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Shiba Inu Leads BTC, ETH, DOGE, and BCH On Robinhood

Lele Jima
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Shiba Inu Leads BTC, ETH, DOGE, and BCH On Robinhood

Shiba Inu ranks first in Robinhood’s leaderboard for the top 10 cryptos with the most gains this week.

Shiba Inu (SHIB) has continued to stir in the crypto market following its recent jaw-dropping performance. The canine-themed token’s price spiked to $0.00004500 on March 5 after embarking on a parabolic run.

Despite losing a large percentage of its gain, Shiba Inu is sitting comfortably as the 10th biggest cryptocurrency, with a market cap of $20.91 billion.

Shiba Inu Outperforms DOGE, ETH, and BTC

Interestingly, Shiba Inu secured the first position among the top 10 crypto assets with the most weekly gains on Robinhood. The development was shared on the X platform today by Shiba Inu’s marketing lead, Lucie.

Robinhood highlighted Shiba Inu as the best-performing crypto this week on its platform, outpacing other top assets, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Dogecoin (DOGE).

According to the data, Shiba Inu secured the top position on the leaderboard, with a 154.1% weekly gain. The canine-themed token outperformed BCH, the second asset in the list, by a large margin. BCH was up 43% in the weekly chart, placing it behind SHIB. 

In addition, DOGE ranked third in the leaderboard, having surged 35.9% this week. Ethereum Classic (ETC), Uniswap (UNI), Aave (AAVE), and ETH ranked behind DOGE, rising 32.1%, 26.8%, 22.4%, and 16.4% in the weekly charts, respectively. 

Furthermore, Tezos (XTZ), Stellar (XLM), and BTC were ranked eighth, ninth, and tenth in the leaderboard. According to the data, XTZ surged by 14.7%, XLM saw a weekly growth of 14.4%, and BTC rose by 11.8% this week. 

Community’s Efforts Finally Paid Off 

Many may be surprised to see Shiba Inu rank as the best-performing crypto in Robinhood’s leaderboard. It is worth noting that SHIB stayed below $0.00001 for several weeks before it finally embarked on a parabolic run that took it to around $0.00004600. 

Prior to its latest rally, the Shiba Inu community worked around the clock to ensure that SHIB participated in the bull market. Some of these efforts included reducing SHIB’s supply via intensive burns and urging new investors to acquire the token. 

These efforts finally paid off as SHIB skyrocketed heavily this week. In the hours leading up to press time, SHIB changed hands at $0.00003548, up 6.4% in the past 24 hours and 71.02% in the past seven days. 

Shiba Inu Burns 13,400,000,000 SHIB, 19.5K BONE, and 28.7 LEASH

Lele Jima
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0
Shiba Inu Burns 13,400,000,000 SHIB, 19.5K BONE, and 28.7 LEASH

The Shiba Inu ecosystem team has initiated another hefty burn, incinerating over 13,400,000,000 (13.4 billion) SHIB tokens, 19,561 (19.5K) BONE, and 28.75 LEASH tokens in four transactions.

Members of the SHIB community were stunned in the early hours of today after the Shiba Inu ecosystem team incinerated huge amounts of its ecosystem tokens.

13.4B SHIB Burned

In a startling development, the Shiba Inu ecosystem team incinerated over 13.4 billion SHIB tokens worth $485,000 at the time of writing this line.

The tokens were burned in two transactions, each consisting of 9.64 billion and 3.81 billion SHIB tokens, respectively. Interestingly, the burn occurred hours after Shiba Inu marketing lead Lucie disclosed that 40 ETH would be used to initiate a massive SHIB burn.

However, it turned out that the Shiba Inu ecosystem team later burned more SHIB tokens than expected. Commenting on the development, Lucie revealed that $340,000 worth of SHIB, equivalent to 80 ETH, was destroyed in the end.

In a follow-up X post, she attributed the latest SHIB burns to Shiba Inu developers. However, she emphasized that the team of developers for Shiba Inu would not have achieved the feat without the support of Shibarium builders and users, who have played significant roles in bolstering the L2 network’s adoption.

