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Survey Shows Cardano Most Held Token In Bear Market, Hokinson Applauds “Cardano Always Shows Up In Force”

Albert Brown
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Survey Shows Cardano Most Held Token In Bear Market, Hokinson Applauds “Cardano Always Shows Up In Force”

 

Survey Shows Cardano (ADA) Is The Most Held Token In Bear Market.



Cardano has been one of the most resilient blockchain networks in the industry. It has withstood the test of time. Founder Charles Hoskinson has marketed Cardano as a strong, futuristic system with a developer team that prefers diligence over speed.

Every once in a while, Cardano is upgraded with a fork to introduce new features and advance the ecosystem.

This is probably why it has gained so much popularity. ADA is the native token on Cardano. A recent survey conducted by London Real on Twitter shows that Cardano is the most held token in a bear market.

 

Cardano Scores 77%

London Real fielded 4 options for people to choose from in the survey – Bitcoin, Ethereum, Cardano, and “others.” The goal of the survey was to establish which of the tokens in the market was held most by investors during this bear market.

Apparently, people are more into Cardano than Bitcoin, Ethereum, or any other crypto coin. Cardano scored 77% in the survey, with Bitcoin and Ethereum scoring 11% and 5% respectively. The collective choice of other altcoins scored 7%. From its look, it’s clear that Cardano carries the day.

Cardano founder Jubilant:

Cardano founder Hoskinson was immensely satisfied with the results and voiced his thoughts: “Cardano always shows up in force”

FOMO For Vasil Hard Fork?

One thing common in the crypto market is that investors always go with the project with the highest near-future potential. At the moment, Cardano fits that bill because of the planned Vasil upgrade slated for June 29. The upgrade is meant to streamline the support of smart contracts on Cardano.

As is always the case, Cardano’s price bumps up by big margins every time such an upgrade happens – the bear market notwithstanding. This could be the reason behind the huge numbers of investors holding Cardano.

Also, as mentioned before, Cardano is presented as a strong network with huge future potential. The Vasil upgrade will only cement this reputation and could lead to even more money flowing into the Cardano/ADA market.

As a matter of fact, Cardano is already experiencing the effects beforehand, as noted in an analysis by BTCC. At the moment, the coin is trading at around $0.63, with a 24-hour jump of 9.8%.

Ripple Files Additional Motion as SEC Refuses to Answer Most Questions Raised in Request for Admission (RFA)

Mark Brennan
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Ripple Files Additional Motion as SEC Refuses to Answer Most Questions Raised in Request for Admission (RFA)

Ripple Files Additional Motion Challenging the SEC’s Response to Its Request for Admission (RFA).


Defendants argue that the SEC deliberately refused to answer most of the questions raised in the RFA.

Popular blockchain company Ripple has filed a letter supporting its assertion that the Securities and Exchange Commission (SEC) deliberately gave deficient responses to its Fourth Set of Requests for Admissions (RFA).

It is worth noting that the development was shared by attorney James K. Filan, a former U.S. federal prosecutor who took to Twitter to tweet:

“Ripple Defendants file a reply letter in further support of their motion regarding the deficiencies in the SEC’s responses to the Ripple Defendants’ Fourth Set of Requests for Admissions.”

This comes a week after the SEC challenged Ripple’s opposition to the way it responded to some of the questions contained in the RFA document.

Recall that the SEC claimed not to adequately respond to some of the RFA questions only when it lacked sufficient information or understanding of the matter.

The lack of information, according to the SEC, prompted it not to confirm or deny some of the questions contained in the RFA, especially the video featuring Hinman.

Ripple’s Supporting Motion

Ripple slammed the SEC in a recent motion, stating that the Securities and Exchange Commission fully understands almost all the questions cited in the RFA document.

However, the SEC chose to deploy different tactics in a bid to avoid answering most of the RFAs, Ripple argued. The blockchain company highlighted seven points backing its claim that the SEC deliberately chose not to respond to most of the RFA.

“The SEC’s contention that it cannot answer these RFAs because it does not understand the terms ‘market participants’, ‘OIEA requests’ or FinHub requests does not pass muster. The SEC understands exactly what it is being asked to admit: that before December 22, 2022, multiple people asked OIEA and FinHub if XRP was a security and the SEC never once said that it was,” excerpt of Ripple’s motion read.

Defendants Using SEC’s Previous Argument Against the Agency

It can be recalled that the Securities and Exchange Commission asked the court to deny Ripple’s objection in accordance with Rule 36 of the Civil Procedure Act.

