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Official Shiba Inu Burn Tracker Burns 127M SHIB In A Single Transaction, Expects to Burn More Tokens 

Lele Jima
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Official Shiba Inu Burn Tracker Burns 127M SHIB In A Single Transaction, Expects to Burn More Tokens 

Shibburn incinerates 127.82M Shiba Inu tokens in one transaction. 

@Shibburn, the official Twitter handle that tracks Shiba Inu burns, has burned an astounding amount of the canine-themed cryptocurrency. In a tweet today, Shibburn burned 127,821,443 (127.82M) SHIB tokens in a single transaction. 

According to SHIB Burn blockchain data, the transaction occurred today at exactly 16:24 (UTC). At the current rate of $0.00000868, the tokens were worth $1,109. In a follow-up tweet, Shibburn noted that the number of tokens incinerated was obtained from one of the three methods it uses to burn SHIB. 

“This is one part. We are still waiting for payments to come through for Shibburn Radio ads and Super Followers,” Shibburn noted. 

Shibburn Contributing to Shiba Inu Burns

In recent times, Shibburn has joined members of the SHIBArmy to incinerate millions of tokens. Notably, Shibburn uses earnings from three of its projects, such as Shibburn.com, Shib Burn Radio, and Twitter Super Followers, to buy and burn SHIB. According to Shibburn, the three projects account for up to 40% of its entire revenue. 

In a bid to accelerate SHIB burns, the official Shiba Inu burn tracker said it would use a substantial amount of its earnings to incinerate the tokens. However, the donations will only be made after the team has deducted taxes and expenses from the earnings. 

Recall that in September @Shibburn launched an entertaining way for the community to contribute to Shiba Inu burns. Shibburn launched a radio app for Android and iOS devices as part of efforts to increase the number of burned tokens. 

Meanwhile, aside from the 127.82 million tokens burned by Shibburn, the community has also incinerated hefty amounts of SHIB. As reported by TheCryptoBasic, Shiba Inu enthusiasts burned 38.31 million SHIB tokens in one day. 

FTX Holds $1.24B In Cash, While Justin Sun Shows Interest in Exchange Assets

Lele Jima
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FTX Holds $1.24B In Cash, While Justin Sun Shows Interest in Exchange Assets

FTX and its associates have about $1.24 billion in cash balances.

According to a recent court filing seen and published by CNBC, failed cryptocurrency exchange FTX has a total of around $1.24 billion in cash balance as of November 20. Alvarez & Marsal North America, a legal firm currently advising FTX on restructuring efforts following its bankruptcy filing, penned the court filing.

Managing director at Alvarez & Marsal North America Edgar Mosley revealed that as of November 16, his team and FTX traced higher cash balances. The cash balances are from FTX’s vast web entities, including Alameda Research and the exchange’s international subsidiaries.

Details of FTX’s Cash Balance

The highest amount uncovered was $393.1 million, obtained from Alameda Research. Furthermore, the second-biggest cash balance is $303.4 million from LedgerX, an FTX’s derivatives platform.

The Japanese arm of FTX, FTX Japan K.K., has a total of $171.7 million cash in its balance sheet, thus making the trading platform the third-biggest source of cash reserve for the collapsed exchange. Mosley noted that the cash is kept in different financial institutions by FTX and its associates.

FTX Still Owes Creditors $3.1B

While Alvarez & Marsal North America has traced around $1.24 billion in cash reserves, the sum is way lower than the $3.1 billion FTX currently owes its largest 50 unsecured creditors. It is not clear how the exchange intends to fill the gap. However, former FTX CEO and founder Sam Bankman-Fried told CNBC yesterday that he is trying to secure a multi-billion deal to bail out the cryptocurrency exchange. 

The current CEO of FTX, John Ray III, revealed recently in a filing that many of the exchange’s associates did not have “appropriate corporate governance.” FTX, under Ray’s leadership, is seeking to sell or restructure the exchange. Some popular cryptocurrency firms, including Ripple, are interested in buying FTX’s assets.

