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WingRiders Becomes Most Valuable Dex, Claiming  42% of TVL On Cardano Leaving Behind Minswap And SundaeSwap

Mark Brennan
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WingRiders Becomes Most Valuable Dex, Claiming  42% of TVL On Cardano Leaving Behind Minswap And SundaeSwap

WingRiders Becomes Cardano’s Most Valuable Decentralized Exchange After Claiming Nearly 42% of Total Value Locked on the Network.


 

Less than three months after launching on Cardano’s mainnet, WingRiders has become the most valuable and largest decentralized exchange (DEX) on the blockchain.

TheCryptoBasic Confirmed the Fresh data on DeFillama, showing that WingRiders has become the number one most valuable decentralized exchange on Cardano after claiming 41.78% of the total value locked (TVL) on the network. 

WingRiders TVL Surge

When writing this line, Cardano has a total of $123.86 million in TVL, with $51.74 million of this value locked on the Cardano blockchain, while Minswap is in second place with $41.06M TVL and Sundaswap at third with $25.61M TVL.

It is noteworthy that the feat came following a massive surge of WingRiders’ TVL over the last seven days. Data on DeFillama suggests that the amount of TVL on WingRiders has increased by 72.86% in the previous seven days.

However, the value dropped 1.58% in the past 24 hours due to the crash of global cryptocurrency prices, including ADA, the native crypto asset of Cardano.

WingRiders is closely followed by Minswap in the ranking, with a total value of $41.06 million.

WingRiders Outstanding Launch

Interestingly, WingRiders becoming the most valuable decentralized exchange may not shock many, given that the DEX has had a smooth journey before and after its launch.

The DEX, which deployed on Cardano mainnet in April of this year, recorded $44 million in TVL just 24 hours after its launch. WingRiders was able to make an outstanding debut because of the widespread anticipation for the launch of the platform among members of the Cardano community.

Unlike most DEX on Cardano, WingRiders made its official debut with two stablecoins, USDT and USDC. The decentralized trading platform also introduced the Cardano community to exciting features, such as swapping supported trading pairs and earning rewards via staking and “fly to the moon” features.

The massive growth in TVL recorded on WingRiders may be attributed to the DEX support of two of the biggest stable coins, USDC and USDT.

With these two stablecoins, the Cardano community will find it easy to swap them for other supported crypto assets on WingRiders.

Although WingRiders may be the largest decentralized exchange on Cardano, the massive growth of the decentralized exchange’s TVL is nothing compared to what was recorded on SundaeSwap earlier this year.

In March, SundaeSwap recorded $121.19 million worth of total value locked, representing approximately 90% of Cardano’s TVL at the time but currently, it losses its first place to WingRiders.

CoinDesk Korea Reports Do Kwon’s Terra Has $3.6 Billion in UST and USDT To Manipulate Prices or Launder Money

Mark Brennan
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CoinDesk Korea Reports Do Kwon’s Terra Has $3.6 Billion in UST and USDT To Manipulate Prices or Launder Money

 

CoinDesk Reports That Do Kwon’s Terra took 4.6 trillion won in slush money.



After Terra’s May 7 crash, Uppsala Security and CoinDesk Korea investigated using on-chain data forensics. On June 14, the initial article tracked currency movement around the wallet (0x8d47f08ebc5554504742f547eb721a43d4947d0a) alluded to as the beginning point of the Terra collapse.

USDT, USDC, and UST totaling $7.4 billion were put into two Binance wallets; Terraform Labs and Luna Foundation Guard. On-chain data revealed it was his wallet (LFG). Coindesk Korea found out whether the Terra event was insider-related. Uppsala Security and CoinDesk Korea tracked the transfer of $3.6 billion in undisclosed assets.

The new allegations and according to research conducted by CoinDesk Korea, Terra Labs has roughly $3.6 billion in USDT and UST, which might be used to manipulate prices or launder money via cryptocurrency exchanges and decentralized financial institutions (DeFi). However, in order to validate this, the authorities will need to verify with Binance, Coinbase, Huobi, and Kucoin.

