Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
A Match Made in Heaven: Fantasy Sports Meets Crypto Stock Trading
Fantasy trading contests are a fun and exciting crypto trading alternative that allows you to compete on your terms. These contests are based on fantasy sports mechanics and make it possible to double up your investment in as little as 15 minutes. Fantasy crypto has become the latest hit on the market, with millions of people gravitating to such fantasy finance platforms as StockBattle.
How does StockBattle work?
In StockBattle, you draft your virtual stocks or crypto portfolio and join head-to-head competitions with other participants. The best trader, whose portfolio grows more within a 15-minute contest, gets a reward. All contests are backed by real-time price data. It's a simple concept that you'll feel comfortable with using in seconds. However, you will need to analyze the market and rely on your intuition to create a winning portfolio.
Here is why you should try StockBattle
You get a generous 100% welcome bonus. The platform will match your first deposit up to $50. So, if you invest $20, it means you'll have $40 to join the desired fantasy contests. You can join free competitions to understand how the system works. The prizes involve actual money, so you can use this as a starting point to begin competing for real cash. Check the current trends while choosing your portfolio. The website shows you statistics on each currency that you can include in your selection. That makes it easier to discover the current trends and identify market gainers.
The Contests Occur in Real-Time!
You don't have to wait to see the outcome of a contest. Instead, you can follow the entire session's live chart and see how the market trends move in actual time. Even if you don't win, you'll love the rush you felt during the session.
An Entire Academy Section That Helps You Win
StockBattle wants its competitors to enjoy fantasy finance contests and win. That's why it created an Academy where you can discover solid winning strategies. The academy contains detailed explanations on fantasy finance but also shares tips and insights. For example, you can learn how to read graphs or hunt for undervalued assets.
If that sounds attractive, don't hesitate to join StockBattle today. You can improve your knowledge and test yourself against hundreds of other traders!
Aleph.im Launches Serum Markets Analytics
Revealing never before seen DeFi trading data on Solana
Paris - November 4 - Aleph.im, a cross-blockchain computing network, and decentralized indexing provider announced today the launch of Serum Markets, to help surface valuable trading data on Project Serum (Serum), a protocol delivering the underlying liquidity infrastructure to decentralized applications built on Solana's fast and censorship-resistant blockchain.
The induction of Serum Markets will vastly benefit Project Serum&39s ecosystem, allowing Serum to better analyze the enormous influx of data and funds from their various end-users and providing increased visibility for investors into one of the largest players of the Solana DeFi ecosystem. Moving forward, projects will be able to connect to Project Serum&39s data using aleph.im&39s technology to enrich the Solana DeFi analytics landscape.
Serum is a liquidity infrastructure ecosystem built on Solana with a fully on-chain central limit order book that gives traders and composing projects access to matching services and shared liquidity. At the time of writing, Serum&39s total value locked (TVL) is $2.42B, making Serum one of the top DeFi protocols on Solana. Until now, trading data from Serum&39s ecosystem has been noticeably difficult to consolidate. Aleph.im&39s indexing solution will allow users to access historical DeFi trading data including TVL, trading history (OHLCV), daily number of active users, and specific statistics on the makers and takers (PNL, open orders, fees/rebates) for added visibility and insights that can inform better trades. It will also provide additional searchable data on specific market addresses, open orders accounts, and owner addresses.
We&39re excited to collaborate closely with aleph.im on their analytics and indexing solutions for Serum. It&39s hard to overstate how important this kind of tooling is for ecosystem growth," said JHL, Project Serum contributing developer.
Aleph.im offers a solution for projects that currently have to rely on centralized indexing solutions or no indexing at all due to the complexity of indexing on Solana, which requires high costs for physical hardware, unfeasibly fast internet connections, and computing power. Many DeFi protocols on Solana have already benefited from aleph.im&39s decentralized indexing solutions including Raydium, Saber, and Orca.
