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SHIB Trading Volumes Add 114%, Vitalik Buterin Slammed After Tweeting on Censorship Resistance, This Drives Whales to Buy More SHIB: Crypto News Digest by U.Today

Fri, 08/26/2022 - 16:33
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Valeria Blokhina
Read about the latest events in the industry in U.Today’s news digest!
SHIB Trading Volumes Add 114%, Vitalik Buterin Slammed After Tweeting on Censorship Resistance, This Drives Whales to Buy More SHIB: Crypto News Digest by U.Today
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U.Today presents the top four new stories over the past day.

Shiba Inu trading volumes add 114% in day as millions enter market cap

Yesterday, Shiba Inu’s trading volume showed an increase of 114%. In addition to this, Shiba Inu's market valuation surged 7% to 7.68 billion, which might suggest that in the last 24 hours, over $490 million have flowed into the SHIB market capitalization. In the previous 24 hours, the meme coin economy saw an inflow of new money, which has reported a slight 4% increase in market value. According to data from CoinMarketCap, at the moment, this class of dog-themed cryptocurrencies is valued at $17.35 billion. As for the price of SHIB, the coin is currently trading at $0.00001344, down 5% over the last 24 hours.

Vitalik Buterin faces backlash after talking about censorship resistance

Ethereum co-founder Vitalik Buterin recently wrote on Twitter how cryptocurrency payments and their convenience are underrated when compared to traditional centralized payments. He also mentioned censorship resistance in his post, which puzzled many crypto community members given the wallet hunt that started after infamous cryptocurrency mixer Tornado Cash was banned in the U.S. Twitter users noticed the contradiction between Buterin's words and events happening around Ethereum. Previously, many blockchain developers and experts voiced their negative opinions about the new Soulbound type of tokens proposed by Buterin.

Here's what's driving whales to buy more SHIB

According to data by WhaleStats, Shiba Inu has returned to the list of the top 10 most purchased tokens on the Ethereum chain as the interest of ETH whales in the meme token has significantly increased. From time to time, large ETH investors buy and then sell big amounts of SHIB to later speculate and lock in profits from the meme coin's price changes. Meanwhile, the top 100 Ethereum token holders acquired 2.8 trillion Shiba Inu over the past 24 hours. This amount of tokens comprises $37.6 million. The second most popular canine token after Dogecoin is now holding fourth place among whales' assets, accounting for 5.26% of their massive portfolio.

52.4 Billion SHIB Grabbed by This Whale in Single Chunk

Bitcoin will exit extreme bear market once this indicator flashes

As stated by Glassnode in a recent tweet, Long-Term Holder Supply (LTH) profitability is under extreme bear market stress. The indicator plays a key role in Bitcoin on-chain analysis as it allows observers to determine the current market cycle. The Long-Term Holder Supply in Loss is currently around historical highs as only 4% of all trading history has shown greater BTC-denominated losses. Considering such a high percentage of the long-term supply in loss, the market is in a deep bear market and will only reverse when the percentage of supply in loss decreases.

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About the author

Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.