Shiba Inu coin tagged “dogecoin Killer” is currently the 11th biggest cryptocurrency with a $28.64 billion market value. The meme coin was created in August 2020, named after a Japanese hunting dog.
In the past few weeks, meme coin wars have seen Shiba Inu and Dogecoin fight for more recognition in trading value as the two meme coins battled for the top 10 spots on the list of top digital assets by market capitalization.
The market value of the meme coin SHIB is apparently more than other crypto-assets with significant development in the blockchain network such as Chainlink, Terra, Polygon and Stellar.
Meme Coin live or die by the attention created by its community and Shiba Inu can be said to have strong support from its community. Perceived as one of its strategies, its creator(s) Ryoshi gave one of the most respected and well-known persons in the crypto space, Vitalik Buterin, Ethereum co-founder half of the supply of SHIB coin immediate it was created.
In May 2021, Buterin announced that he has forwarded 90 percent of the Shiba Inu, estimated at about $6 billion at the time to burn wallet to be destroyed forever. He later donated the remaining SHIB coin worth $1 billion to covid-19 relief efforts in India.
The donation was the largest single COVID-19 donation and enjoyed global media attention that further bolstered the attractiveness of the Shiba Inu coin. Pleased with the decision, cryptocurrency trading platforms started listing the meme coin.
On the 10th of May, 2021, SHIB was listed on the Kucoin exchange where it opened at $0.00001029 and immediately surged as high as $0.00003915 before closing the day’s trade at $0.00003481. The meme coin was also listed on the Binance exchange the same day where it opened at $0.00001412 surging to $0.00005000 and finally closing the day at $0.00003466.
However, in the same month, the price of Shiba Inu dropped significantly after Buterin’s action as the meme coin traded as low as $0.00000510 in September on the Binance exchange. Nevertheless, its huge community persisted and the bull run began again in October, pushing the coin to a new all-time high.
A few weeks ago, it was reported that traders could possibly be moving funds from SHIB to Dogecoin following the sudden drop in SHIB price to the simultaneous rise in Dogecoin Price on the same trading day.
Despite the decline and other uncertainties surrounding the coin, traders on the largest American stock and crypto trading app, Robinhood and the Shiba Inu community have set up a campaign to convince Robinhood to list SHIB. Currently, the petition has garnered more than half a million signatures.
The Chief Operating Officer of Robinhood, Christine Brown praised the Shiba Inu community on their commitment and also said that the trading platform prioritizes safety over the “short term gain” of listing new coins.
He said, “our strategy is different than a lot of the other players out there who are racing to list as many assets as possible right now. We think that the short-term gain to us is not worth the long-term trade-off for our users.”
Recent attention on meme coins has placed Shiba Inu on the top list of most traded coins by millennials. This, experts have attributed to the affordability of the coin and its growing attention in the crypto space.
On the Shiba Inu community, Antoni Trenchev, co-founder at a crypto lender, Nexo, has this to say “This is counter-culture, cult stuff, and its disciples revel in that. The more absurd it is, the better, it’s like an inside joke—only as it goes viral, the number of people in on the joke can go into the millions pushing the valuations out of this universe.”
Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, said, “memes have value and have been an investible thesis in 2021,”
Joanna Ossinger further affirmed that milliennials in the meme community should not be taken lightly. “Don’t short things millennials think are funny,” she said.
Fintech CEO: FBI Crypto Ransomware Seizure Brings Custody to Forefront
The FBI seized a cryptocurrency wallet used by Aleksandr Sikerin, it says, which holds $2.3 million in assets which were tied to ramsomware attacks. Sikerin is associated with REvil, which is known for its ransomware malfeasance. Earlier this month, the Justice Department announced a similar seizure of over $6 million in ransomware payments to Yevgeniy Polyanin, who targeted law enforcement and municipal organizations, among others. It is said that REvil has been responsible for more than $200 million in extortion since 2019.
“While identifying these criminals, and seizing their assets, is a step in the right direction, many of them are resting safely in countries, such as Russia, without extradition treaties with the United States. That’s why it is important that governments ensure that exchanges and other companies working in concert with these bad actors are held accountable,” opined Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges. Earlier this year, Suex was sanctioned for allegedly doing business with hackers.
“There are three kinds of companies in the digital assets space. Those who actively and knowingly provide services, including money laundering, which aid in the efforts of hackers and bad actors. Those who are complicit and provide aid with no direct knowledge, but, instead, because they fail to adequately vet their clients with the AML & KYC procedures which have become industry best practices and, in most jurisdictions, mandatory. Finally, there are those which take every precaution and employ industry leading technologies to thwart hackers at every turn. Those that fall into the latter group, those are the companies with long-term potential, and it is time that the industry recognizes that in a more substantial way,” said Gardner.
Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry’s most profitable digital asset exchanges, including a well-known multi-billion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.
“This isn’t just an issue with exchanges, of course. Even in the custody space, we’re faced with companies who are following the law but are still leaving massive vulnerabilities in their operation. It isn’t that they are trying to do a lackluster job. It’s just that they don’t appreciate how important the security aspect is in the digital assets space. Blockchain technologies, including digital assets, are a truly transformative innovation. We’re going to see them play out over the next decades. They will completely change how we interact with finance. In order to enhance the opportunities in front of us, it is incumbent upon us to do everything we can to ensure that the technology is safe and secure,” said Gardner.