“This is a big shout out to you, #Shibarium users and builders—we bow to you for the support that is needed,” said Lucie.

Furthermore, she urged the community to use Shibarium to burn more SHIB tokens.

Sixth Shibarium-Powered Burn

Based on Lucie’s suggestion, it is evident that the latest burn marks the sixth Shibarium-powered burn.

Between December and January, the team burned 43 billion SHIB tokens using a portion of Shibarium gas fees. Following the latest burn, over 56 billion SHIB have been removed from circulation by utilizing funds obtained via Shibarium gas fees.

Team Burns BONE and LEASH Tokens

In addition, the team also burned other Shiba Inu ecosystem tokens like LEASH and BONE in its latest burn campaign. RagnarShib, an official admin of the Shibarium Telegram group, disclosed that 19,561 BONE ($23,668) and 28.75 LEASH ($21,886) were destroyed earlier today.

At press time, it is unclear whether the BONE and LEASH tokens were burned using a part of Shibarium fees or proceeds from the sale of SHEboshi.

For context, the team disclosed in the 13th edition of Shib Magazine that it would use 10 out of 50% of SHEboshi proceeds to burn Shiba Inu ecosystem tokens (6% for SHIB, 1% for BONE, 1% for LEASH, 2% for TREAT and SHI). It bears mentioning that the latest burn of SHIB, LEASH, and BONE comes over a week after SHEboshi sold out in minutes.

Shiba Inu Lead Becomes Official Advisor of This New Token

Lele Jima
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0
Shiba Inu Lead Becomes Official Advisor of This New Token

K9 Finance, a liquid staking solution on Shiba Inu’s L2 blockchain Shibarium, unveils its newest advisors.

The K9 Finance official X handle unveiled two prominent Shiba Inu developers, Shytoshi Kusama, and Kaal Dhairya, as the newest advisors for its crypto project.

Although the announcement did not specify their job responsibilities, Kusama and Dhairya are expected to make significant contributions to the technical aspects of the K9 project.

Kusama and Dhairya Experience

Kusama and Dhairya have been instrumental in developing all Shiba Inu projects. While Kusama is the lead developer of the Shiba Inu ecosystem, Dhairya is known for developing Shibarium.

Following their contributions as SHIB developers, Shiba Inu’s projects have gained widespread adoption, leading to a spike in SHIB’s price. Notably, the price of SHIB has surged over 168% in seven days and 259% over the past month. SHIB was changing hands at $0.00003423 in the hours leading up to press time.

Based on their successes within the Shiba Inu ecosystem, K9 Finance onboarded them as its advisors to also bolster the adoption of its new project.

Shiba Inu Lead Reacts

Reacting to the development, Kusama referred to the move as another win for the month of March. He expressed enthusiasm, stating that his collaboration with the K9 Finance team will further strengthen Shibarium.

K9 Officially Launches Native Token

It bears mentioning that the appointment of Kusama and Dhairya as advisors of K9 Finance comes a few hours after the team launched its native token, dubbed KNINE.

The token launched on Uniswap yesterday at 17:00 (UTC) after the team injected $100,000 liquidity into KNINE to facilitate its trading on the Ethereum-based decentralized exchange.

Shortly after its launch, KNINE embarked on a parabolic run that saw its price surge by 240% in hours. At the time of writing this line, KNINE was trading at $0.0001325, up 174% in the daily charts.

Its market cap is currently $10.55 million, and its 24-hour trading volume is $9.93 million. Since its launch on March 7, the token has already had 3,628 holders and 11,763 transfers.

The widespread adoption of KNINE can be attributed to the token’s affiliation with the Shiba Inu project. Consequently, Shiba Inu community members have been supportive of K9 and have joined other notable investors in acquiring the KNINE token.

While K9 Finance has launched its official token, its liquid staking platform is still in development, with plans to deploy the solution on Shibarium soon.

Like most Shibarium projects, the K9 liquid staking platform will contribute to the ongoing SHIB burn initiative and bolster the network’s total value locked (TVL).

It is worth noting that K9 Finance is an official partner of the Shibarium network. K9 became an official partner and validator of Shibarium last month, allowing users to stake and earn rewards in BONE.

