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Cardano Founder Says He’ll No Longer Comment On XRP

Lele Jima
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Cardano Founder Says He’ll No Longer Comment On XRP

Hoskinson said he would no longer talk about XRP following the constant criticism from community members.


Cardano founder Charles Hoskinson has asserted that he will no longer answer XRP-related questions after the XRP community harassed him over a rumor about a December 15 settlement.

During a December 10 AMA session, Hoskinson said he learned from a reliable source that the SEC and Ripple would reach a possible settlement on December 15. Hoskinson’s comment brought smiles to the faces of many XRP investors, who were anticipating the end of the lawsuit. Unfortunately, the lawsuit was not resolved as rumored, with aggrieved XRP enthusiasts trolling Hoskinson.

Hoskinson’s Response to XRP Critics

Commenting on the criticism, Cardano’s founder said he does not know how to interact with the XRP community because his comments about the project always get misinterpreted.

Hoskinson said he spoke about a possible settlement between Ripple and the SEC after a participant in the AMA session asked what he would do if the regulators tag ADA as a security. While answering the question, Hoskinson referred to the Ripple lawsuit, which he believes is an industry-wide concern and will play a role in determining the legal classification of cryptos. Based on the importance of the Ripple case to the industry, he revealed the December 15 settlement rumor he learned from a reliable source.

He added that the XRP community and the media twisted the comment to make it seem like it is something he believes.

“[…] Many people in both the XRP community and in the media decided to take that comment as Charles Hoskinson believes the case is going to get settled on December 15th. After it didn’t get resolved, I was accused of lying, and I was accused of yet again creating a FUD and trolling,” he said.

No Comments On XRP

Hoskinson said he had supported Ripple and XRP even before the lawsuit. The Cardano founder said he does not believe XRP is security despite the SEC allegations. Despite supporting Ripple in the lawsuit, Hoskinson said the XRP community has continued to mock and brutalize him over his comments about Ripple.

“At this juncture, given what’s happened, I’m not going to answer any questions about XRP in any circumstances. I’m not going to mention the project. I’m not going to talk about anything going on after there is a resolution of the XRP case. I’m not even going to discuss that if asked in the future. I’m just going to say no comments,” Hoskinson said. 

Elon Musk To Join a Dogecoin Community Space

Mark Brennan
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Elon Musk To Join a Dogecoin Community Space

DOGE may be set for a bullish Christmas as the DogeFather is set to join a community Twitter space.

 

Elon Musk has indicated an interest in joining a Dogecoin community space close to Christmas, per a tweet from the billionaire yesterday.

It came after Sir Doge of the Coin (@dogeofficialceo) requested the billionaire’s presence on a Twitter space with the DOGE community to discuss memes and chat directly with the community. “Nothing serious, purely fun,” Sir Doge of the Coin said, describing what the Twitter space would be like.

Musk, who has previously dubbed himself the DogeFather, in response, highlighting that things are “intense right now,” expressed the belief that he could have a more favorable response closer to Christmas.

“Things are rather intense right now, but maybe closer to Christmas,” Musk tweeted.

Unsurprisingly, the Dogecoin community is excited, with many sending the word out. For example, DOGE influencer Matt Wallace, who bet his YouTube channel on DOGE going to $1 in 2022, sent the word out to his over 779k followers minutes after Musk tweeted.

Uncharacteristically, the announcement has done little to prop up the price of the doggy meme coin. It is worth noting that the meme coin usually has a favorable price reaction whenever the Twitter chief mentions it. Sometimes the price reacts even when he does not mention it due to speculation from the community. For example, in late November, when Musk hinted at creating an “alternative phone” if left with no choice, DOGE rallied by 6.7% as DOGE holders expected to see a form of DOGE integration should that be the case.

Like the rest of the crypto market, the doggy meme coin is currently printing losses. At press time, DOGE is trading at the $0.07756 price point, down 9.88% in the last 24 hours and nearly 20% in the past week as it sheds gains made during Musk’s acquisition of Twitter.

