https://www.newsbtc.com/shiba-inu/shiba-inu-burn-rate-spikes-after-a-few-stagnant-days/

After a few days of stagnation, the Shiba Inu community seems to have picked up its token-burning mechanism.

A report from Shiba Inu’s token burn aggregator, Shibburn, indicates that the SHIB Army has significantly raised the burning rates within the past 24 hours. The data showed that the community destroyed 50.18 million SHIB tokens in 24 hours.

SHIB Burn Rate Picks Up After Some Days Of Decline

The SHIB burn rate surged 8,627% over the past 24 hours compared to the previous day. The burning process was completed through two transfers: the burn of 39,511,911 and 10,676,779 SHIB tokens.

Cumulatively, the community moved about 3.09 billion SHIB tokens to the dead wallet within the past week. As of Saturday, May 20, the Shiba Inu burn rate for the week showed a surge of 666% for the past week.

Further, the Shiburn website shows the Shiba Inu community collectively destroyed 410,642,087,431,967 SHIB tokens. Currently, the meme coin has about 574,308,140,003,340 SHIB coins as its total circulating supply.

Shibarium Token Burn Details Excites The SHIB Army

The layer 2 solution network of Shiba Inu, Shibarium, has made tremendous progress while still in the beta-test phase. The Shiba Inu team, under the leadership of the pseudonymous Shytoshi Kusama, disclosed the SHIB burning mechanism on Shibarium.

According to details, fees for all transactions completed on Shibarium are paid in BONE. The basic fees for all transactions are locked on a contract on the network, while the validators will get priority fees.

The network will set aside a total of 30% of the fees for maintenance purposes. However, it will burn the remaining 70% of the fees. 

A Twitter user, SHIB INFORMER, shared a screenshot of Sharium’s interface of the network’s token burning mechanism.

Users can initiate a burning process if the locked BONE exceeds 10 BONE. The network will automatically convert the locked tokens to SHIB coins and transfer them to the protocol’s dead wallet.

SHIB Price Gains, Increasing Whale Activities

At the time of writing, Shiba Inu is trading at $0.00000890, indicating an increase of 1.46% over the past 24 hours.

The value of SHIB saw a slight gain over the weekend after it fell from $0.00000873 to $0.00000871 on May 19. The meme coin has been trying to sustain its hold throughout the bearish wave on Sunday.

Following Shiba Inu’s price gain during the weekend, data from analytics firm, IntoTheBlock revealed that more SHIB whales amassed the token. 

According to the data, investors grabbed over 26.2 trillion SHIB tokens over the past weeks. Also, some whales sold their Shiba Inu holdings, with a cumulative value of 300 billion SHIB coins disposed of.

-Featured image from Pexels and chart from Tradingview.com

https://www.newsbtc.com/news/bitcoin/prominent-crypto-trader-drops-shocking-bitcoin-price-prediction/

While Bitcoin price exchanges hands above the $27,000 price level, iconic trader Peter Brandt dropped a new prediction for it. 

The trader believes it could take one more price pullback for BTC to climb higher. Nonetheless, Brandt calls this price forecast a guess, adding that guessing is the best he can offer. 

Brandt told his followers to run and protect their assets from anyone dogmatic about his price analytics.

“…If anyone is dogmatic about their brilliance, turn and run, protecting your wallet,” he wrote.

Major BTC Price Breakout Could Be Imminent

Bitcoin traded bearish in the last few days, with a 0.8% price decline over the past 24 hours.

Though BTC closed May 21 with a slight price increase, the asset remains below the primary pivot point, trading at $27,132 at press time.

According to data by notable blockchain analytics firm, Glassnode, Bitcoin recorded a 3.4% price range in the last seven days. The data confirms the number one crypto asset is witnessing one of its tightest periods in the last three years. 

According to the analytic firm, the current price movement aligns with the bearish trading recorded in January 2023 and July 2020. 

