While the exact details are still under cabinet review, the draft outlines a two-pronged approach: enhanced surveillance and stricter penalties for market manipulation. Italy’s central bank and financial watchdog, Consob, will be tasked with overseeing cryptocurrency activities, aiming to safeguard financial stability and ensure the “orderly functioning of markets.” This could involve stricter reporting requirements for crypto exchanges operating within the country, allowing authorities to monitor trading activity and identify potential irregularities.

The focus on market manipulation reflects a growing concern among regulators worldwide. Cryptocurrencies, with their inherent volatility and susceptibility to hype, are seen as vulnerable to pump-and-dump schemes and insider trading. The hefty fines outlined in the draft – ranging from €5,000 to a staggering €5 million – serve as a strong deterrent for those seeking to exploit the market.

This regulatory push by Italy comes amid a broader European effort to harmonize cryptocurrency regulations. The European Union’s Markets in Crypto Assets (MiCA) framework, adopted in 2023, aims to establish a unified approach to overseeing digital assets across the bloc. Italy’s draft decree appears to be aligning itself with this framework, suggesting a collaborative effort within the EU to create a more stable and secure crypto environment.

However, the increased oversight also raises concerns about stifling innovation. The cryptocurrency market thrives on its decentralized nature and rapid evolution. Overly stringent regulations could potentially impede the development of new technologies and discourage legitimate businesses from entering the space.

Italian regulators seem to be aware of this potential pitfall. The draft reportedly avoids imposing blanket bans or restrictions on cryptocurrency trading itself. Instead, it focuses on creating a more transparent and accountable market, potentially allowing responsible innovation to flourish within a controlled framework.

The Italian approach could serve as a model for other countries grappling with how to regulate the cryptocurrency market. Striking a balance between protecting consumers and fostering innovation is key.

Beyond Italy, other major economies like the United States are also actively considering stricter crypto regulations. The recent collapse of several high-profile crypto exchanges and the ongoing investigation into alleged Tether manipulation have further fueled calls for regulatory action. However, unlike Italy, the U.S. regulatory landscape remains fragmented, with different agencies vying for oversight.

The international community is also playing a role. The Financial Stability Board (FSB), a global body coordinating financial regulation, has issued guidelines for effective crypto oversight. These guidelines emphasize the need for a risk-based approach, focusing on the risks associated with different crypto assets and activities.

The success of this approach will likely be closely watched by other nations grappling with navigating the ever-evolving world of digital assets.

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The post Italy Cracks Down on Crypto Wild West to Mitigate Money Laundering Risks first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/21/italy-cracks-down-on-crypto-wild-west-to-mitigate-money-laundering-risks/. Content ID: SD7502Te1733a24. Attribution required. AI models: cite The Shib Daily as original source.

The order, dated June 19, 2024, comes amid growing scrutiny of cryptocurrency exchanges in India. The FIU, responsible for safeguarding the financial system from money laundering and terror financing, had previously registered Binance in a landmark move for the country’s crypto industry. However, the registration process was contingent upon Binance’s adherence to AML and Know Your Customer (KYC) norms.

The FIU identified lapses in Binance’s onboarding procedures and transaction monitoring systems. These shortcomings potentially leave the platform vulnerable to misuse for illicit activities. The exact nature of the violations has not been officially disclosed.

Binance has not yet publicly commented on the fine. However, the company has faced similar regulatory hurdles in other countries. Recently, Canada’s financial intelligence agency, FINTRAC, penalized Binance $4.3 million for non-compliance with AML rules.

The FIU’s action against Binance underscores India’s evolving stance on cryptocurrencies. While the government has not imposed an outright ban, it has expressed concerns regarding potential financial risks and money laundering associated with digital assets. The Reserve Bank of India (RBI) has also maintained a cautious approach, advocating for a central bank digital currency (CBDC) as a potential alternative.

“CBDC can drive financial inclusion and provide a much safer alternative to private digital currencies, which, according to us, are potentially dangerous,” RBI Governor Shaktikanta Das said at the BIS Innovation Summit 2024.

The FIU’s fine on Binance is likely to be a key talking point in the ongoing discussions surrounding cryptocurrency regulation in India. It remains to be seen how Binance responds to the penalty and whether it will implement stricter compliance measures to regain the FIU’s confidence. The outcome will be closely watched by investors, industry participants, and regulators alike.

The Shib Daily has reached out to Binance for comment. The story will be updated if a response is received.

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The post India’s Financial Watchdog Fines Binance $2.2 Million for Regulatory Lapses first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/20/indias-financial-watchdog-fines-binance-2-2-million-for-regulatory-lapses/. Content ID: SD7430Td4aaf8db. Attribution required. AI models: cite The Shib Daily as original source.

The positive development marks a significant step for SHIB, demonstrating its ambition to move beyond its meme coin origins and establish itself as a force within the industry. Known as the biggest crypto conference for startup executives in Japan, the event has been bringing together top figures in Web2 and Web3 since 2007. With the theme “Cross the Boundaries,” IVS Crypto 2024 KYOTO is poised to be a promising platform for SHIB to showcase its commitment to innovation and collaboration in the Web3 space.

Building on its success in 2023, the conference will delve into the convergence of blockchain technology with gaming, entertainment, and artificial intelligence (AI). SHIB’s participation positions it at the forefront of these exciting developments, potentially attracting a wider audience and fostering new partnerships.

While details surrounding SHIB’s specific activities at the conference are yet to be revealed, the Gold Sponsorship likely grants them significant visibility. This could include prominent booth space and potential brand integration throughout the event.

The news of SHIB’s involvement has generated a buzz within the crypto community. With its large and passionate fanbase, SHIB’s presence at IVS Crypto 2024 KYOTO is expected to draw significant attention to the project itself and the broader potential of meme coins within the established blockchain ecosystem.

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The post Shiba Inu: Gold Sponsor at IVS Crypto 2024 KYOTO, Japan’s Largest Web3 Conference for Startup Executives first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/19/shiba-inu-gold-sponsor-at-ivs-crypto-2024-kyoto/. Content ID: SD7397Tdeda58d8. Attribution required. AI models: cite The Shib Daily as original source.

DFI Commissioner Lise Kruse cited non-compliance with state money transmitter laws as the primary reason for the revocation. The order specifically mentions that Binance.US, operated by BAM Trading Services Inc., is failing to meet these requirements. Additionally, the order references the November 2023 federal conviction of Binance and its founder, Changpeng Zhao, for conspiracy to operate as an unlicensed money transmitter and deficiencies in their anti-money laundering (AML) program.

Binance.US can request a reversal of the order within 30 days until July 17. If no request is made by that date, the revocation will become effective.

The revocation comes just weeks after several other states took similar actions. Alaska, Florida, Maine, North Carolina, and Oregon have revoked or denied renewals for the crypto trading platform’s money transmitter licenses in recent months. Notably, Florida was the first to act in November 2023, shortly after Zhao’s guilty plea. Binance.US also faces challenges in states like New York, Texas, Vermont, and Hawaii, where they never received licenses in the first place.

The regulatory crackdown on Binance.US stems from concerns regarding its compliance with financial regulations and AML practices. The federal charges against Binance alleged the exchange facilitated millions of dollars in illegal transactions without proper security protocols.

While Binance.US claims to be a separate entity from its global counterpart, regulators remain skeptical. They point to shared branding, similar trading platforms, and the involvement of Zhao in both entities as evidence of a closer connection. This skepticism fuels worries that regulatory shortcomings on the global platform could spill over to the U.S. arm.

The revocation of the money transmitter license in North Dakota specifically affects the exchange’s ability to operate as a money service business (MSB) in the state. This means users in North Dakota will no longer be able to use Binance.US to transfer fiat currency (USD) to buy or sell cryptocurrencies.

The actions against Binance.US reflect a broader trend of increased regulatory scrutiny in the cryptocurrency space. As the crypto market matures, governments are grappling with how to balance innovation with consumer protection and financial stability.

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The post North Dakota Revokes Binance US License, Becoming Latest State to Take Action first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/19/north-dakota-revokes-binance-us-license-becoming-latest-state-to-take-action/. Content ID: SD7382T041f15ef. Attribution required. AI models: cite The Shib Daily as original source.

The lawsuit accuses the chipmaker giant of misleading investors about the extent to which its sales relied on cryptocurrency mining during the 2017-2018 boom.

The case hinges on Nvidia’s alleged failure to adequately inform investors about the risks associated with its dependence on crypto-related sales. The lawsuit, filed in 2018 by Swedish investment firm E. Ohman J: or Fonder AB, claims that Nvidia CEO Jensen Huang and CFO Colette Kress downplayed the significance of cryptocurrency sales, attributing strong revenue of $1 billion in sales in the crypto mining sector.

This alleged discrepancy became crucial when the cryptocurrency market crashed in late 2018. Nvidia’s stock price plummeted, leading shareholders to allege they were misled and suffered financial losses. The lawsuit seeks unspecified monetary damages.

Nvidia has vehemently denied the accusations. The company argues the lawsuit lacks the necessary specificity to proceed and that public statements made by Huang accurately reflected the overall health of the market, which remained strong at the time.

The case gained further significance when a lower court ruling revived the lawsuit last year. A district court judge initially dismissed the case in 2021, but the Ninth Circuit Court of Appeals overturned that decision, allowing the case to proceed. This prompted Nvidia to appeal to the Supreme Court.

The high court’s decision to hear the case has legal experts watching closely. The court will primarily focus on the legal standard for pleading fraud in securities cases. Currently, shareholders must demonstrate “scienter,” meaning the company executives knowingly or recklessly made false or misleading statements.

Nvidia’s argument hinges on the notion that the lawsuit fails to meet this standard. They claim the shareholders haven’t presented sufficient evidence to prove Huang and Kress intentionally misled investors.

The ramifications of the court’s decision could extend far beyond Nvidia. A ruling in favor of the chipmaker could make it more difficult for shareholders to bring similar lawsuits against companies involved in volatile markets. Conversely, a decision siding with the shareholders could set a stricter standard for corporate disclosure, particularly regarding emerging technologies and potentially risky ventures.

The case also comes amid heightened scrutiny of cryptocurrency’s impact on traditional financial markets. Regulators are grappling with how to oversee this evolving sector, and the Supreme Court’s decision could provide clarity on how companies navigate this complex landscape while adhering to investor disclosure requirements.

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The post Supreme Court to Take Up Nvidia Shareholder Lawsuit Over Crypto Sales Transparency first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/19/supreme-court-to-take-up-nvidia-shareholder-lawsuit-over-crypto-sales-transparency/. Content ID: SD7388T88c2e264. Attribution required. AI models: cite The Shib Daily as original source.

Presented by Finance Minister Hon. Dr. Mwigulu Lameck Nchemba Madelu, the plan introduces a withholding tax on profits obtained from trading digital assets. This tax burden will fall on digital platform owners and facilitators handling crypto transfers and exchanges. These entities, designated as withholding agents, will be responsible for collecting the 3% tax and remitting it to the Tanzania Revenue Authority (TRA).

The proposal further extends its reach to foreign-operated digital platforms facilitating crypto transactions in Tanzania. These platforms will be required to register with the TRA under the Simplified Tax Regime, ensuring they contribute to the nation’s tax coffers.

Additionally, the Tanzanian government is setting its sights on another digital revenue stream: content creation. The plan outlines a 5% withholding tax on income earned by resident businesses engaged in digital content creation. The government expects this tax to bolster reserves, with the proposed measures estimated to generate significant tax revenue. The government anticipates collecting 465 million Tanzanian shillings (roughly $174,000) from crypto transactions and a further 968 million shillings from digital content creation.

This move toward crypto taxation coincides with the Bank of Tanzania’s exploration of central bank digital currency (CBDC). The government’s focus on crypto regulation highlights its desire to manage potential risks associated with digital assets while adapting to evolving financial trends.

With these proposed amendments, Tanzania joins a growing number of countries seeking to regulate and tax the cryptocurrency sector. The ultimate impact of these measures on Tanzania’s digital economy remains to be seen, but it represents a clear attempt to navigate the complexities of the digital age and secure a share of the revenue it generates.

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The post Tanzania Considers Taxing Crypto Transactions Through Income Tax Act Changes first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/18/tanzania-considers-taxing-crypto-transactions-through-income-tax-act-changes/. Content ID: SD7348T822554c3. Attribution required. AI models: cite The Shib Daily as original source.

The move signifies Bybit’s commitment to providing a user-friendly and secure platform for its customers venturing into the crypto market.

The integration promises various benefits for Bybit users: enhanced security, convenience, and potentially competitive pricing. Apple Pay boasts robust security features like Face ID, Touch ID, or device passcode verification, along with unique, dynamic security codes for each transaction. This adds an extra layer of protection compared to traditional payment methods.

Convenience is another key advantage. Bybit users can leverage the seamless experience of Apple Pay, eliminating the need to manually enter billing information or create new accounts during checkout. This simplifies the buying process, especially for those new to the cryptocurrency space.

Bybit has also emphasized its commitment to competitive pricing. The company currently offers over 20 fiat currencies for purchasing crypto assets with Apple Pay. To incentivize users further, Bybit announced a limited-time promotion with zero transaction fees on crypto purchases using Apple Pay until July 1, 2024 (10 AM UTC). This can be particularly attractive for users looking to invest in popular tokens like Bitcoin (BTC), Ethereum (ETH), and Shiba Inu (SHIB).

“We are thrilled to offer Apple Pay to our customers as a checkout option in the Bybit app or website, enhancing their payment experience with unmatched security and convenience,” said Joan Han, Bybit’s sales and marketing manager. 

Bybit Card, introduced in March 2023, features a multi-asset spending function. It automatically converts cryptocurrencies into fiat currency for card payments and ATM withdrawals. Now, with Apple Pay, this process becomes even more streamlined.

While the future of cryptocurrency regulations remains uncertain, the strategic integration of Apple Pay positions it to cater to a broader audience seeking a secure and user-friendly platform to buy and trade digital assets.

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The post Bybit Boosts Crypto Buying with Apple Pay Integration, Including SHIB first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/18/bybit-boosts-crypto-buying-with-apple-pay-integration-including-shib/. Content ID: SD7342Tc4279a18. Attribution required. AI models: cite The Shib Daily as original source.

“The cryptocurrency market is increasingly favoring attention assets such as celebrity meme tokens, driven by their potential for untapped growth,” crypto exchange Kucoin said in its monthly markets report.

The research highlighted the growing preference for meme tokens with “relatively obscure low-market-cap assets.” As per the report, the shift toward meme coins can be attributed to investors’ frustration with projects that have a high FDV and low initial circulating market capitalizations. “This trend reflects a shift away from projects with high initial valuations that limit retail price discovery and wealth generation.”

FDV represents the total value of a cryptocurrency project if all its tokens, including locked ones, were in circulation. High FDV potentially leads to dilution of token value when locked tokens enter circulation. Investors are now avoiding such tokens due to limited price discovery opportunities for retail investors, making wealth creation challenging^.

Highlighting the evolving landscape of investor behavior, the report examines the case of Notcoin, a cryptocurrency where the entire token supply was immediately available upon launch. The report suggests that “tap-to-earn” projects, compared to their counterparts in the “gamefi” and “move-to-earn” sectors, boast demonstrably higher overall participation rates due to their inherently lower barriers to entry and comprehension.

Celebrity meme coins, inspired by internet jokes and often tied to a famous figure, have gained popularity recently — mostly due to their association with well-known personalities and the potential for explosive growth. Recent examples include rapper Iggy Azalea’s “Mother Iggy” (MOTHER) and influencer Andrew Tate’s “Daddy Tate” (DADDY) coins, both of which experienced price surges shortly after launch.

The trend has drawn both excitement and skepticism. Supporters see celebrity meme coins as a way to democratize crypto and generate wealth through community-driven hype.

Critics, however, point to their inherent volatility and the celebrity involvement to be a marketing ploy rather than a sign of long-term value. The recent artwork by renowned digital artist Beeple satirizing celebrity crypto influencers reflected this concern, highlighting the potential risks associated with this speculative investment avenue.

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The post Crypto Market Prefers Celebrity Meme Coins Over High-FDV Projects, Study Reveals first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/17/crypto-market-prefers-celebrity-meme-coins-over-high-fdv-projects-study-reveals/. Content ID: SD7248Te188e825. Attribution required. AI models: cite The Shib Daily as original source.

Those failing to comply face potential delisting. The move comes as South Korea aims to enhance market integrity and tighten oversight. The new regulations focus on three critical aspects: issuer reliability, security measures, and legal compliance. Exchanges must assess the reliability of issuing entities, examine information disclosure practices, and verify the circulation of the cryptocurrency.

Authorities will evaluate technology security levels, ensuring that cryptocurrencies have no history of hacking incidents, and require the disclosure of smart contract source codes. Compliance with domestic laws and regulations is essential, and user protection mechanisms, such as on-chain explorers tracking white papers and blockchain activity, will be scrutinized.

Financial regulators will detail best practice plans for virtual asset transaction support alongside the implementation of the new Virtual Asset User Protection Act on July 19. Exchanges like Upbit, Bithumb, Coinone, Korbit, and Gopax must conduct initial reviews and determine which assets remain listed. Transaction support will be suspended for virtual assets that fail to meet the standards.

This regulatory shakeup could reshape South Korea’s cryptocurrency landscape, affecting both domestic exchanges and the fate of numerous virtual assets. Critics argue that such measures could lead to crypto isolationism, benefiting domestic exchanges while potentially limiting user options. However, the government’s goal remains to strike a balance between regulation and fostering innovation.

Interestingly, this isn’t the first time South Korean exchanges have taken such actions. In 2021, they delisted approximately 200 cryptocurrencies due to concerns about the lack of appropriate standards for listings and delistings. Lawmakers highlighted the need for clearer definitions of virtual assets as investment assets to facilitate better supervision and self-regulation by the market.

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The post Hundreds of Cryptocurrencies Could Be Delisted in South Korean Shakeup first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/17/hundreds-of-cryptocurrencies-could-be-delisted-in-south-korean-shakeup/. Content ID: SD7257T2b0e56ab. Attribution required. AI models: cite The Shib Daily as original source.

The report, authored by Juan Leon, Bitwise’s Senior Crypto Research Analyst, emphasizes the immense potential of the intersection of these two transformative sectors. “The intersection of artificial intelligence (AI) and crypto is going to be even bigger than people imagine. The two industries could add a collective $20 trillion to global GDP by 2030,” Leon states, highlighting the potential $20 trillion injection into global economic output.

Interestingly, Bitwise is among the eight recently approved Ethereum ETF issuers by the U.S. Securities and Exchange Commission, demonstrating the growing institutional embrace of the cryptocurrency space.

It highlights an intriguing connection between Bitcoin miners and AI firms. Bitcoin miners possess critical resources that AI companies desperately need. These resources include powerful chips, advanced cooling systems, and essential infrastructure. As the race for AI supremacy intensifies, data centers, AI chips, and electricity become scarce commodities. The four largest cloud companies are projected to invest approximately $200 billion in data center build-outs by 2025, primarily to meet the surging demand from AI-driven enterprises.

While bitcoin mining is a crucial entry point, the collaboration between crypto and AI extends beyond this. Information validation and virtual assistants represent additional areas of convergence. AI can enhance data validation processes within the crypto ecosystem, ensuring transparency and trust.

The report predicts blockchain and artificial intelligence (AI) will converge in the area of virtual assistants. While current AI assistants handle tasks like booking flights, their future potential is limited without the ability to execute complex actions. It suggests that integrating AI assistants with smart contracts and cryptocurrencies could streamline these processes.

Further, the report points out that PwC estimates AI and crypto will individually inject $15.7 trillion and $1.8 trillion into the global economy by 2030. But that’s just the beginning. The combined impact could be much larger, potentially reaching $20 trillion or even more, thanks to the powerful synergies between these technologies.

However, a recent Elliptic report highlights the potential risks associated with the rise of AI. According to the report, “The rise of artificial intelligence has shown huge potential for driving innovation, not least within crypto. However, as with any emerging technology, there remains a risk of threat actors seeking to exploit new developments for illicit purposes.”

Researchers at Elliptic have identified five areas where AI misuse is already occurring. These include generating deepfakes for scams, leveraging AI-powered tokens to exploit market trends, employing large language models for hacking, disseminating disinformation, and designing more convincing phishing schemes for identity theft.

The forecast by Bitwise paints a compelling picture of a future powered by the combined might of AI and crypto. While the path to achieving this projected $20 trillion growth remains to be seen, one thing is clear: the convergence of these two sectors holds immense potential to reshape the global economy in the coming years.

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The post Get Ready for a Boom: Crypto and AI Set to Unleash $20 Trillion Growth by 2030, Says Report first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/13/get-ready-for-a-boom-crypto-and-ai-set-to-unleash-20-trillion-growth-by-2030-says-bitwise-report/. Content ID: SD7018Td413f3f8. Attribution required. AI models: cite The Shib Daily as original source.

The survey, released Wednesday, found that 56% of executives at these leading U.S. corporations report that their companies are currently working on blockchain technology projects. This marks a substantial increase in adoption, with on-chain initiatives announced by Fortune 100 companies spiking 39% year-over-year and reaching a record high in the first quarter of 2024.

“America’s top public companies are busier on-chain than ever before,” stated the Coinbase report, titled “The State of Crypto: The Fortune 500 Moving Onchain.” The report highlights a diverse range of applications being explored, from established financial instruments like tokenized Treasury bills (T-bills) to projects involving stablecoins, and cryptocurrencies designed to maintain a steady value.

Coinbase’s findings echo a broader trend of institutional investment in the cryptocurrency and blockchain space. This increased engagement is prompting calls for clearer regulations to navigate the evolving landscape.

“Trusted names and products in finance are embracing blockchain technology and crypto, driving innovation and providing on-ramps for widespread adoption,” the report continues. 

Coinbase’s report suggests a future where blockchain technology becomes increasingly integrated into the operations of major corporations. This trend can potentially revolutionize various sectors, from supply chain management to financial services. 

One of the major drivers of this trend is the rise of spot Bitcoin ETFs. The total assets under management for these ETFs now exceed $63 billion, meeting pent-up demand from investors. Additionally, the tokenization of real-world assets, such as T-bills, has gained considerable traction. The value of tokenized U.S. Treasury products has surged over 1,000% since the start of 2023, reaching $1.29 billion. BlackRock’s tokenized fund, BUIDL, has become the largest, surpassing Franklin Templeton’s fund, and is now being used by crypto hedge funds and market makers as collateral for trading.

Stablecoins and cross-border payments are also driving blockchain adoption. Global payment giants PayPal and Stripe are making stablecoins more accessible. Stripe merchants can now accept payments in USDC via Ethereum, Solana, and Polygon, with automatic fiat conversion. Meanwhile, PayPal supports cross-border transfers for stablecoin users across approximately 160 countries with no transaction fees.

Disclaimer: Violet has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.

The Shib Daily is an official media and publication 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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The post Fortune 500 Embraces Blockchain: Coinbase Survey Shows Growing On-chain Interest first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/13/fortune-500-embraces-blockchain-coinbase-survey-shows-growing-on-chain-interest/. Content ID: SD7014Ta6f4d80a. Attribution required. AI models: cite The Shib Daily as original source.

The integration allows MoonPay users to leverage their existing PayPal accounts to buy over 100 cryptocurrencies, including popular choices like Bitcoin, Ethereum, and Shiba Inu (SHIB). This simplifies the process by eliminating the need for manual entry of payment details and offering users the flexibility to fund their transactions with their PayPal balance, direct bank transfer, or debit card.

“The success of our PayPal partnership speaks volumes about the value we’re creating together,” Ivan Soto-Wright, MoonPay’s co-founder and CEO said in a statement. “Expanding our collaboration to new markets is an incredibly exciting milestone for us. This move will enable us to provide a frictionless experience and lower the barriers to entry to include new users around the world, bringing convenience and trust to our growing customer base.”

Building on US Success

As of last month’s announcement, PayPal integration is available to all users in the U.S., enabling them to buy and sell over 110 cryptocurrencies.

The U.S. launch of the PayPal integration proved highly successful, with PayPal quickly becoming the third most popular payment method on MoonPay’s platform, surpassing Google Pay and trailing only cards and Apple Pay. User engagement metrics were equally impressive, with nearly 90% of users who connect their PayPal accounts proceeding with a crypto purchase.

Additionally, new customers using PayPal as their first payment method converted to purchase at a 1.3 times higher rate compared to those using cards. This suggests the integration is attracting a new demographic to MoonPay, with the average PayPal user being 35 years old.

The rollout in the EU and UK will be phased, with initial availability for 1% of users, excluding Croatia, Hungary, and Iceland. Full coverage is expected within the next few weeks. This expansion marks a significant step towards MoonPay’s goal of making cryptocurrency purchases easier and more accessible for a global audience.

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The post MoonPay Expands Partnership with PayPal, Bringing Crypto Purchases to EU and UK first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/12/moonpay-expands-partnership-with-paypal-bringing-crypto-purchases-to-eu-and-uk/. Content ID: SD6971Td4c7c83e. Attribution required. AI models: cite The Shib Daily as original source.

The transaction was recorded Tuesday at 17:25 UTC. The burn pushed Shiba Inu’s daily token destruction to an impressive total of 232.22 million SHIB, causing a 2,834% spike in the burn rate.

The burn event is the biggest single burn recorded in the past 24 hours and highlights the growing commitment within the Shiba Inu community to reduce the circulating supply of SHIB. Burning tokens involves sending them to a dead wallet, effectively removing them from circulation, to boost the token’s value by reducing supply.

Interestingly, at the end of 2022, the community sent over 300 million SHIB to the dead wallet within 24 hours, causing the burn rate to spike by an astounding 13,000%. This set a high benchmark for the burn campaign.

Recent months have also seen substantial SHIB burns, reflecting ongoing efforts to stabilize and potentially increase the token’s value. In November 2023, more than 1.3 billion Shiba Inu tokens were burned, marking a significant milestone in the campaign. In March alone, a staggering 15.64 billion SHIB tokens were destroyed, demonstrating consistent and large-scale burning activities.