CoinDesk Korea report added that CEO Kwon Do-Hyung has disclosed the use of data such as LUNA, UST, and BTC through his SNS or Terra Foundation. For instance, if TerraUSD depegging (one dollar value mismatch) occurs, the foundation will defend the price with the cash it controls.

However, analysis of the on-chain data revealed that the source and use history of wallets directly owned or controlled by Terraform Labs and Luna Foundation Guard (LFG) is unknown.

The illicit monies discovered in this manner totaled $3.6 billion (about 4.6 trillion won) in UST (Tera USD) and USDT (Tether). Specifically, it was discovered that the funds may have been utilized for price manipulation and money laundering of the previous LUNA (now LUNC) in DeFi (Decentralized Finance) and controlled exchanges.

There have been other accusations of illegal activity against Kwon and his firm even before the Terra disaster. Kwon’s alleged $2 billion cash-out has been widely publicized, although he has vehemently denied it.

Luxury Watch Brand Breitling Now Accepts Bitcoin, Ethereum And Shiba Inu As Payment

Mark Brennan
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Luxury Watch Brand Breitling Now Accepts Bitcoin, Ethereum And Shiba Inu As Payment

Luxury Watch Brand Breitling Partners With BitPay To Introduce Crypto Payment Options.



Breitling, now accept BTC, ETH, and SHIB as payment method. The prestigious watchmaker Breitling is now working with the cryptocurrency payments processor BitPay to start accepting Shiba Inu, Ethereum, and Bitcoin as payment.

Breitling SA is a Swiss luxury watchmaker based in Grenchen, Switzerland. The company was founded in 1884 by Léon Breitling in Saint-Imier, Switzerland. Breitling is known for precision-made watches.

Back in December 2021, Bitpay, the industry leader in blockchain payment technology, made an official announcement that they had begun offering support for the Shiba Inu (SHIB) coin. The addition of this feature means that customers may now purchase, store, trade, and spend Ethereum ERC-20 tokens directly on the BitPay app.

BitPay also supports a wide variety of other cryptocurrencies, including Bitcoin, Bitcoin Cash, Dogecoin, Ethereum, Litecoin, Wrapped Bitcoin, and five additional USD-pegged stablecoins (BUSD, DAI, GUSD, USDC, and USDP). 

As a result, luxury watch customers can pay for their purchases using any of these cryptocurrencies in addition to Bitcoin and Shiba Inu.

Shiba Inu (SHIB) is continuing to gain in popularity despite the fact that its long-term momentum is not very strong. This is mostly because businesses such as Gucci and AMC Entertainment have begun accepting it as a form of payment.

There is no doubt that its price will go up as the use of Shiba Inu as a payment gateway continues to increase. However, there are worries over the high degree of volatility it exhibits. 

Given that the value of memecoin consistently experiences a precipitous decline a few days after new features are added to the cryptocurrency, regardless of how those new features are implemented.

SHIB currently ranks in the top 10 crypto assets in terms of trading volume among the 2,000 greatest ETH whales in the preceding twenty-four hours, according to WhaleStats. This information was gleaned via analyzing the transactions conducted by these whales. 

The top 100 Ethereum whales are currently hodling a total value of $562,701,229 worth of Shiba Inu, indicating that they are continuing to build up their holdings of cryptocurrency.

Previous Price Performance Suggests Bitcoin’s Bottom Sits Between $10K and $14K In This Bear Season 

Albert Brown
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Previous Price Performance Suggests Bitcoin’s Bottom Sits Between $10K and $14K In This Bear Season 

Bitcoin investors may experience negative prices as it seems the world’s largest cryptocurrency is yet to find its bottom.