However, with the possibility of Musk making an appearance on a DOGE Twitter space, it would not be surprising to see the price of the meme coin make one more bullish rally before the year ends.

The Metaverse in Higher Education: A Coming Reality?

Andrew MacGill
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The Metaverse in Higher Education: A Coming Reality?

The Internet has become as much a part of our daily lives as the material reality that surrounds us. Offering increasingly immersive opportunities for interaction, work, learning, shopping, or entertainment, the Metaverse concept is gaining momentum.

Like the virtual and hybrid classrooms that are already slowly replacing traditional classrooms in the new era of education, it is almost a given that the Metaverse will soon become the natural teaching and learning environment for new generations.

Today, buy narrative essay online service will tell you exactly what this digital territory is, what its implications are for the education of the future, and how educational institutions are already taking advantage of it to become more competitive and innovative. Read on!

What Is the Metaverse?

The metaverse has gained popularity recently, especially when Facebook announced its brand shift to Meta. The offering is based on a unified ecosystem of 3D virtual environments that allow users to connect, learn, collaborate and have fun in unimaginable ways.

However, “pre-metaverse” in one form or another has been around for years. As an example, many online games simulate open universes and allow users to explore different worlds, customize avatars, interact with each other and even engage in various forms of virtual financial transactions.

Before the pandemic and the blockchain technology boom, virtual reality universes were considered mostly leisure options. But with the emergence of freedom constraints and the need to explore new possibilities for remote work and study, the meta-universe has become an innovative tool for all kinds of everyday activities, including education. 

Understanding what the meta-universe is and how it will affect all areas of our lives can be quite difficult. A simple way of looking at it is that the metaverse will become the “new Internet” and many web pages or platforms will become immersive virtual reality environments where the user can freely navigate with his or her avatar. 

Metaverse in Education: 4 Key Technologies

Many companies around the world are starting to develop immersive 3D technologies for educational purposes. Again, one of the best examples is Facebook, which indicates on its website that it is currently investing $150 million in virtual reality resources for education. 

Beginning to take advantage of the meta-universe in education requires educational institutions to become familiar with immersive technologies that drive virtual environments and allow them to provide students with experiences that are closer to the real world. Some of the most important of these include: 

1. Augmented Reality and Virtual Reality 

Although they have a lot in common, virtual reality and augmented reality are not exactly the same thing. In the first case, the entire environment with which the user interacts is generated by a computer, while in the second, digital elements can be integrated into the surrounding reality thanks to a phone screen or smart glasses.

According to the best dissertation writing services, augmented reality will be a very effective way to connect the meta-universe with the real world. 

2. Virtual Reality Glasses and Smart Glasses

While it is possible to access a virtual environment or change reality with a screen, the trend is toward a much more immersive and organic experience through innovative virtual reality lenses and smart glasses.

Virtual reality glasses are used to connect the user to a 100% computer-generated digital environment that can be accessed through any device.

Smart glasses, which are still in the early stages of development and commercialization, allow virtual elements to be combined with the user’s physical environment.

It is expected that smart glasses will soon become as popular as smartphones as personal wearable devices and, according to some predictions, may even replace them.

3. Artificial Intelligence 

Artificial Intelligence (AI), among many other applications, allows us to analyze vast amounts of data in real-time and personalize immersive experiences according to user needs and preferences. 

In the field of adaptive learning, this is especially relevant because AI will allow students to take courses at their own pace and with dynamic content that adapts to their learning style.

4. Blockchain and Smart Contracts

Given that the activities and transactions carried out in the meta-universe will have the same impact and validity as those carried out in the real world, high-tech control and security systems are needed to provide peace of mind against possible hacking and information theft. 

Blockchain technology, especially in the form of cryptocurrencies and smart contracts, allows virtual environments to offer high guarantees of trust to users and companies alike.

4 Examples of the Metaverse in Education

There are many applications of virtual reality in digital learning environments at almost all levels of school and especially higher education. There is reason to believe that in the not-too-distant future, many students will be doing most school assignments without leaving home, thanks to the meta-universe.

