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Shiba Inu Announces A Reduction in BONE Minting Rate to Continue ShibaSwap Reward Program 

Mark Brennan
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Shiba Inu Announces A Reduction in BONE Minting Rate to Continue ShibaSwap Reward Program 

The team behind meme-based cryptocurrency Shiba Inu has announced that it will be adjusting the minting rate of its reward token BONE. 


The Shiba Inu team noted in a blog post today that the minting rate of the reward token has been adjusted to 1 BONE per block (1 BPB).

 

According to the announcement, the move is imperative to prevent the over minting of the BONE rewards, following the community’s decision to halt the minting of $BONE rewards at 230 million.

Notably, Shiba Inu still wants the ShibaSwap rewards to continue as preparations are ongoing for the release of the upcoming TREAT token.

“We understand reducing the BPB down may seem like a drastic approach to the rewards system right now, but to begin streamlining the future of ShibaSwap, this will allow the team to focus on the tasks that will bring these systems to life sooner rather than later,” Shiba Inu team said.

ShibaSwap Reward Proposal

Recall that in the recently concluded community proposal to halt the minting of the ShibaSwap reward token, over 98% of participants voted in favor of halting BONE rewards at 230 million.

BONE is capped to have a total supply of 250 million. The community also voted that the remaining 20 million BONE should be reserved for validators, who will be rewarded in the token for their work.

With BONE rewards expected to stop minting at 230 million, Shytoshi Kusama, the lead developer of Shiba Inu, recently revealed that a new token dubbed TREAT would be launched to replace it.

However, the Shiba Inu team has yet to choose a date to release TREAT. Furthermore, the team has not revealed the tokenomics of the upcoming cryptocurrency.

As BONE edges closer to 230 million caps voted by the community, Shiba Inu has decided to slow down the minting rate of the token to ensure ShibaSwap rewards continue.

“Keep Doge Absurd”, Is The Growing Seriousness With Dogecoin Damaging Its Original Vision?

Mark Brennan
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“Keep Doge Absurd”, Is The Growing Seriousness With Dogecoin Damaging Its Original Vision?

 

Dogecoin’s creator wanted the coin to maintain absurdity to make it a fun meme story that could attract attention.


 

Dogecoin was the first successful meme coin that has gained a sizeable following over the years. That’s despite the original founders and creators, Billy Markus and Jackson Palmer, stepping away from it. As a matter of fact, these two created DOGE as a way of making fun of cryptocurrencies.

Interestingly, crypto has since garnered a huge fanbase, with many developers and traders interested in it. Dogecoin is now the 10th largest crypto by market cap, beating the likes of Polkadot (DOT) and TRON (TRX) to be in the top 10.

The Shibetoshi Vision

About a year ago, Dogecoin co-creator, Billy Markus, sent out a tweet advocating for the community to keep DOGE absurd, as was the original intention of its creation. In his view, Dogecoin’s position as a fun meme story about the new generation of money keeps it relevant and popular.

Billy expressed his opinion about the increasing militant movement building up behind DOGE, saying that making it too serious about Dogecoin would ruin its charm as satirical meme money. The concept was again stressed by dogecoin’s official Twitter account today.

DOGE Devs Doubling Down On Advancements

Dogecoin co-creator Billy Markus may have seen it coming, but the Devs interested in the meme coin are not held back in their quest to develop the coin into a more utility token than a meme coin. In fact, Elon Musk has been one of the major players working to bring together various professionals to forge a way forward for DOGE.

Just recently, Dogecoin announced that it is hiring professionals, including meme creators, writers, and even developers, to join the DOGE community and contribute to its next development phase. Whether this move will be a net positive for the coin is yet to be realized. Time will tell.

Lead Shiba Inu Developer Shytoshi Kusama Takes A Dig At Litecoin, LTC Team Respond

Mark Brennan
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Lead Shiba Inu Developer Shytoshi Kusama Takes A Dig At Litecoin, LTC Team Respond

 

Shytoshi Kusama takes a dig at Litecoin.


