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Huobi co-founder buys 10 million Curve DAO tokens from Curve founder

  • The Curve founder had taken a $100 million DeFi stablecoin loan using his own CRV stash as collateral.
  • Curve Finance was recently hacked causing the CRV token to depreciate significantly.
  • The Huobi co-founder has locked up the tokens as veCRV.

Jun Du, the co-founder of Huobi has bought 10 million Curve Dao tokens Michael Egorov, the Curve founder who is trying to reduce his exposed stablecoin loan positions.

Egorov has so far paid back over $17 million of his stablecoin loans, which has slightly improved the health of the loans as a whole. The DeFi founder, however, still has a heavy debt load, with about $60 million in stablecoins owed on Aave, $12 million on Abracadabra, and about $8 million on Inverse. To add salt to injury, Abracadabra Money has proposed increasing the interest rate on its outstanding loans in order to reduce the risks related to its exposure to Curve DAO (CRV).

Jun Du announced his intention to purchase 10 million CRV tokens in an initial tweet on August 1 at the market price of $0.40, which was established through a number of over-the-counter transactions involving Egorov and several members of the crypto community. In a direct message on Twitter Du confirmed that the purchase was successful and that he had made the decision to lock up the tokens as veCRV.

By locking up the tokens, Jun Du is entitled to voting rights on the Curve platform.

Curve Finance liquidity crisis

Curve protocol was exploited on July 30, resulting in a 30% crash in CRV token price.

Jun Du’s move was in support of Curve protocol which is in a liquidity crisis after the July 30 exploit. Du drew comparisons to his earlier assistance during BendDAO’s liquidity crisis. He emphasised that the current Curve difficulties were temporary and that the industry would profit from support from all sides.

Notably, Du is the co-founder and general partner (GP) of the web3 fund ABCDE in addition to being the CEO of New Huo Tech, a platform for the service of digital assets.

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Binance introduces zero-fee trading for BTC/FDUSD and ETH/FDUSD

  • Binance has added zero-fee trading for BTC/FDUSD and ETH/FDUSD pairs.
  • Trading for the two pairs opens at 08:00 UTC on August 4, 2023.

Binance has announced trading support for the First Digital USD (FUSD) stablecoin against both Bitcoin (BTC) and Ethereum (ETH).

The exchange, the world’s largest by trading volume, will also provide zero-fee spot and margin trading for the two pairs – BTC/FDUSD and ETH/FDUSD.

BNB discounts will not apply 

According to a notice published August 3, Binance is adding the zero maker and taker fees feature for the BTC/FDUSD pair via its Zero-Fee Bitcoin Trading Program. This feature is effective at 08:00 UTC on August 4, 2023.

“During the promotion period, trading volume on the BTC/FDUSD spot and margin trading pairs will be excluded from the VIP tier volume calculation and all Liquidity Providers program. BNB discounts, referral rebates, and any other adjustments will not apply to the BTC/FDUSD spot and margin trading pairs during the promotion,” Binance announced.

Meanwhile, customers will benefit from zero maker fee for ETH/FDUSD via the FDUSD Zero Maker Fee Promotion and the standard taker fee, with this applicable as per a user’s VIP level.

Binance’s conditions for the promotion include the exchange’s “right to disqualify trades that are deemed to be wash trades or illegally bulk registered accounts.” The company also reserves the right to disqualify trades deemed to be market manipulation or self-dealing.

The introduction of zero-fee trading for BTC/FDUSD comes a few months after Binance ended the zero-fee trading for BTC. The exchange also halted the zero-maker fee program for the stablecoin Binance USD (BUSD), with the promotion opening for TrueUSD (TUSD).

The exchange’s overall market dominance suffered a blip following these moves, with market share and trading volume shrinking by as much as 50%. The outlook also impacted crypto prices as liquidity shrunk.

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Bitcoin price outlook as Shiba Memu’s presale hits $1.5M

Key takeaways

  • Bitcoin is still trading around $29k per coin and could dip lower in the near term.

  • Shiba Memu’s presale has hit %1.5 million after selling more than 52 million SHMU tokens. 

Bitcoin has been underperforming in recent weeks, down from the $31k level it achieved last month. The world’s leading cryptocurrency by market cap is struggling around the $29k region, and market experts believe it could dip lower in the near term.

Shiba Memu has continued to set new records with its presale despite the bearish market conditions. 

BItcoin Stays Around $29k

The cryptocurrency market has been bearish since the start of the month. The prices of most cryptocurrencies are trading in the red zone despite the positive performance recorded earlier this week.

Bitcoin has lost more than 1% of its value so far this week and is now trading at $29,119 per coin. Ether, Dogecoin, Solana, XRP, and other leading cryptocurrencies are all down by more than 2% so far this week. 

Despite the bearish trend, Shiba Memu’s presale continues to set new records. The team has raised more than $1.5 million so far, with more than 52 million tokens sold. 

What is Shiba Memu?

