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Shiba Inu (SHIB) Now Accepted as Payment Method in 10 Offline Stores 

Lele Jima
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Shiba Inu (SHIB) Now Accepted as Payment Method in 10 Offline Stores 

Shiba Inu’s adoption as a payment method continues. 

The acceptance of Shiba Inu (SHIB) as a payment method across online stores has been growing exponentially. Online businesses are left with almost no choice but to enable support for Shiba Inu payments, as interest in the canine-themed cryptocurrency spikes. 

Interestingly, offline businesses also recognize the potential of Shiba Inu and have also been integrating the cryptocurrency into their respective lists of supported payment options. 

Thanks to NOWPayments, at least 10 offline businesses now support Shiba Inu payments in exchange for their goods and services. 

According to NOWPayments, the 10 brick-and-mortar companies that accept Shiba Inu payments include Gucci, Porsche Towson, Vegas Auto Gallery, Rooms-to-Go, Kandy Skulls Ink, Amsterdam Vintage Watches, The Edit LDN, Jacob & Co, Underground Cigars, and Lamborghini Austin. 

It is not surprising to see many businesses accept Shiba Inu given that the cryptocurrency has enormous benefits such as low-cost transactions, fast payments, widespread popularity, as well as no third-party interference like in the traditional financial space. 

 

Dogecoin (DOGE) Spikes Over 8% As Elon Musk Proposes to Buy Twitter for Original Price

Lele Jima
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0
Dogecoin (DOGE) Spikes Over 8% As Elon Musk Proposes to Buy Twitter for Original Price

DOGE rallies after Musk proposed buying Twitter.  

Canine-themed cryptocurrency, Dogecoin (DOGE) is having an interesting rally today after Bloomberg reported today that Elon Musk has proposed to purchase Twitter Inc. for the original offer price of $54.20. 

Following the announcement, the price of Dogecoin immediately spiked 8.1% to $0.0648. Dogecoin plunged alongside other cryptocurrencies in the market since last week due to Bitcoin’s massive volatility. 

Earlier today, Dogecoin was changing hands for around $0.0599, according to data from Coingecko. Fast forward to a few hours after the Tesla CEO and founder Twitter acquisition plan was announced, the value of DOGE jumped to $0.0656. At the time of writing, Dogecoin is trading around $0.0648 across major cryptocurrency exchanges. 

What’s Fueling Dogecoin?  

It is not surprising to see DOGE spike to nearly 10% after Musk’s proposal to buy Twitter Inc. became public. For DOGE enthusiasts, with Twitter facing a future under the leadership of Musk, there is a tendency for the Tesla boss to make decisions that will be in favor of the canine-themed cryptocurrency on the microblogging platform. 

Notably, the development comes months after Musk said he would not proceed with the deal due to the insincerity of Twitter execs. However, the team behind the microblogging platform threatened to sue Musk for backing out of the deal. 

Surprisingly, sources say Musk has made a U-turn and is now proposing to buy Twitter for the original offer price. 

Ripple Listed in CB Insight’s Most Promising Fintech Companies Globally

Lele Jima
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0
Ripple Listed in CB Insight’s Most Promising Fintech Companies Globally

Ripple is listed among the 250 most promising fintech companies worldwide. 

Ripple, a Silicon Valley-based tech company, achieved a major feat today. The blockchain company was included in the fifth edition of CB Insights’ Fintech 250, an annual list that comprises the most promising 250 private fintech companies globally. 

“CB Insights has unveiled the winners of the fifth annual Fintech 250 — a list of the 250 most promising private fintech companies worldwide,” the award organizers noted in an announcement. 

Commenting on the development, Ripple said: 

According to the announcement, some of the winners of this year’s Fintech 250 are focused on creating efficient ways that will make cross-border settlements more efficient. Interestingly, Ripple happens to fall in this category. 

It is common knowledge that Ripple’s payment solution has been widely adopted by various firms for cross-border settlements. Ripple’s RippleNet has been tapped by both traditional financial institutions, as well as modern payment companies. 

As reported, the National Bank of Australia (NAB) and the Canadian Imperial Bank of Commerce (CIBC) inked a partnership deal earlier this year to facilitate cheap and fast transactions across borders. 

John Deaton Swipes at XRP Critic: “Somebody Has XRP On His Mind 24×7”

Albert Brown
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John Deaton Swipes at XRP Critic: “Somebody Has XRP On His Mind 24×7”

 

John Deaton, in a recent reply to XRP criticism, touted Bitcoin maximalist Max Keiser’s fixation on XRP.


