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Shiba Inu’s ShibaSwap Tops Ethereum dApps In Social Signals

Mark Brennan
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Shiba Inu’s ShibaSwap Tops Ethereum dApps In Social Signals

Shiba Inu’s decentralized exchange ShibaSwap has recently recorded a new feat.


 

In a recent ranking, ShibaSwap was ranked in the number one spot of the top 10 Ethereum blockchain projects, with a good social signal.

According to the data, ShibaSwap leads other Ethereum-related projects by recording a social signal score of 698,476. The second Ethereum project in the rankings is the Bored Ape Yacht Club (BAYC), which recorded a total of 494,612 social signal scores.

Other top Ethereum projects in the rankings include EverRise, Crypto.com DeFi Swap, and OpenSea, among others.

Shiba Growing Popularity Gives ShibaSwap An Edge Over Others

It is not surprising to see ShibaSwap in the number one position given the massive popularity Shiba Inu has gained over its two years of existence. Supporters of Shiba Inu are always eager to comment on the projects associated with SHIB.

ShibaSwap is the official decentralized exchange of Shiba Inu. The team launched it to provide more use cases for Shiba Inu and shred the meme coin title.

Bitcoin Could Revisit $12,000 As Bottom Far Away

Albert Brown
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Bitcoin Could Revisit $12,000 As Bottom Far Away

 

Bitcoin (BTC) might see a dip to the $12,000 territory, according to a recent Glassnode report.


Bitcoin has been caught in the crossfire between the bears and the bulls, seeing occasional dips to surprising lows. Amidst this dreadful market climate, several pundits believe the firstborn crypto has already seen a bottom; Glassnode begs to differ, as a recent report posits further dips.

Glassnode shared its on-chain newsletter for last week dubbed “The Great Detox.” The Glassnode analysis assessed several on-chain metrics indicating a rather unfavorable outlook on Bitcoin. An assessment of short-term holders’ behavior as BTC revisits the $20k area shows a descent in favorable conditions.

The analysis uncovered a cluster of coin movements around Bitcoin’s current price action, with short-term holders contributing the most. Furthermore, Glassnode discovered a massive dearth of supply between the $18k and $11k-12k territories. 

Consequently, should Bitcoin plummet below the lows of this cycle, these short-term holders could find themselves underwater as they face massive unrealized losses on their holdings.

Due to these short-term holders’ erratic market behavior, BTC could be battered to the $12,000 level in light of a more intense bearish atmosphere. This is because short-term holders are the most likely to resort to capitulation at the sight of volatility.

In the event of a worse macro atmosphere and a slight BTC dip, these short-term holders could capitulate their holdings to salvage whatever they can. This behavior could push the asset further down, taking it to a level of $12k.

Nonetheless, a CryptoQuant analysis in April forecasted a bottom around the $20k zone, comparing the rate of descent from ATH then. BTC was changing hands in the $40k region then, having seen a constant rate of decline from the ATH last year.

The CryptoQuant analysis contradicted the consensus at the time that the bottom was priced in at $39k. “In other words, it is presumed that the last dump has not yet arrived. Compared to the past rate of decline from ATH, I estimate a bottom around $20,000 assuming a -70% (-$47,567) decline,” the CryptoQuant analyst remarked.

BTC has been consolidating between $18.4k and $19.5k since September 16. Despite currently holding above the $19k support level, the Glassnode report highlights the asset’s delicate position.

“However, price action is just barely hanging on to the consolidation range lows set in July, holding the line from what could be further capitulation,” the report notes. 

Notwithstanding the bearish behavior of short-term holders, long-term holders of BTC appear unfazed by recent market volatility. These investors have refused to make any significant movements about capitulation despite being largely underwater. This, however, solidifies short-term holders’ position as the bigger determiners of market direction in this regard.

Furthermore, Glassnode analyzed Bitcoin based on New Entities Metric, which shows a generally unpropitious indication. The New Entities Metric reveals a value of 83,500 new entities per day on the BTC network. 

While this value is higher than what was observed in the 2018 bear market with 66,500, it represents a new macro low for the 2020-2022 cycle. At the time of reporting, BTC is changing hands at $19,483, well above the $19k support. Despite gaining by 2.9% in the past seven days, the asset has declined by a meager 0.05% in the past 24 hours.

