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Shiba Inu Is Now 7th Most Traded Token With $1.80 Billion 24 Hour Trading Volume

Zabi
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Shiba Inu Is Now 7th Most Traded Token With $1.80 Billion 24 Hour Trading Volume

Shiba Inu (SHIB) Becomes The 7th Most Traded Cryptocurrency of the World in the Past 24 Hours as Investors Exchange Hands With $1.80 Billion Worth of SHIB.



Shiba Inu’s price surges 20% over the last day, making it the most profitable cryptocurrency (biggest gainer) among the world’s top 15 biggest cryptocurrencies (in terms of market cap).

Shiba Inu (SHIB) becomes the 7th most heavily traded cryptocurrency in the last 24 hours according to Coinmarketcap data. The current market cap of SHIB stands at $5,873,713,771 ($5.87B), making it the 14th biggest cryptocurrency in the world.

Despite the widespread selloff in the global crypto market, the most popular dog-themed cryptocurrency is showing its strength.

At press time, SHIB is the only cryptocurrency trading in green among the top 15 biggest cryptocurrencies, while all other major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), etc. are trading in the red.

Shiba Inu surges 20% over the last day and is trading at the price of $0.00001069, with a 24-hour trading volume of $1,808,987,328 ($1.80B).

The 14th biggest cryptocurrency in the world gathers the attention of investors as the coin gets $1,808,987,328  ($1.80B) trading volume in the past 24 hours, making it the 7th most heavily traded cryptocurrency, CoinMarketCap reports.

The increase in 24-hour volume signifies that investors are interested in buying the second biggest canine-themed token in the world at high prices.

Shiba Inu also manages to become the 14th biggest cryptocurrency in the world (in terms of market cap). The current market cap of SHIB stands at $5,873,713,771 ($5.87B).

The Estonian Exchange, Switchere Teases Shiba Inu Community “Wink Wink”

Zabi
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The Estonian Exchange, Switchere Teases Shiba Inu Community “Wink Wink”

 

Shiba Inu Community can expect a potential partnership with Switchere Crypto Exchange soon.



Shiba Inu might be ready to reach 1500 islands as the official Shiba Inu Growth Breed member and Switchere Crypto Exchange are playing a “Winking Game” on the microblogging platform, Twitter.

On June 20th (Monday), MILKSHAKE, winked at Switchere exchange via tweet. The wink got a response from Switchere’s official Twitter handles on the very next day i.e., Tuesday.

The response reads as, “Wink, Wink”.

This “Winking Game” between both parties signals that the discussion between them finally comes to an end, which starts a few weeks back on a positive note, and now they might be getting themselves ready to surprise Shiba Inu Community with the most-awaited partnership news.

The partnership might be other than listing or Switchhere might come up with a Shiba Inu listing or some kind of burning feature for the Shiba Inu ecosystems like NOWPayments and FCFPay.

The partnership is teased for the past few weeks from now. On May 27th, MILKSHAKE for the very first time informed the community that she is ready to undergo discussions with one of the most reliable Estonian-based online exchanges for buying cryptocurrencies.

Following a week (June 2nd), the official Shiba Inu Growth Breed member comes up with the update about the discussion, in which she felt grateful to Switchere Exchange for excellent communication and told Shiba Inu Community via tweet that Switchhere wants to support the Shiba Inu ecosystem.

 

Launched in 2019, Switchere is the best way to purchase the most popular cryptocurrencies like Bitcoin, Litecoin, or Ethereum with US Dollars or Euros using a debit or credit card. Exchange offers no registration for purchases under EUR 100.

Australia Makes a Major Decision, Exclude Bitcoin And Co From Foreign Currency Taxes

Mark Brennan
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Australia Makes a Major Decision, Exclude Bitcoin And Co From Foreign Currency Taxes

 

Australia makes a major decision about cryptocurrency tax regulations.



The government of Australia has provided official confirmation that virtual currencies would not be subject to the tax procedures applicable to foreign currency transactions.

Treasurer Jim Chalmers and Assistant Treasurer Stephen Jones noted that the judgment could generate doubt regarding the status of Bitcoin and other crypto-assets for taxation purposes in Australia. Both of them made this statement.

The government will seek to legalize the present tax arrangements, meaning that crypto assets will no longer be classified as foreign money for taxation purposes in Australia.

The long-term capital gains tax will still be applicable to cryptocurrency assets that are kept in investment portfolios. The newly enacted regulations will have their effective date set to the first of July in the previous year.

