Category: Cryptocurrency News

Off the back of the much-anticipated Shibarium launch, the SHIB burn rate has seen a tremendous rise. This surge in the burn rate comes despite the Layer 2 blockchain running into problems on the day of its launch last week, and still being in private mode. But while it could point to renewed vigor among the meme coin’s investors, something else seems to be driving this accelerated burn rate. SHIB Burn Rate Is Up 1,108% In One Day According to data from Shiba Inu burn tracking website Shibburn, there has been a remarkable increase in burn rate in the last 24 hours compared to the prior day. In total, there have been over 1.046 billion tokens burned, which translates to a 1,108.78% increase during this timeframe. Related Reading: AVAX Price Bucks Under The Pressure Of Upcoming $102 Million Token Unlock This is in stark contrast to the previous day’s figures which came out at around 100 million tokens burned. However, while the jump in burn rate is interesting, the address doing most of the SHIB burn is even more interesting. Looking at the burn addresses posted by Shibburn, one address keeps popping up and that is the 0x4be2 address. A quick look on-chain revealed that this address is actually the contract address for the MARSWAP (MSWAP) token. Burn rate up over 1,100% | Source: Shibburn This token seems to dedicate a portion of fees generated from transactions toward SHIB burn and as it gains popularity, the number of SHIB tokens being burned has jumped. So far, Marswap accounts for about 40% of burnt tokens. But a single address, 0xcf6d, which is the ShibaSwap LP Token (SSLP) contract address, burned 418,719,732 tokens in what has been the single largest burn event in the last day. Token price remains highly volatile | Source: SHIBUSD on Tradingview.com How Is The Token Price Responding? Despite the marked increase in the SHIB burn rate, the price of the meme coin has not responded as positively as expected. The token price seems to be keeping in line with the general crypto market sentiment and continues to trade in the red. Related Reading: Bitcoin Liquidations Top $500 Million Amid $1 Billion Crypto Decimation Although there has been a small shift in the last hour at the time of this writing, with SHIB’s price moving up a meager 0.16%, its price is still taking losses of 1.48% on the daily chart. Even more concerning is its significant loss of 21.94% on the weekly chart. Given this trend, it is unlikely that SHIB will make a break from the market and rally. Rather, a recovery from here will follow a Bitcoin rise. However, one event that could trigger a recovery is the Shibarium relaunch. According to lead developer Shytoshi Kusama, the layer 2 network could be gearing up for a relaunch in the coming days. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Analytics Insight, chart from TradingView.com

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Private property rights are essential in a proper functioning democracy. If a democratic system begins to criminalize the ownership of private property, it risks descending into totalitarianism. The ownership of crypto property is the same as owing Pokemon cards, comic books, or other collectibles. Decentralized Finance (DEFI) empowers individual citizens to create a market that…
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The Avalanche token (AVAX), like most other altcoins, felt the bearish impact of the general market downturn, which resulted in a billion-dollar liquidation in the crypto market. Historical price data, however, shows that AVAX has been experiencing selling pressure long before this recent market crash. As expected, the struggling price of the Avalanche token has also been reflected in the portfolio of the cryptocurrency’s investors, who seem to be drowning in losses at the moment. AVAX Holders In Profit Reach All-Time Low: IntoTheBlock On Tuesday, August 22, market intelligence platform IntoTheBlock revealed – via a post on X (formerly Twitter) – that the number of AVAX holders in profit is at an all-time low.  According to IntoTheBlock data, approximately 99.5% of AVAX holders are at a loss. This metric implies that nearly all investors in this cryptocurrency bought at a higher price and are currently holding at a loss due to the sustained bearish trend. Related Reading: XRP About-Face Sparks Another Descent – What Lies Ahead? From a historical perspective, AVAX holders have witnessed similar levels of loss in the past, albeit not to this extent. The on-chain tracker reported that the number of AVAX holders in profit was almost as low in June and December 2022. It is worth noting that these losses are unrealized, and they only become real when the Avalanche tokens – being held – are traded off. Although a high number of crypto holders in loss is not exactly a positive signal, it can be an indication that investors are yet to lose faith in a token and may even be banking on a recovery. Avalanche Price Dips 17% In A Single Week As mentioned earlier, the AVAX price has been struggling long before the recent market downturn, down by 52% from its yearly high of 21.37%. Unfortunately, the Avalanche market has been in a steep decline since notching a swing high in April. In the past week, which coincided with the $1-billion market liquidation, AVAX has lost more than 17% of its value. Furthermore, a broader look at the market data shows that the token is on a nearly 25% decline in the last 30 days. Related Reading: XRP Price Shows Confluence Of Bearish Factors and Could Decline Again The future doesn’t look particularly bright for AVAX, especially with its upcoming token unlock event. A total of 9.54 million tokens is set to be unlocked on August 26, with a large portion of the unlocked tokens expected to hit the open market, potentially exacerbating the struggles of the Avalanche price. According to CoinGecko data, AVAX is currently valued at $10.20, registering a 3.5% price decline in the past 24 hours. With a market cap of roughly $3.52 billion, the Avalanche token ranks as the 22nd-largest cryptocurrency in the market. Avalanche price suffers further decline on daily timeframe | Source: AVAXUSDT chart on TradingView Featured image from Investopedia, chart from TradingView

