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Центробанк Нигерии ограничил доступ граждан страны к криптобиржам

bits.media/ - Tue, 02/27/2024 - 18:48
Нигерийская комиссия по связи (NCCC) получила указание Центрального банка Нигерии (CBN) заблокировать доступ ко всем интернет-ресурсам, предлагающим услуги покупки и обмена цифровых активов, включая национальные площадки криптовалютных бирж Binance, Coinbase, Kraken и OctaFX.

SEC Vs. Do Kwon: Trial Will Commence In Absence Of Terra Founder

bitcoinist.com - Tue, 02/27/2024 - 17:00

The legal saga surrounding Terraform Labs co-founder Do Kwon is taking another pivotal turn as the US Securities and Exchange Commission (SEC) prepares to commence its civil trial against him on March 25, despite his likely absence due to extradition delays from Montenegro.

This trial stems from charges related to the catastrophic collapse of TerraUSD (UST) and Luna (LUNA) cryptocurrencies in May 2022, an event that erased approximately $40 billion from the cryptocurrency markets.

Do Kwon Continues To Oppose Extradition To The US

David Patton, Do Kwon’s lawyer, confirmed to Reuters that his client would not request a postponement of the trial, signaling Kwon’s intent to face the SEC’s fraud charges head-on, regardless of his extradition status. “Kwon will not seek to adjourn the trial date, regardless of when he is ultimately extradited,” Patton stated, indicating a resolve to proceed with the legal process.

The SEC’s litigation accuses Terraform Labs and Kwon of deceiving investors about UST’s stability, a stablecoin ostensibly pegged to maintain a $1 value, and misrepresenting the use of the Terraform blockchain for transactions in a prominent Korean mobile payment app.

Complicating Do Kwon’s legal battles are additional US criminal charges, with Kwon having been in custody in Montenegro since March 2023. In December 2023, US District Judge Jed Rakoff found that Terraform Labs and Kwon had breached US securities laws by failing to register UST and LUNA.

This legal determination adds another layer of complexity to the SEC’s case against Kwon, who has consistently maintained his innocence. Moreover, a Montenegrin court recently favored his extradition to the United States over South Korea, Kwon’s preferred destination.

Kwon’s local counsel, Goran Rodic, criticized the court’s decision, citing “erroneous” information regarding the sequence of extradition requests and noting “numerous unanticipated mistakes by the lower courts” in the Montenegrin proceedings that have protracted Kwon’s extradition timeline.

Just yesterday, a report surfaced that Marija Rakovic, a public information officer at Montenegro’s Podgorica High Court, has hinted that its decision on Do Kwon’s extradition to the United States could be overturned by an appeals court again. She noted past precedents where extradition decisions were reversed, as Bitcoinist reported.

Rakovic stressed that her goal is not to forecast the outcome of the Court of Appeal but to recognize the potential for such an occurrence. Obviously, Kwon’s legal team is poised to challenge the high court’s ruling vigorously, seemingly aiming to avert his extradition to the United States.

At press time, Terra Luna Classic (LUNC) traded at $0.000133022.

Годовая ставка финансирования бессрочных фьючерсов на биткоины достигла 100%

bits.media/ - Tue, 02/27/2024 - 16:52
Ставки финансирования по бессрочным фьючерсным контрактам на биткоин достигли нового годового рекорда, создав благоприятные условия для криптовалютных хедж-фондов.

Создатель Terra До Квон пропустит начало суда в США

bits.media/ - Tue, 02/27/2024 - 16:37
Бывший главный исполнительный директор компании Terraform Labs пропустит начало процесса над самим собой. Он не успеет прибыть в суд в конце марта этого года из-за задержки с экстрадицией из Черногории.

Испанский регулятор предупредил о рисках инвестиций в три криптоплатформы

bits.media/ - Tue, 02/27/2024 - 16:20
Национальная комиссия по фондовому рынку Испании (CNMV) опубликовала список из 18 компаний, работающих в стране без лицензии. В него вошли торговые криптоплатформы Bitbinx, Crytomerge и CryptoMaxiTrade.

Why Is PEPE Price Up 50% Today?

bitcoinist.com - Tue, 02/27/2024 - 15:30

The Pepe (PEPE) coin has emerged at the forefront of the crypto market today after an impressive rally. In the last day, the meme coin’s price has risen by over 50% amid wild speculation and bullishness as the Bitcoin price touched $57,000 for the first time in more than two years.

