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Cardano Founder Says Ardana and Orbis Collapse Was a Leadership Issue, Not Funding

Lele Jima
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Cardano Founder Says Ardana and Orbis Collapse Was a Leadership Issue, Not Funding

Hoskinson comments on Ardana and Orbis incident.


Members of the Cardano community received sad reports this week after two projects building on the blockchain, Ardana and Orbis, chose to halt development due to a lack of funding. Many have commented on the issue in the past few hours, with some Twitter users blaming Cardano for the incident.

In a video posted yesterday, Cardano founder Charles Hoskinson addressed some of the misconceptions already circulating on the internet following decisions by Ardana and Orbis to end development.

It Was A Leadership Issue

According to Hoskinson, Ardana, and Orbis,’ the decision to cease operations was not caused by a lack of funding as claimed. Cardano founder said he invested in Ardana and Orbis, as well as other projects built on the network, including Sundaeswap, through the cFund, Cardano’s ecosystem venture fund. He asserted that the problem stemmed from the projects’ leadership. 

“This was not a funding issue. This was not a platform issue [it] looks like it was a leadership issue. Things happen, people sometimes don’t execute, people make mistakes, and usually, there’s something left behind for people to salvage from these situations,” he said. 

Hoskinson claims that these projects never disclosed to the cFund that they were having financial issues. He said that, like everyone else, Cardano’s team discovered on Twitter that Ardana and Orbis had financial constraints.

“Having talked to the cFund, the first time we were informed that these projects were having trouble was through Twitter at the same time as you guys, which is utterly distasteful and it shouldn’t have happened,” Hoskinson was quoted as saying.

Hoskinson: Crypto media Will Create Negative Stories About Cardano

The prominent cryptocurrency entrepreneur said it was distasteful for the teams behind these projects to blame Cardano. He added that the crypto media will capitalize on the issue to create a story that Cardano is “dead or failing or succumbing to the same forces that killed FTX.” 

Per Hoskinson, not all new projects invested in via venture capital will survive. He said 1,200 projects could be built on a network, and more than 900 would have failed in the next two to three years.

“Good ideas can be great ideas and still fail. Great technology could be great and still fail. You require the right people, processes, procedures, execution, strategy, and market conditions for something to be successful. Sometimes people get incredibly lucky and they’re in the right place at the right time and sometimes people get incredibly unlucky,” Hoskinson noted.

Recall that Cardano-based Orbis, a layer-2 solution utilizing zkSNARK roll-up tech, announced it had halted operations on November 24, citing constrained funding and uncertain conditions.

A few minutes later, Ardana, which pitched itself as the “first all-in-one stablecoin ecosystem built on Cardano” announced that it had decided to cease operations due to funding and timeline concerns.

DOGE Spikes As Elon Musk Considers Making An ‘Alternative Phone’

Mark Brennan
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DOGE Spikes As Elon Musk Considers Making An ‘Alternative Phone’

Dogecoin surges again as the community speculates on a possible Dogecoin integration if Elon Musk launches a smartphone.


Dogecoin saw a 6.7% surge in price to the $0.095 price point following a statement from Twitter chief Elon Musk that he would consider launching an “alternative phone” if Google and Apple removed Twitter from their app stores.

The statement came in response to comments by American Commentator Liz Wheeler, who asserted that the billionaire should produce a smartphone if Apple and Google exclude Twitter from their app stores. “The man builds rockets to Mars, a silly little smartphone should be easy, right?” Wheeler wrote.

While Musk asserted that he would prefer for that situation not to materialize, he is willing to launch a smartphone if he has no other choice.

“I certainly hope it does not come to that, but, yes, if there is no other choice, I will make an alternative phone,” Musk responded.

Unsurprisingly, the billionaire’s statements caught the attention of the Dogecoin community, which envisions the possibility of Musk accepting Dogecoin payments for the phone. Notably, some DOGE influencers already push the narrative that the billionaire will accept DOGE payments.

Meanwhile, an hour before Musk tweeted, crypto social intelligence platform LunarCrush asserted that the meme coin was ripe for a price pump. “Dogecoin DOGE may be ready for another push higher as its AltRank™ score is at the same low (bullish) levels it was at the beginning of this week’s move up,” LunarCrush wrote.