Virtual Campuses in the Metaverse

One of the medium-term goals of many higher education institutions is to start a radical digital migration to the meta-universe. The goal is that students from around the world will be able to visit a 100% virtual campus identical to a real university campus and live simultaneously with peers and professors remotely and face-to-face.

The Tec de Monterrey virtual campus is a case in point. The environment was specifically designed so that students can attend classes with their personalized avatars. In addition, they can interact with peers in different scenarios, such as a multi-sport venue, a virtual classroom, an auditorium, a food court, etc.

This will require very sophisticated dynamic environments capable of accurately replicating the essence of university life, but it will also require that students and staff in face-to-face mode have devices to interact with their remote colleagues, such as smart glasses.

High Contextual Fidelity Simulators

A large number of simulators already exist for students in professions such as medicine, aeronautics, or civil engineering, which involve a high level of complexity and where one wrong move can be fatal. Thanks to technology, students can practice critical operations in a controlled environment before going out into the real world.

Metaverse can take these simulations even further and introduce them into a contextual environment that closely matches what graduates will encounter in real life. 

For example, from a simulator that allows for open-heart surgery to an entire virtual hospital for pre-graduate training, or from a “simple” flight simulator to an entire network of virtual airports identical to major airports around the world.

Virtual Tours Around the Planets

Thanks to virtual reality, it is possible to explore museums, distant cities, natural ecosystems, and even different geological eras. For example, students can learn English in Colombia or Brazil, and listen to and practice the language in an environment that simulates an English-speaking city.

In addition, technology promises a complete and unique immersion course in astronomy, where students will be able to see in detail the main features of each planet, constellation, and galaxy.

Learning on the Go

If students are equipped with “smart glasses,” they will be able to supplement their excursions to places of scientific interest with all sorts of additional information.

For example, while visiting a historical site or the ruins of an ancient civilization, the technology can scan QR codes, post additional academic resources, and additional digital content, and record the percentage of the student’s progress throughout the course.

How Can You Take Advantage of the Metaverse at Your University?

In addition to being competitive in education, if you start considering new immersive virtual learning environments, it will allow your students to become familiar with the reality that will touch them in one way or another when they enter the world of work.

Undoubtedly, we will have to go through a transition period when learning tools begin to include VR devices and virtual rooms identical to face-to-face ones.

Introducing hybrid learning using e-learning or mobile learning platforms, an adaptive learning model, gamification, etc. – these are the steps your institution can take to gradually transition to immersive education, which will soon become the university educational standard.

Cramer Swipes at XRP for Third Time, Says No One Takes XRP

Albert Brown
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Cramer Swipes at XRP for Third Time, Says No One Takes XRP

The CNBC host noted that he believes XRP and other crypto assets will be wiped out.



James “Jim” Cramer, American Television personality, author, and host of CNBC’s Mad Money show, remains relentlessly vocal about his campaign to downplay digital assets, including Ripple’s native token, XRP. Cramer recently disclosed that, out of all the risk assets within numerous financial scenes, he is negative on cryptocurrencies, especially XRP, as he doesn’t see anyone showing further interest in them.

The media personality made his latest remarks on cryptocurrencies while speaking on a CNBC Squawk Box episode today. Cramer expressed his opinion on the recent underperformance witnessed amongst the majority of stocks, as investors suffer market-wide selloffs that have contributed to shocking declines of most indexes, including the Nasdaq Composite and the S&P 500. Stocks are currently having their worst year since 2008.

When asked to air his view on the recent bearish atmosphere, Cramer noted that he is not particularly bearish on assets like Crude Oil, as he believes there will be a recovery. Instead, Cramer disclosed that he is bearish on cryptocurrencies, mentioning a few crypto assets, including XRP. According to him, these assets will likely be wiped out because he doesn’t see anyone taking them.

“There’s this new group of people that says, no matter what the Fed does, it’s over – they can’t do a thing. […] They look at their S&P numbers and say, ‘oh, things are really bad,’ and I’m not buying it. I think there are some really interesting opportunities every single day. I think you should be negative on crypto; I’m not negative on oil,” Cramer remarked confidently.

