According to a tweet by TRON (TRX) on January 10, the network has displayed an impressive performance as it is currently ranked second in terms of total value locked (TVL) in the entire crypto space.
TRON’s TVL has reached $9.2 billion by end of 2022, TRON DAO disclosed.
- TRON chief executive to extend help to FTX and SBF
- TRX price spikes by 1.52%
- TRX remains robust in terms of trades
A lot of people are now keeping an eye on TRON, and wondering whether it can hold on to its ranking and recuperate especially following its recent sharp decline.
The network has always championed its quest for further decentralization. In fact, in comparison to other crypto assets, TRX has made significant progress over a short span of time.
Image: TRON DAO
TRX Price In The Green, Up 11% In Last Week
According to CoinMarketCap, TRX’s price has increased by 11% in the last seven days, and trading at $0.05744 as of writing.
Noticeably, many investors are worried about their crypto investments, especially with the crypto crash that happened just recently.
TRON CEO, Justin Sun, disclosed that he would extend some help to both FTX and its former CEO, Sam Bankman-Fried so the crypto exchange can recover.
This recent statement by Sun is quite controversial and has put the network on a bad light. More so, this caused investors to hesitate with the crypto especially as it shows support for the disgraced crypto company.
Meanwhile, TRX is said to lead the crypto space in terms of trustworthiness, being an open network. The year 2022 is said to be the token’s best year so far with its price shooting to as much as 2,950%, an all-time high.
In fact, even in the face of an ongoing bear market, TRON remains to be as robust as ever in terms of trades with investors generously funding the network.
FUD Surrounding TRON Still Felt
Recent price activity in TRON (TRX) has been influenced by Bitcoin (BTC) and the activity of the US stock market. On the 11th of January, speculators wagered on reduced U.S. inflation, which boosted cryptocurrency markets and led to a rally on U.S. stock markets.
At the time of publication, the fear, uncertainty and doubt surrounding TRON’s founder Sun and the Huobi exchange can still be felt, which contributed to the negative weighted sentiment regarding TRX.
TRX total market cap at $5.2 billion on the daily chart | Chart: TradingView.com
This demonstrates that the investor had a pessimistic view of the asset going into the transaction. However, this was not enough to stop TRX from surging.
At this point, TRON’s revenue has shown to spike from $509,942 to $637,526 as seen in the previous month. The increase in revenue is said to be triggered by the padding of the number of active wallet addresses on the network which also shows an increase in users by 4.53%.
Overall sentiment for TRON is positive, which could mean that TRX price has the potential to skyrocket in the future.
-Feature image by MEXC Blog
Shiba Inu Observes Highest Rise In Burn Rate – Is This Normal?
SHIB token burn rates are seemingly rising on the Shiba Inu network. The current number of Shiba Inu burn trackers is quite surprising. However, data shows it is due to the degenerative performance of the SHIB burning machine.
On-chain data shows that the SHIB burn rate observed a massive 1682.07% increase over the past 24 hours. That is the highest percentage rise in the burn rate on the SHIB network in the past few months.
Why Is SHIB Burn Rate Increasing?
In detail, the number of burnt tokens on the Shiba Inu network did not exceed 1 million SHIB on January 26. Yesterday’s amount was one of the lowest numbers of assets developers has burned on the network. So, the seeming spike in burn rate could be due to a default in the SHIB burning machine yesterday.
According to analysts, this percentage spike wasn’t triggered by increased network activity. Also, it didn’t represent a large number of actually burnt tokens.
Token burns help to reduce the number of coins in circulation. It helps increase an asset’s scarcity and possibly boost the token’s price when increased supply pushes it down.
For instance, on January 17, the SHIB token burn surged by 613% within 24 hours, and the coin broke the bearish traders’ expectations, rising above 20% on the day. However, a surge in price did not accompany the recent rise in the token burn rate.
Also, some SHIB whale activities indicate that top investors have lost faith in the meme coin as many whales keep moving chunks of Shiba Inu positions on exchanges.
🚨 🚨 3,312,307,240,798 #SHIB (38,257,148 USD) transferred from unknown wallet to unknown wallethttps://t.co/0mdLkwpPQQ
— Whale Alert (@whale_alert) January 26, 2023
This could mean that short-term traders don’t believe the asset couldn’t rise above the resistance level, helping them earn profit.
New SHIB Whales Emerge – What’s Next?
While some whales sell off their tokens, a new address is buying the dip, accumulating large amounts of SHIB tokens, and maybe awaiting the next bull market. Data shows that a new crypto wallet became a Shiba Inu whale address on Thursday, January 26, 2022.
The new wallet became a whale address after receiving 3.3 billion SHIB worth about $38.9 million. Etherscan revealed that the sending address moved funds from different wallets before transferring the tokens to the receiver, now the newest SHIB whale. This move further confirms our suspicion that smaller investors are giving up their positions.
According to the blockchain whale tracker, Whale Alert, the wallet also received 1 billion PAW tokens a few minutes after sweeping the SHIB token. With the current balance, the new whale is now the world’s 30th-largest SHIB holder.
This recent accumulation came after the world’s 26th-largest SHIB holder swept 150 billion tokens into its wallet. The token sweep occurred through four transaction clusters within three hours on January 23.
So while short-term investors might be selling their positions due to falling SHIB prices, some could be accumulating in anticipation of future gains from the upcoming Shibarium launch.