These two intervals preceded large market moves, suggesting that high volatility is probably near, added Glassnode. This observation concurs with Brandt’s latest prediction, where he claims Bitcoin would thrust higher after one more shakeout. 

Meanwhile, Brandt isn’t the only analyst who thinks that a price breakout, after some pullbacks, is on the horizon. 

Crypto analyst Carl from the Moon had spotted a symmetrical triangle pattern, indicating consolidation. Carl highlighted a target of 25K or $29K, depending on the direction of the price breakout.

Surging Bitcoin Transaction Fees Constitute A Lackluster To Potential Bull Runs

Although technical indicators suggest a major price move for Bitcoin, Glassnode’s recent reports noted that the surging network fee drives the market lower. 

BTC transaction fees have skyrocketed as the Bitcoin network struggles with congestion due to massive unconfirmed transactions.

According to reports, the network congestion was due to increased minting and transferring of Ordinal NFTs and BRC20 tokens.

The network flooded with transactions, causing node overloads and an overwhelmingly large backlog of unconfirmed transactions.

This issue slowed down transaction speed and triggered a hike in transaction fees. It has equally repelled users from conducting Bitcoin transactions, reducing transfer volumes. 

As of May 20, the total transfer volume in the Bitcoin network had reduced to $2.73 billion per day. That’s a significantly lower throughput than the over 15 trillion recorded during the 2021 bull market.

-Featured image from Pexels, Chart from TradingView

https://www.newsbtc.com/news/lunc-burn-tax-set-to-rise-to-0-5-as-kucoin-proposal-receives-approval/

After garnering the required votes, a major proposal has just passed in the KuCoin network. The proposal aimed at raising Terra Classic LUNC burns tax to 0.5%. 

Following the positive results, KuCoin declared increasing the LUNC network burn rate from 0.2% to the proposed 0.5%. 

LUNC Network Burn Tax Spikes On KuCoin

KuCoin took to Twitter to announce the increase in the burn tax. In its announcement, KuCoin stated that it would facilitate the Terra Classic LUNC and TerraClassicUSD (USTC) increase on its platform following the burn tax activation.

Notably, the activation will occur at the designated Terrra Classic block height of 12,902,399 and take effect on May 23. 

Once activated, KuCoin will pay users more for transactions involving the two crypto assets, LUNC and USTC. Apart from the increased payments, the burn rate tax will reduce LUNC supply. 

But there’s still a downside to the increased burn rate tax as it will reduce the trading volume. This is why many exchanges rejected such proposals in the past. 

Notably, KuCoin has always supported such increases even when other exchanges delay. For instance, the exchange first supported a September 2022 Terra Classic burn tax of 1.2% even before the proposal passed.   

Other exchanges, including Crypto.com, MEXC, and Binance, only later declared support for the burn tax. 

But after the proposal passed, data implied that the increase reduced the trading volume for LUNC. Many investors stopped trading with the asset due to the spike in fees.

Following the outcome, the LUNC community voted to reduce the burn tax to 0.2%, attracting the support of crypto exchanges such as Binance. 

After the reduction, the Terra Classic community brought up another proposal to increase the burn tax rate, but it wasn’t implemented. 

Latest Burn Tax Increase Proposal, 3 Others Gain Massive Support

While other proposals to increase the burn tax after reducing it from 1.2% to 0.2% failed due to several debates and arguments, the latest one received massive support.

One of the reasons proposal 11515 passed was the conservative increase, which wouldn’t spike fees and discourage investors.

The proposal focused mainly on reducing the excess supply of LUNC tokens in the market to prevent oversaturation and its associated risks. 

But, it is not the only proposal submitted to the LUNC community. An active member raised 3 other proposals, plus the burn tax increase to enhance economic policies on the network. 

The three others aimed at augmenting demand by increasing staking rewards, whitelisting smart contracts to enhance chain utility and volume, and increasing community pool funding to bolster developer funding.

