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Baby Doge Coin (BabyDoge) Burns Another 1 Quadrillion Tokens Worth $1.3 Million

Zabi
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Baby Doge Coin (BabyDoge) Burns Another 1 Quadrillion Tokens Worth $1.3 Million

1 Quadrillion Baby DogeCoin (BabyDoge), worth $1.3 million, burned.


Baby Doge Coin recently organized its scheduled “Monthly Burn Event” for the month of August and sent 1 Quadrillion Baby DogeCoin (BabyDoge) to the “inferno” address in one significant transaction. The estimated worth of these tokens is reported to be $1.3 million.

Since the start of 2022, this is the 10th time Baby DogeCoin has permanently removed a quadrillion of BabyDoge tokens from its massive circulating supply.

As reported by The Crypto Basic The biggest Burn Event in the history of crypto space was held by the BabyDoge’s team on the occasion of 1st Anniversary when a whopping 50 quadrillion BabyDoge, worth $88.50 million, were burned successfully through one magnificent transaction.

Following these Monthly Burn Events, BabyDoge has shrunk its initial supply of 420 quadrillion tokens to 159.27 quadrillions in the past eight months, as per CoinGecko.

172 Million XRP Transferred Between Exchanges And Unknown Wallets, As Ripple Locks 700 Million XRP in Escrow  

Lele Jima
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172 Million XRP Transferred Between Exchanges And Unknown Wallets, As Ripple Locks 700 Million XRP in Escrow  

Following Ripple’s monthly token unlock initiative, there has been a large movement of XRP in the last 24 hours. 



According to data shared by popular cryptocurrency whale tracking service, Whale Alert, over 172 million XRP have moved from two crypto exchanges to unknown wallets and vice versa in the last 24 hours. 

Details of the Transactions

These XRP movements occurred in three separate transactions. For the first transaction, a total of 60 million XRP worth $22.47 million was sent from an unknown wallet to the Bitstamp exchange. 

A few moments later, Whale Alert shared another transaction detail, showing the movement of 62.56 million XRP worth $23.43 million from Bitstamp exchange to an unknown wallet. 

Lastly, the popular cryptocurrency whale tracking platform also shared details of a transaction involving the movement of 50 million XRP ($19.13 million) from Crypto.com exchange to unknown wallets. 

Not New

This is not the first time that a large volume of XRP coins has been transferred from cryptocurrency exchanges to unknown wallets and vice versa. 

Several of these transactions have been recorded in recent times. Last week, a total of 356 million XRP flowed between unknown wallets and cryptocurrency exchanges, with Bitstamp being the major player in these transactions. 

It was expected to see Bitstamp as the main player of recent whale XRP transactions, considering that Ripple’s former CTO Jed McCaleb sold most of his XRP allocation via the exchange. 

Ripple Locks 700 Million XRP in Escrow

Meanwhile, before these transactions took place yesterday, a large amount of XRP was unlocked and put back in Ripple’s escrow. 

As reported by TheCryptoBasic, 900 million XRP were unlocked from an unknown escrow wallet yesterday. The transaction corresponds with the timing of Ripple’s monthly token unlock initiative. 

Less than 24 hours after the nearly 1 billion XRP coins were unlocked, 700 million XRP have been locked back in escrow. 

The funds were locked in two separate transactions, containing 300 million XRP and 400 million XRP, respectively. 

Cardano Founder Discusses Why Vasil Fork Delayed, Says No More Waits As “Things That Could Go Wrong Have Gone Small”

Albert Brown
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Cardano Founder Discusses Why Vasil Fork Delayed, Says No More Waits As “Things That Could Go Wrong Have Gone Small”

 

Hoskinson assures users that the Vasil hard fork is in the final stages of testing.


Input Output Global founder Charles Hoskinson has assured users in a video on tuesday addressing the progress of the Vasil hard fork upgrade that he does not expect any further delays, asserting that the upgrade is in the final stages of testing.

“… the good news is that the set of things that could go wrong have gotten so small, and now we’re kind of in the final stages of testing in that respect,” Hoskinson said. “So unless anything new is discovered, I don’t anticipate that we’ll have any further delays.”