Why Is PEPE Price Surging?

The current uptrend being recorded by PEPE is not out of the ordinary, but there is no single factor driving the price either. As crypto investors regain their bullishness, coins which have previously failed to rally seem to be taking front and center this time around, and the meme coin fits this narrative perfectly.

After being sidelined for months by the likes of Solana-based BONK and WIF taking up all of investors’ interest, attention is turning back to Ethereum meme coins once again. PEPE, which is currently the second-largest meme coin on the Ethereum blockchain, offers similar popularity to the likes of Dogecoin and Shiba Inu, but with a market cap below $1 billion, holds the promise of more upside as well.

The PEPE coin is currently trending on Twitter, with more than 53,000 posts on the topic. This suggests a rising interest in the coin, thereby giving it the boost it needs to continue to surge. At the same time, there has been a significant uptick in the daily trading volume of the meme coin.

According to CoinMarketCap, the trading volume has been up 359% in the last 24 hours, reaching $751 million at the time of writing.

Gunning For Third-Largest Meme Coin

The PEPE rally has made it the best-performing meme coin in the last day. With its 52% increase during this time, it has pushed ahead and is now hot on the heels of BONK. BONK is currently the third-largest meme coin in the space after overtaking PEPE late last year. However, the latter is back with a vengeance, with less than $20 million now separating the two.

In the last week, PEPE’s price is up 79%, while BONK is seeing meager gains of 8.8% in comparison. There is also a wide disparity in their daily gains of BONK’s 16.2% compared to PEPE’s 52.8%, according to data from CoinGecko.

PEPE’s market cap is now sitting at $895 million compared to BONK’s $908 million. In terms of daily volume, the latter also pales in comparison to the former, with PEPE at $778 million and BONK at $200 million. Given this wide disparity, if PEPE continues to outperform today, then it will quickly reclaim the third spot.

Other meme coins that have seen significant upside over the past day as well include WIF and FLOKI. WIF has risen to a new all-time high after a 50% surge brought it to $0.57, bringing its market cap to $570 million, before settling back down around $0.53. On the other hand, the FLOKI price is up approximately 19% in the same time period to bring its market cap to $434 million.

TruthLabs: Robinhood отмывает средства банкротящейся криптобиржи FTX

bits.media/ - Tue, 02/27/2024 - 15:25
Аналитики TruthLabs объявили, что часть средств клиентов банкротящейся биржи FTX попала к аффилированной компании Alameda, затем оказалась на счетах Special Purpose Venicle, а потом поступила на счета Robinhood.

Госдума приняла закон о международных расчетах в цифровых активах

bits.media/ - Tue, 02/27/2024 - 14:26
Во вторник, 27 февраля, Государственная дума одобрила сразу во втором и третьем, окончательном, чтении проект закона об использовании цифровых финансовых активов (ЦФА) для международных расчетов.

Why Did The Bitcoin Price Rise Above $57,000 Today?

bitcoinist.com - Tue, 02/27/2024 - 14:00

Bitcoin isn’t showing signs of slowing down anytime soon as the flagship crypto token rose above $57,000 on February 27, the first time since 2021. This price surge is likely due to several recent developments that undoubtedly provide a bullish narrative for BTC. 

Demand For Bitcoin Is Skyrocketing 

Bloomberg analyst Eric Balchunas revealed in an X (formerly Twitter) post that the new nine Spot Bitcoin ETFs (excluding Grayscale’s GBTC) set a new all-time trading volume record with $2.4 billion traded on February 26. This is significant as it shows the increased demand for the flagship crypto from institutional investors. 

Due to the interest in these Bitcoin ETFs, the fund issuers have continued to accumulate a significant amount of Bitcoin. Interestingly, as revealed by Bloomberg analyst James Seyffart, these issuers had to purchase over $403 million worth of BTC because of the all-time trading volume recorded on February 26. 

These Bitcoin ETF issuers aren’t the only institutional investors that have accumulated a large amount of BTC as of late. Bitcoinist recently reported that MicroStrategy purchased 3,000 BTC this month, increasing its holdings to 193,000 BTC. 

These purchases further highlight the general sentiment among BTC whales who have continued accumulating, even when Bitcoin’s price experienced a downward trend following the approval of the Spot BTC ETFs. Meanwhile, NewsBTC recently reported how BTC’s supply is currently playing catchup with the demand, another factor which is driving BTC’s price up. 