We&39re thrilled to extend our indexing solutions and analytics dashboards to Serum, the liquidity infrastructure protocol for dozens of DeFi programs built on the Solana blockchain, to offer users, traders and institutional investors increased visibility into the Solana DeFi ecosystem, stated Jonathan Schemoul, founder of aleph.im.
Aleph.im&39s open API and GraphQL can also be used by anyone to populate the latest trades on Serum into their DApps or research projects. For end-users, Serum Market will provide valuable information, allowing them to make better-informed decisions when trading.
Embargo lifts Thursday, November 4th at 6am PT/ 9am ET
Aleph.im is a distributed cloud platform that provides serverless trusted computing services, file storage, and indexing solutions to replace traditional centralized cloud computing. It provides dApps of any chain instant access to database solutions thanks to its scalable peer-to-peer network and programming language-agnostic interface. For more information visit aleph.im and follow us on Twitter: @aleph_im
About Project Serum
Project Serum is a liquidity infrastructure protocol for DeFi protocols built on the Solana blockchain. It offers an on-chain central limit order book (CLOB) that gives developers access to matching services and shared liquidity across all protocols built on Serum.
BTC Media Announces Sound Money Bitcoin Music Festival
The Inaugural festival will be part of Bitcoin 2022 Conference
MIAMI, FL - BTC Inc, organizer of the world&39s largest Bitcoin conference, announces the inaugural Sound Money Bitcoin Music Festival a part of Bitcoin 2022. The festival, which will take place at the Miami Beach Convention Center&39s Pride Park, will be the finale of Bitcoin 2022 on Saturday, April 9th, and feature internationally renowned music artists, Bitcoin, art, food and more. Tickets to the Festival are included with General Admission passes to Bitcoin 2022, but can also be purchased individually through BTC Media here: https://b.tc/conference/passes
Sound Money Fest (SMF) will be a celebration of Bitcoin adoption and hyperbitcoinization bringing together the international community through music and revelry. As Bitcoin is for everyone, so too is Sound Money Fest and it is not exclusive to the Bitcoin community. Bitcoiners across the world do not fit into a single mold and neither do their musical tastes. As such, SMF will feature over 17 diverse performances across genres such as pop, hip-hop, k-pop and alternative music. Phase 1 lineup announces:
Performing: Apashe, Asadi, K. Flay, MØ, Royal and the Serpent.
Tickets for Sound Money Fest are available now with festival-only passes starting at $99.00 USD. General Admission passes to Bitcoin 2022 are available and start at $499.00 USD for the entire conference and festival.
Bitcoin 2021 saw over 12,000 attendees descend upon Miami and organizers anticipate that number to grow to over 30,000 in-person attendees in 2022. The four-day event will feature an industry day, two general conference days, and culminate in the Sound Money Fest music festival. Founders, C-suite executives, Bitcoin experts, and newcomers to Bitcoin will all unite in Miami around panels, discussions, networking events, live performances, entertainment, giveaways, and more.
Bitcoin 2022 Industry Day on April 6th will be where the Bitcoin ecosystem converges with legacy finance, fintech, and energy infrastructure, including content tracks and targeted networking tracks for institutional finance, institutional bitcoin mining, and Bitcoin technical development. Industry Day will host more than 6,000 global industry leaders, 80 speakers, 4,000 companies, and a pitch day serving as a platform for the next generation of Bitcoin startups.
Organizers are also offering gratis and subsidized tickets to open-source Bitcoin contributors and students. More details coming soon.
"At Bitcoin 2021, we booed, we cheered, we laughed and we cried," said BTC Media CEO and event organizer David Bailey. "The conference ran the emotional gamut, and our 2022 pilgrimage will do the same. This conference is going to capture the world&39s attention. Let&39s show them what freedom, sovereignty, and prosperity really mean. Get your tickets today, and we&39ll see you in Miami."
