Connect with us

Cryptocurrency

Shiba Inu Sheds 14.55 Percent in 24 Hours as Whale Moves $2.3 Billion Worth of Shiba

Published

on

shiba inu - Investors King

Traders and investors are disturbed and feeling apprehensive following the transfer of $2.3 billion worth of Shiba Inu coins to four different wallets by a whale on Tuesday.

At press time, the price of the meme coin tagged “doge killer” was trading at $0.00005444, however, the coin has dropped by 14.55 percent in the last 24 trading hours.

On Tuesday, the whale made a transaction of 10,000,000,100,000 SHIB coins to four different wallets, each transaction worth $586 million — summing up to a total of $2.3 billion.

Shiba community had assumed the owner of the inactive wallet might have lost its key or forgotten the wallet when it was first identified.

On Wednesday, a social media handle @devchart tweeted, “2021 Remember when everyone was wondering if the guy who turned 8k$ into 5 billion actually lost access to his wallet? Turns out he didn’t and just started moving some of his $SHIB”.

However, the whole situation has led to fear in the Shiba Inu community, holders are speculating a potential sell-off by the whale, a move that could have an adverse effect on the price level of SHIB. The liquidation of such volume could lead to massive price fall.

“If he decided to sell these bags, SHIB would plummet -99.99% to zero,” tweeted financial analyst Jacob Oracle.

According to CoinMarketCap, the price of Shiba has plunged by 32.94 percent in the last seven days to $29.89 billion or to the 11th spot on the ranking.

Another Twitter handle @unusual_whales said, “He is awake. The best trader of all time is alive. This wallet bought $8,000 of $SHIB last August. It’s now worth $5.7 billion. I repeat – $5.7 billion in 400 days. He owns 16% of the marketcap. He has sent $2.2 billion to four different wallets yesterday.

Data has shown that the top 10 wallets in the Shiba community hold almost 72 percent of the entire Shiba Inu coins in circulation. Meaning, the ownership of the meme coin is concentrated among top holders.

The whale that moved $2.3 billion of Shiba Inu currently holds over $1.8 million worth of SHIB in its old wallet.

Continue Reading
Comments

Cryptocurrency

AI Crypto Tokens Surge, Outpacing Bitcoin: Market Value Hits $26.4 Billion

Published

on

Dollar Cryptocurrency - Investors King

The intersection of artificial intelligence and cryptocurrency has ignited a substantial surge in the crypto market, with tokens linked to AI-focused projects experiencing unprecedented growth.

Over the past year, these tokens have outpaced even the juggernaut of the cryptocurrency world, Bitcoin, as investor appetite for AI applications such as machine learning remains insatiable.

According to data from CoinGecko, the combined market value of AI crypto tokens has skyrocketed to a staggering $26.4 billion, up from a mere $2.7 billion just last April.

This meteoric rise has been accompanied by a surge in trading volumes, reaching an all-time high of $3.8 billion in late February, as reported by Kaiko Research.

Investors are flocking to AI crypto tokens due to their potential to disrupt traditional industries and solve long-standing challenges in the AI sector, such as privacy concerns and the need for massive computing power.

Markus Levin, co-founder of blockchain data storage firm XYO Network, predicts a growing fusion of AI systems and blockchain networks, leading to innovative use cases that span across both industries.

The CoinDesk Indices Computing Index, which includes AI-linked tokens, has leaped over 165% in the past 12 months, outpacing Bitcoin’s rise.

Analysts foresee continued momentum for AI crypto tokens, with some suggesting that AI applications could become the primary driver of crypto’s value proposition.

Leading blockchain projects in this space include Render Network, Fetch.AI, and SingularityNET, offering platforms for AI-generated graphics sharing, AI app development, and AI services marketplace, respectively.

Ahmad Shadid, founder of AI-focused blockchain startup io.net, emphasizes the growing realization among investors that diversification into AI-linked products provides resilience against crypto market fluctuations, highlighting the burgeoning significance of AI in the crypto landscape.

Continue Reading

Bitcoin

Binance CEO Forecasts Bitcoin Surge Beyond $80,000 on Institutional Inflows

Published

on

bitcoin to Nigerian Naira - Investors King

Binance Chief Executive Officer Richard Teng has set his sights on Bitcoin surging beyond the $80,000 price level on the back of rising institutional investments into crypto-backed exchange-traded funds (ETFs).

Speaking at an event in Bangkok on Sunday, Teng highlighted the significant impact of the launch of Bitcoin ETFs in the United States earlier this year.

He noted that this development has attracted a considerable influx of institutional investors, propelling fresh funds into the cryptocurrency market.

Teng expressed confidence in Bitcoin’s upward trajectory, emphasizing that “we’re just getting started.”

Initially estimating Bitcoin to reach around $80,000 by the end of the year, Teng now believes that the cryptocurrency’s price will surpass this milestone.

He attributed this bullish outlook to a combination of decreasing supply and sustained demand within the market.

However, he cautioned that the rally wouldn’t be without its fluctuations, suggesting that the market’s ups and downs would ultimately benefit its overall health.

Bitcoin has already surged by an impressive 56% this year, reaching a record high of nearly $73,798 last week.

Despite concerns among some investors about a potential bubble, Teng remains optimistic about Bitcoin’s future trajectory.

Teng’s forecast comes in the wake of his appointment as CEO of Binance, succeeding co-founder Changpeng Zhao in November following the company’s $4.3 billion settlement with US authorities.

With relentless inflows into US spot Bitcoin ETFs since their approval in January, Teng expects further institutional adoption in the near term, with more endowments and family offices anticipated to increase their allocations into Bitcoin ETFs.

Continue Reading

Cryptocurrency

Nigeria’s SEC Tightens Grip on Crypto: Raises Crypto Registration Fees

Published

on

security and exchange commission

Nigeria’s Securities and Exchange Commission (SEC) has announced a significant tightening of regulations governing cryptocurrency exchanges.

Under the proposed amendments, the registration fee for crypto exchanges is set to skyrocket from N30 million ($18,620) to N150 million ($93,000), a fivefold increase.

Also, application fees are set to rise from N100,000 ($62) to N300,000 ($186), while processing fees will surge from N300,000 ($186) to 1 million naira ($620).

These fee hikes signal the SEC’s intention to impose stricter oversight on digital asset exchanges and reflect a broader trend of regulatory scrutiny surrounding cryptocurrencies in Nigeria.

The SEC justified these changes by citing the need for clarity and incorporating feedback from industry stakeholders, particularly following engagements with the Central Bank of Nigeria (CBN).

The amendments also include a renaming of the rules and guidelines to “Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody,” emphasizing the regulator’s comprehensive approach to regulating the digital asset ecosystem.

This latest development comes amid growing tensions between Nigerian authorities and prominent cryptocurrency platforms.

Just recently, Binance, one of the world’s largest crypto exchanges, found itself embroiled in a dispute with Nigerian authorities over allegations of currency manipulation, resulting in the detention of two Binance executives.

Against the backdrop of Nigeria’s decision to abandon its currency peg and allow the naira to trade freely, the SEC’s move underscores the government’s determination to assert control over the country’s financial landscape, even as it grapples with economic challenges such as inflation and currency devaluation.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending