain network in a single day.

The Crypto Basic confirmed yesterday that Shibarium is witnessing a surge in key metrics despite the market turbulence. One such metric was the total number of accounts on the network, which recently saw a sharp increase to cross the 100,000 mark.

Difference Between EOAs and Wallet Addresses

It bears mentioning that the “Accounts” metric does not particularly refer to all the wallet addresses hosted on the Shibarium network. As is the case with its layer-1 network, Ethereum, Shibarium has two types of wallet addresses: smart contracts wallets and externally owned accounts (EOAs).

Notably, smart contract wallets are addresses that hold funds and can execute code, typically programmed to automate transactions based on predefined conditions. However, EOAs are standard user accounts controlled by private keys and are capable of sending transactions on the Shibarium network.

The “Accounts” metric refers only to these EOAs, unlike the “Wallet Address” metric, which considers all addresses on the Shibarium network. These EOAs are a more reliable metric for gauging a network’s growth rate, and they have continued to record an impressive increase this month.

Periods of Sharp Account Growth

Notably, Shibarium has seen three periods of sharp growth in externally owned accounts since its launch last August. The first sharp increase occurred on Aug. 24, 2023, with the blockchain network seeing 5,560 new accounts that day. This rapid growth persisted until the end of August 2023, leading to a total of 21K+ accounts.

The second period of rapid growth came up in December 2023, a period when Shibarium also witnessed a surge in transaction count. The highest daily increase then occurred on Dec. 3, 2023, when network participants created 4,456 new EOAs on Shibarium. This brought the total number of accounts above 50K.

Shibarium Sees Record Daily Account Increase

The metric has continued to grow since, but at a mild pace, hitting 68,288 accounts by the end of March. The third period of massive growth occurred this month when Shibarium saw a whopping 13,314 new accounts on April 13, the largest daily figure since its launch.

Shiba Inu L2 Shibarium New Accounts
Shibarium New Accounts

This remarkable increase contributed to the surge in the total number of accounts above the 100,000 mark. This figure now sits at 100,878 at the reporting time, showcasing 184 additional new wallets since The Crypto Basic’s previous report yesterday.

Shibarium Total Accounts
Shibarium Total Accounts

These 100,878 accounts are part of all the wallet addresses on the network, which has increased to 1.78 million at the reporting time. The Crypto Basic revealed earlier this week that these total addresses recently increased by 375K+ in four days. Most of them were smart contract wallets.

Besides the rapid growth in wallet addresses and EOAs, Shibarium also boasts other impressive metrics. Notably, total transactions on the network have increased to 415.7 million, while total tokens have risen to 9,798. The number of contracts verified since launch now sits at 16,399, with 12 contracts verified today.

Here are 14 Meme Coins that Can Turn $1,000 to $100,000

Whale Insider, a crypto-focused X account with 211K followers, has outlined 14 cryptocurrencies in the meme coin market that could transform a mere $1,000 investment into a $100,000 fortune.

The X account sorted the meme coins based on their current market share. It suggested investors could potentially earn a 100-fold ROI from the tokens. 

Remarkably, Whale Insider’s recommendation was largely dominated by meme coins developed on the Solana blockchain. Leading the pack was Dogwifhat (WIF), which has gained prominence for its extraordinary performance in the early stage of this bull market.

Memecoins that can turn 1000 to 100000
Image Source: https://twitter.com/WhaleInsider

Established Solana Meme Coin Set for 100X

According to the latest figures, WIF now commands a market share exceeding $2.7 billion, ranking right behind industry contenders Shiba Inu and Dogecoin. Amid the crypto market’s relief rally, WIF has already recorded over 20% increase in the last 24 hours. However, its top rivals, SHIB and DOGE, witnessed below 8% gains.

Notably, WIF has proven its capability to turn $1K to $100K within the last five months alone. The Crypto Basic previously reported the story of an early adopter who realized a 630,000% return on investment via WIF.

Despite the Solana meme token’s established stance, Whale Insider believes individuals adopting the asset still stand a good chance for a 100X.

Next in line was another Solana meme coin, Book of Meme (BOME), which has a market cap of over half a billion dollars. BOME has also proven itself to be an attractive investment instrument in the meme space. 