About BTC Media: BTC Media is a Bitcoin media company that works globally from the heart of Nashville, Tennessee, America's Music City. Here, from their front-row seat in the fast-growing fintech industry, they gather and distribute the information, education, and research that are building the financial systems of the future. Their clients include everyone from tech startups to Fortune 500 financial titans. Like them, they are driven by a vision of money moving faster, cheaper, and more conveniently around the globe of individuals everywhere empowered by financial freedom and security.
BTC Media keeps the world informed through products and services that include Bitcoin Magazine, yBitcoin and The Distributed Ledger, the planet's most widely read digital currency publications, along with multi-media educational information and services about financial technology. More information on BTC Media can be found here: https://b.tc/
Link to socials:
Ivy League University Starts Accepting Bitcoin as Payment
As cryptocurrency and blockchain technologies continue to become increasingly utilized throughout the world, various educational institutions have thus started to accept Bitcoin (BTC) as a viable payment method for tuition fees.
The University of Pennsylvania's Wharton School of Business made headlines recently when it announced that it shall be accepting cryptocurrencies such as Bitcoin as payment. The Ivy League institution anticipates attracting countless students each year via such an initiative, as it is indeed the younger generation that has played a vital role in the global adoption of cryptocurrencies. As such, the institute has added a new course centered around the study of blockchain, digital technologies and cryptocurrencies, and the course will reportedly cost $3,800 (all of which can be paid in BTC).
Wharton's relationship with crypto
The Wharton School is among the most prestigious business schools within the entire United States, and its notable alumni involve the likes of Elon Musk, Warren Buffet, and Sundar Pichai. The school will indeed start accepting Bitcoin (BTC) and other cryptocurrencies as payment for tuition before long, but it should also be mentioned that the acceptance will be restricted to the online blockchain, cryptocurrencies, and digital assets program, which will reportedly begin in January next year.
The six-week course is called &lsquoThe Economics of Blockchain & Digital Assets', and it costs $3,800 as aforementioned. In order to successfully facilitate the acceptance of cryptocurrency payments, the Wharton School shall employ the services of Coinbase Commerce, which is the main e-commerce portal of Coinbase.
The business school had also managed to make headlines earlier on in 2021 when it acquired a massive $5 million Bitcoin donation. In May, an unknown donor had sent the $5 million, which roughly translates to about 118 BTC. The Wharton School quickly converted the flagship cryptocurrency asset contribution to fiat, a move that had resulted in the institution being given over $7 million at today's prices.
Cryptocurrencies and education
Many academic initiatives involving cryptocurrencies have occurred throughout the years. For instance, the Massachusetts Institute of Technology (MIT) distributed BTC to its respective student body back in 2014. Numerous other institutions have recently begun to accept cryptocurrency as payment for tuition as well.
It could be argued that as the cryptocurrency industry grows and gains more traction, many aspects of our society will gradually come to adopt a more progressive and accepting perspective towards the new digital asset class. One thing is for sure though, and that is the fact that cryptocurrencies are not going away anytime soon.
Do Kwon Strikes Back: Sues SEC Over Improper Sopenia
Not too long ago, the SEC served a subpoena on Terraform Labs CEO Do Kwon as he was about to make a scheduled appearance at Messari's Mainnet conference. The Securities and Exchange Commission approached Do Kwon back in May to inquire about the functioning of Mirror Protocol as well as Terraform Labs' relationship with the firm. The CEO willingly sat with the SEC lawyers and answered a wide variety of queries during a five-hour questioning period.
However, the CEO is now suing the SEC, claiming that the regulatory body has little to no jurisdiction regarding the plaintiffs. The final straw had in fact occurred in September, when the SEC subpoenaed Do Kwon, issuing some documents and paperwork during Messari's Mainnet launch event while the CEO was still speaking with Terraform's delegates.
Do Kwon Strikes Back
The founder of Terraform Labs is now officially suing the regulatory agency for violating its jurisdiction with the subpoenas. The CEO's complaint disputes the subpoenas, claiming that these were unlawfully given, as well as the agency's inability to maintain the confidentiality of a private investigation into the so-called Mirror Protocol.
