Home Blog Page 1560

History Shows Shiba Inu Could Surge 800% to $0.0001206 in a Week

0

The Shiba Inu community is witnessing a renewal of optimism amid the uptrend, with new speculations of a possible 800% surge in the next week as recorded in the 2021 bull run.

Amid the Bitcoin (BTC) pump, Shiba Inu has outperformed the rest of the market, soaring 23.5% over the past 24 hours when other assets have recorded less growth. For instance, despite retaining $62,000, BTC is only up 9% within this timeframe, while Ethereum (ETH) has gained 5.43%.

SHIB’s latest bullish momentum has sparked a new wave of optimism among market participants, leading to speculation around lofty price growths. Lucie, a Shiba Inu ecosystem marketing specialist, recently called attention to a possible rise in SHIB’s price, citing historical data.

SHIB Rallied in 2021 Without Burns

According to Lucie, Shiba Inu spiked 800% within a week in 2021 despite not recording any burns. An investigation by The Crypto Basic confirms the accuracy bold claim from the ecosystem marketing specialist. However, data suggests that the asset might have actually surged much higher.

Notably, CoinMarketCap (CMC) shows that Shiba Inu traded at $0.00000153 on May 7, 2021. Nonetheless, the asset recorded a massive price spike, surging to a new all-time high of $0.00003469 on May 11, 2021. This marked a 2,167% increase in four days.

At this time, Ryoshi, the anonymous founder of Shiba Inu, had already allocated half of the token’s supply to Ethereum founder Vitalik Buterin. However, Buterin had not yet executed the historic SHIB burn when SHIB recorded this spike.

Shiba Inu Could Hit $0.0001206 on an 800% Spike

Lucie called attention to this feat, noting that the asset was able to witness such substantial growth even when no burns had been recorded. Speaking further, she expressed her eagerness to see how far the token would surge this year, especially with the periodic burns it now experiences.

At Shiba Inu’s current price of $0.00001340, an 800% rally would result in a jump to $0.0001206, essentially resulting in SHIB shedding off one zero. Such a price spike would result in a new all-time high, and historical data suggests that it might actually be possible.

According to Lucie, Shiba Inu’s growth could be propelled by slow burns and massive demand. As previously reported by The Crypto Basic, Shibburn, a community-driven Shiba Inu burn tracker, stressed that Shiba Inu’s massive surge in 2021 was primarily due to increased demand.

Buterin executed his burn of 410 trillion SHIB on May 16, 2021, five days after SHIB surged to $0.00003469. Buterin’s burn coincided with a correction from the $0.00003469 high but could not stop the decline. After hitting a floor, SHIB rallied to the ATH of $0.00008845 in October 2021 amid the recovery.

Why DeFi Coins Are Pumping And What It Means For The $GFOX Launch

0

DeFi is getting repriced. Why? Two reasons – first is a positive sentiment towards SEC regulations (which is why Uniswap announced staking rewards, leading to a 50% price pump for $UNI in a single day). Second is the Ethereum ($ETH) ETF will funnel a massive amount of capital into DeFi, and investors are scrambling over one another to get to the front of the queue. The ideal tokens in these conditions are small caps, and Galaxy Fox ($GFOX) positions itself as the top crypto to invest in this quarter. Why DeFi coins are pumping and what it means for the $GFOX launch. Strap in. Things are about to start getting silly.

Why DeFi is Pumping

DeFi tokens are undergoing a period of wild gains, with double-digit daily increases becoming common. The reasons for this are multifaceted, but some large central players exist. First and most obvious is the looming Ethereum ETF. Look what the TradFi bid has done to the price of Bitcoin ($BTC). $ETH has a better monetary policy and will soon enjoy similar inflows.

Second is the recent governance proposal from Uniswap ($UNI) to turn on the fee switch. The team behind $UNI has always been reluctant to do this due to the regulatory risk. This decision comes at the same time Coinbase is battling against the SEC in court. Do insiders already know that a favorable outcome has been reached? Likely. This regulatory clarity is a huge reason DeFi coins are the best cryptocurrencies to buy now.