Nathaniel Chastain will reportedly have until Nov. 2 to surrender himself following his conviction for wire fraud and money laundering related to insider trading on OpenSea.

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The US Securities and Exchange Commission’s (SEC) legal tussle with Ripple over the XRP token may have significantly set its trajectory back in the US market. Crypto lawyer John Deaton explained this in an X (formerly known as Twiter) post uploaded earlier today, shedding light on the ramifications of the SEC’s lawsuit on XRP’s potential adoption in the US. You could NEVER underestimate the damage the SEC’s lawsuit has caused – NOT ONLY AGAINST RIPPLE – BUT #XRP. THREE YEARS OF ADOPTION – that’s what it’s caused. Just how long is 3 yrs – in crypto years? People seem to forget how much Coinbase promoted #XRP before the lawsuit.… https://t.co/1fZ3r8WCSd pic.twitter.com/GLu4kFUU38 — John E Deaton (@JohnEDeaton1) August 22, 2023 The comments come when discussions about regulatory clarity in crypto are more intense than ever, with token holders striving for clearer guidelines in the North American country. Related Reading: XRP About-Face Sparks Another Descent – What Lies Ahead? The Coinbase Connection According to Deaton, Coinbase, one of the pioneering cryptocurrency exchanges in the US, was at the forefront of promoting XRP before regulatory challenges arose. Deaton pointed out that before listing XRP, Coinbase proactively reached out to the SEC for clarity. In a meeting held in January 2019, Coinbase presented its regulatory framework for evaluating digital assets – a framework that had previously garnered admiration from senior SEC staff. With no objections raised by the SEC, Coinbase proceeded to list XRP the following month. In fact, in January 2019 Coinbase asked for and got a meeting with the @SECGov to SPECIFICALLY DISCUSS THE REGULATORY STATUS OF #XRP! Coinbase explained to the SEC that Coinbase had evaluated #XRP and ran it through Coinbase’s stringent regulatory framework for digital assets. — John E Deaton (@JohnEDeaton1) August 22, 2023 Furthermore, the fact wasn’t just restricted to Coinbase. Payment processing giant MoneyGram, which had established a partnership with Ripple for remittances, disclosed its intentions to integrate with the XRP  Ledger through a formal filing with the SEC. Much like the Coinbase instance, MoneyGram didn’t receive any complaint from the regulatory body either, but the ensuing legal battle halted the company’s plans.  The Controversial Lawsuit And Its Implications For XRP Contrary to these initial interactions, the SEC filed a lawsuit against Ripple in December 2020. Deaton emphasized that several industry stakeholders, including the lawyers at MoneyGram and Coinbase, assessed XRP and determined it was not a security. Yet, the SEC’s lawsuit against Ripple painted a contrasting narrative. Amazingly, despite all the above (and so much more), on December 22, 2020, less than 2 years AFTER Coinbase met with the SEC about #XRP, and 18 months AFTER MoneyGram disclosed to the SEC it was utilizing #XRP, and despite lawyers at the SEC not concluding #XRP was a security in… — John E Deaton (@JohnEDeaton1) August 22, 2023 The following legal battle created was felt across the crypto industry. It raised questions about the regulatory landscape and brought forth discussions about the nature of cryptocurrencies and how they are classified in the US.  While Ripple has seen commendable success outside the US, Deaton underscored that the lawsuit undeniably hindered XRP’s adoption within the country. Related Reading: XRP Price Shows Confluence Of Bearish Factors and Could Decline Again From Deaton’s perspective, the evidence gathered over the past three years suggested that the lawsuit may have been part of a strategy. While it remains speculative to conclude the exact motivations behind the SEC’s actions, the impact on XRP’s US adoption and the broader crypto market has been palpable. Deaton concluded: It is so clear the lawsuit was used as a weapon. I said it only 9 days after the Ripple lawsuit in a federal pleading, when I filed the Writ of Mandamus against the SEC, and all the evidence uncovered during the last 3 years proves it to be true. Featured image from Unsplash, Chart from TradingView

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