 

In a tweet on Friday, lead Shiba Inu developer Shytoshi Kusama took a dig at Litecoin, saying Bloomberg Business should stop showing Litecoin as the third option to Bitcoin and Ethereum.

“Someone tell business [Bloomberg Business] to stop showing Litecoin as the third option to BTC AND ETH,” tweets Kusama.

 

Notably, Litecoin responded to the developer by tweeting on Saturday, “You’re right, (LTC) should be first.”

Despite Litecoin’s retort, it is worth noting that the demand for the altcoin has continued to plummet in recent years due to a lack of development activity and lower profit expectations. Consequently, its market share is at record lows which have seen the once top 10 crypto asset by market cap fall to 20th place.

However, there has been one benefit from its lack of demand. The altcoin, which bears many code similarities with Bitcoin, has run without downtime for almost 11 years, allowing for reliable service for those who use it. In addition, its developers currently champion Litecoin as an efficient and cheap decentralized currency for payment.

In this regard, it faces stiff competition from Bitcoin with the development of the Lightning network and stablecoins, which have grown in adoption.

Meanwhile, other altcoins, including meme coins, have grown in popularity. It is worth noting that these new altcoins offer smart contract functionality allowing for a flurry of new developments that increase utility and investor interest.

Notably, Shiba Inu is one of the tokens that have taken the crypto world by storm. Last year, Shiba Inu was the most popular cryptocurrency surpassing even Bitcoin. Moreover, the meme coin made many holders millionaires, yielding a staggering 45,000,000% profit within the year.

Meanwhile, despite these, the community and the developers have shown a desire to reach more milestones and shed the meme coin tag. Developers are currently building a metaverse ecosystem around the famed doggy token. In addition, a blog post on Wednesday revealed that David Kern, a former Principal Technical Artist for Sony, was joining the team in an advisory role.

Recall that Due to security concerns, the world’s largest cryptocurrency exchange Binance and other top exchanges announced that they would not support Litecoin (LTC) deposits and withdrawals utilizing the Mimblewimble Extensions Block (MWEB) function.

Bitcoin Traders Become Overly Optimistic By Latest Market Rally Bringing Back ‘Lambos And Moons’: Report

Albert Brown
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Bitcoin Traders Become Overly Optimistic By Latest Market Rally Bringing Back ‘Lambos And Moons’: Report

 

Bitcoiners are excited by the latest market rally, but it might be too soon.



In a tweet on Saturday, blockchain analytics firm Santiment Feed notes that traders have become overly optimistic as mentions of “moon” and Lambo reach record highs following Bitcoin’s latest relief rally.

“Bitcoin’s mild +8% July rise has been enough for crypto traders to begin breaking out the lambo & moon mentions again. Whether sarcasm or not, this occurs when traders are becoming overly optimistic. Mentions hit their highest levels since Jan 18,” Santiment tweets.

 

It is worth noting that following the latest inflation data release from the US Labor Department on Wednesday, the crypto markets have shown signs of a resurgence. Seemingly unaffected by inflation hitting 41-year highs, the crypto markets rallied while the stock market continued to dump.

Notably, it is the first time both markets have shown significant decoupling, with the correlation dropping as low as 0.5. Santiment, at the time, noted that further decoupling of the markets could be good for Bitcoin as it could indicate a breakout. 

Ultimately a growth in the crypto markets despite rising inflation would further strengthen the narrative of Bitcoin as a safe haven currency and store of value. Notably, pundits like Arthur Hayes have predicted that inflation-induced weakness in the Euro and the Dollar would see a flight toward Bitcoin and gold, consequently driving the price of the former to $1 million.

However, traders may have been too quick to start window shopping for Lamborghinis. On Friday, Whale Alert reported that a whale had transferred 10,000 BTC (approximately $208 million) to Bitfinex, indicating a desire to sell which could trigger a further price dump.