Remarkably, while BOME recorded an all-time low of $0.000858 on March 14, per CoinMarktCap data, the asset registered an all-time high of $0.02805 two days later. The trajectory represents an astonishing 3,169.2% growth in under 48 hours.

Interestingly, BOME is less than three months old but has secured a listing from the most prominent crypto exchange, Binance. Other leading trading platforms, such as HTX, KuCoin, and Gate.io, have also listed the meme coin.

Despite the current market dip, BOME has maintained a 925.39% gain in its two-month rally. Whale Insider expects BOME to soar by 10,000% this bull season.

Other Meme Coin Capable of 100X

Other notable Solana meme coins spotlighted include Cat in a Dogs World (MEW), which trails BOME with a cap exceeding $505 million, and Joe Boden (BODEN), which pays homage to U.S. President Joe Biden.

The recommendation also encompassed SLERF, WEN, MYRO, NUB, BLOOK, DUKO, SOLAMA, and LUIC, all of which are Solana meme coins. The two non-Solana meme coins featured were ROOT and TOSHI tokens, hailing from the BASE network.

SEC Chair Controversial Post Stirs Resignation Rumors

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SEC Chair Gary Gensler’s recent social media post has elicited reactions within the crypto community, with many believing that he was resigning.

In a recent post, SEC chair Gary Gensler took to X to highlight his achievements as the regulatory agency’s boss over the past three years.

 

Controversial Opening Sentence

However, the post’s opening sentence led several crypto enthusiasts to mistakenly believe that the SEC boss was resigning from the position after three years of active service. According to the social media post, Gensler emphasized, “It’s been an honor to serve as SEC chair.”

As a result of this statement, there was widespread speculation that Gensler was stepping down from his role as Chair of the SEC. Nonetheless, individuals anticipating Gensler’s resignation were disheartened when he followed up with a tweet lauding the SEC’s accomplishments during his three-year tenure.

Gensler Hopes to Continue as SEC Chair 

Within the time frame, Gensler said the SEC has filed over 2,000 enforcement actions, resulting in more than $6 billion in civil penalty and another $6 billion in disgorgement.

He also revealed that the SEC has finalized 38 rules in the past three years, focusing on money market funds, corporate governance, and treasury clearing.

“And we’re not done,” Gensler remarked, suggesting that he hopes to continue running the affairs of the SEC to achieve more successes.

Crypto Enthusiasts React

Expectedly, Gensler’s dedication to continue leading the SEC left many disappointed as they took to the comment section to react.

Popular XRP community member and Bitrue ambassador “XRPcryptowolf” joined other X users to express disappointment.

Interestingly, an investor and notable X community troll known as Greg illustrated readers’ reactions to Gensler’s thread using a popular social media meme.

Furthermore, Ryan Selkis, the founder and CEO of Messari, who has also been a long-term vocal critic of the U.S. SEC, called Gensler a parasite.

Interestingly, pro-XRP lawyer Fred Rispoli called attention to the number of likes these X comments have generated compared to Gensler’s thread.

The development suggests that many individuals, especially crypto enthusiasts, hope Gensler steps down as SEC Chair. The sentiment among crypto proponents stems from criticisms surrounding Gensler’s regulatory approach, which many tagged as “regulation-by-enforcement.”

However, Gensler has defended the commission’s regulatory approach several times, noting that the crypto sector is rife with fraud and non-compliance. Per Gensler, the measure taken against crypto entities is meant to protect investors from fraudulent actors.

In the meantime, the SEC is embroiled in legal battles against Ripple, Coinbase, Binance, and Kraken, among others. While the Ripple lawsuit is approaching its final resolution, the SEC cases against top crypto exchanges are still in their early phases. The commission has also indicated interest in charging Uniswap, the world’s largest DEX.

Ripple CEO Explains What Would Be Great for XRP

Ripple CEO Brad Garlinghouse has pinpointed future efforts of the company that would be of immense significance for XRP.

Garlinghouse shared this insight in a recent interview on FOX Business with Maria Bartiromo. The FOX journalist asked Garlinghouse to discuss his bold outlook on the crypto market potentially doubling to reach $5 trillion by year-end.