It is worth noting that The Crypto Basic reported on Friday that developers have further delayed the long-anticipated upgrade previously expected at the end of July for additional weeks. The major reason developers gave was that more extensive testing is needed before the upgrade can go live on the mainnet.

In the video released by Hoskinson on Monday, the IOG founder clarified that in the testing of the final node needed for the upgrade, node 1.35.0, developers found three separate bugs. According to Hoskinson, these bugs led to the creation of 3 different software versions, with 1.35.3 looking like the one that would make it to the hard fork. However, Hoskinson noted a need for extensive testing after highlighting that the Vasil hard fork is Cardano’s most complex upgrade yet.

“… the problem is that every time something is discovered, you have to fix it. But then you have to verify the fix and go back through the entire testing pipeline,” Hoskinson said. “So you get to a situation where you feature complete. But then you have to test and when you test, you may discover something, and then you have to repair that and then you have to go back through the entire testing pipeline. So this is what causes release delays.”

The Vasil hard fork has been highly anticipated for months by the Cardano community. Vasil is expected to usher the network into the Basho phase in its roadmap, improving scalability and smart contract functionality. Cardano is trading at the $0.4961 price point, down 4.08% in the last 24 hours but up 6.01% in the last seven days.

Vechain CEO In An Interview With UFC Discloses How VeChain Plans to “Change the World”

Albert Brown
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Vechain CEO In An Interview With UFC Discloses How VeChain Plans to “Change the World”

 

Sunny Lu, the CEO of VeChain, has given tips on how the popular blockchain project is planning to use its technology to change the world. 


According to Lu, VeChain is already making a significant impact globally as its tech has been deployed in various sectors, including supply chain, carbon management, decentralized finance (DeFi), etc. 

However, he noted that VeChain’s impact on the world in the future will be more significant than what the company has done in the past. 

Lu made the exclusive comment in a recent interview with UFC, a leading mixed martial arts organization. 

VeChain’s Committed to Changing the World

Lu noted that VeChain would create an incentivized ecosystem in San Marino. This would see residents based in San Marino rewarded with tokens for maintaining positive environmental behavior. 

The tokens can be exchanged for fiat and will be used in the purchase of goods and services. Notably, the project is part of San Marino’s 2030 UN Sustainable Development Goal (SDG). 

He said VeChain would deploy its technology for carbon recording in the future. With this in place, Lu noted that there would be a more effective carbon market in the coming years. 

Additionally, VeChain would also focus on plastic reclamation from the hydrosphere. This will be made possible through the use of VeChain’s technology. Interestingly, the tech would also contribute to converting plastics into new products. 

Another aspect VeChain is looking at deploying its tech to is to help companies enhance their brand engagement with their customers. 

Companies will be allowed to leverage VeChain’s tech to enable their customers to choose products that align with their spending habits. 

Lu disclosed that VeChain would also eliminate fraudulent activity in secondary luxury markets via the use of embedded NFC chips. Through this initiative, there will be prevention of resale fraud, which will keep buyers safe. 

VeChain Partners UFC

It is noteworthy that Lu’s interview comes following VeChain’s partnership with UFC. As reported by TheCryptoBasic, the mixed martial arts organization announced that it had chosen VeChain to become its first official Layer-1 partner. 

“This is just the beginning of a long-term partnership with UFC. We are looking forward to changing the world together,” Lu said. 

Ethereum Founder Vitalik Buterin Urges Blockchain CEOs To “Call Out Scammers” Regardless of Any Backlash

Mark Brennan
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Ethereum Founder Vitalik Buterin Urges Blockchain CEOs To “Call Out Scammers” Regardless of Any Backlash

Ethereum Founder Vitalik Buterin Urges Blockchain CEOs To Speak Against Scammers Regardless of short-Term Backlash.


Ethereum’s Vitalik Buterin Urges Founders To Speak Up Against Scams In Response To News Of SEC Suit Against Creators Of Fraudulent Ponzi Scheme Based On Smart Contracts.

