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Bitcoin Exchange Outflow Volume Surges Above 96,000 BTC Monthly Amid Widespread Accumulation

Lele Jima
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Bitcoin Exchange Outflow Volume Surges Above 96,000 BTC Monthly Amid Widespread Accumulation

Cryptocurrency traders are transferring their Bitcoin out of the exchange.



The number of Bitcoin (BTC) transferred out of cryptocurrency exchanges in the past few months has increased, and crypto analytics data provider Glassnode reports today. 

According to data shared by Glassnode, at least 96,200 BTC have flowed out of cryptocurrency exchanges in the past months. 

Notably, the last time this large amount of BTC was transferred out of exchanges was in March 2020, when the cryptocurrency market was hit with a liquidity crisis. 

“Aggregate exchange outflows of this magnitude have only been seen on a handful of occasions throughout history, with most being after the March 2020 liquidity crisis,” Glassnode reports. 

 

Factors Contributing to Massive BTC Exchange Outflow 

Although it is not clear what could have led to the large exodus of BTC from crypto exchanges to private wallets, it is obvious that several crypto traders only flocked to exchanges to buy Bitcoin for long-term holding. 

Recall that whale traders took advantage of Bitcoin’s price dip recorded on several occasions, including the declaration of a full-scale invasion of Ukraine by Russian president Vladimir Putin in February. 

At the time, the price of Bitcoin dipped to $32,000, prompting Bitcoin whales to swing into widespread accumulation. 

In another development, the Luna Foundation Guard (LFG), a nonprofit organization that oversees the Terra blockchain, embarked on a Bitcoin purchase spree, which will act as a reserve for the UST stablecoin. 

So far, the company has acquired over 30,700 BTC, with the vast majority purchased from cryptocurrency exchanges and sent to private wallets. 

Bitcoin Key Support And Resistance Levels

Meanwhile, on-chain data of activities on cryptocurrency exchanges show that Bitcoin is facing a stiff supply barrier between $46,250 and $47,600. 

This is an important resistance level to cross for the world’s largest cryptocurrency because more than 2.36 million addresses bought a combined 1.48 million Bitcoin. 

Aside from resistance to Bitcoin, significant support for BTC is $41,500. As Per Intoblock data, BTC price at $41,500 is the level where 1.16 million addresses hold 850,000 Bitcoin. 

btc holding

Here’s Why Shiba Inu Might Be The Next BIG Thing Coming to Bitcoin of America’s ATMs

Zabi
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Here’s Why Shiba Inu Might Be The Next BIG Thing Coming to Bitcoin of America’s ATMs

Rumors are circulating everywhere in the Shiba Inu Community that Bitcoin of America has added support for Shiba Inu (SHIB) on their ATMs.



On April 1, 2022, Bitcoin of America officially posted a tweet and said something BIG was coming to their Bitcoin ATMs on Monday.

Following the teaser, a photo of an ATM with SHIB support started making waves all around the community. Since yesterday, some community members have also been seen sharing live recorded videos of BTM’s, where SHIB support can be seen.

Recently, one random Shiba Inu Community member claims that following the rumors, he has visited his nearly located BTM to confirm the rumors and found that the rumors are true. Bitcoin of America has really added support for the Shiba Inu token. As proof, he also shared his live recorded video with the community.

Linking the teaser posted by Bitcoin of America on their Twitter handle, we might say that the rumors are true, and Shiba Inu has been officially launched on their ATMs. However, Bitcoin of America hasn’t yet confirmed the news officially.

SHIB Growth Breed Member MILKSHAKE has also taken notice of the fact and asked Bitcoin of America to reveal the news publicly.

Bitcoin of America is a virtual currency exchange registered as a money services business with the United States Department of Treasury (FinCEN). The money service makes it easier for its clients to buy crypto with cash by installing ATMs in different locations across the country. To date, Bitcoin of America has 1800 plus BTMs across 31 states.

Bitcoin of America ATMs currently support four coins officially, including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Dogecoin (DOGE).

On March 23, Bitcoin of America has added support to Shiba Inu’s rival Dogecoin (DOGE). After doge listing, Shiba Inu Community urges Bitcoin of America to add support for Shiba Inu (SHIB) on their BTMs.