Shiba Inu is currently trading at $0.00001188 with a 24-hour increase of 1.28% and a 7-day price surge of 0.2%. In addition, the meme coin has seen a 14-day price surge of 22.1% and a 30-day rally of 41.4%.
Featured Image From Pixabay Kevin_Y, Chart From Tradingview
AAVE Seeks Proposal To Clear Itself Of Bad Debt – Can It Overcome These Obstacles?
The lending platform AAVE has been enjoying positive news lately. According to reports, AAVE has passed a governance proposal that would eradicate all bad debt it accumulated when Avraham Eisenberg, orchestrator of the Mango Markets exploit, targeted the platform’s Ethereum V2 liquidity pool back in November 2022.
However, the governance token of the platform, AAVE, has not responded either positively or negatively. According to data from CoinGecko, the token registered losses in the daily and weekly time frames. But these losses are too miniscule to revert the token’s gains from the start of the year.
With the launch of AAVE’s V3 on its mainnet, the crypto might be in a position to tally new highs if the situation permits it.
The Gist Of The Proposal & On-Chain Developments
Based on the proposal, the token has over 2,677,749 units of CRV in debt on its Ethereum V2 CRV reserve. This is worth, at the date of the proposal, over $2.5 million. The proposal would use V2’s stablecoin reserve to buy the necessary number of units of CRV to pay the debt.
This obviously was accepted by the community positively, being implemented immediately by January 25th. This would reverse the damage of the exploit attempt, proving the liquidity of the protocol.
The deployment of AAVE’s V3 on Ethereum was also implemented. According to DefiLlama, the crypto is in the top 4 among all platforms. AAVE V3, the Ethereum pool deployment, has over $526.52 million total value locked.
At $86.02, What’s In Store For AAVE?
The token is currently consolidating around the $85.8 support range. This could be a sign that the token still has room to regain lost ground from 2022’s bear market. However, this can only be achieved if the token closes with a green candle to continue AAVE’s rally when the year started.
Investors and traders should target the token’s current resistance at $90.15. If the bulls can consolidate at the token’s present support, we can see an upward push towards $94.70.
AAVE total market cap at $1.2 billion on the daily chart | Chart: TradingView.com
Investors should also monitor the token’s correlation with Bitcoin and Ethereum as these would have a big influence on its price movement in the short to medium term.
As these major cryptocurrencies retest their crucial resistances, a breakthrough by either one or both of these coins would boost AAVE’s momentum to regain lost ground.
With this in mind, investors and traders should exercise caution in the short to medium term as the token can still be clawed by the bears to revert back to $78.65.
Featured image by Kanalcoin.com
Freelance writing is Christian’s other cup of tea. When not on his computer, he unwinds with a bottle of beer and laughs with his son over cartoons. Other than that, he’s just like everybody else who wants to be happy with their life.
U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors
The U.S. government is set to tighten regulations to mitigate the growing risks associated with the crypto industry. This development comes after increased scrutiny following the collapse of FTX and Terra Luna in 2022.
In a press release on January 27, the White House put forward a comprehensive roadmap designed to protect investors and hold bad actors accountable. The roadmap highlighted several measures for more effective regulations in the crypto industry.
A Two-Pronged Approach By U.S. Government
The U.S. government revealed that it had spent the past two years identifying the risks of cryptocurrency and finding ways to mitigate them. To ensure these measures are implemented, the White House intends to utilize a two-pronged approach.
Firstly, the U.S. government has developed a framework for individuals and organizations to safely and responsibly develop digital assets. This includes addressing the risks they pose as well as highlighting poor practices within the crypto industry.
Secondly, agencies have been mandated to increase enforcement and develop new regulations where needed. While there’s an increase in public awareness programs designed to help consumers understand the risks of buying cryptocurrencies.
Related Reading: US Federal Regulators Warn About Crypto Activities
The White House also pointed out that Congress had a major role in expanding regulators’ powers and passing transparency laws for cryptocurrency companies. It also warned about passing legislation that would reverse the current gains and tie cryptocurrency with the U.S. financial system.
In addition, the government intends to commit significant resources toward digital assets research and development, and this would help technologies power digital currencies and protect investors by default.
Crypto Industry Still Reeling From FTX Collapse
The crypto industry is still recovering from the bearish markets resulting from several CeFi platforms’ high-profile collapses. 3AC, Voyager, BlockFi, and FTX were among the top platforms to file for bankruptcy, with the quartet holding more than $100 billion in assets.
The nature of FTX collapse brought about increased scrutiny of the crypto industry. Congress testimonials exposed the risk-averse nature of crypto companies’ executives as details emerged that Sam Bankman-Fried misused clients’ funds through his trading firm Alameda Research.
The ripple effect was massive as several individuals and firms exposed to the platform suffered huge losses, with some companies forced to shut down. These events caused concerns and reactions from within and outside the crypto space. It is, therefore, unsurprising that the U.S. government is looking to tighten its grip on regulations.
Related Reading: Crypto-Friendly Bank Silvergate Suspends Dividend Payouts
Months after the FTX crash, there’s still increased skepticism about the crypto industry. There’s an increase in the amount of bitcoin withdrawn from exchanges, and earlier this month crypto bank, Silvergate revealed that clients withdrew almost $8 billion of their crypto deposits.
Featured image from Pixabay, chart from TradingView.com
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