According to what Mr. Chalmers and Mr. Jones indicated, this provides certainty and clarity at a time when cryptocurrencies are experiencing volatility. The government will continue to play a role in the landscape of quickly developing digital currencies in a pragmatic and timely manner, as they have been doing so so far.

This decision comes after a cryptocurrency exchange situated in Australia by the name of BTC Markets became the first cryptocurrency firm in the nation to be granted a license to provide financial services.

BTC Markets has a certification in information security management from the International Organization for Standardization (ISO) and a certification from Blockchain Australia, the national industry association for the cryptocurrency sector in Australia.

2022 Intense Bear Market Run

The bitcoin market has been on a downward trend throughout this year. Nonetheless, things took a turn for the worst over the weekend as investors panicked in response to the United States Central Bank increasing the interest rate by 75 basis points.

Fears of a worldwide economic downturn were sparked as a result of it, and investors in cryptocurrencies swiftly pulled their money out of the market. This resulted in a widespread selling frenzy and a significant price decline for many of the best blockchains in the world.

Deaton Reacts As Ripple Burns 0.0001 XRP Per Transaction, Has Never Been Hacked Plus Zero Down Time For 10 Years

Lele Jima
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Deaton Reacts As Ripple Burns 0.0001 XRP Per Transaction, Has Never Been Hacked Plus Zero Down Time For 10 Years

Attorney John Deaton Reacts to Ripple’s Accomplishment In the Past 10 Years.


Ripple has come a long way in the last 10 years, as an XRP enthusiast highlights the accomplishments of the blockchain project within this time.

A Ripple enthusiast has taken to Twitter to highlight the achievements of the popular blockchain network over its 10 years of existence.

The accomplishments of Ripple as highlighted by the XXRP investor prompted a reaction from attorney John Deaton, the lawyer who granted Amici status in the company’s ongoing lawsuit with the Securities and Exchange Commission.

Ripple’s Successes in 10 Years

Ripple has become a popular name in the financial sector, offering clients the opportunity to quickly settle transactions at a relatively low cost compared to what is obtainable in the traditional financial space.

Over Ripple’s 10 years of existence, the network has not experienced any downtime and has never been a victim of a hack. XRP, the native cryptocurrency linked to Ripple, has been used by global financial institutions and individual clients to conduct cross-border settlement, which usually settles in an average of 3.8 seconds.

The Ripple network can scale 1,500 transactions per second (TPS), and it burns 0.0001 XRP for each completed transaction. Ripple consumes 0.000011 KWh per transaction which is less than Visa.

Ripple is gradually becoming one of the most widely adopted blockchains in the crypto industry. At the moment, STASIS, a tokenization platform, is building the first Euro stablecoin (EURS) on Ripple’s XRP Ledger (XRPL), while international payment company Novatti Group is also developing an Australian stablecoin on the network.

Ripple Pioneering CBDC Development

Ripple’s prowess in the payment sector has been identified by both traditional financial institutions as well as countries.

Last year, Ripple noted that it had partnered with Bhutan’s central bank, the Royal Monetary Authority (RMA). Following the announcement, Bhutan’s apex bank will tap Ripple’s CBDC solution to pilot its Central Bank Digital Currency (CBDC) in phases.

Aside from Ripple’s partnership with Bhutan, the blockchain company is also liaising with other countries to help them issue their digital currencies.

“Ripple is a member of the digital pound foundation, and the digital Euro foundation” to work on CBDCs. – Ripple is positioning Central banks to issue their #CBDCs onto the XRPL. The more assets issued on the XRPL = Higher price,” the Ripple enthusiast concluded.

Attorney Deaton’s Reaction

Reacting to Ripple’s achievement highlighted by the XRP enthusiast, attorney Deaton tweeted:

Gucci Files Trademark Applications For Crypto Marketplace, Virtual Clothing, Fashion Shows, And More

Mark Brennan
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Gucci Files Trademark Applications For Crypto Marketplace, Virtual Clothing, Fashion Shows, And More

Gucci Files For five Trademarks of Name and Logo For NFT-Backed Media, Metaverse, and Crypto Marketplace.



High-end luxury fashion company, Gucci, has just applied for five NFT, crypto, and Metaverse trademark applications.

These trademarks are to cover part of its blockchain business consisting of Digital marketplaces for virtual goods, virtual assets, and digital media, Financial brokering of virtual goods, and crypto-collectibles, Conducting virtual fashion shows, Ticket reservation and booking services including the provision of tickets authenticated by NFTs, Authentication, issuance, and validation of digital certificates, and also Software for the display, virtual currency and the electronic transfer plus exchange of virtual assets, and transfer of NFT-backed digital goods and virtual assets among others.

