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Shiba Inu Burn Rate Accelerates By 3,000%, Will It Impact Price?

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Shiba Inu Burn Rate Accelerates By 3,000%, Will It Impact Price?

The meme coin currently under the spotlight for its token-burning campaign hit a new burn rate high this Monday. Shiba Inu, the dog crypto, burned close to 200 million coins within the last 24 hours. According to SHIB Burn data, the burn rate of Shib tokens has spiked by about 3000% in the space of 1 day. 

Furthermore, most of the tokens sent to Shiba Inu’s burn wallet are from individual whale accounts. This burn initiative has taken off big since the beginning of this month. More than 500 million tokens went out of circulation in the first week. At this rate, it is possible the burn rate might hit 5000% in a few days. 

Related Reading: Solana (SOL) Heats Up 7% In Last 24 Hours As Helium Eyes Merge

Whale Accounts Invest Massively In Shiba Inu

Even as the Shiba Inu tokens burn rate skyrockets, the token is drawing massive investments from individual whale accounts. Last weekend, two whales took up positions worth millions in the Shiba Inu ecosystem.

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The first one bought 702 billion SHIB coins costing close to a whopping $8.7 million. Another whale, in a first-time transaction, purchased 541 billion tokens worth almost $7 million, according to Ethescan.io data. Nonetheless, the newest whale on Shiba Inu continues to be anonymous, one of the benefits of decentralized finance.

Will The Increased Burn Rate Have Any Effect On SHIB Price?

As the number of tokens burned on the Shiba Inu protocol spikes, will it positively affect the price of SHIB tokens? This question remains on many minds as millions of SHIB tokens continue to go out of circulation.

SHIB is currently trading at $0.00001233 after briefly dipping to 0.00001198 yesterday. The coin is doing quite well for itself amid the general crypto bear market, up about 93% in 1 year. It had hit an unprecedented all-time high of $0.00004217 close to the end of October 2021. However, it continued to drop amid general market volatility coming to rest at its current price. It is unclear if the increase in token burning will push the token any closer to its October 2021 peak. 

SHIB’s price is currently trading around $0.000012. | Source: SHIBUSD price chart from TradingView.com

Shiba Inu Grows Closer to Its Trillion Token Burn Benchmark

This recent burn benchmark brings the meme coin protocol closer to its goal of burning trillions of tokens. It will be an integral part of the launch of ShibaSwap 2.0 and the anticipated Shibarium Layer 2. As it stands, Shiba Inu devs are continually seeking innovative options to burn the tokens. 

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Related Reading: NEAR Bulls Charge Their Way Past $4.7 Amid Lack Of Spike In Volume

Finally, the dog token still has a lot of challenges to overcome in the coming days if its price is to climb. The soaring inflation, coupled with the scheduled CPI report release and next week’s FOMC meeting, is also part of it. In fact, SHIB’s price may plateau or even dip in the coming days despite the massive amount of coins burned.

Featured image from Pixabay and chart from TradingView.com

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EU Bans Crypto Services For Russians In New Sanctions Over Ukraine Escalation

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EU Bans Crypto Services For Russians In New Sanctions Over Ukraine Escalation

An array of crypto-related services have been targeted in the latest round of sanctions on Russia approved by the EU. The measures are part of an expected tightening of the economic and financial restrictions in response to Moscow’s decision to annex Ukrainian territories.

EU Council Adopts Full Ban on Crypto Wallet and Custody Services for Russian Persons

The Council of the European Union announced new sanctions against Russia on the backdrop of the deepening military conflict in Ukraine. The penalties, expected to hurt the Russian government and economy, come after Moscow took steps to annex the Ukrainian regions of Donetsk, Luhansk, Zaporizhzhia, and Kherson.

In a statement, the EU’s High Representative for Foreign Affairs and Security Policy Josep Borrell emphasized that the sanctions are a response to the latest escalation with the “fake referenda” in these four oblasts. Russian individuals and entities that have played a role in their organization will be specifically targeted.

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Other Russian citizens and businesses are also going to take a hit, including those that deal with cryptocurrencies. The new measures include a full ban on the provision of wallet, account, or custody services for crypto assets to Russian persons and residents. That’s regardless of the value of these assets, according to the eighth package of sanctions imposed by Brussels.

This spring, when the EU approved its fifth round of such measures, the Council prohibited only the provision of “high-value” crypto-asset services to Russians and organizations registered in their country. The ban applied to digital funds exceeding €10,000 (close to $11,000 at the time).

New European Sanctions to Hit Russian Imports and Exports

While the earlier restrictions were meant to limit the transfer of wealth through digital assets and close other loopholes in the crypto space, a recent report revealed that pro-Russian groups have been actively using cryptocurrency, often in small transactions, to fund paramilitary operations in Ukraine. According to the research, they have raised $400,000 in crypto since the start of the invasion in late February. Russian authorities have also been working to allow businesses to employ crypto payments for international settlements.

With the latest move, the EU also bans the provision of IT consultancy and legal advisory services to Russia as well as architectural and engineering services. Russian imports and exports have been targeted, too, including the maritime transport of crude oil and petroleum products to third countries. The provision of related services will be allowed only if these have been purchased at or below a pre-established price cap, which is yet to be determined.

Among the other measures is a ban on EU nationals to hold any posts on the governing bodies of some Russian state-owned or government-controlled entities. The Council also decided to broaden the criteria under which persons can be designated as facilitating the circumvention of restrictions imposed by the European Union. The European Commission, the executive body in Brussels, welcomed the latest sanctions package.