Justin Sun Eyes FTX’s Assets

In a report today, the Wall Street Journal (WSJ) stated that Tron founder Justin Sun had declared interest in purchasing the assets of FTX. Sun said his team is evaluating FTX’s assets one after the other, which could take a long time.

“We are open to any deal. I think all the options [are] on the table,” Sun said. “Right now, we are evaluating assets one by one, but as far as I understand, the process will be long since they are already in this kind of bankruptcy procedure.”

Meanwhile, Ray and other FTX executives will appear in Delaware bankruptcy court later today to explain what led to the exchange’s collapse and the steps taken so far to secure customers’ funds.

IMF Says Africa’s Crypto Scene Needs Better Regulation As Adoption Surges

Albert Brown
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IMF Says Africa’s Crypto Scene Needs Better Regulation As Adoption Surges

The IMF has identified the need for better regulatory efforts for the massively-growing cryptocurrency industry in Africa.

The International Monetary Fund (IMF) recently highlighted the growing demand for better cryptocurrency regulatory efforts in Africa as the continent witnessed a massive surge in adoption amongst retail and institutional investors.

The financial agency cited the recent FTX collapse to highlight the risks of exposing investors to a largely unregulated cryptocurrency market. Since there appears to be a global dearth of proper regulation, the African cryptocurrency scene appears to be lacking the most, the IMF noted in a blog post published Tuesday.

Despite the surge in adoption, most African countries have not wholly welcomed the cryptocurrency industry, leading to a lack of oversight and subsequent unregulated exposure for investors. The IMF mentioned that the FTX collapse, which triggered a market-wide bloodbath for several crypto assets, has further underlined the need for better supervision to protect investors.

“Regulating a highly volatile and decentralized system remains a challenge for most governments, requiring a balance between minimizing risk and maximizing innovation,” the article says. The IMF also noted that only a fourth of sub-Saharan African countries have a definite regulatory structure for cryptocurrencies.

On the other hand, two-thirds of these countries have restricted cryptocurrencies and cryptocurrency trading in some way, per data from an IMF chart. Meanwhile, up to six African countries have banned cryptocurrencies. These include Sierra Leone, Tanzania, The Republic of Congo, Cameroon, Ethiopia, and Lesotho.

Countries such as Zimbabwe and Nigeria – the most populous black nation – have banned regulated banks from processing cryptocurrency transactions. The Central Bank of Liberia ordered a local crypto startup to desist from promoting its digital asset products in May last year, noting that it is illegal in the country.

In April 2021, the Central Bank of Nigeria placed a fine of NGN1.31 billion ($2.9M) on 6 banks within the country for processing cryptocurrency transactions despite a previous order banning the action. The Central Bank has also ordered banks to close accounts that engage in crypto transactions.

Crypto Bans Have not Damped African Investors’ Interest.

These bans have done little to stunt adoption. Chainalysis recently noted that Africa remains one of the fastest-growing cryptocurrency markets globally, as crypto transactions within the continent reached a high of $20 billion per month in mid-2021, with Nigeria, Kenya, and South Africa contributing the most.

The bans have, however, forced local investors to resort to black market trades as they seek to circumvent them, exposing investors to more damage. In October 2021, Chainalysis revealed that Africa processed the most P2P transactions for any region. Most individuals also utilize cryptocurrencies for remittances and commercial transactions, Chainalysis said.

Most African countries that have placed a form of restriction on cryptocurrency have cited risks to financial stability and the possibility of its usage for illegal finance, such as money laundering and terror financing.

Amidst these bans and uncertainties, the Central African Republic stands out with its reception of cryptocurrencies. In April, the country became the first African nation to adopt BTC as legal tender, and the second in the world, after El Salvador.

The Central African Republic remains the most crypto-friendly African country, as it introduces policies that regulate the industry and establish a crypto hub in Africa. In July, the country launched its “Sango Coin” in this regard.

