Day: November 2, 2021

Shiba Inu (SHIB) is the 5th Most Called Smart Contract on Ethereum

by CryptoPotato

It appears that investors are more interested in memes than they were ever before. SHIB’s strong price action has lured even the skeptics under its hood, and the latest data reveals impressive results.

The hype around the dog-inspired cryptocurrency Shiba Inu has grown so much that it has emerged as the fifth most called smart contract on the Ethereum network.

Shiba Inu’s (SHIB) Growing Appeal

According to the latest data compiled on Dune Analytics, Shiba Inu has even surpassed the likes of Uniswap v3 SwapRouter, USDC, and WETH tokens. In fact, it was a few places behind prominent NFT marketplace OpenSea, Uniswap V2 Router, among others.

img1_eth
Data by Dune Analytics

The dashboard also revealed that there were over 450K unique callers for SHIB.

SHIB is Now 7th Largest Burner of Gas on Ethereum

SHIB has also emerged as the seventh-largest burner of gas on the Ethereum network. The milestone is a result of increased network activity, as well as the consumption of gas surrounding the token, which has been captured by TokenView’s Ethereum Explorer.

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Ethereum (ETH) clocked in another record high on Tuesday as new data demonstrated burned more tokens than it emitted. This trend has been ongoing for the past week. In other words, the network just saw a net-negative inflationary week for the very time after the London hard fork.

As mentioned above, Shiba Inu, too, had a role to play in this. Over the past seven days, the meme-token has burned a total of 127.15 ETH. The industry giants Uniswap V2 Router and Tether has burned 525.28 ETH and 296.6 ETH, respectively, within the same time period.

Thanks to the staggering rally, SHIB’s has outpaced several large-cap cryptocurrencies, including Dogecoin (DOGE).

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Call of Duty Esports Team Owner Andbox to Launch NFTs That Unlock Perks for Fans

by Decrypt

In brief

  • Esports team organization Andbox will launch NFTs on the Flow blockchain.

  • Blockchain startup Moonwalk will work with Andbox to create utility around the NFTs, including various “special access” perks for owners.

Andbox is a major player in the growing esports industry as the company behind the Call of Duty League’s New York Subliners and the Overwatch League’s New York Excelsior—both teams in prominent franchised leagues. Now the company is set to enter the NFT space.

Today, Andbox announced a partnership with Moonwalk, a blockchain startup that creates utility around NFT collectibles, enabling them to be used for rewards as well as special fan access, ticketing, and other potential uses. Moonwalk has previously worked with partners ranging from musician G. Love to Ukrainian soccer team Dynamo Kyiv.

According to Moonwalk CEO Shiv Madan, Andbox plans to launch NFTs around its team brands in the near future via the Flow blockchain (Roham Gharegozlou, CEO of Flow creator Dapper Labs, is an Andbox investor). Once those collectibles are live, Moonwalk will work with the esports organization to deliver added functionality for fans who own them.

“Anyone who’s purchased [NFTs] within that community could unlock different things,” Madan told Decrypt, citing New York Excelsior NFTs as a potential example. Fans could unlock event tickets, for example, or perhaps access to a private Discord channel. NFT ownership could unlock access to additional NFT drops, for example, or discounts via e-commerce platform Shopify.

“Eventually, we’ll have more things that you can do over time, from in real life to the online metaverse,” he added, regarding Moonwalk’s fan engagement plans.

Essentially, Moonwalk will create a branded utility wallet for Andbox’s teams, and users will be able to connect that to their standard crypto wallet to tap into added benefits. The goal is to boost fan engagement and build community around NFT ownership. Moonwalk can also provide token rewards for fan interactions on platforms like YouTube, Twitch, and Spotify.

Madan said that the partnership could bear its first fruit before the end of the year. The new Call of Duty League season could begin before the end of the year, following this week’s launch of the new entry in the annual first-person shooter series, “Call of Duty: Vanguard.” Meanwhile, the Overwatch League typically begins its season in the spring.

Andbox also fields a team in Riot Games’ squad-based shooter Valorant, and sponsors content creators that stream and post videos across a number of popular video games.

Along with Dapper’s Gharegozlou, Andbox has a number of notable investors, including NBA player Kevin Durant and actor Michael B. Jordan, and has partnered with brands such as T-Mobile, United Airlines, and Mountain Dew.