Instagram to Support NFTs – Should Meta Opt For Parody Coin (PARO) over Deploying it on Ethereum (ETH) or Solana (SOL)?

Albert Brown
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Instagram to Support NFTs – Should Meta Opt For Parody Coin (PARO) over Deploying it on Ethereum (ETH) or Solana (SOL)?

Mark Zuckerberg hasn’t been shy about his engrossment in Web 3.0. In October last year, Facebook’s parent company of the same name rebranded as ‘Meta’ to “reflect its focus on building the metaverse”. While there was speculation that Zuckerberg had rebranded Meta to deflect from various allegations and negative publicity surrounding Facebook, the media magnate has stayed true to his word in regards to Web 3.0 development.

Recently, Zuckerberg announced that Instagram is preparing to support NFTs, which will open up the possibility of turning the platform into an NFT marketplace with over 1 billion users, as well as allowing users to use Should You Buy NFT Tokens? A Look at Flow (FLOW), Theta Network (THETA) & Parody Coin (PARO) as profile pictures on Facebook and Instagram. Considering that Instagram serves as a platform for many artists, musicians, and fashion designers to get discovered, showcase and sell their work, it’s likely that Instagram’s shift to NFTs will skyrocket the industry’s value even higher, and could even cause NFTs to gain widespread adoption.

Following the news, an abundance of questions have emerged regarding Instagram’s involvement in NFTs. One major probe has been as to which blockchain Instagram will opt for – while most NFTs are part of the Ethereum (ETH) blockchain, Mike Dickens, COO of Blockasset.co, points out that: “for greater mass adoption and acceptance, they will need a blockchain with low fees for a greater user experience.”

Solana (SOL), Dickens believes, has one of the greatest NFT purchasing alternatives for Instagram users with its Phantom wallet. Yet since Parody Coin (PARO) went into presale, some are advocating the use of Parody Coin (PARO) – which facilitates the minting, trading and utility access to popular NFTs via ‘parodies’.

But why is it that a lesser-known altcoin in presale is being commended more than more established cryptos like Ethereum (ETH) and Solana (SOL)?

Firstly, we need to examine what the founders of Parody Coin (PARO) are aiming to accomplish. Its White Paper outlines that the main goal of Parody Coin (PARO) is to tackle lack of access to the NFT market, in light of the high prices and fees that come with NFTs, in addition to providing features that aren’t available on traditional NFT platforms. As a result, the NFT market could even end up migrating to Parody Coin (PARO).

Operating as a Super App with its own dApp store, Parody Coin (PARO) will have the ability to produce ‘parodies’ of the industry’s most popular NFTs. It also makes it possible to trade these NFT parodies and earn passive income via 4 different routes. Users can receive utility value from it if it’s a functional NFT, just as they would from the original NFT.

Parody Coin (PARO) holders will possess the opportunity to generate revenue through 4 different streams. First, they can mint parodies of popular NFTs and sell them on the Parody Coin (PARO) marketplace. Secondly, they can earn from Parody Coin’s (PARO) smart token reflection system (meaning that each transaction is taxed and instantly redistributed back to its holders, usually based on the size of their holdings). The third revenue stream is staking on the BNB Chain, and the fourth is through Parody Coin’s (PARO) extensive rewards scheme.

The ParoReward scheme enables Parody Coin (PARO) holders to earn up to 30% APY on a variety of BEP-20 tokens by lending out funds for yield on money markets. Staking also forms a component of the ParoReward system. It makes it easier to get a part of the reward that the BNB Chain protocol pays out. The Parody Coin (PARO) system uses a bridge to convert some tokens into BEP-2 (BNB) tokens, which can be used in network consensus procedures. The prize is distributed to Parody Coin (PARO) holders using a smart contract.