Ethereum founder Vitalik Buterin in a tweet early on Tuesday called on CEOs not to hold back in their commentary against scammers taking advantage of their platforms. Buterin said this in response to news of the SEC suing creators of a fraudulent Ponzi scheme based on smart contracts, citing comments he made two years ago against scammers running pyramid schemes on the Ethereum blockchain.

“Call out scammers. You get hate in the moment, but time vindicates you. Even if you’re some CEO with a ‘reputation’ and need for ‘professionalism,’ do it anyway and be savage.” Buterin wrote in his tweet.

It is worth noting that on Monday, the US SEC revealed that it was charging eleven individuals for their roles in creating and promoting a fraudulent crypto pyramid scheme called Forsage that raised over $300 million from retail investors worldwide.

The case indicts four founders’ current locations unknown, 3 US-based promoters, and members of Crypto Crusaders, identified as the leading promotional group for the scheme in the US. Notably, the scheme has been operating for over two years, launching in January 2020. Despite attempts by regulators in the Philippines and Montana to shut down the scheme in their jurisdictions, Forsage continued to operate, denying the news of any regulatory action against it on various social media platforms.

The Forsage scheme, which operated using smart contracts on Ethereum, Tron, and Binance Smart Chain, required investors to recruit new members to make a profit. “Forsage also allegedly used assets from new investors to pay earlier investors in a typical Ponzi structure,” the SEC wrote in its press release.

It is worth noting that the SEC has continued to ramp up its crypto enforcement actions in recent weeks. For example, the regulator is currently suing a former employee of Coinbase and two others in an alleged insider trading scheme even as it investigates Coinbase for offering unregistered securities for trading on its platform.

Vitalik, therefore, insists others speak against scammers to help the community recognize fraud. People listen to influencers, pointing out scammers can protect new comers and investors from falling victims to tricksters.

“People look up to you, and your warning will be taken seriously,” Vitalik added.

1.4 Billion Polygon (MATIC) Transferred Out of Project’s Vesting Contract Raise Concerns

Lele Jima
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1.4 Billion Polygon (MATIC) Transferred Out of Project’s Vesting Contract Raise Concerns

Polygon Founder Addresses Concerns Over the 1.4 billion MATIC Tokens Transferred Out of the Project’s Vesting Contract.


Nailwal polygon founder said the funds were unlocked over a year ago, in contrast to a tweet made by a Blockworks researcher.

Sam Martin, author, and researcher at crypto media outlet Blockworks, recently informed that Ethereum Layer-2 scaling platform Polygon released a whopping number of MATIC tokens from its vesting contract. 

According to Martin, yesterday, the Ethereum L2 scaling solution unlocked the sum of 1.4 billion MATIC tokens from its vesting contract. 

“1.4 billion MATIC tokens, or 14% of the total supply, have been released from the vesting contract over the past hour,” Martin said. 

The Blockworks author also shared a screenshot of blockchain transactions, showing the token unlock. Per the screenshot, the funds were moved in nine separate transactions from the Polygon vesting contract to different sectors of the project. 

Details of the Funds’ Movement

Seven of the nine transactions involved the movement of 25 million MATIC tokens each. The remaining two were the most significant, with each containing 618,304,816 MATIC (618.3 million MATIC) and 593,304,816 MATIC tokens (593.3 million MATIC), respectively. 

According to the blockchain transaction, approximately 1.39 billion MATIC tokens, representing nearly 14% of the tokens’ total supply, were moved from the Polygon vesting contract just yesterday. 

Martin made another tweet, asking his followers and the Polygon team to explain where the funds are being moved to. 

Polygon Founder Addresses Investors’ Concerns

The tweet has attracted several engagements from the cryptocurrency community, especially Polygon’s core supporters. 

Many Polygon investors did not seem troubled by the news as they believed the team behind the project would not do anything that would jeopardize their investments. 

However, some critics have already taken advantage of the tweet to troll Polygon, calling on investors to liquidate their MATIC positions. 

Interestingly, Sandeep Nailwal, the founder of Polygon, was quick to address the tweet before it wreaked havoc on the price of MATIC. 