The much-anticipated Bitcoin Halving is also drawing near, another factor which has continued to contribute to the bullish momentum in the market. This event will further decrease the rate at which BTC comes into circulation, which could spark a significant upward movement in BTC price, especially if the demand for the flagship crypto continues at this pace.

The Derivatives Market Also Contributing To BTC’s Price Surge

There has been increased trading activity in the derivatives market lately, with data from CoinGlass showing how open interest has continued to rise. This increase indicates that new money is flowing into the Bitcoin ecosystem, with many traders placing bullish leveraged bets on BTC. 

This conclusion can also be reached when one considers the amount of Bitcoin shorts liquidated in the last 24 hours. Data from Coinglass shows that traders betting on BTC decline have lost $270 million in this period. As such, it is more than likely that those causing the open interest to rise are likely the bulls rather than the bears. 

The derivatives market is believed to be integral to BTC’s price discovery. CryptoQuant’s CEO once noted that “Bitcoin is in a futures-driven market,” which is less affected by trading activity in the Spot market. 

At the time of writing, BTC was trading at around $56,100, up over 8% in the last 24 hours, according to data from CoinMarketCap. 

Криптобиржа HTX отозвала заявку на получение лицензии в Гонконге

bits.media/ - Tue, 02/27/2024 - 13:49
Зарегистрированная на Сейшельских островах криптовалютная биржа HTX через свой филиал отозвала заявку на получение лицензии в Гонконге.

Starknet TVL Balloons Nearly 200% In Single Week – What’s Brewing For STRK?

bitcoinist.com - Tue, 02/27/2024 - 12:30

Starknet’s February 14th launch garnered immense attention, primarily due to its generous rewards program. Early adopters were compensated with over 700 million STRK tokens, the project’s native cryptocurrency.

However, the launch ceremony wasn’t without its controversies. Several accusations arose, with some community members alleging that the Starknet team dumped a significant amount of their tokens, contributing to a price drop below $2 for STRK.

Additionally, reports surfaced regarding issues with the token issuance process, further stirring doubts and anxieties among investors.

It’s crucial to analyze other indicators for a more comprehensive understanding of Starknet’s current state and future prospects. One such metric is development activity, measured by tracking code commits on public GitHub repositories associated with the network.

A concerning trend emerges when looking at this measure: Data suggests a decline in developer activity, potentially implying a slowdown in the development of new features and functionalities.

Although this decline doesn’t necessarily guarantee impending doom for Starknet, it undoubtedly raises concerns about the project’s long-term growth trajectory.

Starknet Data Shows A More Reassuring Sign

Despite the negative vibe, data from Santiment, an on-chain analytics platform, reveals a more positive signal. The stablecoin supply held by whales (large investors) on the Starknet network has exhibited an upward trend, reaching 54 as of this writing.

This rise suggests increased buying power among whales, potentially indicating their confidence in Starknet’s future and potentially triggering a price hike for STRK. Looking forward, Starknet’s price might experience either stabilization or a significant increase.

Meanwhile, Starknet’s ascent to the fourth position among all launched Layer 2 projects on the Ethereum blockchain, propelled by a staggering 194% increase in Total Value Locked (TVL) to $1.32 billion, highlights not only its rapid rise but also the growing confidence and adoption within its user base.

The surge in TVL underscores the platform’s appeal, with users actively depositing and staking crypto assets, thereby contributing to the establishment of a robust ecosystem.

The significance of Starknet’s remarkable growth extends beyond mere statistics. It paints a narrative of a platform gaining prominence in the competitive landscape of Layer 2 scaling solutions.

This ascent suggests that Starknet is not merely riding a wave of hype but is substantiating its value proposition, potentially positioning itself as a significant player in the Ethereum ecosystem.

At the time of writing, STRK was trading at $2.00, up 3.7% in the last 24 hours, data from Coingecko shows.

Featured image from Pexels, chart from TradingView

Экс-кикбоксер Эндрю Тейт: «Все криптовалютные трейдеры — лузеры»

bits.media/ - Tue, 02/27/2024 - 11:08
Бывший кикбоксер и популярный блогер Эндрю Тейт пренебрежительно высказался о заработке с помощью криптовалют, хотя ранее он неоднократно демонстрировал интерес к цифровым активам.