Adopting BTC as a legal tender violates provisions of CEMAC, of which the nation is a member state. This has brought tension between CAR and the Bank of Central African States (BEAC), as the Central African Banking Commission has banned the usage of cryptocurrencies for transactions in Central Africa.

As these bans have done little to dampen investor interest, they have exposed cryptocurrency users to greater risks. In light of the FTX implosion and the sharp volatility that ensued, proper regulation has become a necessity now more than ever.

Terra Rebels Set To Stop Working On Free Volunteer Basis

Mark Brennan
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Terra Rebels Set To Stop Working On Free Volunteer Basis

The Terra Rebels have revealed plans to change their working model in the interest of their members and sustainable network development.


The Terra Rebels are moving to a “budgeted working model” after the v23 Terra Classic network upgrade, according to a tweet from the Rebels on Monday.

Per the attached document, the Terra Rebels will submit detailed budgets for the cost of future projects and releases to the community. An internal Terra Rebels vote has already approved the decision.

The Rebels disclose that the new working model will allow the community to see the cost of their work and past contributions. It will also give assurance of compensation to members who pool their time and expertise to maintain the chain. Additionally, it creates a sustainable system that ensures the Terra Rebels can continue working on the network.

It is worth noting that the new model is likely to work seamlessly with the Terra Classic grants program. Notably, earlier in the month, the network approved 1.6 million USTC to fund a Terra Classic grant scheme directed by Terra Classic core developer and member of the Terra Rebels Edward Kim. The program promises to efficiently allocate funds in the community pool to fund development activity.

The decision by the Terra Rebels comes as the community debates how best to fund development. Presently, with the grants program, the community hopes to fund development from the seignorage of Terra Classic Luna (LUNC) burns sent to the community pool.

However, there have also been debates about using newly discovered $4 million Terra Classic off-chain assets to pay for professional development efforts. 

In a tweet last Friday, community influencer and network validator Classy disclosed that while the squabbles continued and the community dragged its feet, the assets had lost about 50% of their value. According to Classy, $4 million is nothing to a network with a market cap of about $1 billion. The influencer asserts that the resistance against developers’ funding is hurting the chain. 

The assets are now worth only about $2.4 million.

As previously reported, Alex Forshaw, who discovered the existence of these assets through communications with Terraform Labs founder Do Kwon, recently proposed to use the assets to purchase LUNC. After the purchase, he suggested that all of it be burnt to take away legal liability and reduce LUNC supply while minting about half of the value burnt for the community to keep in an on-chain multisig address to fund development.

At the time, the plan would have burnt about $2 million worth of LUNC while creating $2 million worth of LUNC for on-chain development.

It bears mentioning that the Terra Rebels have been instrumental in reviving the Terra Classic chain. They are responsible for the return of staking, effectively allowing for community governance. Additionally, they are also responsible for implementing the burn tax parameter changes. Furthermore, their efforts have made it possible for new validator nodes to be created, making the network more secure.

Texas Senator Says Bitcoin is Beneficial But Congress Knows Zero About BTC Worth

Albert Brown
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Texas Senator Says Bitcoin is Beneficial But Congress Knows Zero About BTC Worth

Texas Senator Says Bitcoin is Generating Benefits For Texas and US; Warns Against Overregulation.



US Senator Ted Cruz recently noted that bitcoin (BTC) is generating enormous benefits for Texas and the US, as he shared his concerns about overregulation amidst the FTX saga.

Rafael “Ted” Cruz, a US senator from Texas and notable bitcoin advocate, recently mentioned that bitcoin is generating tremendous benefits for Texas and the United States, expressing his concerns regarding the overregulation of the cryptocurrency industry following the FTX implosion.

Cruz made these remarks in an interview with a CNBC correspondent at the Texas Blockchain Summit of 2022. According to Cruz, BTC is presenting the US and Texas with massive benefits, which would be dwarfed if the US Congress impedes the industry’s growth through overregulation as it attempts to reduce risks of a similar event to the FTX collapse.