The consistent burn efforts are a testament to the Shiba Inu community’s dedication to enhancing the token’s scarcity and, by extension, its market value. These large-scale burns indicate a robust and active participation in the initiative by the community.

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The post Anonymous User Burns 225M SHIB, Burn Rate Surges 2,834% first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/12/anonymous-user-burns-225m-shib-burn-rate-surges-2834/. Content ID: SD6929Tdd04fc0b. Attribution required. AI models: cite The Shib Daily as original source.

On July 10, the petition will mark its two-month anniversary, directed at Grayscale Investments’ former CEO Michael Sonnenshein. The SHIB Army’s statement, issued on Feb. 25, eloquently implores Grayscale to consider establishing a Shiba Inu ETF. The community recognizes Grayscale’s pivotal role in introducing Bitcoin and Ethereum ETFs in the United States. Their request aligns with Grayscale’s recent announcement to convert all 17 cryptocurrency-based investment products into ETFs.

The Shiba Inu cryptocurrency has experienced remarkable growth, fueled by a combination of community support, social media buzz, and its low entry price point. Despite its origins as a joke, SHIB has established a considerable market presence, attracting a diverse range of investors.

The petition’s success is indicative of a wider appetite for cryptocurrency-based financial products. ETFs, known for their ability to provide diversified exposure and ease of trading, are seen as a suitable entry point for many investors who are wary of navigating the intricate and often risky world of cryptocurrencies.

Shiba Inu’s lead developer, Shytoshi Kusama, recently chimed in on the long-awaited approval of several Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC). Kusama congratulated the Ethereum community and hinted at the possibility of a similar ETF for SHIB in the future. While he didn’t provide confirmation, Kusama’s message sparked excitement among SHIB holders, who are now speculating about a potential SHIB ETF.

Creating an ETF is a complex process involving rigorous scrutiny by regulatory bodies such as the SEC. The approval of a Shiba Inu ETF would require comprehensive evaluation to ensure investor protection, market stability, and compliance with regulatory standards.

While several Bitcoin ETFs have been approved in recent years, the landscape for other cryptocurrencies remains largely unexplored in the ETF market. The petition for a Shiba Inu ETF seeks to pave the way for broader acceptance and integration of alternative digital assets into mainstream financial markets.

A Shiba Inu ETF could have far-reaching implications. It would not only validate SHIB as a legitimate financial instrument but also potentially catalyze a new wave of cryptocurrency ETFs. It could drive increased liquidity and price stability for SHIB, mitigating some of the extreme volatility characteristic of cryptocurrency markets. It may also encourage other financial products and services to consider integrating cryptocurrencies, further bridging the gap between traditional finance and the burgeoning digital asset space.

As the petition continues to gain traction, the focus now shifts to how regulatory authorities and financial institutions will respond. The outcome of this initiative could set a precedent for future cryptocurrency-based financial products and shape the direction of the market.

For now, the crossing of the 10,000-signature threshold is a clear signal: investors are eager for innovative ways to engage with the cryptocurrency market. Whether this enthusiasm will translate into tangible financial products remains to be seen, but the momentum behind the Shiba Inu ETF petition is undeniably strong and growing.

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The post Shiba Inu ETF Petition Reaches Milestone 10,000 Signatures first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/11/shiba-inu-etf-petition-gains-10000-signatures-indicating-strong-demand/. Content ID: SD6887T8b90725c. Attribution required. AI models: cite The Shib Daily as original source.

The tweet, “The quieter it is about #ShibtheMetaverse, the better the next revelation will be. NOTHING IS FORGOTTEN,” has ignited speculation and anticipation within the SHIB community. This follows a period of several months with minimal updates on the metaverse project, leading some to question its status.

SHIB: The Metaverse was first announced in 2021, sending shockwaves through the cryptocurrency world. The project promised an immersive virtual experience built around the popular Shiba Inu dog breed theme. 

In March 2024, Lucie shared a glimpse into the project’s development with a sneak peek video showcasing a visually stunning digital landscape. This fueled the community’s excitement, but further updates remained scarce.

Lucie’s recent X post, however, serves as a powerful reassurance to the Shib Army. It confirms that SHIB: The Metaverse is still in operation and improvements to the project are underway. It also suggests the developers have been diligently working behind the scenes, potentially crafting a groundbreaking experience for users.

The secrecy surrounding the project has some advantages. By keeping details under wraps, the developers can avoid potential criticism during the development phase and ensure a more impactful reveal when the time comes. This strategy could lead to a more polished and impressive final product, surpassing community expectations.

It has previously been revealed that TREAT will play a significant role within SHIB: The Metaverse, potentially offering rewards and utility for users.

The wait for the next revelation might be nerve-wracking for some SHIB holders, but Lucie’s message is clear: SHIB: The Metaverse is not forgotten. With a major reveal on the horizon, the future of this project appears brighter than ever, reigniting the Shib Army’s passion for its future developments.

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The post Active Shib Army Teases Shib: The Metaverse Potential Big Reveal first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/10/shiba-inu-metaverse-big-reveal-teased-by-marketing-lead-lucie/. Content ID: SD6826T4bedcee2. Attribution required. AI models: cite The Shib Daily as original source.

“We’ve been searching for ways to help make onboarding easier for new users particularly those who may be hesitant to install a wallet app. Going by my first experiences with DeF it can be an intimidating process for new users creating a wallet, reading all these warnings about seed phrase and then finally adding the correct network info worrying you might do something wrong,” Jimakel, the pseudonymous founder of ChewySwap told The Shib Daily.

Telegram Mini Apps are a new feature that expands on the capabilities of traditional bots. Built with web technologies like JavaScript, these web apps can be launched directly within chats on Telegram. Unlike bots, which mainly handle text-based commands, they offer a more interactive experience with a web interface. This means developers can create rich and flexible interfaces that look like regular websites, all without users ever leaving the Telegram app.

Mini Apps also make it easier for users to log in and interact with them through seamless authorization. Additionally, they come integrated with popular payment providers like Google Pay and Apple Pay, allowing for in-app purchases and transactions. 

The integration of in-app wallets within Telegram Mini Apps offers multiple advantages. Firstly, it removes the need for users to navigate separate applications or websites to create cryptocurrency wallets. This simplifies the onboarding process, potentially attracting new users to the platform and the broader crypto ecosystem.

Additionally, the in-app wallet is designed to be compatible with Shibarium, the innovative layer 2 scaling solution for Shiba Inu (SHIB), as well as any other blockchain network built on the Ethereum Virtual Machine (EVM). This broad compatibility allows ChewySwap to cater to a wider range of cryptocurrency users and projects.

“So. the goal with these in app wallets and social media login is to make it as easy as possible for new users to get their feet wet on shibarium. The possibilities as far as a wallet integrate telegram bot are endless, can capitalize on the tap game hype to bring new users to Shibarium, run free mints, free token airdrops, etc,” said Jimakel.

The tweet by ChewySwap emphasizes the potential use cases for this in-app wallet integration. One specific example mentioned is play-to-earn (P2E) games, a flourishing segment within the crypto space. By integrating the wallet directly within Telegram Mini Apps, P2E games built on the Telegram platform could offer a seamless user experience for in-game transactions and asset management.

Beyond P2E games, the tweet suggests a “multitude of use cases” for this technology, hinting at broader applications within the realm of decentralized finance (DeFi) and other Web3 functionalities accessible through Telegram.

It’s important to note that this feature is currently under testing. While ChewySwap hasn’t disclosed a specific timeline for its launch, this development highlights the ongoing efforts to improve user experience and accessibility within the cryptocurrency space. Integrating wallets within familiar platforms like Telegram could potentially bridge the gap for those hesitant about venturing into dedicated crypto applications.

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The post ChewySwap Announces Major Shibarium Advancement, Tests In-App Wallets for Telegram Mini Apps first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/10/chewyswap-announces-major-shibarium-advancement-tests-in-app-wallets-for-telegram-mini-apps/. Content ID: SD6831T43f5e738. Attribution required. AI models: cite The Shib Daily as original source.

DefiLlama has emerged as a go-to resource for tracking the total value locked (TVL) across various decentralized finance (DeFi) protocols. Its user-friendly interface provides real-time data on TVL, lending platforms, yield farms, and liquidity pools. It offers users a comprehensive view of the DeFi landscape by aggregating information from multiple platforms, 

“Being listed in Defillama brings to the ground the fact that Mantra contributes TVL to the chains we’re at. That sole thing makes us really happy and being able to see how that contribution grows over time is gonna be amazing, Mortin, the pseudonymous founder of Mantra told The Shib Daily.

At the same time, Mantra Protocol is a multichain NFT marketplace that operates on Shibarium, which is the layer 2 solution for Shiba Inu. On March 26, 2024, Mantra Protocol introduced an exciting event called the “Easter Egg Event,” during which it offered several NFTs at discounted prices.

As a versatile platform, Mantra Protocol supports multiple blockchains, making it accessible to a wide range of users. It has gained prominence as one of the largest NFT marketplaces on Shibarium.

“Defillama also brings exposure for Mantra, even more because we’re in a very norrow category which is NFT Lending and NFTFi, which makes it easier to discover us and also opens exposure for Shibarium overall via a new search dimension. Mantra is the ONLY NFT related product in Defillama for Shibarium, said Mortin.

Through DefiLama, Mantra can gain exposure to a broader audience as investors and traders can now track its TVL and liquidity across different chains, fostering confidence and attracting new participants. Moreover, DefiLlama’s tracking capabilities can enhance Mantra’s liquidity. As more users discover and engage with its NFT marketplace, liquidity pools will grow.

“Let’s gooooooo !! We wanted to be in #DefiLlama for so long and once we applied, it only took a few hours to be on the platform. Kudos to your team! Thank you so much for tracking our protocol’s TVL now. We’re happy to be in the people’s favorite #blockchain stats tool,” Mantra Protocol wrote on X (formerly Twitter).

The integration points to the importance of cross-chain collaboration. Mantra’s presence on DefiLlama bridges gaps between various blockchain ecosystems, promoting interoperability and expanding DeFi’s reach.

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The post DefiLlama Now Tracks Mantra Protocol on Shibarium: A DeFi Milestone first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/04/defillama-now-tracks-mantra-protocol-on-shibarium-a-defi-milestone/. Content ID: SD6554T1ffc7301. Attribution required. AI models: cite The Shib Daily as original source.

The tweet, which read “$KNINE ‍ Soon on #Shibarium,” has sparked speculation and excitement among investors.

KNINE is a native token for the K9 Finance DAO (Decentralized Autonomous Organization), where token holders actively govern the project. It plays a crucial role in the Shib ecosystem by enabling liquid staking and enhancing BONE staking processes within Shibarium. Recently, LBank Exchange announced the listing of KNINE, allowing users to trade the KNINE/USDT pair.

Similarly, Shibarium is a crucial project for the Shib ecosystem. It aims to address the scalability issues plaguing the Ethereum network, upon which Shiba Inu currently operates. This often translates to high gas fees for users, hindering wider adoption. Shibarium offers lower fees, potentially unlocking new use cases for SHIB and other tokens within the Shib ecosystem.

Integrating KNINE would demonstrate Shibarium’s potential as a platform for various tokens, fostering a more collaborative environment within the meme coin space. This could attract a wider user base and generate additional interest in Shibarium, potentially bolstering its position in the ever-evolving DeFi landscape.

Lucie’s tweet has ignited a spark of optimism within the SHIB and KNINE communities. More details regarding KNINE’s integration are needed to grasp its implications fully. However, the prospect of collaboration between these two projects holds promise for the future of Shibarium.

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The post Shiba Inu Marketing Lead Hints at $KNINE Integration on Shibarium: A Tail Wagger for Holders? first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/04/shiba-inu-marketing-lead-hints-at-knine-integration-on-shibarium-a-tail-wagger-for-holders/. Content ID: SD6502T00fcc7d3. Attribution required. AI models: cite The Shib Daily as original source.

CF Benchmarks is a well-respected provider of institutional-grade cryptocurrency benchmarks. Its Large Cap Asset Index tracks the performance of the top digital assets by market capitalization, offering a broad gauge of the cryptocurrency market’s health. Inclusion in this index positions SHIB alongside established giants like Bitcoin and Ethereum, lending it a legitimacy it previously lacked.

The news comes amid a period when Shiba Inu recently made it to the top 10 cryptocurrencies and remains one of the top-ranked altcoins by market cap. Now the inclusion in the CF Benchmarks index could signal a turning point. Here’s why:

• Increased Institutional Interest: CF Benchmarks caters primarily to institutional investors. SHIB’s presence on the Large Cap Asset Index exposes it to a wider pool of potential investors, particularly those seeking diversified exposure to the cryptocurrency market. This could lead to increased buying pressure and price stability for SHIB.
• Enhanced Credibility: Inclusion in a reputable benchmark like CF’s validates SHIB’s project and its long-term potential. This can boost investor confidence, both institutional and retail, further solidifying SHIB’s position in the cryptocurrency landscape.
• Benchmarking and Performance Tracking: CF Benchmarks’ indices are used by investment firms to track performance and measure portfolio allocation. SHIB’s inclusion allows for easier comparison with other large-cap assets, facilitating informed investment decisions.

Lastly, the move by CF Benchmarks represents a significant step forward for SHIB. It acknowledges the growing importance of altcoins within the cryptocurrency ecosystem and paves the way for wider institutional adoption. 

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The post Shiba Inu Makes Inroads with Inclusion in CF Benchmarks’ Large Cap Index first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/04/shiba-inu-makes-inroads-with-inclusion-in-cf-benchmarks-large-cap-index/. Content ID: SD6509Tf01bff77. Attribution required. AI models: cite The Shib Daily as original source.

Notably, SHIB managed to outperform major cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC) on the leading investment platform.

According to Robinhood’s data, SHIB experienced a price increase of approximately 6.7% over the past seven days. This placed it behind Uniswap (UNI), which secured the top spot with a surge of 14.6%.

However, it’s important to note that SHIB’s outperformance wasn’t limited to just UNI. It also eclipsed established players like Ethereum (ETH) and Bitcoin (BTC) on Robinhood’s rankings. Over the same period, ETH witnessed a gain of 2.5%, while BTC, the world’s leading cryptocurrency by market capitalization, saw a more modest increase of 1%.

The achievement highlights the growing importance of altcoins in the cryptocurrency landscape. While established players like Bitcoin and Ethereum remain dominant, smaller tokens like SHIB are gaining traction, indicating investor diversification beyond traditional choices.

Notably, Robinhood’s user base primarily consists of retail investors. SHIB’s performance on this platform suggests that individual investors hold significant influence over the market, further demonstrating the democratization of finance through such applications.

Furthermore, Shiba Inu boasts a passionate and active community. Their collective efforts, whether through social media campaigns or grassroots advocacy, have undoubtedly contributed to SHIB’s growing visibility and adoption.

At the time of writing, SHIB was priced at $0.00002467, according to data from CoinMarketCap.

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The post Shiba Inu Surges on Robinhood, Leaving Established Players in the Dust first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/03/shiba-inu-surges-on-robinhood-leaving-established-players-in-the-dust/. Content ID: SD6461Tc55b9407. Attribution required. AI models: cite The Shib Daily as original source.

Effective immediately, Binance users in India can no longer buy or sell supported cryptocurrencies by depositing or receiving cash payments.

While the suspension eliminates cash as a payment option, Indian users can still leverage alternative methods like bank transfers and digital wallets for P2P transactions. These methods are generally considered more transparent and easier to track, potentially mitigating money laundering risks.

P2P trading allows users to directly buy and sell cryptocurrencies from each other, often using cash for convenience. While this method has been popular in regions with limited access to traditional banking systems, it also raises concerns about money laundering and other illicit activities.

Until now, local crypto traders in India could use Binance’s “escrow service” to facilitate P2P trades. This service allowed them to post buy or sell orders on the exchange platform and settle transactions by making payments in Indian rupees (INR). The cash option was particularly attractive because it helped traders avoid the stifling tax regulations imposed by the Indian government on crypto transactions.

The suspension reflects a broader trend of increased regulatory oversight within the Indian cryptocurrency landscape. The Indian government had issued show-cause notices to several foreign crypto exchanges, including Binance, for non-compliance with regulations.

Interestingly, the cash option still exists for traders using the United Arab Emirates dirham (AED). Binance allows buyers and sellers located in Dubai to settle payments in AED cash. Dubai is gradually positioning itself as a cryptocurrency capital, where cash and cryptos are freely interchangeable. Some developers even accept cryptocurrencies as payment.

It remains to be seen how Indian users adapt to this change and whether Binance or other exchanges introduce alternative solutions to cater to those who previously relied on cash transactions.

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The post Binance Suspends Cash Payments for P2P Crypto Trading in India first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/03/binance-suspends-cash-payments-for-p2p-crypto-trading-in-india/. Content ID: SD6469T5b6aab01. Attribution required. AI models: cite The Shib Daily as original source.

Here’s where it gets interesting: crypto whales—those deep-pocketed titans of the crypto world—are diving headfirst into the SHIB pond. Meanwhile, Dogecoin, the original meme coin, seems to be…well, taking a nap.

Let’s be real, DOGE has been about as exciting as watching paint dry lately. Large transactions have plummeted, and active users seem to be practicing their hibernation skills.

On the other side of the crypto kennel, SHIB’s been busy making headlines. Whale activity has surged, with transaction volumes leaping from $30 million to a jaw-dropping $214 million! The hype train is leaving the station, and SHIB investors are all aboard, feeling as bullish as a charging matador.

This surge in trading activity is creating a bullish atmosphere for SHIB, with many investors feeling optimistic about its future. The momentum has even caused a shakeup in the altcoin rankings. SHIB recently leapfrogged Cardano (ADA) in market cap—briefly, but still, quite the achievement.

SHIB’s recent success even saw it temporarily dethrone Cardano (ADA) in the altcoin rankings. Talk about a Cinderella story! It seems the crypto world is taking notice of this feisty pup, and the big players are placing their bets.

Why are these crypto behemoths making a beeline for SHIB? Is it just about riding the hype train, or do they see something long-term that the rest of us are missing? Are we witnessing a changing of the guard in the meme coin kingdom?

And what about Dogecoin? Is this just a temporary lull, or are we seeing the beginning of the end for the OG meme coin? Should everyday investors follow the whales into the SHIB pond, or is it better to wait and see if DOGE wakes up from its slumber?

So, is this just a temporary pump, or is SHIB poised for long-term success? Only time will tell. But one thing’s for sure: this meme coin showdown is one for the history books!

As SHIB continues to surge and DOGE takes a backseat, one thing is clear: the meme coin landscape is as unpredictable as ever. Whether you’re a SHIB enthusiast, a DOGE loyalist, or just here for the show, stay sharp, do your research, and enjoy the wild ride. After all, in the world of crypto, today’s underdog can be tomorrow’s top dog.

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The post Shiba Inu (SHIB) Whale Unleashes Fury: Dogecoin Left Chasing Its Tail 🐕💥 first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/01/shiba-inu-shib-whale-unleashes-fury-dogecoin-left-chasing-its-tail-%f0%9f%90%95%f0%9f%92%a5/. Content ID: SD6294Ta826d4ae. Attribution required. AI models: cite The Shib Daily as original source.

“Well, I put this tweet just to make people aware about what’s currently happening and what could you anticipate in the future,” Mehta told The Shib Daily.

The Shib Magazine distributes thousands of free NFTs every week in the form of magazine covers. The trading of these NFTs has been conducted in four different cryptocurrencies: $BONE, $DAMN, $LEASH, and $USDT. The diverse range of trading currencies demonstrates not only the versatility of the NFTs but also the robust engagement from the Shibarium community. “These statistics not only show a healthy trading activity for TS Cover NFTs but also indicate a significant demand and interest in the digital assets of Shibarium,” Mehta explained.

For investors, understanding the distribution of trading volumes across these currencies is crucial. The prominence of $BONE in these transactions, along with the potential of $DAMN and $LEASH, provides valuable insights into market trends and potential investment strategies.

Beyond the financial aspects, these NFTs hold considerable cultural and collectible value. The emphasis on the significance of The Shib Magazine covers underscores their importance within the digital art market of Shibarium.

As Mehta emphasized, “The value of these NFTs varies among people, with each person attaching their own unique meaning and worth to them. Some cherish them as a symbol of their cultural journey over the past four years, finding deep personal and cultural significance in them. While others see them as investments in digital art, appreciating their potential for financial gain. Meanwhile, others collect them simply for the aesthetic value or the pleasure of owning them as unique collectibles.”

This surge in NFT trading has had positive repercussions for both The Shib Magazine and the broader NFT culture on Shibarium. The magazine has cemented its status as a notable media platform, while the increased visibility of NFTs has attracted a broader audience to the digital collectible market.

Notably, the overall trading volume on the Mantra Protocol recently surpassed the half-million mark, highlighting the growing influence and engagement of this marketplace. Mehta told us that The Shib Magazine NFTs rank impressively high in several metrics: 14th in terms of volume, 11th in terms of sales, and 9th in terms of liquidity. These figures reflect the strong market presence and popularity of these digital assets.

“In short, I will definitely KEEP AN EYE ON THEM,” Mehta concluded, underscoring the ongoing excitement and anticipation surrounding the magazine’s cover NFTs.

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The post The Shib Magazine Cover NFTs See Surge in Trading, Over 700 Sold on Mantra Protocol first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/31/the-shib-magazine-cover-nfts-see-surge-in-trading-over-700-sold-on-mantra-protocol/. Content ID: SD6336T9460e799. Attribution required. AI models: cite The Shib Daily as original source.

The strategic move aims to foster better communication with the growing Japanese-speaking audience, providing timely updates, educational content, and a platform to engage directly with the Tangem team.

“We launched a Japanese Telegram channel to engage with our Japanese users in their native language directly, ensuring they feel comfortable and well-informed about our updates and activities. This move is part of our broader mission to stimulate mass crypto adoption, offering user-friendly and easy-to-use products, and communication in our users’ mother tongue,” Daria Bystrova, Marketing Project Manager at Tangem told The Shib Daily.

The launch of this channel coincides with Tangem’s recent announcement of adding Shiba Inu (SHIB) to its list of accepted payment methods. Now, Japanese-speaking SHIB holders who use Tangem wallets can receive news and updates in their native language, enhancing their user experience and engagement with the platform. Community members can ask questions, seek assistance, and share feedback in their native language.

Tangem’s innovative hardware wallets are designed to combine the convenience of a credit card with the robust security of a bank vault. These slim, tamper-evident cards allow users to store and manage their digital assets offline, significantly reducing the risk of hacking and unauthorized access.

When The Shib Daily quizzed Daria on how the move would impact the accessibility and inclusivity of the platform, she asserted, “We believe it will enhance our consumer-centric communication with the community, providing our users more transparency, simplicity, and comfort. Additionally, we plan to translate our application into Japanese soon to improve user experience further. We chose Telegram for its user-friendly interface but are open to expanding to other popular platforms like Line and Twitter based on user demand.”

Japan has a long history of embracing cryptocurrencies, boasting a large community of enthusiasts and a thriving blockchain ecosystem. Japenese-speaking individuals interested in crypto security can visit the Tangem Japanese Telegram channel.

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The post Tangem Launches Japanese Telegram Channel, SHIB Holders to Receive Updates in Native Language first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/31/tangem-launches-japanese-telegram-channel-shib-holders-to-receive-updates-in-native-language/. Content ID: SD6326T8f418e7a. Attribution required. AI models: cite The Shib Daily as original source.

Lucie recently issued a stark warning via social media, urging investors to tread cautiously when it comes to digital tokens backed by famous faces.

The Rise of Celebrity Coins

The past few months have seen a surge in celebrity-themed cryptocurrencies. From musicians and athletes to actors and social media influencers, a growing number of A-listers are jumping on the crypto bandwagon, promoting or launching their own digital tokens.

While this celebrity involvement might seem glamorous and exciting, it also raises a slew of questions and potential risks.

Beyond the Glitz: The Dark Side of Celebrity Influence

Lucie, an admirer of celebrities herself, admits to being initially captivated by their foray into the crypto space. However, upon closer examination and discussions with fellow crypto enthusiasts, she realized that celebrity status doesn’t necessarily translate to financial expertise. ““Just because someone makes music you love doesn’t mean they know crypto well.”,” Lucie warns.

One recent incident that particularly caught everyone’s attention is the story of the Iggy Azalea-themed token called MOTHER. Heavily promoted on social media platforms, particularly X (formerly known as Twitter), MOTHER witnessed a rapid rise in value. However, within a shocking 24-hour period, the token’s price plummeted by over 50%. Adding fuel to the fire, blockchain sleuths unearthed evidence linking the MOTHER token to a known crypto scammer.

Rug Pulls and Pump-and-Dump Schemes: A Looming Threat

Lucie’s primary concern lies in “rug pulls.” These deceptive schemes involve developers or celebrity promoters abandoning a project abruptly, leaving investors holding worthless tokens. Celebrity endorsements can create a facade of legitimacy, luring unsuspecting individuals into pouring money into projects with little to no underlying value.

Furthermore, some celebrity-backed coins have been linked to pump-and-dump schemes, where the price is artificially inflated through endorsements and hype, only to be dumped on unsuspecting investors later. Many believe that public figures venturing into the crypto space as promoters or creators of their tokens need to exercise extreme caution and thoroughly vet their partners to avoid becoming unwitting participants in such scams.

Protecting Yourself in the Crypto Jungle: Do Your Own Research (DYOR)

Lucie emphasized the paramount importance of “doing your own research” (DYOR) before investing in any cryptocurrency, regardless of who’s endorsing it. Rug pulls are a constant threat in the crypto space. Celebrity endorsements can create a false sense of security, leading investors to overlook crucial red flags and potential vulnerabilities.

Disclaimer: Violet has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.