Bitcoin Bottom Still Far Away

In the latest analysis, Crypto Quant says that Bitcoin’s bottom is still far away.

“Major indicators show BTC has not yet reached a major bottom. As winter is upon us with prices continuing to fall, I still remain Bearish.”

Peter Brandt, a popular veteran futures trader, has also negatively analyzed the world’s largest digital currency by market capitalization. Brandt said that Bitcoin could fall as low as $12,700.

Well known Blockchain Tracker Whale Alert Adds Support for Dogecoin

Albert Brown
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Well known Blockchain Tracker Whale Alert Adds Support for Dogecoin

 

Whale Alert, one of the most advanced blockchain trackers, has announced support for Dogecoin.


Despite its status as a meme coin, Dogecoin has seen massive interest from retail and institutional investors. Being one of the most renowned cryptocurrencies around, support for the asset on several platforms has become the norm. The recent Whale Alert inclusion highlights Dogecoin’s prominence.

As a result of the support, Whale Alert will inform the community of any large transaction involving Dogecoin.

Furthermore, the platform seeks to launch its new API before launch, with Dogecoin seeing an inclusion. Whale Alert also promises to include other classics in the weeks to come.

“We have added #Dogecoin to Whale Alert! Large DOGE transactions will now be reported. Data will be available in our new API soon, and other classics will be added in the coming weeks,” the platform said in the tweet.

 

Whale movements are a crucial part of the cryptocurrency markets, as they can dictate the direction of an asset’s price action. Consequently, pundits and market watchers find data on whale transactions useful for their analyses.

Whale Alert’s inclusion of Dogecoin will allow the community to get up-to-date data on large asset transactions. This should help analysts and investors in making appropriate trade decisions.

Dogecoin’s price direction of late has been nothing short of sideways. The asset has been extensively consolidated as the bear market remains persistent. Despite a fall from the recent $0.087 last month, DOGE is currently steadying itself above the support at $0.06.

DOGE trades at $0.06013 as of press time, but its position is highly delicate, as it has traded below the $0.06 support, for the most part, this month.

Dogecoin, along with BNB and BTC, is witnessing a massive rate of negative sentiments. Still, as previously reported, Santiment noted that the asset’s high level of FUD could be its saving grace in the long run.

Recall that Dogecoin recently became the Second Largest Proof Of Work (PoW) Crypto, And Doge lover Billionaire Mark Cuban said that Dogecoin has more potential than Cardano.

Curacao-Licensed Top Casino Now Accepts Terra Classic As A Payment Method And Supports LUNC Burn

Lele Jima
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0
Curacao-Licensed Top Casino Now Accepts Terra Classic As A Payment Method And Supports LUNC Burn

 

The development will increase the ongoing LUNC burn efforts.


Terra Luna Classic (LUNC) has continued to gain widespread adoption despite its early controversies that resulted in the cryptocurrency crash.

With many cryptocurrency exchanges relisting LUNC and supporting community efforts to revive the token’s price, one of the world’s biggest online cryptocurrency casinos BC.Game silently rolled out support for the Luna Classic token. 

BC.Game Adds Support for LUNC

In an interesting development, LUNC was added as a payment method on BC.Game to enable bettors to bet on their favorite casino games using cryptocurrency.

The initiative is a huge plus for the Terra classic community, given that not many projects want to be associated with the cryptocurrency following its previous controversies.

However, BC.Game is not deterred by the Terra incident, as it adds LUNC to its list of supported cryptos. BC.Game users are given a unique LUNC wallet when they sign up on the platform, which they can use to fund their accounts.

LUNC supported by BCGAME
LUNC supported by BCGAME

LUNC Burns to Spike

It is noteworthy that BC.Game will also contribute immensely to the 1.2% tax burn implemented on the Terra classic network for all on-chain LUNC transactions.

Based on this, the 1.2% tax burn will come into play when bettors make LUNC deposit and withdraw on the betting platform. The burns will reduce the total supply of LUNC to boost its value.

Terra classic investors have continued to boost the price of LUNC via community efforts like staking and burns. LUNC is currently trading at $0.00028 based on the numerous contributions by the Terra community.

BC.Game is one of the largest online betting platforms allowing users to stake on various casino games using their favorite cryptocurrency.