Ripple also cited the same Rule 36 of the Civil Procedure Act in its latest motion, stating that the rule mandates that the SEC responds fairly to the Defendants’ RFA rather than employing a hyper-deflationary approach that the agency has put up.

“Requests for admissions are not games of battleships in which the propounding party must guess the precise language coordinates that the responding party deems answerable,” the popular blockchain company adds.

PayPal Users Can Now Send Bitcoin (BTC) and Ethereum (ETH) to External Wallets

Lele Jima
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PayPal Users Can Now Send Bitcoin (BTC) and Ethereum (ETH) to External Wallets

PayPal has decided to add more features to its cryptocurrency offerings. 


Based on widespread client demand, leading payment company PayPal has announced that it has added new services to its cryptocurrency offering.

The company said in an announcement today that its more than 350 million users can now send supported cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC), out of its platform to their external wallets and exchange accounts.

“Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges,” the popular financial institution noted in an announcement today.

Aside from transferring cryptocurrency assets off the platform, PayPal’s customers can also send crypto to other users within the app without any stress.

PayPal Fostering an Inclusive Financial System

Jose Fernandez da Ponte, PayPal’s SVP and GM of blockchain, crypto, and digital currencies, noted that the initiative is part of efforts by the company to develop an inclusive and effective financial system, adding:

“We’re excited to connect PayPal’s customers to other wallets, exchanges, and applications, and we will continue to roll out additional crypto features, products, and services in the months ahead.”

Per the announcement, the service will be gradually rolled out to PayPal’s customers starting today, and in the next two weeks, the financial giant plans to fully make external cryptocurrency transfers available to all customers in the United States.

PayPal Cryptocurrency Offering

Recall that PayPal first introduced cryptocurrency services to its over 300 million customers in 2020. However, PayPal’s crypto services were limited as customers were only allowed to buy, store, and sell the nascent asset class.

Interestingly, PayPal has now allowed its customers to do more with their crypto assets, which involves removing the limitations that stop people from sending their digital currencies off the platform.

PayPal Shows Resilience Despite Crypto Market Dip

Meanwhile, the development comes at a time when the cryptocurrency market has suffered significant losses in the past few weeks.

The crypto market lost billions of dollars following the plunge of Terra ecosystem tokens, UST, and LUNA, which wreaked havoc on the entire crypto market.

Despite the plunge in the market, PayPal is not reconsidering its support for cryptocurrency services, as it proceeded to add more features to the offering.

Bitcoin’s CME Gap Filled Around 29K – Is A Rebound Coming?

Mark Brennan
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Bitcoin’s CME Gap Filled Around 29K – Is A Rebound Coming?

 

Analysts decode Bitcoin’s market movement and predict a possible short breakout to $35k.



Bitcoin is still undecided on whether to invite bears or bulls if the current charts are anything to go by. However, traders seem to be comfortable with the situation because volatile crypto is good for business – and more so if it happens to be a strong coin like BTC.

According to a tweet by one famous trader, Michael Van De Pope, Bitcoin’s current market movements seem to mirror previous records.

This is especially regarding the CME. Bitcoin’s CME gap appears to be closing, giving hints of a possible breakout to the upside. Interestingly, the current market charts show that BTC’s price is decreasing.

According to Michael, if BTC manages to close the gap at $29.3K and then goes on to break above $29.7K-$29.9K, it could gain better momentum to spring for the high at $32.8K possibly cruise to $35k. Either way, the result of the current market standings will depend on how much momentum Bitcoin gains. 

Poppe provides his BTC analysis by saying:

“This one is still the same. Long-range around $29.3K (and possibly CME gap). If it breaks and flips $29.7-29.9K, I’m assuming we’ll be targeting the upside, and then, finally, more upside can be expected for Bitcoinin the form of $32.8K and possibly $35K.”

The Bitcoin CME Gap

Crypto (or Bitcoin’s) CME (Chicago Mercantile Exchange) gap is a metric used to represent the difference between the closing and opening figures in the market. The gap occurs when the opening price is above or below the previous closing point.

In the case of Bitcoin, the crypto’s price is going down, seeming to close the CME gap since the last closing point was on the downside. Bitcoin started the week on the upside.

A tweet by another market analyst named IncomeSharks shares data showing that Bitcoin is closing the CME gap.

 

 

According to InfoSharks, Bitcoin’s plan, Tuesdays are primarily green. The day starts by filling the CME gap and making it promising for traders. The analyst sees the coin moving to reach the $34,000 target soon.

“May Be Wave Goodbye”: ETH Goes Sub $1,800 – Could It Drop To $1,200?

Albert Brown
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“May Be Wave Goodbye”: ETH Goes Sub $1,800 – Could It Drop To $1,200?