While many may see the DOGE community’s excitement as irrational, it bears mentioning that the billionaire is no stranger to launching products purchasable by DOGE. In some instances, as with the Tesla Cyberwhistle that launched in September, selling out after a few hours, the billionaire and DOGE lover has exclusively accepted Dogecoin payments.

Musk continues to be a strong advocate of Dogecoin’s monetary qualities. The billionaire almost single-handedly pushed DOGE to its all-time high of $0.73 last year. Recently, the doggy meme coin recorded about $1.5 billion in inflows because the billionaire said, “DOGE to the moon.”

Notably, there have been speculations recently that Tesla is planning to launch a “Tesla Pi phone.”

Top 10 Altcoins That Could Make You a Fortune in 2023

Andrew MacGill
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Top 10 Altcoins That Could Make You a Fortune in 2023

With predictions of a crypto bull market in 2023 rising, now is the perfect opportunity to pick up some of the very best altcoins the market has to offer at a significant discount. We’ve scoured the market to come up with a list of the best altcoins to invest in for the impending bull market to help you decide on which ones you should add to your portfolio.

In this article, we’re breaking down each of our choices for the top 10 altcoins that could make you a fortune in 2023. Let’s dive in.

1. Metacade (MCADE) – The Best Overall Choice

Metacade (MCADE) is a community hub that’s aiming to be the beating heart of the GameFi industry, a market that’s expected to grow at 10x the rate of traditional gaming according to a recent report by Crypto.com. It’s a place for users to go to link up with like-minded gamers, discover and earn more from the best Play2Earn games, and influence the future of gaming.

Metacade has big plans to disrupt the centralized gaming model by putting value back into the hands of the players. For one, Metacade rewards its users with the MCADE token for the contributions they make to encourage players to share their thoughts and expertise, turning the platform into the ultimate GameFi resource.

Moreover, Metacade is launching Metagrants, a way for players to allocate MCADE tokens to the developers of the latest Play2Earn titles they’re most passionate about. Eventually, Metacade plans for its virtual arcade to be packed with only the very best titles, as chosen and backed by the gaming community.

Once Metacade’s development is finished and the community becomes self-sufficient, the core team will step back and turn the platform into a decentralised autonomous organisation (DAO). After this point, each key decision will be put to a referendum for the community to vote on, turning Metacade into the world’s first player-owned arcade.

Because of the growth that we can expected from GameFi over the coming decade and Metacade’s ambitious plans to play a vital role in this growth, MCADE is looking to become a valuable asset. With all that in mind, we’re crowning it as the king of the top 10 altcoins to invest in for 2023.

2. Ethereum (ETH)

Ethereum (ETH) takes the number two position on our list of the top 10 altcoins for a very good reason. It’s currently the second-largest crypto by market cap, and the most valuable of all top altcoins. Since its launch in 2015, Ethereum has set the standard for smart contract platforms. It was one of the pioneers of these trustless contracts, and its position has been unshakeable ever since.

Many of the incredible crypto trends we’ve seen over the past few years have primarily used Ethereum to function, like NFTs, DeFi, and dApps. Right now, there are over 3,500 dApps running on the Ethereum blockchain, with names like OpenSea, Uniswap, Metamask, and Polygon all developed using the Ethereum blockchain, according to DappRadar.

With the recent Ethereum merge promising to fix the issues that the many Ethereum rivals were created to solve, like slow transaction speeds, high transaction fees, and energy usage, it’s likely that it will retain its dominance as one of the best altcoins to invest in.

3. Binance Coin (BNB)

Binance Coin (BNB) is the fourth-largest crypto by market cap, and excluding Tether, is the second most valuable altcoin. Binance Coin was initially created by the world’s largest exchange, Binance, to offer trading discounts for users paying transaction fees in BNB. But in September 2020, Binance launched the Binance Smart Chain, a competitor to Ethereum’s smart contract platform.

As the crypto bull market took off in 2021, Ethereum’s fees grew to unbearable levels. Even in February 2021, Ethereum fees were costing, on average, around $17, according to Messari. This led to developers flocking to rival chains with lower fees, and at this point, Binance Smart Chain took off. Because BNB was needed to fuel these new projects, the price of BNB rose tremendously as demand increased.

