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Shiba Inu in Free Fall Despite Burning 26 Billion Tokens

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shiba inu - Investors King

The popular meme coin, Shiba Inu, is currently trading in the red zone at $0.000012 on the global cryptocurrency market, despite carrying out several burn transactions.

The coin has recorded a decline of 1.96% in the last 24 hours and a 27.86% drop in 7 days. Shiba Inu is 15 on the cryptocurrency market ranking with a market capitalisation of $6,659,763,704, down 2.32%, according to data from Coinmarketcap.

Checks by Investors King show that the dog-themed coin with a market dominance of 0.52%, hit a 24-hour low of $0.00001203 and a 24-hour high of $0.00001301.

The asset has a 24-hour trading volume of $485,655,782.63, representing a drop of 14.33%. The coin has suffered volatility which has characterised the global cryptocurrency market.

Within a period of one month, the dog-themed coin dropped from a price of $0.000025.88 on April 17, to its current price of $0.000012.

While Shiba Inu price has hit its lowest point in seven months after multiple consecutive declines, the asset has tried to correct the price fall through the burn mechanism.

The Shiba Inu burn portal reported on May 9 that 243 million SHIB tokens were destroyed overnight, in a total of 54 transactions, adding that it burned 26 billion coins in April in 1,974 transactions.

Burning the meme coin effectively reduces its circulating supply and increases the value of the token. But despite the burn of Shiba Inu tokens, the meme coin price has failed to recover from its price slum.

However, the asset has a loyal base of Shiba Army a group that focuses on trading and buying the Shiba Inu cryptocurrency coin and NFTs. The group is confident the asset would hit the $1 price soon.

In other news, Shiba Inu has announced the first early access to its Bid Event. The protocol explained that the Bid Event is designed to provide access to one of Shiba Inu’s metaverse.

‘’This exclusive first event will allow participants to endure a thrilling three days (72 hours) race of bidding for their preferred plots of land. This is a unique, and exclusive chance to reserve the very first batch of lands with priority over the rest of users!’’ Shiba Inu stated.

‘’Bids will only last and serve each user for 72 hours, in which many will be able to gain a competitive edge by bidding, and outbidding in this fun auction-style opportunity!

SHIB Metaverse has some incredible high-profile areas that you don’t want to miss! We encourage you to lock your $LEASH, or your Shiboshis as soon as the event starts and in order to join the interactive map!.’’

The protocol also disclosed that all land purchases on the Shib metaverse are accomplished with ETH.

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Cryptocurrency

Price Forecast: Ada Eye $1 Mark as 24H Trading Volume Surpasses $600 Million

The eighth-largest cryptocurrency by market cap is up by 8% in the last 24H, trading at $0.4050 at the time of writing this report. 

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Cardano- Investors King

ADA, the native coin of Cardona Network could be on its way to $1 mark as 24 hours trading volume surpasses $600 million, data from TradingView reveals.

The eighth-largest cryptocurrency by market cap is up by 8% in the last 24H, trading at $0.4050 at the time of writing this report. 

Ada, which is often touted as the Ethereum (ETH) killer because of its perceived competition with ETH, is up by 59.82% in the last 30 days and 10.43% in the past 7 days, data from the Binance platform shows. 

A closer look at the indicators shows that Ada could be on its way to the $1 mark in the mid-term as its Relative Strength Index (RSI) shows an upswing movement, provided that bitcoin rises or stable. 

Similarly, the launch of the Cardano-based stablecoin Djed (DJED) which has caused a massive spike in demand for ADA reiterated the optimism for an upside movement. Djed already has 23.75 million Ada in its reserve with the potential to add more as the Cardano-based stablecoin continues to see more demand. 

Interestingly, it is understood that when more Ada is taken from the market and put into the reserves, it will reduce the circulation of Ada and subsequently boost its price. 

Additionally, Cardano ecosystem continues to expand considerably with its cross-chain compatibility. No less than 110 projects have already been launched on the Cardano ecosystem with more than 1000 apps and projects in the pipeline while more than 5000 smart contracts (Plutus Scripts) have also been built on its Network. 