PreSale Parody Coin

Website Parody Coin

Telegram Parody Coin

Twitter Parody Coin 

BabyDoge Burns Another 3.2 Quadrillion Tokens Worth Over $10M, In Total 17 Quadrillion BabyDoge Burned In 2022

Zabi
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BabyDoge Burns Another 3.2 Quadrillion Tokens Worth Over $10M, In Total 17 Quadrillion BabyDoge Burned In 2022

3.2 Quadrillion Baby DogeCoin (BabyDoge), worth over 10 million USDT, has been taken out of circulation forever.



Baby DogeCoin just shared proof of burn via its official Twitter handle and reported that they had burned another 3.2 Quadrillion tokens worth over 10 million USD.

This is not the first time BabyDoge has done such a massive burn; since the start of the New Year 2022, BabyDoge has been burning quadrillion of tokens every month.

Formerly, Baby DogeCoin has burnt 5 Quadrillion Coins, worth $11.50 million in January, 4.8 Quadrillion tokens, worth $20 million in February, and 4 Quadrillion tokens, worth over $12.80 million in March. 

This means, including the latest 3.2Q burn, BabyDoge has sent a whopping total of 17 quadrillion tokens worth over $54.3 million to the dead wallet in four months. As per data provided by CoinGecko, the current circulating supply of BabyDoge stands at 159,278,394,658,793,747 (159.27Q).

BabyDoge NFTs:

Following the Monthly Burn Event, the BabyDoge team surprised the community by disclosing the launch date of its first-ever NFT. The team reported that their first NFT would be available to mint on 20th April 2022. The team also has shared the official link of its NFT Website BabyDogeNFT.com

Baby DogeCoin is currently the third most followed canine-themed cryptocurrency on Twitter, following Dogecoin (DOGE) and Shiba Inu (SHIB). BabyDoge is followed by 1.1 million people, whereas over 3.1 million people follow DOGE, and 3 million follow SHIB.

BabyDoge is leading all the popular dog-themed cryptocurrencies from the front in terms of holders. As per BscScan data, 1,491,960 (1.49M) unique wallet addresses hold BabyDoge, whereas, Etherscan.io reports that only 1,130,928 (1.13M) unique wallet addresses own Shiba Inu.

Luna Foundation Guard (LFG) Has Not Added Any Bitcoin (BTC) In Over Five Days 

Albert Brown
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Luna Foundation Guard (LFG) Has Not Added Any Bitcoin (BTC) In Over Five Days 

The LFG Bitcoin buying spree has halted in the last five days. 



Blockchain data from Glassnode, a crypto data analytics platform, shows that Luna Foundation Guard (LFG), a nonprofit organization focusing on the Terra blockchain, has not added any Bitcoin (BTC) to its reserves in the last five days. 

 

While it is not clear why LFG has not made any BTC purchases in the last five days, the foundation has added a massive amount of BTC within the past few weeks as it ventured into the business of Bitcoin accumulation. 

LFG Bitcoin Buying Skyrockets

IN FEBRUARY, the LFG, which embarked on a Bitcoin purchase spree, has accumulated a whopping 30,727.97 BTC valued at $1.41 billion. 

Recall that the cryptocurrency community was excited after The LUNA Foundation Guard (LFG) disclosed that it would purchase $10 billion worth of bitcoin (BTC) that will be used as a reserve for the terra USD (UST) stablecoin. 

Since the announcement, LFG has kept its promise, occasionally adding the world’s largest cryptocurrency by market capitalization. 

The nonprofit organization has embarked on several fundraising initiatives to source funds that will be used to accumulate more BTC. 

At the moment, the LFG Bitcoin address holds 30,727 billion worth approximately $1.42 billion at press time. 

More BTC Needs to be Purchased

With the nonprofit organization committed to buying $10 billion worth of Bitcoin to use as a reserve for the UST stablecoin, LFG still has many Bitcoin purchases to do, which are worth more than $8 billion.  

At the current market price of $46,161, LFG still needs to accumulate at least 185,871 BTCs to complete its proposed $10 billion worth of BTC pledge. 

As long as the funds are available, purchasing the cryptocurrency will not be a problem because the Bitcoin market completes at least $20 billion of BTC trading volume daily. 

LFG Bitcoin Positioning

Terra (Luna) is currently taking the 3rd spot in bitcoin holding, behind Microstrategy and Tesla.