 

Cruz said the FTX debacle was likely triggered by “criminal conduct,” and there will be investigations into the matter. He noted that all guilty parties involved in the company’s collapse should be made to face the law if the investigations uncover any criminal conduct.

“I think it’s a mistake, though, to take the conduct of individuals engaged in fraud and use that as an excuse to overregulate an industry that is generating enormous benefits for Texas, for the country,” Cruz remarked, highlighting his concerns of overregulation as a response from the Congress.

The 51-year-old attorney mentioned that he is concerned that Congress would regulate the industry amiss because most of its members are not as educated regarding cryptocurrencies. “I’m not sure we have five senators that could tell you what the hell a BTC is,” Cruz added.

He pointed out the dangers of having Congress jump to regulate the industry when they don’t fully understand it. Consequently, he advised that members of the governing body should rather spend their time getting an education on the cryptocurrency industry and getting expert input.

“Of course, there needs to be reasonable regulation protecting investors. But overregulating can do massive damage, and, I hope, the misconduct of one company doesn’t damage the entire industry,” Cruz concluded.

Recall that the US House Committee on Financial Services previously revealed that it would be holding a hearing on the FTX implosion in December to ascertain the root cause of the fiasco that led to investor losses.

Bitcoin Bringing an Economic Boost to Texas and the US

While the FTX fiasco has once again underscored the need for the proper regulation of the crypto industry, some pundits are concerned about improper regulatory moves, as that would stunt the industry’s growth and erode the benefits cryptocurrencies bring to the economy.

Despite a deficiency in regulatory efforts, the US has been at the forefront of cryptocurrency adoption. Texas, holding the torch as the most crypto-friendly state in the country, is home to several bitcoin miners and mining entities.

Last month, a local Texas media outlet highlighted the “economic boost” the burgeoning bitcoin mining industry was brought to Texas, as the state sees a massive influx of cryptocurrency miners and crypto-mining companies.

As a testament to Texas’ friendly attitude to cryptocurrencies, this month, the Texas Work Group on Blockchain Matters released a report highlighting a few potentially beneficial pointers to the cryptocurrency ecosystem, which include tax relief for bitcoin mining, bitcoin tutelage in schools, and having BTC as an authorized investment choice for the Texas government, among others.

On November 1, Grayscale revealed the results of a survey it conducted with Harris Poll on the attitude of Americans towards cryptocurrencies. According to the survey, Democrats and Republicans admit that cryptocurrency is the future of finance in the US.

Litecoin Surpasses Shiba Inu In Market Cap Taking 13th Place

Albert Brown
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Litecoin Surpasses Shiba Inu In Market Cap Taking 13th Place

Litecoin (LTC) has successfully surpassed Shiba Inu (SHIB) in market capitalization shortly after overtaking Solana.


Amid the coldest period of the prevalent Crypto Winter, Litecoin (LTC) has seized an opportunity to overtake a few assets on the list of top cryptocurrencies by market capitalization, with a recent goal to exceed SHIB’s valuation shortly after overtaking SOL. As of press time, its goal has been achieved, as it now sits above SHIB.

The official Litecoin Twitter handle highlighted the asset’s silent yet significant moves in the market that have so far gone widely unnoticed. The handle depicted Litecoin’s progress through a popular meme portraying a personification of death on a mission to conquer several entities.

 

According to Litecoin’s personalized version of the meme, the asset represents the grim reaper, as it has so far surpassed other assets such as Wrapped BTC (WBTC), Uniswap (UNI), and, most recently, Solana (SOL). The asset now has its eyes set on SHIB.

Litecoin’s progress to the top 15 cryptocurrencies list by market cap has been complemented by the asset’s promising performance and the underperformance of other crypto assets. SOL, in particular, has crashed by over 60% since November 8.

Solana’s massive dip was majorly influenced by its connection with Alameda Research which has a stake in an SOL segment. The asset lost $8B in market capitalization amidst the FTX saga, giving Litecoin, which has been performing quite well, an opportunity to overtake it.