As Ripple’s seemingly incessant legal battle with the SEC lingers, the status of XRP as a security or commodity has come under much deliberation within the crypto community. Amidst this uncertainty, several Bitcoin maximalists and Ethereum proponents have expressed their opinion on the matter, asserting that XRP is a security.

American broadcaster and Bitcoin maximalist Max Keiser (Bitcoin Ambassador #Nayib2024) has especially interested in the subject, seizing every opportunity to poke at Ripple’s native token. Nonetheless, American lawyer John Deaton recently swiped at Keiser, highlighting his obsession with the asset.

Deaton’s remarks on Keiser’s XRP fixation came as a reply to one of his tweets jabbing at the asset.

“This is like Max’s 5th or 6th tweet about #XRP in the last couple of days alone. Somebody has #XRP on his mind 24×7,” Deaton said in a tweet Monday. He further pointed out that despite his direct involvement in the case against the SEC, he does not obsess about XRP as much as Keiser.

“Max, I have to write a Legal brief about XRP within the next couple of weeks and submit it to the Court, but I don’t think about XRP as often as you do,” he added.

 

Additionally, John Deaton took the opportunity to reiterate his advocacy for an XRPL-powered mobile payment app, SpendTheBits. SpendTheBits is an XRP layer solution looking to increase BTC transaction speed. Deaton argues that SpendTheBits is more efficient at speeding up BTC transactions than the Lightning network.

“I think my Spend_The_Bits tweet teasing Max could constitute cruel and unusual punishment under the 8th Amendment of the US Constitution. Max whatever you do, DO NOT tune on Wednesday when Jay_SpendDBits shows how the XRPL is superior to lightning when it comes to spending your BTC,” Deaton remarked in a separate tweet.

Deaton’s comments were a reply to a tweet from Keiser, asserting that the SEC is right to classify XRP as a security. The 62-year-old filmmaker, quoting a video on XRP’s payment system, argued that the asset runs on a centralized system.

“The SECGov can argue, and they should, this XRP video is an unlawful inducement to sell unregistered securities. Fifteen seconds into it, XRP admits it’s centralized, for one thing. The list of actionable violations is long. #LockThemUpGary,” Keiser said.

While most crypto pundits have indicated support for XRP, noting that a win for Ripple is a win for the broader crypto community, others – especially Bitcoin maximalists and some Ethereum proponents – have thrown the asset under the bus.

As previously reported by The Crypto Basic, Ethereum co-founder Vitalik Buterin expressed his animosity towards XRP in a tweet in August. According to Buterin, XRP lost its right to protection from the Ethereum community when Ripple referred to Ethereum as “China-controlled” in a 2020 filing propagated as an argument against the SEC’s claims.

David Gokhshtein, former US Congressional candidate and an avid XRP supporter, recently highlighted that the XRP fanbase would continue to grow despite the backlash.

Meanwhile, the legal tussle between the SEC and Ripple Labs persists, with both parties previously filing Summary Judgement motions. As several proponents hope for a conclusion of the litigation before long, Deaton noted that this might not be the case. According to Deaton, there might not be a settlement in the next few months.

“Hard Week” As Cardano Total Value Locked (TVL) Suffers Major Loss

Lele Jima
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0
“Hard Week” As Cardano Total Value Locked (TVL) Suffers Major Loss

This week, all decentralized finance (DeFi) projects on the Cardano blockchain have not had a smooth ride.



According to Cardano Daily, a Twitter-based media outlet that covers developments on the Cardano network, DeFi projects on the blockchain have suffered losses ranging from 5% to 30%.

“CARDANO TVL STATUS: The TVL of Cardano has experienced one of the hardest weeks with regard to TVL. All projects witnessed loss in TVL, varying from 5% up to 30% loss,” Cardano Daily tweeted.

Cardano TVL suffers Loss
Images source: https://twitter.com/cardano_daily/status/1577280621776347136

 

Out of the nine decentralized finance projects analyzed by Cardano Daily, Aada Finance experienced the maximum loss compared to other DeFi protocols. Per the data, 29.64% value has evaporated from Aada Finance this week. This unfortunate development plunged the total value locked in Aada Finance to $312,000.

The second protocol that witnessed the most losses was FluidTokens, which saw 19.01% worth of value withdrawn from the project. Minswap, SundaeSwap, and MeoSwapFi recorded losses in their TVL of up to 8.1%, 7.43%, and 6.55%, respectively.

Furthermore, the total value locked in MueliSwap and ADAX Pro also plunged by 6.49% and 6.1%, respectively.