1. MicroStrategy – 125,051 BTC

2. Tesla – 43,200 BTC

3. Terra – 30,727 BTC

4. Marathon Digital – 8,133 BTC

5. Square – 8,027 BTC

 

1.49 Billion Shiba Inu Burnt Within 7 Days, While Top SHIB Burner Quits

Zabi
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1.49 Billion Shiba Inu Burnt Within 7 Days, While Top SHIB Burner Quits

Over 1.49 billion Shiba Inu (SHIB) tokens were burnt within the last 7 days and over 39.83 million during the last 24 hours.


 

Shibburn.com recently reported 96 transactions towards the dead wallet during the last week, through which 1,496,133,933 (1.49B) dog-themed tokens have been taken out of circulation forever by community-led burning initiatives.

Top SHIB Burner of the Week:

Three newly emerged tokens, ETH SHIBA, 1Cent, and ScareCrow (SHIB Protector) were among the top SHIB burner of the week.

ETH SHIBA Weekly Burn Event:

ETH SHIBA, a new token supporting SHIB burn, has successfully organized two burn events this week.

ETH SHIBA reportedly had organized a Weekly Burn Event on Tuesday (29th March 2022). The team behind the newly emerged token has sent 400,603,675 (400.6M) SHIB to the dead wallet through this event.

ETH SHIBA FLASH Burn Event:

ETH SHIBA organized another event named “FLASH Burn Event” on 31st March 2022. This event was not scheduled and came as a surprise soon after P2PB2B, the London-based world’s fastest-growing cryptocurrency exchange officially declared the listing of ETH SHIBA on its platform. This marks the first-ever CEX listing for the newly emerged token.

Through FLASH Burn Event, ETH SHIBA successfully sent 15 BNB value of SHIB tokens, i.e., 242,328,377 (242.328M) to a dead wallet through a single transaction.

In this way, individually ETH SHIBA has been able to take out a whopping total of 642,932,052 (642.93M) SHIB from circulation forever.

3 weeks since its inception, the project “ETH SHIBA” has been able to send over 1.5 billion Shiba Inu tokens to the dead wallet, permanently taking them out of circulation.

1Cent Weekly Burn Event:

1Cent is another newly emerged token that supports SHIB burn. 1Cent has organized an official Weekly SHIB Burn Event on March 28th, 2022. Through this event, the team behind the newly emerged token had been able to send a whopping total of 290,590,004 (290.59M) SHIB to the dead wallet in one transaction.

3 weeks since its inception, the project “1Cent” claims to burn over 1.00 billion Shiba Inu tokens to the dead wallet, permanently taking them out of circulation.

ScareCrow (SHIB Protector) Auto-Burn Mechanism:

ScareCrow (SHIB Protector) is also a newly emerged token and is using a unique auto-burn feature for SHIB.

The ScareCrow token applies a 3% Buy Tax, 8% Normal Sell Tax, and 25% Early Sell Tax on holders that sell Scarecrow tokens within 24 hours of buying. Whenever someone buys or sells tokens, ScareCrow automatically uses the taxed amount to buy SHIB and burn.

Through this burning mechanism, ScareScrow (SHIB Protector) token has burnt over 400 million SHIB during the past week.

Past 24 Hour Burn:

5 transactions have been tracked by the SHIB burn tracking service within the last 24 hours. These five transactions were responsible for burning 39,832,229 (39.83M) SHIB tokens.

As per data provided by Shibburn.com, a total of 410,309,754,974,180 (410.30T) Shiba Inu has been taken out of circulation forever from the initial supply of 1 quadrillion tokens. Whereas 39,485,816,187,831 (39.48B) of SHIB has been staked by holders on ShibaSwap. In this way, the current circulating supply of SHIB comes out to be 550,204,428,837,988 (550.20T) tokens.

Bigger Entertainment Quit Supporting SHIB and Burn:

Besides this massive burning, Steven Cooper, an owner of Bigger Entertainment has declared that he is no more going to help SHIB burning. The reason is however not clearly defined but according to Steven Cooper, he is not feeling satisfied with the recent developments. For him, the main focus of shib development team should be SHIB burn.

Bigger Entertainment has begun its SHIB burning campaigns last October 2021. Since then, the music company was able to burn over 1.5 billion SHIB.

