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  • KULR launches Bitcoin treasury with $21m BTC purchase

    KULR launches Bitcoin treasury with $21m BTC purchase

    • The $21 million BTC purchase follows the KULR’s announcement on Dec. 4.
    • Other companies to launch a Bitcoin treasury strategy in recent weeks include Rumble, Marathon Digital, Semler Scientific and Thumzup.
    • MicroStrategy is the biggest corporate holder of Bitcoin with over 444k BTC

    KULR Technology Group, Inc., listed on the New York Stock Exchange, is the latest tech company to adopt Bitcoin as a treasury asset.

    A few weeks after the energy management platform announced plans to add BTC to its treasury, the company announced on Dec. 26 that it had officially begun the initiative. KULR said in a press release that its first purchase involved 217.18 bitcoin acquired for $21 million.

    KULR’s bitcoin bag was acquired at the average purchase price of $96,556.53 per BTC.

    On Dec. 4, when the publicly-listed company disclosed its Bitcoin treasury strategy, it revealed plans that included allocating up to 90% of the firm’s surplus cash to the flagship cryptocurrency.

    With sentiment extremely bullish amid the anticipation around pro-crypto Donald Trump’s administration, several companies have adopted or disclosed plans to add BTC to their treasury strategies..

    These include Rumble, Boyaa Interactive, Thumzup and BTC miner Marathon Digital.

    Metaplanet became known as ‘Asia’s MicroStrategy’ after adopting the BTC strategy to lead the Asian charge. MicroStrategy has regularly bought Bitcoin since its first purchase in 2020, and currently holds 444,262 BTC acquired for over $27 billion.

    “The $21 million of BTC purchased since the announcement is the first of ongoing purchases the Company intends to make going forward,” KURL noted in its announcement on Boxing Day. Coinbase Prime will offer custody and wallet services for KURL’s haul of BTC.

    Bitcoin traded around $95,670 at the time of writing, about 3% down in the past 24 hours.

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  • Shiba Memu presale hits $2.1M as Shiba Inu’s Shibarium faces challenges

    Shiba Memu presale hits $2.1M as Shiba Inu’s Shibarium faces challenges

    • The highly-anticipated Shibarium layer-2 network is having problems with its bridge contract.
    • Approximately $1.7 million worth of Ethereum is currently stuck on the bridge contract.
    • Shibarium launch was expected to add some impetus to the price of SHIB but that has not happened.

    The much-hyped layer-2 network of Shiba Inu, Shibarium, is having significant problems a day after its launch. The network was expected to turn the tables of the SHIB token, which has been under bearish pressure for the last seven days; but that has not been the case. The token has dropped by over 10% since the Shibarium went live.

    But as the future of Shiba Inu hangs on tenterhooks, another Shiba-themed meme coin called Shiba Memu (SHMU) is taking the crypto space by storm with its token presale which has hit $2.1 million in a little over a month. Shiba Memu is leveraging the power of artificial intelligence (AI) and the hype around meme coins.

    What is happening with Shibarium?

    According to an analysis of the Shibarium network’s bridge contract, which transfers money from Ethereum to the layer-2 solution, there is currently $1.7 million worth of Ethereum stranded between the two networks.

    The locked status of the funds has been confirmed by the blockchain security team Beosin, who has advised people to stop using Shibarium temporarily.

    In addition to the locked-up tokens, blockchain sleuth ZachXBT highlighted that $762,000 worth of BONE, a Shibarium governance token, was sent to the bridge contract.

    According to the information on BlockScout, only 236 transactions had been validated on Shibarium Network almost two days after the network was launched.

    Some users have pointed out issues with Shibarium’s remote procedure call (RPC) system, which allows access to a network’s server node to communicate with the blockchain.

    The response by Shiba Inu’s developer

    Interestingly, the pseudonymous Shiba Inu developer Shytoshi Kusama repudiated reports that what Shibarium was facing was “a bridge issue.” In a newsletter, Kusama said:

    “Our technical difficulties are due to the massive amount of traffic we experienced within moments on Shibarium,” they said. “The team is working tirelessly to fix the issue and scale so that we can give the ShibArmy the experience they deserve. All funds are safe.”

    A moderator in Shibarium’s Discord also stated that “as a precautionary measure,” admins “have temporarily restricted access to certain channels due to the spread of misinformation and fake websites.”

    What Shibarium’s misfortunes mean for Shiba Memu

    Well, Shiba Inu stands out as a major rival to Shiba Memu and its mishaps could only be translated to mean an advantage to the new Shiba Memu project, which is already on course to become the most popular meme coin project.

    Shiba Memu is a revolutionary token combining AI and the latest technology to create an entirely self-sufficient marketing powerhouse, deviating from the norm of most meme coins which purely depend on community involvement.

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