The casino was launched in 2017 and is licensed under Curacao gaming laws. Some of BC.Game’s features include maximum security, multiple casino games offering, mouthwatering bonuses, professional customer service, and anonymous betting.

The Largest Ever Amount Of Dormant FTX Token (FTT) On The Move

Mark Brennan
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The Largest Ever Amount Of Dormant FTX Token (FTT) On The Move

 

The FTX (FTT) crypto has just seen the movement of the largest dormant amount in its history.



The crypto market hasn’t been a very rosy ground for investors in 2022. The months following the onset of the new year saw most of the coins in the market shed off huge double-digit percentages of their value. The crypto winter worsened things, coupled with a global economic crisis.

For this reason, many big-money investors refrained from moving their assets after the selling window elapsed. Things seem to change, especially about coins like the FTX (FTT).

FTT is a token that was created by the FTX crypto exchange back in May 2019. Other exchanges like Huobi and Binance have also created their tokens. Apparently, someone has moved the largest ever FTT cache that has been sitting dormant for a long time.

 

As reported by The Crypto Basic, FTT is of the coins with huge potential to generate wealth for investors. The fact that a big FTT whale is now active could be a huge sign indicating the future of the token. As is the norm, something is always up whenever dormant caches of any token start moving around. The owner may be positioning themselves in the market in anticipation of a price surge, or they could be planning to transfer to exchanges and execute sale orders. Either way, any transactions involving huge amounts of FTT are bound to affect its market dynamics somehow.

According to a report by Santiment, the movement occurred between 11 am and 12 pm UTC on 28th September 2022. The age consumed a total of the token value is estimated at around 200 Billion. This figure is derived by multiplying the number of tokens in question with the period they have been dormant.

The FTX (FTT) Market Outlook

From the look of things, FTT seems to be holding stable in the market. The coin is at position 24 in the crypto charts and trades at around $24.35 at the moment. FTT has recorded a 1.53% price increase over the last 24 hours. As far as the huge movement is concerned, it remains to be seen how the token market will be affected. This impact could be felt over the coming days or weeks.

Flare Networks Finally Confirms Token Distribution Timeline For XRP Holders As Validator Code Goes Live

Mark Brennan
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Flare Networks Finally Confirms Token Distribution Timeline For XRP Holders As Validator Code Goes Live

 

The wait for the Flare token distribution for XRP holders is nearing its end.


The Flare Network, in a tweet today, disclosed that it had launched its validator code while revealing the tentative timeline for token distribution for XRP holders in a blog post.

“The Flare Network validator code is now live and publicly available,” tweeted the network.

 

In the blog post, Flare network confirms that the timeline for token distribution is between 24th October and 6th November. However, this depends on whether the network can attract a sufficient number of validators.

“Provided sufficient validators have taken up their role, the Token Distribution Event will take place between 24th October and 6th November,” the blog post reads.

It confirms rumors reported by The Crypto Basic on Tuesday that the Flare token distribution for XRP holders was scheduled between October and November.

Notably, in the statement by the network, it is revealed that Flare will launch in Beta for 6 to 9 months, where network validation will be split between professional partners and Flare Time Series Oracle (FTSO) participants. The Beta launch allows FTSO participants to become adept at validating the network. 

At the Beta launch, the validator structure will be as follows:

Flare Foundation – 5 validators.

Professional Infrastructure Partner 1 – 5 validators.

Professional Infrastructure Partner 2 – 5 validators.

Professional Infrastructure Partner 3 – 5 validators.

FTSO validators – up to 100 validators.

Notably, the professional partners and FTSO validators will split the 20% inflation rewards 50/50. Foundation validators will not be rewarded. In addition, professional partners will be phased out at the end of the Beta phase, leaving FTSO participants entirely in charge of network validation. 

Meanwhile, an agreement with Professional validators has already been reached as per the blog post. These validators are already working on setting up infrastructure. 

IntoTheBlock Head of Research Gives Reason For Reduced Ethereum (ETH) Burns

Mark Brennan
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IntoTheBlock Head of Research Gives Reason For Reduced Ethereum (ETH) Burns

 

Despite The Merge, Ethereum remains inflationary, and the declining NFT interest may be to blame.


In a tweet today, Lucas Outumoro, head of research at IntoTheBlock, highlighted that the declining interest in NFTs might be why EIP-1559 is burning fewer ETH. According to Outumoro, there is a strong 0.58 correlation between NFT volumes and Ethereum burned.