Beware Of Fake News: Ripple Isn’t Sued Again Over XRP Sales

bitcoinist.com - Tue, 02/27/2024 - 10:30

Several crypto news outlets are reporting today that Ripple has been hit with a new class action lawsuit over its XRP sales. The backdrop is a newly published document which made the round on X (formerly Twitter).

Fox Business journalist Eleanor Terrett stated, “I’ve been getting some messages about this class action lawsuit against Ripple and Brad Garlinghouse. This appears to be a notice to investors about a lawsuit pending in a Northern California district court that claims the defendants violated federal and California securities laws by offering selling XRP.”

Importantly, this is not a new class action lawsuit against Ripple. The case number in the document is No. 18-cv-06753-PJH. When checking this, one can evaluate that this is the Ripple vs. Zakinov case which dates back to May 2018. The newly released document has to be seen in context of the current status of the lawsuit.

Over nine months ago, the class led by Zakinov was granted class status. This certification paves the way for the class-action lawsuit alleging that the company unlawfully sold XRP as an unregistered security. Lead plaintiff Vladi Zakinov, who held XRP for a brief period, seeks to represent a class of XRP owners who allege that XRP is a security issued by Ripple.

In January this year, the hearing about the “Motion to Approve the Form and Manner of Class Notice” took place. This procedural step was crucial for ensuring that all individuals potentially affected by this lawsuit are properly and equitably informed about the case, their rights, and any necessary actions they may need to take.

Ripple Class Action: What’s New?

Adding a new layer to this ongoing legal saga, the law firm Susman Godfrey LLP, representing Zakinov and the class, released the document in question and launched a website, www.RippleClassAction.com.

The initiative aims to broaden the class by reaching out to potential members who purchased XRP between July 3, 2017, and June 30, 2023, and either retained their XRP or sold it at a loss. The website serves as a hub for disseminating information about the lawsuit, outlining the claims against Ripple, defining the classes involved, and explaining the rights and options available to affected individuals.

The document clearly states, “A lawsuit is pending in the United States District Court for the Northern District of California against Ripple Labs, Inc.; Ripple’s subsidiary XRP II, LLC, and Bradley Garlinghouse. The lawsuit claims that Defendants have offered and sold the digital asset XRP without registration in violation of federal and state securities laws.”

Furthermore, the document elaborates on the nature of a class action lawsuit, the specific allegations against Ripple, and the defendants’ stance, providing a comprehensive overview for those impacted. It emphasizes that the court has not yet reached a verdict on the claims, underscoring the pending trial as the next significant phase where these issues will be addressed in depth.

Notably, the trial is currently scheduled to commence in October 2024.

At press time, XRP traded at $0.55301.

Сенатор Тед Круз представил законопроект о запрете цифрового доллара

bits.media/ - Tue, 02/27/2024 - 10:22
Сенатор от штата Техас Тед Круз представил обновленный законопроект, запрещающий Федеральной резервной системе США (ФРС) запускать и внедрять цифровой доллар.

JPMorgan: Халвинг Биткоина и обновление Dencun уже включены в текущую стоимость криптовалют

bits.media/ - Tue, 02/27/2024 - 09:41
Аналитики международного инвестиционного банка JPMorgan Chase назвали три главных фактора, которые будут влиять на стоимость биткоина и эфира в ближайшие месяцы.

Bitcoin Mining Data Collection On Pause: Judge Halts Mandatory Survey

bitcoinist.com - Tue, 02/27/2024 - 07:00

Since the crypto mining ban in China in 2021, the US has become one of the largest mining hubs for Bitcoin miners. However, regulatory agencies have tightened their measures to increase their oversight over the industry.

Last month, one of the US Government agencies issued an emergency approval for the “EIA-862, Cryptocurrency Mining Facilities Report.”

The survey raised miner’s alarms as it seeks to collect sensitive data from crypto mining companies operating in the country. This concern led to a lawsuit initiated last week by several of the concerned parties.

EIA’s ‘Insufficient’ Response To The Lawsuit

On February 22, the Texas Blockchain Council (TBC), Bitcoin miner Riot Platforms, and the Chamber of Digital Commerce started a lawsuit against the US Department of Energy (DOE), the US Energy Information Administration (EIA), and the Office of Management and Budget (OMB).

The lawsuit follows the approval of an emergency survey by the OMB. EIA’s emergency request sought the collection of energy consumption data from a sample of 82 Bitcoin miners in the US.

