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Shiba Inu’s Burn Rate Surges 332% as Community Burns 324 Million Coins, And Shib Adds 5.5K Holders Since June Start

Zabi
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Shiba Inu’s Burn Rate Surges 332% as Community Burns 324 Million Coins, And Shib Adds 5.5K Holders Since June Start

 

Shiba Inu burning continues despite challenging market conditions while shib adds more holders as prices fall.



Shiba Inu’s “Burn Rate” Surges 332% over the past day as the Shiba Inu Community finds the falling prices of the popular dog-themed cryptocurrency a HUGE opportunity to burn. The Community has burned over 324.21 Million SHIB tokens in the past 24 hours.

SHIBArmy continues to burn the popular dog-themed cryptocurrency in millions daily, lowering Shiba Inu’s circulating supply.

On Monday, the widespread selloff in the global crypto market gained momentum. Shiba Inu dipped further to hit a new lower low price of $0.00000743 in the past 24 hours, creating the opportunity to burn more Shiba Inu at a low cost.

Shiba Inu Community is taking full advantage of discounted prices. According to the recent report from the SHIB Burn Tracking website, Shibaburn.com, the burn rate of the Dogecoin rival increased by 332% over the past day as Shiba Inu supporters destroyed a total of 324,211,278 (324.21M) tokens through fifteen separate transactions.

Conversely, top ETH whales are getting their hands on the world’s 17th most prominent cryptocurrency. As per the recent report, the key Ethereum investor named “BlueWhale0073” has scooped up a whopping total of 356.07 billion SHIB tokens, worth $3 million in one important transaction.

Besides this, Shiba Inu has gained a total of 5553 holders since the start of June. According to Etherscan.io, the total number of SHIB holders is currently 1,178,400 (1.17M). At the close of May, the count stood at around 1,172,847 (1.17M).

Impact on SHIB Price:

Despite all the positive developments in play, Shiba Inu could not retain its critical support level located at the $0.0000095 mark and dipped further below to hit a recent low of $0.00000743. At the time of writing, Shiba Inu is trading at the price of $0.000008447, up more than 6% over the last day, with a 24-hour trading volume of $702,322,959 ($702.32M).

El Salvador’s Bitcoin Holdings Losses $40M In Value But Finance Minister Believes Recent Collapse Will Not Hurt Economy

Mark Brennan
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El Salvador’s Bitcoin Holdings Losses $40M In Value But Finance Minister Believes Recent Collapse Will Not Hurt Economy

 

El Salvador’s Finance Minister Believes Recent Bitcoin Collapse Will Not Hurt Their Economy.



On Monday, Alejandro Zelaya, El Salvador’s Minister of Finance, dispelled concerns that a precipitous decrease in Bitcoin’s price would have a negative impact on the nation’s budgetary health. 

When he is told that the economic danger for El Salvador due to Bitcoin is so big, he stated that the only thing he can do is grin.

“When they tell me that the financial risk for El Salvador because of Bitcoin is really high, the only thing I can do is smile.”

According to Zelaya, the potential monetary damage that may be caused by a meltdown in the bitcoin market is quite low.

“The fiscal risk is extremely minimal.”

Reuters report that the value of the country’s bitcoin holdings has decreased by around $40 million. In his response, Zelaya said that forty million dollars does not even equal half of one percent of our national general budget.

“Forty million dollars does not even represent 0.5% of our national general budget,”

The government of El Salvador has invested in 2,301 units of Bitcoin since September of last year. On Monday, the value of the cryptocurrency reached its lowest point since the year 2020. Zelaya highlighted a previous assessment by Deutsche Welles which said that the value of the country’s bitcoin holdings had decreased by around $40 million.

The value of all cryptocurrencies fell by more than $200 billion as a result of the market’s decline. It is the most recent event in a string of price collapses for Bitcoin, which has seen its value fall by more than sixty percent in the space of seven months.

