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Shiba Inu Hits 3.3 Million Twitter Followers, A Few Thousand Away From Surpassing Dogecoin

Lele Jima
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Shiba Inu Hits 3.3 Million Twitter Followers, A Few Thousand Away From Surpassing Dogecoin

Shiba Inu continues to record significant growth in various aspects, including social media followers.


The Shiba Inu community on popular microblogging platform Twitter has continued to grow tremendously, suggesting that more people are being recruited to join the SHIBArmy on a daily basis.

The dog-themed cryptocurrency project recorded a new milestone on Twitter today after its number of Twitter followers surpassed 3.3 million users for the first time.

At the time of writing, the number of followers on Shiba Inu’s official Twitter account is currently at 3,312,884 (3.31 million).

Shiba Inu Close to Surpassing Dogecoin’s Followers

Following the tremendous surge in the number of followers on the Shiba Inu Twitter account, the project is only a few thousand away from surpassing the record of its closest rival Dogecoin (DOGE), which currently has 3,343,305 (3.34 million) followers.

It is worth noting that while the Shiba Inu official Twitter account was created in February 2021, the Dogecoin’s account on the microblogging platform was established in December 2013.

Shiba Inu’s Popularity on Social Media

The massive growth of Shiba Inu’s Twitter followers explains why the cryptocurrency has a good social media presence that has seen it become the most talked about digital currency on the microblogging platform on numerous occasions, especially when new projects are launched.

Unlike most crypto projects, it is always easy for the SHIB community to get the cryptocurrency among the top ten trending topics on Twitter at any point of the day.

Meanwhile, aside from the tremendous growth of Shiba Inu followers, the team behind the project has not ceased to look for ways to lure more people to adopt the cryptocurrency.

As reported, Shiba Inu developers led by the pseudonymous Shytoshi Kusama, have so far launched non-fungible tokens (NFTs), virtual land in its metaverse, burn portal etc, for the project.

The team is also poised to have more people adopt the cryptocurrency via significant partnerships with top brands like

Cardano Whales Back In Action: ADA Records Largest Spike of 1085 Transactions Exceeding $100K Since January

Albert Brown
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Cardano Whales Back In Action: ADA Records Largest Spike of 1085 Transactions Exceeding $100K Since January

 

Cardano Whales Back In Action As Bears Pullback.



Cardano has been holding on strong despite suffering a bear attack like the rest of the market.

The market-wide price crash has seen ADA’s value drop over the last few days, but this hasn’t stopped the Cardano blockchain network from focusing on developments. However, a recent turn of events points to a re-awakening of investor interest in ADA.

“Flurry Of Transactions”

This is even more important when it involves whales with deep pockets. The thing started changing when ADA seemed to be bottoming out at around $0.40. This occurred between 8 am and 12 pm UTC on May 13.

According to a report released by Santiment, Cardano whales have been swinging into action with a flurry of transactions.

ADA is currently valued at around $0.538, marking a significant increase compared to yesterday, as mentioned when the whales went active.

In fact, according to Santiment, Cardano whales are now more active than they have been for the last few months, a fact that may indicate a positive development in the general market outlook for Cardano. As a result, ADA has experienced about 1,085 network transactions worth over $100k. This is the highest spike in transactions since January.

What Does This Mean For ADA?

As noted by Santiment, sudden whale activity, especially an increase in the number of transactions and volumes, usually indicates a specific price direction for ADA. The analytics firm says it will continue to monitor ADA’s price movement.

From a critical point of view, it’s clear that Cardano is headed upwards due to this whale activity. This may signal an increase in buying pressure that could push the price due to a corresponding increase in demand. However, whether this will come to pass is yet to be seen.

Recently, Cardano founder Charles Hoskinson said Cardano Is Built For Everyone, and ADA Will Last As It’s Designed to Be Resilient in Bad Times.

IOHK vice president, Tim Harrison, claimed that the Cardano community is increasing. He added that the projects being built on the Cardano network might soon reach 1,000. Harrison shared a chart to support his claims. The chart showed 914 projects currently built on the Cardano network.

For one, Cardano is planning to expand its network with a new upgrade, the Plutus Upgrade, slated for this June. The upgrade is expected to significantly boost the network’s throughput. The Cardano developer team shared a few facts about it in a tweet about a month ago. This may be boosting investor confidence in the project, and in turn, the network’s native coin, ADA.

