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Shiba Inu’s Shibarium To Match Ethereum Layer-2 Scaling Platform Polygon’s Operability, Scalability, and Security 

Lele Jima
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Shiba Inu’s Shibarium To Match Ethereum Layer-2 Scaling Platform Polygon’s Operability, Scalability, and Security 

Shibarium Will Have Polygon’s Features of Operability, Scalability, and Security.


With Shibarium expected to go live later this year, Shiba Inu developers have teased that the upcoming layer-2 network will match Polygon’s mouthwatering features.

Despite the numerous features and developments launched in the Shiba Inu ecosystem, the community is anticipating the release of Shibarium, a layer 2 blockchain solution that is being built on the Ethereum network. 

Shibarium, which is expected to go live this year, will be a platform for decentralized application (dApp) developers and will host all Shiba Inu projects, including SHIB, The Metaverse, Shiboshi, and play-to-earn (P2E) game, among others. 

Shibarium to Match Polygon’s Performance

The upcoming Shibarium is also tipped to match the performance of the popular Ethereum layer-2 scaling platform Polygon. 

The Shiba Inu development team teased that Shibarium will match Polygon in terms of operability, scalability, and security. 

With this teaser, it is safe to assume that Shibarium will have all the qualities embedded in the Polygon network, including cheap and faster transactions, a plethora of side chains that scale the Ethereum network, as well as maximum security. 

MILKSHAKE, a popular Shiba Inu pseudonymous enthusiast and official growth team member, stated some of the features of the Polygon network that the SHIB community should expect when Shibarium eventually goes live. 

Polygon and Its Features

Polygon is a proof-of-stakes layer-2 chain that enables a multi-level platform to scale the Ethereum network, which has come under public scrutiny for the massive congestion currently hindering the growth of the blockchain. 

In a bid to scale the Ethereum network, Polygon supports sidechains, which are bound to the Ethereum blockchain and support several decentralized applications that are available on Ethereum. 

“This aggregator is a layer-2 solution for Ethereum that provides a framework for building decentralized apps (dApps) off-chain that have fortified security, scalability and speed,” MILKSHAKE said. 

Polygon is different from other layer-2 chains on the Ethereum network because it fully supports Ethereum Virtual Machine (EVM), thus allowing blockchain developers to create decentralized applications. 

With low cost and faster transactions, Polygon has been widely adopted by Ethereum dApp developers, who are conversant with developing apps using Solidity, a programming language used to write smart contracts. 

Based on this, MILKSHAKE noted that the dApps built on Polygon will enjoy Ethereum’s effects without compromising the network’s robust security. 

 

Since Shibarium has been teased to be similar in comparison to Polygon, it is expected that the network will have all these features embedded when it eventually goes live later this year. 

Is Bitcoin Going Below $20K Or Are Institutional Investors Buying Again? CryptoQuant CEO Explains

Albert Brown
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Is Bitcoin Going Below $20K Or Are Institutional Investors Buying Again? CryptoQuant CEO Explains

Institutional Investors Could Be Accumulating BTC Through Market Makers after Strong Selling.



Market makers sent a total of 84,000 BTC from Gemini to Binance between May 7 and 10. On Coinbase, the BTC-USD spot trading volume reached a year high as Coinbase Premium reached a 3-year low of -3%.

A Crypto Quant CEO, Ki Young Ju shared details on Twitter. According to the analyst, it’s possible that institutional investors are using market makers to accumulate Bitcoin.