According to Nailwal, the tokens in question were not recently unlocked as stated by the Blockworks researcher. Nailwal said the tokens were unlocked over a year ago as per the vesting contract, and the planned move was planned. 

In response to Martin’s question to unravel where the funds were sent, Nailwal said the nearly 1.4 billion MATIC were allocated to different segments of the project, including Foundation Treasury, Staking, etc. 

“This was a planned movement from the tokens which as per vesting have been unlocked 1 year back. These are staking, foundation treasury etc.”

He shared a link to a Telegram made earlier by Polygon, while teasing investors that a big announcement about the funds allocation will be made later today. 

Shiba Inu Finally Unveils Name of The Much-Anticipated SHIB Collectible Card Games (CCG)

Zabi
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0
Shiba Inu Finally Unveils Name of The Much-Anticipated SHIB Collectible Card Games (CCG)

The SHIB Collectible Card Games (CCG) name has finally been announced.


Shiba Inu (SHIB) gives a Special Gift to its Community on the occasion of SHIB’s Second Birthday.

Shiba Inu recently unveiled the name of its much-anticipated Shib CCG game via tweet. The team behind the most popular canine-themed cryptocurrency told the Community that the Shib CCG game is officially named “Shiba Eternity.”

Sharing the details, the team confirmed that they are collaborating with a world-renowned video game developer, PlaySide Studios, on a testing schedule and an exciting game release on both the Apple App Store and Google Play Store.

The exciting announcement comes as Shiba Inu Project officially turns two years old. Shiba Inu Community has grown into one of the largest and most dedicated crypto communities in the past two years. Now, Shiba Inu boasts over 3.4 million followers on Twitter and a total of 1,199,121 (1.19M) holders, as per Etherscan.io data.

At this event, the lead developer of Shiba Inu Ecosystem, Shytoshi Kusama, said: “Every birthday deserves a present. This is a small one but a good one. Happy Birthday, SHIBARMY.”

Formerly on November 27, 2021, the Shiba Inu’s team welcomed the former VP Tech of Activision Blizzard, William Volk, to the Shiba Inu Games as a Consultant.

Later, on December 8, 2021, Shiba Inu partnered with one of Australia’s largest publicly listed video game developers, PlaySide Studios, to develop its first-ever Collectible Card Game.

Analyst Calls For Caution As Ethereum Active Addresses Spike To All-Time High Is Not A Good Sign

Mark Brennan
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Analyst Calls For Caution As Ethereum Active Addresses Spike To All-Time High Is Not A Good Sign

 

CryptoQuant analyst says the spike in Ethereum active addresses is not a bullish signal.


In a CryptoQuant Quicktake shared earlier today, CryptoQuant analyst Maartunn disclosed that the recent spike in Ethereum active addresses is not a bullish signal as it has historically indicated a local market top.

 

“When we observe the historical data on Ethereum: Active Addresses, something that catches the eye is that every time when Active Addresses spiked above 575K, it pointed a local top,” the analyst wrote.

As reported by The Crypto Basic on July 28th, the Ethereum network saw a sudden rise in the number of daily active addresses, reaching 1.06 million, 48% higher than the previous record.

According to Maartunn, the spike indicates an increased presence of retail traders jumping in out of fear of missing out. It is worth noting that this fear of missing out (FOMO) usually characterizes the end of upward market rallies. While Maartunn opines that it is just a single indicator and that it should not be solely relied on, he also notes that it is one to be taken seriously.

It is worth noting that Ethereum, in recent weeks, has shown impressive price performances. For example, as reported by The Crypto Basic, the asset on Friday peaked above $1,700 following a spike in active addresses that experts struggled to explain at the time.

Notably, this latest rally driven by Ethereum merge speculation saw Ethereum and Ethereum Classic surge by about 55% and 190%, respectively.

However, while the price of Ethereum surged, there have been voices that have called for caution as certain indicators predicted the move might be short-lived. For example, veteran analyst Peter Brandt noted at the beginning of the move that the breakout lacked volume. Notably, other pundits have raised concern over the continuous inflow of Ethereum to exchanges, with Santiment recently estimating that the volume of Ethereum held on exchanges makes up 0.5% of the total supply.