Garlinghouse stressed that the $5 trillion projection for the crypto market is not even particularly ambitious in the broader context. He pointed out the diminishing BTC supply, particularly with the looming Bitcoin halving, coupled with a rising demand for Bitcoin facilitated by exchange-traded funds (ETFs).

Taking these dynamics into account, Garlinghouse hinted that he may have actually underestimated the eventual scale of the crypto market.

When asked whether the crypto market would see a further positive boost with clearer U.S. regulatory laws, Garlinghouse responded affirmatively. He highlighted the historical significance of robust U.S. regulation in fostering the growth of the nation’s economy to a position of global prominence.

However, he expressed that these existing laws have proven to be problematic for the crypto industry. He highlighted how crypto innovators and entrepreneurs have opted to relocate to other economies with more favorable crypto regulations. Garlinghouse cited examples from Dubai, Singapore, and the U.K.

In parallel, the Ripple CEO stressed the importance of the U.S. adopting a pro-innovation and pro-compliance stance towards crypto. He noted how this approach could fuel job creation and economic growth, asserting that the blockchain industry is here to stay. 

Furthermore, Garlinghouse emphasized that transparent regulations for crypto will enable industry participants to operate and expand with confidence.

Dominating Crypto Infrastructure will be Great for XRP 

Building on this premise, the FOX journalist inquired about Ripple’s anticipated growth trajectory in light of clearer regulation, particularly as the company plans to introduce a USD-backed stablecoin.

Garlinghouse pointed out that over 95% of its customers are financial institutions outside the U.S. He noted that Ripple provides payment and custody solutions to these institutions. Moreover, the CEO revealed that Ripple seeks to continue expanding even though the U.S. market remains slow with adoption.

Furthermore, Garlinghouse expressed that the opportunity to be an infrastructure provider for the crypto market is massive, noting its positive implications for Ripple and XRP, the digital asset it leverages for payment solutions.

“That opportunity is huge. We think that is going to be great for Ripple; We think it would be great for XRP, the digital asset we use. So, I’m very optimistic,” Garlinghouse remarked.

Shiba Inu Partner Announces Approval of Four Key Proposals

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Shiba Inu partner K9 Finance confirms the approval of key governance proposals to enhance its ecosystem and ensure its growth and sustainability.

K9 Finance, the designated liquid staking partner of the Shibarium blockchain, recently confirmed the passage of four governance proposals after a significant participatory vote by the KNINE community.

The governance results, recently spotlighted by the K9 Finance decentralized autonomous organization (DAO) in a post on X, indicate remarkable support for the initiatives. 

All four proposals received substantial backing from the community. The proposals include changes to the tax structure on KNINE tokens and the approval of budgets for marketing, development, and operations for the next six months.

Detailed Overview of the Approved Proposals

The first proposal passed will modify the tax model for transactions involving KNINE tokens. The revised tax model makes the tax on purchases 0% and brings in a 3% tax on sales, designed to encourage both new investments and long-term commitment to the platform.

In addition, the community also settled on a monthly operational budget of $25,000 for the next six months. This funding is allocated to support the operational features, stability, and functionality of the K9 Finance platform.

Thirdly, the K9 Finance DAO approved a proposal with 75.88% of the vote to allocate a monthly development budget of $50,000 for the next six months. The development funding will advance the platform’s technical development, focusing on enhancing existing features and expanding capabilities.

The community also voted in favor of a $30,000 per month marketing budget for the next six months with 83.02% approval. Notably, the DAO aims to leverage this budget for bolstering efforts toward raising awareness of the platform and attracting new users.

Remarkably, the results from all four proposals demonstrate an overwhelming support from the community, with quorum levels ranging from 508% to 601%. The approved changes are scheduled to occur within one to three business days.

K9 Finance and Shiba Inu

The progress of the K9 Finance project is expected to spill into the Shiba Inu ecosystem due to their partnership. Buzz.shib, a co-founder of K9 Finance and a developer advocate for Shiba Inu, emphasized the importance of such progress in achieving competitive staking rates for BONE.

Following their partnership, K9 Finance announced Shiba Inu ecosystem developers Shytoshi Kusama and Kaal Dhairya as its advisors. Earlier this month, the K9 Finance team released the roadmap of its launch on Shibarium. Last month, Buzz explained how K9 Finance can be beneficial for Shibarium amid sustained questions.