The value of Bitcoin (BTC) has plummeted massively since it peaked at an all-time high (ATH) of $69,047 in November 2021. Bitcoin prices have fallen for several reasons, including rising inflation and the collapse of Terra ecosystem tokens.

While the price of BTC appears to be stable at the moment, many traders are still scared of putting more funds into the asset class, as they still cannot tell whether the digital currency has reached its bottom for this season’s bear market.

Earlier this month, BTC plunged to $17,000 after the Federal Reserve increased interest rates in a bid to curtail rising inflation.

Even though BTC touched $17,000, many people still believe that the asset class has yet to reach its bottom and have continued to enquire about the next Bitcoin bottom.

Bitcoin’s Past Performance Suggests New Bottom

Looking at Bitcoin’s previous cycle low from 2018 to 2021, it is evident that BTC’s next bottom could be sitting between $10,000 and $14,000.

Previous Bitcoin cycles:

2011: Highs Of $32 To Lows Of $2 (+90% drop)

2015: $1100 to $180 (+80% drop)

2017: $20k to $3200 (+80% drop)

2021: Now, from $69k, if Bitcoin follows the above pattern, the bottom can be found around $10-$14k by Q1 2023.

Recall that after Bitcoin surged to a high of $20,000 in 2017, the crypto asset fell to a low of $3,200 a year later before rallying again. Fast forward to 2020, when more people began to pick interest in the asset class, BTC’s value increased to nearly $28,000 and later spiked to a high of $69,000 in November 2021.

The Current State of Bitcoin

However, Bitcoin is currently a shadow of itself at the moment, as it continues to change hands for around $20,000. Cryptocurrency investors do not think the asset class has found its bottom.

A recent poll created by veteran futures trader Peter Brandt, which received over 9,000 responses, suggests that most respondents representing 54% of the total participants declared that Bitcoin is yet to find a bottom in this current bear season.

The development comes after Brandt noted that Bitcoin might dip to a low of $12,700 before the asset class rallies again.

The President of InTheMoneyStocks Gareth Soloway, CEO of asset management company DoubleLine Capital, Bond King Jeffery, and many others believe BTC can fall to $10K.

However, it is not clear when the asset class may find a new bottom. It is advisable that crypto investors should thread carefully this period in order to avoid suffering more losses in the event of more bearish price movements.

BitPay Now Allows People to Buy Apple Products Using Bitcoin And Shiba Inu

Mark Brennan
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BitPay Now Allows People to Buy Apple Products Using Bitcoin And Shiba Inu

BitPay has given crypto users another opportunity to purchase Apple’s flagship products using Bitcoin and Shiba Inu.


Popular cryptocurrency payment provider BitPay has announced that crypto users can now purchase different Apple products using digital currencies like Bitcoin (BTC) and Shiba Inu (SHIB).

People can now purchase Apple products, including MacBooks and iPhones, from retailers supporting cryptocurrency payments via a few simple steps.

How to Buy Apple Products

Apple products can be purchased using SHIB or BTC in three different ways, such as buying items from retailers that support crypto payments, using BitPay debit cards, as well as exchanging your cryptocurrencies for gift cards and using them to buy Apple products of interest.

At the moment, Apple as well as other retailers do not accept direct cryptocurrency payments. Interestingly, people can purchase their Apple MacBooks and iPhones directly from popular U.S. retailers like Newegg.

The online retailer, which has a partnership with BitPay, allows users to purchase Apple products as well as other items using Shiba Inu and Bitcoin.

The process of making the purchase has been simplified by the company as users can get their favorite products using supported cryptocurrencies in a few clicks.

  • Users can Shop instantly from Apple merchants that take crypto payments. Retailers that accept crypto payments for Apple products. As Apple itself does not accept crypto payments BitPay has partnered with retailing giant ‘Newegg’ where users can buy Apple products like a MacBook Pro or iPhone with Bitcoin, Shiba Inu, or any other crypto that Bitpay supports. As the ‘TheCryptoBasic’ reported, Newegg added support for Shiba Inu in November last year.
  • The other way to buy Apple products is to register for a Bitpay Debit card. The card can be used by any retailer that accepts crypto payments.
  • The third way is to buy gift cards with crypto using Bitpay, which can then be used to buy apple goods of choice.