Shiba Memu is an exciting project in the cryptocurrency space that seeks to combine the powers of blockchain technology and artificial intelligence. With the rise of AI, their applications have become vast globally. 

Shiba Memu is a project that wants to leverage AI and blockchain to make it easier for people and organisations to create content and roll out marketing campaigns. 

In their whitepaper, the team explained that Shiba Memu could handle the task of numerous marketing agencies. As an AI tool, Shiba Memu is always active and will work 24/7 to find the best work going on in creative advertising, consuming it and generating better content marketing. 

The idea to launch as a meme token has to do with the recent popularity of meme projects in the cryptocurrency space. Within the space of two years, the market cap of meme coins grew from practically $0 to $20 billion in 2022. 

However, what makes Shiba Memu different from other meme token projects is that it has an excellent use case. Shiba Memu can be regarded as a self-sufficient marketing tool powered by AI technology.

Shiba Memu can be able to create marketing strategies, roll out PR schedules, and promote campaigns on relevant forums and social media platforms. At the moment, Shiba Memu is available on the Ethereum and BNBChain blockchains. 

Shiba Memu’s presale hits $1.5M

Shiba Memu’s presale has been going on excellently despite the bearish trend in the market. The presale has been around for roughly a month now, and the team has raised $1.5 million so far. 

The Shiba Memu project has sold over 52 million SHMU tokens to raise $1.5 million. The team intends to use the funds to develop some of its products and services. 

According to their whitepaper, most of the funds generated in the presale would be directed towards developing the Shiba Memu AI technology. By leveraging AI technology, Shiba Memu can provide exciting marketing services to its users. 

The Shiba Memu platform would also have a robotastic dashboard, allowing users to interact with the AI, provide feedback, make suggestions, and ask questions.

Click here to find out more about Shiba Memu’s presale event.

Shiba Memu price prediction

Predicting Shiba Memu’s price would be impossible at the moment since the SHMU token is still in its presale stage. At the moment, 1 SHMU = 0.017650 USDT. 

According to the team, SHMU’s price increases every day at 6 pm GMT. In a few hours, the token will go for 0.017875 USDT. 

SHMU began trading at $0.011125 when the presale began and will trade at $0.0244 when the presale ends. The SHMU token can be purchased using Ethereum, USDT, BNB and BUSD

Should you buy Shiba Memu today?

Shiba Memu could be an excellent project for investors to get into. The fact that it is still in its early stage means that it could generate impressive ROI for investors in the medium to long term. 

As a project, Shiba Memu is combining AI and blockchain technology, making it an interesting meme token. With the right level of adoption, SHMU’s price could rally over the next few months and years. 

In addition to that, a Bull Run by the broader crypto market could see SHMU’s price also rally higher. So far, Bitcoin and other major cryptocurrencies are up by over 40% year-to-date. 

A combination of excellent adoption and a Bull Run by the broader crypto market could make SHMU one of the best performers in the market over the coming months. 

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BTC/GBP and GBP/USD diverge after the BoE rate decision

  • The Bank of England delivered another interest rate hike.

  • The BTC/GBP and GBP/USD pair diverged after the report.

  • It has formed a bullish flag pattern on the daily chart.

The BTC to GBP pair moved sideways after the latest Bank of England (BoE) interest rate decision. Bitcoin was trading at £23,000 on Thursday, where it has been in the past few days. This price is about 7.2% below the highest level this month. On the other hand, the GBP/USD pair slipped to a low of 1.2625, the lowest level since June 30th.

Bank of England decision

The BTC/GBP pair moved sideways after the latest interest rate decision by the BoE. In a statement, the bank decided to hike interest rates again by 0.25% to a 15-year high of 5.25%.

The committee did that in a bid to fight the elevated inflation. In a statement, Governor Andrew Bailey said that the hike was necessary to combat the stubbornly high inflation. In a statement, he said:

“Inflation is falling and that’s good news. We know that inflation hits the least well-off hardest and we need to make sure that it falls all the way back to the 2% target. That’s why we’ve raised rates to 5.25% today.”

The most recent data showed that the headline consumer inflation dropped from 8.3% in May to 7.9% in June while wage growth jumped by 7.7%. There are signs that the British economy is slowing. 

For example, data published this week by Nationwide showed that the country’s house price index plunged at the fastest pace in over a decade. Still, the bank believes that the UK will narrowly avoid a recession this year.

Bitcoin reacts moderately to the actions of central banks like the Bank of England (BoE), the European Central Bank (ECB), and the Bank of Japan (BoJ). It also reacted mildly to actions of the Federal Reserve, which delivered its last rate hike of the year.

BTC/GBP technical analysis

The daily chart shows that the BTC/GBP pair rose to a key resistance level at 24,711 in July. This was an important price since it was the highest point in April. A closer look shows that the pair has formed a bullish flag pattern. Also, it has risen above the 25-day and 50-day moving averages.

Therefore, the BTC to GBP price will likely have a bullish breakout in the coming weeks. If this happens, the next level to watch will be at 24,711.

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