In the present market, the price of Bitcoin is hovering around $23,000. Every acquisition El Salvador has made so far has resulted in a loss. The BTC wasn’t acquired at present prices. 2,301 Bitcoins worth an estimated $53 million are now held by El Salvador. The $105.6 million invested by Bukele is roughly split half-and-half.

As reported by TheCryptoBasic, Microstrategy, Tesla, and El Salvador have lost over $1.3B of their bitcoin holdings value as a result of the ongoing brutal Crash.

Celsius Network Struggles To Stay Afloat With Mounting DAI Debt As Bitcoin Price Drop Threatens Heavy Liquidation

Albert Brown
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Celsius Network Struggles To Stay Afloat With Mounting DAI Debt As Bitcoin Price Drop Threatens Heavy Liquidation

 

Bitcoin’s price decrease is pressuring the Celsius Network into taking on more DAI debt as it battles to tablelike its ecosystem.



Bitcoin’s downward price action is threatening to drag many ecosystems with it. One of these is the Celsius Network. Celsius has been one of the high yield protocols in the market. Things seem to be going south for the network as the BTC price stumbles down the bearish path.

The Celsius Network has resolved to add its wBTC collateral to the Market protocol to keep things in control. However, the decreasing BTC price isn’t making the situation any better. With each addition to the collateral, a new liquidation point is established.

Liquidation At $18k With 21,960 BTC

A day ago, an address associated with the Celsius Network was revealed to have added about 2,000 wBTC as collateral to the Marker protocol. At the time of the report, the wallet held the position with 19,919 wBTC with around $262 million in DAI debt.

At that time, Celsius had staked 17,919 wBTC in the Marker protocol and borrowed 278 million DAI. This made Celsius the highest debtor in the Marker protocol. The liquidation position was set at $22 584.

As BTC’s price continued to exhibit uncertainty, Celsius moved to put another cushion further and push down the liquidation point. As such, a further 2,041 wBTC was added to reach a total of 21,960 wBTC and a debt of 278 million DAI (or $278 million).

The addition moved the liquidation point down to $18,388. However, the market conditions would soon force another move.

Liquidation At $16k With 23,962 BTC

Further reports reveal that Celsius has added another 2,001 wBTC as collateral to bring the total to around 23,962 on the Marker protocol. It still has 278 million DAI in debt. The addition moved the liquidation point further down to the $16,852 threshold.

It’s unclear whether BTC’s price will dip or bottom out before it reaches the $16.8k mark. If it approaches that point, Celsius will have to add on the collateral and hold more debt or risk heavy liquidation and possible collapse of its ecosystem.

Yesterday due to Celsius token Sharp Fall, Team Transferred $320M Worth Of BTC And ETH To centralized Exchanges like FTX.

Cardano Founder Wants to Create A Crypto “Wallet Standard Group” to Protect ADA Investors 

Lele Jima
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Cardano Founder Wants to Create A Crypto “Wallet Standard Group” to Protect ADA Investors 

Hoskinson wants to take preventive steps to keep ADA investors safe amid growing cases of crypto heists. 


In recent times, Cardano has been widely adopted by various developers to build useful series of projects. Since Alonzo Hard Fork launched last year that introduced smart contract functionality, Cardano has been widely adopted by various developers, who have taken advantage of the blockchain prowess to build numerous solutions.

Since last year, projects like decentralized applications (dApps), non-fungible tokens (NFTs), NFT marketplaces, and crypto wallets, among others, have been deployed on the network.

A recent tweet made by Cardians on the popular microblogging platform Twitter shows an infographic of the number of crypto wallets currently on the Cardano network.

According to the infographic shared by Cardian, there are currently 14 cryptocurrency wallets on the Cardano network.

Some of the wallets included in the list are Yoroi, C-Wallet, AdaLite, Flint, Nami Wallet, and Daedalus, among others.