-Featured image from Pexels, chart from Tradingview

https://www.newsbtc.com/news/cardano-founder-urges-priority-on-election-to-avoid-further-chaos-in-crypto/

The U.S. Congress Democratic committee members are preparing to endorse the Securities and Exchange Commission’s (SEC) stringent regulation of digital assets in their efforts to assert control over the crypto industry.

A new memo pointing towards a hearing on digital assets regulation circulated among the Democrat committee, sparking reactions among top crypto leaders.

In a May 14 tweet, Cardano founder Charles Hoskinson condemned the memo, urging Americans to consider it a top priority issue in the next presidential election. Hoskinson advised US citizens to become single-issue voters and support pro-digital asset candidates in the next election cycle.

Democrat Lawmakers And Their Anti-Crypto Position

The Cardano founder believes the memo suggests the US Democrats and the government are planning a major crackdown on digital assets.

In his tweet, Charles Hoskinson noted that the only way to prevent the government’s “regulatory madness on crypto is to prioritize it during the elections.” He urged crypto enthusiasts to vote for candidates who support pro-digital asset legislation.

His message comes in response to Eleanor Terrett’s tweet. According to Terrett, the memo urged Democrats of the House Committee on Financial Services to stick behind the SEC during the hearing.

This move implies that the SEC could gain full authority over digital asset oversight, expanding its “regulation by enforcement policy” on digital assets. 

The memo further noted that nearly all cryptocurrencies are securities, and the problem of crypto regulation isn’t its ambiguity but “mass noncompliance.” 

In addition, the memo called attention to Republican committee members advocating to slash the budget to financial regulators.

Also, the notice suggested that such Republicans are not “interested in protecting investor interests.” It recommended that the Democrats focus on approving a clean debt ceiling bill “instead of supporting pro-crypto legislation.”

The memo’s content sparked reactions among the crypto community, with over 900,000 people commenting on Eleanor Terrett’s tweet. Several crypto experts and industry leaders expressed concerns regarding the potential regulatory direction.

A respondent Jeff Beach frowned at the meme, noting that the move could drive the innovation away from the US.

Are There Still Pro-Digital Asset Democrat Lawmakers In The U.S?

Although most US Democrats are anti-crypto, the nascent industry still found a supporter among them. In March 2022, a prominent Democrat Senator, Ron Wyden, expressed his support for the industry. 

The Senator told his colleagues to be careful while regulating cryptocurrencies, noting that crypto innovations have presented several opportunities for settling payments.

As a former pioneer of the US internet regulation, Wyden likened crypto to the early days of the internet. At the time, the government established legal protections to guard online platforms against lawsuits for public content published on them.

The Senator emphasized the need for legal protections similar to Section 230 of the Communication Decency Act for digital asset platforms.

Featured image from Pexels and chart from Tradingview

https://www.newsbtc.com/crypto/vechain-enters-buy-zone-says-analyst/

On the weekly timeframe, a crypto analyst named Egrag explained on Twitter that VeChain (VET) is currently in a buy zone. He further explained the details of its possible price behavior using trading charts and noting recurring patterns.

VET is in the green today, holding onto its gains from yesterday’s closing price. 

Egrag’s Analysis on VeChain (VET)

Egrag mentioned VET’s attempt to exit the descending channel and move into an uptrend in his analysis. The asset has remained in a descending channel since it fell below its all-time high value of $0.2782 in April 2021.  According to Egrag, VET attempted a breakout from this descending channel five times previously. 

He noted that the more VET attempts, the closer it will break upwards from its current channel. Also, the analyst stated that VET would likely form a double bottom. A double bottom is a technical chart pattern where the price of an asset touches a low point twice, with a slight recovery in between.

A double bottom is often associated with a trend reversal, accompanied by a potential break to the upside for an asset. 

The analyst believes this pattern could occur at the $0.015 price level or the $0.007 zone if the asset’s price declines further. Historical data shows that the last time VET reached this price level was in June 2020. 