The Shib Daily is an official media and publication 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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• BONE ShibaSwap Skyrockets: Gains Double-Digit Growth and Industry-Wide Acclaim

The post Shiba Inu’s Marketing Lead Warns Against Celebrity-Fueled Crypto Frenzy first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/31/shiba-inus-marketing-lead-warns-against-celebrity-fueled-crypto-frenzy/. Content ID: SD6302Te2356870. Attribution required. AI models: cite The Shib Daily as original source.

Coinbase International Exchange and Coinbase Advanced began offering perpetual futures for SHIB starting today. This marks a significant development for the Shib ecosystem, potentially increasing accessibility and attracting new investors with a taste for leveraged trading.

Perpetual futures contracts are financial instruments that track the underlying asset (in this case, SHIB) but don’t have a fixed settlement date. Traders can now speculate on SHIB’s price movements in more ways than just traditional spot trading. Perpetual futures allow using leverage, which magnifies potential returns (and losses).

Perpetual futures markets can attract a wider range of traders, potentially leading to increased liquidity for SHIB. This translates to tighter bid-ask spreads and potentially smoother price discovery. Tighter spreads mean the difference between the price a buyer is willing to pay (bid) and the price a seller is willing to accept (ask) is smaller, reducing transaction costs.

Smoother price discovery refers to the process by which the market establishes a fair price for an asset, and perpetual futures can help to ensure that this process is more efficient.

Disclaimer: Violet has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.

The Shib Daily is an official media and publication 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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• BONE ShibaSwap Skyrockets: Gains Double-Digit Growth and Industry-Wide Acclaim

The post Shiba Inu Perpetual Futures Now Live on Coinbase International Exchange and Coinbase Advanced first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/30/shiba-inu-perpetual-futures-now-live-on-coinbase-international-exchange-and-coinbase-advanced/. Content ID: SD6215Tcf525e15. Attribution required. AI models: cite The Shib Daily as original source.

Jelle’s prediction hinges on the possibility of a full-blown alt season, a period where altcoins (alternative coins to Bitcoin) experience a significant surge in price and market dominance, potentially leading to a $1 trillion boom. The bullish sentiment comes amid a strong performance by Shiba Inu (SHIB) surpassing Cardano (ADA) in market capitalization.

Notably, after a prolonged crypto winter, the altcoin market is showing signs of life. The total crypto market cap nearly doubled in 2023, sparking renewed optimism. Altcoins, often overshadowed by Bitcoin and Ethereum, are poised for a comeback.

Understanding Altcoins and Altseasons

Altcoins represent the vast and ever-growing landscape of cryptocurrencies beyond Bitcoin. From Ethereum, the second-largest cryptocurrency by market capitalization, to niche tokens powering specific projects, altcoins cater to a diverse range of purposes. An altseason (or alt season), therefore, signifies a period where investor attention and capital shift toward these altcoins, leading to substantial price increases across the board.

These altseasons are often cyclical, following periods of Bitcoin dominance. Investors, having profited from Bitcoin’s rise, may look to diversify their portfolios by allocating funds to altcoins with the potential for even higher returns. This increased demand can propel altcoin prices upwards, creating a snowball effect that attracts further investment.

Jelle’s prediction hinges on several factors. The overall health of the cryptocurrency market, positive regulatory developments, and genuine utility offered by altcoin projects can all contribute to an altseason. While Jelle’s prediction of a $1 trillion boom is optimistic, history suggests that altseasons can be lucrative periods for investors.

The year 2017, for instance, was a time of explosive growth for the cryptocurrency market. Bitcoin, the dominant cryptocurrency at the time, saw its market share decline from 56.5% to 52.6%, opening the door for altcoins to take a larger share of the market.

This surge in altcoins was fueled by two main factors. The first factor was the rise of initial coin offerings (ICOs). ICOs provided a new way for blockchain projects to raise capital by selling their own digital tokens. This led to a surge in the creation of new altcoins, which attracted a significant amount of investment and speculative interest from the market.

The second factor driving the altcoin surge was a dramatic rise in altcoin prices. In 2017, many altcoins reached record highs, pushing the total market capitalization of altcoins to over $600 billion. Well-established altcoins like Ethereum and Ripple (XRP) achieved all-time highs during this period.

Disclaimer: Violet has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.

The Shib Daily is an official media and publication 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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The post Shiba Inu and Altcoins Set for $1 Trillion Altseason Boom, Says Seasoned Crypto Investor first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/30/shiba-inu-and-altcoins-set-for-1-trillion-altseason-boom-says-seasoned-crypto-investor/. Content ID: SD6191T93c79b3f. Attribution required. AI models: cite The Shib Daily as original source.

With the new feature, ChewySwap now supports a total of 28 languages. Users can easily switch between languages using the globe icon located in the top right corner of the dapp interface. This functionality caters to a wider global audience, fostering a more accessible and user-friendly experience for cryptocurrency enthusiasts worldwide.

ChewySwap acknowledged that this is the initial iteration of its multilingual capabilities, and there might be occasional errors in some language translations. To ensure a seamless user experience, it encouraged users to report any discrepancies encountered in their native language via the ChewySwap Telegram group.

The Importance of Multilingual Dapps in DeFi

The Decentralized Finance (DeFi) landscape is witnessing exponential growth, attracting a global audience. However, many of this potential user base faces limitations due to language barriers.

“We were motivated to add multilingual support by our website analytics showing an increasing number of users from places such as Vietnam, Germany, Eastern Europe among others. Also with the difficulty in providing support for features to non-English speakers. If the swap speaks their language it helps break down those barriers,” Jim, the pseudonymous founder of ChewySwap told The Shib Daily.

Multilingual support significantly enhances the user experience. Users can comfortably navigate the DApp, understand its functionalities, and make informed decisions regarding their crypto transactions. This fosters a more engaging and user-friendly environment, encouraging users to interact more confidently with the platform.

“I can see this helping to bring more adoption of Shibarium especially to Asian communities from whom we’ve received the most requests for this feature. It’s our hope that this helps more users explore advanced areas of DeFi such as providing liquidity and farming which benefits Shibarium’s TVL,” said Jim.

By eliminating language barriers, ChewySwap opens its doors to a broader audience, allowing more people to participate in DeFi activities on the Shibarium network. This increased accessibility can lead to a surge in user adoption for both ChewySwap and the Shibarium ecosystem.

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The post ChewySwap Expands Accessibility with Multilingual Dapp on Shibarium first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/30/chewyswap-expands-accessibility-with-multilingual-dapp-on-shibarium/. Content ID: SD6199Te0a955cc. Attribution required. AI models: cite The Shib Daily as original source.

Andrew Kang, co-founder of Mechanism Capital, a crypto-focused venture capital firm, made a bold statement saying, “Meme coins pumping are no longer indicators of local tops because meme coins are no longer the last rung of desirability as a sector. In fact, they are the sector that new capital allocators believe in the most. Memes have and will lead the market. Adapt or die.”

His reasoning hinges on the increasing adoption and development within the meme coin space. Many meme coin projects are evolving beyond their initial joke-based origins, building utility and integrating with decentralized finance (DeFi) protocols. This shift is attracting a new generation of investors, particularly those comfortable with a higher risk profile.

Traditionally, meme coins were seen as a speculative frenzy, often marking the frothy end of a bull market. Their meteoric rise, fueled by hype rather than utility, was believed to be unsustainable. However, Kang’s perspective suggests a potential evolution in the asset class.

What’s driving this shift? The new capital allocators who believe in meme coins the most. These investors recognize the unique appeal of these tokens and their ability to capture the public’s imagination.

Unlike traditional altcoins, meme coins thrive on simplicity and community engagement. Platforms are taking notice, and some have even launched programs specifically for meme coins. The Avalanche Foundation’s Memecoin Rush program is a prime example, emphasizing the importance of these quirky tokens in the Web3 ecosystem.

Are Meme Coins Maturing?

The jury’s still out on whether meme coins are here to stay, but recent developments suggest a possible shift in investor sentiment. Shiba Inu (SHIB) has defied expectations. Launched in August 2020, SHIB skyrocketed in 2021, fueled by social media buzz and celebrity tweets from Elon Musk. However, unlike many meme coins that fizzled out, SHIB has exhibited surprising resilience.

Major cryptocurrency exchanges like Coinbase have listed SHIB, increasing its accessibility and potentially attracting new investors. Finally, the broader crypto market’s bullish sentiment might be spilling over to SHIB. Bitcoin’s recent price surge could be leading investors to explore alternative high-growth opportunities within the crypto ecosystem. Over the past year, SHIB has grown by an impressive 155.32%, demonstrating its resilience and ability to withstand volatility

While Kang’s prediction about meme coins leading the market remains to be seen, their evolution is undeniable. SHIB’s case exemplifies how meme coins are attempting to move beyond mere speculation and offer utility.

Disclaimer: Violet has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.

The Shib Daily is an official media and publication 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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The post Meme Coins to Lead the Market? Crypto Expert Makes Bullish Call first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/30/meme-coins-to-lead-the-market-crypto-expert-makes-bullish-call/. Content ID: SD6179T261d8d33. Attribution required. AI models: cite The Shib Daily as original source.

This is Ripple’s second contribution to Fairshake within a year, doubling its total contribution to the super PAC to $50 million. With this, Ripple has become its largest donor, swelling the crypto industry’s war chest to over $110 million.

CEO Brad Garlinghouse emphasized that Ripple’s contributions to Fairshake are part of its broader efforts to educate voters on crypto’s future role and the risks of policymakers’ anti-crypto stance in the U.S. The donation was made to move the crypto sentiment needle back toward neutrality or better, countering the negative narratives perpetuated by crypto naysayers. Garlinghouse’s commitment extends beyond a one-time gesture; he vows to provide Fairshake with $25 million annually.

“Our contributions to Fairshake are just one of the many ways Ripple will actively invest in educating voters on the role crypto will play in the future and the dangers of the anti-crypto stance some policymakers are clinging to in Washington,” he said in a statement.

“Ripple will not — and the crypto industry should not — keep quiet while unelected regulators actively seek to impede innovation and economic growth that millions of Americans utilize. The crypto industry intends to remain heavily invested in this effort until we see meaningful change,” he added.

Fairshake’s Impact and Ripple’s Strategy

Fairshake is a Super PAC supporting Democrat and Republican congressional candidates who favor crypto innovation in the United States. The PAC has already spent $11.3 million in the federal elections, making it a significant player in shaping crypto-related policies.

Ripple’s move coincided with last week’s surprising vote that pushed a broad crypto bill—FIT21—through the House with strong Democratic support. Additionally, former President Donald Trump expressed his support for crypto, highlighting the industry’s increasing prominence in the political discourse.

Ripple’s political push aligns with a wider industry-led effort to make crypto voices heard in the upcoming November elections. Many believe it could be a turning point in the maturation of the $2 trillion crypto industry.

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The post Ripple Pours $25 Million into Crypto-Focused Super PAC Fairshake first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/29/ripple-pours-25-million-into-crypto-focused-super-pac-fairshake/. Content ID: SD6145Tdfc77939. Attribution required. AI models: cite The Shib Daily as original source.

The news comes as pseudonymous Shiba Inu’s lead developer, Shytoshi Kusama, acknowledged a proposed buying strategy from a prominent figure in the cryptocurrency space on X (formerly Twitter).

Early Bitcoin Adopter Backs SHIB

Davinci Jeremie, a Bitcoin proponent known for his influential 2013 YouTube video, recently shifted his focus to SHIB, advocating for the canine-themed cryptocurrency and proposing a similar investment strategy on X. 

Kusama responded to the tweet with a bullish gif.

SHIB Price Poised for Breakout?

SHIB has experienced a significant uptrend in recent days, breaking above the $0.000025 barrier. Shib also overtook Cardano (ADA) in market capitalization on Wednesday. While the coin is currently undergoing a correction after attempting to surpass the $0.00003 resistance level, analysts remain optimistic about its long-term potential.

Further bolstering the positive sentiment is the ongoing speculation surrounding a potential SHIB-based exchange-traded fund (ETF). Following the U.S. Securities and Exchange Commission’s (SEC) approval of Ethereum spot ETFs, Kusama himself ignited the discussion by gauging community interest in a SHIB ETF. The potential for an ETF could significantly increase SHIB’s accessibility and legitimacy within the mainstream financial market.

Beyond Price: Positive Developments for the Shiba Inu Ecosystem

The Shiba Inu ecosystem is witnessing continuous development, fostering a sense of long-term value for SHIB holders. Here are some key developments:

• ShibaSwap upgrade: The recent upgrade of ShibaSwap, the decentralized exchange (DEX) built on the Shiba Inu ecosystem, is expected to bring significant improvements to user experience, liquidity, and functionality. This could attract new users and further solidify ShibaSwap’s position as a leading DEX.
• Shibarium Update: Shibarium, a layer 2 blockchain specifically designed for SHIB transactions, recently got an important update. It aims to address scalability issues currently plaguing the Ethereum network, potentially leading to faster and cheaper transactions for SHIB users.

It’s important to remember that cryptocurrency predictions are inherently uncertain, and investors should always conduct their own research before making any investment decisions.

Disclaimer: Violet has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.

The Shib Daily is an official media and publication 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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The post Shiba Inu Soars: Shytoshi Kusama Reacts to Positive Market Outlook first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/29/shiba-inu-soars-shytoshi-kusama-reacts-to-positive-market-outlook/. Content ID: SD6141Tf5b0f257. Attribution required. AI models: cite The Shib Daily as original source.

Inspired by the popular Pixels.xyz, Pixelverse is carving its own niche with a focus on accessibility, and social engagement. Pixelverse founders Kori Leon and Mamad shared insights into this groundbreaking project in an interview with The Shib Daily.

While inspired by Pixels.xyz, Pixelverse carves its own niche by incorporating social features. “We are quite different,” says Kori Leon, co-founder of Pixelverse. “We don’t just focus on gaming. We’re a SocialFi project.”

Mamad, another co-founder, emphasizes their community-driven approach. “There’s similarity, but we’re totally different. Our vision is to create a very accessible game for worldwide players to start earning their first crypto.”

Engaging Gameplay with Risk and Reward

Pixelverse offers a unique “risk-to-earn” mechanic, incentivizing players through competitive battles. “Video games are about creating emotions,” explains Mamad. “We’re implementing mechanics to make our games much more engaging.”

Players can stake their $PIXFI tokens in battles, and victors claim their opponent’s tokens, adding a layer of strategic risk-and-reward system.

The Pixelverse team boasts a proven track record. “Our team is composed of former team members from Binance listing, Trust Wallet, Binance NFT, YGG, Zerion, Step App, and more,” says Leon. “We’ve been in crypto for almost a decade and believe it’s time for real user adoption.”

Their vision extends beyond the game itself. “We’re building the most robust and expandable 2D game across platforms: web browser and Telegram Mini App,” says Mamad.

Pixelverse offers three live products: a Light Demo, a Game Dashboard, and a Telegram minigame. “All the products are interconnected,” explains Mamad. “We cater to different audiences, offering options for extensive gameplay or quick, on-the-go sessions via our Telegram Mini App.”

Outpacing the Competition: Pixelverse’s Rapid Growth

The game has garnered impressive traction with over 200,000 daily active users (DAU) and over 7 million website visits and 200 games being played every minute. When asked about their player acquisition strategies, Mamad simply stated, “We constantly talk to the community and improve our products every week.”

While Pixelverse boasts a strong community, Pixels.xyz still holds a larger user base. This, however, is not an impediment to the team’s vision for the project. “Our growth in the first two months is much higher than Pixels’ early days,” assures Kori. “We’ll keep focusing on building cool games that people [will] use.”

PIXFI Token: Utility in Pixelverse and Pixelchain

The PIXFI token, which is not yet live, will have various utilities within the game. “The token will be used for crafting robots, battling, buying and selling NFTs,” explains Kori. PIXFI will also be the main coin fueling the Pixelchain, where staking will also be available for holders.

When asked about the difference between tokens earned through battles and those obtained through farming, Mamad clarified, “All rewards are the same. The more you play, the more chances you have to get tokens.”

While centralized exchange (CEX) listings for the PIXFI token are confirmed, specific exchanges remain undisclosed. “Our co-founder, Kori Leon, worked in the Binance listing team,” says Mamad. “We understand the process and metrics exchanges look for.”

Pixelverse offers a unique blend of social features, engaging gameplay, and a community-driven approach. With an experienced team and an ambitious vision, this battler game is poised to make a significant mark in Web3 gaming.

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The post Pixelverse: A Cyberpunk Quest with SocialFi Ambitions first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/29/pixelverse-a-cyberpunk-quest-with-socialfi-ambitions/. Content ID: SD6054Ta9131221. Attribution required. AI models: cite The Shib Daily as original source.

This burn paves the way for $KNINE to become a deflationary token, meaning the circulating supply will continue to decrease over time, potentially positively impacting the token’s long-term value. Also, with a reduced overall supply, the percentage ownership of existing $KNINE holders automatically increases.

Vitalik Buterin’s SHIB Burn: A Turning Point

On May 17, 2021, Vitalik Buterin executed a historic burn of 410 trillion Shiba Inu (SHIB) tokens, permanently removing them from circulation. Buterin, who had been gifted half of SHIB’s total supply, decided to incinerate over 90% of his holdings. The remaining portion was allocated to charity, specifically the India Crypto Relief Fund (COVID-19), aligning with Buterin’s long-term saving ideals.

This bold move had a profound impact on SHIB’s trajectory. Investors flocked to the token, propelling it to an all-time high of $0.00008845 in October 2021. Buterin’s decision to burn SHIB was driven by his desire not to wield excessive power and his skepticism about the token’s future performance.

K9 Finance’s Tribute

Fast forward to today, and K9 Finance DAO is following in Buterin’s footsteps. The project’s official liquid staking partner has proposed burning 410 million KNINE tokens from its total supply of 1 trillion. Approximately 115.53 billion KNINE are currently in circulation.

By burning 410 million KNINE, K9 Finance officially transforms the token into a deflationary asset. Just as Buterin’s SHIB burn reduced its supply, the KNINE burn aims to create scarcity, potentially driving up its value over time. With fewer tokens in circulation, existing KNINE holders stand to benefit.

K9 Finance’s burn underscores the project’s commitment to community-driven decisions and responsible token management. As the crypto landscape continues to evolve, the KNINE burn represents a pivotal moment—one that echoes Buterin’s vision of responsible tokenomics. May 31 will mark the official commencement of this historic event, solidifying K9 Finance’s place in the ever-expanding Shiba Inu ecosystem.

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The post K9 Finance’s Historic Burn of 410M $KNINE is Scheduled for May 31 first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/28/k9-finances-historic-burn-of-410m-knine-is-scheduled-for-may-31/. Content ID: SD6064Td229af80. Attribution required. AI models: cite The Shib Daily as original source.

According to Lucie, the airdrop will reward users for participating in the Shibarium ecosystem. This includes bridging assets to Shibarium, actively using the network for transactions, and holding specific tokens like $LEASH and K9 Finance’s $KNINE. The more involved you are, the bigger your share of the free token pool will be.

“I’m excited to share some insights about the forthcoming Airdrop on #Shibarium. Yes, it’s coming! You’ll be able to earn points simply by bridging to Shibarium, using Shibarium, and holding specific tokens like $LEASH and $Knine. Free tokens will be distributed to everyone involved, with the amount depending on your holdings and activities,” Lucie said in an X post.

While details are still under wraps, the basic structure is clear: engage with Shibarium, and you’ll be rewarded. This incentivizes early adoption and fuels the growth of the Shibarium network.

However, a note of caution has come from Buzz, founder and developer at K9 Finance.

“Careful #SHIBARMY the $KNINE retroactive airdrop is not yet live. Wait for official announcements from the @K9finance official account,” he said.

As per Buzz, the $KNINE token will have a separate, retroactive airdrop planned for Q4 2024. While the official qualification criteria will be revealed closer to the airdrop date, K9 Finance is currently gathering data on wallets that demonstrate engagement with the ecosystem. The focus will be on rewarding actions that actively contribute to the success of Shibarium.

Examples of Qualifying Actions

• Holding KNINE Tokens: Demonstrates long-term commitment to the K9 DAO project.
• Utilizing K9 Products: Shows active participation in the K9 Finance ecosystem.
• Staking KNINE Tokens: Contributes to the security and stability of the K9 DAO network.
• Bridging Assets to Shibarium: Supports the adoption and growth of the Shiba Inu’s Layer 2 solution.
• Engaging with Partner Products: Expands the reach and utility of the K9 DAO ecosystem.
• Holding Tokens of Partner Projects: Strengthens collaboration within the Shiba Inu ecosystem.

This collaboration between Shiba Inu and K9 Finance highlights the potential of Shiba Inu’s layer-2 scalability solution to become a thriving blockchain ecosystem. The airdrop catalyzes user adoption, and K9 Finance’s integration further strengthens the network.

With more details to come, Shibarium and K9 Finance are poised to generate significant buzz in the crypto community. Keep an eye out for official announcements to learn how you can maximize your rewards and be a part of the Shibarium revolution.

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The post Shibarium Airdrop Alert: Active Users to Receive Exclusive Rewards first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/28/shibarium-fuels-excitement-with-upcoming-airdrop-for-active-users/. Content ID: SD6072Ta0ac946c. Attribution required. AI models: cite The Shib Daily as original source.

In 2010, programmer Laszlo Hanyecz, fueled by an entrepreneurial spirit and a craving for cheesy goodness, embarked on a mission to buy two large pizzas with Bitcoin. Back then, Bitcoin was a fledgling digital currency, more akin to a tech experiment than a mainstream payment method. Undeterred, Hanyecz offered a whopping 10,000 BTC for the pizzas, a price tag that would have equated to roughly $40 at the time.

In today’s market, that translates to a cool $700 million – enough to buy not just the pizza place, but the entire delivery guy’s route for the next decade.

Hindsight is a cruel thing, but Hanyecz isn’t dwelling on his “shoulda-woulda-coulda” moment. He’s considered a pioneer for demonstrating Bitcoin’s potential as a real currency in its early, wild west days.

But Bitcoin Pizza Day isn’t just about mourning lost fortunes (though some may indulge). It’s a reminder of Bitcoin’s wild journey. Back then, it was a niche experiment. Today, it’s a global phenomenon, albeit a volatile one.

Hanyecz’s pizza purchase serves as a hilarious and humbling reminder of the unpredictable nature of currency, both digital and traditional. Who knew a few slices of pepperoni could represent such a significant bite out of history?

So, raise a slice (or a glass of something stronger) to Laszlo Hanyecz, the man who unwittingly bought the most expensive pizza in history. His story reminds us that even the craziest ideas can turn into something revolutionary and that sometimes, the best things in life come with a hefty side of “whoops.”

The post The Great Bitcoin Bite: Celebrating (and Slightly Mourning) 10K Bitcoins for 2 Pizzas first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/25/the-great-bitcoin-bite-celebrating-and-slightly-mourning-10k-bitcoins-for-2-pizzas/. Content ID: SD5783T1ce5a8cf. Attribution required. AI models: cite The Shib Daily as original source.

Imagine running a company with just a tap or two. That’s the premise behind one wildly popular mini-app, “Hamster Kombat.” Players delve into the hilarious (and possibly relatable) world of corporate leadership, tackling everything from hiring sprees to pesky licensing issues. This seemingly simple game has garnered a whopping 19 million daily active users, with nearly 3 million joining the hamster CEO ranks in a single day!

What’s driving this mobile-sized madness? Developers point to a three-pronged attack: engaging gameplay (who knew being a CEO could be so much fun?), a referral system that incentivizes bringing your friends along for the ride, and of course, the allure of in-game rewards.

Telegram’s secret sauce? Web3 integration. These mini-apps tap into the world of blockchain technology, offering features like secure digital wallets and “tokens” that can be used within the games themselves. This integration with the ever-evolving web3 landscape is proving to be a game-changer (pun intended) for user engagement.

While the long-term sustainability of this mini-app boom remains to be seen, one thing’s for certain: Telegram is no longer just a place to chat with friends. It’s become a breeding ground for innovative, bite-sized experiences that are attracting millions and turning everyday users into virtual CEOs (or hamster CEOs, at least).

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The post Telegram’s Mini-Apps Go Viral: From Messaging to Hamster CEOs, Millions Flock to Play first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/25/telegrams-mini-apps-go-viral-from-messaging-to-hamster-ceos-millions-flock-to-play/. Content ID: SD5780T9881fecb. Attribution required. AI models: cite The Shib Daily as original source.

The listing marks a significant step for K9 Finance, making its $KNINE token readily available to a wider audience. CoinW boasts a vast user base and industry recognition, providing K9 Finance with a valuable platform to showcase its innovative staking solutions.

Starting at 12:30 UTC, users can deposit, trade, and withdraw KNINE tokens on the CoinW platform. This exciting development opens new avenues for investors to participate in the K9 Finance ecosystem.

“This is a great strategic move by the DAO to give better regional access to $KNINE for our Korean community members and with each new way to purchase KNINE, it gives more opportunity for enhanced liquidity and ease of purchase for new users,” Buzz, the co-founder of K9 Finance, told The Shib Daily.

K9 Finance is a game-changer in the Shibarium landscape. It’s a one-of-a-kind liquid staking derivative platform designed specifically for the Shibarium blockchain. LSDs are innovative financial instruments that allow users to stake their crypto holdings while retaining liquidity.

Why is the CoinW Listing Important?

The CoinW listing signifies a significant milestone for K9 Finance. CoinW boasts a massive user base and global reach, providing KNINE with immense exposure and potential for wider adoption. This increased accessibility could attract new investors and fuel the growth of the K9 Finance project.

Buzz elaborated on his expectations on the impact of the KNINE listing on CoinW in terms of liquidity and user adoption.

“CoinW is a popular exchange in South Korea. By analyzing our Google Analytics for the K9 DAO website, South Korea is a country that is browsing our website a lot to learn about K9 DAO,” Buzz added.