With Yoroi wallet, Cardano users can manage their ADA directly from their phone, without the need to use a PC. The developers of Yoroi made the wallet to be lightweight, which allows users to launch the application, as well as send and receive ADA in a matter of minutes.

Similarly, C-Wallet is one of the wallets built on the Cardano blockchain allowing Cardano users to store, send, and receive ADA coins from their phones and PCs. C-Wallet provides a non-custodial storage solution with FIAT on and off ramps.

Nami Wallet was created as a browser-based extension wallet that interacts with the Cardano blockchain. Nami is a non-custodial crypto storage solution that can be used to store ADA and multiple cryptocurrency assets. Aside from using Nami wallet to perform basic crypto operations, users can also conduct complex activities like multi-sig, minting, and token delegation.

Hoskinson Concerned About Investors’ Safety

While the feat is commendable to a large extent as it portrays the massive adoption of the blockchain, Charles Hoskinson, the CEO of Input Output Global (IOG), the firm responsible for conducting research and development for the Cardano network, does not find the development impressive.

Following the massive increase in the number of cryptocurrency wallets, Hoskinson expressed the need to create a “wallet standard group” that would be tasked with conducting background checks of crypto wallet developers on Cardano to keep users safe.

Hoskinson said:

“Sounds like we need to form a wallet standards group. Who’s in?”

Reason for Hoskinson’s Concern

Hoskinson’s concern about the rapid increase in the number of crypto wallet solutions on Cardano comes following the rising cases of crypto theft in the industry.

Fraudulent actors are always on the lookout to exploit loopholes that will grant them unrestricted access to investors’ digital currencies, which can be stolen at any time.

Although Hoskinson’s tweet does not imply that wallet developers may be deploying malicious crypto wallets on Cardano, he is only concerned about the safety of Cardano and other cryptocurrency investors.

Galaxy Digital CEO, Mike Novogratz: “Crypto Market Nearer To Bottom Than Stocks”

Mark Brennan
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Galaxy Digital CEO, Mike Novogratz: “Crypto Market Nearer To Bottom Than Stocks”

Crypto Market Nearer To Bottom Than Stocks.



According to a Bloomberg report, the founder and CEO of Galaxy Digital Holdings Ltd., Mike Novogratz, suggested that cryptocurrencies are nearer to a bottom than the U.S. equities market.

It follows the investment manager’s prediction that the equities and crypto markets would have a difficult road ahead, but he is confident that crypto acceptance and its use in the real world will continue to grow in the future.

Bitcoin, the most valuable digital asset, sank as much as 17 percent to a price of $22,603, while Ether, an alternative cryptocurrency, plunged as much as 21 percent to a price of $1,165. Since reaching all-time highs at the beginning of November, they have fallen 67 and 74 percent, respectively, since that time.

Speaking at the Morgan Stanley Financials Conference, Novogratz predicted that Ethereum’s price will remain around $1,000; nevertheless, it is now trading at $1,200. According to him, we are a lot closer to a bottom in crypto than in the equities market. He added that he believes stocks are going to have another 15 percent to 20 percent collapse.

“Ethereum should hold around $1,000 and it’s $1,200 right now. Bitcoin is around $20,000, $21,000 and it is $23,000, so you are much closer to the bottom in crypto than you are where I think, stocks, are going to have another 15% to 20%”

Novogratz has previously said that he does not anticipate a V-shaped rebound in the cryptocurrency and equities markets. Instead, he forecasts that there will be a mix of market bottoms, ups-and-downs, and moving sideways until a new narrative arises about the macro-economic situation and interest rates.

According to him, the fact that the Federal Reserve of the United States is raising interest rates in an effort to reduce inflation is producing hitches and uncertainty in economic models. He went on to say that he is preparing himself for what may be a rather drawn-out struggle.

Dogecoin Founder Blasts Celsius Network Says First Terra And Now Celsius Causing Collapse of Crypto Market 

Lele Jima
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Dogecoin Founder Blasts Celsius Network Says First Terra And Now Celsius Causing Collapse of Crypto Market 

The co-founder of Dogecoin is not mincing words as he calls both Terra and Celsius “stupid ass shit.”

Billy Marcus, the co-creator of Dogecoin (DOGE), has poured out his frustration on the major causes of the recent cryptocurrency market collapse – TerraForm Labs (TFL) and Celsius Network.

The outspoken Dogecoin co-founder called cryptocurrency projects like Terra and Celsius “stupid” because of their roles in the recent crash of the entire cryptocurrency market.

“How much stupid ass shit like Luna and Celsius ready to collapse the entire market is there in crypto anyway?,” Marcus quizzed.

Marcus has vented his anger toward these projects because DOGE has also been a recipient of the market collapse, which has seen the value of the asset plunge to $0.05 despite reaching an all-time high of nearly $0.73.

Since last month, the prices of various digital currencies are nothing compared to what they started the year with. The value of crypto assets has plummeted tremendously due to several reasons, including rising inflation and Russia’s invasion of Ukraine.

However, the most significant of them all is the collapse of Terra ecosystem tokens and the unfortunate development that occurred with Celsius over the weekend.

Terra Collapse

Recall that Terra ecosystem tokens, UST, and LUNA suffered a massive crash earlier last month, which wiped out a large chunk of the entire cryptocurrency market.

Although the Terra team has been working round the clock to ensure investors get fully compensated, several reports have emerged suggesting how the company’s CEO Do Kwon conducted a series of shady practices.

Celsius Network Incident

While the cryptocurrency market was still trying to recover from the devastating crash of Terra tokens, news of Celsius Network halting all operations, including withdrawals, swaps, and transfers on its platform surfaced over the weekend.

It did not stop there, the team behind the project proceeded to transfer a large amount of Bitcoin and Ethereum almost worth $320M from the platform to the popular crypto exchange FTX, to protect its positions.

Dip Bought: Top Whale Buys 356 Billion Shiba Inu As SHIB Enters Into Historical “Demand Zone”

Zabi
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Dip Bought: Top Whale Buys 356 Billion Shiba Inu As SHIB Enters Into Historical “Demand Zone”

 

Top ETH Whale “BlueWhale0073” Scooped Up 356.07 Billion Shiba Inu as SHIB Enters Into Historical “Demand Zone” for the First Time Since October 2021.



According to WhaleStats, Ethereum Whale “BlueWhale0073” scooped up 356.07 billion SHIB tokens in one massive transaction.

Top ETH Whales begin taking advantage of discounted prices once again as Shiba Inu enters into the historical “Demand Zone,” i.e., $0.00000511 to $0.000000951.

Data from crypto whale tracker WhaleStats indicates that top Ethereum whale BlueWhale0073 has just loaded up on a total of 356.07 Billion Shiba Inu tokens, worth $3 Million.

In one significant transaction, as noted by WhaleStats, the Ethereum whale “BlueWhale0073,” the 690th largest among the 1,000 ETH wallets tracked, scooped up a total of 356,078,908,730 SHIB tokens, worth $3,001,745.

SHIB Price Action:

On June 11th (Saturday), Shiba Inu breaks below the critical support zone (previous resistance) at $0.000000951 on the daily chart. Following the breakout, the price of Shiba Inu prints a new lower low located at $0.00000743, marking the entrance of Shiba Inu into the historical “Demand Zone” ($0.00000511 – $0.000000951) for the first time since October 2021.

Formerly, the price of Shiba Inu has consolidated within the zone mentioned above for almost five months, i.e., from May to October 2021. Later, the price of the popular dog-themed cryptocurrency experienced a breakout from this range on 4th October 2021, which helped Shiba Inu’s price to skyrocket and reach an all-time high (ATH) price of $0.00008845 on October 28, 2021.