RippleX GM: Ripple’s XRPL Annual Energy Consumption Is Equivalent to Only What 50 U.S. Households Uses Annually

Mark Brennan
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RippleX GM: Ripple’s XRPL Annual Energy Consumption Is Equivalent to Only What 50 U.S. Households Uses Annually

Ripple uses way lower energy compared to other cryptocurrencies using proof-of-work algorithms. 


 

It is not news that Ripple uses less energy in processing transactions than other cryptocurrencies using the Proof-of-Work algorithm. 

In a recent YouTube interview hosted on the Thinking Crypto channel, Monica Long, General Manager at RippleX, gave an estimate of the energy expenditure for the popular blockchain network Ripple. 

According to Long, Ripple’s XRP Ledger (XRPL) is designed to be carbon neutral, which uses less energy in transaction processing. 

“The amount of energy you need for XRPL transactions over the course of a year is equivalent to the energy expenditure of 50 US households, versus you look at a proof of work chain it’s something like 14, 15 million households,” Long added. 

The General Manager at RippleX added that the low energy usage of Ripple’s XRPL has made the network attractive for carbon credit marketplaces and exchanges. 

PoW Cryptocurrencies Heavily Scrutinize

Cryptocurrencies using the Proof-of-Work algorithm have come under heavy scrutiny in recent times, due to the large amount of energy required to process transactions. 

Environmental activists have decried the negative impact of cryptocurrency mining on the global climate, with several pleas to the government to put an end to these operations.  

Last year, Bitcoin mining was clamped down on by the Chinese government for several reasons, including the environmental implications of the operation. 

China is not the only nation that has frowned against Bitcoin mining. Sweden and Norway also declared a full-scale ban on cryptocurrency mining because of the massive energy consumption of the operation. 

Changing the PoW Code

With authorities clamping down on cryptocurrency mining, Ethereum, which originally started using the PoW algorithm, is making efforts to transition to a Proof-of-Stake (PoS) model, where new ETH will no longer be minted but will be rewarded to people who stake their funds. 

Last month, Ripple’s chairman Chris Larsen pledged $5 million to sponsor campaigns that will change the Bitcoin code from a PoW algorithm to a PoS. 

The campaign, which is tipped to commence this month, will mobilize several environmental groups to urge Bitcoin developers to adopt the PoS algorithm. 

SEC Commissioner Hester Peirce Faults SEC for Lack of Regulatory Clarity for Crypto, Ripple Responds

Lele Jima
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0
SEC Commissioner Hester Peirce Faults SEC for Lack of Regulatory Clarity for Crypto, Ripple Responds

The SEC’s constant refusal to provide clear regulations for the crypto space has resulted in several risks. 



In recent years, the Securities and Exchange Commission (SEC) has come under major backlash from cryptocurrency community members for its inability to provide clearer regulation for the industry. 

The SEC’s lack of regulatory clarity has stirred up major issues in the cryptocurrency sector, with several crypto-related firms, including Ripple, charged with conducting an unregistered securities offering. 

According to a recent publication by the Securities and Exchange Commission, the agency noted that due to the legal, technological, and regulatory risks associated with safeguarding crypto assets, affected companies are expected to record an asset and a corresponding liability on their balance sheets at fair value. 

Commenting on the SEC’s publication, Hester Pierce, a commissioner of the agency popularly referred to as Crypto Mom, expressed her concern with the way the proposal is being made. 

Peirce, who believes the accounting determination for crypto companies is appropriate, noted that the risks cryptocurrencies pose, as mentioned in the SEC bulletin, are not new. 

However, she faulted the SEC for its constant refusal to provide regulatory clarity for the cryptocurrency industry despite several calls and pleas. 

“The Commission has refused, despite many pleas over many years, to provide regulatory guidance about how our rules apply to crypto-assets, so some of the responsibility for the lack of legal and regulatory clarity lies at our doorstep,” Peirce noted in her response. 

 

Crypto mom’s recent comments corroborate what other industry experts have noted that several legal issues the crypto industry has had with the SEC could have been avoided if the agency had provided clear regulations. 

