Category: NEWS

The Terra meltdown could understandably cause investors to wonder if Shiba Inu might be next. Among the coins that have recorded a good recovery this time is Shiba Inu, which had been one of the cryptocurrencies hardest hit by the bear market. But cryptocurrency experts warn that Shiba Inu is not out of the woods yet. There are still many threats surrounding this coin that could turn it into the next Luna.

According to crypto experts, Shiba Inu is almost in the same category as Luna. They are projects that have not been built on a solid product. They have no real use cases. The biggest challenge for the Shiba Inu project is the lack of usability. This is because Shiba Inu started as a meme currency and built its huge market cap based on hype and not on a real product.

This is why experts warn that Shiba Inu could be the next Terra Luna, especially if the whales continue to sell. Lack of use cases has also been identified as one of the main reasons why the price of Shiba Inu has plummeted in the last 6 months.

The Terra meltdown could understandably cause investors to wonder if Shiba Inu might be next.Lead Shiba Inu developer Shytoshi Kusama recently revealed in an online post on Medium that the stablecoin project “is nearing completion.” One key difference between the Shiba Inu stablecoin (referred to as SHIB) and TerraUSD is that it will be pegged to US$0.01 rather than US$1. Shiba Inu’s founder believes that this will make stablecoin even more stable.

However, Shiba Inu isn’t the only coin that investors are being warned of. Neither is it the first time that such warnings have been issued.

BNB (Binance Coin) is the token that fuels all operations on Binance exchange. Binance Coin was issued as an ERC20 token on Ethereum blockchain but now it has moved to its own mainnet chain.

Binance Coin (BNB) on Tuesday briefly surpassed USD Coin (USDC) to become the fourth largest cryptocurrency in the world by market value. At the time of writing, BNB was trading in the green with a market value of $52.19 billion. On the other hand, USDC held a market capitalisation of $53.9 billion onTuesday.

Binance Coin price moved up by 0.84% in 24h. Binance Coin last traded price is Rs 26,183

BNB Coin a cryptocurrency that is used primarily to pay transaction and trading fees on the Binance exchange.Binance Exchange is the largest cryptocurrency exchange in the world, with a volume of $7.6 billion.

𝘼𝙢𝙪𝙨𝙞𝙣𝙜 𝙁𝙖𝙘𝙩: In May 2022, BNB was the fifth-largest cryptocurrency by market capitalization, behind only Bitcoin, Ethereum, USD Tether, and USD Coin.2

Terra has launched a new version of its failed luna cryptocurrency, which plunged to $0 this month.At its height, the old luna now known as “luna classic” – had a circulating supply of over $40 billion.

After Luna 2.0 was launched, it hit a high of nearly $20. It is currently valued at around $6.27, a near 75 per cent drop.

The new Terra 2.0 (LUNA) crypto asset dropped by nearly 80% immediately after founder Do Kwon announced its launch over the weekend.The new altcoin was airdropped to holders of the old LUNA following its collapse in early May, after the Terra community voted for the genesis of a new blockchain.Launching near the $18 mark, LUNA went aslow as $4.39, and has traded more or less sideways since then.

The whole cryptocurrency market is still trying to recover from the crash earlier this month following the fall of the stablecoin Terra.However, its founder Do Kwon has not given up. On Saturday, Terra developers relaunched a new version of Luna, the crypto linked to Terra, which was supposed to help keep the stablecoin pegged to $1. Unfortunately for Terra and Luna advocates, Luna 2.0, as it’s being called, is already tanking.

Bitcoin is showing signs of bottoming out after sliding for nine straight weeks for the first time in its history, data has shown. The Relative Strength Index (RSI) readings of the coin have fallen to nearly 30, suggesting signs of bottoming out.Bitcoin has added 5.6% in the last day to rise above $30,000 on Monday.