 

Bitcoin Selling

From May 7th to May 10th BTC Whales sent an all-time high of 84K BTC from Gemini To Binance.

crypto quant 2

Image source: Twitter

Apparently, Coinbase has had the largest inflow of BTC from Binance, indicating high selling pressure. The 84k BTC mentioned is worth around $2.5 billion. It is not yet clear whether the market makers have finished selling the stash. Either way, it’s certainly clear that institutional investors could be behind the selling. Ki Young Ju says:

“2022-05-08 (Mon) ~ 2022-05-12 (Thu) The majority of selling pressure came from Coinbase since they had the largest BTC inflows from Binance. – BTC-USD spot trading volume on Coinbase hit a year-high. – Coinbase Premium hit the three-year low of -3%.”

crypto quant 1

Image Source: Twitter

It’s worth noting that institutional investors with full flow entered the crypto market a year before. In fact, crypto-based investment funds like Grayscale, MicroStrategy, and Fidelity have come up to serve the growing customer base.

LFG BTC Sell Was Unexpected

Going on, the analyst intimated that intuitional investors may have had their bid walls set at $30k. However, they had to re-adjust this wall down to the $25k mark after the sudden BTC sales done by the Luna Foundation Guard. At the onset of Luna’s price crash, the foundation had to sell off its Bitcoin stash to prop up Luna’s price. Its sister stablecoin, UST, was also hit hard and had to de-peg from the USD.

“Market maker(s), including the ones hired by LFG, already sent 84k BTC(~$2.5B) to multiple exchanges last week. Not sure they finished selling, but it is highly likely for the accumulation from institutions since Coinbase digested the majority of selling pressure.

I think institutions tried to stack $BTC from $30k but had to rebuild the bid walls at $25k due to the unexpected LFG selling.”

Bitcoin Buying

An increased buying drive by institutional investors may point to a possible price upswing in the near future. It might also cause a short-term bull run due to FOMO spreading in the market.

Crypto Quant CEO further says that Bitfinex long reached an all-time high yesterday. 50K Bitcoin entered Bitfines in two weeks and out of these 50K BTC, 39K were used to open positions.

This shows that BTC Whales are more engaging in Buying BTC at the dip.

Is $20K A Possibility?

Young Ju further explains that the only possibility of BTC going to $20K is if Finex whale who has at least $1.17B worth of Bitcoins gets liquidated, But the CEO is pretty sure that’s not going to happen.

 

Currently, Bitcoin is valued at around $29.5k and recording a loss of 12% over the last 7 days. However, the coin’s price hasn’t changed much over the last 24 hours.

Top Hedge Fund Manager Who Warned Investors, Says Terra’s Project Was Destined to Fail Due To High Yield

Lele Jima
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0
Top Hedge Fund Manager Who Warned Investors, Says Terra’s Project Was Destined to Fail Due To High Yield

The hedge fund manager said Terra failed because the system was designed to enrich investors and the team.


While many investors were shocked at the massive fall of Terraform Labs’ native digital currencies, TerraUSD (UST) and LUNA, some crypto enthusiasts have noted that they saw it coming because the signs were there.

Kevin Zhou of Galois Capital is one of the crypto enthusiasts who did not only see the risks associated with Terra, but he has been calling on people to desist from investing in the project.

In an interview with the Odd Lots podcast as published by Bloomberg, Zhou noted that after discovering the systemic risk Terra posed to the entire cryptocurrency space, he issued warnings to investors as a way of public service since the beginning of this year, asking them to desist from the project.

Zhou Slammed Terra’s Design

Zhou, who has been an early crypto enthusiast since 2011, noted that the Terra “box” was designed to enrich insiders as opposed to investors, with many believing that they would be rewarded with massive returns of nearly 20% by depositing their funds in the Anchor protocol.

While investors thought Terra’s Anchor yield was designed to have them compete with each other to get the highest yield on a first-come-first-serve basis, they never knew they were competing against the system.

“But what I’m saying is that this is even worse than that because it’s not really just users competing against users. It’s more like users thinking they’re competing against other users, but really getting all their funds siphoned out by investors and the inside team.”

Zhou disclosed that the 20% ROI Terra used to entice users into investing in UST is obtained from the sale of the huge stash of LUNA, which unlocks over a specific vesting period.

