Nigeria users of the crypto exchange AAX, which suspended withdrawals on Nov. 12, reportedly stormed its offices in Lagos and began assaulting employees. Reports that disgruntled AAX users have harassed the crypto exchange’s workers came just days after the Nigerian crypto and blockchain advocacy group asked to refrain from doing so. Meanwhile, the former vice […]
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The crypto market’s overall performance has not been impressive, including memecoins like SHIB. The prices of almost all crypto assets declined over the past few weeks. But then, the story changed just when it seemed like the market was to witness high volatility. With the strong influence of the bears, the value of digital assets took to the south. In addition, the recent collapse of one of the world’s prominent crypto exchanges, FTX, spiked an unfavorable shift in the space. Related Reading: FTX Crash Triggers Major Selloff In Solana Price – How Deep Will SOL Dive? Following the trend in the market, the leading memecoins have shown strength in their movement. Though the entire market suffered, memecoins fared more positively than most crypto tokens. Over the last week, Dogecoin (DOGE) rose by almost 14%. On its part, Shiba Inu (SHIB) has given a tremendous upward movement. This new strength in SHIB is raising eyes if the token could make more positive progress in the coming weeks. Will SHIB Record A Price Jump Soon? Despite the prevailing bearish market trend and other negative factors, SHIB displayed an impressive record. Several top whales have had massive SHIB holdings through the thin period. As per data from Whalestats, Shiba Inu recorded up to 500 Ethereum whales that hold more than $76 billion worth of SHIB. Furthermore, it reported that the past two weeks had not significantly changed the SHIB holdings of the top 100 whales on the Ethereum chain. Shiba Inu gathered more value as Elon Musk took over Twitter. This created a spike in the value of SHIB, causing the coin to hit a new ATH in October 2022. After Musk’s acquisition, Shiba Inu was competing favorably against Dogecoin. As a result, arguments erupted online over which memecoin between SHIB and DOGE will hit $1 first. Even though the collapse of the FTX crypto exchange drained what the memecoin accrued during the period, there’s still hope for it. SHIB, One Of The Safest Crypto Coins? The crypto space has been facing growing fear and doubts with the collapse of FTX and the twists of events that followed it. As a result, investors now desire safe investment options in the crypto market to secure their funds. A report from Santiment Insights highlighted Shiba Inu as one of the safest coins for investment in the current crypto market. Related Reading: Chainlink May Rise 25% This Week As Bulls Work To Reclaim Its Pre-Crash Value On-chain, data revealed the transfer of about 1.8 trillion SHIB coins in several exchanges early this week. Also, there were similar transfers of Shiba Inu from giant whales following the collapse of the FTX crypto exchange. According to Santiment, Shiba and Uniswap are historically within the assets group with the lowest purchasing risk. However, they are at the bottom among the top 10 tokens based on Market Cap versus Realised Cap (MVRV) calculations. Featured image from Pixabay, chart from TradingView.com
Bitcoin and the entire crypto market bleed due to many challenges that have befallen the industry. From the Terra crash and continuous interest rate hikes to FTX implosion, the market hasn’t enjoyed a whole month of positive price trend. Related Reading: FTX Crash Triggers Major Selloff In Solana Price – How Deep Will SOL Dive? As the investors cry about the loss of investment funds, the miners of Bitcoin struggle to remain afloat. As a result, BTC price has continued to plummet even with the increasing electricity costs for miners’ operations. But, surprisingly, many miners in Russia will buy mining rigs now. Why Are Russian Miners Buying Bitcoin Mining Rigs? According to Kommersant’s recent report, many miners in Russia are grabbing more Bitcoin rigs in Q4 of 2022. In addition, the researchers discovered that the sale of ASIC rigs skyrocketed at the end of the year. This is surprising given the continuous fall of crypto assets in the market. On a closer look, it became clear that Russian miners enjoy cheaper electricity costs. In addition, the country provided more affordable electricity for many regions, making it easier for households and businesses in those places to flourish. So, while other miners in countries with high power cost struggle, their Russian counterparts have it more accessible. Another reason for gathering more ASIC crypto mining rigs is because of the cheap offer for the equipment. As a result, ASIC prices fell in the country, spurring many miners into action to acquire more. More reason that led to this surge in mining rig purchases was the rising interest in crypto mining as a viable investment opportunity. According to Xive co-founder Didar Bekbauov, bitcoin mining became attractive because of lesser investment opportunities, sanctions, and the high-tech qualifications of many people in the country. The buying spree started after the Ministry of Finance of the Russian Federation (MiFin) and the Bank of Russia (BoR) agreed to support crypto mining. But they allowed it in regions with more energy allocations, not those with scarce energy supply. Secondly, Russian regulators introduced a bill to legalize mining and the sale of mined assets in the country. This bill came up in the Russian State Duma, the lower parliament. Also, financial analyst Vladislav Antony stated that the lower ASIC mining rigs price, which is now close to the production costs, is a good encouragement for new investors. Mining revenues in Russia have increased recently, even with the BTC price recording a near two-year low. Mining Rigs Vendors Sales Report One of the distributors of mining rigs in Russia, Chikot, recorded more sales in October and November. This was different from their Q3 records. Data shows that Chikot sales in Q1 to 3 were higher than 2021 sales by 65%. By August and October 2022, the hardware price fell by nearly 20% and remained the same for the following months. Related Reading: Chainlink May Rise 25% This Week As Bulls Work To Reclaim Its Pre-Crash Value As a result, Chikot even recorded a 30% increase in mining rig purchases in one transaction, different from early 2022 records. Featured image from Pixabay, chart from TradingView.com
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I made a key, used it a LOT, and then I accidentally got phished, and all the money and NFTs were taken. Fast forward to now, I have some "private keys" including the one to the wallet that was compromised. I have no phrases for these keys, and I can see I created them in…
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Answering the question ‘Who has/had the oldest mined Bitcoin?’ an anonymous member shared a signature dating back to January 2009, just a week after Bitcoin came into existence.
Russia’s market for specialized crypto mining equipment has been seeing high demand over the past couple of months, with buyers attracted by the low price tags. Russian experts also predict an increase in the supply of used coin minting hardware as large foreign companies leave the industry. Russian Demand for Powerful ASIC Miners Skyrockets in […]
I just recently found out I had my ETH drained from my metamask account. It was irresponsible to leave there and it's pretty devastating. The transaction. Hackers Address. I don't get how it happened. I haven't touched the wallet for months. My seed phrase is stored offline in a dead device. The transaction is not…
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