He noted that he is negative on crypto assets such as XRP, Litecoin, and Dogecoin. “I’m yet to find anybody who takes them,” Cramer added. He further asserted that crypto assets are destined to be wiped out.

 

The latest comments are some of Cramer’s negative remarks on cryptocurrencies, as the CNBC host has, on multiple occasions, seized every opportunity to take a swipe at digital assets, especially XRP. Last Thursday, Cramer expressed his negativity about XRP and other crypto assets, calling them all a giant con.

Whales Move 302M XRP Despite No Settlement Between Ripple and SEC

Lele Jima
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Whales Move 302M XRP Despite No Settlement Between Ripple and SEC

Crypto whales continue to shuffle huge volumes of XRP as settlement rumors clear.


While the anticipated settlement between Ripple and the SEC did not happen as rumored by Cardano founder Charles Hoskinson, XRP whales seemed unconcerned. These deep-pocketed investors were seen moving hefty volumes of XRP coins over the past 24 hours. 

Cryptocurrency whale tracking service Whale Alert reported that an unknown whale transferred an astounding 267,413,843 (267.41M) XRP to an untagged wallet in a single transaction. According to blockchain data, the transaction, which took place today at 12:36 PM (UTC), was valued at around $97.77M.

Whale Alert also reported yet another massive XRP movement that took place in the past 24 hours. Per Whale Alert, 35M XRP ($13.21M) were moved to a Bitstamp address by an unknown whale earlier today.

Settlement Rumors Clear Up

Interestingly, these large XRP transfers were recorded even though the rumored settlement between Ripple and the SEC did not occur. Recall that Hoskinson disclosed in an AMA session on December 10 that he learned Ripple and the SEC could reach a possible settlement on December 15.

The Cardano founder noted that the outcome of the settlement could spell doom for the entire cryptocurrency industry. However, several sources, including FOX Business journalist Eleanor Terrett dismissed Hoskinson’s claim of a possible settlement in the Ripple lawsuit. Terrett noted that her sources assured her there was no truth in Hoskinson’s claim. 

Reacting to several reports debunking the rumor, Cardano founder said he might end up with “egg on his face” if the settlement does not occur on December 15. Interestingly, U.S. defense lawyer James K. Filan, who has been sharing updates about the Ripple vs. SEC case, notified the XRP community of a new development on December 15. 

Instead of the anticipated settlement, Filan tweeted that attorney Rodrigo Seira filed a motion to appear as Pro Hac Vice on behalf of Paradigm Operations, one of the entities that filed amici curiae brief on behalf of Ripple.

XRP Community Hopeful

Although the settlement did not occur as rumored, XRP investors have kept their fingers crossed as they hope for a positive outcome in the lawsuit. As reported, Ripple and SEC have filed their respective summary judgment motions, opposition, and replies, with each party asking the court to rule in its favor.

Report: Colorado Residents Made Only 6 Tax Payments With Crypto Out of 1.37M in 3 Months

Albert Brown
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Report: Colorado Residents Made Only 6 Tax Payments With Crypto Out of 1.37M in 3 Months

 

Six crypto tax payments since September represent a lack of adoption triggered by several factors, including additional charges.


 

Colorado’s desire to position itself as a leader in blockchain adoption within the United States influenced a decision to accept tax payments in cryptocurrencies in February. Still, recent reports suggest that only six tax payments have been made with cryptocurrencies since the option was made available in September. These six transactions represent 0.00043% of the total 1.37 million tax payments carried out within the timeframe.

The discouraging metric was disclosed by a local Colorado-based media outlet today, as the possible reasons behind the low adoption rate of cryptocurrencies for tax payments were highlighted. The crypto scene has enjoyed growing global attention, but Colorado residents, despite holding digital assets, have not been motivated to use the asset class for tax payments.