“Why is less ETH being burned?” writes Outumoro. “The declining interest in NFTs is a key factor, with NFT Volumes and ETH burned having a relatively strong 0.58 correlation year-to-date.”

 

It bears mentioning that Ethereum has remained inflationary despite The Merge. Notably, Outumoro had predicted that the network’s net issuance could range within -0.5% to -4.5% depending on gas fees post Merge. However, as Kitco news anchor David Lin pointed out over a week ago, this metric sits at about 0.21%.

Ethereum’s supply cap notably surpassed the predicted figure of 120.6 million to hit over 122 million. While the asset issuance has reduced as promised, from about 13,000 new ETH daily to 1,300, Ethereum is yet to achieve net zero inflation or deflation as promised.

The continued inflation has been attributed to lower gas fees on the network. EIP-1559, Ethereum’s burning mechanism, remains a crucial component of Ethereum’s deflationary plan. It bears mentioning that EIP-1559 burns part of the total Ethereum gas fee, which is not sent to validators and is decided by increased network competition that arises from increased transactions on the network.

So the more transactions on the network, the higher the gas fee and the greater the value of Ethereum burnt by EIP-1559 and vice versa.

Notably, the NFT boom in 2021, mostly minted on the Ethereum network, also saw a corresponding rise in gas fees as it meant more transaction volume. It bears mentioning that the Otherside Otherdeed mint by Yuga Labs in May saw Ethereum fees surge as high as $4,830 due to the network congestion.

However, interest in NFTs has declined steadily in the past 5 months. Dune analytics data shows that monthly trading volumes are 97% lower than peaks formed in January.

Notably, the recent decline can be attributed to worsening macroeconomic conditions that have made investors widely risk off. Notably, enthusiasts hope that Ethereum becoming green, making NFTs environmentally friendly as well, can become the next bullish catalyst for the asset class by attracting new interest from environmentalists opposed to it.

For net zero inflation to be achieved, the Ethereum network has to average gas fees of at least 16 gwei.

 

Terra Classic USD (USTC) Holders Can Now Purchase Goods Online Via Tezro Payment Solution

Lele Jima
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0
Terra Classic USD (USTC) Holders Can Now Purchase Goods Online Via Tezro Payment Solution

Tezro has launched a swap feature for USTC holders to purchase goods online.


Tezro, an all-in-one multi-cryptocurrency wallet and secured messaging app, has launched a new use case for Terra UST Classic (USTC) holders. According to a recent announcement, holders of USTC can swap the Terra classic stablecoin for TezroST.

TezroST is the official shopping token of Tezro, and it is fully backed by Tether (USDT). USTC holders can exchange the collapsed stablecoin for TezroST at an exchange rate of $1 per token, the announcement reads.

The swap can be done on Tezro’s website and Android app only, with USTC holders entitled to the same exchange rate. Users will be entitled to win the sum of $100,000 when they swap USTC for TezroST. Additionally, USTC holders can use the swapped TezroST to purchase limited NFT Tezro T-shirts.

Before using the service, users must download the Tezro application on their Android or iOS devices and click on the TezroST icon. The swap will be made in a few clicks, and users can use the swapped tokens to pay for goods and services in selected online stores via the Tezro payment gateway.

 

Another Compensation Plan for Terra Victims

The initiative is rolled out as part of an effort to compensate victims of the Terra ecosystem collapse. Recall that after the collapse of Terra, the value of the cryptocurrency dipped massively, plunging many investors into heavy losses.

Many cryptocurrency exchanges were forced to delist USTC due to the enormous risk associated with digital currency. With many Terra investors left in the cold win, Tezro allows affected investors to get good value for their USTC tokens.

“Tezro wants its supporters to know that it cares about them, and that is why the new feature of being able to exchange USTC tokens for TezroST is significant. Not only does it allow USTC holders to get rid of the tokens, but it also enables them to do so in a beneficial manner,” Tezro added.

David Gokhshtein Takes A U-Turn On Terra Classic, Gets Excited About LUNC Road Map

Mark Brennan
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David Gokhshtein Takes A U-Turn On Terra Classic, Gets Excited About LUNC Road Map

 

One of the most pessimistic people could be changing his mind about Terra Luna Classic.