“So what they would do in order to finance their operations and to also finance the Anchor Yield Reserve, they would sell large clips of this to willing investors at some kind of discount that also has a one-year cliff or some kind of vesting schedule, something like that,” Zhou said.

He added that Terra would use the funds realized from the sale of LUNA to finance their operations and to also top up the Anchor protocol on their yield reserve.

The veteran cryptocurrency enthusiast noted that Terra also got some of the yields from new users who kept on depositing in the Anchor protocol in order to become beneficiaries of the 20% ROI.

With many users joining Terra’s yield program, the company started paying about $7 million to investors as ROI even when they had about $80 million in the reserve, Zhou noted.

During the interview, Zhou noted that the team was forced to bolster the reserve to $450 million and then slowly, the funds also got exhausted following the entrance of more investors seeking to benefit from the program.

“One way to think about Luna is that it’s a perpetual motion machine, something doomed to fail as the energy needed to sustain it eventually dwindles to nothing. But another way to think of it is as a Rube Goldberg machine in which someone’s turning a hand crank to keep the system going,” Zhou said.

Meanwhile, investors are still trying to recover from the massive loss they incurred from Terra’s ecosystem tokens as the team behind the project thinks of ways to compensate investors for their losses.

SHIB Army Burns 449.98 Million Shiba Inu In 24 Hours, 2.17 Billion In A Week

Zabi
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SHIB Army Burns 449.98 Million Shiba Inu In 24 Hours, 2.17 Billion In A Week

2.17 Billion Shiba Inu (SHIB) Burnt within the Last 7 Days and 449.98 Million During Last 24 Hours.



Shiba Inu (SHIB) has successfully maintained its burning momentum this week. As per our calculation, the SHIB Army has sent 2,177,129,103 (2.17B) SHIB tokens to the dead wallet in the last seven days through 155 separate transactions.

Travis Johnson’s SHIB Burn Games and SHIB-inspired token ‘1Cent’ are among the top SHIB Burner of the Week.

Travis Johnson’s SHIB Burn Games (Top SHIB Burner of the Week):

On Sunday, Travis Johnson’s SHIB burn games officially reported via tweet that the company had burned 283 million SHIB tokens in one significant transaction. Following the burn, the company also has shared “Proof of Burn” with the community through screenshots and a transaction link.

Since November 2021, Travis Johnson’s SHIB burn games have contributed to SHIB Burns. The individual company organizes its “Monthly Burn Party” on the 15th of every month. As per the company, it has burned 1.98 billion SHIB tokens since November 2021.

The company has developed three games, including one of its famous Brick Buster. The other two games include Candy Trips and Zombie Assassins. All these games are available to play on Google App Store. As per the company’s official website, 100% of their ad revenue earned from games goes to SHIB Burn.

Besides the Games, the company also has one official YouTube Channel named “ShibPlay” and various apps like ShibSphere available to download on Google App Store, all dedicated to SHIB Burn.

 1CENT Weekly BURN EVENT:

On the other hand, SHIB-inspired token 1CENT organized its Weekly Burn Event on Monday. As per the team, they have been able to burn only 34,240,306 (34.24M) SHIB this week. The burn was made in one significant transaction.

Following the tweet, the token has updated the transaction link on its official website as a “Proof of Burn.” The website claims that the project has sent a whopping total of 1,986,621,965 (1.98B) SHIB to dead wallet since 14th March 2022.

Past 24 Hour Burn:

Besides weekly burns, 449,981,701 (449.98M) SHIB tokens have been sent to dead wallets through 29 separate transactions in the last 24 hours; with the help of the SHIB Burn Portal, Shibburn.com reports

Travis Johnson’s SHIB Burn Games made the single largest burn transaction, including 283 million Shiba Inu tokens.

Ethereum Founder Vitalik Buterin “Strongly Agrees” With Terra’s Plan to Compensate Small TerraUSD (UST) Investors Over Rich Ones 

Mark Brennan
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Ethereum Founder Vitalik Buterin “Strongly Agrees” With Terra’s Plan to Compensate Small TerraUSD (UST) Investors Over Rich Ones 

The Ethereum creator believes that a plan to focus more on compensating small investors is a good hybrid formula.