WingRiders was the least affected project among all Cardano DeFi protocols that started the week at a loss. Cardano Daily data shows that the popular decentralized exchange only incurred 5.74% losses in its total value locked.

“wingriderscom witnessed the minimum loss in comparison to the ecosystem. Only 5.74% withdrew from the project,” Aada Finance said.

Cardano TVL Performance

Meanwhile, the overall Cardano TVL is worth $74.65 million, down 0.27% in the last 24 hours. Minswap is ranked as the most valuable DeFi protocol on the Cardano network, with a 51.60% dominance ($38.52 million). WingRiders is the second-largest Cardano decentralized finance project, with a $15.41 million value locked on the platform.

Binance Boosts Terra Classic Burns, As Total LUNC Burn Crosses 13 Billion

Lele Jima
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0
Binance Boosts Terra Classic Burns, As Total LUNC Burn Crosses 13 Billion

The ongoing burn program launched by the Terra classic (LUNC) community is yielding positive results.


Since the initiative started, billions of Luna Classic tokens have been burnt from the total supply to revive the asset value.

LUNC Burn, an unofficial Twitter account that keeps track of all incinerations involving the cryptocurrency, shared an update about the number of Luna Classic tokens burnt since the 1.2% burn tax started and the Total LUNC destroyed so far.

According to LUNC Burn, a total of 13.7 billion Luna Classic tokens have been burnt from the total supply of the cryptocurrency. At the current exchange rate of $0.00031991, the funds were worth approximately $4.37 million, while a 1.2% burn tax has destroyed 3.76B LUNC.

Binance Contribution

Binance, the world’s largest exchange by trade volume, played a pivotal role in the number of LUNC tokens that have been burnt so far. Recall that yesterday the total LUNC burns were hovering a little above 8B. As reported by TheCryptoBasic yesterday, the leading crypto exchange burnt a whopping 5.5 billion LUNC in one transaction. The tokens were obtained from fees collected by the exchange from LUNC spot and margin trading pairs helping the total burn surpass 13B.

1.2% LUNC Burn Tax

LUNC burn is a program launched by victims of the Terra ecosystem collapse to compensate for the losses they incurred after the unfortunate incident.

Investors urged themselves to voluntarily send some amount of their LUNC tokens to a burn wallet to reduce the circulating supply of the cryptocurrency.

The move saw many LUNC incinerated in weeks. However, the community believed they can accelerate LUNC burns if they implemented a 1.2% tax burn on all on-chain LUNC transactions.

The proposal was implemented last month on the Terra classic network, and the number of burns has since skyrocketed. Per LUNC burn, a total of 3.76 billion Luna Classic tokens have been burnt since the 1.2% tax burn was launched.

It is noteworthy that multiple cryptocurrency exchanges also contributed to the 13.7 billion LUNC burnt from the Luna Classic total supply. Binance and MEXC Global are the most prominent because of trading fees burned on LUNC spot and margin trading pairs.

LUNC Staking Gains Momentum

Notably, burning part of LUNC’s total supply is not the only method the Terra classic community plans to reduce Luna Classic’s circulating supply. The community has also embarked on a staking initiative for LUNC, with 657.4 billion Luna Classic tokens staked so far.

Web3 Soccer Game MonkeyLeague to Auction Retro AC Milan NFTs

Andrew MacGill
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Web3 Soccer Game MonkeyLeague to Auction Retro AC Milan NFTs

Following its massive partnership with the legendary Italian soccer club AC Milan, MonkeyLeagueis gearing up to auction its first sponsored in-game assets. Going under the hammer on October 6 will be 16 limited edition, retro AC Milan monkey NFTs that pay homage to two defining moments in the team’s history.

These MonkeyPlayer NFTs are not only MonkeyLeague’s rarest but the lucky winner of each auction will receive a signed AC Milan jersey and VIP tickets to a match at the club’s San Siro stadium.

Build a champion squad with the rarest MonkeyPlayer NFTs

Solana-based Web3 soccer game MonkeyLeague will auction 16 special MonkeyPlayer NFTs this month. The sale will take place on October 6 on the Magic Eden marketplace and follows last month’s announcement of a partnership with the iconic Italian soccer team AC Milan.

A recent press release details the NFT assets on sale, claiming them to be the title’s rarest. The inaugural sponsored auction’s lots will each pay homage to two of the Serie A champion’s most successful historic seasons — 1993/94 and 1995/96.