Despite the prevalent bear market, Litecoin has gained by 8.54% in the past hour, making it one of the highest-gaining mainstream assets within that time frame. With a gain of 11.6% in the past 24 hours, LTC positions itself as the mainstream cryptocurrency with the biggest gain in the past day.

Litecoin surpasses Shiba Inu 1
Litecoin surpasses Shiba Inu

Following a surge in its market capitalization, LTC just recently overtook SHIB on the list of largest assets by market cap, attaining a valuation of $4.87B. SHIB, on the other hand, has a market cap of $4.65B as of press time. LTC now sits in the 13th position, with SHIB being relegated to 14th.

From 11 AM to 2 PM today, LTC surged from a value of $61.66 to its current price of $68.16, marking a 10% price increase in just 3 hours and a corresponding surge in its market capitalization. The asset has also increased by 16.46% in the past seven days despite the panic dumped into the markets by the ongoing FTX saga.

Getting Rich off Bitcoin: Is It Just a Dream Or A Real Opportunity?

Andrew MacGill
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Getting Rich off Bitcoin: Is It Just a Dream Or A Real Opportunity?

Who wouldn’t want to become a billionaire? After all, that means you could have enough money to fulfill all your dreams! Unfortunately, this only remains a dream for most people because making money isn’t a piece of cake. But how do some people get so rich? While factors like educational and economic advantages matter, decision-making skills and business choices also play a crucial role in the successful outcome. 

In the world of cryptocurrency, there are some success stories of people who got rich by investing in these digital assets. These people used the money they made to buy cars, and houses, pay for luxurious holidays, and more. Therefore, after hearing all these stories, one can’t help but wonder whether it’s possible to become a billionaire by investing in crypto like Bitcoin. The answer to this question isn’t as straightforward as a yes or no. And that’s because the crypto market is complex. While it brings opportunities, risks are also involved. Getting rich off crypto is harder than it looks on the Internet, and this is what we’ll discuss in this post.

Predicting when a coin will surge is very hard, if not impossible. Because of this, investors often rush to buy or sell, as they can’t estimate what may happen next. They experience what’s known as FOMO, or the fear of missing out, which leads them to make irrational decisions. Instead of getting rich, they end up losing money. The thing with cryptocurrencies is that they are volatile, and they don’t only go up, so you can’t know for sure what the outcome of your investment will be. Maybe you’ll win, or maybe you’ll lose – the uncertainty is always there. For instance, if you had bought $1,000 in BTC in mid-2017 before its price increased exponentially, you could have made $8,000 a year later when the coin reached a peak. However, there’s also the scenario where you would have lost almost all the money you invested if you bought BTC at the peak and sold it the following year. 

Even if you get the timing right once, it doesn’t mean this will always be the case. As mentioned previously, investing in crypto can be rewarding; however, it’s irresponsible to jump straight into it unless you’ve done your homework first. Before expecting anything from your investments, you need to understand how the crypto market works. Before investing in Bitcoin, you need to research this crypto and understand its characteristics and pros and cons. And, of course, you want to check the bitcoin price today, as this factor plays a crucial role in the outcome of your investment.

Bitcoin offers many opportunities, but it’s also risky

Bitcoin is the oldest cryptocurrency and, at the same time, the most popular one, along with Ethereum. Investors find it reliable for various reasons, like its high return potential. You can benefit from this digital currency by mining it, meaning that you have to solve complex mathematical problems. However, this isn’t the easiest way to benefit from Bitcoin, as it requires some specialized skills, so you may consider trading it instead. There are many crypto exchanges on the Internet where you can buy and sell this digital currency to make a profit. But like any other investment, trading Bitcoin isn’t without risk. This asset endures significant plunges and spikes in value, meaning you can invest your money in this currency and lose it all in the next hours. 

Moreover, Bitcoin isn’t regulated by the government, so if you lose your investment, you can’t file a claim. In short, your hard-earn money is gone forever, and you can’t do anything to get it back. So, what’s there to be done? How can you approach cryptocurrency without exposing yourself to too many risks?

