Monat: August 2023

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Shiba Inu, Bone prices outperform as Shiba Memu token sale thrives

  • Shiba Inu and Bone Shibaswap have outperformed BTC and ETH.

  • They have all jumped by over 68% and 115% from the lowest level in June.

  • Shiba Memu has raised almost $2 million from investors.

Meme coins are doing relatively well, with some outperforming popular cryptocurrencies like Bitcoin and Ethereum. Shiba Inu price has jumped by over 68% from the lowest level in July while Bone Shibaswap has surged by over 115% in the same period. Large-cap coins like BTC and ETH, on the other hand, have remained in a tight range while drifting downwards.

Shibarium launch ahead 

Shiba Inu and Bone Shibaswap prices have done well in the past few weeks as investors wait for the upcoming Shibarium launch. Shibarium is an important technology that is designed to change how the Shibaswap ecosystem works.

For starters, ShibaSwap is a platform in Shiba Inu’s ecosystem that makes it possible for people to swap tokens and make money by staking. It is now powered by Ethereum, the biggest chain in the world. 

Ethereum has its own challenges, which explains why many layer-1 and layer-2 alternatives have come up. Some of the top L2 networks seeking to supercharge its ecosystem are Polygon, Optimism, and Arbitrum.

Shiabarium will be a layer-2 network whose goal will be to supecharge Shibaswap’s ecosystem by reducing its transaction fees and boosting its speed. Its testnet has attracted thousands of users and there is hope that the mainnet will be better.

Shibarium’s success will be a testament that a meme coin can create an ecosystem and thrive. 

Shiba Memu token sale booms

Bone Shibaswap and Shiba Inu are not the only meme coins that are thriving. Shiba Memu, a new meme coin is taking shape as its token sale has raised almost $2 million from investors. This makes its token sale one of the most successful in the industry.

Shiba Memu is aiming to take advantage of some of the most important themes in the market this year. It is combining the ongoing meme coin craze and the one on artificicial intelligence.

Its AI angle will involve concepts like Natural Language Processing (NLP), sentiment analysis, and image and video recognition. In its white paper, Shiba Memu says this about the use of NLP:

“AI-powered NLP algorithms can be used to analyze social media posts, forums and other online communities in order to identify discussions and topics relevant to Shiba Memu. This information can then be used to develop targeted marketing campaigns and engage with potential investors. Sentiment Analysis”

Is Shiba Memu a good investment?

It is too early to determine whether Shiba Memu will be a good long-term investment. As a result, you should do your own research about the ecosystem before investing. In my view, I believe that the token has the potential to become the next big thing in the crypto industry.

For one, its name has a close resemblance to Shiba Inu, the biggest meme coin in the world. Also, it has already gained traction even before its public debut as evidenced by the amount of money it has raised in a month. Most mportantly, it is targeting the biggest themes this year. You can buy the Shiba Memu token here.

The post Shiba Inu, Bone prices outperform as Shiba Memu token sale thrives appeared first on CoinJournal.

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Coinbase enters the Canadian market with Coinbase One, free 30-day trial

  • Coinbase is seeking to expand into Canada as it faces tough times at home.
  • Coinbase launched an Ethereum layer-2 network last week.
  • It is worth noting that a number of crypto exchanges have excited Canada in the recent past citing poor crypto environment.

Coinbase cryptocurrency exchange is extending its already solid grasp on the North American market by expanding into Canada.

Coinbase will also provide Canadian citizens with a free 30-day trial of its recently established subscription service Coinbase One in an effort to attract new consumers. Coinbase One emphasizes staking and offers free trading and top-notch customer care.

Canadian crypto market

According to Coinbase’s statement, the crypto exchange chose Canada as its new home because of the country’s supposed high level of “crypto-awareness” and solid regulatory environment. This stands in stark contrast to the legal problems the company is currently facing domestically.

After the US Securities and Exchanges Commission (SEC) sued the exchange for allegedly failing to register as a securities exchange while allegedly providing unregistered securities to its users, Coinbase has felt the heat from American regulators.

A group of thirty Canadian parliamentarians made international headlines in late June when they released a study backing cryptocurrencies and blockchain technology, along with 16 recommendations for the government of the nation to develop a national strategy on the subject.

However, despite the research, Canadian authorities have given conflicting signals on cryptocurrencies and many crypto businesses have stopped operating in the country or have withdrawn. Binance, the largest cryptocurrency exchange in the world by trading volume was the latest to exit Canada.

Justin Trudeau, the prime minister of Canada, harshly criticizes opposition figures who support cryptocurrency.

Coinbase feels the heat of the bear market

The expansion into Canada comes at a time when Coinbase, the world’s second-largest exchange by trading volume, is suffering from the effects of a long-lasting bear crypto market. The exchange reported a $96 million loss for the second quarter despite its financial results exceeding expectations.

Coinbase opened Base, an Ethereum layer-2 network, to the general public late last week in an effort to promote the creation of fresh decentralized applications within its ecosystem. Immediately after its launch, Base took off and quickly rose to the top five layer-2 networks by the quantity of bridged traffic.

The exchange has also been investigating how to incorporate Lightning Network, a layer-2 scalability solution for Bitcoin.

The post Coinbase enters the Canadian market with Coinbase One, free 30-day trial appeared first on CoinJournal.