Terra Founder Do Kwon Says He Never Sold UST Nor LUNA During Price Crash 

Albert Brown
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Terra Founder Do Kwon Says He Never Sold UST Nor LUNA During Price Crash 

Do Kwon mention that he also suffered huge losses because he never sold any of the tokens.


Terra’s team, led by Do Kwon, has come under heavy scrutiny within the past week for the way it handled the situation that led to the de-pegging of TerraUSD (UST).

Many allege that UST lost its peg to the dollar because the Luna Foundation Guard (LFG), the organization that oversees the reserve backing of the stablecoin, sold the stablecoin in a bid to make a profit.

Do Kwon said he was very upset by the way things have gone so far, and apologizes for the panic caused to investors:

“I’ve spent the last few days on the phone calling Terra community members – builders, community members, employees, friends, and family, that have been devastated by UST depegging. I am heartbroken about the pain my invention has brought on all of you..”

“We Did Not Sell UST Nor LUNA During Crisis”

Responding to the allegations, Do Kwon, the founder of Terra, noted earlier today that neither he nor any of the institutions he is affiliated with profited from the unfortunate incident that led to the de-pegging of UST.

He confirmed that despite the massive crash of Terra’s ecosystem of cryptocurrencies, he never sold these coins.

“Neither I nor any institutions that I am affiliated with profited in any way from this incident. I sold no LUNA nor UST during the crisis,” Kwon said.

While there is a possibility that the team may have used some of its Bitcoin holdings to salvage the situation during the UST de-pegging, Kwon noted that he and the Terra team are “working on documenting the use of the LFG BTC reserves during the de-pegging event.”

Kwon pleaded with the community to exercise patience with the team, as the organization is currently “juggling multiple tasks simultaneously.”

UST and LUNA Crash

Recall that UST, which was supposed to remain pegged to $1, lost the peg earlier this week and crashed to a low of $0.066, according to data on Coingecko.

The unfortunate incident also took a considerable toll on LUNA, which despite reaching a high of $125 last month, dipped to an all-time low of $0.00000009.

Despite the massive price crash of Terra’s native cryptocurrencies, Kwon expressed his confidence that “decentralized economies deserve decentralized monies.”

However, he believes UST cannot be described as decentralized money in its current form.

 At press time, UST is trading around $0.15 across major exchanges.

“What we should look to preserve now is the community and developers that make Terra’s blockspace valuable – I’m sure our community will form consensus around the best path forward for itself and find a way to rise again,” Kwon concluded.

Yesterday Binance CEO said he was “Very Disappointed” With How The Terra Team Handled The Luna And UST Incident.

Galaxy CEO NoWhere On Twitter Since Terra Crisis, Has Billionaire Mike Novogratz Lost Money In Luna’s Price Crash

Mark Brennan
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Galaxy CEO NoWhere On Twitter Since Terra Crisis, Has Billionaire Mike Novogratz Lost Money In Luna’s Price Crash

 

Billionaire Mike Novogratz Loses Money In Luna’s Price Crash.



Over the last week, Terra Luna and its sister Stablecoin UST have experienced a sharp market decline that is now described as a total crash. Luna’s price went from the highs of $119 in April to $0.00019 at the time of this writing.

Luna’s downswing has caused pain to many investors, including some notable ones like Blizz Finance and Billionaire Mike Novogratz. Mike is the founder and CEO of Galaxy Digital, a crypto investment firm, and asset manager.

Mike Is “MIA” On Twitter

Mike’s interest in Luna went public when he got a Luna tattoo back in January. His tweeting a photo of it could have been an indirect show of support for the crypto. It’s not clear whether his tweets influenced other investors, but given that he’s one of the most influential people in the crypto space, the answer could be in the affirmative.

 

Mike seems to have gone totally offline on Twitter since Luna went mad prices-wise. Mike is no longer tweeting, sending out signals that his absence may be related to the current bearish invasion of the Luna market.

A Twitter user Mckenna said: “Not a single tweet from Novogratz yet. It’s bad being exposed to a Ponzi, but when you get that Ponzi tattooed on your skin for life, you are down horrendously bad.”