Newegg to Start Accepting Shiba Inu (SHIB) for Payments in December
More wins for the Shiba Inu community as Newegg Commerce, a leading tech-focused North American e-retailer, announced it will start accepting Shiba Inu (SHIB) cryptocurrency as a form of payment and NOWPayments announced it has burnt over 43 million Shiba Inu coins.
Newegg announced the acceptance of Shiba Inu coin as payment just in time for the end of the year holiday. The official announcement was made on a grand scale with a massive digital out-of-home (DOOH) campaign which was displayed on The Reef, North America’s largest DOOH billboard.
Newegg commerce was part of the early adopters of Bitcoin when it partnered BitPay in 2014. The trend continued with the acceptance of Dogecoin as a payment method in the first quarter of 2021.
To further cement its position as one of the early adopters of digital assets in the crypto space, Newegg added SHIB to its growing list of cryptocurrencies accepted for payment.
“We are always looking for ways to innovate the shopping experience on Newegg.com, and something our customers want is greater flexibility and options, including the ability to pay with a wide range of cryptocurrencies, through our partnership with BitPay, we have the ability to move quickly and lead the market with flexible cryptocurrency payment options. To that end, we’re excited to offer SHIB as a payment option on Newegg.com”, said Andrew Choi, Director of Brand Marketing at Newegg.
The new month ushered in more excitement for the Shiba Inu Community with NOWPayments burning 43,445,695 SHIB coins. The burnt coins were sent to a dead wallet removing over $2000 worth of Shiba Inu from circulation.
The initial goal of the company was to burn only 3 percent of profits generated from SHIB transactions, which would have summed up to only $12 worth of SHIB. However, the Shiba Inu community has been very active on platforms that announced they will burn a certain percentage of their profits. Some of the businesses burning SHIB were Bigger Entertainment, Bricks Buster mobile game and Shiba Coffee Company.
NOWPayment decision to increase total Shiba Inu coin burn was to “stay true to the SHIB ecosystem principles”, the company stated in one of its press releases. The company said it has now burnt a total of $2,059 worth of SHIB, mostly from its own fund and not only SHIB payments.
According to NOWPayments “This figure will rise with new upcoming burns – as more merchants sign up, and the ETH fees go down”. The company also said that the next Shiba Inu burn will happen at the end of the month.
The company is also working on the SHIB merchant directory, this will contain the list of all merchants that accept Shiba Inu as a payment method.
Explaining the company’s support for the meme coin, NOWPayments said “We share a global mission with the SHIB foundation, which is to bring cryptocurrencies into the world around us—mass adoption”.
Bitcoin is a Better Inflation Hedge Than Gold: deVere CEO
The Bitcoin rally stalled on heightening global worries about inflation, but, says the CEO of one of the world’s leading financial advisory, asset management and fintech firms, it remains “a better shield than gold.”
The largest cryptocurrency by market capitalization ended three consecutive days of healthy gains, before stabilizing, after U.S. Federal Reserve Chair Jerome Powell said on Tuesday it may be time to stop using the term “transitory” as a way of describing the current wave of inflation.
Meanwhile, inflation in Europe has ballooned to the highest on record.
Mr Green says: “Bitcoin is perceived by many investors as a hedge against inflation due largely to its strict supply controls.
“As such, it would be assumed that its price would automatically rise when the U.S. central bank suggests that it would consider speeding up the reduction of its asset purchase policies that have boosted the stock markets.
“But for other investors, including some major institutional investors who have piled into Bitcoin in recent months, the cryptocurrency is still perceived as a risky asset.
“So when they sell-off riskier assets, despite the longer-term outlook and based on short-term hawkish policies from the world’s de facto central bank, Bitcoin, like equities, also becomes vulnerable.”
A long-term, high-profile crypto advocate, Mr Green remains confident that “Bitcoin is today a greater inflation shield than gold”, which has long been the standard go-to inflation hedge.
He says: “Gold has always been regarded as the ultimate inflation hedge – but the world is a much different place now. Our lives and the global economy is increasingly run on tech and digital solutions and this megatrend is only set to become more dominant.
“Gold is likely to be dethroned within a generation as millennials and younger investors, who are so-called ‘digital natives’, are going to be more comfortable with Bitcoin as a hedge than a physical metal.”
The deVere CEO goes on to say: “Bitcoin is often referred to as ‘digital gold’ because like the precious metal it is a medium of exchange, a unit of account, non-sovereign, decentralized, scarce, and a store of value.
“Yet, the cryptocurrency, Bitcoin is superior to gold as a medium of exchange or form of payment.
“Unlike gold, it is a fixed unit of account and easily divisible and transportable. Gold is not easily immediately divisible, and there are potential issues with purity and verification. Whereas Bitcoin is easily traced on blockchain technology and this is going to be a considerable advantage, especially in cross-border transactions.”
Mr Green concludes: “Gold and Bitcoin can, and perhaps should, complement each other in a portfolio.
“But as the world continues to pick up momentum in its shift towards tech, and as millennials become a more dominant part of the world economy, we should expect Bitcoin to also take an increasingly influential role in financial markets, including in regards to being an inflation hedge.”
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