Andbox’s upcoming NFT push with Moonwalk is the latest in a growing string of tie-ups between esports and crypto firms. Some notable partnerships in the space include cryptocurrency exchange FTX’s $210 million naming rights deal with Team SoloMid (TSM), as well as a separate deal with Riot Games for “League of Legends” esports events. Meanwhile, Coinbase has sponsored team Evil Geniuses and Crypto.com signed with the team Fnatic.

Madan suggested that there are numerous parallels between the industries, including both being digitally native, featuring digital incentives, and thriving in part due to the concept of communities supporting brands, creators, and projects.

“The fact that these gaming and crypto communities have so much in common,” he said, “I think it’s a natural trajectory for them to adopt and utilize the technologies that crypto has to offer.”

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Miami Mayor Will Accept Next Paycheck in Bitcoin

by Cryptobriefing

Key Takeaways

  • Miami mayor Francis Suarez says that he will accept his next paycheck entirely in the form of Bitcoin.

  • Last month, Suarez introduced a plan to allow all of the city’s municipal workers to accept crypto paychecks.

  • Suarez also wants the city to hold Bitcoin; he also plans to allow residents to pay bills and taxes in Bitcoin.




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Miami mayor Francis Suarez has committed to taking his next paycheck in Bitcoin along with other city workers.

Suarez Will Be Paid in Bitcoin

In a Twitter comment today, Suarez noted that he would take his next paycheck in the form of Bitcoin.


Suarez called on Chief Information Officer Mike Sarasti to help set up the payment. It is unclear whether Sarasti himself will accept Bitcoin.


The decision is part of a larger opportunity available to all of Miami’s municipal workers. In October, Suarez announced a plan that would allow city workers to accept their paychecks in Bitcoin. At that time, he called allowing workers to accept Bitcoin “a major priority,” adding that he wants to “differentiate [Miami] as a crypto capital.”

The proposal could also allow residents of Miami to have the option of paying municipal fees and taxes by spending Bitcoin, if that plan is allowed by county regulators and authorities.

Suarez additionally wants to see the city hold Bitcoin on its balance sheet, though this is not currently allowed in Florida cities.



Miami Is a Crypto Hotspot

Suarez previously helped the city launch its own cryptocurrency, MiamiCoin. The custom token was the first cryptocurrency to launch in partnership with the open protocol CityCoins.

Outside of city government, Miami and Florida have become a crypto hotspot. Crypto exchange FTX recently purchased naming rights to the former American Airlines Arena in Miami.

The NFL team Miami Dolphins have also worked with crypto by partnering with Litecoin and accepting crypto payments.

Disclaimer: At the time of writing this author held less than $100 of Bitcoin, Ethereum, and altcoins.

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Here’s When Altcoins Will Go on a Parabolic Finale, According to Closely Followed Crypto Analyst

by Dailyhodl

One crypto market analyst thinks that altcoins are primed to launch an epic rally as the end of 2021 approaches.

Pseudonymous crypto market analyst TechDev tells his 128,700 Twitter followers that the altcoin market is currently mirroring its price action during the 2017 bull cycle.

 

“Remember what’s coming for your alts.

You haven’t seen a thing yet.”

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Source: TechDev/Twitter

Should the altcoin market follow TechDev’s script, it can soar as high as $7 trillion by early 2022 before a heavy corrective move.

Taking a look at Bitcoin (BTC), TechDev highlights that the monthly relative strength index (RSI) looks to be surging towards historic resistance that marked the tops of previous Bitcoin bull cycles. The RSI is an indicator that tracks the momentum of an asset.

“Highest monthly close in history. 

Congrats Bitcoin and congrats y’all.

We are now headed toward our second monthly RSI (relative strength index) peak like every cycle before.

Nowhere near a top.

Trust the indicators.”

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Source: TechDev/Twitter

At time of writing, Bitcoin is trading at $61,191, according to CoinGecko.

Comparing BTC’s price action to November of 2017, TechDev thinks Bitcoin looks ready to kick off the next leg of its bull cycle.

“BTC daily says get ready for November.”

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Source: TechDev_52/Twitter

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On-Chain Data Analyst Willy Woo Says Ethereum Quietly Building Solid On-Chain Strength

by Dailyhodl

Popular on-chain analyst Willy Woo says one under-the-radar metric suggests that ETH is gearing up for an impressive rise.

The founder of The Bitcoin Forecast tells his 818,400 Twitter followers that Ethereum’s supply shock fundamentals have yet to show up on the second-largest crypto’s price chart.