Now, Binance Smart Chain is a potent contender to Ethereum. While it pales in comparison to Ethereum’s 191 DeFi projects, with only 38 built on the Binance Smart Chain (DeFiPrime), it has over 4,200 dApps compared to Ethereum’s 3,500.

Above all, BNB often sees increased demand during bull markets, outperforming many other tokens. For these reasons, it’s easy to put Binance Coin at number three on our list of the top 10 altcoins.

4. MakerDAO (MKR)

MakerDAO (MKR) is the leading DeFi project on the market today, sitting at number 57 on the list of top cryptocurrencies by market cap. At its core, Maker allows users to lend and borrow crypto without the need for a centralised authority; as long as you can cover the collateral, you can borrow. It was one of the first projects built atop the Ethereum blockchain, and was the first DAO ever created.

What sets MakerDAO apart from other DeFi projects is that it functions almost like a central bank, except it’s completely transparent. Maker issues its own dollar-pegged stablecoin, DAI, whenever someone locks up crypto to receive a loan and destroys it when the loan is paid back.

Without getting into too much detail, the MKR token is used alongside ETH to maintain a peg with the US dollar. When this peg is tight, the value of MKR increases. When the peg deviates, the supply of MKR increases to balance everything out. In essence, there’s an incentive to keep everything running smoothly.

The DAO is responsible for setting the monetary policy of the Maker ecosystem. For instance, in October 2022, they voted to diversify Maker’s DAI-backing holdings by buying $500 million in US bonds. In terms of total value locked, MakerDAO has over $7.5 billion locked which is more than any other DeFi project. That’s why it’s number four on our list of the top 10 altcoins.

5. The Sandbox (SAND)

The Sandbox (SAND) is a 3D virtual world built using the Ethereum blockchain and is one of the largest metaverse projects on the market today, ranked at number 48 of the most valuable crypto projects by market cap. The core premise of The Sandbox is that you can buy land, represented by the LAND NFT, and build games and experiences on it for others to play while monetizing your creations with the native SAND token.

What sets The Sandbox apart is the focus on metaverse gaming. Unlike Decentraland (MANA), the other leading metaverse project, The Sandbox offers tools like VoxEdit and Game Maker for players to create almost anything they like. Unique objects can be built in VoxEdit and stored as ASSET NFTs to be sold on for SAND or used in the Game Maker. The Game Maker vastly simplifies game development with plug-and-play features, like battle mechanics, dialogue, and camera templates, that allow anyone to build games without knowing a line of code.

These features have already attracted some big names to The Sandbox’s metaverse, like Atari, Warner Music Group, The Walking Dead, and even The Smurfs. Given the success of similar games, like Roblox and Minecraft, The Sandbox ranks at number five in our list of the top 10 altcoins.

6. Filecoin (FIL)

Filecoin (FIL) is a decentralised storage solution that aims to transform the centralised storage market, currently sitting at number 37 on the list of top cryptos by market cap. Companies like Amazon Web Services and Microsoft Azure currently dominate cloud storage with an effective monopoly that seems to cost users more and more every year without offering much extra value. Couple that with the loss of data control, security and privacy risks, and the environmental impact of constantly building new data centers, and there’s a clear need for change.

Filecoin allows users to rent out their free storage space while allowing anyone to buy storage space using the FIL token. Providers compete to offer the lowest-priced storage, which brings the cost down significantly. In September, CoinTelegraph reported that Filecoin’s storage price was just 0.5% of traditional centralised providers. Filecoin also means that file storage can easily scale, using existing resources to create a global storage network. And because there is no single point of attack, the network is much harder to hack.

With the number of storage providers growing by 20% each month, according to Coindesk, Filecoin is an excellent investment choice, coming in at number six in our list of the top 10 altcoins.

7. Cardano (ADA)

Cardano (ADA) is one of the leading Ethereum competitors on the market today, and is consistently touted as one of the best altcoins to invest in. Right now, it holds the number eight spot in the list of the most valuable crypto projects. It’s what’s known as a third-generation blockchain, launched to solve issues like scalability, security, and interoperability that plague the Ethereum and Bitcoin blockchains.

Cardano is one of the only cryptocurrencies backed by scientific research. Every new feature is peer-reviewed and agreed upon by academic figures before implementation, and with the launch of smart contracts in September 2021, it poses a serious threat to Ethereum’s dominance. Cardano is developed in stages, with each stage solving a specific problem. Currently, Cardano is in its fourth stage, which aims to significantly improve scaling on the network.