BitPay noted in the announcement:

“Newegg is your best option for buying a MacBook Pro or iPhone with Bitcoin or other crypto. Simply complete the transaction as normal and select “BitPay” under payment options. Use your BitPay Wallet or another trusted crypto wallet to complete the transaction,”

KUCoin Launches Euro Trading Pairs For Bitcoin, Ethereum And USDT

Mark Brennan
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KUCoin Launches Euro Trading Pairs For Bitcoin, Ethereum And USDT

 

KuCoin Launches EUR Trading Pairs to Ease Crypto Transactions in Europe.



As part of its expansion into the European market, the top global cryptocurrency trading platform KuCoin will provide trading in EUR against BTC, ETH, and USDT in order to accommodate customer demand.

 

Users of cryptocurrencies will have the ability to perform quick conversions between Euros and cryptocurrencies as of the 28th of June when new trading pairings are made accessible on the KuCoin spot market.

KuCoin is able to increase its footprint throughout the European cryptocurrency industry, which is continuing to witness robust development due to its support for certain EUR fiat trading pairings.

In order to onboard more traders who are interested in establishing crypto portfolios, lowering the restrictions that must be overcome in order to acquire bitcoin using fiat currencies is an essential step.

The inclusion of EUR trading pairs will not only give worldwide cryptocurrency consumers improved fiat-to-crypto currency trading experiences but will also increase trade security and liquidity.

Only two months ago, KuCoin introduced SEPA Payments in order to provide the simplest experience possible when exchanging fiat currency for cryptocurrency. 

Users have the ability to add Euro to their exchange account through SEPA payments, which may then be used for any purchase linked to cryptocurrencies made via the “Fast Buy” channel.

KuCoin CEO Johnny Lyu made some comments on the support for EUR pairings. He said that the addition of new EUR spot trading pairs to the fiat-to-crypto service that KuCoin has implemented is another significant milestone, after the addition of BRL a week ago. 

The firm anticipates that this will result in a significant improvement in convenience for both its local customers and those customers who favor the usage of the Euro.

KuCoin is a global cryptocurrency exchange based in Seychelles. KuCoin secured $150 million in pre-Series B financing in 2022, amounting expenditures to $170 million with Round A pooled, at a $10 billion value. CoinMarketCap ranks KuCoin among the top five crypto exchanges.

On 20th June Kucoin added support for the Brazilian Lira by launching BTC/BRL, ETH/BRLand USDT/BRL trading pairs.

CryptoCom Removes Shiba Inu, Dogecoin Along with 13 Other Altcoins From Its Crypto Earn Rewards Program

Zabi
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CryptoCom Removes Shiba Inu, Dogecoin Along with 13 Other Altcoins From Its Crypto Earn Rewards Program

 

Singapore Based Cryptocurrency Exchange, Crypto.com, Removed Shiba Inu (SHIB), Dogecoin (DOGE), and 13 Other Cryptocurrencies From Its Crypto Earn Rewards Program.


 

The two biggest and most popular canine-themed tokens, Shiba Inu (SHIB) and Dogecoin (DOGE) are no longer a part of the Crypto Earn Rewards Program as the exchange feels the heat of a bear market.

On Monday, Crypto.com, the leading cryptocurrency exchange company, made some important changes to its Crypto Earn rewards program by removing 15 altcoins.

According to the official blog post, Crypto.com has removed a total of 15 cryptocurrencies from its Crypto Earn rewards program, including the two biggest canine-themed cryptocurrencies, Shiba Inu and Dogecoin.