Fox business journalist Eleanor Terrett also shows her concerns:

 

Luna has lost over 99% of its previous value while UST had de-pegged from the USD and is now worth around $0.17 instead of the usual range within the $1 mark. Mike’s wealth is estimated to have shrunk from over $8 billion to around $2.5 billion, according to Bloomberg Billionaires Index. However, that’s just on paper and represents his holdings at current prices.

Galaxy Digital Still In Strong Position

Mike’s Galaxy Digital has released a statement affirming that the company is still in a strong position in the market – despite a projected loss of around $300 million. The firm maintains that it has approximately $1.6 billion balancing its liquidity, $800 million in cryptos, and another $800M in cash. The majority of these assets are not held in algorithmic Stablecoins.

Galaxy Digital said in a press release that they have strong capital and enough opportunities to blossom their business on May 13:

“The company remains in a strong capital and liquidity position and is well-positioned for long-term growth. The company will continue to manage the pace of investment to consider the macroeconomic backdrop it has throughout its history. Our experienced management team believes there are significant opportunities for Galaxy Digital as we navigate current market conditions.”

BREAKING: Ripple Challenges SEC’s Attorney-Client Privilege Claims Over William Hinman’s Documents

Mark Brennan
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BREAKING: Ripple Challenges SEC’s Attorney-Client Privilege Claims Over William Hinman’s Documents

Ripple is still insisting that the SEC should be compelled to surrender the documents.


Popular blockchain company Ripple has filed its much-anticipated response to the Securities and Exchange Commission’s April 29, 2022 assertion that William Hinman’s 2018 speech is protected by the attorney-client privilege.

Ripple, which had a deadline to file its response to the SEC’s recent claim on April 13, 2022, made sure it exhausted every minute preparing what it termed the perfect reply to the Securities and Exchange Commission’s recent move to protect the Hinman’s documents from being tendered as evidence that XRP is not a security.

Ripple Builds Its Argument

Defendants noted that the SEC had constantly fought to protect Hinman’s documents for several reasons, including on the basis of Deliberative Process Privilege (DPP).

Despite the court’s rejection, the SEC still sought a new reason to shield the agency from surrendering Hinman’s documents to Ripple.

This time, however, the SEC claimed that the documents are protected by attorney-client privilege because Hinman shared the drafted speech with the agency’s lawyers.

SEC’s Recent Claim Is Wrong for 4 Reasons

Ripple noted that the SEC’s recent claim over Hinman’s 2018 documents is wrong for four reasons.

According to the blockchain company, the fact that Hinman sought input from his colleagues in his personal capacity at the time does not mean the speech is protected by attorney-client privilege, as proven in the Second Circuit law.

Secondly, Ripple argued that Hinman being entitled to receive legal advice from his colleagues about his personal opinion does not in any way fall within the scope of the attorney-client relationship.

Furthermore, Ripple noted that the main subject of the matter does not involve any confidential information concerning the SEC that would require the speech to be protected by the attorney-client privilege.

Ripple added that even if the SEC can establish elements of attorney-client privilege in a bid to keep the documents protected, the agency would identify a privileged claim that it lacks standing to assert because the privilege would belong to Hinman.

“If the Court finds an attorney-client relationship between Mr. Hinman and the SEC staff with respect to comments on a draft speech given in his personal capacity, Defendants request that the Court review the remaining documents in camera to determine whether they include legal advice or confidential information protected by the privilege,” Ripple concluded.

SEC to Respond In 5 Days

With the blockchain company’s response to the SEC’s attorney-client claim over Hinman’s documents, the agency, which recently had its request to also respond to Ripple’s request whenever it is tendered, is now due to file its own response on April 18, 2022.

Meanwhile, attorney Jeremy Hogan, a partner at Hogan & Hogan law firm, has reacted to the new development, saying that it is odd that Hinman would receive legal advice from SEC’s lawyer for his personal opinion.

BREAKING: Ripple and SEC File Joint Motion to Request Time Extension in Ongoing Lawsuit

Lele Jima
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0
BREAKING: Ripple and SEC File Joint Motion to Request Time Extension in Ongoing Lawsuit

Both the SEC and Ripple want Judge Sarah Netburn to extend the deadline for motions regarding attorney’s fees in line with Dr. Metz’s Supplemental Report.

