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In a surprising turn of events, the burn rate of the meme-inspired CRYPTOCURRENCY Shiba Inu ($ SHIB ) has skyrocketed by an astonishing 940% within 24 hours. This surge in the burn rate translates to over 164 million SHIB tokens being sent to “ dead wallets ,” effectively removing them from the circulating supply . According to data obtained from the burn tracking platform Shibburn, these substantial burns took place across 50 transactions, with one particularly noteworthy transaction incinerating a staggering 100 million SHIB tokens, significantly contributing to the surge in burn rate. This surge in burn rate coincides with heightened activity in the Shiba Inu ecosystem’s layer-2 scaling solution, known as Shibarium. The network has recently witnessed a surge in transaction levels, achieving a new all-time high shortly after its reactivation. Data from Shibarium network explorer Shibariumscan reveals that the Shibarium network’s transactions have surpas...

A renowned crypto strategist has recently put Chainlink (LINK) under the microscope, suggesting potential upward momentum . Kevin Svenson, who boasts a following of 70,700 YouTube enthusiasts, believes that Chainlink might soon see the end of its prolonged downward stride. Significantly, this assumption comes after LINK surpassed a pivotal long-term marker. Svenson elaborates, “We’ve ascended above the 500-day SMA, which is the longest moving average we’ve observed. This crossover by Chainlink is telling. Typically, transcending these extensive SMAs indicates an overarching shift in dynamics.” Besides this, Svenson interprets Chainlink’s current movement as a preliminary reversal signal. Consequently, he speculates a situation where this Ethereum (ETH)-anchored altcoin retains its optimistic vigor in the imminent future, soaring towards its overarching resistance. However, Svenson remarks that LINK probably requires an extended period before genuinely adopting a ...

In an unprecedented show of unity, members of Congress from both sides of the aisle have joined forces to send a resounding message to Securities and Exchange Commission (SEC) Chair Gary Gensler. Their collective plea: the approval of Bitcoin (BTC) spot exchange-traded funds (ETFs) and an end to discriminatory practices within the cryptocurrency market. These influential letters, dispatched before Gensler’s pivotal appearance before the House Financial Services Committee, underscore the dire need for equitable treatment and heightened investor protection within the burgeoning crypto landscape. The first missive, bearing the signatures of representatives Tom Emmer, Mike Flood, Wiley Nickel, and Ritchie Torres, highlights the SEC ’s weighty responsibility. They stress that the SEC must guarantee the fulfillment of Investor Protection standards while facilitating access to cutting-edge investment instruments. These lawmakers reference the recent Grayscale vs. SEC case, whe...

Cryptocurrency investment products have faced six consecutive weeks of out flows , totaling $9 million in the past week. However, amidst this trend, products offering exposure to Litecoin ($LTC), Solana ($SOL), and $XRP have witnessed significant in flows , marking a noteworthy development in the CRYPTOCURRENCY market. According to CoinShares’ recently released Digital Asset Fund Flows report, the past week saw relatively modest trading volumes, totaling $820 million for these products, falling short of the $1.3 billion average. While Bitcoin investment products experienced out flows of $5.9 million and Ethereum investment products saw $2.2 million of out flows , some altcoin-focused products bucked the trend. Products focusing on a diverse range of cryptocurrencies experienced $400,000 in outflows. In contrast, products offering investors exposure to $XRP saw a substantial $700,000 inflows. Similarly, Solana-focused products attracted $300,000 in inflows, and Litecoin-focu...

Péter Szilágyi, a prominent software engineer known for developing Geth, a widely used Ethereum client, has weighed in on the ongoing debate about Ethereum’s processing speed. Contrary to the belief that Geth’s dominance is the primary factor behind Ethereum’s perceived slowness, Szilágyi argues that several factors influence the platform’s performance. Geth’s Prominence in Ethereum Geth is the most popular Ethereum client , commanding over 55% of the total client market share, alongside competitors like Nethermind and Erigon. This client allows users to interact with the Ethereum network and facilitates the deployment of full nodes. Full Nodes and Decentralizatio Full nodes play a crucial role in Ethereum’s network by downloading and storing a complete copy of the Ethereum blockchain. This capability enables them to independently verify transactions and blocks, contributing to the platform’s decentralization and enhancing reliability. Cha...

Google Cloud’s BigQuery public datasets now include 11 new blockchains. Polygon, Avalanche, Tron and Polkadot are among the new networks added to the program. Google has enhanced its cloud computing unit’s blockchain data offering by expanding its ‘BigQuery’ program to 11 new blockchains. In an announcement on Friday, Google Cloud said the 11 networks comprise of “the most in-demand blockchains” and add to the data sets for Bitcoin, Ethereum, Litecoin and Dogecoin among others. Google Cloud’s BigQuery adds 11 new chains Blockchains added to the BigQuery public datasets include Polygon, Tron, Polkadot, Avalanche, Arbitrum, and Ethereum (Görli). Others are Cronos, Fantom (Opera), Near, and Optimism. According to Google Cloud, this expansion allows for scalable data processing, with developers able to retrieve on-chain data off-chain and without having to query the blockchain directly. “ We’re doing t...