Do Kwon is a South Korean resident, and although the SEC's guidelines specify that investigations are to be kept private, the regulator nevertheless issued a subpoena on an event that had nearly 2,000 people in attendance via the &lsquoCavalier Courier and Process Service'. Employing a &lsquoCavalier' procedure to confront the CEO in public at a highly anticipated event which was being attended by so many individuals was at best a reckless move, causing social media outrage along with press speculation regarding the encounter in only a few minutes of the orchestrated incident and at worst a clear attack on the cryptocurrency sector by the regulator.
The CEO, who has since gone on the offensive on behalf of the cryptocurrency industry's newest battle with the SEC, has identified a clear lack of comprehensive understanding within and between regulators as a major issue that continues to hinder the progress of decentralized finance (DeFi). The lawsuit additionally highlighted both the exponential growth of the industry and the subsequent resistance against it by various governmental and regulatory institutions such as the SEC.
The Battle Is OnEver since the incident, countless members of the cryptocurrency community have banded together to openly defy the SEC and its alleged authority over the industry. This is not the first time that the regulator had overstepped its boundaries and if left unchecked, it won't be the last either.
Furthermore, the complaint contends that the SEC violated its own guidelines governing the management and appropriate conduct of these types of situations. The subpoenas had been delivered in public, and one of Messari's Mainnet's assistants saw the delivery first-hand. This is contrary to SEC policy, which specifies that official matters must be kept secret until declared otherwise.
This lawsuit, therefore, requests that the subpoenas be declared null and void, as well as all damages including legal costs and other remedies, be covered as the court considers appropriate.
Ontario Teachers Pension Fund Gains Crypto Exposure with Investment in Crypto Exchange, FTX
Ontario Teachers' Pension Plan invests in cryptocurrency exchange FTX Trading Ltd, through Teachers' Innovation Platform. FTX, a Bahamas-based crypto exchange recently announced that Teachers' Innovation Platform (TIP) was one of the 69 investors in its most recent $420-million funding round. After that inflow of support from the funding round, FTX established in 2019, is valued at $25 billion today. This is a bold move for a big, successful, and well-known pension plan, Ontario Teachers'. Worth noting as more big pensions gain access to the crypto markets this momentum increases in velocity.
&ldquoTeachers' Innovation Platform invests in innovative companies that use technology to help shape new categories," stated Olivia Steedman, managing director at TIP. &ldquoAs a global technology-driven innovator in the financial sector, FTX fits well with our mandate. We look forward to working with FTX's management team in supporting the continued growth of the company." With new regulation-compliant onramps appearing every day, Pension plans and other investor groups previously not able or considering crypto investments turn an eye to this explosive alternative to their traditional holdings.
The latest funding round will help FTX expand into new markets and develop new offerings. The exchange reports that over the past four months their user base has grown by 48%, and average trade volume is up 75% to $14-billion per day. Very regulation friendly, FTX is interested in establishing the exchange as trustworthy and innovative. They seek to engage regulators and embrace change to improve their offerings to investors. We think that the Teachers' Pension buy-in speaks well to the FTX positioning as the world's most transparent and compliant cryptocurrency exchange.
ProShares Bitcoin Futures ETF Breaks Record With $1 Billion AUM in Two Days
On October 19th, the ProShares Bitcoin Future&39s ETF (BITO) was approved for trading in the United States. Just two days later it has already amassed over $1 Billion in assets under management (AUM), making it the fastest ETF ever to reach $1 Billion AUM in the united states. The record was previously held by the first gold ETF approved in 2004.
BITO went live last Tuesday as an alternative investment vehicle for retail and institutional investors interested in indirect bitcoin exposure. The fund invests in bitcoin futures contracts, rather than actual BTC, and thus price appreciation of the fund's shares may not track the bitcoin spot market price. Many who have been pushing for a Bitcoin ETF were disappointed that the futures ETF was approved prior to a "spot" ETF. A spot EFT would hold physical Bitcoin instead of merely futures contracts. Many in the Bitcoin space actually look at this approval as a negative for Bitcoin, because it allows more market manipulation by Wall Street and higher prices for consumers.
