SHIB Surges 8%, ETH Average Gas Down 50%, SHIB Accepted at GameStop, Lowe’s and Nordstrom: Crypto News Digest by U.Today

Don’t miss the significant crypto news over the past weekend with U.Today’s top five news stories summary!

Shiba Inu suddenly spikes 8%

According to data provided by CoinMarketCap, after suddenly surging 8% yesterday, on Dec. 12, Shiba Inu has managed to outperform all of the top 100 cryptocurrencies. The meme coin now is inching closer to surpassing Avalanche and regaining 12th place. However, SHIB remains outplayed by its rival canine crypto, Dogecoin, which sits in 11th place.

Shiba Inu is still 56.75% down from its previous peak.

Ethereum average gas goes down 50% in six weeks

Good news for those complaining about Ethereum’s high transactional fees (gas). The average value of transaction commissions is reported to have lost more than 50% since the last local high registered on Oct. 28, 2021, at over 190 Gwei. The reason behind the unusually negative dynamics of average Ethereum fees could be linked to Ether’s poor performance, which makes it less appealing to traders and adds to the crypto market's general stagnation.

You can now spend Shiba Inu at GameStop, Lowe’s and Nordstrom

Thanks to the Winklevii-backed company Flexa adding support for Shiba Inu, holders of the meme coin can now spend it at roughly 40,000 stores across the U.S., including GameStop, Nordstrom, Lowe’s and Petco. Crypto payments are facilitated with the help of Flexa’s Spend cryptocurrency wallet which was rolled out in 2019. The first four cryptocurrencies it supported were Bitcoin, Bitcoin Cash, Ethereum and the Gemini Dollar stablecoin.

Flexa also added Dogecoin to the list of available cryptocurrencies back in May.

Shiba Inu whale transfers almost $500 million worth of tokens

Last Friday, the WhaleStats tracker detected an eye-popping transaction carrying $470 million worth of Shiba Inu tokens. The transaction was made by a wallet dubbed “Hulk,” which moved almost all of its funds to another wallet, leaving for itself only $4 million worth of tokens. The owner of the wallet remains unknown, but some members of the Shiba Inu community speculate that the wallet might be tied to a crypto exchange that bought tokens to later launch operations with them. Others assume that the large purchase was made by the Robinhood trading app.

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Bitcoin sentiment is in “Extreme Fear” again

Last week, unfortunately for its supporters, Bitcoin was unable to leave the "Extreme Fear" zone. The flagship crypto touched the 16/100 level on Dec. 6, 2021, then it bounced a little and stuck at this ultra-low level on Saturday. According to analysts, the Bitcoin "Fear and Greed" index dropping to ultra-low levels was caused by Bitcoin's impotence to hold above $50,000. The last time the Bitcoin "Fear and Greed" index was this low was in late July 2021, when the crypto king was changing hands below $30,000.