This decision to implement a fee switch led to DeFi tokens getting repriced across the board. $UNI pumped over 60% in a single day, SushiSwap ($SUSHI) started to rally, and PancakeSwap ($CAKE) began to break out. All of these DeFi tokens have been in nearly a year-long consolidation phase, building strength for a breakout. But how does this affect the Galaxy Fox presale, and why does it deserve the title of top crypto to invest in this quarter?

Galaxy Fox ($GFOX): Launching in Perfect Market Conditions

Galaxy Fox could not have picked better launch conditions even with divine intervention. This small cap nears its retail launch as markets rip, and small caps going to market in full risk-on bullish conditions can amaze everyone with their price discovery phases. Galaxy Fox’s unique hybrid build has led to inflows from memecoin and GameFi enthusiasts, and funding has already shot past $3.6 million.

At the heart of this galactic ecosystem is a Web3 runner game that pays out prizes to the top-ranked players, leveraging the typical play-to-earn mechanics. Users can mint NFTs to increase their in-game stats or purchase upgrades directly with $GFOX tokens. This branch of the protocol has been designed to onboard new users and add a good dash of entertainment.

DeFi tokens catching a bid is positive news. Investors want exposure to DeFi-native projects, and Galaxy Fox delivers an entire ecosystem. This gem is criminally undervalued, but not for long, as markets will rapidly reprice $GFOX after it launches. The top cryptos to buy right now are all DeFi gems, and $GFOX is a special case among its competition, given its early developmental stage.

Closing Thoughts: Retail Launch Approaching Fast

DeFi tokens are up across the board, and $GFOX is shaping up to be the top crypto to invest in this environment. Demand is creeping up, and small caps are poised to shine. Galaxy Fox is heading to its retail launch, and sparks are set to fly.

If multi-billion dollar protocols like Uniswap can shoot up 60% in a single day, imagine what a small cap like $GFOX can do. Join this exciting journey today!

Learn more about $GFOX here:

Visit Galaxy Fox Presale | Join the Community

Disclaimer: This article is provided by the Client. The Client is solely responsible for this page’s content, quality, accuracy, products, advertising, or other materials. Readers should conduct their own research before taking any actions related to the material available on this page. The Crypto Basic is not responsible for the accuracy of info and any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods, or services mentioned in this article.

Please note that The Crypto Basic does not endorse or support any content or product on this page. We strongly advise readers to conduct their own research before acting on any information presented here and assume full responsibility for their decisions. This article should not be considered investment advice.

VeChain Launches Two New Tokens Alongside Sustainability Platform VeBetterDAO

0

The VeChain ecosystem has seen the addition of two new tokens, B3TR and VOT3, amid the launch of a new platform.

VeChain, a prominent enterprise-grade L1 public blockchain, has introduced its latest sustainability platform, VeBetterDAO. The VeChain team announced the new launch via its official X handle and medium blog. 

Per the notification, accompanying the launch of VeBetterDAO are two tokens: B3TR and VOT3.

VeChain’s VeBetterDAO Platform

At the core of VeChain’s movement is offering users the opportunity to engage and earn. The VeChain team highlighted that VeBetterDAO catalyzes a cross-industry sustainability decentralized application (dApp) ecosystem.

It seeks to foster the adoption of Web3 technology among enterprises and individuals through VeChain’s X-2-Earn strategy. 

Moreover, the team stressed that VeBetterDAO represents the evolution of VeChain’s Web3 for Better whitepaper, introduced last year in partnership with the Boston Consulting Group.

The team noted that VeBetterDAO’s launch marks a new chapter for VeChain in propelling the widespread adoption of blockchain technology.

VeBetterDAO 3-Phase Launch

Notably, VeBetterDAO unfolds in three distinct phases. It includes the Testnet Take-off, “Pilot Show Alpha,” currently underway. The other two phases include Pilot Show Beta: Mainnet Blitz and Go-Live Gala. 

Each phase introduces new features, culminating in the Go-Live Gala, synchronized with the full mainnet launch on June 30. This date coincides with the anniversary of the VeChainThor blockchain’s inception.

Specific platform components have been activated in the ongoing Pilot Show Alpha phase. It includes releasing a predetermined amount of B3TR tokens through airdrops, Testnet activities, rewards, and social engagements. 

In celebration of the Testnet launch of VeBetterDAO, the VeChain team is initiating a series of airdrop campaigns to distribute B3TR tokens to community members. 