"A futures-based ETF price will not necessarily match the current price of the underlying asset. In most cases, futures ETFs based on commodity assets such as gold tend to underperform physical ETFs," said Mikkel Morch, executive director at crypto and digital assets hedge fund ARK36.
A second offering linked to BTC, the VanEck Bitcoin Strategy ETF (XBTF) has received regulatory approval to list in the country and is set to begin trading on October 25. This also represents a futures-based ETF.
Regardless of if you believe this is a net positive or a net negative for retail investors, the price of Bitcoin has clearly responded positively to the news. Bitcoin charted new all-time highs of over $67K on the day after the approval was announced.
Solana Breakpoint is a groundbreaking celebration of everything Solana
Solana Breakpoint is a groundbreaking celebration of everything the Solana community has accomplished, what they&39ve inspired, and for what comes next. Breakpoint is the first conference organized by the Solana Foundation. The Lisbon-based conference will bring together industry leaders, builders, and innovators from around the globe. This year, the conference will be held in beautiful Lisbon, Portugal, from November 7th - 10th, and will be broken down into 3 separate tracks.
THE ECOSYSTEM STAGE - LxFactory
Amazing use-cases and applications.
A 175-year-old textile factory has been converted into a dynamic hub for artists, architects, and creative professionals. LxFactory can host up to 1,900 guests surrounded by restaurants, bars, shops, and street art. This is the home of Breakpoint's Ecosystem stage.
THE GROWTH STAGE - Estufa Fria
Agenda setting discussions and announcements on the future of Solana.
Lisbon's historic botanical gardens span 1.5 hectares, housing hundreds of species of plants. It's also the setting for Breakpoint's Growth stage, where we'll get hands-on with the DeFi, NFT, and other use-cases driving the Solana world.
DEVELOPER TRACK - SUD Lisboa
Hands-on workshops and tutorials with the best devs in the ecosystem.
Sun's out, the laptop's out. With stunning rooftop views over the Tagus river, SUD Lisboa will host Breakpoint's Developer track. Apply to speak on the Developer track below.
The U.S Surpasses China As The Worldwide Leader In BTC Mining
The United States now accounts for more than 35% of the world's hash power. The country has greatly benefited from China's still ongoing crackdown on all activities and operations related to cryptocurrencies, in particular the nation's Bitcoin (BTC) mining prohibition. Most recently, a number of Bitcoin mining rigs that were being operated via public officials in the Zhejiang province had been shut down by the Chinese government, thereby adding it to the list of other provinces such as Sichuan and Xinjiang who shared the same fate.
This has political ramifications for how both the flagship cryptocurrency and various other altcoins would be viewed going forward in the United States. Simultaneously, the general regulatory attitude of the U.S regarding the crypto industry and the market remains relatively unclear.
China's loss is the U.S' gain
Amid China's extensive crackdown on the cryptocurrency sector, the United States has seized the top ranking as far as Bitcoin mining is concerned for the very first time. A number of retail and institutional investors along with various industry leaders thus do not expect this trajectory to reverse in the foreseeable future, although others have stated that mounting pressure from regulatory authorities will be a continuous challenge that must be overcome.
No matter what the future may hold, however, the Bitcoin network's hashrate, which is a gauge of the computing resources needed to execute mining operations, has rebounded from its July lows, despite the fact that China's ban on Bitcoin mining had caused miners to suspend their operations and relocate elsewhere.
As per the data analytics provided by Glassnode, the Bitcoin network's hashrate has now increased by around 117% to 133 EH/s as of this week from a low of 61 EH/s back in July. As of this writing, the United States has managed to more than double its hashrate from this past April, which was around 17% at the time.