Peirce’s comments have earned lots of applause within the crypto community, especially from Ripple’s General Counsel Stuart Alderoty, who quoted her remark on Twitter and added a “fire” emoji, signifying burn or heat. 

 

 

It is no longer news that Ripple has been involved in a landmark lawsuit with the SEC and the case has lasted for more than a year. 

The case is fast approaching a summary judgment on Fair Notice, where Ripple plans to argue that it did not get a prior warning from the SEC that its cryptocurrency offering could breach its laws. 

3rd Biggest ETH Whale “Tsunade” Just Bought Over 86 Billion Shiba Inu for $2.30 Million

Zabi
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3rd Biggest ETH Whale “Tsunade” Just Bought Over 86 Billion Shiba Inu for $2.30 Million

Top Ethereum (ETH) whale has added over 86.81 billion Shiba Inu (SHIB) to her portfolio, worth $2.30 million.



Recently, WhaleStats reported one massive transaction made by “Tsunade” – one of the most famous and the 3rd biggest whale on the Ethereum network.

As per recent WhaleStats’ tweet, Tsunade had bought total of 86,811,666,383 (86.841B) SHIB for $2,305,717 ($2.30M).

Looking deep into the whales’ wallets, we found that Shiba Inu is her 24th biggest holding by dollar value. At the time of writing, she is holding 2 trillion SHIB, worth $46,844,408 (46.84M). Her average purchase price is $0.0000261, as per WhaleStats.

The biggest holding of the whale is American Born Doge; The whale is holding $1,830,690,690 ($1.8B) worth of American Born Doge coins.

Besides Shiba Inu, Tsunade is currently holding 70,596,299 ($70.59M) worth of Tether (USDT). Such massive accumulation of Tether, a stable coin indicates that the Whale might continue accumulation of Shiba Inu or any other coin in the coming days or weeks.

Impact on SHIB Price:

At the time of writing, the SHIB price is trading at $0.00002655, up over 1% for the day, with a 24-hour trading volume of $1,165,178,038 ($1.16B), showing a decrease of over -8.09% compared to the previous day.

Cardano Founder Fumes at People Requesting for ADA Burns, Says Burning Cardano Is Like Burning Money

Mark Brennan
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Cardano Founder Fumes at People Requesting for ADA Burns, Says Burning Cardano Is Like Burning Money

Cardano’s founder smashed the burning idea for ADA, as he notes that burning Cardano is like burning investors’ money.



Charles Hoskinson, the CEO, and founder of popular blockchain project Cardano is not in any mood for tolerating the idea of burning a part of the ADA token’s supply. 

The Cardano boss fumed at the question of “whether there will be a token burn for ADA,” asked by some members of the Cardano community. 

 

According to Hoskinson who has always reiterated that the team will not conduct any burn for the eighth-largest cryptocurrency, people who are still nursing the idea of burning a part of the token’s total supply are id*ots. 

He urged them to have a sober reflection on why they are still deeply immersed in idiocy  

“I want you to be specific about this. Turn off your computer and throw it in the trash can. If you have a car, get in the car and I want you to drive to the mountains, sit on the rocks, look at the sunset, contemplate your existence, and ask yourself why you are still consumed with idiocy,” Hoskinson said.  

The Cardano boss, who was recently accused of lying about his educational background details, added: 

“After you are done with that I want you to come back only if you have reached a new level of clarity and insight, then you can beg for forgiveness from the entire Cardano community for suggesting to destroy their money.” 

Apparently, the idea of burning a part of the total supply of Cardano does not sit well with Hoskinson because it could end up destroying the main fundamentals of the blockchain project. 

However, several cryptocurrency traders may feel differently about the Cardano boss’ opinion on burning a part of the token’s supply, which has a max of 45 billion ADA. 

For most investors, burning ADA to reduce its total supply of 45 billion will ultimately boost its price to higher levels.  

At press time, ADA is trading at $1.18 down 61.5% from its all-time high (ATH) of $3.09 recorded in September 2021. 

While investors feel introducing a burn mechanism for ADA will bring its price back to its ATH, Cardano developers feel differently about the idea, as they believe in focusing on launching significant upgrades that will trigger a rally for the token. 

 

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