The secret is to invest responsibly

Ultimately, it’s about your willingness to accept gain and loss equally. So, before buying Bitcoin, you must ask yourself whether you can handle the volatility. Secondly, investing in crypto is not wise unless you have a solid financial foundation. This is paramount because it can help you withstand the risk and potential losses. This is probably something you’ve heard hundreds of times before, but we’ll say it again: never invest in cryptocurrency more money than you can afford to lose. Take an honest look at your current situation and only invest if you feel like a loss won’t have devastating consequences on your financial health. Investing responsibly also means thinking long-term. Even if your goal is to get rich, you shouldn’t expect to become a billionaire overnight because that’s unrealistic, and this mindset won’t get you anywhere. When it comes to crypto, it’s important to stay rational and make smart decisions.

Speaking about smart decisions, you should never invest in Bitcoin or any other crypto before planning first. You won’t be able to stay focused without a plan, so you should think about your investment goals and develop strategies to make the most of your crypto trading experience. When it comes to crypto, you can’t simply rely on fantasies – you need to act smart. Crypto newbies tend to develop complicated trading strategies because they’re afraid they may lose their money. However, there’s no need to do that – especially in the beginning. Investing in crypto isn’t rocket science, and there are simple investing strategies you can use that can be just as effective. For instance, through dollar-cost averaging, you can lower your average cost per share and lessen the impact of volatility on your portfolio. It’s the practice of investing the same amount of money at constant intervals, regardless of a security’s price. This strategy can benefit beginner investors and those who have been into crypto for longer.

Becoming a billionaire with Bitcoin: a reality or a fantasy?

As much as you’d like to hear that Bitcoin can make you a billionaire instantly, that’s simply not true. There are indeed opportunities for high returns, but you have to be in the game for the long run – otherwise, there isn’t much potential for rewards. If you want to make money by investing in Bitcoin, you must always use your logic. Study the crypto market to understand the risks and opportunities. You may not become a millionaire overnight, but with the right approach, you’re likely to achieve your investment goals in the long run.

Understanding The Intricacies of Crypto Token Sales

Andrew MacGill
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Understanding The Intricacies of Crypto Token Sales

The cryptocurrency industry has enabled various forms of fundraising for projects and companies. Token sales are an excellent method, enabling a community buildup before a product launch. Even so, not every token sale is a success, and they might not all be accessible to you either.

Why Token Sales Matter

Crypto token sales allow companies to raise funds in exchange for the future use of their product or service. As a result, they are often used by companies that cannot obtain funding through traditional methods.

A crypto token sale can provide liquidity to investors who want to sell their tokens without selling their entire holdings. It is imperative for investors who want to buy many tokens and then sell them over time as the price increases.

For crypto token sales to be successful, there must be an established market for the tokens being sold. That often requires marketing efforts and developing relationships with potential customers before launching the sale. That way, there is at least some interest in using the product or service beforehand.

Token Sale Accessibility Is Crucial

Partaking in a token sale is not always a matter of investing funds directly. Many projects require users to apply for a “whitelist”, which often has a limited number of spots. As such, not everyone can invest in a token sale’s early stages. Some investors may gain an advantage over others, always causing some dismay. There are also questions about whether these whitelist spots are assigned randomly or correctly rather than going to friends of the developers, etc.

In addition, token sales can be rather expensive. A normal approach is to let investors buy tokens through low minimum thresholds. Unfortunately, that is only sometimes the case, either due to greed, projects trying to raise capital too quickly, or other factors. Therefore, one’s budget should not determine whether participating in a token sale is possible.

Fairness, accessibility, and transparency are the crucial pillars of establishing trust in the decentralized world. Token sales like the VERSE token by Bitcoin.com shows the importance of checking the right boxes. The multistage sale removes concerns over insider information or fair access to the tokens. Moreover, the sale relies on dynamic pricing. The Verse token has utility through the Bitcoin.com ecosystem, which has been around for years.