The final stage is Voltaire, which will bring voting and treasury management to the Cardano network. Once complete, Cardano, like Metacade, will be entirely maintained by the community as an entirely decentralised network. Because of Cardano’s attitudes toward peer-reviewed research and its plans for a decentralised future, it’s coming in at number seven on our list of the top 10 altcoins.

8. Solana (SOL)

Solana (SOL) is another Ethereum rival that allows developers to use smart contracts to build upon its network. It’s another third-generation token and places a significant emphasis on transaction speeds and scalability. It’s currently the ninth most valuable crypto project by market cap.

Solana uses a hybrid consensus mechanism, combining proof-of-stake (PoS)  with a proprietary system known as proof-of-history (PoH). Explaining PoH would go beyond the scope of this article (you can read more on Solana’s website), but just know that it greatly improves transaction throughput compared to traditional PoS networks.

To compete with traditional payment processors like Visa and Mastercard, crypto networks would need to be able to handle 65,000 transactions per second (TPS). Even after the merge, Ethereum can only handle around 30 TPS, according to ethtps.info. Solana handles around 3,500 TPS without breaking a sweat. In theory, Solana can handle up to 710,000 TPS on a standard gigabit network. On a 40-gigabit network, Solana can perform up to 28.4 million TPS, as stated in Solana’s documentation.

As of October 2022, there is no other blockchain that can boast these numbers. For this reason, Solana takes eighth place in our list of the top 10 altcoins as one of the best altcoins to invest in.

9. Polkadot (DOT)

Polkadot (DOT) is another third-generation crypto project that aims to solve the issue of interoperability that faces the majority of blockchains today, effectively allowing different blockchains to communicate and transact with one another. It’s currently number 11 on the list of top crypto tokens by market cap.

Polkadot uses parachains to create what is essentially a network of networks. Parachains are their own PoS blockchains that are run independently of the Polkadot blockchain. They connect to the Polkadot network using a relay chain, which allows the parachain to benefit from the security and scalability of the main network. Bridges are then used to allow external networks to interact with one another through the Polkdadot ecosystem. If you’re interested in learning more about how Polkadot works, CoinTelegraph has an excellent beginners guide to help you get started.

While it might not be the most glamorous token, Polkadot is providing the critical infrastructure needed for crypto to reach mainstream adoption. Given that it only launched in May 2020 and has achieved a peak market cap of almost $18 billion, it’s a strong contender for the ninth spot on our list of the top 10 altcoins

10. Shiba Inu (SHIB)

Finally, we have Shiba Inu (SHIB), the meme token rivalling the OG, Dogecoin (DOGE). While Shiba Inu might not provide as much utility as the other tokens on our list of top altcoins, it certainly proves that, with a strong community behind a project, anything is possible. After rocketing in 2021, it’s currently at number 13 on the list of the top crypto coins by market cap.

According to its founder, Ryoshi, Shiba Inu started as an “experiment in decentralised spontaneous community building.” And during the meme token mania of 2021, it quickly rose to deliver its almost 500,000 loyal supporters massive gains.

What started out as an experiment has grown into a fully-fledged ecosystem, complete with a decentralised exchange, arts incubator, games like Shiba Eternity, and even an NFT project. Given the number of fans still devoted to the Shiba Inu cause, the next bull run could see another surge in SHIB’s price. For this reason, it’s coming in at number 10 in our list of the top 10 altcoins to buy for 2023.

The Winner in Our List of Top 10 Altcoins: Metacade (MCADE)

While there are many fantastic projects on this list, none of them compare to the investment opportunity Metacade presents. Given that the token is still in presale, the potential for Metacade to soar rapidly as it rides the incoming GameFi tidal wave makes it the out top choice out of all of the best altcoins to invest in.

You can participate in the Metacade pre-sale here

dua.com, a Swiss Startup with 5 Million Users, Has Launched its Private Token Sale Using The AllianceBlock Fundrs Platform

Andrew MacGill
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dua.com, a Swiss Startup with 5 Million Users, Has Launched its Private Token Sale Using The AllianceBlock Fundrs Platform

The dua Foundation, a Dutch-based non-profit organization, has now launched its private token sale on AllianceBlock Fundrs, a platform which promises safe and compliant fundraising capabilities. The Swiss startup is looking to raise funds to continue its development and continue expanding its user base beyond the current 5 million user base. The token sale will be open for a limited time, starting on the 23rd of November at 17:00 CET and ending on the 14th of December at 17:00 CET. 