Additional Charges for Tax Payments with Crypto

One of the reasons behind the low crypto adoption rate for tax payments is the additional charge that comes with paying taxes using digital assets in Colorado. Individuals paying taxes through the Coloradan government’s Revenue Online portal are directed to PayPal, through which their cryptocurrency will be selected and converted to USD. But the downside with this is the fact that there is an additional capital gains tax.

“There is an additional $1 plus 1.83 percent of the payment amount service fee when paying your taxes via cryptocurrency,” Daniel Carr, Communications Supervisor V at the Colorado Department of Revenue, said.

Crypto proponents initially excited to pay their taxes on digital assets have most likely been discouraged by this reality. There is a slim chance that a citizen will opt to pay extra charges for a means of payment when they can use an alternative method cost-free.

Kent Barton, tokenomics workstream leader at ShapeShift DAO, earlier noted the hindrance this extra cost will pose for those considering crypto payments. “This is one of the challenges right now. I think it’s something that the federal government will have to figure out,” Barton remarked.

The Prevalent Bear Market

Another factor likely contributing to the dearth of crypto tax payments is the bear market that has battered several assets to shocking lows. Barton highlighted this as a possible reason. He asserted that crypto investors currently holding their desired digital assets are possibly reluctant to make payments with the assets in their portfolio due to the price declines.

Bitcoin, the firstborn crypto, had notably declined by over 57% from its value in February when the Colorado government announced that it would start accepting crypto payments for taxes, dipping from $39,983 in February to $16,984 as of press time. Ethereum also crashed from $2,780 to its current value of $1,206 at the time of reporting, marking a 56% dip.

Investors who procured digital assets at prices higher than their current values would be selling at a loss if they used these assets for tax payments, especially when they are looking to keep HODLing the assets until their values appreciate to favorable levels.

The Government of Colorado Remains Unfazed

Recall that, early this year, Governor of Colorado Jared Schutz Polis announced at the ETHDenver crypto conference that the state of Colorado would begin accepting cryptocurrencies for tax payments soon, as reported on February 16. The cryptocurrency community received the disclosure well and accentuated Colorado’s commitment to adopting blockchain and cryptocurrencies.

Polis noted that the state will not hold any of the cryptocurrencies used as payments but will have a system that automatically converts the assets to the dollar against prevailing rates. The development was implemented on September 1. Over three months later, the result is not very encouraging.

Notwithstanding, Coloradan authorities are not seeing the low adoption rate as a fiasco, as Barton revealed that the government had not recorded any complaints about the mode of payment. He also noted that the payment means poses no financial risk to state finance since they leverage PayPal’s services.

“Colorado is a forward-looking state, and to improve customer service and convenience, we want to accept payments in as many ways as possible. This new payment option is a continuation of providing customer convenience through pioneering digital services,” Barton added.

Peter Brandt Spots Bearish Chart Pattern On Bitcoin Daily Chart

Mark Brennan
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Peter Brandt Spots Bearish Chart Pattern On Bitcoin Daily Chart

Brandt has warned crypto traders of a bearish chart pattern forming on the Bitcoin chart.


Per a tweet from the veteran trader today, Peter Brandt has warned traders of a bearish chart pattern forming on the Bitcoin daily chart.

While Brandt describes it as the “three blind mice” chart pattern, the pattern highlighted is identical to the three black crows chart pattern. Notably, It is a bearish pattern that indicates the reversal of an uptrend. The pattern forms when bears dominate the market for three consecutive trading sessions and is identified by three long-bodied bearish candles.

 

Brandt does not specify a price target for the chart pattern should it hold up.

Per a previous report, the veteran analyst believed the digital asset would find a bottom at the $13k price point after a steep drop. However, in a tweet in early November, while not stating an apparent reason, Brandt, asserting that he still expected the price to trend lower, said that a steep price drop “may NOT happen.”

Binance Is Truly “Safe” Now As Cramer Takes U-Turn On Crypto Exchange

Mark Brennan
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Binance Is Truly “Safe” Now As Cramer Takes U-Turn On Crypto Exchange

Cramer’s negative Binance stance boosts user confidence.


