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SHIB Token Surges by 1946.11% within a Week

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Today, despite the fact that most mainstream cryptocurrencies have fallen back, the SHIB token has proven to be the exception, rising by 123.63% in the past 24 hours. Within a week, SHIB token has surged by an impressive 1946.11%.

SHIB is the native token of the SHIBA INU network and is the first ERC-20 token to be listed and incentivized on ShibaSwap decentralized exchange.

Binance crypto exchange elaborated on SHIB token and said:

“SHIBA INU (SHIB) is an experiment in decentralized community building and another meme coin similar to Dogecoin.”

SHIB was officially launched in August 2020, when the decentralized finance market was making huge strides and growing exponentially. The founder of SHIB token Ryoshi issued a total of 1,000 trillion SHIB. 50% of the tokens were locked into Uniswap to provide liquidity, while the remaining 50% was allocated to Ethereum co-founder Vitalik Buterin.

SHIBA INU was launched on OKEx, Huobi Global, and Binance on May 8, 9, and 10 respectively. The cryptocurrency rapidly became popular within the crypto sector.

SHIB is also whimsically known as the ‘Doge Killer’ as SHIB, due to its relatively low price, is attracting Dogecoin investors.

The popularity of Shiba Inu Coins gained massive traction due to the following reasons:

Firstly, SHIB token’s initial starting price is relatively low. Therefore, investors can spend a small amount of funds and still gain hundreds of thousands of SHIB. For new-entry investors, the entry barrier is relatively low.

Secondly, due to the extremely high FOMO (Fear of Missing Out) sentiment in the bull market, SHIB token quickly gained a lot of traction. Investors, fearing that they were missing out on an incredibly opportunity, jumped on the chance to invest in SHIB, as they did not want to miss out on any chance of getting rich.

The third reason why SHIB surged by so much in so little time is due to billionaire Elon Musk’s endorsement of Dogecoin. Elon Musk tweeted on May 7 that he was looking for a Shiba pup, sending SHIB higher.

Shiba Inu (SHIB) has now entered the top 20 rankings of CoinMarketCap and is currently ranked No.17. It may well be a trader’s response to the hype surrounding Dogecoin (DOGE).

At the time of writing, SHIB is trading at $0.00003225.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/shib-token-surges-1946.11-within-week

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Ark Invest’s Cathie Wood Joins Board of Crypto Firm Amun Holdings

The CEO of Ark Invest has joined the board for crypto technology platform Amun Holdings.

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In brief

  • Cathie Wood, CEO of Ark Invest, has joined the board of Amun Holdings.
  • Wood has also bought millions of dollars worth of Coinbase shares in recent weeks.

Cathie Wood, CEO of investment management firm Ark Invest, has joined the board of crypto company Amun Holdings, per a report published by Bloomberg yesterday. 

Wood joined the Amun board after personally investing in 21Shares AG operators, which specializes in exchange-traded products (ETPs). 

“21Shares is forging a new path for crypto ETPs by leading with research and a keen understanding of this developing asset class,” Wood said, adding, “I am thrilled to support its efforts.” 

What is Amun Holdings? 

Amun Holdings is a crypto firm and ETP provider based in Zurich, Switzerland. 

The firm currently has approximately $2 billion in assets under management; a sharp increase from its March 2020 figure of $27 million, according to CEO Hany Rashwan. 

The firm is also profitable, with annual revenue of up to $50 million being generated from a mix of institutional and retail investors. 

“We built the company to make crypto as accessible as stocks and have seen tremendous demand for our products,” Rashwan said. 

21Shares Short Bitcoin ETP is one of Amun’s offerings. It allows investors to bet against Bitcoin. In turn, the 21Sahres Crypto Basket Index tracks the top five cryptocurrencies by market value. 

Amun and 21Shares products are listed on exchanges in Switzerland, Austria, and Germany. Amun plans to list its first non-European product in the coming months. According to Bloomberg‘s report, this expansion might see as many as 30 products established in eight countries. 

