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LFG Poised to Maintain TerraUSD (UST) $1 Peg as the Organization Reportedly Raises Additional $2 Billion

Mark Brennan
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LFG Poised to Maintain TerraUSD (UST) $1 Peg as the Organization Reportedly Raises Additional $2 Billion

Terra is doing everything possible to win back investors’ trust in a bid to bolster the value of its stablecoin back to the $1.00 peg.

 

The Luna Foundation Guard (LFG), the nonprofit organization responsible for ensuring that TerraUSD (UST) maintains its $1.00 peg, has been doing everything to ensure the stablecoin regains its $1 peg after losing its value twice in three days.

According to Coingecko data, the popular stablecoin, which attracted lots of attention due to its adoption of Bitcoin (BTC) as a reserve backing, lost its $1.00 peg yesterday, after the stablecoin fell to a low of $0.66 following investors’ loss of confidence in the project.

Unlike other stablecoins, UST has been largely unstable in the last 24 hours, with its price fluctuating alongside other cryptocurrencies like Bitcoin, Ethereum, Ripple, etc.

Terra Trying to Regain Investors’ Trust

For the most part, there has been a lack of confidence from investors in Terra’s UST backing in recent times. However, to dismiss these fears, the LFG proceeded to announce that it has added another $1.5 billion worth of Bitcoin to its reserve to further provide backing for the stable coin and to maintain its $1.00 dollar peg.

In a bid to mitigate any further losses on the value of the UST, the LFG via Do Kwon, the co-founder of Terra, announced that the nonprofit organization would loan out $1.5 billion to exchanges, which will be allocated in UST and Bitcoin.

Despite these efforts, UST still slumped to a low of $0.98 yesterday. Meanwhile, LFG is still working round the clock to provide damage control for the stablecoin and possibly win back the trust of investors in the coming days or weeks.

Terra Reportedly Raises $2 Billion

Larry Cermak, director of research at The Block, tweeted earlier today that the LFG has reportedly raised an additional $2 billion from investors, to further protect the UST $1.00 dollar peg.

Cermak noted that rumor has it that the LFG is raising $2 billion from investors such as Jump, Alameda Research, and a host of many others.

However, while he did not feel the need to back or dismiss the report, Cermak noted that if by chance the LFG is able to bolster the value of UST to the $1.00 peg, investors’ trust in the project is already gone.

“I personally think the only way to save it now is by fully (or potentially very close to fully) collateralizing. Otherwise, I don’t see it ever being used again,” Cermak added.

Terra and LUNA Performance

It is noteworthy that at the time of writing, the stablecoin is currently trading around $0.92, down nearly 10% in the last 24 hours, after falling to a low of $0.66.

The dip of UST also affected $LUNA, the native cryptocurrency of the Terra blockchain, which has been on a free fall since yesterday.

LUNA has seen its value dip from a high of $69 to a low of $24 in the last 24 hours. At press time, LUNA is trading around $34 across major exchanges, representing a downtrend of 52.4% in the past day.

Meanwhile, the world’s largest cryptocurrency exchange by market capitalization announced earlier today that it has temporarily suspended the withdrawal of LUNA, following a surge in the number of withdrawal requests the exchange has received in the past 24 hours.

Top ETH Whale Buys Over 311.81 Billion Shiba Inu Amid Price Dip

Zabi
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Top ETH Whale Buys Over 311.81 Billion Shiba Inu Amid Price Dip

 

Top ETH Whale labeled “BlueWhale0073” just dived in to add 311.81 Billion Shiba Inu (SHIB) tokens, worth over $4.8 Million.



Ethereum Whales (ETH) loves buying the most popular dog-themed cryptocurrency at discounted prices. As the global crypto market underwent a massive selloff on Monday, Shiba Inu’s (SHIB) price dipped more than 20% to $0.00001354.

Following this dip, ETH Whales became active and accumulated a massive chunk of Shiba Inu.

As per the recent report from WhaleStats, the Ethereum whale ranked 222nd on the scale of this crypto data service has acquired a whopping total of 311,816,880,855 (311.81B) SHIB, worth $4,801,979 ($4.8M) in one significant transaction.