Keeping an eye on Russia
Although the United States is currently the global leader in Bitcoin mining, another country is steadily gaining ground. Following China's ban on cryptocurrency mining, the Irkutsk region of Russia witnessed its energy usage rates increase by a considerable 160%. Russia's Ministry of Energy is therefore considering the implementation of distinct electricity tariffs pertaining to the cryptocurrency miners.
The United States and Russia have a complicated history, to say the least. It is hence difficult to imagine that the latter would want the former to maintain its position atop the Bitcoin mining sector for long. Similarly, the U.S cannot ignore the explosive growth of Bitcoin mining which is occurring in Russia, as was made evident when several Russian districts were supposedly experiencing exponential increases in energy usage, presumably as a result of Chinese miners fleeing the country amid a countrywide cryptocurrency-oriented crackdown.
Long-Awaited Parachains Are Finally Coming To Polkadot
Polkadot&39s (DOT) long-awaited parachains are expected to launch on the network later on in the year, according to its developers earlier this week. From the projected initial date of November 11th, the community may start celebrating soon with thanks to the existence of &lsquoauctions'.
After approximately 5 years of rigorous study, research, testing and development, the layer-0 blockchain will be able to finally reach a much-anticipated milestone before long. As a result of this announcement, DOT's price has also been steadily increasing as of late, as it currently sits at just about $44 which is an increase of over 30% in the past 7 days. DOT is now also the 8th highest-ranked cryptocurrency by market capitalization.
For those who might be unaware, parachains are unique, project-oriented blockchains which, for the purposes of this article, are incorporated into the Polkadot as well as Kusama (KSM) networks. We may hence understand parachains to be distinct blockchains that run on top of the primary Polkadot blockchain. They may be tailored to a variety of use cases and allocated into the aforementioned blockchain, which is also known as the Relay Chain. The Relay Chain is essentially the core of the Kusama and Polkadot networks.
Furthermore, Gavin Wood himself had recently stated that all of the technical barriers pertaining to the launch of parachains on Polkadot have effectively been overcome. Additionally, he stated that both auctions and parachains are now indeed ready for the first production release which will occur on Polkadot. Finally, he concluded his statement by saying that ever since the first week of this past June, the parachains have in fact been running smoothly on Kusama.
Over 49,000 separate addresses have contributed more than 2 million KSM, Kusama&39s native token, to crowd loans through the existing Kusama parachain auctions by now. To that end, DOT shall be utilized in the forthcoming auctions. So far, a slew of decentralized initiatives, including decentralized identity protocol Kilt and DeFi-based entities like Phala&39s Khala Network and Moonbeam&39s Moonriver Network have earned parachain slots, with more expected to follow suit.
If authorized via the on-chain governance of Polkadot, then the starting auctions for the first batch shall commence from November 11th till December 9th. Auctions for the second batch shall begin in early 2022, and these are anticipated to last from 2023 till 2024 when &39winners&39 are proclaimed and additional networks join Polkadot.
StockBattle Introduces The World to Fantasy Sports Style Stock Betting
Fantasy trading is the latest trend in the crypto world. These competitions are an excellent way to have fun and earn money in the process. If you are an experienced trader, this can be a new way of profiting from the knowledge you have. On the other hand, if you are a newbie, you'll appreciate the option to learn about crypto trading. Fantasy finance platforms, such as StockBattle, are a good method of understanding how cryptocurrencies fluctuate.
How &39Fantasy Finance&39 Works
All StockBattle contests are backed by real-time data. It means you can try your hand at predicting the ups and downs of the actual market without any of the actual risks. StockBattle can be accessed worldwide and is only limited to the stock market hours but crypto isn't. You can enter crypto contests 24/7 and profit even when the market is bearish. In StockBattle, you can garner the fastest feedback on your market insights and double your gains every 15 minutes (all contests are 15 minutes long).
What Are StockBattle Contests Like?
StockBattle contests follow in the well-established footsteps of fantasy sports. Just like in a fantasy baseball league, you choose your &ldquoplayers" (stocks or crypto) and see how well they perform in a series of &ldquomatches" (pre-set timeframes on the actual stock and crypto market).
