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Shiba Inu Update: Bricks Buster and AMC To Support SHIB Army

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One of the leading meme coins, Shiba Inu has gained the support of AMC entertainment and Bricks Buster mobile games to solidify its acceptance and burn more coins from circulation.

The movie chain, AMC initially plan to accept bitcoin, Dogecoin, Ethereum, and Litecoin as payment methods for tickets and concessions in the coming months. But on Monday, the founder of Gokhshtein Media, David Gokhshtein through his social media handle revealed that the CEO of AMC is working on adding SHIB to crypto payment methods. He tweeted, “Breaking: CEO of AMC working on bringing $SHIB as a payment.”

Last month, it was reported that the CEO of AMC, Adam Aron created a poll on Twitter seeking his followers’ opinion on accepting Shiba Inu as a payment method for AMC Entertainment. The poll garnered more than 150,000 votes where over 80 percent of participants voted in favour of onboarding Shib as a means of payment.

The decision may not be unconnected to the recent popularity of Shiba Inu. AMC is expected to enable crypto payment methods in the first quarter of 2022.

On the side, a mobile game app, Bricks Buster has recently been created to burn Shiba Inu coin through ad revenue. The developer of the mobile game app Travis Johnson affirmed that the mobile game app was not originally created to burn SHIB coin, however, as a strong holder of Shiba Inu, he decided to support the SHIB Army to burn coin using his game app.

According to the game developer, the mobile game burns $10 per day from Google advertising revenue. Since he first announced the idea to burn SHIB via his game, traffic for Bricks Buster surged by over 800 percent.

“If the ShibArmy really got involved, we could literally be burning thousands of dollars a day, at no cost to the ShibArmy,” Johnson said.

The developer noted that the burning of SHIB is important and will help reduce the supply of SHIB coins in circulation. He also believed that this action “will help create long-term wealth in the SHIB community”.

Johnson further acknowledges other SHIB burning projects like the SHIB Burner playlist. He said, “every burn implementation, especially those that don’t involve the army incinerating their own money, is very important and should be fully supported.

“Burning 500 trillion SHIB is going to take a long time no matter how we go about it, and it’s just a matter of consistency, and implementing as many new burn strategies as we can.”

According to Shibburn page, 410,297,362,838,474 SHIB coins have been burn Out of 1,000,000,000,000,000 SHIB Initial Supply. In the last 24 hours 25,796,282 Shiba Inu coin has been burnt.

The Shibburn page explains what happens to coins burnt and the effect on SHIB price. The page reads: “Burning tokens permanently removes them from the circulating supply, similar to the idea of a publicly-traded company buying back stock. This is done by sending your tokens to a special wallet with unobtainable private keys. The decrease in the circulating supply will eventually drive Shiba Inu’s price upward.”

At press time, Shiba Inu is trading at $0.00005355 gaining 0.90 percent in the last 24 hours with 549,095,509,738,353 SHIB in circulation.

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Crypto Market on Edge: Bull Run Cools Down Amid Bitcoin ETF Approval and Solana Hype

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The crypto market is experiencing a period of uncertainty as the recent bull run shows signs of cooling down, despite the euphoria surrounding the approval of a Bitcoin exchange-traded fund (ETF) and the surging interest in the Solana ecosystem.

Bitcoin’s meteoric rise following the ETF approval, coupled with the sudden spike in interest in Solana, had propelled the market to new highs.

However, recent movements suggest that the upward momentum is dissipating, raising concerns among investors about an impending correction.

While the crypto market has seen remarkable growth, it remains heavily influenced by Bitcoin’s price movements.

Altcoins, including popular meme coins and projects in the Artificial Intelligence (AI) sector, have largely followed Bitcoin’s cues for directional bias.

Altcoins like Worldcoin (WLD) and Fetch.AI had experienced staggering surges of around 500%, while meme coins such as dogwifhat (WIF) and Book of Memes (BOME) also witnessed significant gains.

However, as Bitcoin’s price stabilizes and shows signs of slowing down after a remarkable 54% year-to-date return, the altcoin market is also experiencing a slowdown in momentum.

The recent bearish swing failure pattern observed in Bitcoin’s price on the weekly timeframe has added to the market’s unease, leading to caution among investors.

This waning of buying pressure has triggered profit-taking activities, resulting in a decline in the total cryptocurrency market capitalization from $2.89 trillion to $2.66 trillion, according to CoinGecko data.

As the market grapples with uncertainty, investors are advised to exercise caution and closely monitor developments to navigate through the evolving landscape of the crypto market.

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Federal High Court Orders Binance to Disclose Nigerian Traders’ Information

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The Federal High Court in Abuja has directed Binance Holdings Limited to furnish the Economic and Financial Crimes Commission (EFCC) with detailed information concerning Nigerian individuals engaged in trading on its platform.

The court’s decision followed an ex parte motion filed by the EFCC seeking information regarding Nigerian users of Binance.

According to the suit marked FHC/ABJ/CS/259/2024 and dated February 29, the EFCC invoked sections of the Economic and Financial Crimes Establishment Act, 2004, and the Money Laundering (Prevention and Prohibition) Act, 2022, in its bid to obtain comprehensive data on Nigerian traders on Binance.

In an affidavit supporting the motion, an EFCC operative, Hamma Bello, alleged that the commission’s Special Investigation Team received intelligence suggesting that money laundering and terrorism financing activities were being facilitated through Binance.

Bello asserted that the investigation revealed instances of price manipulation on the platform, resulting in distortions in the market and depreciation of the Naira against other currencies.

The EFCC operative highlighted that Binance’s trading volume from Nigeria in 2023 alone amounted to a staggering $21.6 billion.

Justice Emeka Nwite, in granting the interim order, directed Binance to provide the EFCC with comprehensive data pertaining to all Nigerian traders on its platform.

This ruling underscores the Nigerian government’s commitment to combating financial crimes and ensuring transparency in cryptocurrency transactions.

Binance, a prominent online exchange for cryptocurrencies, now faces heightened scrutiny as it must comply with the court’s directive amidst ongoing investigations into illicit financial activities facilitated through its platform.

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

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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.

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