However, Etherscan.io data reveals that following the massive accumulation; she has transferred 304,447,537,333 (304.44B) SHIB, worth $4,410,334 ($4.41M) to one of the mysterious wallet addresses exclusively discovered by TheCryptoBasic through one significant transaction, leaving her total SHIB balance with 7,660,744,611 (7.66B) SHIB, worth $120,350.

 

This is not the first time BlueWhale0073 has sent this much SHIB to the mysterious wallet. Last time, the whale was seen active on Friday (6th May). On that day, she gobbled up 83,438,237,727 (83.43B) SHIB, worth $1,675,373 ($1.67M) through three separate transactions, transferring 84,890,168,431 (84.89B) of SHIB, worth $1,704,528 ($1.70M) to the same mysterious wallet address.

This mysterious activity from the Top ETH Whale has continued since Robinhood made SHIB available to trade on its platform to its 22 million registered users. Since April 12, she has transferred a whopping total of 3.04 trillion SHIB, worth $59.10 million, to this mysterious wallet.

Will the Market Make a Positive Reversal as Tether Mints 1 Billion USDT?

Lele Jima
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0
Will the Market Make a Positive Reversal as Tether Mints 1 Billion USDT?

Following the recent downtrend in the cryptocurrency market, there has been surging demand for Tether (USDT), with investors looking for means to mitigate the impact of the current dip. 


In a bid to meet cryptocurrency investors’ demand, the biggest stable coin issuer by market capitalization, Tether, has minted a whopping $1 billion worth of USDT.

The most recent minting exercise of $1 billion USDT was done on the Tron blockchain, which is currently the most demanded form of USDT.

 

According to data on the current $1 billion USDT mintings, Tether has a circulating supply of $83.2 billion and a 24-hour trading volume of $73.78 billion, according to data on cryptocurrency aggregator platform Coingecko.

Cryptocurrency Market Dips

It is noteworthy that the recent USDT minting comes as numerous investors opting to convert their cryptocurrency holdings to stablecoins amid a massive price decline to avoid suffering further losses.

The cryptocurrency market has suffered major losses since last week after the Federal Reserve announced a hike in interest rates in a bid to reduce rising inflation in the United States economy.

Aside from stablecoins, all cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH) have shredded a significant percentage of their value.

For instance, the world’s largest cryptocurrency Bitcoin has fallen nearly 22% since Wednesday from a high of almost $40,000 on May 4, 2022, to $32,107 today.

In general, the entire cryptocurrency market has been down nearly 7% in the last 24 hours, suggesting how badly digital currency investors are hurt.

Whales Still Buying

Meanwhile, the fact that the cryptocurrency market has been on a downtrend since last week does not imply that all investors are converting their holdings to stablecoins. 

Some traders who missed the previous opportunity to make an entrance into the cryptocurrency market when the prices of assets were low saw the current dip as an opportunity to increase their crypto holdings. 

With the price of cryptocurrencies currently low, many traders are converting their fiat to the stablecoin, especially on peer-to-peer platforms for the purpose of buying different digital currencies. 

As reported, Cardano whale investors embarked on a buying spree for the eighth-largest cryptocurrency, as 757,000 addresses purchased a combined 37.4 billion ADA. 

Bombur Just Buys Another 60B Shiba Inu, Accumulates 117B Shib In Less Than 24 Hours

Albert Brown
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Bombur Just Buys Another 60B Shiba Inu, Accumulates 117B Shib In Less Than 24 Hours

 

72nd ranked Ethereum whale continues to increase her SHIB holdings despite intense selling pressure in the crypto market.



A new WhaleStats report shows that a top Ethereum whale purchased over 60B SHIB tokens (valued at $1,004,847) in a new transaction some few minutes ago. This Ethereum whale with the username ‘Bombur’ is ranked 72nd according to WhaleStats.

 

As previously reported here on TheCryptoBasic, the same Ethereum whale bought 56.94b SHIB earlier today. Based on the statistics from the previous report, this 72nd ranked Ethereum has purchased more than 274.85B SHIB tokens in the past week alone, with 60.60b bought within the past hour.

As the selling pressure intensifies in the wider crypto market, most of the top Ethereum whales are using the opportunity to increase their SHIB holdings. Last week, Bombur purchased a combined 214,259,988,723 SHIB tokens in four transactions.