Ripple investors have complained about the constant delays experienced throughout the course of the blockchain company’s ongoing lawsuit with the Securities and Exchange Commission (SEC).

While the majority of the delay is attributed to the SEC based on its incessant request for time extension to file motions or respond to Defendants, Ripple recently requested for an extension of time to respond to the security agency’s claims regarding William Hinman’s documents.

However, for the first time in the lawsuit, both the Defendants and the Plaintiff have jointly requested for a two-week time extension to discuss and agree on the appropriate attorney’s fee in connection with Dr. Albert Metz’s supplemental rebuttal report.

The SEC and Ripple filed a joint motion today seeking a time extension so that they can decide what fee is appropriate to cover the blockchain company’s attorney charges while filing motions to re-depose Dr. Metz’s reports.

“Pursuant to the court’s April 19, 2022 order, Plaintiff and Defendants are still meeting and conferring regarding a reasonable fee award. The parties therefore jointly request that the Court extend the deadline by which any motion for attorney’s fees must be filed to May 27, 2022,” excerpt of the motion reads.

SEC Slammed for Improper Conduct

This comes less than a month after the Securities and Exchange Commission was ordered by Judge Netburn to cover the expenses that Ripple will incur during the process of re-posing Dr. Metz’s supplemental report.

As reported, the Securities and Exchange Commission was mandated by the Court to cover Ripple’s attorneys’ fees during the process of re-deposing experts’ testimony because it filed the Dr. Metz’s supplemental report on the last day of discovery.

“The SEC is ordered to pay Defendants’ reasonable expenses in filing their motion to strike and re-deposing Dr. Metz,” Judge Sarah noted in her April 19 ruling.

Investors Hope Lawsuit Will End This Year

Meanwhile, investors are still hopeful that the lawsuit will be concluded by the end of this year; however there are suggestions that the case could proceed to 2023.

Regardless of when the case will be concluded, XRP investors are hoping that the lawsuit’s outcome should be in their favor in order to have the cryptocurrency re-listed on U.S.-based exchanges, and also bolster the price of the coin back to its glory days.

CryptoCom Reversing All Terra (LUNA) Trades Initiated At An “Incorrect Price” Since May 12th, FTX Delist LUNA 

Mark Brennan
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CryptoCom Reversing All Terra (LUNA) Trades Initiated At An “Incorrect Price” Since May 12th, FTX Delist LUNA 

Crypto.com Is Reversing All Terra Luna Trades Initiated At An “Incorrect Price” Since May 12th 



Terra Luna has been the talk of the town this entire week, all courtesy of its astonishing price crash. Many investors have been affected by this market movement, and exchanges are moving to protect their customers. The latest exchange to do so is Crypto.com.

In a recent update to customers, the exchange has announced plans to reverse all Luna trades initiated on May 12 between 12:40 – 13:39 (UTC). Apparently, these trades were quoted at an incorrect price.

Crypto.com has been one of the exchanges that have already suspended Luna trading on their platforms. In fact, in the case of Crypto.com, the suspension of trading was automatically triggered by the system when the incorrect prices were detected at the said time.

Affected Users To “Earn” $10

While some people may not be happy with this move especially if they are in profit, Crypto.com is making up it to them with a $10 CRO credited to their accounts. The exchange is now moving to communicate this update to all affected users via email.

FTX Delist Luna

FTX, another crypto exchange, is also joining the others in suspending Luna trading on its platform. However, in the case of FTX, Luna is being delisted altogether. Note that various other exchanges, including Crypto.com and Binance, have only halted Luna trading. It seems that, on its part, FTX has elected a more permanent measure.

While announcing this move, the exchange intimated that all Luna trading activity will be suspended on May 13 at 4:45 pm (UTC). All LUNA-PERP trigger orders will be canceled and those in progress will expire in 1 hour at their corresponding index price.

It’s still not clear whether Terra Luna will be able to make a comeback in the popular exchanges. At the moment, the crypto stands at position 215 on CoinMarketCap, a notable improvement from the 320 positions a few hours back. The price is currently at around $0.0001.