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annexation, ban, conflict, council, Crypto, crypto services, Cryptocurrencies, Cryptocurrency, custody, escalation, EU, EU Council, european, European Union, Exports, imports, package, prohibition, referenda, referendums, regions, restrictions, round, Russia, russian, Sanctions, Services, Ukraine, Wallets, War

Do you think the new EU sanctions will significantly limit access to cryptocurrencies for Russians? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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South Korea Court Dismiss Arrest Warrant Against Terra General Head of Affairs, Yoo Mo

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South Korea Court Dismiss Arrest Warrant Against Terra General Head of Affairs, Yoo Mo

Yoo Mo, the head of general business operations of Terraform Labs, had an arrest warrant issued for him, but the Seoul Southern District Court judge in South Korea dropped it because it wasn’t necessary to keep him in custody.

Do Kwon the terra co founder who is wanted by the interpol and more than 194 nations for allegedly breaking South Korean capital markets regulations is reported missing.Yoo was a “essential aide” to Terra founder Do Kwon, according to local press reports.Yoo was also accused of breaking the nation’s Capital Markets Act.

The algorithmic stablecoin UST, which lost its peg to the dollar and caused the Terra ecosystem to collapse in May, had its price artificially boosted and deflated by Terra.

Yoo Mo set free

According to  SBS and Yonhap News, Yoo is no longer wanted for arrest despite all his allegation The arrest warrant was notable because it was the first arrest of its kind in the fallout of Terra’s collapse. Do Kwon himself still remains at large, though the infamous founder said last month that he is not “on the run.”

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South Korean authorities have kept up their pressure on the founder of Terra and LUNA, declaring on Thursday that Kwon must hand up his passport to the cops. If Kwon declines, his passport will expire in two weeks.

On a tweet,Kwon, who has been largely quiet since Terra’s meltdown, came online to refute rumors that the 3,313 Bitcoin that South Korean prosecutors had frozen belonged to him.

‘I have no idea whose money has been frozen’, but Kwon wished them well and hoped they would put it to good use.

According to the time of writing  Terra is currently trading at $0.0002856. In the last 24 hours it has traded as low as $0.0002837 and as high as $0.0003046. The trading volume is $291,576,585 while the market capitalization is $1,969,113,668. 

Due to this news LUNC is set for higher prices but investors are advised to exercise caution since the  market may be volatile.

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Cardano TVL Plummets To 8 Month Low, No Vasil Hardfork Positive Effect

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Cardano TVL Plummets To 8 Month Low, No Vasil Hardfork Positive Effect

Cardano has suffered a significant drop in its total staked volume since its March 2022 peak. The proof-of-stake blockchain has lost over 76% of its total value locked in the past eight months. The decline is alarming, given the decentralized crypto project’s recent Vasil hardfork. 

The Cardano community welcomed the Vasil upgrade with high expectations. The hardfork was meant to upgrade the blockchain’s performance and place it in a position to contend with other top DeFi projects. However, it seems that the update hasn’t been able to deliver much bullishness for ADA holders.

Related Reading: Why “Rosy” Earnings Estimates Might Hurt Bitcoin As Price Struggles At $20,000

Loss Of Staking Value For Cardano

Based on data obtained from Defi Llama, Cardano’s total value locked (TVL) has continuously decreased since its March height. It has now fallen below $80 million for the first time since January 2022.

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More specifically, Cardano’s TVL was reported to be $76.66 million at the time of this writing. This figure reflects a 76.49% decrease from the all-time high of $326 million that it hit on March 24, 2022. This new figure has pushed the staking value of ADA to the levels it had in January 2022.

Cardano is presently ranked 27th among all blockchains regarding the total value of locked (TVL). It is trailing behind blockchains such as Bitcoin (BTC), Algorand (ALGO), Polygon (MATIC), Avalanche (AVAX), and Tron (TRX). Ethereum (ETH), which now has a market value of 32 billion dollars, has a commanding lead.

ADA’s price is currently trading at $0.4289. | ADAUSD price chart from TradingView.com

Can Cardano Reach $1?

ADA and most other cryptocurrencies suffered through a gloomy month in September. However, crucial updates and strong token fundamentals suggest that ADA might be set for a breakthrough in October. This is generally a bullish month for the cryptocurrency markets.

Nevertheless, it seems unlikely that Cardano will be able to reach $1 in the next four weeks. This is because major technical indicators like the RSI and MACD are below 50, signaling a negative trend.

Cardano Making Waves In Other Areas

Despite the fact that Cardano’s staking value has dropped significantly, there are some positive developments happening within the project’s space. For instance, Cardano is among the ten most popular cryptocurrencies picked by banks that disclosed exposure to the innovative asset class. The findings were reported by the Basel Committee on Banking Supervision (BCBS) of the Bank of International Settlements (BIS).

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Not only that, but Cardano has also been winning in the social media area. The number of daily social mentions of ADA had risen to a 90-day high of 52,470 as of September 23. This brings the total number of mentions to 2.32 million, as per statistics from the social intelligence platform LunarCrush.

Related Reading: Calm Before The Storm? Bitcoin Volatility At Historically Low Levels

Finally, Cardano has the support of several bulls who have expressed their confidence in the project. The cryptocurrency community at CoinMarketCap is positive on the price of Cardano by the end of October. Based on a poll, members have predicted that ADA would trade at $0.5873 at the end of the month. This was 36.77% higher than its $0.4294 price at the time of writing.

Featured image from Pixabay and chart from TradingView.com

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