 

Ethereum is really suffering. Can the second top crypto survive the current downtrend? 



Ethereum seems to be going through a stressful phase. The coin’s price has dropped from the highs of close to $2,000 to below $1,800.

At the time of this writing, ETH is trading at around $1,763. Although Ethereum isn’t the only coin currently in the red, crypto trader Peter Brandt seems to be focused on it. Peter is not so confident about the crypto’s immediate future.

Peter shared a tweet with ETH market analysis that showed ETH treading on a tight rope. He identified a “possible descending triangle” that suggests a downward trend.

According to peter if

ETH Could Slurp Further If Not Reversed

According to Peter, ETH could be headed for a significant downswing if the current trend is not nullified.

Granted, the crypto market, ETH included, has been in a bit of limbo for months. Bearish sentiment has spread across the market, with some traders and analysts suggesting that the crypto market may be entering a winter.

Peter suggested that the coin drops way down to the $1,200 range, with a target at $1,280 if the descending triangle is broken downwards.

Crypto winters aren’t a new thing. The market experienced a strong one right after the bull run of late 2017. It lasted a relatively long and saw ETH trade at less than $100.

“Maybe A Wave Goodbye”

Meanwhile, one of Peter’s followers appeared to have identified Elliott wave4. Peter was still bearish in response, calling it a “May Be wave goodbye.”

 

In all accounts, Peter Brandt, an accomplished trader, seems to be all bearish on Ethereum. Whether other traders, analysts, and investors will join him in this opinion is yet to be seen, but judging from the current outlook, things don’t look perfect for ETH.

Market Dominance Hurt

Since the bears struck, Ethereum has managed to hold on, even holding its own as far as market dominance is concerned.

However, with the current bearish sentiments, the coin seems to be losing its grip on the market. While Bitcoin’s dominance has relatively increased, reaching around 47.5% on June 6, Ethereum’s decreased to a new low of 17.7% on the same day.

PayPal’s Rival Checkout.com Launches USDC Payment for Online Merchants

Mark Brennan
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PayPal’s Rival Checkout.com Launches USDC Payment for Online Merchants

Checkout.com has become the latest traditional payment company to support cryptocurrency payments.

Popular fintech company Checkout.com has become the latest financial services firm to announce that it has ventured into the cryptocurrency bandwagon by allowing merchants to accept digital currency payments.

According to a CNBC report today, Checkout.com will be launching a feature that will allow its growing list of customers to accept and make payments using the second-largest stablecoin USD Coin (USDC).

The initiative has prompted Checkout.com to partner with cryptocurrency security provider Fireblocks, to facilitate merchants’ acceptance of $USDC as a payment method.

Importance of the New Service 

Commenting on the development, Jess Houlgrave, Checkout.com’s head of crypto strategy, said during the Money 20/20 fintech conference in Amsterdam that the initiative is imperative as it will help merchants using its service to accept $USDC payment on a daily basis even on weekends when traditional financial institutions do not operate.

Houlgrave noted that the new service is similar to purchasing crypto from a trading platform, adding that while cryptocurrency transactions are completed immediately on weekends, traditional financial institutions may not receive funds for days.

“Between the time that they’ve sent the bitcoin, and the time that they receive those funds, they have a working capital constraint,” she added.

Checkout.com’s Dominance in the Global Payment Sector

Checkout.com is one of the biggest traditional payment providers in the world. The financial service firm, which was last valued at $40 billion, is mostly considered a major rival to other top payment companies, including PayPal and Stripe.

Earlier this year, Stripe moved further into the world of cryptocurrency, as the company tapped Polygon to allow Twitter users to receive $USDC payments.

Although Checkout.com’s entrance into the crypto bandwagon may come as a surprise to many, the company has been considering integrating USDC into its list of supported payment methods.

Per the report, Checkout.com commenced testing for the offering with a few of its clients a few months ago, which ended with positive results as over $300 million worth of transactions were completed in the process.

Checkout.com Play Safe

Despite Checkout.com betting big on cryptocurrency, the firm has decided to mitigate the risks associated with the asset class by opting for a stablecoin pegged to the dollar, which rarely fluctuates like other cryptocurrencies.

However, the recent event with Terra stablecoin ($UST) has shown that stablecoins are not entirely safe. Although $UST crashed as a result of Terra’s design, the unfortunate incident did a lot of damage to the confidence of cryptocurrency investors, resulting in widespread capitulation.