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Bitcoin address with 1,005 BTC suddenly wakes up after nearly 13 years

  • A Bitcoin address with 1,005 BTC activated 12+ years later, shifts more than $29 million.
  • Wallet speculated to be from a miner who mined a lot in 2010.
  • Bitcoin price remains largely flat above $29k.

According to Whale Alert, the blockchain tracker and analytics system that provides regular updates of large coin transactions, another dormant Bitcoin address has just woken up.

Bitcoin that has remained dormant for a significant period waking up suddenly when being transferred has often been subject to market speculation regarding the intention of the hodler. Whale transactions such as these often see jitters hit traders afraid of a major dump, and that is the case even as this particular wallet moved coins not touched for nearly 13 years.

Per the details shared today around 12 pm ET, the said dormant address holds 1,005 bitcoin (BTC), whose market value at current prices is about $29,750,772. The wallet “has just been activated after 12.8 years.” Whale Alert posted on X:

According to one analyst who commented on the Bitcoin whale’s actions, the address appears to be of an early miner. Mempool analysis shows the individual had actively mined the flagship cryptocurrency in 2010.

Bitcoin price outlook

Bitcoin’s price has over the past few weeks struggled to strengthen towards the $30,000 levels even as bulls defend the critical support base near $29,000. Pressure remains given a technical outlook that could see bears target the buffer area in the $28,000-$28,500 range.

BTC’s chopping as seen over the last few weeks has resulted in a downtrend line on the weekly chart. Attempts to break higher have seen multiple upside wicks but no conviction from bulls. While bulls are capable of bouncing higher in the short term, any slight hammering could welcome the all-important $25k zone.

The post Bitcoin address with 1,005 BTC suddenly wakes up after nearly 13 years appeared first on CoinJournal.

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Recently listed Bitcoin Depot reports record revenue for its Q2

  • Bitcoin Depot reports an 18% annualised growth in its Q2 revenue.
  • The Bitcoin ATM operator also updated its full-year guidance today.
  • Bitcoin Depot stock is in the green only marginally on Monday.

Bitcoin Depot Inc says its revenue jumped 18% to a record $197.5 million in the second quarter. The stock is still only marginally in the green at writing.

Bitcoin Depot reports a big increase in loss

Shares of the Bitcoin ATM operator are having a hard time this morning primarily because the Georgia-based company lost $6.1 million in its recently concluded quarter, down an alarming 249% versus last year.

Its adjusted EBITDA, though, went up 54% to $19.8 million in Q2. Brandon Mintz – the Chief Executive of Bitcoin Depot said today in the press release:

We’re in position to further strengthen our balance sheet as we execute on our growth strategy … we’re positioned to support mass crypto adoption as the leading Bitcoin ATM network.

Note that the U.S. firm debuted on Nasdaq only last month on July 3rd.

Bitcoin Depot’s guidance for the full year

Bitcoin Depot had $20.5 million worth of total operating expenses in its second quarter – up significantly from $12 million a year ago.

In Q2, the Nasdaq-listed firm partnered with a bunch of notable names including Stinker Stores, Jacksons Food Store, Gas Express, FastLane etc. According to CEO Mintz:

We’ve announced multiple partnerships and expanded our BDCheckout program. We look forward to increasing the number of our Bitcoin access points across North America.

Just days ago, he said the Bitcoin ATM space was ready for consolidation. Bitcoin Depot Inc now forecasts its revenue to grow by 8% to 13% this year on up to 44% increase in adjusted EBITDA.

The post Recently listed Bitcoin Depot reports record revenue for its Q2 appeared first on CoinJournal.

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HBAR price soars as FedNow adds support for Hedera

  • Hedera (HBAR) price rose to above $0.065 on Monday morning.
  • FedNow has added support for Dropp Inc, a Hedera-powered platform that now joins the Fed’s list of service providers.

The Hedera (HBAR) price soared to above $0.065 on Monday morning (ET hours) as the cryptocurrency led the top 100 coins by market cap. 

According to data from CoinGecko, Hedera’s price spike was accompanied by a staggering 1,290% increase in its 24-hour trading volume as of 11 am ET, with buying pressure seeing over $224 million HBAR tokens traded.

The cryptocurrency, whose price had dipped below $0.060 last week, was up 17% and rising at the time of writing and 25% higher over the past 30 days.

Whys is HBAR price up today?

Hedera’s native token was pumped on multiple occasions last month and early August following key partnerships and adoption efforts with major mainstream players. These included partnerships with South Korea multinational automakers Hyundai and Kia, which introduced an AI-enabled solution for tracking supply chain carbon emissions. 

Also revealed recently is a partnership with global payments giant Mastercard.

The adoption of HBAR across these companies saw its price rise to its highest price since May. Profit taking took bulls back to lows of $0.56, but bulls are looking to reclaim the upper hand. The gains come amid new buy pressure for HBAR following the Federal Reserve’s FedNow support for  Dropp Inc, a Hedera-powered platform. Dropp is now on the list of service providers for the Fed program.

As CoinJournal recently reported, FedNow was launched to offer banks and credit unions access to instant payments. Hedera, on the other hand, is a decentralised public network based on the Hashgraph algorithm.

The post HBAR price soars as FedNow adds support for Hedera appeared first on CoinJournal.