This initiative aims to encourage engagement with the platform to explore the functionality of the initial decentralized applications (dApps) in the upcoming months. The VeChain team emphasized that all tokens earned will be transferred to the mainnet at a 1:1 ratio.

While B3TR functions as the incentive token within VeBetterDAO, VOT3 serves as the governance token of the platform.

Tron Network Non-Zero Addresses Surpass 95M Mark

0

The total number of addresses on the Tron network with balances greater than 0 has surpassed 95 million.

On-chain data provider IntoTheBlock (ITB) shared the milestone, underscoring the growth and evolution of the Tron DAO. Per the ITB data, the total addresses on Tron with balances comes in at exactly 94.77 million per the 30-day average. 

Over the past month, the figure has oscillated from a low of 93.78 million addresses to a high of 95.88 million addresses. Beyond the current metrics, the Tron ecosystem has shown many impressive upticks in other metrics.

Tron Network Boom

The growth in the number of total addresses with balance complements the overall adoption rate on the network. The adoption ratio recorded a positive 30-day low of 10.29% and a high of 14.69%.

However, the influx of new users into the Tron Ecosystem is not negatively impacting its profitability, as the ITB data shows that a total of 117.59 million Addresses or 99.06% of the network’s total are in profit at this time.

Per the current data, Tron address profitability has stayed consistently above the 98% benchmark for weeks and is notably above that of Bitcoin, which is now at 97%.

Tron occupies a unique place in the digital currency ecosystem and despite its low price of $0.1434, the blockchain plays host to other assets like USDT, serving as one of the fastest and cheapest avenues to transfer the stablecoin.

The Tron achievement dwarfs those of other blockchains like Avalanche and Cardano, both of which have less than 10 million addresses.

Controversial Tron Associations

Despite the advances the Tron Network has recorded this year, it is still masked with some controversies with respect to its adherence to regulations and market manipulation allegations. These complications have forced USDC issuer Circle to cut ties with the platform, as reported earlier this month.

With Tron Founder Justin Sun also in the crosshairs of regulators, the protocol might have more headwinds ahead than the current network stat showcases.

FTX Founder SBF Reportedly Advises Prison Guard to Invest in Solana

0

Despite being incarcerated, Sam Bankman Fried (SBF), the disgraced founder of collapsed crypto exchange FTX, continues recommending Solana investment to prison guards.  

Sam Bankman-Fried (SBF), the disgraced founder of now-defunct crypto exchange FTX, has continued to promote crypto investing to prison wardens despite being held at the Brooklyn Metropolitan Detention Center. 

SBF Promotes Solana Investing 

An anonymous source familiar with the matter told the New York Times that the infamous FTX founder has been sharing crypto market tips with prison guards. 

Specifically, SBF urged prison guards to invest in Solana (SOL), the fifth-largest coin by market capitalization. The development will not surprise many, given that SBF has been a major proponent and investor of Solana. 

Before his incarceration, SBF had invested heavily in Solana via FTX and its sister company, Alameda Research. During SBF’s trial last year, he revealed that he invested a portion of Alameda Research’s profit in SOL when a unit was trading at $0.20. 

Although SBF did not provide ample details about his early investment in SOL, the investment likely relates to a funding round held by the Solana team during its early days. 

At the time, Solana raised $314.15 million after completing a private token sale in 2021. Notable investors like Andreessen Horowitz (a16z), Polychain Capital, and Alameda Research participated in the round. 

Besides investing in Solana, SBF also promoted SOL in multiple interviews, saying the coin is underrated compared to its price. Interestingly, SBF played a major part in pushing SOL to an all-time high of $251 in 2021. 

While Solana benefited from its affiliations with SBF, the crypto project suffered the most following the devastating collapse of FTX. Solana, nicknamed “Ethereum Killer,” saw the value of its native token plunge to a paltry $9 in 2022. 

However, the price of SOL has rebounded ever since. A unit of SOL is trading at $112.65 at press time, up 6.9% over the past 24 hours. 

SBF Awaits Sentencing 

Meanwhile, SBF is currently awaiting sentencing, with federal prosecutors expected to file a recommendation by March 15. 