The other tokens that will no longer be available on Crypto Earn include “Tezos (XTZ), Maker (MKR), EOS (EOS), OMG Network (OMG), Flow (FLOW), Kyber Network Crystal v2 (KNC), ICON (ICX), Compound (COMP), Beefy Finance (BIFI), Ontology Gas (ONG), Gas (GAS), Stratis (STRAX), and Bancor (BNT).”

The news comes after the Singapore-based Cryptocurrency Exchange Company announced that it was laying off 5% of its staff due to the “market downturn.” However, the reason for removing these tokens from the Crypto Earn reward program is a mystery, as the exchange hasn’t revealed any details about it.

Crypto.com added support for FTM, ZIL, and NEAR:

On the other hand, Crypto.com has added support for Fantom (FTM), Zilliqa (ZIL), and NEAR Protocol (NEAR) to its Crypto Earn rewards program. The support will enable users to enjoy rewards rates of up to 5% p.a. for FTM and 6% p.a. for ZIL and NEAR. The exchange provides up to 14.5% annual returns on cryptos.

The company also has revised the reward rates for five different stablecoins: TGBP, TAUD, TCAD, TUSD, and USDP (Paxos USD), which are digital assets pegged to the British Pound, Australian Dollar, Canadian Dollar, and US Dollar.

Number of Unique Addresses Interacting on Cardano Network Drops to a Year Low

Albert Brown
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Number of Unique Addresses Interacting on Cardano Network Drops to a Year Low

Cardano appears to be largely affected by the ongoing bear market as investor interest in cryptocurrency continues to decline. 


Cryptocurrencies have not been spared by the ongoing bear market, resulting in price decline and investors’ capitulation.

However, some digital currencies appear to have been largely impacted by the unfortunate market situation compared to others.

According to cryptocurrency analytics platform Santiment, Cardano (ADA) is among the list of digital currencies that have suffered the most from the ongoing bear market.

Interest in Cardano Diminish

Santiment noted in a tweet that Cardano recorded the least number of unique addresses interacting on the network in a year, following the massive price fluctuation of crypto assets.

Cardano address (Yellow) can be seen falling in the Santiment graph. The moving average (30) (Dark Yellow Line) of ADA active addresses has fallen to the lowest point since 27 July 2021.

“On this bear market slide, Cardano is seeing the least amount of unique addresses interacting on its network in a year,” Santiment tweeted.

daily active addresses

Aside from a decrease in the number of unique addresses interacting with Cardano, Santiment also noted that the popular blockchain project has also suffered a decline in social sentiment in recent times.

Per the blockchain data analytics provider, crypto investors’ sentiment toward Cardano and its native cryptocurrency ADA has dropped to a four-month low.

ADA May Be Primed for a Rally

Interestingly, both factors could end up becoming catalysts that could propel the price of ADA to surge massively. It is general knowledge that when a cryptocurrency is experiencing lower trading volumes, its price could rally when large transactions are recorded.

Similarly, while the decline in social engagement for ADA may seem like a major downside for the eighth-largest cryptocurrency, it could bode well for the asset class in the near future when the price spikes, with Santiment predicting that Fear-Of-Missing-Out (FOMO) will quickly return.

“When $ADA spikes again, #FOMO should return quickly,” Santiment added.

Investors Thread Carefully Amid Price Swings

At the moment, many investors have chosen to stay off trading as various cryptocurrency assets continue to record wide price fluctuations, plunging many into losses.

On year-to-date (YTD), Cardano is down 65.5%. The coin is currently trading around $0.48, which is a paltry value compared to what it started the year with.

Cardano’s investors’ hope of seeing a rally in ADA values soon was cut short after the development team announced that it had postponed the launch of Vasil Hard Fork until the end of next month.

Proposal Result Announced, Shiba Inu Community Votes in Support of Halting Bone Farming Rewards on ShibaSwap

Zabi
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Proposal Result Announced, Shiba Inu Community Votes in Support of Halting Bone Farming Rewards on ShibaSwap

 

DOGGY DAO BONE Farms Proposal Results: 98% of Voters Are Against Minting BONE For Shibarium.