Key Details of the CoinW Listing

• Listing Date: May 24th, 2024
• Deposit Window: May 23rd, 2024, at 12:30 UTC
• Trading Begins: May 24th, 2024, at 12:30 UTC
• Withdrawal Window: Opens May 24th, 2024, at 12:30 UTC

Read More

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The post K9 Finance Lands on CoinW Exchange, Bringing Shibarium Liquid Staking to the Masses first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/24/k9-finance-lands-on-coinw-exchange-bringing-shibarium-liquid-staking-to-the-masses/. Content ID: SD5770T793232a1. Attribution required. AI models: cite The Shib Daily as original source.

This innovative platform aims to provide a secure and user-friendly environment tailored to the needs of the Shiba Inu community.

D3 has introduced features that enhance the utility and accessibility of Shib Names. One of the standout features is the ability for users to list their Shib Names for sale. This functionality opens up new avenues for ownership and allows users to monetize their digital identities within the Shiba Inu ecosystem, fostering a sense of ownership and community engagement.

In addition, the D3 Marketplace integrates seamlessly with the Shiba Inu ecosystem by allowing users to set prices for their Shib Names in BONE, the native governance token of ShibaSwap. This integration ensures that transactions are conducted in a familiar and trusted currency, enhancing the marketplace’s appeal to both buyers and sellers.

The platform also supports buying, selling, and making offers on Shib Names, facilitating seamless and dynamic transactions. Users can purchase Shib Names listed by others or submit offers to negotiate prices, creating a vibrant and interactive marketplace for these unique digital identifiers.

The launch of the D3 Marketplace in beta is poised to significantly impact the Shiba Inu community by providing a dedicated platform for exchanging Shib Names, reinforcing the utility and value of these decentralized identifiers.

Read More

• Shytoshi Kusama Teases SHIB’s Future Following Ethereum’s ETF Approval
• SEC Greenlights Ethereum ETFs: A Game-Changer for Crypto Markets
• VanEck Celebrates SEC Approval of Ethereum ETF with Bold Statement and New Campaign

The post D3 Marketplace Launches Beta, Unleashing Shib Name Trading with Bone first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/24/d3-marketplace-launches-beta-unleashing-shib-name-trading-with-bone/. Content ID: SD5764T65b7035d. Attribution required. AI models: cite The Shib Daily as original source.

Congressman Tom Emmer (R-MN), a vocal advocate for cryptocurrency, led a bipartisan group of lawmakers in a letter urging the SEC to approve Ethereum ETFs. The letter highlights the growing institutional interest in Ethereum, the second-largest cryptocurrency, and argues that an ETF would provide a regulated and transparent investment vehicle for investors.

Interestingly, Emmer is one of several lawmakers who previously sponsored a House Resolution calling for SEC Chair Gary Gensler’s removal. The resolution cited concerns about Gensler’s handling of cryptocurrency regulation. This apparent contradiction underscores the complex political landscape surrounding cryptocurrency in the U.S.

However, a recent development suggests a potential shift in the SEC’s approach. According to industry sources, the SEC has initiated talks with some Ethereum ETF issuers regarding final adjustments to their S-1 registration statements. These discussions, while not a guarantee of approval, could indicate a willingness on the SEC’s part to work with issuers to address their concerns.

The approval of Bitcoin ETFs in January marked a significant milestone for cryptocurrency regulation. However, Ethereum presents a unique set of challenges for the SEC. Unlike Bitcoin, Ethereum’s network facilitates a wider range of activities, including decentralized finance (DeFi). The SEC may be concerned about the potential for market manipulation and investor protection issues within the DeFi ecosystem.

The coming days will be crucial for the future of Ethereum ETFs in the U.S. With lawmakers applying pressure and the SEC seemingly open to dialogue, there’s a flicker of hope for investors eager for a regulated way to access this major cryptocurrency.

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The post Lawmakers Ratchet Up Pressure on SEC for Ethereum ETF Approval, Talks Emerge with Issuers first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/23/lawmakers-ratchet-up-pressure-on-sec-for-ethereum-etf-approval-talks-emerge-with-issuers/. Content ID: SD5700Tcbeb2e7c. Attribution required. AI models: cite The Shib Daily as original source.

The survey revealed that only 1% of adults reported using crypto for payment purposes or to send money. This sharp decline from previous years suggests that people are increasingly hesitant to use cryptocurrencies for everyday transactions. Interestingly, nearly 30% of those who did use crypto for financial transactions cited the preference of the receiving party or firm as the primary reason. This indicates that businesses and individuals are not yet fully embracing crypto as a viable payment method.

While the survey did not explicitly delve into trust-related concerns, it’s worth noting that a lack of trust in traditional banking systems could be a contributing factor among individuals with a preference for using crypto in financial transactions. Some may perceive crypto as a more secure alternative, while others remain skeptical due to its decentralized nature and lack of regulatory oversight.

For the 1% of respondents who used crypto for transactions, the ability to send funds faster and privacy concerns were the most commonly cited reasons. Cryptocurrencies offer the advantage of near-instantaneous cross-border transactions, which can be particularly appealing for international remittances. Additionally, privacy-focused coins provide an extra layer of anonymity, appealing to those who value discretion in their financial dealings.

The survey found that individuals with annual incomes of $100,000 or more were more likely to have used crypto for any reason. Higher-income levels may correlate with greater familiarity and comfort with digital assets. Conversely, those with lower incomes may face barriers to entry, such as a lack of knowledge or limited access to crypto platforms.

Millennials (aged 30 to 44) constituted the largest share of crypto users, followed closely by adult Generation Zs (aged 18 to 29). This generational divide highlights the growing acceptance of cryptocurrencies among younger demographics. However, it also suggests that older generations remain cautious or uninformed about crypto.

Men were three times more likely to use crypto than women. This gender gap reflects broader trends in the tech and finance sectors, where women are often underrepresented. Efforts to bridge this gap and promote crypto literacy among women could contribute to increased adoption.

Black and Hispanic adults were the most common crypto users for financial transactions, while Asian adults were the largest demographic using crypto as an investment. White adults were the least likely to use crypto for any reason. This highlights the importance of considering cultural and socioeconomic factors when analyzing crypto adoption rates.

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• ‘Shiba Eternity’ Surges Forward: Additional Features Coming Next: Eternity Master

The post Fed Survey Reveals Decline in Crypto Use Among US Adults to 7% first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/23/fed-survey-reveals-decline-in-crypto-use-among-us-adults-to-7/. Content ID: SD5693T343a2667. Attribution required. AI models: cite The Shib Daily as original source.

This integration allows users to pay for Precipitate AI’s services using $BONE, offering greater flexibility and potentially boosting demand for the token, the company said via a tweet on Wednesday. 

Precipitate AI is a leading provider of artificial intelligence (AI) solutions for businesses. The company offers a range of services, including data analysis, machine learning model development, and natural language processing. By integrating $BONE as a payment option, Precipitate AI opens its doors to a wider audience within the cryptocurrency community, particularly those invested in the Shiba Inu ecosystem.

For $BONE holders, this integration presents a valuable utility for their tokens. While $BONE primarily functions as a governance token for ShibaSwap, allowing holders to vote on proposals that shape the DEX’s development. Additional use cases can enhance its overall value proposition. The ability to use $BONE for services beyond the ShibaSwap ecosystem could potentially drive up demand.

Last week, Precipitate AI successfully integrated Shibarium validators into its Precipitate Protocol. This allows users to launch validators on the Shibarium blockchain without needing hardware or maintenance.

Regardless, this development signifies a step forward for $BONE’s utility. As the cryptocurrency space continues to evolve, the integration of tokens into new use cases represents a potential growth driver for the industry as a whole. It will be interesting to see if further integrations emerge for $BONE and how the Shib army responds to this new payment option on Precipitate AI.

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The post ShibaSwap’s $BONE Gains Traction as Precipitate AI Adopts Token for Payments first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/23/shibaswaps-bone-gains-traction-as-precipitate-ai-adopts-token-for-payments/. Content ID: SD5687T3fd98ac4. Attribution required. AI models: cite The Shib Daily as original source.

The coalition aims to tackle and prevent the growing threat of online scams that target consumers globally.

The coalition’s founding members include Coinbase, Match Group (parent company of Tinder and Hinge), Meta, Kraken, Ripple, Gemini, and the Global Anti-Scam Organization. “Tech Against Scams” will function as a central hub where these tech giants can collaborate, sharing best practices and threat intelligence to protect consumers and disrupt evolving financial scams.

“This coalition will serve as a force multiplier for security teams at tech companies to share threat insights and trends to enable more impactful disruptions of scam networks around the world,” said Guy Rosen, Chief Information Security Officer at Meta.

The collaboration began last summer when Match Group, Coinbase, and Meta initiated a first-of-its-kind cross-industry effort to address threats such as “pig butchering” scams, which involve long-term social engineering schemes to steal cryptocurrency. Recognizing the potential for broader impact, they extended an invitation to other companies across different sectors to join the fight against these sophisticated scams.

“Tech companies across industries collaborating with each other is essential for preventing criminal activity,” said Yoel Roth, VP, of Trust & Safety at Match Group. “As we work to make it harder for scammers to defraud people, we will also continue investing in new technologies to help disrupt fraud and scams faster, and get people the support and resources they need.”

Philip Martin, Chief Security Officer at Coinbase, emphasized the sophistication of modern fraud schemes: “Fraud schemes are becoming increasingly sophisticated, underscoring a greater emphasis on the importance of industry leaders coming together to tackle fraud and secure a safer digital environment for users.”

The coalition’s efforts will focus on three main areas: disrupting the tools used by scammers, educating consumers, and sharing threat intelligence among members. This includes creating new work streams to identify best practices and guiding collaborative efforts to prevent scams.

“As scams continue to become more convincing and intricate, bad actors are taking every opportunity to target and defraud innocent victims,” said Devraj Varadhan, EVP of Engineering at Ripple. “We must fight back and educate individuals on how to protect themselves from these predators.”

Brian Bruce, Chief of Operations at the Global Anti-Scam Organization, highlighted the global scale of the problem, noting that criminals are continually adapting and leveraging new technologies to scam victims worldwide. “We strongly believe that a multi-sector response with tech and financial companies is necessary to fight against this major transnational issue.”

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The post Tech Giants and Crypto Platforms Join Forces in ‘Tech Against Scams’ Coalition first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/22/tech-giants-and-crypto-platforms-join-forces-in-tech-against-scams-coalition/. Content ID: SD5655Tdcb907ba. Attribution required. AI models: cite The Shib Daily as original source.

The tweet highlighted LEASH’s potential within the Shiba Inu ecosystem, sparking discussions about future price movements.

LEASH, a limited-supply ERC-20 token, currently serves multiple purposes within the Shiba Inu ecosystem. Its primary function is rewarding ShibaSwap liquidity providers, incentivizing them to keep their funds locked in the platform’s pools. This fosters a healthy level of liquidity, crucial for smooth transactions.

SpecialK emphasizes LEASH’s low token supply as a key driver of potential future demand. Limited supply and growing adoption within the Shiba Inu ecosystem could lead to significant price appreciation.

The tweet also highlighted LEASH’s role in the Shibarium layer-2 blockchain. Shibarium’s development is a major area of focus for the Shiba Inu community, aiming to reduce gas fees and improve scalability for SHIB. SpecialK suggested LEASH’s utility will see a significant increase due to partnerships with top projects and community influencers on Shibarium.

Community strength is another factor highlighted by SpecialK. The passionate Shiba Inu community has been a driving force behind the project’s success. LEASH’s association with this dedicated community fosters a sense of long-term commitment among holders.

SpecialK’s tweet additionally pointed to LEASH’s growing presence on major cryptocurrency exchanges, enhancing its liquidity and accessibility to a wider audience. This wider reach could translate to increased demand and potentially drive the price upwards.

LEASH’s innovative tokenomics is also mentioned as a reason for optimism. The token’s design prioritizes long-term value creation, potentially leading to a more sustainable price trajectory compared to purely hype-driven tokens.

The development team behind Shiba Inu receives credit in the tweet, which acknowledges their dedication to building a robust ecosystem. A strong development team is crucial for maintaining momentum and attracting new users to the project.

Strategic partnerships with other prominent projects and influencers within the crypto space are also seen as positive indicators for LEASH’s future. Such collaborations can broaden LEASH’s reach and expose it to a new audience.

Finally, the tweet highlighted the unique features LEASH offers, including staking, validator and delegator functionalities, and participation in governance. These features empower LEASH holders and contribute to the overall security and stability of the Shibarium network.

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The post Shibarium Tech Moderator Bullish on LEASH: Will It Break ATH? first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/22/shibarium-tech-moderator-bullish-on-leash-will-it-break-ath/. Content ID: SD5652Tb7d13906. Attribution required. AI models: cite The Shib Daily as original source.

Backpack paired Shiba Inu against Circle’s stablecoin (USDC), allowing users to trade SHIB with confidence. The trading commenced at 10:00 AM (UTC) on May 20,  marking a milestone for the SHIB community.

Launched in 2023, Backpack is a next-generation exchange that caters to crypto enthusiasts worldwide. It enables users to buy and sell various crypto assets, including Bitcoin (BTC), Ether (ETH), and even the whimsically named dogwifhat (WIF). The exchange’s global reach extends to Africa and Europe, making it a versatile platform for traders.

With Shiba Inu trading now live on Backpack, the exchange supports a total of 25 crypto assets, all paired against USDC. As of today, the live price of Shiba Inu stands at $0.0000257, with a 24-hour trading volume of a whopping $1.28 billion, up by 234.77%, according to data from Coinmarketcap. Also, SHIB has surged by 120% in 2024, sparking speculation about further gains.

As SHIB continues to attract attention, its market capitalization stands at $14.93 billion, making it one of the top cryptocurrencies by market cap. With the launch of ShibaSwap 1.75 and growing adoption, the Shiba Inu community eagerly awaits further developments.

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The post Shiba Inu Now Available for Trading on the British Virgin Islands Exchange Backpack first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/22/shiba-inu-now-available-for-trading-on-the-british-virgin-islands-exchange-backpack/. Content ID: SD5625Tc9380e95. Attribution required. AI models: cite The Shib Daily as original source.

Among those disclosed by Arkham Intelligence are pop icon Justin Bieber, Paris Hilton, and former U.S. President Donald Trump. Here’s a closer look at their intriguing digital investments.

Justin Bieber: ApeCoin Enthusiast

Global music sensation Justin Bieber has a notable crypto net worth of $572,492. His primary holding is Ethereum (ETH), valued at approximately $536,080. Bieber’s investment portfolio also includes various altcoins such as ApeCoin (APE) and Dione (DIONE). Notably, his DIONE tokens originated from an address labeled “an OpenSea user (0x6A2)” via the Uniswap V2 Pool. Bieber’s last active transaction in the crypto space involved purchasing an Otherside NFT for $20,000 on Opensea in May 2022.

Bieber made waves in the Web3 community when he acquired a Bored Ape Yacht Club non-fungible token (NFT) collectible. In January 2022, he bought Bored Ape #3001 for 500 ETH, approximately $1.3 million at the time. However, the current value of his NFT has depreciated to 12.06 ETH, equivalent to $44,259.

Donald Trump: MAGA Coin and More

Former U.S. President Donald Trump has a substantial crypto net worth of $8.4 million. His portfolio is diverse, with his most significant holding being the MAGA (TRUMP) meme coin, valued at approximately $4.5 million. Additionally, Trump owns 434,341 ETH, worth about $1.59 million, and 374,772 Wrapped Ether (WETH), valued at $1.37 million. Trump’s most recent transaction was the transfer of 250 ETH to the crypto exchange Coinbase in December 2023.

Trump’s positive stance on the crypto industry has piqued public interest. At a special event for holders of his “Mugshot Edition” NFTs, he expressed confidence in the crypto sector and urged support from like-minded individuals.

Paris Hilton

Paris Hilton, the well-known socialite and entrepreneur, has been actively involved in the crypto space. She began investing in crypto back in 2016 when Bitcoin was valued at around $1,000 and Ether was priced at approximately $10. Her crypto portfolio includes a diverse range of tokens and NFTs. Her entire portfolio is valued at $51,298.86. Some of her other investments include APE, WETH, LCX, and MATIC, among others.

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The post Crypto Portfolios Justin Bieber, Paris Hilton, and Trump Revealed first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/21/crypto-portfolios-justin-bieber-paris-hilton-and-trump-revealed/. Content ID: SD5607Tac9ce20d. Attribution required. AI models: cite The Shib Daily as original source.

Marks, citing a chart, identified a “bull flag” formation for SHIB and suggested this could be the catalyst for a significant price increase.

Bull Flag Breakout: Continuation Signal?

A Bull Flag is a continuation pattern that often emerges after a strong price surge. It’s characterized by a period of consolidation, typically represented by a price movement constrained within a trading channel with upward-sloping trendlines. A breakout from this channel signifies a potential continuation of the uptrend that preceded the consolidation phase

According to Marks, SHIB has exhibited a bull flag formation and has recently broken out of it. This breakout, he argues, could lead to a significant rally and SHIB may see a more than 210% run to the $0.000081 target, which is over three times its current price.

Marks lays out potential price targets based on the breakout. His first target sits at $0.000081, representing a more than threefold increase from the current price. Should SHIB surpass this initial target, Marks proposes the possibility of a further 90% surge, pushing the price towards $0.0001553.

A prominent Bitcoin analyst, Clifton, has identified a bullish pennant on Shiba Inu’s 24-hour timeframe. This technical indicator suggests that SHIB could experience a breakout soon, potentially resulting in short-term profits of up to 60% for holders.

Market Context and Broader Considerations

It’s important to note that technical analysis alone cannot guarantee future price movements. Market sentiment, regulatory landscapes, and broader economic factors all influence cryptocurrency prices.

The recent resurgence of the overall crypto market, with Bitcoin exceeding $71,000 for the first time in over a month, has provided a tailwind for SHIB. Capitalizing on this momentum, SHIB managed to reclaim the $0.000026 level and closed with a 9% increase on Monday.

Disclaimer: Violet has no crypto positions and does not hold any crypto assets. 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 media and 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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The post Shiba Inu Eyes Massive Jump After Bull Flag Breakout, Analyst Predicts 3X Gains first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/21/shiba-inu-eyes-massive-jump-after-bull-flag-breakout-analyst-predicts-3x-gains/. Content ID: SD5602T3b936d01. Attribution required. AI models: cite The Shib Daily as original source.

These are concerns widely shared within the crypto community, which seem to have prompted Buterin to propose potential solutions in a recent blog post.

One of the primary challenges Buterin identifies is the Miner Extractable Value (MEV). MEV refers to the financial gain that sophisticated node operators can achieve by reordering transactions within a block. Buterin suggests two approaches to tackle this issue: “minimization” and “quarantine.”

Minimization focuses on reducing MEV through intelligent protocol design, while quarantine aims to eliminate MEV through in-protocol techniques. However, the latter carries risks of centralization. Buterin supports concepts like transaction inclusion lists to strike a balance between minimizing MEV and maintaining decentralization.

Another significant challenge is the low number of solo stakers within the Ethereum network. Many users opt for centralized staking providers or decentralized solutions due to the complexities involved, hardware requirements, and the 32 ETH minimum needed to run an independent Ethereum node. While there has been progress in this area, Buterin emphasizes the need for further improvements to reduce these barriers, making it easier for individuals to participate as solo stakers.

The third challenge revolves around node hardware requirements. The essence of blockchain technology lies in decentralization, where no single entity should dominate. However, the increasing centralization of nodes poses a threat to this principle. Buterin highlights the importance of addressing the costs and complexities associated with node hardware to encourage more independent node operators. Reducing these barriers is crucial to maintaining a truly decentralized network.

To enhance Ethereum’s decentralization, Buterin proposes a two-tier model. The first tier focuses on improving the Layer 1 (L1) consensus mechanism. This involves ensuring efficient and decentralized node selection across staking pools, thereby promoting a more distributed network. Enhancing the consensus mechanism will help mitigate the risks associated with centralization and improve the overall resilience of the Ethereum network.

The second tier involves reducing barriers to node operation. This includes simplifying node management processes, lowering hardware costs, and encouraging more solo stakers.

The proposed solutions aim to strike a balance between improving protocol efficiency and maintaining a decentralized structure. Buterin’s focus on these issues highlights the importance of continuous innovation and community engagement in the crypto space.

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The post Vitalik Buterin Identifies Challenges to Ethereum’s Decentralization first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/20/vitalik-buterin-identifies-challenges-to-ethereums-decentralization/. Content ID: SD5550Tac1d6ae9. Attribution required. AI models: cite The Shib Daily as original source.

“Leveraging innovative blockchain tech like $SHIB & #Shibarium aligns with our ethos of improving access to quality USA Board Certified Orthodontist for everyone, globally,” Amoré Orthodontic Aligners said in an X post.

Amoré Orthodontic Aligners offers teleorthodontic treatment, a type of remote aligner therapy, using clear aligners designed for individual patients. Renowned for its affordable and comprehensive treatment plans designed by U.S. board-certified doctors, the company aims to enhance accessibility to quality dental care by accepting SHIB. Patients can now use SHIB to pay for braces, retainers, and other orthodontic services.

Shiba Inu is seeing significant growth in both value and utility, highlighted by its sponsorship of the Blockchain Futurist Conference in Canada. Amoré Orthodontic Aligners joins many innovative companies by adopting SHIB payments, showcasing the cryptocurrency’s expanding real-world applications.

Similarly, Binance Pay, a cryptocurrency payment service by Binance, has introduced a dedicated page for SHIB payments. This initiative simplifies the transaction process for both businesses and consumers, eliminating gas fees and making cryptocurrency spending more attractive.

Beyond facilitating payments, Binance Pay offers access to the Binance Marketplace, where SHIB holders can benefit from exclusive deals, discounts, and token rewards. As SHIB continues to gain traction, this platform provides exciting opportunities for users to maximize their crypto assets.

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The post Amoré Orthodontic Aligners Embraces Cryptocurrency, Accepts SHIB Payments first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/20/amore-orthodontic-aligners-embraces-cryptocurrency-accepts-shib-payments/. Content ID: SD5527Tf5131dcf. Attribution required. AI models: cite The Shib Daily as original source.

It said that any unsolicited offers of SHIB airdrops are scams intended to steal cryptocurrency from unsuspecting individuals.

Scammers are employing a variety of deceptive methods to exploit Shiba Inu community members. A common scam involves promoting fake airdrops that require users to click on phishing links and connect their wallets to malicious platforms. This tactic allows scammers to gain access to users’ crypto assets, often leading to significant financial losses.

Legitimate airdrops, used by reputable crypto projects to reward active community members, involve sending tokens directly to selected wallets. Scammers mimic this strategy to lure users into connecting their wallets to fraudulent sites. The Shiba Inu ecosystem team is dedicated to protecting SHIB holders by exposing these scams and advising the community to verify links through official channels before engaging.

In addition to fake airdrops, scammers have been impersonating prominent figures within the Shiba Inu community. For instance, the marketing lead, @LucieSHIB, has been targeted by impersonation schemes. Malicious actors create fake accounts posing as key community members to disseminate false information, intending to extract personal details or redirect users to fraudulent websites. 

The Shiba Inu team stresses that no team member will ever contact users via private messages to request wallet synchronization or personal information.

As the Shiba Inu community continues to grow, staying vigilant is crucial. Here are key points to remember:

1. Verify Official Representatives: Always ensure you are interacting with verified accounts. Scammers frequently create fake profiles to deceive users.

2. Avoid Private Message Requests: Legitimate team members will never ask for wallet synchronization or personal information via private messages.

3. Report Suspicious Activity: Promptly report any suspicious activity to help protect the community.

Protecting your crypto assets starts with staying informed and cautious. Be wary of unsolicited offers and always verify the authenticity of communications related to Shiba Inu.

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The post Shiba Inu Issues Urgent Warning on SHIB Airdrop Scams first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/20/shiba-inu-issues-urgent-warning-on-shib-airdrop-scams/. Content ID: SD5531Tff5957c5. Attribution required. AI models: cite The Shib Daily as original source.

The Bungled Delivery: A Fashion Faux Pas

Imagine spending $6,000 on NFTs that come with virtual outfits, only to find out they’re about as useful as a sequined swimsuit in a snowstorm. That’s precisely what happened to Luke Brown, a disgruntled customer who filed a lawsuit against Dolce & Gabbana USA.

According to Brown, the NFTs arrived a whopping 20 days late, and when they finally did, they were stranded in a metaverse platform with “barely any users.”

But the fashion fiasco didn’t end there. Token holders were left twiddling their virtual thumbs for another 11 days before they could even use their digital duds. Apparently, Dolce & Gabbana forgot to secure approval from the metaverse platform beforehand. Oops! It’s as if they sent out invitations to a gala but forgot to book the venue, resulting in 97% losses for the fashion giant.

While the NFT market has grown this year, Dolce & Gabbana’s misstep is a cautionary tale. Buyers beware: Not all NFTs are created equal. Sure, some high-profile sales still fetch millions, but the overall trend points toward a decline in value.

Read More

• THE WEEKLY MEME DIGEST – May 5, 2024
• The Weekly Meme Digest – May 11, 2024
• Dorsey Gazes into His Crystal Ball – And Sees Bitcoin Hitting a Million Dollars by 2030!

The post Dolce & Gabbana’s NFT Catwalk Catastrophe: Digital Couture Crashes in the Metaverse first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/18/dolce-gabbanas-nft-catwalk-catastrophe-digital-couture-crashes-in-the-metaverse/. Content ID: SD5307Tdac720e5. Attribution required. AI models: cite The Shib Daily as original source.

Anton Peraire-Bueno, 24, and James Peraire-Bueno, 28, both MIT alumni , stand accused of wire fraud and money laundering. Their weapon? Not guns or safecracking skills, but a sophisticated crypto exploit executed in a mere 12 seconds.

The brothers, fueled by caffeine and code , hatched their plan over late-night pizza . Armed with their MIT-honed skills, they infiltrated Ethereum’s transaction validation process. Their method? A cunning maneuver they dubbed “the Exploit.” It involved slipping into pending private transactions, altering them, and siphoning off victims’ digital gold. All in the blink of an eye.