 

“While BTC is building up strength for ATH escape velocity, ETH is quietly building even stronger on-chain fundamentals not yet reflected in price.”

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Source: Willy Woo/Twitter

Supply shock is a metric that forecasts a crypto’s price by analyzing how many coins are in the hands of people with a history of selling versus those that don’t.

As Woo explains,

“At first glance you can see the Supply Shock model tracks price quite closely. A closer look shows Supply Shock LEADS price. This makes sense as we are tracking the intent of investors BEFORE their action to buy or sell.

For example if a long-term investor that historically accumulates moves enough coins to another entity (usually it’s to an exchange) all coins held by that investor become re-classified as liquid or highly liquid as the intent of the investor is now considered to have changed.”

Earlier this week, the analyst also discussed how Bitcoin (BTC) is in competition with gold as a hedge against inflation.

Today he expanded upon the idea in a tweet suggesting that decentralized finance (DeFi) will compete against the traditional banking sector for market share.

“1) Valuation of the banking sector: $7.3T

2) Valuation of inflation hedges (store of value assets): approx $500T

DeFi is competing for (1). Bitcoin is competing for (2).”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Illuvium, LCX and Tokemak hit new highs as Bitcoin dominance lingers

by Cointelegraph

During bull markets, altcoins tend to accrue gains when Bitcoin price consolidates and at they run in tandem with BTC price during breakouts. This dynamic appears to be at play today because multiple altcoins went parabolic at the same time that BTC made a run at $64,000 and Ether (ETH) hit a new all-time high above $4,500.

According to data from Messari, 31 tokens have established new record-highs in the past 24-hours and the total cryptocurrency market cap increased from $2.619 trillion to $2.732 trillion overnight.

Top 13 tokens to recently establish a new all-time high. Source: Messari

Let’s take a closer look at the motivating factors behind the rallies in LCX (LCX), Illuvium (ILV) and Tokemak (TOKE).

LCX benefits from new exchange listings

LCX is the native token of the Liechtenstein Cryptoassets Exchange which was established in 2018. Currently, the exchange is in possession of at least 8 cryptocurrency-related registrations by the Financial Market Authority Liechtenstein and this allows the platform to legally offer exchange services and security token offerings (STO).

Data from CoinGecko shows that since hitting a low of $0.125 on Oct. 17, the price of LCX has rallied 250% to a daily high at $0.44 on Nov. 2 as its 24-hour trading volume spiked 257% to $18.3 million.

LXC/USD 2-hour chart. Source: CoinGecko

The sudden spike in price and trading volume comes a day after LCX token was listed on Coinbase Pro and the Singapore-based Bitrue exchange.

Illuvium gameplay preview send ILV price higher

Illuvium is an open-world fantasy battle game that is built on the Ethereum newtork and has the goal of becoming the first AAA-rated blockchain-based game that incorporates aspects of decentralized finance (DeFi) and nonfungible tokens (NFT).

Data from TradingView shows that after reaching a low of $452.9 on Sept. 29, the price of ILV has surged 171% to establish a new record high at $1,231 on Nov. 2 as its 24-hour trading volume jumped 122% to $105 million.

ILV/USD 4-hour chart. Source: TradingView

The building momentum for ILV comes following the release of raw footage depicting the gameplay of the platform. This gave interested gamers their first taste of the Illuvium ecosystem.

Related: Axie Infinity, Decentraland and ‘metaverse’ cryptos rally after Facebook rebrands to Meta

Tokemak incorporates ‘Token Reactors’

Tokemak is a decentralized liquidity and market-making protocol that supports an “efficient and sustainable liquidity” across the DeFi ecosystem.

Data from CoinGecko shows that since trading at a low of $29.98 on Sept. 21, the price of TOKE has increased 145.65% to reach a new record high at $73.27 on Nov. 2 as its 24-hour trading activity remained relatively stable near $8 million.

TOKE/USD 2-hour chart. Source: CoinGecko

The steady climb in the price of TOKE comes as the total value locked on the Tokemak platform reached a new all-time high of $767.9 million according to data from Defi Llama. The recent rollout of “Token Reactors” on the Tokemak dashboard allow users to stake tokens from other protocols such as Alchemix (ALCX) and Olympus (OHM) to earn TOKE rewards.

The overall cryptocurrency market cap now stands at $2.732 trillion and Bitcoin’s dominance rate is 43.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.