In response to the lawsuit, EIA’s Administrator Joseph DeCarolis declared that the agency would take some measures. DeCarolis is the agent responsible for collecting, evaluating, and analyzing the data requested in the survey.

The court document shows that the EIA willingly offered to “exercise its discretion not to enforce any requirement to file the survey form EIA-862 through March 22, 2024.”

The agency also declared its commitment not to impose fines, penalties, or “other adverse consequences” if the responding parties failed to answer before March 25, 2024.

On February 23, Judge Alan Albright granted a Temporary Restraining Order (TRO) that prevents the EIA from forcing the plaintiffs to answer the survey and stops the agency from collecting data.

The judge acknowledged the EIA’s willingness to pause the survey implementation temporarily. However, the Court found the declaration to be insufficient and expressed its concern about the lack of enforcement mechanisms in the case of the EIA’s administration failing to honor the terms of the declaration:

The declaration fails to bind all Defendants, does not remove the credible threat of enforcement from other defendants (or the EIA after March 25), and does not address Plaintiffs’ alleged costs of compliance with the Survey.

US Judge Temporary Halts Bitcoin Mining Survey

The grant of the TRO follows the court’s consideration that plaintiffs have shown sufficient supporting evidence to back their complaint that “immediate and irreparable injury, loss, or damage will result if a TRO is not issued.”

The court considers the plaintiff’s three main sources of irreparable damage as credible. The reasons include the threat of prosecution if the parties fail to comply and the enforcement to disclose sensitive information related to business strategies.

As seen in the documents, the court also disagreed with the defendant’s argument presented at the court hearing, which assured that the EIA administrator’s declaration “neutralizes any credible threats of enforcement” that the plaintiffs could face:

The Court disagrees. The declaration does not bind the other Defendants. The Court understands the declaration itself to show an intent on behalf of the EIA Administrator to enforce the Survey at the expiration of its promise—March 25. A credible threat of enforcement, albeit delayed, still exists. And while this TRO will expire before March 25, it seeks to preserve the status quo.

To address the cost of compliance, another of the plaintiff’s alleged sources of injury, the EIA argued that complying with the survey is too small to be considered given the survey’s estimated time for completion of under 30 minutes.

Nonetheless, the court has found the timeframe given by the agency misleading and inaccurate, as the document shows:

Upon inspection of the Survey itself, the Court finds the 30-minute estimated time of completion is extremely inaccurate, if not grossly misleading. See ECF No. 1-8 (EIA-862, Cryptocurrency Mining Facilities Report). The Court is satisfied that Plaintiffs have shown that, without a TRO, irreparable injury will result.

Lastly, the court assesses that the arguments and evidence presented during the hearing favor the grant of the TRO as they agree that the “balance of harms” is sufficient for a restraining order.

Massive Cash Rush: Crypto Funds Surge With Over $500 Million Inflows Fueled By Bitcoin ETFs

bitcoinist.com - Tue, 02/27/2024 - 05:30

Crypto investment products have seen a notable surge in investor interest, marking their 4th consecutive week of substantial inflows. According to recent data from CoinShares, these products attracted roughly $598 million in investments over the past week alone.

This influx of capital brings the year-to-date inflows to $5.7 billion, indicating a sustained appetite for digital assets among institutional and retail investors alike.

Amidst this surge in investment, it is noteworthy that the influx has been primarily driven by the introduction of new spot Bitcoin exchange-traded funds (ETFs) in the United States. These ETFs have quickly gained traction, attracting massive amounts in net flows.

CoinShares’ Head of Research, James Butterfill, highlighted the significance of these inflows, noting that they account for 55% of the record inflows witnessed throughout 2021.

Regional Trends And Asset Performance

The data also reveals interesting regional trends in crypto investment. US-based funds led the way with the largest inflows, totaling approximately $610 million. However, despite this positive momentum, Grayscale, an “incumbent issuer,” experienced outflows of $436 million.

Meanwhile, Brazil and Switzerland recorded modest inflows of $8.2 million and $2.1 million, respectively. On the other hand, Canada saw the largest outflows of nearly $20 million from digital asset investment products.

Bitcoin-based funds dominated the inflows, attracting $570 million in investments. This surge is dominated by spot Bitcoin ETFs in the US, which have accumulated over $5.5 billion in net flows since their launch earlier this year.

Ethereum products also experienced notable inflows, totaling $17 million. Additionally, Chainlink and XRP-based funds saw significant inflows of $1.8 million and $1.1 million, respectively.

Crypto Market Outlook And Investor Sentiment

Despite the positive momentum in crypto investment products, certain assets faced challenges. Solana investment products saw outflows for the second consecutive week, accumulating to a total of $3 million.

Butterfill attributed this downturn to the network’s recent temporary downtime. Furthermore, blockchain-related stocks saw persistent outflows totaling $81 million. According to Butterfill, this indicates a sense of caution prevailing among investors in the present market conditions.

It is worth noting that the overall trajectory of the global cryptocurrency market has been largely positive. Notably, the total market capitalization of crypto assets has recently surpassed the $2 trillion mark and shows a further increase of nearly 1% over the past 24 hours.

This surge in market capitalization can be attributed to the significant gains observed in cryptocurrencies such as Bitcoin and Ethereum, along with other major digital assets in the market. Despite experiencing a minor decrease of 1.7% in the past week, Bitcoin has maintained a substantial growth rate of over 20% throughout the past month.

Featured image from Unsplash, Chart from TradingView

Crypto Exchange BitForex Plunges Into Crisis Mode As $57M Exits And Website Goes Offline

bitcoinist.com - Tue, 02/27/2024 - 04:00

Hong Kong-based cryptocurrency exchange BitForex was scrutinized after its website went offline following the reported withdrawal of $57 million from the exchange’s hot wallets on February 23. 

BitForex Shaken By Wash Trading Scandal And Website Shutdown

The incident was initially brought to light by decentralized finance (DeFi) detective ZachXBT on X (formerly Twitter), raising concerns about the exchange’s operations. BitForex has not issued any official statements regarding the situation, leaving users seeking answers on X/Telegram.

One month before the incident, BitForex’s CEO Jason Luo announced his departure, expressing confidence in the new leadership team’s ability to guide the exchange towards “greater horizons.” However, the sudden withdrawal of funds and subsequent website shutdown have intensified doubts surrounding BitForex’s operations.

Further allegations emerged in a report by digital assets data provider Kaiko on February 9, indicating that BitForex had the highest number of pairs with outsized volumes relative to their depth. 

This raised suspicions of potential wash trading, a manipulative practice to create artificial trading volume. The report highlighted particular concerns regarding the Litecoin (LTC) and Filecoin (FIL) pairs on BitForex, where volume figures appeared inconsistent with trade dynamics observed on reputable exchanges like Binance and Coinbase.

Kaiko’s analysis employed a volume/depth ratio and tick-level trades to identify potential wash trading patterns. Notably, BitForex’s reported volumes did not align with trends seen on other exchanges, and irregular volume patterns were observed for Polkadot (DOT) and LTC markets. 

Additionally, BitForex’s claim of higher volumes compared to major exchanges like Coinbase was contradicted by significantly lower web traffic, casting doubt on the veracity of their volume claims.

Credibility Crisis? 

Another red flag raised in the analysis was the presence of high spreads on the exchange, which indicated thinly traded and illiquid markets, according to Kaiko. 

Despite claiming significant volumes, the report noted that BitForex’s spreads were considerably higher than those observed on more liquid pairs on top exchanges. The discrepancy between reported volumes and actual trading conditions further called into question the reliability of BitForex’s volume data.

As the situation unfolds, the crypto community awaits official statements from executives regarding the $57 million outflow and the offline website. The allegations of wash trading and suspicious volume patterns add to the exchange’s credibility concerns. 

At the time of writing, the global cryptocurrency market continues to grow, with the total market capitalization currently standing at an impressive $1.94 trillion. Despite a slight dip of -0.26% over the past 24 hours, the market cap has increased by 84.79% compared to last year.

On the other hand, Bitcoin’s (BTC) market cap has passed a significant milestone, reaching $1.05 trillion, as it currently trades at the $51,100 level, down a slight 0.1% over the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com

Shiba Inu Founder Reveals The “End Vision” For The Ecosystem

bitcoinist.com - Tue, 02/27/2024 - 03:00

Ryoshi, the pseudonymous founder of Shiba Inu, the second-largest meme coin in the crypto market, has released a bullish message for the SHIB community. Ryoshi, who has been out of the limelight for a while, passed the message through Lucie, the marketing lead behind the Shiba Inu project.

This Is Just The Beginning

The message that was shared by Lucie carried the founder’s vision for the Shiba Inu project and its ecosystem at large. Shibarium, the Ethereum Layer 2 blockchain developed by the Shiba Inu team, was not left out of the statement as it features heavily in what Ryoshi described as the “End vision.”