 

This marks the company’s further entrance into the blockchain industry. Not long ago, the owner of Gucci, Kering, said that they aim to be a pioneer in the Web3 space and have announced their intentions to take cryptocurrencies, add NFTs, and engage in Web3-dedicated venture capital.

Back in May, Gucci made its first foray into the realm of blockchain technology, when the Italian fashion house stated that it would begin taking cryptocurrency payments in certain of its shops in the United States by the end of that month. It also has plans to expand the trial program to all of its directly managed locations in North America by the summer. This action constituted a significant endorsement of cryptocurrency from preeminent luxury brands.

Gucci is an Italian fashion house that was established in 1921 by Guccio Gucci. This makes Gucci one of the oldest Italian fashion houses that is still in business today. In the beginning, the company was an equestrian supply and baggage maker, catering to Italy’s rich upper classes with high-end travel items and horse gear.

“We think that Web3 and NFTs are a real breakthrough and we want to be pioneers on that. Luxury has a role to play. There’s a real opportunity for us to create digital products that would be ways to express our houses.”

ETH Creator: The Collapse Of Terra (LUNA) Was A kind of Healthy And Morally Clarifying Moment For Industry

Mark Brennan
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ETH Creator: The Collapse Of Terra (LUNA) Was A kind of Healthy And Morally Clarifying Moment For Industry

 

Vitalik Buterin thinks the collapse of the Terra ecosystem was a sobering moment for the crypto industry.



Vitalik Buterin is known for his ambitions for Ethereum. The Ethereum blockchain was the second such system created after Bitcoin, which is the pioneer of the cryptosystem. However, apart from hosting its native crypto, ETH, Ethereum has grown into a popular blockchain ecosystem that supports numerous other chains and dApps. It also supports DeFi and NFT protocols.

For this reason, Vitalik is a popular entity within the crypto and blockchain industry, and his opinions are to be taken seriously. During a recent interview with Fortune, Vitalik had a few facts to share regarding the crypto market and how the current market conditions are affecting both the present and the future of the space.

Downsides Are Real

During the bull runs or the good times in the industry, some project developers may forget that conditions change. Systems built with no safety nets collapse when things get tough.

Vitalik pointed out one such incident that happened recently with the Terra ecosystem. A few weeks ago, Terra’s stablecoin, UST, de-pegged from the 1:1 ratio with the USD. Terra Luna followed the trend and both coins dropped to historical lows. Luna, a crypto that was priced at over $100 a few weeks earlier, dropped to the value of pennies within a week. This was a disaster that reverberated across the entire crypto market.

According to Vitalik, this incident is a clear marker for every builder out there to understand that, although there are good times, downturns are equally possible. The system should put in place strong measures to prevent adverse effects. For example, in the case of Terra’s UST, the collateral put up wasn’t enough to maintain the USD peg, leading to the total collapse of the ecosystem.

“The Luna collapse is in some ways one of these important, kinds of healthy moments in crypto reminding people that downsides are real. You can’t just build a system and magically pretend that the negative case is never going to happen.”

It’s “Morally Clarifying”

Going on, Vitalik said that during the bad times, people get to see the real character of a leader. When people are under pressure, they revert to their default personalities. The community can take that opportunity to gauge how the persons in question respond to the various incidents and understand their character much better than when everyone is happy during the good times.

“at least in my experience, [what] always happens is this morally clarifying moment where you can see how different people responded and you get a much better view of what their character is and what kind of people they actually are than you do during the good times.”

Vitalik may have been alluding to how the Terra team, led by Do Kwon, responded to the crash of UST and Luna. There have been a lot of misgivings from some community members who think the team’s response was sluggish and may have contributed to the collapse and losses incurred by investors.

Court Grants SEC A Chance to Propose Redactions to Ripple’s Response Letter Before It Goes Public

Mark Brennan
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Court Grants SEC A Chance to Propose Redactions to Ripple’s Response Letter Before It Goes Public

Court Orders SEC to Propose Redactions to Ripple’s Response Before It Goes Public.


The SEC has been given a chance to make proposed redactions to Ripple’s response to its objection to amici’s request to participate in the upcoming expert challenge.

Following Ripple’s request to have its response to the SEC’s objection to Amici’s participation in the ongoing lawsuit filed publicly, the court said it would only allow the Defendants to file a response in the public docket after the Securities and Exchange Commission has made proposed redactions to the blockchain company’s reply.

According to a recent order, the Securities and Exchange Commission is instructed to go through Defendant’s response and make proposed redactions by June 23, 2022.

