Ethereum’s Vitalik Buterin Burns $6.6 Billion Worth of Shiba Inu Tokens

After the dogecoin hype invoked a new ERC20 token project called Shiba Inu, the crypto asset has been making waves throughout the crypto industry. On Wednesday, the cofounder of Ethereum, Vitalik Buterin donated $1 billion worth of Shiba Inu to India’s Crypto Covid Relief Fund. Then a few days later on Sunday, Buterin decided to burn 410.24 trillion Shiba Inu tokens worth over $6 billion using today’s exchange rates. Buterin Burns $6.6 Billion Worth of Shiba Inu Tokens A new token called Shiba Inu (SHIB) has been a topical discussion…

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Bitcoin Stock-to-Flow Still ‘Intact’ Says Creator, Crypto Fear Index Taps 12-Month Low

The leading cryptocurrency bitcoin has dropped 20% in value after Tesla announced on May 12, the electric car firm would not be accepting bitcoin for purchases. Two days later, the creator of the notorious stock-to-flow cross-asset (S2FX) price model, Plan B, shared his model and said the S2FX was still “intact.” Plan B still shows confidence in the bitcoin bull run and expects another 5x in the next six months. S2FX Price Model Still ‘Intact’ Despite the recent crypto market downturn, Plan B still seems positive that the bitcoin bull…

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Nigeria Devalues Currency as Central Bank Moves to Unify Exchange Rates

In a possible policy shift, the Central Bank of Nigeria (CBN) recently allowed the local naira currency to briefly drop to a new low of USD$1 for 419.75 nairas on May 14, 2021. However, by close of business the naira had recovered and was trading around 411.25. Before the latest adjustment, the naira had fluctuated between 380 and 381 to the dollar since July last year. Unifying Multiple Exchange Rates Meanwhile, a report in the Nigerian media has speculated that the seeming devaluation of the naira indicates that the CBN…

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Brazilians Can Now Bet on President Bolsonaro’s Reelection Bid on FTX

Crypto derivatives exchange FTX has launched a futures contract that allows Brazilian voters and traders in jurisdictions where the platform is available to bet on the outcome of Brazil’s next presidential election. With health and financial crises looming in the country, Jair Bolsonaro’s second term as head of state is far from certain. FTX Launches Bolsonaro 2022 Futures Contract The new futures contract, Bolsonaro 2022, expires at $1 if the current president wins the election and to $0 if he fails, FTX announced. Brazilians will head to the polls on…

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Crypto Miners Using Household Electricity Face Fines as Consumption Spikes in Iran

Those who mine cryptocurrencies with power intended for domestic use will pay hefty fines, the Iranian government warned. The country is experiencing shortages due to reduced hydropower generation as authorities register a surge in electricity consumption for cryptocurrency mining. Crypto Miners to Pay for Damages to the Power Grid Hydropower plants in Iran have been working with limited capacity as a result of insufficient rainfall this year. At the same time, authorities say the minting of digital coins consumes more and more electrical energy. Illegal mining operations, often relying on…

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Elon Musk Discloses ‘Tesla Has Not Sold Any Bitcoin’

Amid speculation over the weekend that Tesla may have sold its bitcoins, CEO Elon Musk has clarified that the electric car company “has not sold any bitcoin.” The Technoking of Tesla got into a heated debate with the bitcoin community Sunday after he announced that Tesla has suspended accepting bitcoin for payments due to environmental concerns. Elon Musk Confirms Tesla Has Not Sold Its Bitcoins Tesla CEO Elon Musk got into a string of heated discussions with bitcoiners on Sunday which led to speculation that Musk’s electric car company may…

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Kenya Based Technology Firm Switches to Pancakeswap, Cites High Gas Fees on Uniswap

In its bid to help users avoid high gas fees on Uniswap, a Kenya-based fintech firm, UTU, recently launched a liquidity pool on the decentralized exchange (dex), Pancakeswap. This launch enables prospective UTU coin buyers to acquire the token “with low fees and fast confirmation times.” In a statement posted on the firm’s blog, UTU, which wants to end the anonymous star ratings, reviews, and scores as the de facto trust mechanisms, says this move had been necessitated by the feedback received from users. The statement explains: You have expressed…

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Investors Confuse Ethan Allen With Ethereum: Shares up 50% Over Average Price

Ethan Allen, a U.S.-based furniture company, has been getting strange traction in markets this year, due to an interesting coincidence. The company’s stock ticker is the same as ethereum’s ticker, something it shares with one of the hottest cryptocurrencies right now. This has caused confusion among investors, who have bought Ethan Allen without doing research and thinking they are buying ethereum. Ethan Allen Enjoys Ethereum’s Market Ticker Ethan Allen, a Nasdaq-listed custom furniture company based in Vermont, has been getting a special kind of attention in the market this year,…

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Shiba Inu Crypto Investors Turn Multimillionaires After Almost Jobless, Relying on Stimulus Checks

Two brothers have shared the story of how they became millionaires after investing in Shiba Inu, the cryptocurrency nicknamed “dogecoin killer,” for just under two months. Before the investment, the covid-19 pandemic almost killed their business, and the government’s stimulus checks did not last long. Shiba Inu Crypto Investors Become Millionaires Two brothers from Westchester, New York, have shared their story of how they went from nearly jobless, and relying on the government’s stimulus checks, to becoming multimillionaires by investing in cryptocurrency, CNN reported Friday. Tommy, 38, and James, 42,…

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Banking System Uses Significantly More Energy Than Bitcoin, Research Shows

A new report shows that the banking system consumes more than twice the amount of energy that bitcoin does. The authors analyzed bitcoin’s energy usage and compared it to the banking and gold industries. Banking System Consumes Much More Energy Than Bitcoin Galaxy Digital published a report last week entitled “On Bitcoin’s Energy Consumption: A Quantitative Approach to a Subjective Question.” The authors described, “This report took a quantitative approach, comparing Bitcoin’s energy usage to that of other industries.” Within the report was an energy consumption comparison between the banking…

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