The dua Foundation aims to provide global economic opportunity to every member of society. With the release of its utility token, DUA tokens can be used to participate in an international economy that opens up the financial gateway to those with limited access to traditional banking means.

AllianceBlock Bridging DeFi with TradFi

AllianceBlock, an investment platform that merges TradFi with DeFi to increase capital flows and help birth technological innovation, has unveiled Fundrs, a new P2P fundraising platform, which will operate on both the Bitcoin and Ethereum Mainnet networks. This innovation comes after years of work by AllianceBlock, who envision it as an integral part of a truly decentralized participatory economy powered by Blockchain technology. Through this innovative new venture, “Seekers” or those seeking funds, both traditional startups and blockchain based projects, are able to raise money from investors through this peer-to-peer system – where Funders can pledge funds along with other forms of financing available later in the investment cycle such as converting them into loans for “Seekers” and more. With this first round of funding, the Fundrs platform is officially born.

History in the making between dua and AllianceBlock

dua Foundation private sale has made history as the first organization to raise money through Fundrs, via its cryptographic utility token DUA. The organization provides a means for globally-scattered communities to contribute value back into the economy.

Thanks to the dua ecosystem, unbanked or underbanked communities who are excluded from traditional financial services can now participate in decentralized finance. A built-in wallet and blockchain technology will allow users to send money around the world with ease, pay for goods and conduct other peer-to-peer transactions that may further empower them in their lives

Those interested in participating in the token sale can do so by visiting the Seeker listing on Fundrs and following their step-by-step guide.

8 U.S. House Members Attempted to Stop SEC’s Inquiry Into FTX Activities

Lele Jima
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8 U.S. House Members Attempted to Stop SEC’s Inquiry Into FTX Activities

The congress members claimed that SEC’s inquiries in the crypto community could kill American innovations.

According to a recent report by prominent media outlet, The American Prospect, a bipartisan group of congress members tried to slow down the Securities and Exchange Commission’s information requests to various cryptocurrency exchanges, including FTX, in March. 

A total of eight U.S. congress members – four Republicans and four Democrats – had in a March letter questioned the SEC’s authority to inquire about cryptocurrency-related projects. 

The eight United States house members, referred to as the “Blockchain Eight” by the Prospect, include Tom Emmer (R-MN), Ted Budd (R-NC), Byron Donalds (R-FL), Warren Davidson (R-OH), Jake Auchincloss (D-MA), Josh Gottheimer (D-NJ), Ritchie Torres (D-NY), and Darren Soto (D-FL). 

FTX’s Campaign Donations to House Members

Per the report, FTX employees made campaign donations to five out of the eight house members, ranging from $2,900 to $11,600. Rep Budd also received $500K in campaign donations from a super PAC established by FTX co-CEO Ryan Salame. 

Furthermore, the National Republican Congressional Committee (NCRC), the campaign unit of House Republicans headed by Rep Emmer, received huge donations worth $5.5 million from FTX and its associates. These campaign donations contributed to helping Republicans win the majority offices in 2022, the Prospect noted. 

In a tweet in March, Rep. Emmer said the SEC’s information requests to the crypto community are “overburdensome.” 

Rep. Emmer said the inquiries are stifling innovations, adding that the congressmen will ensure that “regulators [like the SEC] do not kill American innovation and opportunities.” 

Reacting to Emmer’s tweet, the Prospect stated: 

“This raises the question of whether Emmer and the other congress members were acting on behalf of FTX (which has been credibly accused of snatching customer money to make risky bets) to try to chill an ongoing investigation from an independent regulatory and law enforcement agency.” 

Emmer Blames Gensler and SBF For FTX’s Collapse

Recall that Emmer recently blamed SEC chair Gary Gensler and former FTX CEO Sam Bankman-Fried (SBF) for the collapse of the cryptocurrency exchange. Emmer said the meeting held between Gensler and SBF on March 23 was part of an effort to give FTX special treatment. 

“They were working with Sam Bankman-Fried and others to give them special treatment from the SEC that others aren’t getting,” he said. 