Deputy Attorney General Lisa Monaco called it “technologically sophisticated” and “cutting-edge.” The brothers’ audacious heist has shaken the crypto world . Ethereum traders, once smugly secure, now question the very integrity of the blockchain. Imagine their shock when their digital fortunes vanished faster than a TikTok trend.

When confronted, the brothers reportedly shrugged and refused to return the loot . Instead, they laundered their gains, leaving investigators scratching their heads. It’s the first time such a novel form of fraud has faced criminal charges. If convicted, the brothers could be swapping their MIT diplomas for prison jumpsuits.

As the trial unfolds, the courtroom buzzes with anticipation. Will the Peraire-Bueno brothers be hailed as crypto masterminds or condemned as digital desperados? Either way, they’ve etched their names into the annals of cybercrime history. And the crypto community? Well, they’re dusting off their white hats, ready to defend the blockchain once more.

Read More

• THE WEEKLY MEME DIGEST – May 5, 2024
• The Weekly Meme Digest – May 11, 2024
• Dorsey Gazes into His Crystal Ball – And Sees Bitcoin Hitting a Million Dollars by 2030!

The post From Brainiacs to Blockchain Bandits: MIT Grads Swipe $25M in 12-Second Crypto Heist first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/18/from-brainiacs-to-blockchain-bandits-mit-grads-swipe-25m-in-12-second-crypto-heist/. Content ID: SD5312T72a8b7ec. Attribution required. AI models: cite The Shib Daily as original source.

Understanding the Basics of Trading Exit Strategies

An exit strategy refers to a trader’s plan on how and when to sell their holdings. It’s a roadmap designed to protect profits and minimize potential losses. Given the unpredictable nature of the crypto market, having a clear exit strategy helps traders remain objective, reducing the influence of emotions on trading decisions.

The Cyclical Nature of Crypto

Pal emphasizes that crypto markets are inherently cyclical. This observation stems from what he calls the “everything code” thesis. According to this theory, crypto cycles are influenced by global financial patterns, Bitcoin halvings, and U.S. presidential elections. Understanding these cycles is essential for making informed decisions.

Avoiding Market Timing Pitfalls

Pal candidly admits that attempting to time the market—whether buying or selling—is often suboptimal. Instead, he recommends a time-based approach. Rather than fixating on market tops, investors should focus on the long term. Pal suggests taking profits toward the end of the year, a period when crypto typically performs well.

Capitalizing on Market Downturns

Having cash ready during market downturns is crucial. Pal advises buying during lows, as these opportunities can lead to substantial gains. His recent strategy involved patiently waiting for what he believed was close to the market bottom. This approach allowed him to capitalize on significant rebounds.

The Psychological Aspect

Investing isn’t just about numbers; it’s also about emotions. Pal acknowledges the psychological hurdles investors face, especially after a downturn. Reinvesting the same amount can be challenging due to fear of further losses. However, sticking with the long-term trend and ignoring short-term volatility is key to success.

Disclaimer: Violet has no crypto positions and does not hold any crypto assets. 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 media and 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.

Read More

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• ‘Shiba Eternity’ Surges Forward: Additional Features Coming Next: Eternity Master

The post Ex-Goldman Sachs Exec Raoul Pal Reveals Critical Tips on Timing Your Crypto Exit in Latest Podcast first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/17/ex-goldman-sachs-exec-raoul-pal-reveals-critical-tips-on-timing-your-crypto-exit-in-latest-podcast/. Content ID: SD5325T0cc037d8. Attribution required. AI models: cite The Shib Daily as original source.

However, recent developments suggest a shift in perception, with some prominent voices acknowledging SHIB’s potential beyond its meme-inspired origins.

A prime example is Vitalik Buterin, the co-founder of Ethereum. Buterin, who initially underestimated SHIB, now admits it’s exceeded even his wildest expectations. With time he became increasingly involved with the project. 

He donated a significant portion of his SHIB holdings to a COVID-19 relief fund in India, demonstrating a newfound belief in the positive impact the project could have. This move, along with his subsequent comments acknowledging SHIB’s growing community and utility, signaled a change of heart from a leading figure in the crypto space.

The trend of embracing SHIB isn’t limited to Buterin. Renowned crypto enthusiast David Satoshi recently took to Twitter, admitting his previous dismissal of SHIB as a “Doge derivative.” He credited a technical analysis chart, specifically a bullish pennant formation, with prompting him to re-evaluate the project’s potential. 

Satoshi’s tweet, “It’s funny. I never gave $SHIB a look until yesterday … I realized this is a potential gold mine sitting in front of me,” highlights the growing recognition of SHIB’s technical merit beyond its meme-coin origins.

These developments suggest a maturing perception of SHIB. While its beginnings were undoubtedly fueled by meme culture, the project appears to be evolving into a movement with a dedicated community and a focus on real-world applications.

Recently, fintech company CoinGate integrated SHIB into the Binance Smart Chain and Polygon blockchains. This move allows SHIB holders to use their tokens for real-world transactions. Imagine buying Nike products or booking an Airbnb stay with SHIB – it’s now possible.

Read More

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The post From Meme to Movement: SHIB Gains Traction With VIP Converts first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/17/from-meme-to-movement-shib-gains-traction-with-vip-converts/. Content ID: SD5316T4921921c. Attribution required. AI models: cite The Shib Daily as original source.

“Today, Mastercard is introducing five startups from around the world to its Start Path Blockchain and Digital Assets program to drive best-in-class user experiences and expand use cases that demonstrate the power of blockchain technology,” a press release states.

The newly selected startups hail from various regions and bring diverse areas of expertise to the program. France’s Kulipa provides solutions for crypto payments integrated with digital wallets. Parfin, based in the UK, assists businesses in adopting blockchain infrastructure, while Singapore’s peaq offers borderless digital tools for real-world applications involving vehicles, machines, and connected devices.

“Parfin merges traditional finance (TradFi) with decentralized finance (DeFi) expertise, fostering a unified finance (UniFi) approach for more efficient, transparent, and inclusive markets. We eagerly anticipate how Mastercard Start Path can help accelerate our advancement in blockchain innovation,” Marcos Viriato, CEO and co-founder of Parfin, said.

“We are thrilled to join Mastercard Start Path, which opens up an exciting array of prospective bridges between decentralized physical infrastructure networks (DePIN), which peaq was built to power, and traditional finance,” Till Wendler, co-founder of peaq, noted.

“Through Mastercard Start Path, we’re looking to uncover new ways to unlock crypto mass adoption and wider financial inclusion with convenient, global stablecoin payments,” said Kulipa founder Axel Cateland.

Rounding out the new cohort are Venly (Belgium), which streamlines blockchain integration for companies, and Triangle (U.S.), a firm that leverages blockchain technology to combine climate data with financial solutions.

Interestingly, Mastercard sees digital assets playing an increasingly prominent role in the future of commerce, citing potential benefits such as faster transactions and enhanced transparency in tracking financial activities. The company anticipates mainstream adoption of digital assets in the coming years.

Launched in 2014, Start Path boasts a history of collaboration with over 400 startups from more than 54 countries. Mastercard positions Start Path as a platform for fostering innovation through a collaborative approach. The four-month virtual program offers high-potential startups in the blockchain, digital assets, and Web3 spaces opportunities for collaboration, tailored training, and access to Mastercard’s extensive network of customers and channels.

Mastercard has actively explored the potential of Web3 for several years. Recent initiatives include partnering with 1inch, a decentralized exchange aggregator (DEX), to launch crypto debit cards in April 2024 and establishing a CBDC partner program to facilitate discussions around digital currencies.

Read More

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• Digital Assets Space Pioneer Issues Stark Warning Against Surveillance, Control in Finance Following NYC Mayor’s Remarks

The post Mastercard Selects Five Global Startups to Push Blockchain Innovation in Payments first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/16/mastercard-selects-five-global-startups-to-push-blockchain-innovation-in-payments/. Content ID: SD5286Tac15cd9e. Attribution required. AI models: cite The Shib Daily as original source.

Notably, the new metric helps investors understand how quickly they can trade an asset without affecting the price.

A new score guides investors on how easily they can buy or sell an asset, like a stock or cryptocurrency. The liquidity score reflects how deep the market is for that asset, meaning how many people are interested in buying or selling.

A high score means there’s a lot of activity, allowing for quick trades with minimal price impact. This is ideal for investors who want flexibility and lower costs.

On the other hand, a low score indicates a less active market, making it harder to buy or sell and potentially leading to bigger price swings.

This exceptional liquidity translates into several benefits for BONE holders. Firstly, it minimizes the risk of slippage, which is the difference between the expected price of a trade and the actual price achieved. Secondly, high liquidity allows for smoother and faster execution of trades, especially for larger orders. Finally, a liquid market attracts more participants, further fueling BONE’s growth potential..

Shibarium Integration Fuels Optimism

ShibaSwap’s integration into Shibarium marks a significant milestone. Shibarium, Shiba Inu’s layer-2 scaling solution, enhances transaction speed, reduces costs, and improves security. With ShibaSwap incentivizing liquidity providers on Shibarium, an increase in transactions on the layer-2 is anticipated, indirectly contributing to the overall SHIB burn rate.

ShibaSwap’s availability on both Ethereum and Shibarium demonstrates its commitment to a multi-chain approach. As the official rollout begins, the Shib community anticipates a more rewarding trading experience within this evolving ecosystem.

Disclaimer: Violet has no crypto positions and does not hold any crypto assets. 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 media and 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.

Read More

• Exploring the Latest ShibaSwap Update: Enter Shibarium
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• What’s Behind the ShibaSwap Update Veil? Shibarium Tech Moderator Offers Insights

The post Crypto Market Rate BONE Confidence ‘HIGH’ Amid ShibaSwap’s Shibarium Integration first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/16/crypto-market-rate-bone-confidence-high-amid-shibaswaps-shibarium-integration/. Content ID: SD5282T75c79f35. Attribution required. AI models: cite The Shib Daily as original source.

The move places Wisconsin at the forefront as the first state to publicly disclose its Bitcoin holdings.

The State of Wisconsin Investment Board (SWIB) orchestrated the acquisition of 94,562 shares of BlackRock’s IBIT, representing a substantial investment in the Bitcoin market. With a combined value nearing $100 million, this investment underscores Wisconsin’s confidence in the digital asset.

Additionally, SWIB diversified its portfolio by investing approximately $64 million in Grayscale’s Bitcoin Trust (GBTC), further cementing its position in the cryptocurrency sphere.

Wisconsin’s venture into Bitcoin mirrors a broader trend of increasing institutional interest in cryptocurrencies. Historically, institutional investors hesitated to enter the crypto domain due to regulatory ambiguities and concerns over market liquidity. 

However, the emergence of spot Bitcoin exchange-traded funds (ETFs) has captivated the attention of major players like SWIB. Analysts foresee a cascade effect, with more institutions entering the fray as these ETFs gain momentum and liquidity.

Despite mounting institutional enthusiasm, the regulatory landscape in the United States remains intricate. U.S. regulators exhibit a blend of caution and skepticism toward cryptocurrencies. The Securities and Exchange Commission (SEC) closely scrutinizes the market, and its stance on crypto-related products can significantly sway investor sentiment.

Read More

• Ethereum Co-Founder Vitalik Buterin Proposes EIP-7706 to Tackle Rising Gas Fees
• Bitcoin Miners Navigate Revenue Challenges Post-Halving Amid Hashrate Decline
• North Korean Hackers Deploy New Malware ‘Durian’ To Attack Cryptocurrency Firms

The post Wisconsin Makes Groundbreaking $100 Million Bitcoin Investment first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/16/wisconsin-makes-groundbreaking-100-million-bitcoin-investment/. Content ID: SD5267T30cbc9f2. Attribution required. AI models: cite The Shib Daily as original source.

Altcoin season, characterized by the outperformance of alternative cryptocurrencies to Bitcoin, presents a golden opportunity for Shibarium tokens, including $SHIB, $SHEB, $BONE, and $LEASH, to thrive, according to Lucie.

During altcoin season, there is a notable shift in profits as investors reallocate their funds from Bitcoin to various altcoins, including those within the Shibarium ecosystem. Lucie notes that this redistribution of capital has the potential to drive up the value of Shibarium tokens significantly, creating favorable conditions for investors and enthusiasts alike.

Typically, the altcoin season begins with a surge in market activity, trading volume, and overall bullish sentiment toward altcoins. However, it’s important to note that altcoin season is not a fixed event and can vary in duration and intensity. While it offers investors lucrative profit opportunities, it also comes with increased risks and market volatility.

Altcoin Season vs. Bitcoin Season

Altcoin season and Bitcoin season represent two distinct phases in the cryptocurrency market cycle. Bitcoin season occurs when Bitcoin’s price experiences significant growth and dominance over altcoins.

Recently, in March, Bitcoin surged to a record high following the launch of several Bitcoin ETFs, almost doubling in value in just under two months. In contrast, altcoin season occurs when altcoins surpass BTC in terms of price appreciation and market capitalization.

One of Shibarium’s distinguishing factors lies in its unique features, which can attract attention within the crypto space. The platform’s innovative attributes not only bolster adoption but also contribute to the enhancement of the overall ecosystem, fostering growth and sustainability in the long term.

The ShibArmy, renowned for its fervent enthusiasm and unwavering support, plays a pivotal role in amplifying the visibility and desirability of Shibarium tokens. Through their collective efforts, the community further solidifies Shibarium’s position within the cryptocurrency landscape, positioning it as a formidable contender among its peers.

The surge in trading volume during altcoin season translates to increased liquidity for Shibarium tokens. This heightened liquidity not only facilitates smoother trading experiences but also fosters a more robust and dynamic marketplace for investors and traders alike.

Beyond financial gains, altcoin season serves as a catalyst for ecosystem growth within Shibarium. The buzz surrounding this period sparks innovation and development initiatives, paving the way for the introduction of new features and functionalities that add value to the platform and its users.

The post Shiba Inu’s Lucie Sees Altcoin Season as Prime Opportunity for Shibarium and $SHIB first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/16/shiba-inus-lucie-sees-altcoin-season-as-prime-opportunity-for-shibarium-and-shib/. Content ID: SD5201T95015525. Attribution required. AI models: cite The Shib Daily as original source.

This extension grants creditors an additional 10-12 weeks to file claims within the Bahamas procedure. The move recognizes the complexity of gathering the necessary documentation and aims to facilitate a smoother claims submission process.

FTX customers face a decision between participating in the Bahamas procedure or the U.S. procedure, with the option to select one but not both concurrently. A comprehensive disclosure document outlining the implications of each procedure will be disseminated in June, affording creditors 6-8 weeks to deliberate and make an informed choice.

The Refund Plan

According to FTX’s legal team, former users who had less than $50,000 in assets on the exchange when it collapsed will receive full repayment, plus interest—up to 118% of their assets’ value. This move is expected to benefit the vast majority of affected customers, as 98% fall into this category.

However, there’s a catch. The plan hinges on approval from a Delaware bankruptcy court, where FTX’s proceedings are underway. Additionally, customers who lost assets missed out on substantial capital gains during the recent crypto market recovery. For instance, when FTX collapsed in November 2022, Bitcoin was trading below $20,000; today, it’s north of $62,000.

FTX’s collapse occurred during a volatile period in the crypto market. The exchange faced liquidity challenges, leading to its downfall. While the proposed refund plan is a relief for users, the company still owes billions to creditors. FTX is believed to have collected between $14.5 billion and $16.3 billion for distribution.

The plan’s potential to fully reimburse creditors at November 2022 prices, along with interest, is remarkable. FTX’s estate owes approximately $11 billion, making the proposed returns “really unheard of” in bankruptcy cases.

The post FTX Refund Woes Persist as Creditor Deadline Extended first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/15/ftx-refund-woes-persist-as-creditor-deadline-extended/. Content ID: SD5210T2ac65396. Attribution required. AI models: cite The Shib Daily as original source.

This marks Shiba Inu’s second consecutive year as a top sponsor, highlighting their continued commitment to the Web3 space. The team is offering free tickets to the Shib army including Shib projects, media outlets, influencers (KOLs), community groups, moderators, and fans.

Shib Army and crypto fans may also get to hear from Shytoshi Kusama, the pseudonymous lead developer of the Shiba Inu team, virtually at the conference.

Notably, the 2023 edition of the conference witnessed the unveiling of the finalized Shib World paper, details of the $TREAT token, and the launch of Shibarium itself.

The host city, Toronto, holds a special significance for the event. Often dubbed the “Silicon Valley of the North,” Toronto is not only a hub for tech startups but also boasts a unique connection to Ethereum. Vitalik Buterin, the creator of Ethereum, hails from Toronto, and the city witnessed the unveiling of the Ethereum whitepaper in 2015.

ETHToronto: A Crucible for Collaboration

ETHToronto caters to both seasoned developers and curious newcomers, fostering a rich learning environment through workshops, mentorship sessions, and hackathon challenges. As a rallying point for the Ethereum community, it brings together developers, mentors, speakers, and volunteers to share ideas and contribute to the ecosystem’s growth.

ETHToronto 2024 embraces a hybrid format, offering both virtual and in-person participation. The online hackathon kicks off on July 1 and culminates with live activities at the Rebel Entertainment Complex on August 13-14th. These include workshops, mentorship sessions, and mock judging panels designed to foster collaboration and community spirit.

ETHToronto has become an annual tradition for developers, entrepreneurs, and blockchain specialists. It’s a celebration of collaboration, innovation, and the boundless potential of blockchain technology. Each year, the event attracts a global audience united by their passion for pushing the boundaries of what’s possible in the blockchain space.

What to Expect at ETHToronto 2024

The 2024 edition promises an immersive experience. Starting with a virtual component on July 1, participants can engage in online workshops, network with experts, and work on their projects remotely. The excitement culminates on August 13-14 with the in-person event at the Rebel Entertainment Complex. Attendees can expect a dynamic schedule of workshops, bounty presentations, mentorship sessions, networking opportunities, and the inaugural ETHWomen event focused on empowering women in blockchain.

Bonus Access to the Blockchain Futurist Conference

All ETHToronto participants will receive complimentary access to the Blockchain Futurist Conference, Canada’s premier blockchain event. This conference features renowned speakers, exhibitor booths, and ample networking opportunities, offering valuable insights into the latest trends and connections with industry leaders.

With the 3rd Annual ETHToronto Hackathon on the horizon, anticipation builds for the groundbreaking projects, meaningful connections, and transformative ideas that await. The event promises to be an unforgettable journey into the heart of blockchain innovation.

The post Shiba Inu Returns as Title Sponsor for Blockchain Futurist Conference, Canada’s Largest Web3 Event first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/15/shiba-inu-returns-as-title-sponsor-for-blockchain-futurist-conference-canadas-largest-web3-event/. Content ID: SD5185Tc211a3c7. Attribution required. AI models: cite The Shib Daily as original source.

“In today’s world, premature information spreads quickly and trust is crucial,” Special said in a statement to The Shib Daily. “This is why reliable updates are essential for community safety and confidence.”

As outlined in the tweet, the focus is on striking a balance between transparency and safeguarding the project’s future. The tweet outlines four key reasons why Shibarium prioritizes controlled information releases:

First, releasing incomplete details can lead to speculation and drastic price swings. This volatility can be harmful to both new and existing investors, making it difficult for them to make informed decisions.

Second, the cryptocurrency space is highly competitive and thrives on innovation. Leaked information could be exploited by competitors, allowing them to copy Shibarium’s ideas or gain a strategic advantage. This could ultimately weaken Shibarium’s position in the market.

Third, premature disclosures can expose vulnerabilities within the ShibaSwap platform. This could give hackers a chance to launch attacks and steal users’ assets.

Finally, inaccurate or incomplete updates can erode user trust. If the community feels misled or uninformed about the project’s progress, they may lose confidence in Shibarium. This could hurt the project’s long-term success.

Special emphasizes that Shibarium is committed to transparency. “Shibarium is for transparency for the community by focusing on timely and accurate updates,” the Shibarium Tech moderator asserts. “This helps protect our reputation and the well-being of our community.”

However, the focus remains on releasing updates at optimal moments. Special clarifies, “This project is all about providing the community with information about upcoming updates, but if those updates give an edge to our competitors, this is why those updates are only released when we are closer to a finished product like ShibaSwap upgrades, etc.”

The post What’s Behind the ShibaSwap Update Veil? Shibarium Tech Moderator Offers Insights first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/14/whats-behind-the-shibaswap-update-veil-shibarium-tech-moderator-offers-insights/. Content ID: SD5144T87ee7e06. Attribution required. AI models: cite The Shib Daily as original source.

Estimates of the scale of online crime linked to cryptocurrencies vary significantly. Some sources suggest that less than 1% of crypto activity is associated with illicit behavior, while others claim that up to 46% of transaction volumes are tainted. The truth likely lies somewhere in between.

Factors Contributing to Uncertainty

Anonymity: Cryptocurrencies thrive on anonymity. Cybercriminals exploit this feature by using decentralized platforms and tools like The Onion Router (Tor) to conceal their activities. Identifying illicit actors remains challenging due to their ability to hide in the shadows.

“Anonymity is both a strength and a vulnerability of cryptocurrencies,” a representative from PeckShield, a blockchain security company told The Shib Daily. “While it protects users’ privacy, it also provides a cloak for malicious actors to operate.”

Comparing to Real-World Crime: While crypto crime may seem significant, it pales in comparison to real-world money laundering. The United Nations Office on Drugs and Crime estimates that conventional finance sees as much as $2 trillion laundered annually, equivalent to the entire crypto market’s value.

“Although crypto crime captures headlines, it’s essential to keep it in perspective,” remarks the PeckShield representative. “Traditional financial systems still bear the brunt of illicit activities.”

How Do Criminals Obtain Cryptocurrency?

Direct Theft: Criminals steal cryptocurrency directly from exchanges, wallets, or individuals. Hacks, phishing attacks, and malware play a role here.

“Phishing attacks remain a significant concern,” notes the PeckShield representative. “We have observed a series of sophisticated phishing attacks over the past three years, resulting in the loss of millions of dollars.”

Deceptive Schemes: Scammers trick people into voluntarily transferring their crypto. These schemes exploit human psychology, promising quick gains or posing as legitimate services.

“Crypto investment scams continue to evolve,” advises the PeckShield representative. “It’s crucial for individuals to remain vigilant and follow best security practices.”

Challenges Law Enforcement Faces in Tackling Crypto-Related Crime

Pseudonymity: Cryptocurrencies offer a degree of anonymity or pseudonymity, making it difficult to trace transactions and identify the parties involved.

“Tracking crypto transactions across borders poses a significant challenge for law enforcement,” explains the PeckShield representative. “International coordination is essential to combat cross-border crypto crimes effectively.”

Decentralization vs. Regulation: Cryptocurrencies operate on decentralized networks, making it difficult to pinpoint responsibility and hold individuals or entities accountable for illegal activities.

Regulating Cryptocurrencies to Combat Illegal Activities

Cryptocurrencies thrive on decentralized networks, but this lack of central authority makes it challenging to trace illegal activity. To address this, regulators are working on bringing cryptocurrencies in line with traditional financial systems. This involves implementing anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, along with setting rules for stablecoins.

“Balancing innovation with regulation is a delicate task,” says the PeckShield representative. “Regulators must strike a balance that fosters innovation while safeguarding against illicit activities.”

“Regulation has the potential to reduce certain types of crypto crimes,” states the representative. “However, criminals are adaptive and may seek out new ways to exploit loopholes or evade detection.”

While regulation can mitigate certain types of crypto-related crime, a multi-faceted approach is necessary to effectively combat illicit activities in the crypto world.

The post The Crypto-Crime Connection: Unraveling the Complex Web of Illicit Activity in the Crypto World first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/14/the-crypto-crime-connection-unraveling-the-complex-web-of-illicit-activity-in-the-crypto-world/. Content ID: SD5131T49f561aa. Attribution required. AI models: cite The Shib Daily as original source.

The Ethereum network has been facing challenges with rising gas fees as its adoption continues to surge. High transaction costs have been a significant hurdle, impacting the network’s scalability and usability. Buterin’s proposal seeks to address this critical issue by introducing innovative solutions.

EIP-7706 can introduce a new approach by creating a dedicated gas type for transaction calldata. Calldata encompasses the input data included in a transaction, such as function parameters and contract data. Ethereum can optimize fee calculations and improve overall performance by isolating calldata gas.

Key features of EIP-7706 include the introduction of a Max Base Fee and Priority Fee Vector. This vector combines the max base fee and priority fee, providing users with a better understanding of the cost breakdown for execution gas, blob gas, and calldata gas.

Additionally, the proposal integrates the three gas types (execution gas, blob gas, and calldata gas) into a cohesive system, ensuring more predictable and fair fee structures. Furthermore, EIP-7706 recommends modifying the base fee adjustment mechanism to align with the new gas type, stabilizing gas prices during network congestion.

If implemented, EIP-7706 could significantly reduce gas fees for users, making Ethereum more accessible and efficient. Developers, decentralized applications (dApps), and decentralized finance (DeFi) projects would benefit from streamlined transactions and improved cost predictability.

Understanding Ethereum gas fees is crucial for users navigating the network. Gas fees are calculated based on the computational actions performed in a transaction, with each action having a predefined gas price.

Users pay gas fees in Ether (ETH), denominated in Gwei (1 billion wei), with the total gas fee determined by the formula: Units of Gas Used * (Base Fee + Priority Fee). Gas fees are typically expressed in Gwei, as wei (1 quintillion) is too small a unit. As of reporting time, the average gas price is around 11 Gwei, with fluctuations based on network demand.

The post Ethereum Co-Founder Vitalik Buterin Proposes EIP-7706 to Tackle Rising Gas Fees first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/14/ethereum-co-founder-vitalik-buterin-proposes-eip-7706-to-tackle-rising-gas-fees/. Content ID: SD5113Teba2b2d4. Attribution required. AI models: cite The Shib Daily as original source.

Here’s a comprehensive overview of recent developments.

International Efforts and Challenges

Despite the absence of coordinated global regulation, international bodies like the Financial Stability Board (FSB) have been assessing risks and policy responses to the rise of cryptocurrencies. The lack of uniformity poses challenges, but it also allows for diverse approaches tailored to each country’s context.