In light of this, Investors King understands that a medium-term upswing movement of $1 for Cardano native token Ada is not out of reach. 

It could be recalled that Ada set a record high of $3.10 in September 2021 before retracing back alongside other cryptocurrencies. Nonetheless, the Cardano team continue to build a solid use case for the ecosystem.

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Bitcoin

Bitcoin Trades Above $24,000 Against Dollar as US Inflation Slows Down

The flagship cryptocurrency was accompanied by a number of altcoins in the new rally, leading to an all-round green across the crypto markets

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bitcoin to Nigerian Naira - Investors King

Bitcoin (BTC) trades above $24,000 on Thursday as inflation in the world’s largest economy, the United States slows down.

As expected, the flagship cryptocurrency was accompanied by a number of altcoins in the new rally, leading to an all-round green across the crypto markets. 

According to the Chairman of the US Federal Reserve, Jerome Powell, inflation in the United States has relatively slowed down but remains elevated. The Fed, therefore hiked the interest rate by 25 basis points (0.25). 

“Inflation has eased somewhat but remains elevated…we can now say, I think for the first time, the deflationary process has started.” Powell said during a press conference after a two days meeting of the Fed. 

Before the announcement, Bitcoin had met a strong resistance around $23,800. The news saw bitcoin trade at $24,255 according to Coinmarketcap. This is the first time BTC will tip above the $24,000 mark in 2023.

Riding on the news, a number of Altcoins including Ethereum (ETH), Binance Coin (BNB) MATIC and SAND also rose alongside Bitcoin, leading to the crypto market cap increasing by more than $40 billion shortly after the news. 

While the second most capitalised cryptocurrency, Ethereum (ETH) traded at $1,696 on Thursday, recording a single-digit gain of 8%, other altcoins such as Matic and SAND recorded a double-digit gain within a few hours after the news. Data from the Binance platform reveals. 

Furthermore, Investors King gathered that a significant number of crypto enthusiasts welcome the recent development, stating that it is a confirmation that cryptocurrency could perform well in 2023. 

Meanwhile, a well-known crypto analyst, PlanB holds the opinion that Bitcoin could be on its way to a triple top cycle which might see BTC trade above $65,000 in 2023. 

Similarly, the rising number of retail and institutional investors scooping Bitcoin and other high-cap digital currencies could help to ignite the next rally. 

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Cryptocurrency

Coinbase Add Extra Layer Security to Protect Users From Scam

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One of the leading Cryptocurrency Exchange Platforms, Coinbase disclosed that it has enhanced its security measures by adding extra layers of security features. The US-based crypto platform noted that such measures will protect its users from crypto-related scams. 

From Airdrop scams to pump-and-dump schemes, Crypto-related fraud has been on the rise in recent times. Such scams have continued to go unabated because of the decentralized nature of cryptocurrency and the vulnerability of the industry. 

In February 2022, cryptocurrency exchange platform Wormhole lost $320 million after a cyber attack while thousands of Americans lost more than $1 billion to crypto fraud in 2021. A report by the Federal Trade Commission revealed. 

Speaking on the new feature, Coinbase noted that the enhanced security layer will protect its users from malicious airdrops and dangerous websites which are assessed through DApp as well as hiding fees. The enhanced security will also protect Coinbase users from phishing attacks. 

“To give you more peace of mind as you conduct swaps, mint NFTs, and transact in web3, Coinbase Wallet now shows you an estimate of how your token and NFT balances will change during a transaction before you hit confirm”. The crypto platform noted in a blog statement sent to users. 

Investors King understands that Coinbase has been improving its security after hackers drained customers’ accounts in 2021. 

A number of Coinbase users across the United States complained that their money suddenly vanished from their accounts without their knowledge. 

Coinbase thereafter introduced several security measures which include 2 Factor Authentication (2FA). This means, aside from username and password, Coinbase users will need to provide a unique verification code sent to their phones. 

Other security measures adopted by the crypto platform include Google Authenticator and Security Prompt which delivers push notifications to users’ phone anytime there is an attempt to access their wallet from a mobile device different from theirs.

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