 

It is worth noting that The Crypto Basic reported on Friday that seasoned price action trader Justin Bennet believes that the price of the leading digital asset could plummet to $8,500. At the time of writing, Bitcoin is trading $20,743 price point, up 0.99% in the last 24 hours.

In A Fight For Crypto Industry Ripple CEO Highlights Company To Spend Over $100 Million in Legal Fees Fighting SEC

Lele Jima
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In A Fight For Crypto Industry Ripple CEO Highlights Company To Spend Over $100 Million in Legal Fees Fighting SEC

 

Ripple CEO Highlights Cost of Fighting the SEC, Says Company Will Spend Over $100 Million in Legal Fees.



Brad Garlinghouse, CEO of Ripple, has disclosed the financial cost of engaging with the Securities and Exchange Commission (SEC) in a lawsuit.

In a recent interview, Garlinghouse noted that by the end of the lawsuit, Ripple will have spent over $100 million in legal fees.  

“The facts and Law are on the side…When this is all set and done, we will have spent over $100 million on legal fees fighting the SEC… This fight is not just for Ripple; it’s for the whole Industry,” Garlinghouse said at Consensus 2022 in Austin Texas. 

 

 Garlinghouse: SEC Bully Crypto Firms Into Settlement

According to the Ripple CEO, the massive cost of engaging the SEC in a legal battle has always been in favor of the securities regulator. Garlinghouse said the Securities and Exchange Commission relies on the fact that most crypto-related companies cannot afford to challenge the agency in a lawsuit. Thus, consistently bullying these firms into a settlement, he added. 

“The dynamics there is that the SEC bullies companies into settlement because they cannot afford to fight,” Garlinghouse said in the interview. 

Ripple Paying the Ultimate Price for Crypto

The Ripple CEO also shared insights on why Ripple chose to embark on the lawsuit rather than opt for a settlement like most crypto firms would have done. For Garlinghouse, the ongoing legal battle is essential for the entire cryptocurrency industry, not just Ripple. 

Ripple chose to fight the SEC to force the Securities and Exchange Commission to provide regulatory clarity for the nascent industry. 

He talks about the SEC’s approach to regulating the nascent industry, which has been heavily scrutinized in recent times. Garlinghouse referred to the 2018 Bill Hinman speech, where Ethereum (ETH) was declared a non-security.  

He noted that industry players thought the SEC would eventually provide regulatory clarity for crypto at the time. However, that has not been the case four years since the speech was made, as there has not been any more precise regulation for the industry. 

“The SEC current Chair Gary Gensler is walking back the [Hinman] statement around ETH. He’s been asked directly if ETH is a security and he won’t answer the question,” Garlinghouse added. 

The Importance of Ripple-SEC Lawsuit to Crypto

The SEC v Ripple ongoing legal battle is considered the biggest lawsuit that has ever happened in the crypto space and it is widely observed by many. 

A win for Ripple would compel the SEC to provide clearer regulations for the cryptocurrency industry. However, if Ripple loses the lawsuit, the SEC will continue its clampdown on crypto companies, prompting them to opt for a settlement rather than engage in a legal battle. 

Jed McCaleb Doesn’t Want to Let Go Of All His Ripple, Takes A Pause From Selling The Remaining XRP

Mark Brennan
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Jed McCaleb Doesn’t Want to Let Go Of All His Ripple, Takes A Pause From Selling The Remaining XRP

 

Jed McCaleb Takes A Break From Selling His XRP. Does This Mean He Doesn’t Want To let go entirely yet?



The fact that Jed McCaleb still has 5 million XRP on his taco stand, as shown by the data, gives the impression that he is pausing the process of selling them. Is it tough for him to let the past go and move on?

Jed McCaleb, a co-founder of Ripple Labs and former chief technology officer of Ripple, has been aggressively selling XRP for a long time. Prior data indicated that he would be done by July 16th, but the current figure shows he still holds 5.32M XRP worth $1.79M.

McCaleb was a part of the core team as CTO responsible for the 2013 establishment of Ripple. However, he finally severed relations with the company in 2014 and established another blockchain startup called Stellar. Before he left the company, Ripple rewarded him with around 9 billion XRP currency.