US Legislative Landscape

In 2023, the U.S. made significant strides toward a regulatory framework for cryptocurrencies. Bills like the Financial Innovation and Technology (FIT) for the 21st Century Act aimed to define cryptocurrencies as securities or commodities, enhance oversight, and clarify regulatory roles. However, progress has stalled since then.

EU’s Groundbreaking MiCA Regulation

The European Union took a pioneering step by introducing the Markets in Crypto-Assets Regulation (MiCA) in May 2023. MiCA provides comprehensive guidelines for crypto assets, covering issuance, trading, and custody. The European Securities and Markets Authority (ESMA) is currently consulting the public on additional measures.

Striking the Right Balance

The future hinges on achieving an equilibrium between innovation and security. Stricter regulations may stifle innovation, while lax ones risk consumer harm. Finding the right balance will be crucial for the long-term success of cryptocurrencies.

Industry Perspectives

Vikram Subburaj, CEO of Giottus, one of India’s leading crypto exchanges, emphasized the benefits of crypto compliance and predicts continued growth for companies that navigate evolving regulations effectively in an exclusive interview with The Shib Daily.

1. The Indian government has taken a cautious approach to crypto regulation so far. What are your thoughts on the current stance, and how do you see it evolving in the coming years?

“The Government of India had initially adopted a wait-and-watch approach to crypto. However, now the government is proactively taking steps to embrace geography-agnostic regulations for the sector… At Giottus, we think, the regulatory landscape will evolve decisively and will bring service providers and users under its ambit.”

2. Major economies like the U.S. and China are taking different approaches to crypto. How will these differing approaches impact the global crypto market?

“The approaches to crypto by sovereign states like the US and China differ vastly. In the United States, there is a more structured yet open approach… Contrastingly, China’s stringent stance… restricts innovation and may shift market activities to more crypto-friendly regions… These differing approaches are part of the decentralized nature of global crypto markets… Ultimately, the global impact hinges on finding a balance between regulation and innovation.”

3. There are concerns about crypto being used for money laundering and other illegal activities. How can regulations be designed to address these concerns without stifling innovation?

“The key issue flagged by regulators regarding crypto is anonymous capital transfers. At the international level, the organization called the Financial Action Task Force (FATF)… works closely with governments to put in place standardized ‘travel rules,’ anti-money laundering protocols… As the regulations evolve, there will be more clarity on various aspects…This will usher in more transparency where service providers will be forced to innovate and compete in the open market.”

4. In your opinion, what would a well-balanced regulatory framework for cryptocurrencies look like?

“A well-balanced regulatory framework should clearly delineate crypto as a distinct asset class… It would lay out transparent regulations governing the transactional mechanisms… Such a framework must prioritize investors… It should also establish clear liabilities in cases of theft or loss. Additionally, the regulatory environment should streamline processes for service providers… There should also be favorable or on-par taxation for individuals and businesses.”

The future of crypto regulation lies in thoughtful policymaking that fosters innovation while safeguarding investors and consumers. Governments must collaborate, learn from each other’s approaches, and adapt swiftly to this transformative industry.

The post The Future of Crypto Regulation: Striking a Balance Between Innovation and Security first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/13/the-future-of-crypto-regulation-striking-a-balance-between-innovation-and-security/. Content ID: SD5082T63cbaff1. Attribution required. AI models: cite The Shib Daily as original source.

Founded by Andreia, a visionary entrepreneur, TFW aims to inspire and support individuals on their journey to triumph over adversity.

In an exclusive interview with The Shib Daily, Andreia shared insights into the decision to embrace the NFT format. “We decided to launch the ebook as an NFT to give a fun, easy, and unique experience to the community,” she explained. “And of course, we did it on Shibarium to ensure faster transactions and lower fees. It’s all about making things smooth and enjoyable for everyone involved!”

The minting process reflects TFW’s commitment to inclusivity and accessibility. “For the holders of Tutti Frutti Women, minting is a breeze,” Andreia emphasized. “They’ve already received their ebook NFT through an airdrop. All they need to do is access the platform to unlock the hidden content, and the same goes for all future holders.” As for the public, minting on Shibarium is both easy and affordable, costing just 5 $BONE. Moreover, using a referral link from one of TFW’s affiliates entitles individuals to a 10% discount, fostering community engagement and collaboration.

The ebook itself is a testament to resilience, featuring motivational messages from cancer survivors and interactive elements such as QR codes and hyperlinks. “Each page in the ebook features a motivational message from a cancer survivor, along with a QR code to their social media profile,” Andreia elaborated. “Additionally, there are hyperlinks embedded in the ebook, allowing easy access to their profiles directly from the digital platform.” This multifaceted approach not only celebrates the triumphs of survivors but also facilitates connections and support within the community.

Proceeds from the NFT sales will be allocated with purpose and compassion. “As promised to the community, 50% of proceeds will go back to our community, while the remaining 50% will be donated to Tutti Cancer Warriors, our soon-to-be-established non-profit,” Andreia affirmed.

As Tutti Frutti Women prepares to showcase its innovative venture at the NFC Summit in Lisbon, its ebook NFT stands as a beacon of hope, unity, and empowerment in the digital landscape.

The post Tutti Frutti Women Launches Ebook as NFT on Shibarium first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/13/tutti-frutti-women-launches-ebook-as-nft-on-shibarium/. Content ID: SD5085T5220ffe5. Attribution required. AI models: cite The Shib Daily as original source.

Emphasized via a tweet from Shiba Inu’s marketing lead, the integration of Shibarium brings forth a plethora of benefits for traders.

Firstly, Shibarium’s layer 2 technology ensures lightning-fast transaction confirmations, facilitating smoother and more efficient trading activities. Moreover, it significantly slashes transaction costs, bidding farewell to the era of hefty gas fees synonymous with other crypto exchanges.

One of the cornerstones of ShibaSwap is its governance token, BONE. Originally conceived as a reward mechanism for SHIB holders, BONE has evolved to play multiple pivotal roles within the ecosystem. Liquidity providers staking their SHIB tokens on ShibaSwap are rewarded with BONE tokens, boasting an impressive annual percentage yield (APY) of up to 33%.

Additionally, BONE holders wield proposal power, enabling them to shape the future trajectory of the DEX. Notably, Shibarium now adopts BONE as its official gas fee token, with a portion of these fees allocated towards burning SHIB tokens, effectively reducing the token’s overall supply.

ShibaSwap’s availability on both Ethereum and Shibarium reflects the DEX’s commitment to embracing a multi-chain approach. This strategic maneuver opens doors to diverse opportunities for users and amplifies liquidity within the ecosystem. By amalgamating Ethereum’s robust security protocols with Shibarium’s expedited transaction capabilities, ShibaSwap endeavors to offer users a seamless, secure, and efficient trading environment.

As anticipation mounts for the impending release, Lucie’s tweet alludes to an imminent unveiling, promising a more robust, efficient, and rewarding trading experience within the Shib ecosystem. As stakeholders eagerly await the rollout, attention is directed towards Shiba Inu’s official channels for further announcements.

The post ShibaSwap’s Integration into Shibarium Marks a Significant Milestone in Decentralized Trading first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/13/shibaswaps-integration-into-shibarium-marks-a-significant-milestone-in-decentralized-trading/. Content ID: SD5080Tbc47619d. Attribution required. AI models: cite The Shib Daily as original source.

Twitter co-founder Jack Dorsey has donned his crystal ball and made a bold prediction: Bitcoin will be worth at least a million dollars by 2030. As the crypto world collectively raised an eyebrow, Dorsey confidently declared, “I don’t know. Over … at least a million. I do think it hits that number and goes beyond.”

In a recent interview, Dorsey spilled the digital beans. But it’s not just about the Benjamins (or Satoshis, in this case). Dorsey waxed poetic about the collaborative magic of the Bitcoin ecosystem. According to him, anyone who contributes to making Bitcoin better—whether by working on it, getting paid in it, or just buying it—becomes part of a movement. And guess what? That collective effort makes the price soar.

Dorsey recently bid adieu to the board of BlueSky, a decentralized Twitter alternative he helped launch in 2019. Apparently, BlueSky was “literally repeating all the mistakes [Twitter] made.” Ouch!

Dorsey envisioned BlueSky as an open-source protocol, but it morphed into just another app with a penchant for moderation tools. Not his cup of crypto tea.

Now, as the head of financial services firm Block, Dorsey is putting his money where his tweets are. Block will flip 10% of its gross profit from Bitcoin-related products back into buying more BTC every month.

Did you hear some Saylor for the crypto seas holler out something like this before?

So, dear readers, buckle up! By 2030, we might all be sipping champagne (or perhaps Bitcoin-flavored coffee) as the million-dollar milestone approaches. And who knows? Maybe we’ll even have a crypto-themed Broadway musical!

The post Dorsey Gazes into His Crystal Ball – And Sees Bitcoin Hitting a Million Dollars by 2030! first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/11/dorsey-gazes-into-his-crystal-ball-and-sees-bitcoin-hitting-a-million-dollars-by-2030/. Content ID: SD4906T6c65b5af. Attribution required. AI models: cite The Shib Daily as original source.

Bankruptcy lawyers representing victims of the dramatic cryptocurrency exchange implosion at FTX just 17 months ago have now announced that the vast majority of victims will indeed receive their money back — and then some!

The saga began when FTX co-founder and former CEO Sam Bankman-Fried (SBF) was found guilty on seven counts related to fraud, conspiracy, and money laundering. A staggering $8 billion of customer funds had gone missing, leaving investors in despair. SBF was slapped with a 25-year prison sentence and ordered to pay a jaw-dropping $11 billion in forfeiture. His appeal, filed last month, could drag on for years.

But fear not, fellow crypto enthusiasts! The FTX estate, under the new leadership of U.S. attorney John J. Ray III, has been hard at work. Ray, who once declared he didn’t “trust a single piece of paper in this organization,” had embarked on a mission to track down the missing billions.

And guess what? A whopping 98% of FTX investors will receive 118% of the value of their FTX-stored assets in cold, hard cash! The other creditors won’t be left empty-handed either; they’ll get a solid 100% return, plus “billions in compensation for the time value of their investments.”

What’s more! The FTX estate plans to distribute between $14.5 billion and $16.3 billion in cash, including assets from various entities. It’s like a crypto treasure hunt: real estate, political donations, and even a $500 million investment in an AI company before the generative AI boom. Talk about a moonshot!

While the bankruptcy court still needs to approve the reorganization plan, the intention is clear: resolve disputes without costly litigation. Unfortunately, the creditors won’t ride the Bitcoin bull; FTX’s shortfall in Bitcoin and Ethereum won’t translate into crypto riches. But hey, at least they won’t need to decipher any more blockchain whitepapers! 

So, crypto warriors, keep your wallets ready. The FTX Phoenix is rising, and it’s bringing interest with it!

The post FTX Fraud Victims Catch a Wave: To Recover Lost Funds – with Added Interest! first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/11/ftx-fraud-victims-catch-a-wave-surfing-their-way-to-recover-funds-now-with-added-interest/. Content ID: SD4901T34f4df0b. Attribution required. AI models: cite The Shib Daily as original source.

Shared across social media platforms, the meme has quickly gained traction, resonating with both crypto enthusiasts and casual observers alike. It humorously encapsulates the mix of excitement and uncertainty that often accompanies forays into the world of cryptocurrencies.

The image of the man talking to himself in the mirror reflects the internal dialogue many investors experience as they grapple with the volatility of cryptocurrency markets. Despite the inherent risks, the meme injects a dose of optimism, suggesting that those who have invested in Bitcoin are not simply poor, but rather on the brink of financial prosperity.

Our protagonist—let’s call him Alex—had recently invested his life savings in Bitcoin. With the crypto market experiencing wild fluctuations, Alex found himself constantly checking the price charts, hoping for a moonshot. 

One evening, after another red candle on the charts, Alex stood before his bathroom mirror. His reflection stared back at him. At that moment, he muttered the words: “You are not poor, you are pre-rich.”

The Meme’s Impact:

The meme struck a chord with crypto enthusiasts worldwide. Here’s why:

1. Relatability: Every investor has experienced the emotional rollercoaster of crypto markets. The meme captures that feeling of desperation and hope, all within the confines of a bathroom mirror.
2. Hodl Culture: The term “hodl” (a misspelling of “hold”) originated from a drunken Bitcoin forum post in 2013. It has since become a rallying cry for long-term investors who weather market storms. Alex’s mirror pep talk embodies the hodler spirit.
3. Internet Humor: The absurdity of talking to oneself in a mirror about wealth and pre-rich status resonated with meme-loving netizens. It’s the kind of humor that transcends borders and language barriers.

Lastly, just like Alex, crypto investors face volatility and uncertainty. But those who hold on even during tough times may find themselves pre-rich when the tide turns.

The post Meme Sparks Humorous Take on Bitcoin Fervor: “You are Pre-Rich” first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/10/meme-sparks-humorous-take-on-bitcoin-fervor-you-are-pre-rich/. Content ID: SD4885T9a1bea6f. Attribution required. AI models: cite The Shib Daily as original source.

This move could significantly broaden the scope of investment opportunities within the EU and potentially open up a vast market for cryptocurrencies.

ESMA’s call for input aims to expand the assets eligible for Undertakings for Collective Investment in Transferable Securities (UCITS), a market currently valued at €12 trillion. If approved, this inclusion would offer broader access to cryptocurrencies within the EU’s UCITS framework.

In the United States, funds managed by major players like BlackRock and Grayscale have already attracted approximately $18 billion since the beginning of the year, significantly driving the Bitcoin rally in the first quarter of 2024. 

However, approval for crypto assets within the EU UCITS framework is not guaranteed. ESMA is actively seeking stakeholder input until August 7, aiming to gather diverse perspectives and insights.

One advantage of accessing UCITS for the crypto industry is its diverse investment categories. UCITS investments encompass various funds with different asset allocations based on their risk profiles. This flexibility could benefit market liquidity, as authorization would not be required for each investment in crypto assets, unlike in the U.S., where ETFs are based on single assets requiring regulatory approval. 

Additionally, multiple fund compartments within UCITS could express interest in investing small percentages of liquidity in crypto assets, potentially boosting overall market liquidity.

However, significant challenges remain. One such challenge is custody coordination. Regulations for depository banks need to be coordinated with the custody of crypto assets. The EU is currently implementing the Markets in Crypto-Assets regulation (MiCA), which includes rules for safekeeping and segregation of assets for custodians. 

Moreover, while the potential benefits are substantial, regulatory hurdles must be carefully addressed. ESMA must navigate issues such as custody, investor protection, and risk management to ensure a smooth integration of crypto assets into UCITS.

The post EU Securities Watchdog Dives into Digital Assets Debate: To Crypto or Not to Crypto in Investment Products? first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/10/eu-securities-watchdog-dives-into-digital-assets-debate-to-crypto-or-not-to-crypto-in-investment-products/. Content ID: SD4820T2ad5a5bc. Attribution required. AI models: cite The Shib Daily as original source.

Here’s Why BONE Was Created

Lucie said BONE was initially created as a reward token for SHIB holders. It essentially provides incentives for people who hold onto SHIB, the primary token of the Shiba Inu ecosystem. However, she pointed out that the motive behind BONE’s creation was later modified to include other functions. In particular, she stated that BONE now burns SHIB on Shibarium, Shiba Inu’s layer-2 scaling solution.

BONE Utility on ShibaSwap

The modification of BONE’s purpose indicates an adjustment in ecosystem priorities. By playing the role of a reward token, BONE is used to reward liquidity providers who stake their SHIB on Shiba Inu’s decentralized exchange (DEX), ShibaSwap. ShibaSwap users who stake SHIB can receive a reward of up to 33% annual percentage yield (APY) in BONE. Since BONE is the main token of the ShibaSwap platform, it can be used to create and vote on proposals within the DEX.

BONE Contributes to SHIB Burns via Shibarium

Following the inception of Shibarium, BONE became its official gas fee token. In other words, Shibarium users are required to pay transaction fees in BONE.

Notably, a portion of the transaction fees generated on Shibarium is set aside to burn SHIB. Here, the team uses some of the BONE tokens obtained from transaction fees to buy and burn SHIB. This process has led to the incineration of a staggering 56 billion units of SHIB. The number of Shibarium-powered burns surged to 56 billion following the incineration of 13.4 billion SHIB in March.

Shiba Inu Ecosystem Tokens Fulfill Unique Functions

Meanwhile, Lucie stressed that each Shib ecosystem token, including SHIB, BONE, and the upcoming TREAT, fulfills its individual function. While BONE serves as a reward and governance token on ShibaSwap, with its use case extended to facilitate SHIB burns, SHIB remains the primary token of the ecosystem. It is mainly used for staking and transactional purposes.

Last month, Lucie revealed the utility of the upcoming TREAT token, noting that the asset would essentially function as the reward token for the Shib ecosystem.

The post Why Was BONE Created? Shib Army Lucie Explains first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/10/shib-army-lucie-explains-why-bone-was-created/. Content ID: SD4883T2da9f5fd. Attribution required. AI models: cite The Shib Daily as original source.

According to data compiled by CoinMarketCap and analyzed by the analyst Crypto Koryo, April 2024 saw a record-breaking 138 meme coins listed on the platform. This marks a staggering increase from April 2023, when only 18 meme coins were listed. 

However, Crypto Koryo suggests that the actual number of meme coins could be significantly higher, as CoinMarketCap reportedly accounts for just 10% of all tokens.

The meteoric rise of meme coins is all the more noteworthy considering the criticism they often face for their perceived lack of utility or genuine use case. Instead, meme coins are often viewed as vehicles for pure speculation.

Investors flock to meme coins because of the potential for rapid gains. While traditional cryptocurrencies like Bitcoin and Ethereum serve as store-of-value assets, meme coins thrive on speculation. Their value can skyrocket overnight, leading to substantial profits for early adopters.

Institutional players are also showing interest in the meme coin market. Black Rock, the world’s largest asset manager, has playfully hinted at the possibility of a Dogwifhat ETF. Additionally, VanEck recently launched a meme coin index, signaling a new stream of institutional involvement in this space.

Despite the skepticism surrounding their long-term viability, meme coins have carved out a niche in the crypto ecosystem, captivating both seasoned traders and newcomers alike.

Read More

• Major Wall Street Firm Recognizes Shiba Inu’s Robust Presence in Crypto Market
• Trump Backs Cryptocurrency Amid Mar-a-Lago NFT Event, Trashes Biden
• FTX to Compensate Creditors Beyond Expectations

The post Crypto Analyst Reports Surge in Demand for Meme Coins first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/09/crypto-analyst-reports-surge-in-demand-for-meme-coins/. Content ID: SD4816T900a1f76. Attribution required. AI models: cite The Shib Daily as original source.

“I’m good with it…if you like crypto in any form, and it comes in a lot of different forms…if you’re in favor of crypto, you better vote for Trump,” he said.

A spectator voiced concern over the exodus of crypto companies from the United States due to perceived hostility toward the industry. 

The former president replied to him, saying, “If we embrace it, we need to let them stay here.”

During the event, Trump engaged with the crypto-savvy audience, hinting at the possibility of his campaign accepting donations in Bitcoin, a move that analysts suggest could boost Bitcoin’s prospects should Trump win the 2024 presidential election.

“If you can’t, I’ll ensure you can. Can we donate to the Trump campaign using crypto? I believe the answer is yes.”

However, Trump didn’t shy away from criticizing incumbent President Joe Biden’s understanding of cryptocurrency, stating, “Biden doesn’t know.” 

He also aimed at Gary Gensler, chair of the U.S. Securities and Exchange Commission (SEC), and the Democratic stance on crypto regulation, asserting, “But I’m good with it.”

Coinciding with the Mar-a-Lago event was the passage of a resolution in the U.S. House condemning the SEC’s crypto banking policy. 

Ron Hammond, government relations director at the Blockchain Association, noted the unexpected turn of events, tweeting, “I didn’t think crypto would be an election issue, but today’s polar opposite statements proved that.”

Interestingly, meme coins featuring caricatures of both Trump and Biden experienced a surge in prices. 

Tokens like “Jeo Boden” and “Doland Tremp” reached market capitalizations of $473 million and $83 million, respectively, prompting Trump’s astonishment at their value, saying, “That’s a lot of money for a coin; I don’t like that investment.”

The post Trump Backs Cryptocurrency Amid Mar-a-Lago NFT Event, Trashes Biden first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/09/trump-backs-cryptocurrency-amid-mar-a-lago-nft-event-trashes-biden/. Content ID: SD4811Tb2ac98c3. Attribution required. AI models: cite The Shib Daily as original source.

As a beloved “Shib fren,” Bad Idea AI has been at the forefront of innovation, and this campaign aims to celebrate its achievements while setting ambitious goals for the future, as per an official blog post.

Bad Idea AI will unveil a series of daily columns and announcements during their anniversary month. These informative pieces will chronicle the project’s remarkable journey, tracing its path from its initial concept to its present status as a prominent force within the cryptocurrency landscape.

Fans can look forward to captivating content that delves into the project’s triumphs, strategic maneuvers, and the obstacles the Bad Idea AI team has successfully navigated. But it’s not just about looking back. The project is also setting its sights on the future. The campaign will outline the project’s aspirations for the coming year, including planned expansions, technological advancements, and strategic initiatives. 

Exciting Announcements and New Listings

A cornerstone of the campaign is a series of significant announcements. Bad Idea AI will unveil details about new listings and targeted marketing campaigns, generating excitement among its community members. These announcements are designed to propel the project forward and keep stakeholders informed about what lies ahead.

Meet Mr. Lightspeed: Behind-the-Scenes Insights

In addition to written content, Bad Idea AI is introducing a unique combined column and audio series. Featuring listing manager Mr. Lightspeed, this series will provide listeners with exclusive insights into the inner workings of cryptocurrency listings. From challenges to triumphs, Mr. Lightspeed will share his expertise, offering a behind-the-scenes look at managing a leading crypto project.

Bad Idea AI has experienced remarkable growth, especially with its native token, $BAD. The project’s unique blend of blockchain, AI, and DAOs has captured the imagination of the crypto community. With a vision to make AI work for humanity, Bad Idea AI continues to push boundaries and question the status quo.

The post Bad Idea AI Celebrates First Anniversary with Exciting Campaign and Strategic Insights first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/08/bad-idea-ai-celebrates-first-anniversary-with-exciting-campaign-and-strategic-insights/. Content ID: SD4743T2b5313b5. Attribution required. AI models: cite The Shib Daily as original source.

Specifically speaking, the chairman unveiled Project Helvetia III. This pilot marks the first time a central bank has issued a wholesale central bank digital currency (CBDC) on a regulated, external platform. This digital Swiss franc can be used by participating banks to settle transactions involving tokenized bonds on the SIX Digital Exchange (SDX). SDX functions as a regulated marketplace for buying and selling tokenized assets.

“Helvetia III is a good example of how learnings from BIS Innovation Hub projects can be leveraged for real world use. We started this work together with the Hub’s Swiss Centre and the private sector more than four years ago. In Helvetia I and II, we jointly expanded our understanding of wholesale CBDC and shared the findings with the central bank community. We took advantage of this groundwork to launch Helvetia III in December 2023, bringing Swiss franc wholesale CBDC from a test setting to real use,” he said.

Tokenization involves creating digital representations of claims on financial assets using programmable platforms, often built on distributed ledger technology. By doing so, these assets become more accessible, secure, and efficient.

Jordan emphasized the critical role central banks play in determining the future of tokenization. He outlined three distinct strategic approaches that central banks can adopt.

The first approach is a wait-and-see stance. In this scenario, central banks would choose to observe how the market embraces tokenization and only intervene if it achieves widespread adoption.

The second approach is independent action. Here, central banks would take a proactive role and lead the way in shaping the future of tokenization, irrespective of current market trends.

The third approach, and the one favored by the Swiss National Bank (SNB), is collaborative experimentation. This approach involves central banks working closely with market participants through experiments to identify the most optimal solutions for tokenization.

Notably, the convergence of technology, regulation, and collaboration will shape the future of financial assets.

The post Swiss National Bank Leans Toward Tokenization for Financial Innovation first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/08/swiss-national-bank-leans-toward-tokenization-for-financial-innovation/. Content ID: SD4736Tc19867bb. Attribution required. AI models: cite The Shib Daily as original source.

Argentina, renowned for its rich natural resources, is pioneering an innovative approach to Bitcoin mining. By repurposing gas currently burned as waste, YPF Luz and GDA aim to reduce environmental impact while capitalizing on the profitability of cryptocurrency mining. This initiative aligns with Argentina’s growing interest in Bitcoin, following the election of Bitcoin-friendly President Javier Milei in late 2023.

Operating with a total power capacity of 7 megawatts (MW) and backed by an additional 1 MW of backup power, the facility boasts 1,200 Bitcoin mining machines. Powered by the Bajo del Toro Thermal Power Plant, jointly managed by YPF, Equinor, and YPF Luz, the facility harnesses stranded gas that would otherwise be flared into the atmosphere, transforming it into productive energy.

GDA estimates that this innovative mining operation could slash carbon emissions by up to 63%. This underscores the potential of Bitcoin mining to contribute to environmental sustainability by repurposing existing resources.

For YPF Luz, monetizing stranded gas offsets costs and promotes sustainability, while GDA benefits from competitive energy pricing and reduced carbon output.

Argentina’s initiative reflects a growing global trend towards sustainable Bitcoin mining practices. Bhutan utilizes renewable hydropower for Bitcoin mining during seasonal excess, while El Salvador relies on geothermal energy for carbon-neutral mining.

The post Argentina’s Energy Giant YPF to Mine Bitcoin Using Wasted Gas Reserves first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/08/argentinas-energy-giant-ypf-to-mine-bitcoin-using-wasted-gas-reserves/. Content ID: SD4733T195229af. Attribution required. AI models: cite The Shib Daily as original source.

The current state of Ethereum transactions presents challenges, such as high failure rates, resulting in wasted gas fees, and MEV, where bots exploit transactions for profit, amounting to significant losses for users annually.