Aada Finance Launches Its Cross-Currency Lending and Borrowing Protocol on Cardano

Lele Jima
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0
Aada Finance Launches Its Cross-Currency Lending and Borrowing Protocol on Cardano

Aada Finance Launches Its Cross Currency Lending Product on Cardano.  


The Cardano utility continues to grow as Aada Finance announces the launch of the testnet version of its lending and borrowing protocol.

In what is considered a welcome development by ADA enthusiasts, Aada Finance has announced the launch of a testnet version of its lending and borrowing platform on Cardano.

The project went live on May 12 as stated in the Aada Finance roadmap.

“Lending and borrowing is live on #cardano chain! Get or fund a loan with CNTs using http://app.aada.finance,” the project said in a tweet yesterday.

With the launch of the Aada lending and borrowing testnet, the team invites the general public to participate in the testing of the platform in a bid to identify and resolve any bugs before the initiative will be deployed on mainnet.

Commenting on the development, Mantas Andriuska, Founder of Aada Finance, said:

“Right now, we live in times where “testnet” launches are pretty much equal to imminent success. While there’s some truth to that, our ultimate goal is to test the system in scale. With the community’s help, we’ll focus on polishing the flaws and optimizing our testnet’s value.”

Features of the Service

The testnet version of the lending and borrowing protocol is dubbed the Aada V1. Users are allowed to use an order book style to submit loan requests and lend assets.

Borrowers can, through the platform, place inquiries using customized parameters such as loan amount, asset type, collateral, interest, and terms. Lenders will in turn decide whether to fill or liquidate these orders.

Aada Finance disclosed that users can mint the test tokens via a faucet in order to participate in the testing of the platform.

Beta Testing Scheduled to Commence in Q3 2022

Once the testing is complete and all hitches have been identified and resolved, Aada is planning to rollout the upgraded version of the app by Q3 2022 for beta testing, which will grant the Cardano community access to a fully automated version of the borrowing and lending protocol.

Some members of the Cardano community have participated in the Aada protocol testing and shared details of their experience.

Some of the testers included pseudonymous ADA investor Cardano Whale, who took to Twitter to share pictures of Aada’s borrowing and lending protocol with the caption:

“More borrowing and lending dApps coming to Cardano. @AadaFinance much-anticipated testnet is now live. Great layout and user experience. Interestingly, they offer a cross currency lending product: you could borrow $ADA, put up $AADA as collateral, and pay interest in $MIN.”

More dApps to Launch on Cardano

The support of smart contract functionality on Cardano has continued to lure different projects to deploy useful decentralized applications on the network.

Despite the influx of developers and projects on the network, Charles Hoskinson, the CEO and founder of Cardano, stated last month that there will be more adoption of the blockchain after the launch of the Hydra Hard Fork next month.

Cardano Reaching Closer To Launch Blockchain Educational System In Ethiopia

Mark Brennan
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Cardano Reaching Closer To Launch Blockchain Educational System In Ethiopia

The IOG is edging closer to launching a blockchain-based educational program in Ethiopia. 


The Input Output Global (IOG), the team behind Cardano, said in a recent announcement on YouTube that it is set to launch the blockchain project being built for the Ethiopian Ministry of Education.

As reported, the blockchain-based system will enable the Ethiopian Education Ministry to monitor students’ performance in the country in a bid to improve the nation’s educational sector.

According to the IOG, the system is built on Cardano’s Atala PRISM.

With this initiative, the Ethiopian government will monitor the educational performance of schools in the country, foster interest in education, as well as monitor students’ grades.

IOG Says Launch Will Occur In the Next 2 Months

John O’Connor, the director of African Operations at the IOG, noted in the video that the popular blockchain firm has been working relentlessly with the Ethiopian government.

According to O’Connor, the IOG has been working on integrating the national attainment recording system with the country’s national data protection laws and national identity systems.

Since the initiative is close to a full-scale rollout, O’Connor noted that the IOG has been training students and teachers since last month on how to use the system.

O’Connor expressed confidence that the training will be completed this month in order for the system to be rolled out within the next two months.

He added that once the system is fully live, it will onboard between one and two million people in the first few months, which is within the scope of the agreement the IOG had with the Ethiopian government.

He said:

“We are pleased to say that we are moving to the implementation phase, we are working with local institutions and schools to onboard people onto the system. Teach and train teachers on how to use the platform. So as we finish Training this month, we hope we will be rolling out live to students across the next eight weeks.