Vitalik Buterin, the founder of Ethereum, noted in his recent update on Twitter that he agreed with a proposal made at the Terra forum to prioritize the compensation of small TerraUSD (UST) holders who made deposits to UST deposits to the Anchor protocol.

Buterin declared his full support for the proposal to make poor UST investors whole again, as they only invested in UST due to the enticing offers influencers convinced them they would benefit from, including a 20% ROI among others.

The Ethereum exec compares the initiative with Singapore’s employment law, which has favorable regulations for low-income earners who earn less than $4,500 monthly, while wealthy income earners are left with a “figure-it-out-yourself approach.”

According to Buterin, focusing on poor UST holders is a good hybrid formula.

Terra’s Compensation Proposals

With Terra looking for ways to compensate UST investors for the losses they suffered as a result of the decline in the value of the stablecoin, many proposals have been made.

Terra is planning to compensate investors using a $1.5 billion fund in order to make people whole again. With the main focus on investors who deposited to the Anchor protocol, some people proposed that the team behind Terra should pay $0.3 for every 1 of UST being held on the Anchor protocol, which would see a 30% relief to every investor.

Since most wealthy UST investors hold a majority of the stablecoin in their wallets, many believed that the $1.5 billion funds would mostly flow to the rich.

However, the other proposal is that Terra should focus more on small UST holders, who have a few hundreds or thousands of dollars deposited in the Anchor protocol.

“The second way is to prioritize smaller wallets. People who had a couple thousand or more UST deposited in Anchor.

If Terra just focused on the “poorest” 99.6% of wallets, then they could have made this gigantic group 100% whole. Yes, you read that right!,” Persian Capital wrote on Twitter.

The idea of compensating smaller UST investors would be healthy for community sentiment.

TerraUSD and LUNA Plunge

Meanwhile, it is no longer news that Terra investors, including LUNA and UST, suffered one of the biggest losses since the inception of the digital currency industry.

UST, which is supposed to be pegged to the dollar, declined as low as $0.06 last week, while LUNA, which traded at $125 dipped to an all-time low of $0.000000009.

At press time, UST is trading around $0.15, with plans being made to peg the stablecoin again to the dollar.

Last week, Terra’s CEO and founder, Do Kwon, called on investors to exercise patience with the team, who are working round the clock to proffer solutions to the issue.

Ethereum Founder Sends 500 ETH To Dogecoin Foundation

Mark Brennan
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Ethereum Founder Sends 500 ETH To Dogecoin Foundation

Ethereum Founder Sends 500 ETH To Dogecoin Foundation.

It’s not always that Vitalik Buterin sends funds to support other crypto projects. However, he appears to have developed a liking for DOGE.

About 9 days ago, an Ethereum transaction was recorded. This particular transaction originated from a crypto wallet controlled by Vitalik Buterin. The transaction involved 500 ETH coins sent to a crypto address belonging to the Dogecoin Foundation. At current prices, the transaction is worth around $1 million.

Image source: etherscan.io

Who Is Vitalik To DOGE?

Vitalik Buterin loves Dogecoin, and he has been recorded admitting as much in the recent past. According to him, the crypto is great but would fare better if the network switched to proof-of-stake. He hopes to see this happen in the near future.

Buterin was appointed as an advisor to the Dogecoin Foundation and joined its board back in August 2021. This was the first board meeting of the foundation in 6 years. In this case, it is clear that Buterin is a huge fan of DOGE and that sending support isn’t much of a shocker.

DOGE Market

At this moment, DOGE is trading at around $0.089 and is at position 10 in the charts. There have been efforts to improve the crypto’s utility, and Buterin’s contribution may be aimed at boosting these efforts.