At the time of writing, the 17th biggest cryptocurrency in the world in terms of market cap has erased -90.88% of its gains made since late October 2021.

This comes after the widespread selloff in the global crypto market worsened on June 13th (Monday). The global crypto market dipped below the $1 trillion mark for the first time since November 2021, when it peaked at $3 trillion.

However, at press time, SHIBA INU’s price action has met strong buying interest near recent lows at $0.00000743, where significant support from the daily chart keeps the uptrend intact with a 24-hour trading volume of $687,356,152 ($687.35M). The current trading price of SHIB stands at $0.000008413, up more than 3% over the last day.

Ripple CEO To New Investors ‘Recent Market Downturn Shall Pass’, Explains Why XRP Always Stand Strong In Bear Markets

Albert Brown
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Ripple CEO To New Investors ‘Recent Market Downturn Shall Pass’, Explains Why XRP Always Stand Strong In Bear Markets

Ripple CEO Brad Garlinghouse Advises New Crypto Investors, Says the Recent Market Downturn “Shall Pass”


The Ripple exec has reached out to new crypto investors, urging them to stay strong amid the ongoing storm in the cryptocurrency market.

Following the recent cryptocurrency market collapse, Brad Garlinghouse, the CEO of blockchain company Ripple, has urged new crypto investors to exercise patience, adding that the downturn will pass in earnest.

According to the Ripple exec, he is confident that crypto prices will rebound because he has seen several downturns over the years.

Interestingly, despite the downturn that has rocked the cryptocurrency market since its inception, the asset class has come out stronger than ever.

“Days like today are never what you hope to see, esp. in an industry w/ as much incredible talent as crypto. If you recently joined the industry and haven’t seen a downturn like this, know that this too shall pass (advice from someone who’s seen a few downturns over the years),” Garlinghouse added.

Garlinghouse Gives Hint on How Ripple Has Survived Bear Markets

Garlinghouse later gave some tips Ripple has used to weather the storm during bear markets, suggesting that new crypto investors should adopt one or two of the points to keep growing.

He noted that Ripple is focused on the long-term and has recruited only experienced employees, who have been through several bear markets.

“having an experienced exec team that has been through the dot-com bubble, 2008 financial crisis, 2018 crypto winter, and more.”

The Ripple exec added that the blockchain company has also been transparent at all times with its users, and has always been attentive to various market events.

“As a holder of XRP, we believe communication & transparency (including our Quarterly Markets Reports) are keys to being a responsible stakeholder.”

Ripple CEO said that his project is focused on the long term and their products are not speculative and deliver results in real life.

“Focusing on the long term – Ripple has been building enterprise products with long-term utility NOT speculation. These are products that solve problems today.”

He further said that crypto will succeed in the future:

“The market is likely going to shrink in the near term, but I and many others have every ounce of confidence that crypto will succeed in the future as an integral part of our global financial systems. Slow and steady wins the race,” Garlinghouse added.

Recent Crypto Market Crash

The latest crash in the cryptocurrency market has been a devastating blow to both retail and institutional investors. Cryptocurrency investors have seen the value of their digital currency holdings evaporate into thin air since the beginning of the year.

For the first time since February 2021, the market value dipped below $1 trillion, further causing panic across various parts of the world.

The value of cryptocurrencies started shrinking less than seven months after most coins hit their respective all-time highs (ATH). While veteran cryptocurrency traders who joined the space years back are no stranger to bear markets, new crypto investors seem to be largely affected because they have not experienced any bear market.

Popular Trader Peter Brandt Sets A Bearish Target For Bitcoin “Massive Double Top”

Mark Brennan
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Popular Trader Peter Brandt Sets A Bearish Target For Bitcoin “Massive Double Top”

 

Popular Trader Peter Brandt Sees Bitcoin Falling To $13k – Is It Happening?



Peter Brandt has been largely bearish on cryptos of late and has predicted some levels that have come to pass.