During the 1993/94 season, the celebrated club won its third consecutive Serie A title and lifted both the Supercoppa Italiana and the UEFA Champions League trophies. Cementing their prowess on the pitch, AC Milan also finished as runners-up in the European Super Cup and the Intercontinental Cup during the same campaign.

Meanwhile, standout performances from new signings Massimo Ambrosini, Francesco Coco and Tomas Locatelli helped the club win another Serie A title in the 1995/96 season. It was a nail-biting campaign that came down to the wire against their historic, top-of-the-league rivals Juventus.

 The NFTs on sale will not only be MonkeyLeague’s rarest but also among its most useful. Each retro MonkeyPlayer will benefit from heightened game skills, and their holder will receive additional in-game perks that are still to be revealed.

As a turn-based, play-to-earn game, holding MonkeyLeague’s top NFT assets will be crucial for aspiring champions. Not only will these special retro characters make lifting the game’s virtual silverware easier, but they can also be traded on Solana-based NFT marketplaces like Magic Eden.

Kicking off a major partnership in style

Since the upcoming auction marks the first collaboration between AC Milan and MonkeyLeague, the two partners have added additional perks to make the event even more special. Those winning each of the 16 individual auctions will receive a signed AC Milan shirt and VIP tickets to attend a match at the San Siro stadium in Milan.

As revealed in the initial partnership announcement, there will be several similar collaborations going forward. These include stars of AC Milan’s current team playtesting MonkeyLeague, extra chances for gamers to attend matches in person and additional branded NFT assets.

Cardano Founder Expresses Frustration Over ‘Toxicity And Stupidity’ Of Twitter In Hydra Launch Delay

Mark Brennan
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Cardano Founder Expresses Frustration Over ‘Toxicity And Stupidity’ Of Twitter In Hydra Launch Delay

Charles Hoskinson Expresses Frustration Over ‘Toxicity And Stupidity’ Of Twitter In Response To Cardano Criticism Over Delayed Hydra Launch.



Hoskinson fires back at critics that do not take the time to study the facts first.

In a Twitter thread today, Charles Hoskinson expressed frustration over what he called “the toxicity and brutal stupidity” of Twitter in response to criticism from a Bitcoin minimalist over the delayed launch of Hydra, Cardano’s Layer 2 scaling solution.

Hoskinson decried that after taking the time to show the links between different systems in the Cardano scaling plan in the video highlighted, the detractor could only draw what he feels is an ignorant and unfounded conclusion. Emphasizing the fact that Hydra is only one piece in the broader scalability plan, the Cardano founder lamented the fact that it is easier to make things up on social media than do the work and study the facts.

It bears mentioning that Cardano is no stranger to criticism in the crypto space, especially for its perceived sluggishness in development. However, in response, Hoskinson has often noted that Cardano developers are working carefully to protect users, highlighting the lack of hacks and downtime on the network.

Notably, as highlighted by the detractor, there is no set release date for the Hydra protocol launch. However, statements from the lead Hydra developer Sebastian Nagel in the original Hydra announcement indicated that the project could launch in late 2022 or 2023.

In March, The Crypto Basic reported that the first Hydra Heads launched on the Cardano public testnet. The scaling solution promises to unlock the full potential of the smart contract functionality that came with the Alonzo upgrade by allowing for parallel transactions and smart contract processing. According to Tweets by Hoskinson today, real applications are already starting to integrate the protocol.

Ethereum Whales Depositing On Exchanges To Pump Price and Sell High

Albert Brown
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Ethereum Whales Depositing On Exchanges To Pump Price and Sell High

 

The Ethereum (ETH) Exchange Netflow indicator shows a behavioral pattern from ETH whales, leading to price pumps.


Ethereum has not witnessed the most favorable price outlook following The Merge. The asset on which the majority of the community was bullish in the months leading to its transition to PoS has not performed as pundits expected.

In a recent highlight of events, a CryptoQuatnt analysis revealed whale behavior that has in times past led to an Ethereum price pump. Notwithstanding, a dumping scheme has summarily followed these periodic price pumps.

CryptoQuant disclosed the information through its Twitter handle on Monday, sharing a link to the interesting analysis.

 

The analysis, which came from pseudonymous Korean crypto trader and CryptoQuant author Crypto Sunmoon, considered the ETH Exchange Netflow metric. “Whales deposit Ethereum into the exchange and raise prices to sell it at a higher price,” he asserted.

As noticed on the ETH Exchange Netflow chart, a sharp rise in the NetFlow of ETH in exchanges has persistently resulted in an ETH price increase. The pattern has continued since 2020.