Emmer further accused Gensler of going after good actors in the crypto space while working backroom deals with bad players. 

Shiba Inu Price Rebounds In Response to World Economic Forum Offer

Albert Brown
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Shiba Inu Price Rebounds In Response to World Economic Forum Offer

 

Shiba Inu (SHIB) recently rebounded from a momentary dip as its value responded to a recent increase in whale activity.


Following a momentary dip below the $0.000009 territory, SHIB staged a rebound to secure its position above the zone as the bulls look to sustain its newfound strength amid a recent increase in whale activity and World Economic Forum work together offer.

Despite a recent surge of selloffs which sank SHIB to a 5-month low of $0.000008301 on Tuesday amid the bearish atmosphere triggered by the FTX saga, the asset promptly rebounded to maintain a position above the psychological support at $0.000009 on Thursday. SHIB has sustained its spot above this level since then as the market witnesses an increase in whale activity.

WhaleStats, a crypto surveillance platform dedicated to tracking on-chain whale activity, recently revealed that SHIB ranks among the top 10 assets recently purchased by the 500 largest ETH whales within the cryptocurrency community. Additionally, whale transactions on the SHIB network have increased by over 26% during press time. Furthermore, data from WhaleStats reveals that the biggest 500 ETH whales hold a combined SHIB balance worth $68.6M as of press time, indicating SHIB’s popularity amongst large investors of late.

Shiba Play, a community-driven SHIB update provider, noted that about 297.7 trillion SHIB had been moved amongst several wallets in four transactions within the past 24 hours.

Amid these metrics, SHIB has surged by 1.7% in the past 24 hours despite a generally bearish market condition, making it the third-highest gainer in the past day amongst the top 30 assets by market capitalization. With a meager gain of 0.68% in the past week, SHIB is currently changing hands at $0.000009139.

World Economic Forum Offer

As reported by TheCryptoBasic SHIB lead developer Shytoshi, through a poll, sought the community’s opinion on an invitation to work with the World Economic Forum on their Metaverse policy.

62% of the 22k votes replied Yes to the invitation, with some expressing their concerns that this recent collaboration could divert the team’s attention from working on Shibarium. In response, Shytoshi noted that the development of Shibarium remains on track regardless. The team has still not given any fixed launch date for the layer-2 solution, leaving the community in the dark.

The community’s eagerness to welcome Shibarium, which promises lower transaction fees and higher throughput, was recently underlined by responses to an enigmatic tweet from Shytoshi last week, as The Crypto Basic reported. Shytoshi, in his cryptic message, noted that the initial design had been approved without providing any context. Several individuals asked if the developer was referring to Shibarium, highlighting their anticipation of the L2 solution.

Shiba Inu Holders Burn 21M SHIB Tokens in 9 Transactions

Mark Brennan
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Shiba Inu Holders Burn 21M SHIB Tokens in 9 Transactions

Despite the massive incineration, the SHIB burn rate slumped by 16% in the past day.


Over the past 24 hours, millions of Shiba Inu tokens were sent to the official dead wallets. @Shibburn, a Twitter account that tracks token burn transactions, noted that 21,135,647 (21.13 million) SHIB were incinerated in the past 24 hours. According to the announcement, the tokens were burned in nine different transactions.

Despite the incineration of 21.13 million SHIB tokens, Shiba Inu’s burn rate has been down 16.54% over the past day. The transaction comes two days after the SHIB burn tracker noted that 134,952,334 (134.95 million) tokens were burned in 10 transactions.

Ongoing Shiba Inu Burn Efforts

Notably, the burn transactions are part of efforts to reduce SHIB’s supply. Since June 2021, the community has been poised to reduce the circulating supply of Shiba Inu to bolster the price of SHIB. This commitment has resulted in the incineration of millions of tokens in different transactions.

Aside from the multiple burns from individual holders, Shibburn.com recently reduced SHIB circulating supply. On November 22, 2022, TheCryptoBasic reported that the team behind @Shibburn burned a massive 127,821,443 (127.82M) Shiba Inu tokens in one transaction.

Shibburn hinted that it would burn more Shiba Inu tokens from the earnings of two of its projects – Super Followers and SHIB Burn Radio.

It bears mentioning that this series of Shiba Inu burns have contributed to the incineration of 410,382,834,034,959 (410.38T) SHIB from an initial supply of 1 quadrillion.