Egrag set up three targets for the asset as pivot points to exit the descending channel. His price targets are $0.0648, $0.11649, and $1.66. He believes that VET will repeat its past price action in 2018 as it remained in a descending channel until it broke out in 2020. 

This breakout climaxed in its all-time high value of $0.2782 on April 17, 2021. In conclusion, the analyst stated that VET is currently in a buy zone which presents traders with an attractive buy opportunity. 

VET’s weekly chart shows that the buy zone is between $0.012 and $0.025. The asset entered this zone in December 2022 and traded there until January 2023.

Analyzing VET’s Price Action

VET is currently in a sideways trend on the weekly chart, but if the analysis is right, the token might see some action in the short term. 

VET’s sideways trend from December 2022 ushered in an uptrend in March 2023. Therefore, the token’s price current sideway trend will likely break upward in the coming weeks if history repeats itself and VET can break from the descending channel. 

The Relative Strength Index (RSI) is 41.89 in the neutral zone, reflecting the trend on the weekly chart. However, it will move to the upside if the bulls prevail. But VET is trading below its 50-day and 200-day Simple Moving Averages (SMA), a bearish signal for the asset. 

Combined with the descending channel and price consolidation, this fact could hint at a fresh decline. If VET cannot target and reach higher levels, bears could re-take control and send the token back into critical support.

VET is currently trading at the $0.01943 price level and may increase to $0.06 in the coming weeks as it recovers.

Featured image from Pexels, chart from TradingView

https://www.newsbtc.com/crypto/coinbase-engages-legal-and-political-aids-in-battling-sec/

The largest crypto exchange in the US, Coinbase, has made a notable move regarding the allegation from the US Securities and Exchange Commission on securities law violation. 

Coinbase engaged a Global Advisory Council for the battle with the SEC. The council comprises heavy hitters from both the political and legal sectors.

Coinbase Gets Heavyweights In Its Council

The Coinbase crypto exchange announced the launch of a new Global Advisory Council, with some former US lawmakers as members. 

According to the announcement, the Council will offer insights and business strategies for the exchange.

The Advisory Council includes political heavyweights like former Congressman Tim Ryan (D-OH) and former Senator Patrick Toomey (R-PA). 

Also, the Council includes former Congressman Sean Patrick Maloney (D-NY), John Anzalone from Impact Research, and Chris Lehane from Haun Ventures.

The Council will work closely with Coinbase Asset Management Academic and Regulatory Advisory Council members.

Similarly, the Coinbase body comprises prominent personalities such as former SEC Chair Jay Clayton and former CIA General Counsel Courtney Elwood.

Others are the senior managing director at Compass Lexecon Jon Orszag and Kevin Hassett of the Hoover Institution.

Coinbase noted that creating the Advisory Council is a step in the right direction for the company. It would help the exchange to maintain a flawless operation process while rebuilding its strategies in the US and globally. 

Coinbase is currently in a legal face-off with the SEC. So, engaging a new council is part of its preparatory strategies.

Coinbase Prepares To Fight With The SEC

Notably, the US SEC has toughened its regulatory stance in the crypto industry and is now closely watching most crypto-related firms.

In one of its enforcement actions, the SEC issued a Wells Notice to Coinbase in March, warning the company of a possible lawsuit over alleged breaches of securities. 

Reacting to the notice, Coinbase CEO Brian Armstrong noted that the regulator is focusing its accusations on staking and asset listing. He recalled that the SEC had reviewed the exchange’s operations and approved its license in the past.

Armstrong stated that they requested a reasonable explanation from the SEC. According to the CEO, the firm intended to use the reply for rulemaking to maintain the right regulatory requirements for crypto assets. However, the SEC gave no response to the exchange’s request.

Further, Paul Grewal, the Chief Legal Officer of Coinbase, expressed disappointment over the SEC’s preference for lawsuits to constructive dialoguing. 