Binance CEO Changpeng Zhao joked that Binance is safe now in response to critical comments from CNBC Mad Money host Jim Cramer.

“Now we are safe!” CZ tweeted with a laughing emoji.

Notably, moments before, Cramer had tweeted that he would rather keep his money in the sports betting platform DraftKings than on Binance.

Unsurprisingly, crypto enthusiasts and Binance supporters are excited by the comment. This is because Cramer has built a reputation for consistently making wrong calls in the crypto and stock markets to the point that he has become a meme, and some traders actively countertrade him. Notably, Tuttle Capital is working on launching an inverse Cramer ETF.

Interestingly, just days before, the TV personality had asserted that Binance made him feel reassured. However, Cramer’s shifting stance may not surprise many, as the Mad Money host has often shifted his stance on crypto. For example, in April, Cramer said he was bullish on ETH and expected it to stage a 40% rally. However, that never happened, and he now maintains that there is no value in crypto.

Meanwhile, Cramer’s latest U-Turn may have been inspired by recent reports that Binance, KuCoin, and Crypto.com auditor Mazars has paused work for crypto clients. Notably, the Mazars report certifying Binance’s Bitcoin reserves as overcollateralized is no longer accessible, raising eyebrows about the proof-of-reserves of Binance and other exchanges which used the Mazars service.

The negative sentiment surrounding the market saw Bitcoin briefly trade below $17k. The leading digital asset is currently back above this price point but barely at $17,052, down 2.82% in the last 24 hours at press time.

It bears mentioning that within the week, Binance saw a surge in withdrawals fueled by fear, uncertainty, and doubt, as Reuters reported that the US Department of Justice was about to file criminal charges against the exchange. However, according to CZ, things have now stabilized. Furthermore, in a recent CNBC interview, he asserted that user deposits are reserved 1:1, and the exchange could process 100% withdrawals of all user deposits. 

Despite the Mazars drama, it is worth noting that CryptoQuant has verified Binance’s proof-of-reserves, saying it does not see any “‘FTX-Like’ behavior.”

CoinEx Confirms Holding 1.69T Shiba Inu in Its Reserves

Albert Brown
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CoinEx Confirms Holding 1.69T Shiba Inu in Its Reserves

The Proof of Reserves (PoR) audit recently released by CoinEx showed fully-collateralized Shiba Inu reserves at a rate of 100.05%.



CoinEx, a Hong Kong-based crypto exchange service provider, has officially released its audited Proof of Reserves (PoR) which shows that the exchange has up to 1,690,695,495,491.76 (1.6 trillion) SHIB valued at $14.3M in its reserves. CoinEx’s PoR disclosure comes at a time when the crypto space is seeing a growing necessity for complete transparency in reserve proofs following the FTX debacle.

The Proof of Reserves from CoinEx was released today on its official website and subsequently announced through its Twitter handle. “Important Announcement. CoinEx launched Proof of Reserve on 15th Dec, supporting BTC, ETH, CET, USDT, USDC, SHIB for the first proof batch,” the exchange disclosed in a tweet, sharing a link to the reserve proof.

 

The PoR indicates that the exchange holds six significant assets at collateralized and overcollateralized ratios, including 1,691,571,671,751.29 SHIB (1.691T) as the on-chain balance and 1,690,695,495,491.76 (1.690T) SHIB as balance on the platform. The reserve ratio of SHIB is at a collateralized level of 100.05%. Notwithstanding, the asset with the highest reserve ratio is USDC, data suggests, with an overcollateralized ratio of 414.96%.

According to the official announcement, PoR for more assets will be released soon. CoinEx noted that it employed the Merkle Tree cryptographic measure to ensure proper auditing of the assets held in its reserves. The exchange has published a guideline interested customers can take to verify their balances on the platform.

Recent PoR Disclosures Reveal Massive SHIB Holdings

Despite holding the status of a meme coin, SHIB has increased massively in popularity to the extent that several exchanges have deemed it necessary to reveal their collateral ratio of the asset in their Proof of Reserves disclosures. The trend underscores Shiba Inu’s growing adoption rate.