Because Ripple and its executives were accused of selling unregistered securities, the Securities and Exchange Commission (SEC) did not include him in its case against Ripple and its executives. In addition, federal officials have not made any effort to prevent him from selling his XRP holdings.

Meanwhile, McCaleb continues to be an influential figure in the cryptocurrency sector. Before founding Ripple, he was the founder of the Mt. Gox exchange, the dominant cryptocurrency trading platform, until it was hacked and shut down in 2014.

Following his departure from Ripple, he established Stellar (XLM), a competing payment network.

Jed McCaleb pausing selling his stash of XRP might mean he is taking a momentary break for a personal reason; it might also mean that he is finding it hard to let go, seeing as selling off his stash will break off the final strand of connection he has with Ripple.

Peter Brandt Suggests A Bullish Reversal For Ethereum, As Inverse Head And Shoulder “May” Lift ETH Price

Albert Brown
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Peter Brandt Suggests A Bullish Reversal For Ethereum, As Inverse Head And Shoulder “May” Lift ETH Price

 

Recent Statements By Popular Crypto Traders And Analysts Suggest A Bullish Reversal For Ethereum.



Crypto analysts seem to be changing tune and going bullish on ETH.

After a tumultuous stretch of endless weeks, Ethereum seems to be setting up for a bullish revival. That’s according to several popular crypto analysts and traders who have had their eyes trained on the coin for months.

Peter Brandt: Is ETH’s Falling Trend Ending?

In a recent tweet, trader Peter Brandt shared an ETH chart suggesting that the coin will no longer fall in value. ETH has had its fair share of downward volatility over the last few weeks and months. The price also went below the $1k mark.

According to the chart shared by Brandt, ETH is making an inverse Head and Shoulder pattern which is an s a bearish reversal pattern and an indication that the price may rise. If ETH is able to continue the upward price trend, the coin may rise to $1700.

Peter’s change of opinion points to the dynamic nature of the crypto market, that’s known to be volatile. About a month ago, Peter appeared to be extremely bearish on ETH, given the market dynamics back then. He even suggested that Ethereum could fall as low as $300. A lot has changed since then, and along with it, a corresponding change of opinions by various crypto enthusiasts.

Michael Van De Poppe: ETH Could Spring To $1,500

Another trader known for his sharp analysis is Michael van de Poppe. According to him, ETH could be gearing for the $1,400-$1,500, but one condition – the coin must break the resistance at $1,140. Doing so would give Ethereum enough momentum to set its eyes on a higher target. Michael tweeted this analysis a few days ago. At this time, ETH is trading at around $1,224, having broken above its set resistance level. The coin has already recorded a 24-hour gain of 7.3%.

 

In another tweet, Michael opined that as the crypto market is undergoing a correction, the unexpected collapse of Terra and subsequent bankruptcy of entities like 3AC have taken a toll on BTC and others, making them way less valuable than they should be at the moment.  He added that for this reason, Bitcoin could sprint to $30k if it breaks above the $22k resistance. The coin is currently trading at around $20,800.

Russian President Putin Signed A Bill Banning Payments With Bitcoin And Crypto

Albert Brown
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Russian President Putin Signed A Bill Banning Payments With Bitcoin And Crypto

 

Putin signed a bill banning payments for goods and services with cryptocurrencies.



According to local media RBC, Russian President Vladimir Putin signed a bill making it a law that prohibits using digital financial assets (DFA) and digital utility rights (DPR) as a means of payment in Russia.

The bill was submitted for consideration by Anatoly Aksakov, head of the State Duma Committee on the financial market, on June 7.

“It is prohibited to transfer or accept digital financial assets as a consideration for transferred goods, performed works, rendered services, as well as in any other way that allows one to assume payment for goods (works, services) by a digital financial asset, except as otherwise provided by federal laws.”

Anatoly Aksakov proposed that digital currencies as inapplicable as a payment method. He reminded that Russia’s national currency – the ruble – remains the only official monetary unit of the nation.