Not All Token Sales Are Successful

There is no shortage of token sales in the cryptocurrency world. Whether as a public sale, ICO, IEO, IDO, presale, or otherwise, new projects try to raise capital virtually every day. Unfortunately, that leads to a flooded market and unsuccessful sales. It is tricky for projects – especially those without a product, service, or ecosystem – to ensure their token maintains value.

Per data by CryptoRank, tokens for DeCredit, DBX, Bankera, Aeron, Hedget, and many others newer succeeded in providing a healthy ROI. However, even at their all-time high, the tokens would trade far below the token sale price. Even in 2022, projects like Arthswap raised $100,00 to see tokens provide an ROI of 0.06x at best.

Simultaneously, the token sales that note tremendous success generate mainstream headlines. Investors in Axie Infinity achieved an ROI of 1643x, whereas Solana investors pocketed a 1180x return. Other successful projects include Polygon, The Sandbox, MultiversX (formerly Elrond), Altura, and many more.

Interestingly, the most successful projects occur through the Binance Launchpad, established by the leading cryptocurrency exchange. That provides broader access to every token sale and ensures listed experts have vetted projects. Those remain crucial elements to any successful token sale.

38.31 Million Shiba Inu Burned In 24 hours

Zabi
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38.31 Million Shiba Inu Burned In 24 hours

Shiba Inu keeps on decreasing its supply through continuous burns.


Over 38.31 Million Shiba Inu burned in the past 24 hours. One prominent Community-led SHIB Burn initiative sent 11.40 Million Shiba Inu tokens to the ‘inferno’ address in a single transaction.

Shibburn.com recently reported that a whopping 38,314,702 (38.31M) SHIB has been moved out of circulation forever by the Shiba Inu Community through 5 separate transactions in the past 24 hours.

The Community-led SHIB Burn Project, named the “1Cent” token, contributed significantly to the past 24-hours burn, and incinerated a considerable amount of canine-themed cryptocurrency in a single transaction.

1Cent Token organized its Weekly SHIB Burn Event on Monday, November 21st, and reduced Shiba Inu’s circulating supply by sending 11,406,208 (11.40M) SHIB to the dead wallet in one transaction.

Following the Burn Event, the 1Cent token shared the burn transaction link via tweet with the Community as a “Proof of Burn.” In the tweet, the SHIB Burn Project confirmed that besides Shiba Inu, it has also put a match to 45 Bone ShibaSwap (BONE) and 63 Cardano (ADA).

The development doesn’t have any immediate impact on the SHIB price. At press time, Shiba Inu is trading at the price of $0.000008236, down -4.72% over the last day, with a 24-hour trading volume of $185,286,910 ($185.28M).

Now Wallet Adds Support For Shiba Inu’s BONE

Zabi
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Now Wallet Adds Support For Shiba Inu’s BONE

NOW Wallet listed Shiba Inu’s Governance Token, Bone ShibaSwap (BONE).


NOW Wallet, a non-custodial crypto wallet by ChangeNOW, recently announced that it added support for Bone ShibaSwap. As per the announcement, the NOW Wallet users can now buy, store, and exchange BONE while performing instant swaps with over 500 digital assets.

NOW Wallet supports all of the three tokens of the Shiba Inu Ecosystem (SHIB, LEASH, and BONE), commonly referred to as “SHIB Trifecta.”

Bone ShibaSwap’s mainstream adoption has been on the rise since the lead developer of Shiba Inu Ecosystem, Shytoshi Kusama, confirmed that he is now fully focused on Shibarium – Layer 2 Solution. Even the team unveiled the official Twitter account for Shibarium Network for future updates. Still, the exact date of the potential launch of Shibarium is unknown. It should be noted that BONE will be used as a native gas token on the Shibarium network.

NOW Wallet is a non-custodial wallet developed by Seychelles-based cryptocurrency exchange ChangeNOW. It allows users to store, buy, exchange, and stake thousands of crypto available on over 30 blockchains in a secured mobile and desktop app. NOW Wallet also allows users to buy/sell crypto using bank accounts and Visa/MasterCard.

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