Shiba Inu Team Says You Can’t Quote RYOSHI And Cry For Burns

Abdulkarim Abdulwahab
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Shiba Inu Team Says You Can’t Quote RYOSHI And Cry For Burns

A Shiba Inu official has unearthed a message from Ryoshi, the founder of SHIB, to address concerns about SHIB burn.

Recently, Lucie, a key figure in the Shiba Inu team’s social media outreach, commented on the ongoing discussions surrounding SHIB token burns.

The message comes amid mounting concerns about Shiba Inu burns, mainly due to the prolonged absence of token burns by the Shiba Inu team.

Recall that the Shiba Inu crew initiated SHIB token burning using gas fees generated from the Shibarium blockchain in early December 2023. This process persisted for about five weeks, during which the team eliminated over 43 billion tokens in five phases. 

However, the last burn occurred in early January, marking nearly six days without burns from the Shiba Inu team. This development has raised concerns among community members, who continue to advocate for more SHIB token burns.

Message from Shiba Inu Founder Ryoshi Resurfaces

Lucie took to X on Thursday to address the growing frustrations voiced by community members regarding the cessation of SHIB token burns since January. 

She first expressed astonishment at individuals who have never utilized Shibarium yet are complaining about Shibarium-powered token burns. She emphasized that Shiba Inu token burns are a collective effort involving the entire community, not solely the development team’s responsibility.

Building upon this perspective, Lucie recalled a message from Shiba Inu’s founder to the community regarding SHIB burns. “What have you done for Shib’s growth? How much have you burned?” Ryoshi remarked as Lucie cited.

SHIB  Burn is a Collective Effort

The cited remark urged community members to reflect on their contributions to the ecosystem’s growth before criticizing the development team.

Notably, the Shiba Inu crew has repeatedly outlined the importance of community involvement in fueling Shibarium’s utility and adoption. They have emphasized the correlation between increased usage of Shibarium and subsequent SHIB burns. 

With the increased usage of Shibarium, more transaction fees are generated and allocated toward token burns. While the burn schedules that have taken place so far have been manual, efforts are in place to migrate to an automated system.

Addressing those frustrated by the pace of SHIB burn, the Shiba Inu representative remarked: 

“If you’re not happy with what the Shiba ecosystem does, then do it yourself. Burn and develop better tools.”

Shiba Inu Attracts 8.4K Active Addresses Daily

Sam Wisdom Raphael
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0
Shiba Inu Attracts 8.4K Active Addresses Daily

Shiba Inu (SHIB) has continued to command increased interest amid the latest price uptrend, recording a massive 2,000% surge in active addresses from the February average.

IntoTheBlock (ITB), a leading blockchain analytics provider, disclosed this feat in a recent post on X, suggesting an observable uptick in activity. Data from ITB indicates that Shiba Inu witnessed a recent high of 21,000 daily active addresses on March 5.

This figure represents a massive increase from the daily average. Shiba Inu witnessed an average of 3,100 daily active addresses throughout last month when its price traded between $0.000009 and $0.00001. Interestingly, the daily average last year stood at 4,000 addresses. 

A 20x Surge in Daily Active Addresses

However, as the crypto asset saw a massive price uptick from late February to this month, daily active addresses spiked. IntoTheBlock confirms that this average rose from 3,100 to an impressive 8,400 addresses, marking a 170% increase.

In addition, ITB said the recent peak of 21,000 addresses represents a nearly 20x rise, or a 2,000% increase, from the daily average recorded in February. 

It bears mentioning that the increase in daily active addresses expectedly coincided with a surge in daily volume. As active addresses rose to 21,000 on March 5, Shiba Inu witnessed a 24-hour trade volume of over $16 billion that day, putting it among the top 5 assets with the largest volume.

The $16 billion volume represented Shiba Inu’s fourth-largest trade volume of all time. The last time the asset recorded a figure remotely close to this was on Oct. 28, 2021, during the previous market bull run that saw it hit the all-time high of $0.00008845. 

Shiba Inu Metrics Suggest Increased User Engagement

This surge in daily active addresses for Shiba Inu suggests increased user engagement and network activity. Higher demand and transaction volume can positively impact price as it may indicate growing interest and investment in cryptocurrency. 

Further data reveals upticks in similar metrics. Notably, new addresses have surged by 59.77% over the past seven days. In addition, non-zero addresses have increased 45.63% within the same timeframe. SHIB also saw a new adoption rate of 45.19 on March 6, representing its highest point in 30 days.

Meanwhile, Shiba Inu is now looking to reclaim its recent highs above $0.00004 following the latest market reset. Recall that SHIB dropped 40% within seven hours amid the Bitcoin slump. 

However, as reported by The Crypto Basic, traders expect the asset, above others, to stage a rebound. SHIB currently trades for $0.00003390, having surged 11.17% over the last 24 hours in a push to recovery. The token has maintained a 175% rise in the past seven days.

Cardano Active Addresses Spike to 76,000 as Price Looks to Break $0.80

Sam Wisdom Raphael
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0
Cardano Active Addresses Spike to 76,000 as Price Looks to Break $0.80

Cardano is witnessing an influx of market participants, with active addresses skyrocketing to a high above 76,000 amid ADA’s attempt to breach the $0.80 territory.

Cardano (ADA) has continued to attract attention from investors, further putting the “ghost chain” claims to bed. The asset recently saw a surge in daily active addresses, a trend which indicates a growing rate of network activity.

Cardano Active Addresses Hit Yearly High

Notably, data from Santiment shows that the number of daily active addresses increased to a new yearly high of 76,445 on March 6, while the asset looked to recover from the massive price drop observed the previous day.

Cardano Daily Active Addresses Santiment
Cardano Daily Active Addresses | Santiment

Recall that ADA collapsed 10% on March 5, as Bitcoin’s (BTC) retracement sent the entire market into the red zone. The token dropped to a low of $0.5710 before staging a comeback that saw it close March 5 above $0.69.

This recent surge in active addresses came up as ADA sought to reclaim the lost values on March 6. The cryptocurrency eventually reclaimed the $0.70 price territory that day, closing at an impressive price of $0.7349.

The latest 76,455 high in daily active addresses represents a 55% increase from the low of 49,171 recorded on March 3. Since this low, Cardano has experienced a gradual uptick in active addresses, with the recent run culminating in the 76,455 top.

Growing Interest

Interestingly, the increase in daily active addresses coincided with a similar rise in trade volume, as investors trooped into the market. ADA saw a 24-hour volume of $1.22 billion on March 6, up from the February average of $450 million. 

In addition, Cardano futures Open Interest (OI) also saw an impressive rise, soaring to a high of $588 million on March 5. Notably, this marked the highest OI ADA has witnessed since April 2022. 

It bears mentioning that since the 76K top, active addresses have continued to decline, currently sitting at 57,598 as of press time. Despite the recent drop, the current figure is still considerably higher than last month’s daily average.

While ADA has not rallied as much as some leading assets such as Ethereum (ETH) and Solana (SOL), the cryptocurrency has seen a price uptick as the broader market run takes shape. Notably, ADA has outperformed BTC over the past six months, but trails in the last three months.

Cardano initially aimed to breach the $0.80 price territory when it leveraged the bullish momentum to register an impressive 6% surge on March 4. However, the token faced opposition at a 21-month high of $0.7986. Currently trading for $0.7377, ADA now seeks to engineer another retest of $0.80.

Bitcoin Supply Shock May Be on the Horizon as ETF Inflows Hit New Record

Mark Brennan
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Bitcoin Supply Shock May Be on the Horizon as ETF Inflows Hit New Record

Bitcoin (BTC) may witness a supply shock as spot Bitcoin ETFs continue to heavily accumulate all circulating BTC tokens.

The newly launched spot Bitcoin ETFs remain one of the biggest catalysts driving Bitcoin’s price rally. Since their approval in January, the ETFs have accumulated over 4% of all the bitcoins in circulation, with over $9.37 billion invested.

On March 7, the most recent trading day, the ETFs attracted a net inflow of $472.6 million. BlackRock’s Bitcoin ETF alone received 12,600 BTC, bringing its total holdings to 183,300 BTC ($12.3 billion). The latest inflow marked a new record for BackRock.

While there is no clear way to determine when the inflows could start declining, market participants are bracing up for a supply shock scenario. This refers to a situation where market demand vastly outpaces the supply, resulting in a massive increase in the price of an asset.

Bitcoin Halving Boosts Chances of BTC Supply Shock

In the case of Bitcoin, such a supply shock looks inevitable, especially with the Bitcoin halving cut now around six weeks away. On track for April 20, 2024, the halving will lower the number of newly released coins per block from 6.25 BTC to 3.125 BTC.

This will eventually decrease the number of BTC available for the market. Also, while the effects of the Bitcoin halving typically take a few months to kick in, the landmark event has historically resulted in prices surging to new highs within the next 12 months.

The spot Bitcoin ETFs have helped the BTC set a new record of beating its previous all-time high before a halving. If that trend continues, the likelihood of a strong supply shock increases.

Much speculation remains about how high prices will go in the event of a BTC supply shock. However, the general consensus is that the asset may enter the six-figure price range, breaking the $100,000 mark for the first time in its history.

Meanwhile, Bitcoin trades at around $68,500, edging closer to its recently set all-time high. The cryptocurrency’s market cap now sits well above $1.3 trillion, giving it 51.7% of the global crypto market cap.

Trader Turns $1,749 to $10.9 Million with Solana Meme Coin: Here’s How

Abdulkarim Abdulwahab
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0
Trader Turns $1,749 to $10.9 Million with Solana Meme Coin: Here’s How

Lookonchain has called attention to another outstanding trader who transformed a barely $2,000 investment into a multi-million dollar fortune.

Per the recent disclosure, the trader attained this staggering success by trading the now-popular Solana-based meme coin Dogwifhat (WIF).

Lookonchain noted that the trader acquired 5.1 million WIF tokens in late November 2023, spending merely $1,749 on the purchases. 

From $1,749 to $10.9M

The surveillance platform observed that the trader has held on to the WIF tokens since buying them. According to the report, the $1,749 meme coin portfolio exploded over the next three months to $10.9 million.

To put it differently, this trader’s gain amounts to over 630,000% return on investment (ROI) within 100 days, demonstrating the potential for massive gains in the crypto scene.

Furthermore, Lookonchain highlighted that the Solana meme coin trader has moved to offload the asset to capitalize on its gains.

However, the trader encountered difficulties. His limit sell order failed to execute due to the high limit price. Consequently, he opted to cancel the limit order and transferred the WIF holdings to new wallets.

It is worth noting that the acquisition of the 5.1 million WIF tokens coincided with the period the token was launched. Popular market tracking resources like CoinMarketCap and CoinGecko have no data for WIF’s trading price until mid-December 2023.

As a result, WIF’s price performance from December until now is estimated at a 1,268.54% gain, surging from below $0.07 to over $2.3. Essentially, this percentage gain contrasts the smart trader’s over 6,300-fold increase.

Besides, CoinMarketCap recently spotlighted WIF among this cycle’s best-performing meme coins, having registered an incredible price jump. CoinMarketCap underscored that WIF moved by 116 steps to position 50 within ten days.

As a result, Dogwifhat is currently the best-performing meme coin, with established contenders like Shiba Inu (SHIB) and Dogecoin (Doge) trailing behind it. While WIF moved 116 steps, SHIB climbed eight steps. Meanwhile, DOGE only grew by one degree.

BONK is another meme coin on Solana that has engineered astonishing price performances over the past few months. BONK similarly moved 58 steps up the ranking of most valuable cryptocurrencies.

Floki Skyrockets 70% as Social Mentions Hit Unprecedented Levels

Mark Brennan
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0
Floki Skyrockets 70% as Social Mentions Hit Unprecedented Levels

Floki price has retained its bullish momentum for the year with the project’s popularity on social platforms hitting impressive levels.

According to an update from LunarCrush, a social intelligence company, this year has mostly been bullish for Floki. The number of creators posting about the memecoin in the past year has surged by over 271.6%.

Floki has persistently seen an increase in its popularity over the last year, a time that saw its price soar by 485.50%, per CoinMarketCap data.  The project has continued to build on this momentum since the start of this year, with an uptick in its price thus far.

Floki With Multiple Bullish Metrics

Per the data shared by LunarCrush, the 271.6% jump in Floki’s social creators has also triggered the emergence of a more than 404.3% surge in social posts.

The mixture of content creators and the increment in the number of social posts have also solidified Floki’s overall social interaction statistics, which have seen a clear 4,404.4% surge over a one-year period.

This popularity did not come at the expense of the price of FLOKI. At the time of writing, FLOKI trades for $0.0002243, up by 70.71% in 24 hours. Its market capitalization has also increased to $2,140,024,788.

FLOKI has returned to the list top 100 cryptocurrencies by market cap. Notably, its rallies this year have helped it clinch the 62nd ranking, per data CoinMarketCap.

To complement the positive metrics from LunarCrush and CoinMarketCap, data from crypto analytics platform IntoTheBlock (ITB) has also revealed that 100% of FLOKI holders, amounting to 75,380 addresses, are in profit at the moment.

The Benefit of Consistent Building

Last year, the Floki team introduced the TokenFI platform. Floki aims to build TokenFi into a formidable contender in the tokenization industry as it seeks to capture a share of the industry billed to touch $16 trillion in by 2030.

Floki is also benefiting from other key ventures like Burning and Staking, where it has gained significant growth traction over the past months.

Court Orders Terraform Founder Do Kwon to Be Extradited to South Korea, Not U.S. 

Lele Jima
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0
Court Orders Terraform Founder Do Kwon to Be Extradited to South Korea, Not U.S. 

A federal court in Montenegro has ruled that Do Kwon, the founder of the bankrupt crypto project Terraform Labs, would be extradited to his home country, South Korea. 

Notably, Kwon would face fraud charges in South Korea instead of the United States, where the court had previously ordered him to be extradited.  

New Twist in Kwon’s Legal Woes 

The legal tussle involving Kwon has continued to take different twists. Last year, Kwon, along with his business partner Han Chang-joon, was arrested at Podgorica Airport in Montenegro’s capital. 

Following his arrest, authorities in the United States and South Korea have been at loggerheads over Kwon’s extradition. At first, a Montenegro High court ruled that Kwon should be extradited to the U.S. However, the Terra founder won a reprieve in an Appellate court last week, with the panel of judges finding massive violations in the case’s legal procedures.  

After the case was remanded, the High Court ordered that Kwon be extradited to South Korea, his native country. 

Commenting on the development, Kwon’s lawyer, Goran Rodic, told DL News that he and his client would consider appealing the decision. 

Kwon Fled After Terra Ecosystem Collapse 

Kwon’s legal woes remain one of the most controversial cases in the global crypto sector. Following the collapse of the Terra network, which saw over $60 billion wiped off the market, Kwon went into hiding. Kwon and Chang-joon ran to different cities before settling down in Serbia. 

While in Serbia, Chang-joon acquired a flat in Belgrade, Serbia, which was later confiscated by local authorities. They fled to Montenegro and subsequently attempted to move to Dubai from there. 

However, Chang-joon and Kwon ran out of luck. They were arrested in March 2023 Montenegro with fake Costa Rican passports. While Kwon was still in Montenegro prison waiting for his extradition issue to be resolved, Chang-joon was repatriated to South Korea in February. 

If U.S. authorities and Kwon’s lawyer do not appeal the recent High Court decision, the Terra founder will soon join his business associate in South Korea. With Kwon set to be extradited to Korea, legal experts speculate that he could face up to 40 years in prison. 

Terraform Labs File For Bankruptcy 

Meanwhile, Terraform Labs officially filed for Chapter 11 bankruptcy in the United States in January 2024. According to the bankruptcy filing, the company estimated that its estimated assets and liabilities were valued within the ranges of $100 million and $500 million. 

Furthermore, Terraform Labs emphasized that it will not seek additional funds to pay its creditors and employees throughout the bankruptcy proceeding. 

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