The latest moves in crypto markets in context for May 19,2022.
SingularityNET, SingularityDAO Receive $25M to Accelerate AI-Backed DeFi
Global investment group LDA Capital Ltd. committed the funds and will provide strategic support.
Jack Dorsey’s Block hits $1.3B in Q1 profits, $43M in BTC trading revenue
Despite the fact that the Bitcoin price trended down over Q1, the Block ecosystem of payment solutions with Bitcoin in mind performed well.
Bitcoin must defend these price levels to avoid ‘much deeper’ fall: Analysis
It could be “do or die” for Bitcoin bulls if BTC/USD returns under $27,000, Whalemap argues.
Despite Recent Bumps in the Road, Stablecoins Will Stick Around
Stablecoins have suffered serious reputational damage from the implosion of UST and Luna, but their future still looks long.
BNB Chain offers another lifeline to Terra ecosystem projects
Binance’s BNB Chain will offer support to Terra ecosystem projects looking to migrate away from the ailing DeFi protocol.
Ethereum on Track for Testnet Merge in June
The testnet merge would allow developers to work on any potential risks or bugs before a full-fledged rollout on the main Ethereum network.
Shib Army Burns Nearly 13 Billion SHIB In Last 24 Hours: Report
A shocking amount of nearly 13 billion SHIB has already been removed from the systemic circulation supply over the past 24 hours. As tweeted by the Shiba Inu transaction tracker @Shibburn, this is because the coin is being sent to dead-end wallets. The platform also burns Shiba Inu to help keep the supply down.
Most of this massive amount of SHIB was destroyed in just one hour.
Related Reading | Blockchain Data Indicates $10M Worth Of Ether From The Ronin Exploit In Rotation
In a tweet on May 18, Shibburn communicated that a truly astonishing 10,028,551,985 Shiba Inu tokens had been shifted to unspendable wallets in six exchanges a few hours earlier. This portion of SHIB is worth $123,551.
The tweet reads;
In the past hour, there have been a total of 10,028,551,985 $SHIB tokens burned and 6 transactions.
An anonymous crypto wallet burned 10 billion SHIB in a single transaction. This was the largest single burn transaction for Shiba Inu so far since the burn started.
SHIB is currently trading at $0.0000117; the price last seen in October 2021 | Source: SHIB/USD price chart from Tradingview.com
The number is staggering, but the platform has made progress in containing it. For example, before the above news, the platform tweeted that about 2,677,017,916 Shib were stuck inside unspendable wallets; these took 92 transactions.
Shibburn tweeted;
In the past 24 hours, there have been a total of 2,677,017,916 $SHIB tokens burned and 92 transactions. Visit http://shibburn.com to view the overall total of #SHIB tokens burned, circulating supply, and more.
The Shibburn project’s website reports that the burn rate of SHIB has increased by 5,189.09%.
Dead-end wallets are cryptocurrency addresses that have not had any incoming or outgoing transactions in multiple years. They always contain funds, but most of them will never have any transactions.
No Impact Of Burns On SHIB Price
According to Shibburn, as of now, the total amount of burned Shiba Inu is 410,355,298,103,517 tokens. However, the Shiba Inu’s price has not yet caught up with the all-time high from last year, which was $0.00008845 per token in October 2021.
As the circulating supply of tokens decreases, the cryptocurrency becomes inadequate, and its price is likely to rise.
Whales Buy The Dip
Some people are trying to remove SHIB tokens from circulation so the price will go up. But whales continue to buy SHIB tokens when the price is low and sell them later when the price goes up.
Related Reading | LUNA Aftermath: Total Crypto Market More Oversold Than Black Thursday
In a tweet, WhaleStats announced that a prominent Ethereum investor with the moniker “BlueWhale0073” had purchased 110,654,459,259 Shib, an equivalent of $1,313,468.
On May 14, the BlueWhale0073 already made a bulk purchase an equivalent of $1,408,176 in SHIB – 109,842,128,610 meme coins.
Featured image from Pixabay and the chart from Tradingview.com
New York Bitcoin Miners Start to Give Up on State Amid Regulatory Uncertainty
The state was once a draw for bitcoin miners, but environmental concerns are weighing on the industry.
FTX US to launch stock trading against stablecoins
FTX Stocks will allow retail investors to fund their accounts with fiat-backed stablecoins like USD Coin via the FTX US crypto exchange.
Mining-Rig Maker Canaan Q1 Revenue More Than Triples
Bitcoin mining company Canaan said revenue surged 237% from the year-earlier quarter to $213.9 million.
A16z Leads $15M Round for P2E Studio Azra Games
The blockchain gaming company is preparing to launch a fantasy collectibles and mos combat role playing game.
Curve Finance Proposes to End CRV Token Emissions on All UST Pools
On-chain participants are already voting “yes” to end CRV emissions from any liquidity pools involving UST.
Terra crash not a risk to the broader crypto ecosystem, says Huobi Global CEO
Du Jun, CEO of Huobi Global, told Cointelegraph that the Terra crash will slow down investor enthusiasm in the short term, but in the long term, the demand will recover.
Terra Backers Delphi Digital and Hashed Lick Their Wounds After UST and Luna Collapse
Delphi says Terra-affiliated tokens accounted for 13% of its assets under management at their peak, while Hashed appears to have lost over $3.5 billion.
BofA Says Crypto Winter, Contagion Risk Concerns Are Overdone
Concerns of a so-called crypto winter are unfounded, the second-largest U.S. bank said in a note.
FTX US Debuts Stock Trading in Push for Bigger Slice of US Retail Pie
Brokerage accounts can be funded with the stablecoin USDC, the exchange said.
How Do You Tax an NFT?
Plans to share bitcoin data with foreign tax authorities may be hard to adapt to transparent, decentralized blockchains – but once in place, new rules are hard to shift.
DeFi-ing exploits: New Chainalysis tool tracks stolen crypto across multiple chains
Blockchain analytics firm Chainalysis introduced a new tool to help monitor transactions and tokens across DeFi protocols and multiple blockchains.
What is Sorare and how to play it?
Sorare is a football fantasy game in which participants use digital player cards to buy, sell, trade, and manage a virtual team.