SBF has also made significant efforts to ensure he receives a reduced sentencing. According to reports, the disgraced crypto exec hired the services of Marc Mukasey ahead of the upcoming sentencing. 

Interestingly, Mukasey, who represented former U.S. President Donald Trump, and other SBF lawyers are recommending that the FTX founder spends nothing more than 6.5 years in federal prison. It bears mentioning that SBF could stay behind bars for up to 115 years. 

Shiba Inu: Shibarium Transaction Fee Sits at $0.00001, Beating BTC, ADA, ETH and MATIC

0

On-chain data confirms that Shibarium, the Shiba Inu layer-2 network, boasts transactions fees hovering at $0.00001, much lower than other prominent networks, such as Bitcoin, Cardano, Ethereum and Polygon.

The Shiba Inu ecosystem development team launched Shibarium last August to help network participants, especially the Shiba Inu community, overcome the high fee and slow transaction predicament on the Ethereum network.

Amid the growing adoption, the official Shiba Inu X handle recently disclosed one of the most promising features of the network. Notably, the account reminded the community that the average transaction fee on Shibarium currently sits at 0.0000219 BONE worth $0.00001.

This represents one of the lowest average transaction fees in the blockchain ecosystem, with Shibarium beating multiple networks on this metric despite these other networks commanding greater adoption than the emerging layer-2 protocol.

Bitcoin and Ethereum Transaction Fees

For instance, Bitcoin, the premier blockchain network, features a transaction fee much higher than what Shibarium presents. 

Although Bitcoin’s transaction fees fluctuate daily, a feature resident in all networks, data from Ycharts confirms that the blockchain currently has an average transaction fee of $7. At this figure, Bitcoin’s fee is about 700,000 times the value obtained on Shibarium. 

Recall that Ethereum pivoted to a proof-of-stake (PoS) model in September 2022, with an aim to become greener. Some proponents posited that this switch could help reduce transaction fees, but network participants have continued to lament higher fees on the chain.

According to data from Ycharts, the current average transaction fee on Ethereum is $1.587, much higher than what is obtainable with Shibarium. Notably, this entails that Shibarium’s fees are 158,700 times less than Ethereum’s. 

Shibarium Also Beats Cardano and Polygon

Like Shibarium, Cardano and Polygon were built to address the pain points native with earlier proof-of-work blockchain networks. However, Shibarium addresses these issues much better than chains such as Cardano and Polygon.

According to the Cardano Explorer, Cardano boasts an average transaction fee of 0.17 ADA, currently worth $0.107 against prevailing rates. While this puts Cardano among the chains with the lowest fees, it falters compared to Shibarium.

Despite being a fork of Polygon, Shibarium beats the network in transaction fees. According to on-chain analytical resource CoinTool, Polygon currently has a normal fee rate of $0.00322 per transaction. This is much lower than Cardano, Bitcoin and Ethereum.

However, fees on Polygon are still 322 times more than Shibarium. Besides its promise of much lower transaction fees, Shibarium also facilitates near-instant transactions, making it one of the top choices overall for fast, secure and low-cost transactions.

Recent Ripple Partnership to Drive XRPL Interoperability with Over 55 Blockchains

0

In a recent collaboration, Ripple has joined forces with Axelar Foundation to enhance interoperability on the XRP Ledger (XRPL) by connecting with more than 55 blockchain networks.

The collaboration, inked with the Axelar Foundation, a non-profit organization overseeing the growth of the Axelar Network, would help bolster the XRP Ledger’s interoperability at a time when some XRPL community figures have lamented the network’s relative seclusion.

The Axelar team announced the partnership through a press release, with RippleX, the development arm of Ripple, calling attention to it in a recent post. Information from the release suggests that the aim of the collaboration is to bolster better interconnection between the XRPL and the broader blockchain ecosystem.

Details of the Integration

Axelar Network, initially developed by Interop Labs, is poised to integrate with the XRPL, enabling the secure and efficient transfer of assets across an extensive network of interconnected blockchains. This integration is scheduled to launch in May.

Renowned for its decentralized architecture and stability dating back to 2012, the XRP Ledger has earned global confidence in facilitating the tokenization and exchange of value involving both crypto assets and real-world assets (RWAs).