Dogecoin started as a fork from Litecoin back in December 2013. It was created by Billy Markus and Jackson Palmer. Since then, crypto that was initially seen as a joke has grown to be one of the top and most popular coins in the market.

For one, being among the top 20 cryptos in the charts is a big deal to any crypto project. There are currently over 4,000 crypto projects in existence.

DOGE’s switch to a proof-of-stake mechanism is still in the works, although there hasn’t been a clear timeline as to when this will happen.

Binance CEO Says Buy Back Or Burn Terra (LUNA) To Create Value, Confirms Exchange Doesn’t Hold UST

Mark Brennan
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Binance CEO Says Buy Back Or Burn Terra (LUNA) To Create Value, Confirms Exchange Doesn’t Hold UST

Binance CEO Says The Exchange Doesn’t Hold Any UST and Terra team should Burn LUNA to help price recover.



It’s been a devastating week for Terra Luna and UST after the crypto’s price was nosedived.

The coin has lost over 95% of its value within days. However, while crypto exchanges like Binance have facilitated Luna trading before suspending it, being an investor in this particular crypto is an issue of concern to many.

Binance’s CEO admitted that he was under pressure from crypto Twitter to disclose whether the exchange owned any UST in a recent tweet. He intimated that he made moves to ask his team at Binance whether the company had invested n UST.

 

A Little From Fees

Apparently, Binance doesn’t hold any UST except what the exchange gets as trading fees. As usual, every transaction on the exchange carries a small charge but the value of UST Binance holds as a result of fee deduction is almost zero. CZ said:

“We probably do have some from trading fees. Probably valued close to 0 now. (Think of it as free trading in the past, haha). This just wasn’t on my mind. Not how we prioritize things. Users first.”

Binance’s CEO confirmed that Binance invested $3M in Terra (LUNA) in 2018 as Binance Labs invest in hundreds of projects, some failed and some were successful and that is how an investment works.

The CZ confirms that Binance has not invested any amount in the 2nd round of Luna’s fundraising regarding UST.

“Binance did not participate in the 2nd round of Luna’s fundraising nor did we acquire any UST. Binance Labs invested $3m USD in Terra (the layer 0 blockchains) in 2018. UST came much later after our initial investment.

Binance Labs invested in hundreds of projects over the last 4 years, including exchange “competitors” and many “competing” blockchains. A few of them have fallen by the wayside, but a few have been extremely successful. That’s how investments work.”

The CEO went on to express his concern about the collapse of Terra (Luna). He mentioned that the crypto network was one of the major projects in the industry. The network collapse sent ripple effects across the industry.

However, the CEO was of the opinion that while the market’s crash wasn’t very welcome, the incident has brought to light a new level of strength that has enabled the market to pull through the said ripple effects. CZ was quick to note that this kind of strength didn’t exist in the market for a long time.

“These past weeks have proven to be a watershed moment for the crypto industry. We have witnessed the rapid decline of a major project, which sent ripples across the industry and a newfound resiliency in the market that did not exist during the last market downswing.”

Trying Hard To Support Luna Community

Binance CEO said that his team has tried hard to support the Terra community. To further protect the community the exchange healed deposits a few days ago Apparently, a huge number of LUNA was minted as a result of a critical flow in the Terra protocol. As Users on Binance continued to buy Luna, unaware of the fact that a vast amount of Luna was minted, these users would be hit hard because the price would crash harder as the large amounts of newly minted coins enter exchanges.

CZ also says that the Terra team should Buy back or burn the supply to help the price as minting and forking doest not create value.

“The last few days, we tried hard to support the Terra community. In my tweets, I am simply pointing out the potential issues from my understanding. Minting, and forking, don’t create value. Buying back, and burning does but requires funds. Funds that the project team may not have.”

Transparency Is Key

Reacting to CZ’s tweet, many crypto fans were satisfied with his transparency. Transparency in the crypto space is a paramount factor, especially given the many reported scams and the industry’s vulnerability to exploitation by bad actors.