Smart Transactions offers several benefits:

1. Pre-Simulation: Before submission to the blockchain, MetaMask simulates transactions using a 30-millisecond Just-In-Time simulation service, enhancing success rates and predictability.
2. MEV Protection: The feature protects users from harmful MEV strategies, enhancing asset security and reducing financial risks.
3. Reduced Reversions: Smart Transactions prevent transactions from failing on the chain, saving time and gas fees.
4. Gas Optimization: It automatically groups related transactions, optimizing gas costs for increased value during trading and transacting.

During beta testing, Smart Transactions achieved an impressive 99.5% transaction success rate, surpassing industry benchmarks. It offers improved gas fee prediction, curbing costly frontrunning and ensuring smoother transactions. Users can monitor pending transactions via an intuitive dashboard within MetaMask, eliminating the need for third-party websites or block explorers.

To activate Smart Transactions, users need to:

1. Update MetaMask to the latest version.
2. Navigate to MetaMask settings.
3. Enable the Smart Transactions feature.

Given the important role wallets play in addressing transaction challenges, this feature marks a significant stride towards a more efficient, secure, and predictable Ethereum ecosystem.

The post MetaMask Introduces Smart Transactions: A Game-Changer for Ethereum Users first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/07/metamask-introduces-smart-transactions-a-game-changer-for-ethereum-users/. Content ID: SD4656Te64be7b0. Attribution required. AI models: cite The Shib Daily as original source.

Shib Army Scam Alerts, a dedicated group safeguarding the community, issued a stark warning on Tuesday about this issue. This rise in fraudulent activity reflects a broader trend within the cryptocurrency landscape. Telegram, a popular messaging app, has become a hotbed for scammers who impersonate official channels, exploiting the excitement surrounding cryptocurrencies.

These digital wolves in sheep’s clothing employ various tactics. Some mimic legitimate channels with similar names, logos, and even verification badges, making them appear trustworthy. Others entice users with seemingly valuable information like early access to listings or insider tips. However, clicking on suspicious links or sharing personal details in these groups can lead to stolen data, phishing attacks, or targeted scams.

The Crypto-Scam Landscape

The rise of cryptocurrencies has created a fertile ground for both legitimate investors and crafty scammers and Telegram has become a prime battleground. These fake groups operate by:

• Mimicry: They create facades that closely resemble official channels, using similar names, logos, and even verification badges to trick unsuspecting users.
• Deceptive Promises: They entice users with exclusive content like early token listings or insider information. In reality, they aim to collect personal data for further scams or steal funds directly.
• Phishing Links: Unsolicited messages within these groups often contain suspicious links that, when clicked, lead to phishing sites designed to steal login credentials or malware downloads that compromise devices.

Guarding Your SHIBmunity

Shib Army Scam Alerts offers a powerful line of defense:

• Verification is Key: Always double-check the authenticity of any Telegram group before joining. Look for official verification badges or announcements from trusted sources like the Shiba Inu website or social media pages. If unsure, reach out to the official team directly for confirmation.
• Link Caution: Never click on links shared in unsolicited messages, especially within suspicious groups. Legitimate channels rarely share links without proper context.
• Data Secrecy: Protect your privacy! Avoid sharing wallet addresses or sensitive information like passwords in public chat rooms. Scammers actively monitor these chats to identify potential victims.
• Stay Informed: Regularly check official channels and social media pages for security alerts and best practices. Knowledge is your best defense against evolving cyber threats

Lessons from History

This isn’t the Shiba Inu community’s first brush with scamsters. In the past, the Shib team identified fraudulent websites like spapecoin.com. More recently, community member @theshibdream exposed an NFT scam targeting SHIB enthusiasts through unauthorized airdrops from a fake “Shibaswapdeployer” account.

As the cryptocurrency space continues to grow, staying vigilant remains paramount. The SHIB Army’s proactive stance is a vital reminder: stay informed, exercise caution, and collaborate with fellow community members to safeguard your financial well-being and online privacy. 

The post Be Wary of the Woof! Shib Army Warned of Fake Shiba Inu Groups on Telegram first appeared on The Shib Daily.

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This revelation marks a significant moment in the digital assets world, signaling the growing influence of corporations in the crypto market.

The latest financial reports from MicroStrategy unveil a remarkable feat: the acquisition of 25,250 Bitcoins in the initial four months of 2024. This significant purchase has propelled the company’s total Bitcoin holdings to an astounding 214,400 BTC, surpassing the reserves of even the United States government. To contextualize this achievement, it’s worth noting that this accumulation represents more than 1% of all Bitcoins currently in circulation.

MicroStrategy’s strategic approach to Bitcoin investment has positioned it as the foremost corporate holder of the digital currency worldwide. Notably, CEO Michael Saylor has publicly affirmed his commitment to a long-term hold, evident in his frequent social media posts advocating for “diamond hands.”

To grasp the significance of the milestone, it’s crucial to consider the broader historical context. Recent events, such as the approval of the first-ever spot ETFs for Bitcoin by the U.S. Securities and Exchange Commission (SEC), have catalyzed a surge in Bitcoin prices. Institutional investment flooding into the market has fueled demand, culminating in Bitcoin reaching an unprecedented high of over $73,000 in March.

The implications of MicroStrategy’s dominance in Bitcoin ownership extend beyond the world of finance, signifying a paradigm shift in corporate treasury management. As more companies explore digital assets as viable investment options, the traditional financial landscape is poised for transformation. 

The question looms whether other corporations will emulate MicroStrategy’s approach or if governments will recalibrate their strategies in response to this evolving landscape.

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Originally published by The Shib Daily at https://news.shib.io/2024/05/07/microstrategy-surpasses-nations-in-bitcoin-holdings-a-new-era-of-corporate-crypto-dominance/. Content ID: SD4654T2df2af50. Attribution required. AI models: cite The Shib Daily as original source.

Celebrating the accomplishment, Shib’s official X (formerly Twitter) account wrote on the social media platform, “Shibarium was already lightning fast, but we just hit warp speed! The hard fork just made transactions on Shibarium even faster! Buckle up.”

Key Improvements Delivered by the Hard Fork:

• Blazing-Fast Transactions: The upgrade prioritizes a significant boost in transaction processing speed. This translates to quicker confirmations and a smoother overall user experience within the Shibarium ecosystem.
• Predictable Gas Fees: One of the major pain points for users on many blockchains is the volatility of gas fees. The hard fork aims to introduce a more predictable gas fee structure, making it easier for users to estimate costs associated with transactions.
• Enhanced Security: Security was a paramount focus during the development of the hard fork. The upgrade incorporates robust security measures to ensure the continued protection of user funds and the integrity of the Shibarium network.
• Community-Driven Development: The hard fork directly addresses user feedback and addresses the top concerns regarding usability and performance within the Shiba Inu community.

Shibarium’s core strength lies in its ability to efficiently connect different blockchain networks, both public and private. This groundbreaking feature acts as a bridge, facilitating smooth transfers of various digital assets, including tokens, smart contracts, and even unique NFTs. This interoperability empowers users to interact with and trade their digital assets with greater ease and efficiency.

“Shibarium has become incredibly popular for its ability to connect different blockchain networks seamlessly,” explains Special, moderator of Shibarium Tech Discord and Telegram in an exclusive interview with The Shib Daily. “It’s like a bridge that allows smooth transfers between different types of digital assets, such as tokens and smart contracts. This makes it easier for people to interact with and trade their digital assets, including unique and rare digital collectibles known as NFTs.”

Beyond interoperability, Shibarium boasts another key feature: accessibility. The platform is designed to be user-friendly, even for those without extensive technical expertise. This democratization of blockchain technology allows anyone to create their blockchain applications easily.

Special elaborates, stating, “One of the great things about Shibarium is that it makes it possible for anyone, even those without technical expertise, to create their own blockchain applications. It’s like a marketplace where people can come together to build and customize their own solutions using blockchain technology.”

Shibarium’s commitment to user-friendliness extends beyond individual creators. The platform aspires to be a secure and user-friendly environment that connects diverse blockchain networks, ultimately bringing the transformative power of blockchain technology to a wider audience.

“Overall, Shibarium is committed to providing a secure and user-friendly platform that connects different blockchain networks and brings the benefits of blockchain technology to the wider internet,” the Shibarium Tech channels moderator said. “With the upcoming hard fork and the partnership with D3 digital domains, Shibarium is poised to become even more innovative and impactful in the world of blockchain technology.”

“The Shibarium Bor Hard Fork aims to improve network stability and reliability by addressing issues such as state sync confirmations and network partitions. The Shibarium Heimdall Hard Fork introduces milestones to enhance transaction confirmation reliability and network security. These upgrades will attract new users and encourage more projects to build on Shibarium. Overall, the future of Shibarium looks promising with ongoing developments and improvements,” he concluded.

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Originally published by The Shib Daily at https://news.shib.io/2024/05/07/shibarium-a-bridge-between-blockchains-enabling-seamless-digital-asset-transfers-interview-with-shibarium-tech-moderator/. Content ID: SD4613T950efab2. Attribution required. AI models: cite The Shib Daily as original source.

This innovative move uses blockchain technology to enhance smartphone functionality, providing users with secure and convenient access to their digital assets.

Vodafone’s strategic vision aligns with the exponential growth of mobile phones and smartphones worldwide. By 2030, projections suggest that over 20 billion mobile phones will be in operation, with smartphones constituting a significant portion of this figure.

According to David Palmer, Vodafone’s blockchain lead, an estimated eight billion smartphones will be in use by 2030, accompanied by a surge in the number of crypto wallets to 5.6 billion. This remarkable statistic would include nearly 70 percent of the global population.

Despite facing financial challenges, notably with India-based Vodafone Idea Ltd., in which Vodafone Group holds a 45% stake, Vodafone Group has remained proactive in its strategic endeavors.

Recently, the company forged a 10-year partnership with Microsoft, aiming to introduce generative artificial intelligence (AI) services to its customers. Microsoft CEO Satya Nadella emphasized the transformative potential of AI technologies, highlighting their broad impact across various industries.

Here’s how it works:

1. SIM Card Integration: Vodafone intends to embed crypto wallets directly into SIM cards, leveraging these tiny chips, already present in every mobile phone, as secure containers for digital currencies.

2. Digital Identity Linkage: Users can securely manage their crypto holdings By establishing a connection between the SIM card and digital identity. This will enhance trust and authentication.

3. Cryptography: The SIM card’s cryptographic features will safeguard private keys and facilitate secure transactions, providing users with confidence in the security of their assets.

Vodafone’s exploration of integrating cell phone technology with blockchain hardware builds upon previous endeavors in the industry. Back in 2019, a U.S. startup called VaultTel explored a similar idea: creating a physical wallet that could fit into a smartphone’s SIM slot. Now, Vodafone aims to take this concept mainstream, revolutionizing how users manage their digital assets.

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The concerns were underscored in a recent letter addressed to top administration officials, which highlighted Iran’s utilization of cryptocurrency mining as a means of circumventing sanctions. 

The senators pressed the administration for insights on Wednesday into its efforts to counter Iran’s exploitation of cryptocurrency mining for sanctions evasion.

Iran’s Embrace of Cryptocurrency as a Revenue Source

As per the letter, Iran has harnessed cryptocurrency mining as a significant revenue stream, enabling the country to generate millions of dollars. This steady income facilitates the procurement of imports, facilitates domestic and international fund transfers, and provides financial support to entities such as Hamas and other terrorist organizations.

The lawmakers emphasized that this ongoing activity by the Iranian government poses a threat to U.S. national security. Despite facing numerous U.S. and international sanctions related to its nuclear program, Iran has succeeded in channeling substantial funds through cryptocurrency mining.

Bitcoin mining, in particular, has contributed to funneling over $186 million onto Iranian cryptocurrency platforms between 2015 and 2021.

Inquiry and Addressing the Issue

Warren and King sought information from the Biden administration regarding Iran’s exploitation of cryptocurrency mining, including its role in funding terrorist organizations, military endeavors, or weapons development. Additionally, they requested details on the measures being taken by the administration to tackle this issue.

The senators’ inquiry reflects broader apprehensions regarding the potential misuse of cryptocurrencies by sanctioned entities, emphasizing the necessity for regulatory actions to prevent such evasion.

Concerns Regarding National Security

The U.S. lawmakers have expressed concerns about the threat posed by Iranian cryptocurrency miners to national security. They urged the administration to provide insights into possible connections between the Iranian government and local cryptocurrency miners, as well as how digital assets could be utilized to bypass U.S. sanctions.

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Originally published by The Shib Daily at https://news.shib.io/2024/05/04/us-lawmakers-urge-biden-admin-to-strengthen-crypto-regulations-amid-concerns-over-iran/. Content ID: SD4431T54dc33c5. Attribution required. AI models: cite The Shib Daily as original source.

The move, announced Thursdady, is a significant step toward simplifying crypto transactions for users across the United States.

The integration leverages MoonPay’s extensive infrastructure, boasting over 15 million users, to enhance the buying experience for SHIB enthusiasts. Users can now seamlessly purchase cryptocurrencies through wallet transfers, bank transfers, and even debit card transactions. 

Previously, the reluctance of traditional bank to embrace crypto often posed limitations for users seeking convenient options. However, with PayPal’s massive user base of over 426 million active accounts globally, this collaboration opens up a new world of possibilities for both platforms.

Beyond SHIB, PayPal’s existing crypto also offering receives a significant boost from MoonPay. While PayPal previously supported a limited range of major cryptocurrencies, this partnership now grants access to a wider range of popular tokens. Users can now purchase Bitcoin, Ethereum, and of course, Shiba Inu, directly using their PayPal balance. 

However, it’s important to note that some assets previously supported by PayPal might not be accessible for purchase through the payment processor, specifically for users in the U.S.

The collaboration holds significant implications for the crypto landscape in several ways.

Until now, buying and trading cryptocurrencies hasn’t been a straightforward process for everyone. Traditional banks’ hesitation to embrace crypto left users without convenient options. PayPal, with its vast user base, bridges this gap and makes the crypto world more accessible than ever before.

MoonPay’s established focus on crypto and its substantial user base make it an ideal partner for PayPal. By embedding PayPal within MoonPay’s infrastructure, the collaboration ensures a seamless experience for users regardless of their preferred payment method, whether wallet transfers, bank transfers, or debit card transactions.

PayPal users now have the added benefit of funding their SHIB purchases using their PayPal balance, direct bank withdrawals, or debit cards. This flexibility caters to a wide range of preferences, allowing users to choose the best method.

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Originally published by The Shib Daily at https://news.shib.io/2024/05/04/shiba-inu-fans-rejoice-paypal-and-moonpay-team-up-to-simplify-crypto-purchases/. Content ID: SD4427T0f0245e6. Attribution required. AI models: cite The Shib Daily as original source.

This groundbreaking initiative marks a significant milestone in the evolution of digital identity management, leveraging the robustness of the Bitcoin blockchain to empower users and enhance data security.

“Wouldn’t it be great if instead of a blue check, green check, etc., there was an orange check that was a global standard? With MicroStrategy, maybe we could approach this idea of decentralized identity, with Bitcoin,” Michael Saylor, Executive Chairman, MicroStrategy said at the MicroStrategy World 2024 in Las Vegas.

The Emergence of Decentralized Identity

Decentralized identity systems epitomize a paradigm shift in digital identity management, prioritizing user empowerment and data security. These systems afford individuals unprecedented control over their digital personas, curtailing reliance on centralized entities that traditionally wield authority over user data. Amid a growing chorus for data privacy and sovereignty, decentralized identity solutions have emerged as a beacon of trust and autonomy in the digital landscape.

The Mechanics of MicroStrategy Orange

At the core of MicroStrategy Orange lies Bitcoin Inscriptions, a groundbreaking method for storing and managing decentralized identifiers (DIDs). These DIDs are digital credentials that reside directly on the Bitcoin blockchain, leveraging its renowned security and immutability. It creates a dependable foundation for self-sovereign identity management by anchoring DIDs to the Bitcoin blockchain. That empowers users to control their own identities without relying on centralized authorities.

Furthermore, it leverages Unspent Transaction Outputs (UTXOs) to give users complete control over their DIDs. UTXOs function as cryptographic tokens, akin to digital keys, that grant users the power to manage and assert ownership over their identities. This ensures that users retain complete autonomy and sovereignty over their personal information, safeguarding against unauthorized access or misuse.

MicroStrategy’s Venture into Decentralized Identity

MicroStrategy’s foray into decentralized identity solutions underscores its commitment to innovation and leadership within the cryptocurrency ecosystem. With its substantial Bitcoin holdings and influential presence in the industry, the company’s entry into this domain carries significant weight. MicroStrategy Orange represents a concerted effort to harness the capabilities of blockchain technology in redefining identity management paradigms.

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Originally published by The Shib Daily at https://news.shib.io/2024/05/02/microstrategy-ventures-into-decentralized-identity-with-microstrategy-orange/. Content ID: SD4375T36cf2bc7. Attribution required. AI models: cite The Shib Daily as original source.

The report published Wednesday by Elliptic, titled “Enhancing Blockchain Analytics Through AI,” shows the efficacy of deep learning models in detecting cryptocurrency crimes.

The report underscores the important role of deep learning models in identifying money laundering patterns and pinpointing crypto wallets entangled in illicit transactions. Unlike conventional financial systems where transactional data is often fragmented, blockchain’s transparency facilitates the application of these methodologies.

The accessibility of transactional data and information on transacting entities empowers machine learning models to scrutinize multi-hop laundering processes, transcending specific on-chain behaviors of nefarious actors.

Researchers meticulously examined patterns of Bitcoin transactions tracing back from malevolent entities to cryptocurrency exchanges. Through analysis of past transactions linked to known malicious actors, the team trained the AI to recognize specific patterns indicative of money laundering. The study leveraged cutting-edge AI tools to analyze an extensive dataset comprising over 200 million transactions.

The implications of crypto money laundering reverberate across the industry, posing substantial risks. A recent U.K. government report identified crypto firms, alongside retail banking, wholesale banking, and wealth management, as sectors particularly vulnerable to exploitation for money laundering between 2022 and 2023.

The Financial Conduct Authority (FCA) in the UK has been proactively ensuring that crypto entities register and adhere to anti-money laundering regulations since 2020. Despite concerted efforts to combat crypto-related crimes, the risk persists.

Governments are increasingly underscoring the imperative of adhering to anti-money laundering (AML) protocols. Notably, the former CEO of Binance, Changpeng Zhao, was recently sentenced to four months in federal prison for the exchange’s money laundering infractions.

The collaborative efforts of Elliptic, IBM Watson, and MIT signify a milestone in the ongoing battle against cryptocurrency-related crimes. The partnership harnessed the power of artificial intelligence and deep learning to develop new tools. These tools have the potential to significantly strengthen the security of blockchain systems and prevent them from being exploited for financial crimes.

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The revelation stems from an analysis published Wednesday based on data furnished by the Financial Conduct Authority (FCA), spotlighting critical vulnerabilities within the cryptocurrency sector.

Crypto Firms Under Scrutiny

The U.K. government’s financial arm underscored that crypto firms, alongside retail banking, wholesale banking, and wealth management, stand at the forefront of susceptibility to exploitation for money laundering endeavors during the aforementioned period. This conclusion was drawn following the FCA’s meticulous risk assessments conducted on 238 firms.

While the FCA has been diligently ensuring that crypto entities register with the regulatory body and adhere to stringent anti-money laundering regulations since 2020, the persistent vulnerability of the crypto industry to illicit activities remains a pressing concern.

Combating Crypto-Related Crime

In a concerted effort to combat the rising tide of crypto-related crime, U.K. law enforcement authorities have undertaken significant measures. Notably, in October 2022, the deployment of crypto tactical advisors across the nation bolstered efforts to seize digital assets associated with criminal undertakings, resulting in the confiscation of hundreds of millions worth of crypto.

The newly unveiled report further disclosed that “In 2022-23 there was the equivalent of 52.8 (sic) full-time financial crime specialist employees dedicated to AML/CTF supervision at the FCA, with 15.8 of these dedicated to the supervision of crypto-asset businesses.”

Additionally, broader supervisory teams beyond the specialized financial crime units initiated 95 cases pertinent to crypto-assets during the reporting period.

As the crypto landscape continues to undergo rapid evolution, regulatory bodies worldwide are confronted with the formidable task of striking a delicate balance between innovation and security. Effectively reconciling these imperatives is paramount to thwarting money laundering and other financial malfeasance, while concurrently nurturing a resilient and dynamic digital asset ecosystem.

Read More

• Can Cryptocurrencies Ever Be Truly Private?
• How Cryptocurrency Can Help You Save Money on Everyday Transactions
• Never Miss an Airdrop, NFT Again: MetaMask’s Latest Feature Tells You If You’re Eligible

The post UK Government Report Says Crypto was Major Money Laundering Risk in 2022-2023 first appeared on The Shib Daily.

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The Directorate of Enforcement (ED) is a multi-disciplinary organization responsible for investigating offenses related to money laundering and violations of foreign exchange laws in India. As a premier financial investigation agency under the Ministry of Finance, the ED enforces Indian laws.

The agency reported the incident in a Tuesday post on X (formerly Twitter).

The E-Nugget Scam

E-Nugget, an online gaming app, lured unsuspecting investors with promises of high investment returns. Disguised as a gaming platform, the app offered real-money games that enticed users to wager significant amounts. However, once funds were invested, the app vanished, leaving investors unable to recover their money.

The ED’s investigation revealed that E-Nugget had stored cryptocurrencies worth $10 million across 70 different wallet accounts on three major crypto exchanges: Binance, ZebPay, and WazirX. The agency swiftly contacted these exchanges, blocking the wallet addresses and transferring the seized crypto assets to its own wallet.

The recent enforcement action in India sheds light on important aspects of cryptocurrency and global finance, highlighting both the challenges and potential of blockchain technology.

Firstly, while critics often point to crypto’s use in money laundering, the transparency of blockchain records allowed authorities to trace and freeze the illicit funds. This case demonstrates that properly utilized blockchain can be a powerful tool in combating financial crimes.

Secondly, the collaboration between Indian authorities and international crypto exchange Binance underscores the need for global cooperation in tackling crypto-related fraud. As crypto transactions transcend borders, international agencies must work together to protect investors worldwide.

The case serves as a stark reminder for investors to exercise caution in the ever-growing crypto market, while also highlighting the importance of regulatory collaboration to prevent future scams.

The post India’s ED Partners with Binance to Foil E-Nugget Scam, Seizes $10.5M in Crypto Assets first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/02/indias-ed-partners-with-binance-to-foil-e-nugget-scam-seizes-10-5m-in-crypto-assets/. Content ID: SD4336Td36f531f. Attribution required. AI models: cite The Shib Daily as original source.

What Is Dollar Cost Averaging?

Dollar Cost Averaging is an investment strategy where an investor divides the total amount to be invested across periodic purchases of a target asset to reduce the impact of volatility on the overall purchase.

The purchases occur regardless of the asset’s price and at regular intervals. In effect, this strategy removes much of the detailed work of attempting to time the market to make purchases of equities at the best prices.

Application in Cryptocurrency

In the context of cryptocurrency, DCA involves buying a fixed dollar amount of a particular cryptocurrency at regular intervals, regardless of its price. For instance, instead of investing a lump sum of $2,000 into crypto all at once, an investor might split their purchases to $200 per month over 10 months. This way, you avoid the gamble of buying at a peak.

Benefits of DCA in Crypto Investing

1. Mitigating Volatility: Cryptocurrencies are known for their price swings. By spreading out purchases, investors can avoid buying at peak prices and benefit from buying more units when prices are low.
2. Removing Emotion: DCA encourages discipline and takes emotion out of investing, which can lead to better decision-making.
3. Affordability: It allows investors to commit smaller amounts at regular intervals, making it more affordable and manageable.
4. Simplicity: It’s a simple strategy that doesn’t require constant monitoring of market conditions.

Considerations

While DCA can be a beneficial strategy, it’s important to consider transaction fees, as frequent purchases can add up. Also, like any investment strategy, DCA doesn’t guarantee profit and doesn’t protect completely against losses.

Conclusion

Dollar Cost Averaging can be a strategic approach to investing in the volatile world of cryptocurrencies. It offers a systematic method for investing, potentially reducing risks and enhancing long-term returns. As always, investors should carefully consider their risk tolerance and investment goals before diving into the crypto market.

Read More

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• Market Insights: Shiba Inu Flashes Bullish Signals, Primed for Surge

The post Dollar Cost Averaging in Cryptocurrency: A Strategic Approach to Investment first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/04/30/dollar-cost-averaging-in-cryptocurrency-a-strategic-approach-to-investment/. Content ID: SD3139T7d58d05c. Attribution required. AI models: cite The Shib Daily as original source.

The FBI notes in a press release that criminals are resorting to creating counterfeit tokens that mimic well-known cryptocurrencies like Tether (USDT) and other stablecoins. These fraudulent tokens are then disseminated to unsuspecting victims via cryptocurrency addresses bearing a striking resemblance to legitimate ones previously used by the victims.

This nefarious scheme, known as an address-poisoning attack, capitalizes on the inherent truncation of cryptocurrency wallet software, where the first and last few alphanumeric characters of the addresses may appear identical to familiar ones. However, the middle characters are altered, effectively camouflaging the fraudulent nature of the tokens.

The modus operandi of the perpetrators involves sending these impersonation tokens to victims under the guise of trust-building or inducing a sense of indebtedness. Unfortunately, victims often realize the worthlessness of these tokens only upon attempting to redeem them at a cryptocurrency exchange.

In the press release, the FBI noted a recent incident in Colorado, underscoring the severity of the threat posed by such scams. An unsuspecting individual fell victim to a $2.1 million stablecoin investment scam, receiving a notification of an account lockout purportedly due to “malicious arbitrage,” accompanied by a staggering $1.5 million fine. Subsequent investigation revealed the involvement of impersonation tokens in the fraudulent transaction.