This partnership strives to strengthen the XRPL ecosystem by using Axelar’s General Message Passing (GMP) to enable RWA and DeFi features. One major goal of the collaboration is to offer ample liquidity for stablecoins and major assets by integrating with Axelar. 

The integration would give network participants and builders on the XRP Ledger an opportunity to witness better functionality on the blockchain, especially when combined with the robust XRPL infrastructure featuring the upcoming AMM and the native DEX.

The Axelar team noted that their GMP product introduces a feature that delivers more utility than the mere conventional transaction bridging capability. Notably, it allows developers to execute calls on smart contracts residing on over 55 connected blockchains. 

This guarantees a secure exchange of diverse payloads such as function calls and on-chain data across multiple networks. The enhancement contributes to a more advanced and refined experience for decentralized applications (dApps) leveraging the XRPL.

The XRPL Aims to Welcome RWA Tokenization

The team behind Axelar emphasized the XRPL’s commitment to tokenizing real-world assets (RWAs), underscoring its role in setting a standard for interoperability. Notably, Ripple recently partnered with Zoniqx to facilitate tokenization on the network.

According to the Axelar team, the Axelar Foundation’s API and tooling are designed for the smooth integration of tokenized assets on the XRPL with applications across the crypto ecosystem. This broadens the scope and potential applications of real-world assets on the XRPL.

David Schwartz, CTO of Ripple, expressed optimism about the initiative, emphasizing that breaking down silos between networks will help bolster innovation, especially in the DeFi sector. 

Monica Long, the president of Ripple, stressed that the partnership would help facilitate three things: bring more dApps to the XRPL, bolster liquidity for stablecoins and other major assets, and extend the features of the XRPL to the over 55 blockchains connected to Axelar.

Notably, Ripple already seeks to introduce an EVM sidechain for the XRPL to bolster interoperability, with the introduction of the XLS-38 amendment to launch a cross-chain bridge. The amendment and partnership with Axelar Foundation signify a leap in enhancing interoperability within the XRPL ecosystem.

Shiba Inu ETF Petition Gains Momentum, Garnering 2K+ Signatures

0

Earlier this week, the Shiba Inu (SHIB) ecosystem raised a petition to launch an ETF product for the token, a petition that has now received over 2,000 votes.

The petition was directed to Grayscale Investments CEO Michael Sonnenshein, owing to the role his firm played in the emergence of spot Bitcoin Exchange Traded Funds (ETFs).

The petition, originally promoted by SHIB BPP, a self-proclaimed Community Builder, has now grown to become a major movement among members of the Shiba Inu Army.

Shiba Inu ETF Petition: Overview of Embrace

As of February 26 when the news was first reported, the Shiba Inu ETF petition had only garnered a total of 619 Signatures out of the initial target of 1,000. However, the total signatures have now skyrocketed to 2,431, with the new target now set at 2500 Signatures.

A Shiba Inu ETF will mark a paradigm shift in the evolution and adoption of the project. The proponents of the ETF argued that the token is the second most popular cryptocurrency in the United States, a statistic that showed the readiness of its ecosystem for such a product.

With a Shiba Inu ETF, institutional investors will be able to gain indirect exposure to the token, a trend that might solidify its outlook as an established project.

While the market has only seen the emergence of a spot Bitcoin ETF, the confidence that more related projects are likely to be recorded soon has continued to grow.

Several market experts have stoked this confidence over the past few weeks with one of them being Sean McBride, a former Ripple Labs Director who highlighted the chances of getting an XRP ETF soon.

Shiba Inu Holders Can Now Set Up Smart Contracts With Ease 

0

Shiba Inu enthusiasts can now set up smart contract agreements for different initiatives, ranging from product sales to fundraising campaigns. 

Messier has added Shiba Inu to its OpenHatch decentralized application, allowing SHIB holders to use the canine-themed tokens for advanced payment options. 

For context, OpenHatch is a user-friendly solution that allows users, now including Shiba Inu holders, to set up smart contract-based agreements. 

Following the integration of Shiba Inu into the OpenHatch platform, SHIB holders can now set up smart contracts for product sales, subscription plans, fundraising campaigns, tipping, and service agreements. 

OpenHatch Receives New Upgrade 

The OpenHatch platform recently received a major upgrade that could benefit Shiba Inu enthusiasts. With the upgrade, OpenHatch has become more user-friendly, eliminating the need for complex coding skills. 