Earlier this month, The Crypto Basic highlighted the Proofs of Reserves published by several prominent exchanges, including KuCoin, Huobi, and Bybit. The report disclosed that KuCoin held 4.43 trillion SHIB as reserves, with Huobi and Bybit respectively, holding 1.85 trillion SHIB and 366 billion SHIB tokens.

The world’s largest exchange by 24-hour trade volume, Binance is not left out in the trend, as it holds an enormous amount of SHIB in its reserves for any centralized exchange. A report by The Crypto Basic last month revealed that Binance holds over 87 trillion SHIB tokens, valued at $816 million.

Furthermore, Singapore-based exchange Crypto.com has also shown an unprecedented affinity to SHIB, as its reserves proof published last month showed that the exchange held up to $558M worth of SHIB in its reserves. This figure represents nearly 20% of the platform’s total reserves, as data suggests that it holds more Shiba Inu than Ethereum.

Meanwhile, Shiba Inu’s surging adoption rate has also been revealed in a growing trend of whale accumulations sustained for a few months despite the cold touch of the Crypto Winter. The Crypto Basic recently indexed the latest whale accumulation involving 2.6 trillion SHIB.

Shiba Inu Discount Makes New Wallet To Accumulate 2.6T Shib

Mark Brennan
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0
Shiba Inu Discount Makes New Wallet To Accumulate 2.6T Shib

The recent transaction, which made the new wallet $22M+ richer, is the latest in a series of recent SHIB accumulations among Ethereum whale addresses.



A new wallet address on the Ethereum network just stockpiled a whopping 2,673,966,699,162 (2.6 trillion) SHIB valued at $22.9M against prevailing rates. The transaction, along with several recently-witnessed whale accumulations, underscores the growing interest among SHIB whales to amass more tokens when the SHIB trades in oversold territories amid market-wide turmoil.

The latest whale accumulation transaction was first highlighted by the crypto surveillance system Whale Alert today. The transaction, which occurred on December 16, 12:39 (UTC), involved the transfer of 2.6 trillion SHIB worth $22.9M from one unidentified wallet to another. Both wallets are reasonably fresh, with the recipient account the newer of the duo.

 

The movement is the first and only transaction in which the recipient wallet has been involved as of press time. The balance on the wallet is now 2.6 trillion SHIB ($22.9M). This makes the wallet the 33rd largest Shiba Inu holder as of press time, per data from Etherscan, towering over some official Crypto.com and Gemini wallets.

The recent transaction emptied the sender’s wallet, which currently has $0.02 worth of ETH at the reporting time. The wallet had been involved in a series of transfers and swaps in the past, with the last two transactions involving SHIB outflows to the tune of 800 billion SHIB and 2.6 trillion SHIB.

Growing Interest in Shiba Inu

This massive whale accumulation is the latest recent transaction that has seen new whale wallets amass SHIB tokens. On Wednesday, The Crypto Basic highlighted a transaction involving the accumulation of 1.92 trillion SHIB tokens valued at $17.7M.

Last Thursday, an earlier accumulation occurred, making the recipient wallet 2.8 trillion SHIB ($26.2M) richer, as it secured the position of 32nd largest SHIB holder at the time. This was preceded by another transaction involving a new SHIB whale, which accumulated 3.3 trillion SHIB valued at $33.8M in October.

This whale accumulation trend began a few months back and has remained sustained. Two days back, The Crypto Basic disclosed that SHIB ranked 6th on the list of most considerable assets held by Ethereum whales, with a cumulative balance of 5.76 trillion SHIB at the time. This highlighted the growing interest in the asset despite the overall bear market. This interest is also indicated by the desire of over 1.8 million CoinMarketCap users to track SHIB’s price movements.

Meanwhile, despite these propitious developments, SHIB is witnessing battering from the bears and the rest of the crypto market. The asset has declined by 8.11% in the past week, as it currently changes hands at $0.000008555 at the time of reporting, down 3.25% in the past 24 hours.

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