At the time of this writing, Terra Luna is trading at around $0.00024 and sitting at position 208 in the charts. Its sister coin, UST, is trading at $0.17 and sitting at position 38. UST’s market standings took a major hit after the stablecoin was de-pegged from the USD.

Top Whale Adds Another 109.84 Billion Shiba Inu, But SHIB Holding Of Top 2K ETH Whales Fall

Zabi
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Top Whale Adds Another 109.84 Billion Shiba Inu, But SHIB Holding Of Top 2K ETH Whales Fall

Top ETH Whale Adds Another 109.84 Billion Shiba Inu (SHIB), Worth $1.40 Million.



Major Ethereum Whale added another 109.84 Billion Shiba Inu (SHIB), worth $1.40 million to her wallet in the past 24 hours, as the accumulation trend continues.

The recent SHIB accumulation trend starts when Shiba Inu (SHIB) lost its significant support level located at $0.00001717 for the first time since October 28, 2021. After the critical support level breakout, Shiba Inu’s price decreased by over 40% and reached its next support level at $0.0000095.

As soon as the breakout occurs, the top ETH whale named “BlueWhale0073” became active, gobbling up billions of Shiba Inu tokens in one go. Since May 9 (Monday), the ETH whale has scooped up over 1.27 Trillion SHIB tokens, worth $16,537,152 ($16.53M) through five separate transactions.

As of the recent WhaleStats report, the top ETH Whale has just processed her fifth transaction in a row and added 109,842,128,610 (109.84B) more of SHIB, worth $1,408,176 ($1.40M) to her wallet.

This aggressive accumulation from ETH Whale at such low prices may signify that whales still have a lot of interest in Shiba Inu, especially at low prices.

SHIB Lost First Place as Biggest USD-Valued Holding Among Top ETH Whales Amid Price Crash.

The global crypto market is under intense selling pressure since Monday. Following the widespread selloff, Shiba Inu’s price also experienced a loss of more than 37% in one week.

As a result, most of the ETH whales were seen dumping their biggest SHIB positions. The top ETH whale holdings which were normally used to sit around the $1.2 billion mark for the past few weeks are now reduced to only $687,783,256 ($687.78M), forcing it to lose its first place as the biggest USD-valued holding among the top 2,000 Ethereum Whales, WhaleStats reports.

At the time of writing, Shiba Inu is trading at the price of $0.00001232, down -6.13% over the last day, with a 24-hour trading volume of $997,224,524 ($997.22M).

BOSS Money Launches Direct Remittance to Ethiopia Using Ripple’s Partner TerraPay’s Solution 

Lele Jima
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0
BOSS Money Launches Direct Remittance to Ethiopia Using Ripple’s Partner TerraPay’s Solution 

Fintech company’s adoption of Ripple’s technology for global remittance has continued to soar.  


Following its partnership with Ripple’s partner and global remittance player TerraPay, IDT Corporation has announced that its BOSS Money service will be made available in Ethiopia.

The initiative would enable users in the United States and other countries to make direct deposits to 40 million Ethiopian bank accounts, and the funds would be received within minutes, IDT Corporation said in an announcement this week.

Rising Ethiopian Interest in BOSS Money Service

Alfredo O’Hagan, IDT’s SVP for Consumer Payments, said the company has attracted the interest of Ethiopians in the diaspora due to its reliable cash pick-up service and favorable exchange rates, as well as incredibly low fees needed to settle cross-border transactions.

“Now, we are pleased to offer direct deposit to 40 million accounts at Ethiopian banks in addition to cash pick up at over 4,600 branch locations,” O’Hagan said.

Features of the Service

Notably, the new payment service is powered by TerraPay, a global remittance player that uses Ripple’s technology to facilitate cross-border settlements.

With the new service, BOSS Money clients can conveniently transfer a minimum of $100 to any Ethiopian local bank account for a service fee of $3.99.