Firstly, the founder’s message takes out time to praise the SHIB community which they explain has become an organic organism. The founder further expresses that the community is “greater than any one man, movement or even nation-state.” Given this, Ryoshi explains that it is imperative that all ideas are implemented properly to ensure a proper foundation for the ecosystem to grow into the future.

As for the vision for the project, the founder explains that it involves the ecosystem tokens all performing and carrying out the utilities that they were designed for. The tokens in question include Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), Treat (TREAT), and the latest addition, which is the SHI token.

However, the main focus was on SHI, which the founder expects to “slowly but surely become the immutable globalized exchange of value.” The adoption that Ryoshi envisions goes beyond the big players adopting the coin, but rather a top-to-bottom approach that reaches even small traders around the world.

“Imagine a fish market vendor in Durbs accepting 330 SHI for his dorado(of course tx fees will be minimal/none when run on the #Shibarium),” the founder stated. “I give you this end vision. now build towards it. Love always, Ryoshi,” he said in conclusion.

Shiba Inu Founder Remains Unknown

The identity of Ryoshi has remained unknown despite the Shiba Inu project being almost four years old. As the project, which was launched in 2020, gained traction over the years, Ryoshi continued to pull back from the public eye until the official X (formerly Twitter) account, which currently has over 206,000 followers, was wiped clean back in May 2022.

This move was preceded by two farewell posts that were made by the founder on Medium, where they explained that they were not important and would be gone without notice. In addition, the founder urged the community to continue the Shiba Inu journey.

Ryoshi’s X (formerly Twitter) account has remained inactive without any posts for almost two years. However, other members of the Shiba Inu team continue to be very involved and active on social media, including Lead Developer Shytoshi Kusama and Marketing Lead Lucie.

SHIB Community Petitions Grayscale To Launch Shiba Inu ETF

bitcoinist.com - Tue, 02/27/2024 - 02:00

Community petitions are not new to the Shiba Inu community, and they have been used a number of times to try to get attention for different initiatives. This time around, the SHIB community is petitioning Grayscale Investments, which has launched a number of Crypto exchange-traded funds (ETFs), to look into launching a Shiba Inu ETF.

Petition For Shiba Inu ETF Goes Live

The petition for Grayscale Investments to launch a Shiba Inu ETF has been making its way across social media in the last day. This petition was launched on Change.org, a popular website for those who seek to draw attention to a particular cause.

This particular petition, which was shared by Shiba Inu Marketing Lead Lucie on X (formerly Twitter), was started on February 25, 2024, by the user SHIB ARMY, and the petition is directed at Michael Sonnenshein, who is the current Chief Executive Officer (CEO) of Grayscale Investments.

SHIB ARMY, which claims to represent “a collective of investors, digital currency aficionados, and proponents of the transformative potential of cryptocurrencies,” asks Grayscale Investments to “assess the viability, market demand, and potential impact of introducing a Shiba Inu ETF.”

The collective gives a number of reasons as to why the meme coin could be a good candidate for an ETF. Firstly, they point to ‘Market Demand Indicator’ using Google Trends data to show that Shiba Inu is favored by United States investors only behind Bitcoin, beating out the likes of Ethereum and XRP in popularity.

Another reason given is that the Shiba Inu cryptocurrency adheres to regulatory standards. This is because it is an ERC-20 token currently built on the Ethereum blockchain, which “notably satisfies the Howey Test criteria, affirming its status as a non-security under U.S. law.”

Furthermore, they state that by launching a Shiba Inu ETF, Grayscale would be responding to investors’ demands and be a market leader when it comes to “incorporating new cryptocurrencies into structured investment vehicles.”

Last but not least, they argue that, by launching a SHIB ETF, it would improve accessibility and investment exposure. “An ETF would simplify for a broader audience the process of investing in SHIB, removing the hurdles associated with direct purchases and digital wallet management,” the petition reads.

The petition, which currently has a goal of 1,000 signatures, has already garnered more than 50% of the required signatures. As of the time of writing, the petition is sitting at 623 signatures, 478 of which were signed in the last day.

Other instances where the Shiba Inu community has used petitions to further their cause include the petition for Binance to list the BONE token and the petition for Robinhood to list Shiba Inu in 2021, which received over 250,000 signatures.


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