If the SEC has any proposed redaction to Ripple’s reply, the SEC will be required to submit a letter explaining why it does not want some of the portions of Defendant’s response to its amici’s objection filed in the public docket.

“Accordingly by June 23, 2022, the SEC shall file any proposed redactions to Defendant’s response and a letter explaining its proposal,” Judge Analisa Torres ordered.

The court’s order was shared by attorney James K. Filan on his Twitter page, who explained the development, saying:

“Judge Torres is saying that before she lets the Defendants file the response publicly, the SEC gets a chance to say if there is something in the response that should not be public and why. She wants to see what the SEC wants redacting and then rule on everything at the same time.”

Ripple Wants Its Response to the SEC Filed Publicly

The development comes less than two weeks after Ripple and Individual Defendants, Chris Larsen and Brad Garlinghouse, requested that the court publicize its response to the Securities and Exchange Commission’s objection to amici’s participation in the upcoming Daubert challenge.

Defendants noted at the time that although it filed its response to the SEC’s objection to Amici’s participation under seal, it is open to having the response filed in the public docket.

“We filed our response under seal today out of deference to the court’s forthcoming ruling on the SEC’s still-unresolved motion to seal […] We respectfully request that our entire response letter be filed on the public docket with the exception of the redactions of the experts’ name”

Ripple Disagrees With the SEC’s Move to Seal Its Amici Objection

Recall that the SEC requested to file under seal its objection to amici’s request to participate in the Daubert challenge. The agency noted that its decision to file its opposition to amici’s participation in the Daubert challenge is part of an effort to protect the expert from any form of attack and harassment from XRP investors directly affected in the ongoing lawsuit.

However, Ripple did not think the reason cited by the SEC to file its entire objection under seal is sufficient enough, thus prompting the court to request that the agency make a proposed redaction to the sections, which have the tendency of jeopardizing the expert’s safety.

The Ups And Downs Of The Crypto Market Won’t Stop Ethereum From Thriving- Founder Vitalik Buterin

Mark Brennan
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The Ups And Downs Of The Crypto Market Won’t Stop Ethereum From Thriving- Founder Vitalik Buterin

 

Ethereum will successfully face all ups and downs of the crypto market.



Despite current harsh conditions, Vitalik tells Fortune, that he is confident Ethereum will thrive to become a successful blockchain system.

Since the first crypto came into existence, the markets have always had their ups and downs. It’s a little over a decade now since Bitcoin went live. So far, there have been a few bear markets and bull runs. These are normal market dynamics that a healthy industry must experience. Ethereum is one of the top cryptos that has gone through such seasons.

According to its founder and creator, Vitalik Buterin, the current market-wide downturn ushering in a bearish atmosphere isn’t the first, and it won’t be the last.

“Crypto has had ups before, and it has had downs before, and it will have ups and downs again,”

Ethereum has endured through a few of these. Ethereum is a vast blockchain system, host to a myriad dApps and even interconnected with other chains. It’s currently the largest host of other protocols. Its native crypto, ETH, is currently the second largest by market cap.

Why Downturns Are Important

Vitalik opines that market downturns are an integral part of a market’s growth, especially in the blockchain sector.

During these times, various developer teams get the chance to look around and see what’s going on within the market as well as their competitors. They learn a few things about how to strengthen their ecosystems. They see the faults in other systems and take steps to seal the flaws in theirs. For example, during this downturn, platforms like Celsius and 3AC have experienced their hardships. This can be taken by others as a lesson and implemented measures to avoid similar problems from befalling them in the future. The collapse of Terra is another hard lesson for the entire crypto and blockchain industry.

In Buterin’s view, the downturn can be used to tailor strong systems that will thrive during the good times and endure the next downturns.

“The down periods are certainly challenging, though they are also often the periods where the most meaningful projects get nurtured and built.” 

Billionaire Mark Cuban seems to support this notion. Cuban tells Fortune: “Disruptive applications and technology released during a bear market, whether stocks or crypto or any business, will always find a market and succeed.”

Vitalik said that although there are a few setbacks in the industry, the positives outweigh the negatives. He mentioned the ease of sending money across borders currently being enjoyed by people across the world using cryptocurrencies.

Ethereum Will Prevail

While ETH hasn’t been spared by the current price drop, its resilience has kept it alive and well. Over the weekend, the coin’s price fell below the $1k mark but has now recovered to around $1,100 at the time of this writing. However, the coin is still down by over 75% compared to its ATH of over $4,800 back in November 2021.

Still, founder Vitalik is hugely optimistic about Ethereum’s future:

“Ethereum will continue becoming a more mature and successful blockchain ecosystem that is ready to meet the hopes and dreams that millions of people have for the crypto space over the next decade.”