For a while, David Gokhshtein has been known as one guy who doesn’t have any love for Terra’s Luna Classic (LUNC). LUNC came about after the collapse of the Terra ecosystem and the launch of Terra 2.0 with Luna as the new coin.

Gokhshtein is an influencer and founder of Gokhshtein Media and a former US Congressional Candidate. In a recent tweet, he seems to be softening his stance concerning LUNC. Apparently, he’s excited that LUNC is coming up with a new road map to revive the project and pump the coin’s price – as reported earlier by The Crypto Basic. The road map is crafted and sponsored by the “Terra rebels,” a section of the Terra community that supports Luna Classic.

 

Gokhshtein Has Been Strongly Anti-LUNC

While the influencer has been anti-LUNC in many instances, at one time, he referred to LUNC as a lottery ticket saying Terra classic has no utility. However, he seems to have changed his mood and is now appreciating the coin’s remarkable recovery trajectory.

He even shared this sentiment in a separate tweet a few days ago, saying “LUNC is up like 50% today based solely on this Binance burn”. Gokhshtein went ahead to confess that he was tempted to buy LUNC. Granted, LUNC started strengthening its foothold and mounting a good recovery after news broke that the Binance exchange would support the token burn on LUNC trading, the plan designed to reduce supply and support price recovery.

The fact that people like David Gokhshtein are now flipping their stances to express support for LUNC could be a huge deal for the embattled coin. Crypto could mount a strong recovery if more people invest in it and if the token burn is successful.

Still, Gokhshtein has a question, most probably for LUNA holders, which he needs to be answered regarding the ongoing spat between the South Korean government and Do Kwon “How is South Korea going to freeze 62M worth of Do Kwon’s Bitcoin?”. Kwon is the founder of Terra and is largely blamed for its collapse.

At the time of this writing, LUNC sits at position 31 in the charts and trades at around $.00028. It posts a 24-hour price increase of 3%. However, the trading volume seems to have decreased by nearly 30%. Time will tell if the increased support by influencers and exchanges and the new road map, will have any significant effect on the token.

Shiba Inu Game “Download Day” Changed, New Date Revealed

Zabi
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Shiba Inu Game “Download Day” Changed, New Date Revealed

Shiba Eternity’s Download Day has been rescheduled.



Shiba Inu’s team rescheduled the worldwide release of the much-awaited Shiba Inu Collectible Card Game dubbed “Shiba Eternity.” As per the announcement, Shiba Inu Community will now break the Android and iOS App Stores on Oct 6, 2022, instead of Oct 1, 2022.

Shiba Inu’s official Twitter handle writes:

“The official Shiba Eternity worldwide Download Day has been scheduled for Oct 6, 2022.”

The Shiba Inu team also shared the reasons for the delay.

  • “To Announce the 30 Second Spot Winner on Oct 1, 2022.
  • Release the entire lore of Shiba Eternity on Oct 1, 2022.

 

Following the announcement, the lead developer of Shiba Inu Ecosystem, Shytoshi Kusama, “Quoted Tweet” the original tweet and stated that he would come up with all the lore and plans for the game Oct 1, 2022.

He writes:

“I’m excited. I have been playing Shiba Eternity for a while now and absolutely love it. I won some games and lost some to amazing Shibians worldwide. I can’t wait to see you all in the Dogjo. On Oct 1, I will release all the lore and plans for the game.”

Formerly in the Twitter Space Event organized on Sept 23, the Shiba Inu team confirmed that the much-awaited Shiba Inu Collectible Card Game dubbed “Shiba Eternity” would be released worldwide on Oct 1, 2022. Moreover, the Community would celebrate “Download Day” on the same date to bring Shiba Eternity to the top of the rankings on all App Stores so that the Shiba Inu Game would become exposed to even those people who’re non-SHIB holders or even doest know what Shib is.

The delay announcement might shock some Shiba Inu Community members, but they are still excited about the Game Release.

Shib team previously confirmed that 5% of the Game’s Profit Will Be Burnt. The game also got a 4.9 Rating Out of 5 On the App Store.

However, the announcement doesn’t directly impact Shiba Inu’s price. At the time of writing, Shiba Inu is trading at the price of $0.00001117, up 0.72% over the last day, with a 24-hour trading volume of $180,127,507 ($180.12M).

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