He noted that despite all their efforts to work with the SEC, the regulator gave them no feedback. Grewal stated that Coinbase would defend the rule of law if the SEC initiated a legal battle.

-Featured image: Pexels, Chart: TradingView

https://www.newsbtc.com/crypto/ripple-cto-labels-ben-coin-as-scam-bitboy-reacts/

Ripple’s Chief Technology Officer (CTO), David Schwartz, responded to a tweet from a crypto enthusiast, calling the BEN Coin project a 100% rug pull. Schwartz asked the poster why he believed such but still stated his reservations about the new crypto project. 

So many crypto coins launch daily in the market. However, scam projects and rug pulls also deceive unsuspecting customers into investing.

A rug pull is a crypto scam where the project founder suddenly withdraws the project’s liquidity, disappearing with investor funds. This leads to a sharp price drop and losses for investors.

David Schwartz Expresses Reservations About BEN Coin

A crypto enthusiast believes the BEN coin project was a 100% rug pull. Reacting to the tweet, Schwartz asked the user if he believed the rug pull would occur in the future or if Bitboy’s involvement in the project was a rug pull. Schwartz further concluded that he believed one of those scenarios.

Do you mean that the rug will be pulled in the future? Or do you mean that Bitboy joining the team is itself a rug pull? Because one of those things I definitely agree with.

— David “JoelKatz” Schwartz (@JoelKatz) May 10, 2023

However, the popular crypto influencer Ben Armstrong, ”Bitboy”,  reacted to these allegations stating that they are products of ignorance and hate.

He further explained that he is a force to reckon with in the crypto space, participating in projects that affected over 99% of the community. Also, he explained that his company employs over 40 people.

According to Armstrong, he has produced two videos daily in the past five years, a testament to his commitment to educating the crypto community. 

Bitboy asked the crypto community to stop believing memes that can create a negative impression.

Also, in another tweet, Armstrong informed his followers that he was taking over the BEN coin project. He also agrees with @eth_ben, a Twitter user, that BEN coin’s liquidity and assets will be transferred to him in a week.

Notably, BitBoy stated earlier that the coin was launched to serve as the governance token for his DAO. Also, the BEN token launched and traded for two days before BitBoy announced its existence. 

How Is BEN Token Faring Today?

The token is gaining massive traction on the chart today as bulls seem to control the current scenario. It indicates price volatility for the asset in the bullish direction.

Although BEN is relatively new, it has formed several highs and lows on the price chart as market forces act on its price.

-Featured image: Pexels, chart: TradingView

https://www.newsbtc.com/nft/south-koreas-lg-electronics-files-for-nft-trading-tv-patent/

A recent report published on WIPO’s global database for intellectual property disclosed LG Electronics’ application to acquire an NFT trading patent for its Smart TV. 

Notably, the WIPO guide states that a filing application can only be published after 18 months. As such, the South Korean tech company filed for the patent in November 2021. Now LG is awaiting the remaining steps to grant or deny the patent. 

LG’s Technology Supports NFT Trading On Smart TV

The LG technology will enable users to connect their crypto wallet and an NFT market server for trading. 

After connecting to the NFT server, users will see an onscreen QR code to enable them to transact through their crypto wallet.

Before this patent application, LG launched an NFT platform, “LG Art Lab marketplace,” in September 2022.  

The platform launched on the Hedera network which allows all smart televisions running webOS 5.0 or the later versions to trade digital arts. 

Users can buy and sell high-quality digital artwork on the Smart TV home screen. Also, the platform features “LG Art Lab Drops” to profile artists and preview new works intending to launch. 

For now, the company hasn’t said whether the Smart TV will accommodate other wallet apps besides LG’s smartphone crypto wallet, Wallypto, which is also used on the Art Lab Marketplace. 

Big Tech Companies To Integrate Web3 Solutions On Smart Devices

Besides the recent technology to support NFT trading on Smart television, LG plans to integrate other solutions on its devices. 