This isn’t Wood’s first involvement with the crypto industry. According to The Block, Woods has bought a total of $356 million worth of Coinbase shares, first purchasing $246 million on April 15, and then buying another tranche of shares worth $110 million the following day.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/70494/ark-invests-cathie-wood-joins-board-of-crypto-firm-amun

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UBS Group Reportedly Planning to Launch Crypto Services to its Wealthy Customers

The Swiss multinational investment bank, UBS Group AG, is reportedly in the works of launching several cryptocurrency services.

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The trend of giant banks developing crypto services is expanded beyond the US with Switzerland’s UBS Group AG. The institution plans to enable its wealthy customers exposure to digital asset investments later in the year.

  • By citing people familiar with the matter, Bloomberg reported that UBS Group AG is in the “early stages of planning to offer wealthy customers digital currency investments.”
  • The bank, based in Zurich, Switzerland, with over $1 trillion in Assets Under Management, is looking into several alternatives for its crypto-related services.
  • Nevertheless, the organization has warned about the infamous volatility of the digital asset sector and will enable its clients to allocate only a “very small portion” of their total wealth.
  • One of the discussed options suggested that institutional customers will be able to receive crypto exposure through third-party vehicles.
  • Interestingly, Bloomberg’s report arrives just a few months after the financial service company working under the UBS Group AG hat – UBS Global Wealth Management – warned that the entire cryptocurrency sector could plummet to zero.
  • Before UBS Group AG, numerous US-based banks initiated steps into enabling their clients to receive exposure to bitcoin and other digital assets.
  • BNY Mellon, the oldest American bank, led the charge this year after releasing BTC custodial services. Shortly after, Morgan Stanley followed by filing to receive BTC exposure for up to 25% for 12 of its funds.
  • Even the previous bashers, Goldman Sachs and JPMorgan, showed a pro-crypto approach. Goldman filed for a Bitcoin ETF, and its clients can now trade BTC derivatives, while JPM will reportedly launch an actively managed fund following the performance of the primary cryptocurrency.
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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/ubs-group-reportedly-planning-to-launch-crypto-services-to-its-wealthy-customers/

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Data Agnostic Oracle Network ORAO Chooses TRON’s Blockchain Over Ethereum’s

By breaching the high fees on the Ethereum blockchain, ORAO has chosen to launch its general data products on top of Justin Sun’s TRON.

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The data-agnostic oracle network supporting multiple blockchains, ORAO, will launch its general data product on top of TRON. The two parties announced a partnership earlier, with ORAO claiming it chose TRON due to the significantly lower transaction costs compared to other networks.

ORAO to Launch Products on TRON

Described as a “blockchain agnostic oracle platform built to support any number of chains,” ORAO operates with protocols working on top of Polkadot, Ethereum, Elrond, and other networks. The team behind it announced the partnership with Justin Sun’s TRON in a press release shared with CryptoPotato.

The statement informs that ORAO uses a “proactive rating system” to judge data upon submission, which means that “bad and malicious data never makes it to the buyer in the first place.”

Furthermore, its data oracles provide a wider variety of secure information working at high speeds – from local weather to the outcome of football matches and elections.

“One of the key strengths of ORAO are our Predefined Data Protocols, which greatly expand the variety of data products that providers can offer. However, while they make for fantastic flexibility, the fact remains that many of the data products they support would not be economically viable on a platform that is mired in congestion issues.” – commented Nikola Strahija – founder of ORAO.

The integration on TRON comes after the team examined other alternatives, including Ethereum. However, the notoriously high transaction fees and the “increased congestion,” which leads to a “growing need for a fast, scalable, and affordable base layer solution,” made TRON the most accurate option.

TRON’s Rapid Growth

Upon further explaining the decision to go with TRON, Strahija described Justin Sun’s brainchild as a “rapidly growing powerhouse” in the market.

The partnership between the two will also enable TRON users to receive data from other networks due to ORAO’s blockchain agnostic features.

“DeFi and crypto should not be limited to high net worth portfolios who can afford congestion pricing. We are seeing a rising trend of many top Ethereum projects moving to TRON. We are thrilled for ORAO to join the TRON Network and reap the benefits of a fast, affordable, and agile network.” – said Sun.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/data-agnostic-oracle-network-orao-chooses-trons-blockchain-over-ethereums/

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