Similarly, users can also transfer a maximum of $2,999 for as low as $6.99 using the BOSS Money and BOSS Calling apps available for download on Google PlayStore and iTune App Store.

According to the announcement, customers utilizing the service to send money to Ethiopian bank accounts for the first time would be allowed to transfer up to $300 without incurring any fee. However, charges will apply to all subsequent transactions.

The BOSS’ Money direct deposit option is available to the following Ethiopian banks,

“Abay Bank, Addis International Bank, Awash International Bank, Bank of Abyssinia, Berhan International Bank, Bunna Bank, Commercial Bank of Ethiopia, Cooperative Bank of OromiaDashen Bank, Debub Global Bank, Development Bank of Ethiopia, Enat Bank, Lion International Bank, NIB International Bank, United Bank, Wegagen Bank, and Zemen Bank,” the announcement adds.

Meanwhile, a Ripple enthusiast known by the pseudonym WrathofKahneman highlights the achievements of BOSS Money in Africa over the last three months.

 

Widespread Adoption of Ripple’s Tech

The development confirms the widespread adoption of Ripple’s payment technology in cross-border remittance.

Ripple’s RippleNet has been adopted by numerous financial institutions globally due to its prowess in global remittance.

The service is currently being used by top banks, including Banco Santander and the Canadian Imperial Bank of Commerce (CIBC), among others.

CertiK Places Shiba Inu Decentralized Exchange ShibaSwap At 2nd Spot As the Most Secure Platform

Mark Brennan
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CertiK Places Shiba Inu Decentralized Exchange ShibaSwap At 2nd Spot As the Most Secure Platform

 

ShibSwap Grabs 2nd position As The Most Secure platform As Shiba Inu Becomes The 3rd Most Trending Project on CertiK.



Shiba Inu has been in the headlines for quite some time now, and it’s always for good reasons. Since it was created in August 2020, the top coin has rapidly gained popularity and even acceptance as a means of payment in many sectors after Nowpayments and Bitpay integrations. Its price action during this period has reflected its popularity.

Now, the Sihb ecosystem exchange ShibSwap exchange is being hailed as the second most secure system in the industry. Besides that, Shiba Inu has also been recognized as the 3rd most popular project on CertiK’s Security Leaderboard.

These statistics have been collected and verified by the CertiK Security Leaderboard, a security research firm working in the crypto, web3, and DeFi industries. The firm released its findings in a recent tweet.

A quick look at the report’s details shows that ShibSwap has attained a security score of 95%. The security scores cover various aspects of the entire crypto project, including social sentiment, statistic analysis, governance and autonomy, on-chain monitoring, market volatility, and safety assessment. Skynet, a security intelligence engine, also powered the research.

While Shiba Inu, as an altcoin, gets 3rd place on Certick’s security leatherboard.

Why Strong Security Matters

Security in the crypto space is a paramount factor that can’t be ignored, especially when it concerns investors’ funds running into billions of dollars. Crypto projects invest many resources in securing their networks and code bases. This is why this kind of ranking is very significant for Shiba Inu.

For example, there have been instances where hackers have breached systems and stolen funds. Even some exchanges, including Binance and other top entities, have experienced this. Terra Luna is the latest crypto project to fall victim to adequate security check points. The coin is now struggling to survive, having lost over 99% of its value.

Memecoin Vs. Utility Token

The Shiba Inu community has been working hard to turn the coin from being just a meme coin into a credible utility token. This drive is boosted by ShibSwap, which is an exclusive exchange for the coin.

Shiba Inu is no longer a meme coin as the coin has a complete ecosystem in progress.

Shiba Inu NFTs, Shibarium, Shiba Inu Game & Metaverse, Shiba decentralized exchange, and Burn portal distinguished the coin from a meme coin. Even dogecoin, which has been present since 2013, doesn’t have enough utilities like Shiba Inu.

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