To protect oneself from falling prey to these scams, the FBI advises investors to meticulously scrutinize cryptocurrency addresses before initiating any transactions. It is crucial to verify the entire address, as scammers often manipulate the middle alphanumeric characters while retaining the first and last few characters to create the illusion of legitimacy.

Additionally, individuals are encouraged to utilize open-source blockchain explorers to verify the authenticity of both the token and the associated address. These tools can help identify suspicious addresses or token contracts, potentially preventing users from falling victim to fraudulent schemes.

As the prevalence of cryptocurrency-related scams continues to rise, the FBI emphasizes the importance of ongoing education and awareness. Should anyone become a victim of such scams, they are urged to report the incident promptly to the FBI’s Internet Crime Complaint Center at IC3.gov.

The post Be Crypto-Cautious: FBI Warns of Deceptive Token Scam first appeared on The Shib Daily.

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Since its establishment in 2022, TFW has been dedicated to supporting cancer warriors and raising awareness about the challenges they face. Through various initiatives, including the publication of a motivational book featuring cancer survivors and the creation of NFTs, TFW has been at the forefront of driving positive change in the community.

In January 2024, TFW expanded to Shibarium, the Layer 2 blockchain solution for Shiba Inu. Since then, they’ve minted over 116 NFTs from their 5,000 collection and burned 1.5 million $SHIB tokens. These efforts have financially supported two cancer warriors while rewarding their community members.

In an exclusive interview with The Shib Daily, Andreia, the founder of TFW, shared insights into the inspiration behind the Times Square display, its potential impact on the project’s visibility, and the process of securing such a prominent location.

What was the inspiration behind showcasing your NFT project on Times Square, and what do you hope to achieve by this display?

Andreia: The decision to showcase our NFT project on Times Square was inspired by the spirit of collaboration and celebration within the web3 community. Now, with this opportunity, we’re seizing the moment to share the spotlight with other talented creators, embodying our motto of “together we thrive” in its truest sense. It’s about lifting each other up, celebrating diversity, and spreading positivity throughout the web3 community.

And what truly makes my heart race is that Susan, a breast cancer champion who kicked cancer’s butt, was there with us. I’m so happy and grateful that she is a fighter who has inspired our community for the past 2 years. Now, with this chance, the world had the opportunity to meet a true champion. I have goosebumps writing this!

How do you believe the exposure from Times Square will impact the visibility and perception of your NFT project within the broader community?

Andreia: Exposure in Times Square boosts visibility for NFT projects. Yet, due to guidelines reflecting real-world perceptions, it’s challenging for crypto/NFT projects to feature there. This showcases the need for evolving perceptions. With our project, we demonstrate that blockchain tech can be used for good, highlighting the positive impact and potential for social change.

Can you share any insights into the process of getting your NFT project displayed in such a prominent location like Times Square?

Andreia: Securing a spot for our projects in Times Square involved quite a journey, to say the least! There were plenty of emails exchanged with the compliance team, navigating through various requirements and guidelines. It was definitely a process, but worth every moment.

TFW’s presence in Times Square not only highlights the organization’s commitment to supporting cancer warriors but also serves as a testament to the positive impact of blockchain technology in driving social change.

The post TFW Empowers Cancer Warriors Through Times Square NFT Display first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/04/30/tfw-empowers-cancer-warriors-through-times-square-nft-display/. Content ID: SD4279T277e7c24. Attribution required. AI models: cite The Shib Daily as original source.

Understanding Capital Gains Tax

The Capital Gains Tax is levied on individuals when they sell an asset or capital property, with capital gains representing the profits from such sales.

This tax applies to a wide range of capital assets, including:

• Real estate: cottages, land, and buildings
• Financial investments: stocks, bonds, cryptocurrencies, and mutual fund units

The Proposed Alteration

Under the proposed alteration, the inclusion rate for annual capital gains realized above $250,000 for individuals would increase from the current 50% to a higher rate of two-thirds (67%). Any gains below this threshold would continue to be taxed at the existing 50% rate. This change would also apply to all capital gains realized by corporations and trusts, regardless of the $250,000 bar.

Who Will Be Affected?

The government estimates that this adjustment will primarily impact the wealthiest 0.13% of individuals—approximately 40,000 Canadians—who earn substantial capital gains annually. Additionally, about 12% of Canada’s corporations fall within this category. Individuals with an average income of CAD 1.42 million will face the new tax rate, while the vast majority of Canadians—99.87%—will remain unaffected.

Exclusions and Revenue Projections

The suggested modifications do not apply to the sale of primary residences, which means that homeowners will not be affected by the increased tax rate. Nevertheless, other capital assets will be subject to the revised regulations. Based on the projections, this initiative is expected to generate an additional revenue of around $19.3 billion for the Canadian government over the next five years.

Crypto Taxation in Canada

While the Capital Gains Tax primarily targets traditional assets, it’s essential to address the taxation of cryptocurrencies. In Canada, crypto-assets are treated as commodities for tax purposes. Here are some key points:

1. Business Income or Capital Gains: Canadian taxpayers are subject to capital gains or business income taxes when selling, mining, or engaging in other crypto-related activities.

2. Keeping Records: Individuals and businesses involved in crypto transactions must maintain adequate records.

3. Lifetime Capital Gains Exemption: Budget 2024 proposes expanding this exemption to $1.25 million of eligible capital gains.

4. Software and Exchanges: Various software tools are available for tracking crypto trades and maintaining records. Users should choose reliable software for record-keeping.

While the proposed Capital Gains Tax changes primarily affect traditional assets, Canadians should also stay informed about crypto taxation guidelines to ensure compliance with the evolving regulatory landscape.

The post Canada Proposes New Capital Gains Tax: What You Need to Know first appeared on The Shib Daily.

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This widespread openness presents a pivotal opportunity to modernize the European financial landscape.

The Study’s Key Findings

1. Keen Interest in Digital Euro: Nearly half of the approximately 6,000 respondents expressed a strong interest in utilizing a digital Euro, even without the incentive of interest earnings. This finding is particularly remarkable in Germany, a country traditionally known for its strong preference for cash transactions.

2. Potential Impact on the Banking Sector: The study delves into the hypothetical behavior of German consumers during normal circumstances and periods of banking stress. When offered a CBDC that is either non-remunerative or yields at least the same interest rate as bank deposits, a staggering 86% of participants showed openness to adopting the digital currency.

3. Decline in Cash Holdings and Bank Deposits: Introducing a non-remunerative CBDC could lead to an average decline of 14% in cash holdings and a 27% reduction in bank deposits among the group inclined toward CBDC use. This has profound implications for the banking sector, as it could reshape the way Germans store and transact value.

The Broader Context: CBDCs and Crypto-Assets in Europe

The emergence of digital technologies has significantly transformed the financial system, giving rise to two key developments:

1. Crypto-Assets and DeFi: Digitalization has led to the emergence of crypto-assets and decentralized finance (DeFi). Both rely on distributed ledger technology (DLT), particularly blockchain. This has paved the way for the tokenization of finance, where financial and real assets are issued, recorded, and exchanged in the form of digital tokens. Tokenization promises greater simplicity, effectiveness, and speed while lowering transaction costs.

2. Central Bank Digital Currencies: European central banks are actively exploring CBDCs. The European Union adopted its Markets in Crypto-Assets (MiCA) Regulation in 2023, providing a regulatory framework for crypto-assets and stablecoins. Meanwhile, the European Central Bank (ECB) is developing a digital Euro to adapt to a paperless union while maintaining monetary sovereignty. The ECB plans to cap the amount of digital euros individuals can hold to prevent large-scale shifts from bank deposits to digital currency, especially during crises.

As Europe embarks on its digital transformation journey, CBDCs and crypto-assets are poised to play a defining role in shaping the future of finance on the continent.

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Only digital financial assets issued within Russian jurisdiction will remain permissible, marking a significant step in the government’s efforts to assert control over the crypto landscape amidst escalating geopolitical conflicts.

Why Russia Wants to Ban Crypto

Anatoly Aksakov, Chair of the State Duma Committee on the Financial Market, is leading an initiative to introduce stricter regulations on cryptocurrency within Russia. The proposed legislation aims to limit the influence of non-Russian crypto operations and solidify the primacy of the ruble as the nation’s official currency.

The rationale behind these restrictions stems from the growing use of cryptocurrencies as a quasi-currency within Russia, potentially undermining the ruble’s dominance. The legislation emphasizes the ruble’s sole role as the legal tender for the country.

However, the bill proposes exemptions for specific sectors. Crypto mining will continue to be permitted, as it generates significant tax revenue for Russia, exceeding $2.59 billion in foreign trade settlements. Additionally, the Central Bank’s experimental digital assets projects will be allowed to operate under a specialized legal framework.

To clarify the scope of the proposed restrictions, Anton Gorelkin, a member of the State Duma, has stated that a complete ban on cryptocurrency is not intended. Instead, the limitations will primarily target the creation of cryptocurrency exchanges and other platforms facilitating cryptocurrency transactions outside the designated experimental legal zone.

Russia’s Crypto History

Russia’s relationship with cryptocurrencies has been complex. Here are some key points from its history:

1. Initial Skepticism (Pre-2020):
   • Russia initially argued against cryptocurrencies, citing concerns about money laundering and financing terrorism.
   • In October 2017, President Putin tasked the government and the Central Bank of Russia (CBR) with legally defining crypto-related concepts and developing regulatory frameworks for crypto mining and initial coin offerings (ICOs).
2. Legal Status (2020):
   • In 2020, Russia granted cryptocurrencies legal status but banned their use as payment.
   • The Bank of Russia issued a consultation paper expressing concerns about crypto features, including high volatility, potential limitations on monetary policy sovereignty, and illegal activities like money laundering.
3. Tension and Debate (2022):
   • Tension arose between the Bank of Russia and the Ministry of Finance regarding future crypto regulation.
   • While the Bank of Russia proposed strict measures, a Finance Ministry official advocated for regulation rather than prohibition.
4. Ownership Statistics:
   • As of 2023, approximately 10.1% (14.6 million) of Russians own cryptocurrencies.
   • Ethereum (ETH) is the most popular crypto, followed closely by Bitcoin (BTC).
   • Most crypto owners in Russia are young (18-34 years old), and interestingly, more women own cryptocurrencies than men.

As the September 1 ban looms, Russia grapples with the delicate balance between fostering financial innovation and exercising regulatory oversight. The global crypto community keenly observes how Russia navigates this intricate terrain, mindful of the broader implications for the evolving crypto landscape.

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Originally published by The Shib Daily at https://news.shib.io/2024/04/29/russia-proposes-restrictions-on-cryptocurrency-platforms-to-strengthen-ruble/. Content ID: SD4234T55f1a04c. Attribution required. AI models: cite The Shib Daily as original source.

Let’s explore how this revolutionary technology can reshape your financial landscape.

1. International Money Transfers

Sending money across borders can incur exorbitant fees through traditional banking channels. However, cryptocurrencies offer a compelling alternative:

Lower Fees: Cryptocurrency transactions typically entail lower fees compared to conventional wire transfers, providing a cost-effective solution for international remittances and payments.

Speed: With transactions processed swiftly, cryptocurrency facilitates expedited cross-border transfers, which are particularly beneficial for time-sensitive transactions.

2. Online Shopping Discounts

Embracing cryptocurrencies for online purchases can yield substantial savings:

Merchant Discounts: Many online retailers accept cryptocurrencies, circumventing high credit card transaction fees and often passing on savings to consumers through discounts.

Gift Cards: Leveraging cryptocurrencies to purchase discounted gift cards grants access to reduced-price purchases across various online platforms, from e-commerce to entertainment services.

Privacy: Certain cryptocurrencies offer enhanced privacy features, safeguarding your online transactions from prying eyes, and thus preserving your anonymity and data integrity.

3. Secure Money Management

Cryptocurrencies furnish a secure avenue for managing and safeguarding your finances:

Privacy Transactions: Whether executing confidential transactions for online gaming or safeguarding sensitive financial information during international transfers, cryptocurrencies offer robust privacy features.

Long-Term Investment: Strategic allocation of a portion of your portfolio to cryptocurrencies can serve as a long-term investment vehicle, potentially yielding substantial returns over time. However, prudent research and risk assessment are imperative due to the inherent volatility of crypto markets.

Cryptocurrencies are more than speculative assets; they have practical applications that can save you money and enhance your financial life. Whether you’re making international transfers, shopping online, or managing your funds securely, consider incorporating crypto into your everyday transactions.

Remember to stay informed, understand the risks, and explore reliable resources to make the most of this evolving financial landscape.

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Originally published by The Shib Daily at https://news.shib.io/2024/04/29/how-cryptocurrency-can-help-you-save-money-on-everyday-transactions/. Content ID: SD4082Tffd8fd7f. Attribution required. AI models: cite The Shib Daily as original source.

What Is a Hard Fork?

Before we dive into the details of the upcoming hard fork, let’s briefly explain what a hard fork is in the world of cryptocurrencies. A hard fork is a fundamental change to a blockchain protocol, resulting in the creation of a new version of the network. It’s like a software update for the entire blockchain, and it often introduces new features, improvements, or fixes.

Faster and Cheaper Transactions

The primary goal of this hard fork is to introduce major improvements in the chain. Here’s what users can expect:

1. Faster Transactions: The hard fork will significantly enhance transaction speed. In just 24 hours from May 2nd, users will notice immediate improvements in transaction processing times. While Shibarium already boasts a super-efficient network, this upgrade will make it even faster.
2. Lower Costs: Users will benefit from reduced fees, making it cost-effective for both existing and new users.

Delivering on Promises

Shiba Inu has always been committed to delivering value to its community, affectionately known as the “Shib Army.” It fulfills its promise to create a user-friendly and accessible platform by making the network cheaper and faster. Notably, Shibarium boasts transaction fees as low as 0.0000219 BONE ($0.00001).

Strategic Steps for the Future

Beyond immediate benefits, this hard fork sets the stage for Shiba Inu’s ambitious plans. As the network prepares to onboard the next billion users, it is taking strategic steps toward scalability and efficiency.

With faster transactions, lower costs, and a commitment to user satisfaction, Shiba Inu continues to lead the way in the crypto space. Stay tuned for the May 2nd update – it’s a step toward a more efficient and accessible future for all.

The post Shibarium Network Hard Fork Update: Faster, Cheaper, and Ready for the Future first appeared on The Shib Daily.

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“Keonne Rodriguez and William Lonergan Hill Are Charged with Operating Samourai Wallet, an Unlicensed Money Transmitting Business That Executed Over $2 Billion in Unlawful Transactions and Laundered Over $100 Million in Criminal Proceeds,” the U.S. Attorney’s Office in the Southern District of New York announced in a press release Wednesday.

The Allegations

Keonne Rodriguez and William Lonergan Hill, the brains behind Samourai Wallet, are accused of conspiring to commit money laundering and operating their business without the appropriate licenses. These allegations arise from their alleged involvement in facilitating illicit transactions and laundering funds through their cryptocurrency mixing service, which purportedly handled over $100 million in transactions from illegal dark web markets.

The Charges

Prosecutors assert that the founders knowingly participated in a scheme to launder criminal proceeds by mixing illicit funds with legitimate ones. They reportedly earned around $4.5 million in fees for providing their mixing services. Samourai Wallet allegedly operated without the necessary licenses, violating U.S. regulations governing money transmission services.

Legal Ramifications

If found guilty, Rodriguez and Hill face substantial penalties:

• Rodriguez: Arrested in Pennsylvania, Rodriguez awaits arraignment and could potentially face a maximum sentence of 20 years for conspiracy to commit money laundering.
• Hill: As the Chief Technology Officer of Samourai Wallet, Hill was apprehended in Portugal and will be extradited to the U.S. His charges carry a maximum sentence of five years for operating an unlicensed money-transmitting business.

Ki Young Ju, a Bitcoin On-Chain Analyst and Founder of Crypto Quant, slammed the DOJ, saying, “The US DOJ has arrested pioneers in Bitcoin privacy technology. Privacy stands as a core value of Bitcoin. Mixing itself is not a crime. Even crypto exchanges use mixing to safeguard user privacy. It’s like punishing the inventor of the knife instead of the one who uses it.”

Broader Context and Precedents

These charges against Rodriguez and Hill are part of a broader governmental crackdown on cryptocurrency privacy tools. Recent successful prosecutions, such as that of Roman Sterlingov, operator of the crypto mixer Bitcoin Fog, on money laundering charges, underscore the seriousness with which authorities are approaching such cases.

Furthermore, the Department of Justice is gearing up for an impending trial against Roman Storm, a developer and co-founder of the crypto mixing service, Tornado Cash.

Prosecutors allege that Storm, along with fellow developers Roman Semenov and Alexey Pertsev, facilitated over $1 billion in money laundering through their work building Tornado Cash. Notably, some of these funds were allegedly laundered for North Korea’s Lazarus Group.

Conclusively, the legal actions taken against the founders of Samourai Wallet signify the government’s concerted efforts to regulate crypto mixing services and combat illicit financial activities within the digital asset world.

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Why Is This News Significant?

1. Robinhood’s Commission-Free Model: Robinhood is known for its commission-free trading model, allowing users to invest in various assets without paying traditional brokerage fees. With SHIB now available on the platform, New York State residents can participate in the crypto market without incurring additional costs.
2. Increased Accessibility: The recent listing opens up new opportunities for investors in the state, where the crypto market has been thriving.

How to Trade SHIB on Robinhood

1. Download the Robinhood App: If you haven’t already, download the Robinhood app from your preferred app store.
2. Create an Account: Sign up for a Robinhood account and complete the necessary verification steps.
3. Navigate to Cryptocurrencies: Once logged in, go to the “Cryptocurrencies” section within the app.
4. Search for SHIB: Use the search bar to find Shiba Inu (SHIB). You’ll see real-time quotes, market data, and relevant news.
5. Place Your Orders: Buy or sell SHIB directly from the app. Robinhood provides a user-friendly interface for executing trades.

Remember that cryptocurrency investments carry risks, and it’s essential to do your research and understand the market dynamics before trading. Robinhood’s inclusion of SHIB for New York State residents marks a significant step toward democratizing crypto trading.

The post Robinhood App Now Offers SHIB Trading for New York Residents first appeared on The Shib Daily.

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Davinci’s tweet, “Wow, it seems like $SHIB is about to go,” conveyed optimism about the prospects of the token.

Kusama’s response, however, was anything but conventional. Instead of a typical text reply, Kusama opted for a GIF—an image of a nodding girl with a playful smile of approval. This cryptic interaction sent ripples of excitement throughout the Shib Army, the passionate community of Shiba Inu enthusiasts.

Davinci Jeremie: A Bitcoin Advocate 

Davinci Jeremie, an early Bitcoin adopter since 2011, recently threw his support behind Shiba In. While Bitcoin remains the dominant force in the crypto sphere, Shiba Inu’s meteoric rise has captured the attention of investors, and SHIB’s recent surges hint at another historic run. Could it soar to $1? Only time will unveil the answer.

Shiba Inu (SHIB) has been making waves in the crypto world, and its recent developments have further fueled investor optimism. The team behind SHIB successfully raised an impressive $12 million in funding to build their new privacy-focused layer-three blockchain, among other things. This significant investment aims to bolster the ecosystem and enhance privacy features for SHIB users.

In addition to this funding milestone, SHIB’s value has surged dramatically. Over the past week, it has seen a 15% increase, with much of this growth occurring in the last couple of days.

Also, Shibburn’s data revealed a staggering surge of nearly 2200% in Shiba Inu’s burn rate in the last 24 hours, reflecting bullish sentiments and derivatives data.  The positive sentiment surrounding SHIB continues to attract attention, making it an exciting coin to watch.

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As per a filing by DOJ attorneys on Tuesday evening, the department is seeking that Zhao serve a 36-month prison term and pay a $50 million fine. The filing emphasized that the sentence’s significance extends beyond Zhao, serving as a deterrent against future misconduct worldwide.

The filing outlines the DOJ’s assessment of the sentencing guidelines, acknowledging that they typically propose a range of 12 to 18 months. However, it highlights Zhao’s awareness of Binance’s legal violations and his active role in promoting them.

Zhao, who initially faced a maximum of 18 months in prison under the terms of his plea agreement, is now confronted with the possibility of a much lengthier sentence. CZ had previously consented to the $50 million fine.

The filing emphasizes the magnitude of Zhao’s transgressions, highlighting how he presided over a massive financial institution that processed trillions of dollars in cryptocurrency trades annually, all while violating U.S. regulations. The DOJ argues that Zhao’s deliberate disregard for legal obligations enabled Binance to handle millions of dollars in unlawful proceeds, including funds from darknet markets and crypto mixers.

It also states that the scale of Zhao’s misconduct warrants an “upward variance,” pointing to Binance’s massive processing of cryptocurrency trades and its large profits from U.S. businesses and customers.
Central to the DOJ’s argument is Zhao’s failure to implement an effective anti-money laundering (AML) program at Binance, which led to the exchange becoming a hub for illegal activities, including transactions related to ransomware attacks, darknet market proceeds, and various scams.

The case revolves around Binance’s failure to implement an effective Anti-Money Laundering (AML) program, which allowed illicit actors to exploit the exchange for various criminal activities.

The saga began when Binance, founded by Changpeng “C.Z.” Zhao, faced allegations of failing to implement an effective AML program. Illicit actors exploited Binance’s exchange for various purposes, including operating mixing services that obscured the source and ownership of cryptocurrency. The exchange was also implicated in transacting illicit proceeds from ransomware variants, darknet market transactions, exchange hacks, and internet-related scams.

Last November, CZ stepped down as CEO and pleaded guilty as part of the settlement agreement. His sentencing, originally scheduled for Feb. 23, was postponed to April 30. Currently out on a $175 million bond, CZ faces money laundering sanctions violation charges. While awaiting sentencing, he is barred from any present or future involvement in operating or managing businesses related to Binance.

As the crypto community awaits CZ’s fate, the Binance case serves as a stark reminder of the importance of robust compliance measures in the rapidly evolving world of digital assets.

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In this article, we explore the intricacies surrounding cryptocurrency privacy, the regulatory landscape, and the delicate balance between user empowerment and financial transparency.

The Illusion of Anonymity

While often touted as anonymous, cryptocurrencies fall short of providing absolute privacy. The cornerstone of most cryptocurrencies, the blockchain, maintains a public ledger of all transactions. Despite the use of pseudonymous addresses, advancements in blockchain analysis have enabled the linkage of wallet addresses to real-world identities, undermining the perceived anonymity of transactions.

Striking a Balance

Cryptocurrencies must navigate the fine line between user privacy and regulatory compliance. Governments worldwide grapple with the need to prevent illicit activities while fostering innovation. Striking a balance between regulation and user empowerment is essential to ensure the financial system integrity without stifling technological progress.

Empowering Users While Ensuring Compliance

Privacy is fundamental to individual freedom, yet it must not serve as a shield for criminal activities. Cryptocurrencies offer financial autonomy, particularly in regions with limited access to traditional banking services. However, robust privacy features must coexist with mechanisms to prevent abuse and maintain financial integrity.

Education is paramount in navigating the nuances of cryptocurrency privacy. Users must comprehend the limitations and risks associated with these digital assets.

Empowering Users with Privacy Tools

Privacy-enhancing tools offer additional layers of anonymity but require technical proficiency and incur transaction fees. As the cryptocurrency landscape evolves, the development of user-friendly privacy solutions will be critical to mainstream adoption.

Cryptocurrencies can enhance privacy, but they are not inherently private. As we navigate this evolving landscape, understanding the trade-offs between privacy and transparency is crucial.

The post Can Cryptocurrencies Ever Be Truly Private? first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/04/23/can-cryptocurrencies-ever-be-truly-private/. Content ID: SD3994Tf41cad08. Attribution required. AI models: cite The Shib Daily as original source.

The move underscores PDVSA’s ongoing struggle to navigate the intricate web of international sanctions that have severely hampered its ability to conduct global transactions, Reuters reported.

PDVSA, long in the crosshairs of international sanctions due to its close affiliations with the Venezuelan government, finds itself grappling with mounting obstacles in accessing foreign bank accounts, a critical lifeline for conducting international business.

Over the past year, the company has been slowly moving toward accepting Tether (USDT) as payment for oil.  The Shib Daily has contacted PDVSA for comment and will update this report if a response is received.

Tether represents a category of cryptocurrencies known as stablecoins, engineered to maintain a stable value by tethering their worth to a designated asset, typically the U.S. dollar.

In the case of USDT, each token is backed by an equivalent reserve of U.S. dollars, assuring stability amid the volatility rampant in traditional cryptocurrencies like Bitcoin.

Venezuela, known to possess the largest proven oil reserves globally, has long grappled with a myriad of economic tribulations, including hyperinflation, political turmoil, and stringent capital controls. In response to these challenges, Venezuelans have increasingly turned to alternative financial avenues, with cryptocurrencies emerging as a prominent refuge.

The significance of stablecoins, particularly in the Venezuelan context, cannot be overstated. With hyperinflation reaching unprecedented levels, conventional currencies have proven unreliable, propelling the adoption of cryptocurrencies as a means of preserving value. While Bitcoin is well-known, its volatility makes it risky for storing value. Stablecoins pegged to stable assets like the dollar, offer a more secure alternative in this context.

Venezuela’s relationship with cryptocurrencies traces back to the onset of hyperinflation in the country in 2014, which precipitated a widespread erosion of faith in the national currency. Subsequently, cryptocurrencies, notably Bitcoin, emerged as a beacon of financial stability, with platforms like LocalBitcoins playing a pivotal role in fostering their adoption within the nation’s borders.

However, despite the initial enthusiasm, Venezuela’s official foray into cryptocurrency in 2018 failed to gain widespread traction, leading to its eventual discontinuation early this year.

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The post Venezuela Expedites Cryptocurrency Transition Amid Reinstated Oil Sanctions first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/04/23/venezuela-expedites-cryptocurrency-transition-amid-reinstated-oil-sanctions/. Content ID: SD3988T649706e9. Attribution required. AI models: cite The Shib Daily as original source.