The Shib Crypto Recap: Monday

November 25, 2024

Monday brings a new set of roller-coaster communiqués in the crypto space, including regulatory actions, institutional interest, influencer-driven markets, and the never-ending “unmasking Satoshi Nakamoto” saga.

The Shiba universe is not dozing off—SHIB is showing some big-picture progress and project lead Shytoshi Kusama answers hot-button issues in a Q&A session on social media platform X. Read on to learn more.

SEC Hits $8.2 Billion in Penalties and Texas Regulates Bitcoin Miners

The SEC has reported record fines and penalties of $8.2 billion for fiscal year 2024. This amount is the highest ever, as Gary Gensler prepares to leave the agency in January 2025. The figure, shared in the SEC’s November 22 report, reflects an aggressive enforcement strategy during Gensler’s tenure. Over half of the total comes from a landmark $4.47 billion settlement with Terraform Labs and former CEO Do Kwon over 2022 fraud charges. Without this settlement, the SEC’s collections would have been the lowest since 2013, at $3.72 billion. The record includes $2.1 billion in penalties and $6.1 billion in disgorgement.

In other regulatory news, the Public Utilities Commission of Texas (PUCT) has mandated that Bitcoin miners on the ERCOT grid must register their facilities. Miners are required to disclose their locations, ownership, and electricity demands within one working day of connecting. Failure to register on time will result in a Class A violation and fines of up to $25,000 daily. This regulation aligns with Texas’s ambition to lead in cryptocurrency, backed by Senator Ted Cruz’s advocacy.

Cantor Fitzgerald Acquires 5% Stake in Tether

Cantor Fitzgerald has secured a 5% stake in Tether, which issues the USDT stablecoin, worth up to $600 million. This acquisition comes during a time of increased regulatory scrutiny for Tether. Notably, Cantor’s CEO, Howard Lutnick, is rumored to be in line for the Secretary of Commerce position under Donald Trump. The firm also plans to introduce a $2 billion Bitcoin-backed lending initiative alongside Tether.

Study Exposes 76% Value Loss Among Meme Coins

A new study highlights the risks of meme coin investing, revealing that most tokens promoted by influencers are now dead. CoinWire analyzed over 1,500 meme coins from 377 Twitter influencers. It discovered that 76% of these tokens have lost at least 90% of their value. Remarkably, only 1% of influencers ever backed a coin that reached a 10x gain, while just 3% of coins achieved this success.

New Theory Links Satoshi Nakamoto to Mysterious 2010 Whale

A new theory suggests that Bitcoin creator Satoshi Nakamoto may be linked to a major Bitcoin whale from 2010. Blockchain researcher Vladimir S proposed this idea, indicating that the whale controls a large amount of Bitcoin mined that year. He noted that Satoshi’s 2009 coins remain untouched, while some 2010 coins have moved on the blockchain. Although Vladimir S clarified that it is merely a theory, it sheds new light on Satoshi’s ongoing mystery.

Shiba Inu Soars 150% in 2024; Shytoshi Kusama Reimagines Strategy Beyond Token Burns

SHIB has experienced an impressive 150% increase year-to-date, making it the second-best performer of 2024 after Dogecoin’s 310% surge. This puts SHIB ahead of Solana’s 134% and Bitcoin’s 113% gains. Other cryptocurrencies like Binance Coin and Ripple also fall behind Shiba Inu’s growth. Project leader Shytoshi Kusama highlighted this success on social media. This development highlights SHIB’s lasting appeal in the volatile crypto market.

In the wake of this positive news about SHIB, Shytoshi Kusama has unveiled a transformative strategy for the Shiba Inu project that focuses on growth instead of just burning tokens. In a recent Q&A, they responded to concerns about the timeline for a 99% burn. They argued that success shouldn’t rely solely on burning and highlighted the potential for utility to drive interest in the coin. This approach suggests that viral distribution may become more valuable than token burning.

For real-time updates, tune in to The Shib and Tell podcast. Subscribe to our YouTube channel and engage with us on social media for up-to-date coverage and expert insights.

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Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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