This week alone, she has already purchased over 110B SHIB tokens. Based on her SHIB transaction records this past week, it is likely that this Ethereum whale will purchase more SHIB tokens before this week is over. Her SHIB token accumulation for this week might even exceed that of last week.

According to etherscan.io data, Bombur hasn’t sold any of her SHIB tokens since the 13th of last month. Per the previous report, bombur’s total SHIB tokens was 1,119,764,966 (1.11T) SHIB. With the additional 60.60B SHIB tokens that she has just purchased, bombur’s total SHIB tokens will now be 1,180,370,969,700 (nearly 1.12T) SHIB tokens.

SHIB’s performance has been underwhelming like all other cryptos since last week. The recent Coinmarketcap data shows that the price of the meme-themed digital asset has declined by 14.23% over the previous 24 hours.

The WhaleStats shows that SHIB tokens are the most held digital asset by the top 500 Ethereum whales, currently holding $1B worth of shib tokens.

 

What is CK1? Shiba Inu Developers Tease SHIBArmy About an Upcoming Update 

Lele Jima
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What is CK1? Shiba Inu Developers Tease SHIBArmy About an Upcoming Update 

Apparently, the Shiba Inu development team is close to releasing a new announcement about an upgrade or an upcoming collaboration. 


There has been a lot of fuss around the recently published video by Shiba Inu’s official Discord core staff’s Twitter handle Shiba Kraken, suggesting that a new SHIB feature or partnership will be unveiled to the public.

The 16-seconds long video called to the attention of the Shiba Inu community in the first few seconds with the inscription “Hey SHIBArmy.”

Shiba Inu Lead developer also posted a tweet writing CK1:

 

What is CK1, Community Guesses

However, the most significant part of the teaser was the phrase “CK1,” which was added in the 10th second of the video. The phrase has got everyone talking in the Shiba Inu community with many people trying to guess what the development team meant by “CK1.”

With not much detail shared, some members of the SHIBArmy speculated that the Shiba Inu development team is referring to Calvin Klein in the video, with many hinting that the team may be collaborating with the leading fashion design brand.

Furthermore, Google searches have also revealed that “CK” is a perfume fragrance developed by Calvin Klein. Unfortunately, it did not take long before the Shiba Inu team ruled out this guess, saying: “Not Calvin Klein… #SorryNotSorry.”

A New Feature or Partnership in the Works

Following this post, it is evident that the upcoming upgrade or product does not have anything to do with Calvin Klein for the time being, thus still leaving many people in thoughts.

The team further caused more confusion when it tweeted the military code  “CharlieKilo 1 #SHIBARMY,” which when decoded still means “CK1.”

Since the team has still not decoded the meaning of the phrase “CK1,” the community is left with no choice but to wait for an official announcement.

Interestingly, it is expected that the upcoming announcement is still part of the way to proving that Shiba Inu is not a meme coin.

Meanwhile, this comes less than three days after Shytoshi Kusama, Shiba Inu’s lead developer, hinted to the community that more updates will be unveiled in the coming weeks.

“Watching the sunset, but the future of $Shib has never been so bright. Have a grand weekend #shibarmy; lots on deck in the coming weeks and months to be very excited about. VERY.”

Wallets Holding At Least 0.1 Bitcoin Reaches New Highs, But More Than 50% BTC Addresses In Loss

Albert Brown
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0
Wallets Holding At Least 0.1 Bitcoin Reaches New Highs, But More Than 50% BTC Addresses In Loss

Wallets Holding At Least 0.1 Bitcoin Reaches New Highs, But More Than 50% BTC Addresses In Loss for the first time Since 2020.


 

Less than 50% of BTC holders are profiting from their holdings. Also, BTC’s drop in price might result from the losses by Nasdaq stocks and the Dow Jones Industrial Average, according to the CNBC.

On Monday, the number of crypto wallets with at least 0.1 BTC rose to a new peak. Investors with a small amount of BTC started accumulating more of the leading cryptocurrency to take advantage of the coin’s recent price decline.

Data provided by on-chain analytics aggregator, Glassnode, reveals that the number of crypto wallets with at least 0.1 BTC has surged to a new peak of 3,469,507. The data was shared on Twitter by Glassnode alerts, the platform’s official account for providing instant information about happenings in the crypto space.