Along with banning crypto payments, the law also levies crypto exchange operators to refuse transactions where it is possible to use such assets as a monetary surrogate. This means that crypto brokers facilitating payments are now subjected to the national payment system, in turn putting them under the oversight of the country’s financial regulator.

The law makes a reservation that the ban can be lifted in the presence of cases provided for by federal laws. The law will enter into force ten days after its official publication.

The Russian authorities were strongly divided on how to approach the local cryptocurrency industry. The country’s central bank always insisted on a total ban of all digital asset endeavors, while the Finance Ministry believed imposing regulations was a better idea. 

Singapore-Based Exchange CoinTiger List Bone ShibaSwap (BONE)

Zabi
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Singapore-Based Exchange CoinTiger List Bone ShibaSwap (BONE)

Singapore-Based Exchange, CoinTiger Listed The Governance Token of Shiba Inu Ecosystem, Bone ShibaSwap (BONE).



CoinTiger, a Singapore-based centralized cryptocurrency exchange, announced the listing of Bone with the BONE/USDT trading pair.

Following Biconomy Global, the CoinTiger becomes another exchange that has added support for two of the tokens of the Shiba Inu ecosystem, i.e., SHIB and BONE. CoinTiger formerly listed Shiba Inu (SHIB) on January 6, 2022.

Founded in 2017, CoinTiger is the world’s leading one-stop digital asset trading platform in Singapore, operating under the country’s strict crypto laws. The centralized cryptocurrency exchange now supports over 500 cryptocurrencies, including major ones like Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Uniswap (UNI), etc.

The company offers full stack financial services such as spot trading, futures, and mining to over 1 million users in more than 130 countries. CoinTiger is currently ranked as the 69th top cryptocurrency exchange in terms of trading volume on CoinMarketCap. In the past 24 hours, $576,580,443 ($576.58M) worth of cryptocurrencies has been traded on the platform, CoinMarketCap reports.

Terra Founder Do Kwon In More Trouble As Korean Prosecutors Unearth Another Shell Company Linked To Him

Mark Brennan
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Terra Founder Do Kwon In More Trouble As Korean Prosecutors Unearth Another Shell Company Linked To Him

 

Prosecutors in South Korea have discovered a shell company named Flexi that Do Kwon allegedly used to launder funds from Terra.



Investigators and prosecutors in South Korea are inching closer to building a water-tight case against Terra’s Do Kwon in connection to the crash of the Terra ecosystem in which thousands of South Koreans lost money.

In a recent development that is bound to further fuel the resilience of investigators and courts, prosecutors have discovered a shell company that was used to siphon funds from Terra into accounts owned by Do Kwon. Until now, everyone thought TFL was the only company controlled by Do Kwon. TFL ceased operations in South Korea back in April 2022.

Shell Company Still In South Korea

A company named Flexi Corporation is still in South Korea and appears to have been used to launder money from Terra. Interestingly, the company only exists as a document, giving it all the hallmarks of a shell company. Even more interesting is the revelation that this supposed “document” received money earned by Terra from OTC sales of tokens. Flexi Corporation was used to convert tokens into cash. The company also operates accounts created in the names of suspicious corporations.

This discovery is made even as South Korean authorities are still investigating the Terra crash incident to determine whether there was any wrongdoing on the part of Do Kwon, his company TFL, and associates. With such discoveries, it’s hard to imagine Do Kwon getting off the hook.

Former Terra Developer Speaks Up

Following the shell company’s discovery, prosecutors are now monitoring the flow of funds into the company, possibly with hopes of getting more evidence to strengthen the case against Do Kwon. The channeling of funds to Flexi Corporation via OTC sales, and it being a shell company, amounts to money laundering.

According to a former Terra developer who opened up, Flexi Corporation was a major cause of concern to the Korean tax authorities during a tax-related investigation a while back. Do Kwon and TFL are also required to pay around $80 million in fines to the tax authorities due to tax evasion.

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