According to Sunmoon, this results from whales depositing large amounts of Ethereum into exchanges to pump the asset’s price. Nonetheless, once the asset has seen a price pump, the whales sell their holdings for a higher value. This assertion appears accurate, considering that each spike in Exchange Netflow came when the ETH price was low.

“When exchange inflow(mean) increases, it was a short-term, long-term low,” the analyst Sunmoon highlighted. As can be observed on the chart, Ethereum exchange deposits increased periodically during short-term or long-term lows for the asset.

Furthermore, a similarly sharp increase in ETH Exchange Netflow is seen around the period of the Ethereum network’s successful transition to PoS. Following The Merge on September 15, ETH, trading above the $1,600 support at the time, saw a sudden dip. 

The asset broke below the supports at $1,600 and $1,500 in less than two days before eventually trading sideways, as it got stuck in a brief consolidation at the $1,400 zone. Notwithstanding, ETH fell below $1,400 on September 18 and has not traded above the price level since then.

As the same increase in the Exchange Netflow pattern is observed, several watchers are expecting a resulting price surge. Notwithstanding, analyst Sunmoon asserts that might not be the case as there are no bullish signs for ETH. “I don’t see any bullish signal right now,” he concluded.

The Ethereum Exchange Netflow still shows a risen value, indicating a generally increased selling pressure on investors. ETH has started bullish movements amidst its consolidation at $1,300 for two weeks.

The asset has gained by 4.95% to trade at $1,353 at the time of reporting. If the ETH price persists in this uptick, the asset could conquer the resistance at $1,400 before long, freeing itself from the shackles of the recent seemingly incessant consolidation.

New Terra Classic Re-peg Proposal Faces Stiff Resistance From LUNC Community

Mark Brennan
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New Terra Classic Re-peg Proposal Faces Stiff Resistance From LUNC Community

Some members of the Terra Rebels have made a new proposal to restructure USTC, but there is a catch.



In a tweet on Monday, Alex Forshaw, a member of the Terra Classic developers group, the Terra Rebels, shared an updated re-peg proposal to help restructure TerraClassicUSD (USTC) by creating an “algorithmic fungible token (AFT).” 

According to the proposal authored by Forshaw, Edward Kim, and Maximilian Bryan, the Terra Rebels will create a new AFT dubbed USTN. The new token, which in most ways bears similarities with a stablecoin, will then be backed mostly by Bitcoin. Furthermore, the group will airdrop the new token to USTC holders.

However, the catch is that the Terra Rebels plan to mint 500 billion LUNC to purchase Bitcoin.

As justification for the pain this plan is sure to cause LUNC holders, the group asserts that the adoption of USTN will lead to faster LUNC burns. As per the proposal, about $5 billion in the adoption of USTN will burn about 2.5 trillion LUNC. Notably, the group believes this is achievable in a year.

Unsurprisingly, the idea of minting more LUNC has not gone well with many in the LUNC community, which has built its clarion call for revival around reducing LUNC supply.

The Community Response

LUNC Burn, an unofficial Twitter account dedicated to tracking LUNC burn activity that has gained a huge following in recent months, described the proposal as crazy and “out of touch.” According to LUNC Burn, it is a step backward, considering the burn initiatives that have already been implemented.

The LUNC burn tracker noted that the plan would not be as easy as it seems as it will require the token to get listed on exchanges which is an uphill task. Additionally, he noted that the potential price dump would force most holders to sell before that time. So instead, LUNC Burn has urged the community to consider a proposal that Tobias Andersen is working on that will re-peg USTC, albeit slower.

LUNC DAO, a popular community validator also lending its opinion on the proposal, said it was a “bad idea.”  Additionally, the validator highlighted that burning remains the primary narrative driving revival.

Notably, as responses continue to pour in, one of the proposal’s authors and LUNC core developer, Edward Kim, has called on the community to keep the feedback constructive, urging others to submit their repeg proposals for the community to decide.

It bears mentioning that Kim is also the author of the proposed 1.2% tax burn proposal recently passed by the community to reduce the LUNC supply from 6.9 trillion to 10 billion. Notably, the burn is yet to live up to the expectations of many. For example, TerRarity.io data shows that the tax in nearly two weeks has burnt only about 3.8 billion LUNC. Moreover, LUNC Burner estimates that it will take 25 years to reach the 10 billion supply target at the current burn rate.

Despite this, the community has been given a boost with support from Binance to burn all trading fees obtained from LUNC pairs. The leading exchange on Monday disclosed that it burned about 5.5 billion LUNC from trading fees between September 21 and October 1.

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