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Shibarium’s beta phase saw a total of 21 million wallets on the L2, driving the interest of users months before the launch. Shiba Inu launched the Shibarium mainnet , an Ethereum layer-2 scaling solution, on Aug. 16 after months of testing that saw millions of users participate and 21 million wallets created. Shibarium is built on a new consensus mechanism called proof-of-participation (PoP), which works by selecting validators in proportion to their quantity of holdings in the associated cryptocurrency. This is done to avoid the computational cost of proof-of-work schemes. The new L2 blockchain solution is designed to interact with the primary Ethereum layer-1 blockchain , providing a more scalable and cost-effective transaction platform. Shiba Inu (SHIB) rose to popularity during the bull market of 2020–2021, even briefly overtaking the OG meme cryptocurrency, Dogecoin (DOGE). However, it couldn’t hold onto its gains for long and lost more than 80% of its valuation during the bear ...

Cardano (ADA) has been experiencing a noteworthy surge in accumulation despite prevailing bearish sentiment in the market.  Despite a 35% decline in its market cap over the last four months since the yearly peak, trader sentiment toward Cardano remains subdued. However, this hasn’t dissuaded large holders from showing a continued interest in the asset. Per the data from Santiment, the number of wallets holding 100,000 or more ADA tokens has reached its highest level in 16 months, with a current count of 25,294 such addresses.  Trader sentiment toward #Cardano continues to be low as its market cap is down 35% since topping 4 months ago. However, the sharks & whales haven't been as deterred as one may think. There are now 25,294 wallets with 100K+ $ADA, the most in 16 months. https://t.co/Q5XKveRh5n pic.twitter.com/D0dcfM6LAy — Santiment (@santimentfeed) August 14, 2023 This accumulation trend bucks the overall market sentiment, indicating a strong ...

A Curve Finance hack sparked a sharp sell-off, and while DeFi traders stepped in to support CRV, the possibility of a contagion-level event remains. On July 30, Curve Finance, a decentralized exchange on Ethereum, suffered a hack due to a vulnerability in certain pools built using the Vyper programming language. The price of CRV dropped 20.91% on the day of the hack, falling to a two-month low of $0.58. On the next day, the decline in CRV continued to drop toward a seven-month low at $0.48 amid fears of liquid ation risks of hefty loans worth $100 million taken by Curve Finance founder Micheal Egorov against CRV as collateral. However, positive development with partial repayment of loans and significant negative bets in the derivatives market suggest that CRV may rally in the short term. The DeFi community comes to save CRV On Aug. 1, Egorov sold 39.25 million CRV tokens for stablecoins to a number of notable DeFi investors like Justin Sun, Machi Big Brother and DWF Labs for a total...

Bullish crypto traders are struggling to clear the overhead barrier in Bitcoin and select altcoins, indicating that bears have not given up yet. Bitcoin continues to trade near $31,000, making it an important resistance level to watch out for in the short term. Some analysts believe the current consolidation could result in an upside breakout in Bitcoin. The institutional investors also seem to be positive about the prospects of a further rally in Bitcoin (BTC). CoinShares head of research James Butterfill said in a recent report that 98% of all the digital asset inflows of $334 million went into Bitcoin-related products. Daily cryptocurrency market performance. Source: Coin360 Although the short-term price action on Bitcoin and select altcoins looks positive, market participants should stay cautious due to the uncertainty regarding macroeconomic issues. The crypto markets are likely to be influenced by the United States inflation figures and the Federal Reserve’s monetary action over...

Brooklyn federal court charged a former investment banker for allegedly taking investors’ money under the pretext of making profitable crypto investments. The federal court in Brooklyn, New York, charged a former investment banker and registered broker for alleged ly defraud ing numerous investors by promising profits on fake crypto currency Investments and misappropriating the funds received to finance his lifestyle.  Documents with the court claim the defendant, Rashawn Russell, misused the growing interest in crypto investments to mislead investors. Russell convinced multiple investors to reinvest their fiat savings into cryptocurrencies, often promising significant or “guaranteed” returns. However, it is alleged that Russell misappropriated the investors’ money to fund his personal lifestyle. Breon Peace, United States attorney for the Eastern District of New York, revealed the court’s intent to pursue the case against the former banker : “As alleged, Russell turned the demand...

Bitcoin and select altcoins are close to breaking out of their overhead resistance levels, indicating that bulls remain in control of the crypto market. Bitcoin (BTC) is up about 71% in Q1 2023, which is the first positive quarter after four consecutive quarters of negative returns in 2023, according to data from Coinglass. This shows that the sentiment has turned positive and the bulls are trying to put a bottom in Bitcoin. When the undercurrent is bullish, negative news results in shallow corrections. That is what happened after the United States Commodity Futures Trading Commission slapped a lawsuit against Binance and its CEO Changpeng Zhao for trading violations. This news pulled the markets marginally lower but did not start a strong down move. Daily cryptocurrency market performance. Source: Coin360 Another thing that happens in a bullish environment is that cryptocurrencies move up without any specific catalyst. That happened on March 29 when Bitcoin and several major altcoin...