Twitter Bots: Data Shows Dogecoin Has Over 1M Fake Followers While Shiba Inu Has None

Zabi
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Twitter Bots: Data Shows Dogecoin Has Over 1M Fake Followers While Shiba Inu Has None

Dogecoin (DOGE) has more fake followers compared to Shiba Inu (SHIB) on an American microblogging and social networking platform, Twitter.



Gossip SHIB, the former official SHIB Growth Breed member, claims that the official Twitter account of Dogecoin has more fake followers compared to Shiba Inu. The member has shared a screenshot as a “Proof” from one of the tools used to audit counterfeit followers on Twitter.

As per the provided screenshot, the tool suggests that the official Twitter account of Dogecoin is followed by a total of 3,401,438 (3.40M) people. Out of which, a whopping number of 1,326,561 (1.32M) followers are recognized as “Fake.”

This means the official Twitter account of Dogecoin comprises 39% of the fake followers in total. The tool defines “fake followers” as unreachable accounts and cannot see the account’s tweets (either because they’re spam, bots, propaganda, etc., or because they are no longer active on Twitter).

On the other hand, the tool claims Shib has 0% fake followers for the Shiba Inu token’s official Twitter handle. It also confirms that the official Twitter account of @Shibtoken is followed by a total of 3,387,678 (3.38M) people.

The data mentioned above shared by Gossip SHIB also specifies the fact that Shiba Inu is almost near to killing its rival Dogecoin in terms of Twitter followers. As per the data provided, the official Twitter account of Shiba Inu is only 13,760 followers away from beating Dogecoin in Twitter followers count.

If the claims are valid and the data is authentic, Shiba Inu is already leading Dogecoin in Twitter followers.

Justin Sun: Tron Send $100M USDT To Binance To Buy Additional Bitcoin and TRX as Reserves

Mark Brennan
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Justin Sun: Tron Send $100M USDT To Binance To Buy Additional Bitcoin and TRX as Reserves

 

TRON DAO Reserve To Buy $100 Million Worth Of BTC And TRX As Reserves.



TRON is arguably one of the largest blockchain networks in the industry. It was founded by Justin Sun, a rather popular crypto player known for his marketing and attention-courting antics. TRX is the native crypto coin used on TRON.

The ecosystem also has a Stablecoin, the USDD. USDD is issued by the TRON DAO as a stable settlement currency. The TRON DAO Reserve oversees all stablecoins on the TRON blockchain and manages the native TRON USDD stablecoin.

Stablecoins are meant to withstand price fluctuations that would normally cause volatility and sometimes loss of liquidity to other cryptos.

A recent tweet by Justin Sun reveals that TRON is planning to buy $100 million worth of Bitcoin and TRX to be used as a reserve for stabilizing USDD. This would be by way of providing the TRX and BTC reserves as collateral. As such, algorithmic formulas are used to control supply and demand. TRON Has moved 100 million USDT to the Binance exchange to that effect.

“Tron dao reserve moved USDT reserve to purchase more BTC and TRX as a reserve.”

Precautionary Measure?

It was not immediately clear what triggered the move by TRON, but given the recent crash of UST, a stable coin created by Terra, it’s not surprising that other entities like TRON would want to take precautions to prevent their stablecoins, in this case, USDD, from meeting a similar fate.

On May 10th Tron DAO purchased 500 Bitcoins with an average price of $31,000 for over $15M and 600M TRX for $45.6M. Overall, TronDao spent over $60M to maintain its reserves.

At the time of this writing, USDD is trading at a stable price of $1, with a negligible variation. On its part, TRX is trading at a decent price of $0.08, with a 24-hour decrease of around 4%.

Will It Impact Bitcoin?

The Bitcoin market has been volatile lately, swinging between $29k and $31.5k. However, a purchase of $100 million could give it a push and possibly impact the price. However, the amount is small compared to the larger BTC market.

Shiba Inu (SHIB) Dev Team to Reportedly Enhance Yield Farming Features on ShibaSwap 

Albert Brown
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Shiba Inu (SHIB) Dev Team to Reportedly Enhance Yield Farming Features on ShibaSwap 

Updated: 7 Jun, UTC 10:35 AM

Shiba Inu (SHIB) is reportedly planning to enhance Yield Farming features on its decentralized exchange ShibaSwap. 


The development was revealed via a community feedback forum created by the Shiba Inu team on its Discord channel.

According to images shared by popular Shiba Inu official Team member MILKSHAKE, the team behind the project created a new forum on Discord, calling on the community to make suggestions, which will determine whether the project will launch new features on its already ongoing Yield Farming.

Per the screenshot shared by MILKSHAKE, suggestions about the Yield Farming proposal have already commenced and will end by Thursday, June 9, 2022, at 00:00 UTC.