 

 

Even though this Glassnode data isn’t a reflection of the total number of people holding BTC, the rise in the number of wallets holding 0.1+ BTC indicates that the bitcoin adoption momentum isn’t waning yet.

Despite this increase, IntoTheBlock data revealed that the percentage of addresses currently profiting from holding their BTC is now less than 50%. It is the first time that this number will reach this low amount in over two years.

The IntoTheBlock data further revealed that approximately 46.54% of BTC holders are “in the money” or making profits from their holdings based on BTC’s current price.

“The % of addresses currently holding $BTC that are profiting from their positions or “in the money” has dropped below 50% for the first time since March of 2020. At the current price, 46.54% of the addresses are in a state of profit.”

According to @OnChainCollege, 8.2 million Bitcoin addresses are currently sitting in the loss. This is over 43% of the entire circulating supply. An additional 2.5% of the circulating supply is now in a loss since the last update on this metric two days ago (40.7% vs. 43.2%).

bitcoin supply in loss

The price of the leading digital asset is down by 4.25% to $33,033, according to the Coinmarketcap data as of this writing. BTC has continued trading within a narrow range since January 2022 as it seeks to re-attain its highs of late last year.

BTC’s current price shows that it is now over 50% down from its peak price of $68.990 set last November. According to CNBC, BTC’s drop in price might be attributed to the loss of over 1,000 points by the blue-chip Dow Jones Industrial Average and the 5% decline of Nasdaq stocks on May 5, 2022.

Number Of Ethereum New Addresses Decline, ETH Exchange Inflows Rise As Retail Investors Shy Away From Ethereum

Mark Brennan
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Number Of Ethereum New Addresses Decline, ETH Exchange Inflows Rise As Retail Investors Shy Away From Ethereum

Why Retail Investors Are Still Shying Away From Ethereum



The ETH market is turning red, and things aren’t as rosy as they’re used to be. However, the crypto market is a dynamic space, and market movements can change direction at a moment’s notice. As for the troubles currently beveling Ethereum’s price, investor flight appears to take the top count.

According to a recent research chart created by Glassnode and released by one crypto pundit, retail investors haven’t been keen on rejoining the ETH bandwagon lately – especially considering the current price standings. This notion is demonstrated by the noticeable decrease in the number of new ETH addresses going online on the Ethereum network. As of May 7th, the number of unique addresses on the network totaled a measly 77,072. And that’s not all.

ethereum new addresses

$825 Million Moved In Two Weeks

From a more critical standpoint, the events leading up to this point may have transpired over the last two weeks. Available data from Santiment shows that about 330,000 ETH with an estimated total value of $825 million was moved from possible cold storage to exchange wallets during this period. That’s a pretty massive movement for the second largest coin in the market.

Perhaps this movement’s investor apathy stems from the assumption that this much ETH is being moved into exchanges to be sold. As is always the case with cryptos, a dumping event results in a hard price crash. This explains why the ETH market currently appears to be entering a state of FUD – unless something happens.

ETH Retesting Important Support Point

While there may be some kind of fear among retail investors, ETH doesn’t seem to be suffering price-wise. Current data from IntoTheBlock reveals that the crypto is still within its strongest support range running between $2,380 and $2,460, with upwards of 683,000 addresses containing about 13.64M ETH coins.

 

It’s important to note that the crypto market hasn’t been affected by a significant event that usually moved the entire system. There have been other price crashes and rebounds in the past, which may mean that the current red zone surrounding ETH may not necessarily be disastrous. However, things would quickly spiral south if the support level were breached decisively. That could send ETH back to the $1,700 price range. The opposite could happen and give ETH a notable price boost. Either way, we can only wait and see the market forces at work.

Is Cryptocurrency Going to Replace Traditional Payment Methods?

Albert Brown
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Is Cryptocurrency Going to Replace Traditional Payment Methods?

In the two years of the pandemic, there have been many shifts within the financial services. The usage of online platforms for carrying out transactions has accelerated. Moreover, the number of people willing to go a step further and open digital wallets has also seen a rise. Statistics show the global user base of cryptocurrency observing a 190 percent rise between the years 2018 and 2020.

That being said, let’s take a look at why it is predicted that cryptocurrency could replace the traditional payment methods.

Why Is It Possible?