 

BONE Rewards on ShibaSwap are almost ending as Shiba Inu Community has made a key decision on “Community Voice: BONE Farms Proposal.”

The team behind the most popular dog-themed cryptocurrency has recently announced the final results of the proposal. The Community preferred to stop all BONE farming upon reaching 230 million minted coins and save the remainder for Shibarium validators.

Shiba Inu’s team has revealed the final “Community Voice: BONE Farms Proposal” results through a medium post.

According to the details, a total of 1,647 votes have been cast. Out of which 97.88% were in favor of halting rewards. In contrast, only 2.12% of voters favored over-minting 20 million additional BONE tokens, increasing the total circulating supply cap from 250 million to 270 million.

The BONE Farms Proposal went live on June 19th and was scheduled to end in seven (7) days. While launching the proposal, the Shiba Inu team published a blog post to explain how BONE will fit into the Shibarium Layer-2. “Validators get rewarded in $BONE for their work,” it said. “To develop Shibarium and reserve BONE for validator roles, we require safeguarding 20 million BONE.”

The Shiba Inu team provided the community with two possible options.

“OPTION A – Stop BONE farms when they reach 230M minted Bones to save the remaining 20M for validators.

OPTION B – Over-minting 20M Bone more (increasing the total cap from 250M to 270M) to distribute them over the future.”

The community selected Option A with 87% votes in favor.

Volume of Dogecoin (DOGE) Large Transactions Surge Nearly 120% In 24 Hours

Albert Brown
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Volume of Dogecoin (DOGE) Large Transactions Surge Nearly 120% In 24 Hours

The slight decline in Dogecoin’s price yesterday prompted a surge in whale activity in the meme-based cryptocurrency project over the last 24 hours. 


According to data published on IntoTheBlock, the largest meme coin recorded a surge in whale transaction volume yesterday. The data shows that the cryptocurrency recorded a whopping 118% increase in transaction volume worth at least $100,000.

dogecoin large transactions

Following a surge in high-value Dogecoin transactions, the meme-based crypto project recorded a whopping $1.12 billion in whale transactions that had a minimum value of over $100,000 over the past week.

A Combination of Purchases and Sales

It is worth noting that the transaction volume comprises both buys and sells among whale investors. While it is unclear whether the majority of the transactions comprise more DOGE purchases or sales, the price movement of the meme coin in the past week suggests a balance in the volume of DOGE purchased and sold.

DOGE Price Movements

In the last seven days, Dogecoin has surged 24%, rallying from $0.061 to a high of $0.078 within this timeframe. However, the cryptocurrency recorded a sharp fall alongside other digital currencies yesterday after falling nearly 10%. At the time of writing this line, Dogecoin was trading around $0.071.

Meanwhile, Dogecoin has shredded a massive percentage of its value since it peaked at an all-time high of $0.73 on May 8, 2021. According to data on Coingecko, the cryptocurrency has been down 90.3% since it peaked at an all-time high last year.

Investors’ Position In DOGE

Despite the massive plunge of DOGE’s value since ATH, the majority of DOGE holders are currently in profit compared to those in the loss. IntoTheBlock data suggests that 53% of holders are in profit while 45% are presently losing at the current price. The remaining percentage of holders are at break even.

Although the cryptocurrency has suffered huge losses, DOGE’s enthusiasts are still optimistic that its value will still rally toward its previous ATH.

That’s because the cryptocurrency still has a good number of famous figures backing it, including Elon Musk, who was recently sued for fueling Dogecoin’s adoption. However, despite the lawsuit, Musk says he will keep supporting doge.

Unfortunately, Dogecoin co-creator Billy Marcus does not share the same sentiment, as he noted last week that the cryptocurrency might never reach its previous all-time high of $0.73.

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