“The @Shibtoken Discord opens forum, and a community feedback channel for farming-proposal-feedback for #ShibaSwap. Deadline for Feedback on the channel is up until Wednesday 5pm PST // 8pm EST,” MILKSHAKE tweeted.

Reason for the Initiative

Analyzing the screenshots shared by the Shiba Inu enthusiast, the SHIB team has been observing the operations and functionality of its decentralized exchange, ShibaSwap.

Since the decentralized trading platform was launched, it has executed numerous functions, including distributing rewards to beneficiaries on numerous occasions.

However, the Shiba Inu team believes ShibaSwap is yet to reach its full potential and it can achieve more success in other areas, including Yield Farming.

“Based on the characteristics mentioned above, we are working on a new proposal for the community, but also want to hear everything from supporting comments, promoting feedback for Yield Farming, so that we can make some of the ideas a reality,” an excerpt of the announcement reads.

Possible Upcoming Proposal

Furthermore, the Shiba Inu team suggested three features it plans to implement on ShibaSwap and they include:

“Cumulative WOOF for all rewards instead of woofing individually – single button, 2. Outside projects are able to provide rewards themselves for their pairs in the form of their own token(s), [as well as] improved gas structure.”

After all, suggestions have been made Per the announcement, the Discord admin said all input will be given to the Dev Team, who will now launch a proposal based on the suggestion received.

The proposal will be passed via Doggy DAO, which launched earlier this year, to enable the community to vote on whether the new features on the Yield Farming initiative would go live.

More Ways to Earn Passive Income

The initiative, if implemented, will add to the numerous ways Shiba Inu enthusiasts can earn passive income.

Yield Farming enables users to earn rewards via decentralized finance. With Yield Farming, members of the SHIBArmy will be allowed to borrow and lend Shiba Inu ecosystem tokens, and earn rewards.

Meanwhile, the Shiba Inu community has been presented with more ways to earn passive income, including burning SHIB and locking LEASH and Shiboshi in the designated tools.

Terra’s Do Kwon Few Months Ago: If You Keep Using Centralized Stablecoins They’ll Eventually Rug You, Use UST

Mark Brennan
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Terra’s Do Kwon Few Months Ago: If You Keep Using Centralized Stablecoins They’ll Eventually Rug You, Use UST

 

The new video clip shows Terra’s Do Kwon saying Stablecoins execute rug pulls months before the UST crash.



The Terra community has been hounding Terra founder Do Kwon to find a solution to keep the ecosystem afloat. Even after the launch of Terra 2.0 and the minting of new LUNA coins, Terra is still in trouble.

The new LUNA coin is already struggling to stay competitive. While this happens, there have been reports that Do Kwon and Terraform Labs have abandoned LUNC in favor of the new LUNA and are also planning to create a new stablecoin and ditch UST. This begs the question: what’s really going on behind the scenes? Was it planned?

In a recent video clip posted on Twitter by FatMan, the guy that has been giving Do Kwon sleepless nights, the Terra founder and UST creator seems to know the risks of operating a stable coin and asking people to use UST.

“Do not worry about getting rug pull by stable coins… if u keep on using centralized stable coins they will eventually gonna rug you… so start using UST now.”

 

The original video, on YouTube, was posted way back in October 2021, months before Luna and UST crashed.

Use UST

Kwon says that some types of stable coins eventually execute rug pulls in the clip. He then goes ahead to market his own brand, saying that people should just start using UST. From a layman’s point of view, this statement seems totally casual. However, it now raises a lot of questions judging from what happened just a few months after.

For one, Jose Maria Macedo, the guy who hosts the YouTube channel named Delphi Media, is popular, meaning that many people support his work and the people he hosts.

As such, it’s quite possible that UST gained more users as a result of Do Kwon saying stablecoins fail and that people should use UST instead.

In the original video, Do Kwon presents himself as a professional who knows his stuff. He goes on to point out the issues that affect other projects that Terra was apparently handling differently. This was to be proven otherwise when the Terra ecosystems crashed a few months later.

Did Kwon Know UST Was About To Tank?

There have been some claims that the crash of Luna and UST may have been orchestrated from the inside, rather than the popular narrative that outside forces may have had a hand in it.

A case in point is a video where Do Kwon was seen saying that he had a “kill switch” for Terra and that he could destroy everything in 24 hours.

The issues being raised about Terraform Labs and Do Kwon on a daily basis point to one major question: Did they know that Luna and UST were about to crash? Did they plan it? Did they benefit from it? Was this a rug pull? Only time will tell.

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