Tether Supply On Exchanges Increasing Signaling Greater Buying Power, While Bitcoin Supply Starts Falling Again

Albert Brown
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Tether Supply On Exchanges Increasing Signaling Greater Buying Power, While Bitcoin Supply Starts Falling Again

Bitcoin levels are decreasing while Tether supply is increasing on exchanges.


 

According to a recent report by Santiment, Bitcoin supply has been decreasing. The ration of BTC supply is at low levels last seen way back in 2018. Interestingly, the crypto’s supply levels are lowering at a time when the bear market is pressing hard and many analysts and investors anticipate a long crypto winter to set in soon. It’s still not clear what market forces or shifts have led to this dynamic.

 

On the other hand, the supply levels of Tether (USDT), a stablecoin, have been increasing on exchanges. This may not be surprising for Tether because the company has been known to mint lots of coins. The increase in its supply levels may be a direct impact created by the Fed’s decision to hike interest rates.

Low Bitcoin Levels Are A Good Sign

To some people, the decrease in BTC supply levels may be a bit alarming, but Santiment thinks this is a positive sign. First off, it signals a controlled sell-off in the future. Basically, it indicates a growing HODL culture among BTC investors. The last bear markets saw massive sell-offs that further upset the markets and gave bears more leverage. This is not the case this time around. People seem to be determined to hold onto their stash.

As a matter of fact, a lot of traders have come out to proclaim a buying period, seeing as the crypto winter will last for a while and crypto prices, including Bitcoin’s, will be under pressure especially due to a looming global recession. Since there’s always a bull run after a bear market, people are not willing to sell now. They may also not be willing to sell off even after the bear market.

Glassnode Data

According to the glass node, the d moving average BTC active supply is decreasing, showing more BTC is leaving exchanges.

 

High Tether Supply Signals Strong Buying Power

In the case of Tether, more minted means a growing buying power on the part of investors. People are rushing to get their wealth into the crypto space amid growing fears of increased inflation due to interest hikes and global recession. Inflation tends to devalue wealth, and a lot of people want to avoid that.

Dogecoin Founder Billy Marcus Says DOGE Might Never Reach Previous ATH of $0.74 

Mark Brennan
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Dogecoin Founder Billy Marcus Says DOGE Might Never Reach Previous ATH of $0.74 

Billy Marcus does not believe Dogecoin will ever rally to its previous all-time high.


In light of the ongoing turbulence in the crypto market, many investors wish they could experience last year’s massive rally, when all coins and tokens, including Dogecoin (DOGE), recorded a new all-time high (ATH).

DOGE Investors Hoping for Another Rally

Reminiscing about the good old days, a Twitter user who goes by the username @cocochaneladair, shared the previous chart of Dogecoin when the cryptocurrency peaked to $0.74.

“Can’t wait to see this again #Dogecoin #DogecoinToTheMoon,” the Twitter user noted in a tweet.

Responding to the tweet, Billy Marcus, the co-founder of Dogecoin, indicated that there is a possibility DOGE enthusiasts will not see the cryptocurrency at its all-time high again.

According to Marcus, Dogecoin had an amazing year that resulted in lots of achievements for the cryptocurrency, including massive adoption among retail and institutional investors.

“Might never see [DOGE at $0.74] again. 2021 was a weird f.cking year, and dogecoin was swept up in the dystopia,” Marcus said.

 

Is Marcus Right?  

The Dogecoin co-creator could be right to a large extent. To date, Dogecoin does not have a fixed supply like other digital currencies in the market.

Despite calls from Dogecoin enthusiasts, project developers have ignored these calls because any effort to correct the issue may jeopardize the coin’s security.

In addition, Dogecoin was able to surge as high as $0.74 last year due to the massive support the cryptocurrency got from popular tech mogul Elon Musk.

The founder of Tesla had, on several occasions before the coin hit its peak, made positive tweets about the memecoin, which bolstered its price.

At the moment, Musk’s actions toward Dogecoin have earned him a $258 billion lawsuit, with the plaintiff alleging that he promoted a pyramid scheme in the form of DOGE.

Docgecoin’s Fall From Grace

Recall that in May 2021, Dogecoin surged to a high of $0.74 in what was considered the greatest rally of all time for cryptocurrency.

Many investors believed the cryptocurrency would soar to $1. However, their wishes never saw the light of day as the popular meme coin dipped tremendously months after hitting an all-time high of $0.74.

Things have gone from bad to worse since the beginning of the year, which has further plunged the token to 6 cents, representing a 92% fall from ATH.

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