Users can select up to five different cryptocurrencies (or stocks) to add to their virtual portfolio. Based on how those fantasy cryptocurrency or fantasy stocks selections perform in the real world, entrants are awarded points at the end of each match.
All StockBattle contests are head-to-head competitions where entrants contend against only one rival - a person with the same passion for stocks and crypto (not against the whole market), so victory is real, all you need to do is to outsmart that only rival.
Where To Start?
The great thing about StockBattle is that it offers free contests. These competitions don't require investing a single cent. Yet, they are exactly what you need to become comfortable with the platform.
Free contests will help you become familiar with the basics of stocks and crypto trading. That includes learning how asset prices move and what volatility looks like. You'll also learn how to read charts and graphs. All this will be of immense help in the world of trading.
Before you engage in real money competitions, you'll need to deposit actual funds into your balance. StockBattle offers a generous deposit bonus -- they'll double your first deposit, which will help to boost the beginning of your fantasy career!
You'll love experimenting with different approaches while learning a lot about the stock and crypto market in StockBattle. Having a good time is guaranteed, and if you put effort into drafting your portfolio, you could walk away with a profit!
If you are ready to jump on the fantasy finance bandwagon and cross your crypto swords in crypto contests, join StockBattle right now..
SHIB Skyrockets Back to ATH as Euphoria Reenters Crypto Markets
In recent news, nearly 95% of the cryptocurrency market has experienced an increase in price. Following Bitcoin&39s (BTC) recent but brief surge to beyond $55,000, most of the altcoins managed to undergo a similar spike, however, one cryptocurrency asset, in particular, managed to stand above the rest.
As of the time of this writing, Shiba Inu (SHIB) is now the 12th highest ranked cryptocurrency by market capitalization, with a current price of about $0.00003. This new price is indicative of a whopping 385% increase within the past week, with the token itself recording a new all-time high. The question that must be asked now though is why this has happened so quickly and whether Shiba Inu can maintain this sort of momentum going forward.
To the moon?
SHIB, with a market capitalization of approximately $17 billion, has now surpassed the likes of Uniswap (UNI), Chainlink (LINK), and even Litecoin (LTC). Shiba Inu was initially outlined as a sort of experiment in decentralized and unplanned community building as well as engagement. It was launched back in August of last year via a pseudonymous developer going by the alias &39Ryoshi&39. Although many argue the coin has "no real utility" it stands as an example of what the power of community can yield in the crypto ecosystem.
Since the beginning of the week, the token has seemingly managed to outclass all of its competitors, with a key cause being centered around Elon Musk and his unending love for dog-themed cryptocurrencies. The support from the Tesla CEO towards Dogecoin (DOGE) has been well-documented at this point. Another significant achievement was the revelation that the self-proclaimed &39Shiba Army&39 has now exceeded the 700,000 mark in terms of its members worldwide. Say what you will about the token, but this is an extremely impressive accomplishment.
Imminent retest and danger
Recent concerns have been fixated on what may end up becoming an opposing shift in both sentiment and price action as funding rates turned positive across various exchanges all over the globe. The fact that the funding rates were turning excessively positive seems to indicate that the market expects further upside movement. Under these conditions, a mass unwinding of positions could hasten and intensify a downward move, if such a situation occurs. In investing, it is always imperative not to blindly follow the crowd. In the wise words of Warren Buffet, "you must be fearful when others are greedy, and greedy when others are fearful.
This sentiment data mirrored the mood of investors, with the Cryptocurrency Fear & Greed Index reaching 76/100 on Saturday, indicating &lsquoextreme greed'. According to Rekt Capital, investors would hence do well to exercise caution as a retest could be imminent. This line of thinking was backed by long-term market participants already working on an exit strategy, as well as some historical data that showed a 50% sell-off during the last time a +90% pump had taken place within the cryptocurrency market.