Talking facts, as long as the sender and receiver agree, anything can qualify as money. Many people, along with famous and world-renowned companies like Tesla, have started to normalize crypto payments. This has made cryptocurrency become the present and proves that it might be here to rule the financial world.

A few years back, nobody would’ve thought that you could use cryptocurrency for purchasing even a simple thing like pizza. Fast forward to today; you can purchase electronics and even cars with your digital wallet. It may not be possible to pay directly with crypto at the moment, but there are many other alternative ways to get the job done.

Why Is Crypto So Popular?

Crypto tends to have the potential to shape the future, which is why it has become a hot topic of discussion. Among the many reasons behind the rising popularity of crypto, the low fee involved is perhaps one of the prime ones. If you use other types of online payment options, you would be bombarded with a hefty transaction fee for every transaction you make. With crypto, you can save yourself from this hassle.

In addition to that, you might already know that crypto isn’t associated with world governments, which gives it the power to remain stable even if the country is in a state of turmoil. This is among the top reasons behind investors seeing crypto as a great way to protect their wealth.

Moreover, the massive potential of profits that people can gain by trading in crypto is another reason behind its increasing popularity.

How Does It Makes People’s Lives Simpler?

Cryptocurrency makes the life of people simpler in several ways, some of which are listed down below.

  1. Great Investment Tool

Starting with the obvious, cryptocurrency is a great investment tool. While many people are scared to move their fiat money into Bitcoin or any other cryptocurrency, others are generating huge profits with it.

  1. Low Transaction Fee

Everyone in today’s world has to do transactions. For some, the frequency of the transactions may be as low as one transaction in a few weeks, while for others, it may be multiple transactions in one day. If you make these transactions via traditional means such as Western Union or any bank, you may be charged as much as 15% of the amount as a transaction fee.

However, if the same transactions are made in Bitcoin or any other crypto, the transaction fee would be a fraction of that 15%. Hence, you’ll be able to save quite a lot of money.

  1. Online Purchases

You may not know it, but you can purchase many different things using your digital wallet. Whether it’s food, electronic products, or clothing items, you can purchase anything with crypto. If not directly, you can purchase gift cards with crypto and redeem them at the respective stores.

One example of a gift card is the Dunkin gift card from Coingate, which can be bought with crypto and can be redeemed to fulfill your donut cravings.

Possible Advantages to a Crypto Future

The prime advantage of cryptocurrency over other existing currencies is the limited supply it has. Hence, it becomes impossible for any central authority to control it and issue it in quantities that would devalue it. Therefore, cryptocurrency becomes considerably less vulnerable to hyperinflation crises.

Another advantage of cryptocurrency would be that all transactions would be permanent and immutable. You may not know it, but banks can expropriate money from their users and claim it never existed. However, that’s impossible with crypto, as the database – blockchain – on which the recorded transactions can’t be edited.

Disadvantages If Cryptocurrencies Replace Cash

It is evident by now that crypto tends to have a limited supply. Even though this limited supply presents the advantage of being less vulnerable to hyperinflation, it also makes it impossible to control deflation. Hence, this can lead to different economic consequences.

Moreover, the usefulness of cryptocurrency as a store of value is limited due to its volatility. It may increase or decrease, which can cause you to suffer loss as well.

Conclusion

Even though crypto presents many different advantages over existing fiat currencies, it is hard to say that it will replace them entirely in the near future. As of now and in the near future, the co-existence of both would be pretty practical, but there is a considerable amount of time before crypto can replace the traditional payment methods entirely.

Above 60K Bitcoin Transferred Among BTC Whales and Exchanges Within 24 Hours Causing Selling Pressure

Albert Brown
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Above 60K Bitcoin Transferred Among BTC Whales and Exchanges Within 24 Hours Causing Selling Pressure

Vast Amount Of Bitcoin Exchange Inflows Within 24 Hours Creating Selling Pressure.



According to WhaleStats a data tracker and analytics system reporting large and interesting transactions, 60,818 BTC (valued at over $2.04B) have been transferred among crypto exchanges and BTC Whales in 25 separate transactions within the past 24 hours.

The latest transaction was a 3K BTC transfer from a BTC Whale to the Gemini exchange, while the largest was 12,851 BTC transferred between two BTC Whales. Apart from the 12,851 BTC transfer, there were three other transfers where the amount of BTC moved was 3,000 BTC or more.