The Bitcoin market is still bleeding. The top coin has been experiencing downward pressure for days now. The weekend was the ultimate drag as the entire crypto market opened the week on a low level. Lots of cryptos have shed prices by double-digit magnitudes. BTC is no exception. Its price has crashed from the highs of around $29k – $33k to the lows of $22k – $23k within a week.

Interestingly, traders like Peter Brandt had predicted a bearish move for BTC and other cryptos like Ethereum. Now, Peter is back with another prediction, and this time, it’s even more painful for Bitcoin holders.

In his recent tweet, Peter’s analysis settles on a $13k BTC value in the near future. He identifies the BTC double top indicated in the charts as a major catalyst for the bearish move.

BTC Showing A Double Top

First, a double top in crypto charts is a strongly bearish move indicating an impending technical reversal. A double top happens when an asset’s price hits two highs consecutively and then goes on a moderate decline between the two points. The bearish sentiment is confirmed when the support level drops below the smaller high.

Yesterday as reported by TheCryptoBasic In another analysis, Peter opines that BTC is headed down heavily unless it can close above the May 31 high. If not, the coin could be headed down to the $12,700 level.

Crypto Winter Is Here

Granted, numerous analysts and traders have long awaited a crypto winter similar to the 2019-2020 tough period. This could be part of the market’s bearish cycle before the bullish cycle is triggered by BTC’s halving. However, the crypto market is a volatile environment and things can change anytime.

At the time of this writing, the bears seem to have the upper hand in the BTC market. The coin is currently trading at around $22.9k, with a market dominance of 45% and $430.3 billion in total market cap. Most of the rest of the crypto market is also in the red zone.

Shiba Inu Scoops More Than 80% Support Against DOGE In A Survey By Bitcoin Of America

Albert Brown
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Shiba Inu Scoops More Than 80% Support Against DOGE In A Survey By Bitcoin Of America

 

There is an ongoing Twitter contest between SHIB and DOGE, and Shiba Inu has the upper hand.



The top two most popular meme coins have always had a strong rivalry, probably because they’re fighting for the top spot in meme coins.

Dogecoin was the first meme coin, and it saw incredible support in the market. Shiba Inu was then created and marketed as the “Dogecoin killer.” For this reason, the two coins and their communities have always been at loggerheads.

Now, a current twitter survey created by Bitcoin of America is giving the two coins the ultimate opportunity to go after each other. The survey was started on Jun 11. From the look of it, SHIB is winning hands down.

replying to Bitcoin of America one shib lover said: “Doge is history, not even a conversation.”

Jason Gigante said: “SHIB that’s it, no other…”
@shibarmy777 said: “SHIB king of cryptocurrency”

Shiba Inu Has Been Winning Praises

A look at the number of fans participating in the survey reveals that about 80% of them are all for SHIB as opposed to DOGE.

This is despite the fact that Shiba Inu has a lesser value than Dogecoin. As at this moment, SHIB is trading at around $0.0000076 and sitting at position 16 in the charts while DOGE is going for $0.053 and is currently at position 10. However, this may be attributed to their respective supplies. There are around 549 trillion SHIBA while there are 132.6 DOGE.

Besides winning in the survey, Shiba Inu has found support from some of the most influential market players, including Ethereum’s Vitalik Buterin and the Bitcoin of America. Just recently, Bitcoin of America added Shiba Inu to the list of the few cryptos supported by its crypto ATMs in the US. It also praised the coin for its brilliance and market friendliness.

Why SHIB Is Winning

Shiba Inu is winning the memecoin contest due to a few significant reasons. First off, the coin has a strong developer team that has been working hard to turn it from a memecoin created as a joke to a fully decentralized utility coin.

There is a metaverse project in the works dedicated to Shiba Inu. There’s also a layer-2 game called “Shibarium,” a play-to-earn game. NFT and DAO support is also in the works. Not to mention efforts being made to burn Shiba Inu coins and boost their price.

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