SHIB Price Not Rallying in Tandem With Burns

Meanwhile, the hefty burns have not contributed to the token’s price. The rationale behind the burning campaign was to boost the value of SHIB. However, Shiba Inu is still far from that goal as the crypto asset trades below $0.00001. The token is down 89.3% from its all-time high of $0.000086.

At the time of publication, SHIB was trading around $0.00000918. Like other crypto assets, SHIB was also affected by political and economic factors that wreaked havoc in the crypto market.

SHIB Investors Still Optimistic

Undeterred, investors believe SHIB will surge when things stabilize in the market following the recent ecosystem developments the team is working on. As reported, the Shiba Inu team announced that it would soon release the public testnet of Shibarium, a layer-2 scaling platform. The blockchain network will become the home of all Shiba Inu projects, including SHIB, ShibaSwap, SHIB: The Metaverse, etc.

Shiba Inu’s ecosystem development has prompted whale investors to showcase interest in the canine-themed cryptocurrency. Earlier this week, a new whale investor purchased a whopping 1.2 trillion Shiba Inu token, while another high-net-worth investor bought 432 billion SHIB.

Dogecoin Highlighted as LunarCrush Coin of The Day

Albert Brown
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Dogecoin Highlighted as LunarCrush Coin of The Day

Dogecoin has been mentioned as the LunarCrush Coin of the day, as it leads as the highest gainer on the top 40 list, with a 24-hour surge of over 8%.


Dogecoin (DOGE) is officially the LunarCrush coin of the day amid propitious market movements and increased social activity complemented by positive sentiments. The asset has also surged by over 8% in the past 24 hours, leading as the top gainer on a 24-hour timeframe amongst the top 40 assets by market capitalization.

“Today’s Coin of the Day is Dogecoin,” LunarCrush revealed in a tweet Friday, as it disclosed DOGE’s metrics about social activity and market performance.

 

Data from Lunar Crush’s assessment of DOGE further reveals that the asset has a Galaxy Score of 50%. The LunarCrush Galaxy Score considers the asset’s price score, social impact score in the past 24 hours, average sentiment, and correlation rank.

Additionally, DOGE secured a lofty 6th position on LunarCrush’s AltRank out of 3,994 mainstream assets evaluated in the past 24 hours. The LunarCrush AltRank considers a token’s social activity within its community comparable to other mainstream assets. The DOGE community has been recently awakened amidst a healing market. On Wednesday, LunarCrush disclosed that DOGE was the 8th asset on its list of top coins by AltRank.

Meanwhile, Dogecoin has constantly been surging in value in the past 7 days amid hints of a gradual decline of the apprehension provoked by the FTX saga. While there appears to be a market-wide rejuvenation, DOGE has gained the most amongst the top 40 assets by valuation in the past day, having surged by 8.85%.

With an increase of 3.97% in the past seven days, DOGE currently trades at $0.088. The asset’s journey to reclaim the $0.9 price point seems difficult due to the uncertainties surrounding the cryptocurrency space as of press time. Notwithstanding, it is not impossible, especially if the bulls maintain a sustained rally for the next few days.

DOGE currently maintains a position above the 100-day moving average, indicating potential strength in its current rally, which could support its expedition to the next resistance point at $0.09. The asset has faced a series of rejections today at the $0.09 territory as it seeks to conquer it.

Additionally, data from IntoTheBlock reveals that the majority of DOGE holders – about 57% – are currently in profit at their current price point, with 6% at a breakeven point and 37% in the loss. DOGE appears to have outperformed most assets, including BTC and ETH, recently. These metrics contribute to the asset’s positive sentiments.

Ethereum Stakers May Be Able To Withdraw Staked ETH In Few Months

Mark Brennan
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Ethereum Stakers May Be Able To Withdraw Staked ETH In Few Months

Developers are leaning towards enabling withdrawals in March.


Ethereum stakers may be able to withdraw tokens locked in the ETH 2.0 staking contract as early as March, per a summary of a recent developers’ call authored and retweeted by Ethereum lead developer Tim Beiko.

Per the message shared, enabling withdrawals is a top priority for developers for the Shanghai upgrade. Consequently, developers believe it would be possible to roll out a Shanghai upgrade with withdrawals allowed by March.