The platform also enables users to create customized landing pages and set up accounts for their businesses and personal use. 

Furthermore, Messier emphasizes that OpenHatch uses an escrow service to secure users’ funds. It also verifies transactions to ensure that they are trustworthy. 

Explaining OpenHatch’s security architecture in detail, Messier noted that once a buyer creates a smart contract on OpenHatch, the user’s funds, like Shiba Inu tokens, are held in a secure and immutable pool. 

The smart contract then releases funds to the seller once there is a fulfillment of the necessary conditions of the transaction. 

Messier Bolsters Shiba Inu Utility 

The development aims to expand Shiba Inu’s utility beyond simple transactions to a more sophisticated payment option. Before now, Shiba Inu has been integrated across various payment platforms, like BitPay, where it is used to pay for goods and services. 

Interestingly, Messier has expanded Shiba Inu’s utility following SHIB’s integration on OpenHatch. Shiba Inu holders can now leverage the token to set up smart contracts for different purposes. 

Meanwhile, the Shiba Inu project has continued to garner attention in recent times. Shiba Inu achieved a major feat recently by becoming one of the first mainstream cryptocurrencies to develop a project using the DN404 token standard. 

The team behind the Shiba Inu ecosystem described the launch of the SHEboshi token as a bold step into the future. As reported by The Crypto Basic, the launch of SHEboshi recorded significant success, selling out instantly.  

Meanwhile, SHIB’s price has surged 7.3% over the past 24 hours to $0.000011. The canine-themed token is currently among the top beneficiaries of the latest relief rally across the broader crypto market. 

Pundit Explains Reasons for Buying XRP in $0.4 to $0.5 Range

0

An XRP pundit has provided specific reasons for stocking XRP within the $0.4 to $0.565 range, positioning for a potential explosive rally.

Amid mounting skepticism surrounding XRP, pseudonymous X user “CANDDAO” dedicated a message to crypto market participants who may have lost faith in XRP.

In the commentary, CANDDAO shared reasons for undertaking risks to increase his XRP holdings by procuring more tokens within the price range of $0.4 to $0.565.

Supporting Factors

Firstly, the commentator emphasized that not everyone had the opportunity to enter the XRP market at its early stages. However, he suggested that opportunities exist for individuals to augment their holding to alleviate regrets of not boarding XRP early.

In parallel, CANDDAO pointed out that XRP has revisited the price range of $0.4 to $0.565 approximately ten times in the last six years. The commentator highlighted that significant movements often followed a breakout from this range. XRP’s historical charts support this claim.

However, with XRP failing to surpass its 2018 all-time high, there has been a noticeable surge in resentment towards the asset.

CANDDAO argued that negativity and pessimism towards XRP are currently at unprecedented levels. Besides, prominent figures in the XRP community have equally called attention to this trend.

Nonetheless, CANDDAO contended that, based on personal experience, the louder people express their doubts, the more vigorously XRP rallies when the time comes.

Consequently, he urged hopeful investors to remain patient and adopt a Dollar-Cost Averaging (DCA) strategy whenever doubts about XRP’s performance arise.

CANDDAO’s third point centered on XRP’s potential with the introduction of services unlocking smart contract functionality for projects that are not inherently smart contract-based, such as XRP. 

Specifically, he highlighted the emergence of FAssets on Flare Network.

XRP’s Potential with FAssets

CANDDAO suggested that FXRP could catalyze total value-locked (TVL) growth on Flare as users increasingly engage with FXRP across dApps within the Flare ecosystem.

In parallel, the commentator acknowledged existing tensions between the XRP and Flare communities. However, CANDDAO pointed out that there is a significant overlap among individuals holding both XRP and FLR tokens.

He believes both networks benefit when substantial amounts of XRP are “locked” and thus removed from the circulating supply available for sale.

Lastly, the commentator discussed Ripple’s substantial monetary value. He asserts that those who fail to recognize that XRP market makers will weed out weak hands before orchestrating significant market movements do not fully grasp the game’s dynamics. 

Ultimately, CANDDAO underscored that his insights are not hindsight. Instead, they are based on real-time information and historical data, with a long-term perspective for potential outcomes to materialize.