Meanwhile the Bitcoin Lightning Network capacity attained an all-time high of 3915.776 BTC, data showed. It displayed a commitment to the cause of improving BTC transaction speeds and reducing fees over the layer-2 protocol. The Bitcoin LN was first implemented into the Bitcoin main net in 2018 to address Bitcoin’s scalability issues.

On the other hand, The value of BNB, the world’s fifth largest coin by market capitalisation, surged by 4.7% in one day to reach $315.75 on Monday. In the last seven days, BNB’s value has in total dropped by 4.29%. Its trading volume currently stands at over $1.63 billion, reporting a 32.15% rise since yesterday.

With an addition of over 96 million more Shiba Inu (SHIB), the total number of SHIBS burnt during past seven days has reached to 2.41 billion. Latest data revealed that over 2.41 billion Shiba Inu tokens were burnt with nearly 236 separate transactions. In last 24 hours, 96.95 million tokens were burnt through 19 transactions.

Meanwhile Shiba Inu Founder Ryoshi deletes all tweets, blogs.

Ryoshi, the anonymous Founder of Shiba Inu, has deleted all their tweets and Shiba Inu blogs from Medium website. Ryoshi’s Twitter profile picture has been changed to a picture of Buddhist yogi Jetsun Milarepa. Their Twitter bio, which earlier read “SHIB and LEASH Founder”, has also been removed. Ryoshi’s Medium webpage now reads, “ERROR…410. User deactivated or deleted their account.”

After deleting all their tweets and blogs, Shiba Inu’s anonymous Founder Ryoshi published a blog reading, “I’m not important, and one day I’ll be gone without notice… Take the SHIBA and journey upwards frens.” In another post, Ryoshi wrote, “Every Shibarmy is Ryoshi.” Ryoshi also told SHIB’s developer Shytoshi Kusama to post an update “ASAP” and not make people guess puzzles.

Bitcoin traded above Rs 24 lakh. The market dominance of the world’s largest cryptocurrency dropped 0.09 percent to 45.84 percent over the last day.

Major cryptocurrencies traded in the green early on May 30 as the global crypto market cap rose 4.43 percent to $1.25 trillion over the last day. The total crypto market volume over the last 24 hours rose 4.74 percent to $53.47 billion.

The total volume in DeFi stood at $5.55 billion, 10.37 percent of the total crypto market 24 hour volume. The volume of all stable coins was $45.25 billion, which is 84.62 percent of the total crypto market 24-hour volume.

Meanwhile TRON stablecoin surpasses $600 mn in market cap weeks after launchTRON’s decentralised stablecoin USD (USDD), similar to Terra’s recently crashed TerraUSD (UST) stablecoin, has surpassed $600 million in market capitalisation within weeks of its launch on May 5. Currently, USDD stands at rank 72 in terms of market capitalisation. By comparison, TerraUSD, launched in November 2020, gained a market capitalisation of $150 million in the first four weeks.

As per Tronscan, the total number of TRX burned corresponding to TRON’S decentralised stablecoin, USDD, has crossed 7.2 billion tokens. Meanwhile, TRON blockchain Founder Justin Sun hinted that he’s aiming for the 8 billion TRX burn mark. The total supply of USDD has exceeded over 600 million. With the mint of each USDD, $1 worth of TRX tokens are burned.

As per Shibburn, 2,417,015,301 Shiba Inu tokens worth over $26,000 were burned over the past seven days. It took 236 transactions to send these tokens to dead wallets.

Over 168 million tokens were burned over the past 24 hours (from Saturday morning-Sunday morning). Burning tokens may, in theory, increase the cryptocurrency’s price due to its scarcity in the market.

Shiba Inu’s buying pressure has increased as trading activity on crypto exchange Coinbase shows 78% of investors have placed the cryptocurrency on ‘buy’, while it has been kept on ‘sell’ by only 22% of investors.

This is the first time that SHIB’s buying pressure has crossed 70% since March. The cryptocurrency is currently trading at around $0.00001056.