“… but there is strong (unanimous?) consensus that withdrawals should happen ASAP, and if we add anything alongside them in the fork, the delays to Shanghai should be minimal,” Beiko wrote. “Teams felt like a March fork with withdrawals should be possible.”

Notably, holders can expect more specifics on the Shanghai upgrade and staking withdrawals on December 8, when developers will host the last All Core Devs (ACD) call of the year. According to Beiko, developers plan to start the meeting with a status update on withdrawals.

It bears mentioning that a significant factor that could affect the timeline for withdrawals is EIP 4844, which will introduce Proto-danksharding, kick-starting the Ethereum sharding roadmap. It is an essential scaling solution for the network that will boost efficiency by splitting transactions. Notably, developers are considering shipping it with the Shanghai upgrade. However, Beiko notes that it may affect the withdrawal timeline.

The Ethereum Foundation assured users that the network would enable the withdrawal of staked ETH 6 to 12 months after The Merge. However, a message from a developer that made the rounds on Twitter shrouded this timeline with uncertainty as the developer asserted that there is no clear timeline and stakers may have to wait till 2024.

Notably, the message attracted criticism from Input Output Global chief Charles Hoskinson who asserted that Ethereum was becoming “The Hotel California” of crypto.

15.3 million ETH worth over $18 billion is currently locked in the Ethereum staking contract per data from ultrasound.money.

Meme Coin HOSKY Becomes Cardano’s Most Engaged Project, Up 11% In 24 Hours

Albert Brown
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Meme Coin HOSKY Becomes Cardano’s Most Engaged Project, Up 11% In 24 Hours

 

Hosky token has secured the top spot on the list of Cardano projects with the highest engagements in the past seven days.



Cardano’s first-ever meme coin Hosky Token (HOSKY), is again capturing the crypto community’s attention, as it recently secured the top spot on the list of Cardano’s projects with the most engagements in the past week.

The Hosky project has amassed an engagement count of up to 11,400 in the past seven days, according to Cardano Daily, citing data from crypto social intelligence platform Lunar Crush. 

Cardano Daily recently revealed a Lunar Crush list of the top 10 Cardano projects by engagements in the past seven days. The list indicates that Hosky’s 11.4K engagement count is almost half of the value of 6.5K, which the Foxxed NFT collection secured, sitting in the second position. Furthermore, the Clay Nation arts and culture project secured the third position, with an engagement count of 3.7K in the past week.

The last seven Cardano-hosted projects with the highest engagements in the past week include the following:

  • Indigo Protocol, with 3.0K in engagement count.
  • Minswap Labs DEX has an engagement count of 2.9K.
  • Axo, with engagements of up to 2.4K.
  • StellarFox had 2.2K in engagement count.
  • Liqwid Labs, with 1.5K.
  • Jpgstore, with up to 1.3K in engagement count.
  • MuesliSwap, with 632. 
top cardano projects
Image source: https://twitter.com/cardano_daily/status/1596111461998243841

With a 24-hour gain of up to 11.55%, per data from CMC, HOSKY appears to have weathered the bearish storm quite well within the past few hours, as it rallies on the back of the convalescent market amid the declining panic triggered by the FTX saga. This has been complemented by the recent surge of social engagements the token has attracted in the past week. The asset is currently trading at $0.00000002135 at the time of reporting.

HOSKY’s Silent Growth Moves

Despite the silence within its camp in the recent past, the top spot of the list of Cardano’s projects with the highest engagements is not strange to HOSKY, as it has previously attained the position several times.

Last month, The Crypto Basic reported HOSKY’s achievement as the top engaged Cardano project following a week of increased social activity for the project. The project also secured the top spot based on the same assessment in the last week of September. Cardano founder Hoskinson also highlighted Hosky in one of his tweets in October.

Launched sometime in February as the first-ever dog-themed meme coin in the Cardano ecosystem, the Hosky project has attracted occasional attention from investors since its inception. By its status as a meme coin, the team behind the asset touts it as “a premiere low-quality s#it coin.”

Notwithstanding, HOSKY’s status as a meme coin has not impeded its growth. In May, HOSKY was regarded as one of the most impactful recently-developed projects in Cardano, considering its past partnership with the NFT platform Cardahub, which would allow users to purchase NFTs on Cardahub with the HOSKY token.

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