By the end of the year, our goal is to have one to two million students boarded using the software. And by the next year, we will expand to the full five million students which were our main scope.”

Plans to Develop Educational Blockchain Systems in Ethiopia 

Recall that news of the IOG building a blockchain-based educational system for the Ethiopian government was first revealed to the general public in April 2021.

The announcement noted that the Cardano team will be onboarding 5 million students as well as 750,000 teachers in the country to use the service.

Confirming the development, Ethiopia’s Minister of Education, Getahun Mekuria, said:

“This initiative is about bringing technology to improve the quality of education. It’s very practical to think of blockchain technology [as a way] to improve the quality of education.”

Is Bitcoin Cloud Mining Actually Profitable?

Albert Brown
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Is Bitcoin Cloud Mining Actually Profitable?

Cloud mining is considered to be an important alternative to traditional Bitcoin mining. It’s now a more profitable way to mine cryptocurrency coins since it’s less expensive than having your own cloud mining facilities.

It’s an especially useful option for those that can’t afford to start their own mining facility but want to get their foot into the door of the world of cryptocurrencies and the profits they offer. This is accomplished by using the equipment and labor provided by others and paying rent for the privilege

A Rise in Interest

There’s more interest in cryptocurrency mining than ever before. That’s because cryptocurrencies are now accepted as a valid form of payment and storing wealth. At the same time, the equipment and energy needed to mine bitcoins have become too expensive.

Cloud mining alternatives that you can choose on Truely.com provide a way to do just that even if you don’t have the funds needed to start a facility or if you don’t have the expertise needed to run it – this is the option for you.

Less Control

Allowing others to mine the cryptocurrency for you, you’ll need to let go of the control that you would have if you would have the mining facility on your own. This means there’s more of a risk when it comes to the quality of the equipment and the expertise involved.

For some investors tinkering with the equipment is the most important part of the process – you won’t be able to do so. Letting go of control and micromanaging comes with benefits of its own. For those who invest in cloud mining Bitcoin, this becomes passive income that you can simply use without having to do anything on a day to day basis.

Bitcoin Markets

The value of the Bitcoin that you mine in this fashion depends on the changing state of the markets in which it is sold. This means that you can’t know how much the Bitcoin that you get at the end of the process will be worth once you’re able to sell and use it.

It’s not something that the mining provider can guarantee or be responsible for. All that they can do is make sure that you get the coins that you’ve agreed upon in a contract. What you do with the coins afterward is up to you and selling them isn’t the only way to go.

Selling Your Contract

An important option to consider is the ability to sell your contract to another user after a while. This will allow you to get out of the contract and transfer the coins and the obligations related to them to someone else. It’s not an option every provider will allow.

For the most part, the contracts will last between 1 and 3 years depending on what kind of arrangements you’ve made. Most providers won’t allow you to transfer ownership before that. Some do but it takes a while to find them and agree with them regarding other terms.

How Well Is Bitcoin Doing

Bitcoin has had its ups and downs in the market in recent years. There have been a few dips that have made some investors question the validity of the market. However, when you look at a long-term view the value of the currency has gone up in the last five years.

In fact, it has gone up about 5 times compared to five years ago when the first boom in cryptocurrencies started. This means that buying and holding work for crypto as it does for other investments.

Lending in Bitcoin

Once your Bitcoins are mined there are other ways to profit from them than to sell them. The simplest one of those is lending. This is done in a fashion similar to lending traditional fiat currency. Those who have the coins lend them for interest.

The interest can be paid in Bitcoin but it can also be paid in traditional currency as well. It’s also customary to earn a bit more in interest than you would with a bank since this is still a small and niche market that a few lenders can dominate.

Should You Invest in Cloud Mining?

This is a question every investor needs to answer for themselves. However, if you’re willing to start earning from cryptocurrency, but don’t have the funds to do so on your own – this is a way to go for you. The profits will be a bit smaller than with your own mining facility but since there’s no initial investment you can get to earning sooner.

There are other cryptocurrencies you can try as well, but there’s a value in Bitcoin since it’s the most widely accepted cryptocurrency out there. You can use it to invest, sell, or pay for goods and services.

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