It is worth noting that the long-anticipated Ethereum merge is expected a little over a month from now. Meanwhile, at the end of this week, the merge is expected to start on the final Ethereum testnet, Goerli. Ethereum is trading at the $1,577 price point, down 7.19% in the last 24 hours but up 9.75% in the last seven days.

London-Based Payment Company Adds Support for Ripple (XRP)

Lele Jima
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London-Based Payment Company Adds Support for Ripple (XRP)

Mercuryo, a global payment network, is the latest fintech company to add support for Ripple (XRP). 

According to a recent announcement, XRP was integrated into the Mercuryo payments platform, enabling users to adopt the asset class in cross-border payments. 

“Mercuryo has integrated $XRP,” the company tweeted recently. 

The popular payment provider also used the opportunity to highlight XRP’s importance in cross-border payments. 

“@ripple has made waves in the cross-border payments industry powered by $XRP. The protocol is used by major banks to facilitate rapid, secure, + cheap transactions. Ripple initially began as “RipplePay” in 2004 – 5 years before Bitcoin’s launch,” Mercuryo noted. 

It is noteworthy that XRP is not the only cryptocurrency that Mercuryo recently integrated into its platform. As announced by Mercuryo, the fintech company also added support for Litecoin (LTC), Fantom (FTM), Circle’s stablecoin (USDC), and popular meme-based cryptocurrency Dogecoin (DOGE). 

Mercuryo Features and Services

Mercuryo is one of the fintech companies that rely on cryptocurrencies for cross-border payments. The firm has adopted the nascent asset class due to the enormous opportunities associated with them. 

Mercuryo is looking forward to becoming a major player in the payments sector and it believes allying with cryptocurrency companies would help it achieve this goal. 

Since launching in 2018, Mercuryo has partnered with various crypto-related firms, including Binance, Bithumb, Bitfinex, Trust Wallet, etc. 

Meanwhile, the company also supports fiat currencies for cross-border settlements and has gone ahead and added as many fiat currencies as possible. 

Last month, Mercuryo added nine fiats to its list of supported traditional currencies. Some of the new fiats added last month include the Australian dollar, the Canadian dollar, Swiss franc, Danish krone, etc. Mercuryo has its headquarters in London.  

Widespread Adoption of XRP Outside the U.S.

The adoption of XRP in payments has been growing at a steady pace in recent times. While many U.S.-based payment companies have halted support for XRP following SEC’s assertion that XRP is a security, firms outside of the United States have continued to adopt the asset class in payments. 

In May 2022, TheCryptoBasic reported that SBI Motors announced that its customers can purchase used cars using XRP. 

 

Binance To Officially Release Another Token ‘BAB’

Mark Brennan
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Binance To Officially Release Another Token ‘BAB’

Binance Close to Launching First Soundbound Token, Binance Account Bound (BAB).


 

 

Binance, the world’s largest cryptocurrency, is prepared to launch its first soundbound and non-financialized token dubbed Binance Account Bound (BAB). 

The cryptocurrency is built on Binance Smart Chain (BSC) and will be available exclusively on the exchange’s mobile application for iOS and Android users. 

Binance will only allow users who have completed the necessary know-your-customer (KYC) requirements to mint the token when it eventually launches. 

According to a report published by TechAsia, Binance intends to use BAB as KYC credentials in its current iteration. Through this, it would be easier to identify KYC-verified accounts from accounts operated by bots. Additionally, third-party projects can also use the initiative to conduct token airdrops in the future. 

Tech Asia writes: “BAB will be used as KYC credentials, meaning that it will indicate when users’ identities have been verified. It can also be used by third-party protocols to airdrop NFTs and avoid bots.  Decentralized autonomous organizations can also tap BAB to enable quadratic voting.”

The world’s largest cryptocurrency exchange is planning to deploy more soundbound tokens (SBT) to tackle security issues on the platform.

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