The company partnered with cloud-based tech platforms, Oorbit and Pixelynx, to integrate Metaverse on big screens. Oorbit announced on Twitter, proclaiming its excitement about the partnership. 

According to the reports, the partnership aims to bring “interoperable virtual worlds to LG TVs.” The partners will simplify the way consumers interact in the metaverse, ensuring immersive gaming and experiences in the virtual world. 

Oorbit stated that scaling its technology for the millions of customers who use LG TVs is a great way to bring the metaverse closer to the people.

Before the partnership, LG had expanded its business development goals to include crypto and blockchain-based software development.

LG disclosed two plans based on the report during last year’s annual general meeting. The first objective is to develop and sell blockchain-based software, while the second is to sell and brokerage cryptocurrency. 

There were hints and speculations that LG might launch a crypto exchange. But its spokesperson stated that the company hasn’t decided but just revealed its plans to branch out.

Apart from LG Electronics, Samsung has also become a big player in the NFT and Metaverse sectors through its venture capital arm, Samsung Next. 

The electronics giant announced in early 2022 that its new smart TV product lineup, including Micro LED, The Frame, and QLED, will have an NFT marketplace.

-Featured Image Source: Pexels, Chart: TradingView

https://www.newsbtc.com/crypto/bakkt-streamlines-apex-crypto-platform-by-removing-25-tokens/

In a recent development, the digital asset firm Bakkt delisted 25 tokens used in decentralized finance transactions from its trading platform, Apex Crypto. Bakkt acquired the platform in 2022 with 36 tokens, now 11 after the overhaul exercise.

According to the firm, its reasons for delisting the tokens was to follow “up-to-date regulatory guidance.”

25 Tokens Failed Bakkt Coin Listing Review Process

Bakkt performed its normal coin listing reviews, after which it removed 25 tokens from the platform. 

A Bakkt representative said the company aims to protect its customers’ best interests. As such, the review process focuses on how to serve those interests based on the latest industry developments and up-to-date regulatory guidance. 

As of press time, the firm hasn’t released more details on the action. But the tokens were major ones that facilitated DeFi transactions. 

These tokens include Aave (AAVE), Bancor Network Token (BNT), ApeCoin (APE), Basic Attention Token (BAT), Avalanche (AVAX), Cosmos (ATOM), Filecoin (FIL), Curve DAO (CRV), Chainlink (LINK). 

Also, Compound Token (COMP), Enjin Coin (ENJ), Chiliz (CHZ), Fantom (FTM), GALA (GALA), Loopring (LRC), The Graph (GRT), Maker DAO (MKR), and Internet Computer (ICP) were delisted.

Other ones include Sushiswap (SUSHI), Uniswap (UNI), Synthetix (SNX), Yearn Finance (YFI), and Texos (XTZ). 

This is not the first time Bakkt has made a major decision regarding its customer-oriented services. The firm shut down its retail app that supports crypto trading, gift cards, and loyalty rewards in February 2023. 

At that time, the firm disclosed plans to focus on B2B technology solutions stating that it would offer crypto and loyalty rewards to businesses via API and SaaS solutions. 

Apex Crypto Acquisition A Strategic Move To Expand Offerings

Apex Crypto was launched in 2019 as a turnkey platform for integrated crypto trading, allowing investors to transition from equity to crypto.

In November 2022, Bakkt acquired Apex Crypto to expand its services to neo-banks, fintech firms, and trading app platforms. Notably, the trading platform wasn’t profitable at the time.  

But Bakkt wanted to boost its revenue by increasing its offerings through the trading platform. So, it acquired Apex Crypto for $200 million. 

After the deal, Bakkt made the first payment of $55 million in cash and completed the payment in April 2023 with $145 million in stock.

Bakkt went public in October 2021 through a merger with VPC Impact Acquisition Holdings. 

-Image Source: Pixabay, Chart: Tradingview