Below are the top BTC transfers:

12,851 Bitcoin was transferred between two whales.

6000 BTC were transferred to Gemini in two separate transactions.

4965 BTC were sent to Xapo.

While 10,611 BTC transferred to Binance in 8 separate transactions from Gemini and unknown wallets.

The massive volume of BTC transfers will likely trigger huge selling pressure – Glass node. 

The massive volume of BTC transfers will likely trigger huge selling pressure, as predicted by the bitcoin market tracker, Glass node.

 

According to Glassnode, “BTC exchange inflow volume just reached a 3-month high of 1,755,021 BTC. A previous 3-month high of 1,729,605 BTC was observed on May 8, 2022.” This huge outflow from BTC Whales to exchanges possibly indicates that the Whales are preparing for a longer market downtrend. 

This bearish market outlook has resulted in a significant drop in the bitcoin greed index. The index is currently at 11, indicating extreme fear.

 

This index gives an overview of bitcoin investors’ fear or greed level. Despite the extreme fear that pervades the BTC market, the coin’s daily transaction volume has largely remained the same.

bitcoin transaction per day

Data from the on-chain analytics platform, Ycharts (shown above), indicate that 233,892 BTC transactions took place on May 8, 2022. This is the average amount of daily BTC transactions since the beginning of the year.

However, top Glassnode’s on-chain analyst, Checkmate, advised traders to develop a plan and stick to it. Checkmate tweeted that “many of you are waiting for the bitcoin ‘capitulation wick.’ if it happens and it really is the capitulation wick, the majority of folks won’t step in a buy it because the fear will be too great. This is the way it always is and always will be. Tip: have a plan; stick to it.”

 

Top ETH Whale Buys 56.94 Billion Shiba Inu In 24 Hours, 214B In A Week Without Selling, Now Holds 1.1T Shib

Zabi
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Top ETH Whale Buys 56.94 Billion Shiba Inu In 24 Hours, 214B In A Week Without Selling, Now Holds 1.1T Shib

Top ETH Whale Buys 56.94 Billion Shiba Inu In 24 Hours, 214B In A Week.



Over 214.25 Billion Shiba Inu (SHIB) has been accumulated by the 72nd biggest ETH whale in the last seven days, whereas 56.94 Billion were gobbled up in the previous 24 hours while taking advantage of the widespread sell-off in the global crypto market.

Despite the recent widespread sell-off, the top ETH whales are busy accumulating the most popular dog-themed cryptocurrency, Shiba Inu (SHIB).

The blockchain data tracking website, WhaleStats reveals that the top ETH whale “Bombur” has just purchased 56,946,679,217 (56.94B) SHIB, worth $1,070,028 ($1.07M) in one significant transaction.

This is her fourth significant transaction in a week.

As per data provided by Etherscan.io:

The ETH whale has accumulated 50,801,950,473 (50.80B) SHIB, worth $1,052,035 ($1.05M) through one significant transaction on Monday. Following this, she took a gap of over 24 hours and then performed another transaction on Wednesday to purchase 52,722,964,285 (52.72B) more SHIB, worth $1,147,406 ($1.14M).

On Friday, the whale again became active and added 53,788,394,748 (53.78B) more SHIB, worth $1,080,028 ($1.08M) to her portfolio, while performing her third significant transaction of the week.

In doing so, Bombur has gobbled up a whopping total of 214,259,988,723 (214.25B) SHIB tokens, worth $4,349,497 ($4.34M) through four separate transactions in the past week.

Interestingly, this ETH whale has not sold even a single Shiba Inu token since April 13, 2022, as per data provided by etherscan.io.

The 72nd biggest ETH whale now holds a total of 1,119,764,966,711 (1.11T) SHIB, worth $19,551,096 ($19.55M) in her wallet.

Shiba Inu (SHIB) seems to be underperforming for the last seven days, along with other top cryptocurrencies. As per CoinMarketCap (CMC) data, the dog-themed cryptocurrency has lost -18.87% of its value in the past seven days.

At the time of writing, the Shiba Inu token is seen trading at $0.00001723, down more than 8% for the day, with a 24-hour trading volume of $579,284,606 ($579.284M) USD.

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