Day: December 31, 2021

Shiba Inu Is Launching a DAO

by Cryptobriefing


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The development team behind Shiba Inu (SHIB) has announced that it will launch a DAO, according to a new blog post.

DAO Will Decide on Rewards and Listings

Shiba Inu is getting a DAO.

Shiba Inu’s DAO will collectively make governance decisions regarding the project’s ShibaSwap exchange. Users who have staked Shiba Inu’s reward token $BONE to receive $tBONE will be able to vote.

In the beta version of the DAO, called DAO 1, users will decide how token rewards are distributed between various liquidity pools.



The team explains that this gives power to its community of users. “Rewarded liquidity pools will be decided fully by the users….this avoids the Developers from making those very choices,” it wrote.

Users will also be able to stake tokens to vote for other cryptocurrency listings and pairs, a feature that is intended to attract liquidity deposits for those assets. This will occur on a cyclical basis, with a minimum of 30 pairs being showcased every 14 days.

Later, a new DAO called DAO 2 will allow users to make general proposals around the development of the project.

What Is Shiba Inu Token?

Shiba Inu was launched in August 2020 as one of several Ethereum-based tokens aiming to capitalize on the popularity of Dogecoin.


Though many other similar tokens fell through the ranks, Shiba Inu maintained its popularity. It is now the 13th largest cryptocurrency overall, with a market capitalization of $18.4 billion.

The news comes approximately one week after Dogecoin announced a massive roadmap that will include several new features.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies. 



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Here’s What Next for Algorand, Chainlink, The Sandbox and Two Additional Altcoins, According to Crypto Analyst Michaël van de Poppe

by Dailyhodl

Michaël van de Poppe is plotting the price direction of the altcoins Algorand (ALGO), The Sandbox (SAND), Chainlink (LINK), Curve DAO Token (CRV) and Swipe (SXP).

In a new video, the crypto analyst tells his 158,000 YouTube subscribers that Algorand is entering into a period where traders should ideally place their money at bottom price levels to make the most of swing trade opportunities.

“What is the level that I preferably want to see Algorand breakthrough?

That’s this entire block that we have here at $1.75.

If that one breaks, we can clearly see continuation happening on the markets as right now we are facing resistance.

After a beautiful bounce, you can see that we are already up approximately 30% to 35% and if we break through this one, the next resistance point that we can actually attack is the area around $2.10 to $2.25.”

Van de Poppe says that SAND offers a great day trade opportunity at the retest level of around $5.25.

“If the area around $5.10 is lost, a re-test at $3.95 or perhaps even $3 is most likely going to take place.”

The analyst also identifies the potential entry points for CRV, which is currently facing resistance at around $6.

“I would definitely be looking at entry points around $4.50 as the first one and if we do make a break above $6.10,  I think you want to buy that flip as well targeting $8 or targeting even potentially around $10.”

For Chainlink, he says traders could start building their positions between $13.86 and $16.71.

“Crucial break for this one is to break through $23.50.

If that one breaks, the next test is going to be $35 and then we’re most likely getting ourselves in a new upwards trend.”

As for Swipe, van de Poppe says that the crucial resistance level that the coin has to break is at around $2.20.

“If that one breaks, you know that you could be looking at a potential level to flip where you can start building your positions, but when you’re looking at the structure in this case, I think you clearly want to wait until we get a re-test happening around  $1.70.”

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Billionaire Elon Musk Says He’s Identified Which Crypto Asset Is Fundamentally Best – But There’s a Catch

by Dailyhodl

Billionaire and business magnate Elon Musk is once again praising dog-themed crypto asset Dogecoin (DOGE).

In a lengthy new interview with podcast host Lex Fridman, Musk says that the popular meme coin’s built-in mechanisms render it superior to leading crypto Bitcoin (BTC) in terms of practical use cases.

“Part of the reason why I think there’s merit to Dogecoin, even though it was obviously created as a joke, is that it actually does have a much higher transaction volume capability than Bitcoin. The cost of doing a transaction, the Dogecoin fee is very low.

Right now, if you wanted to do a BTC transaction, the price of doing that transaction would be very high, so you could not use it effectively for most things, and nor could it even scale to a high volume.”

Musk then says DOGE’s supply mechanic, which may appear inflationary at first, is actually deflationary in the long run and that its monetary system is ‘fundamentally’ the best one he’s seen thus far. However, he notes that there’s a caveat – it’s all one big accident.

“Dogecoin, just somewhat randomly, has a fixed number of coins or hash strings that are generated every year. So, there’s some inflation, but it’s not a percentage at base. It’s a fixed number, so the percentage of inflation will necessarily decline over time.”

I’m not saying that it’s the ideal system for a currency, but I think it actually is just fundamentally better than anything else I’ve seen, just by accident.”

DOGE is exchanging hands at $0.17 at time of writing, a 12% decrease from its seven-day peak of $0.194.

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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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Bank of Mexico to Launch Its CBDC by 2024

by CryptoPotato

Mexico’s central bank (Banco de México) announced it “will have a digital currency of its own in circulation” by 2024. Thus, the Latin American country put its name next to other nations such as China and Indonesia, which also unveiled plans to launch their CDBCs soon.

Digital Peso by 2024

In a recent tweet, the government of Mexico revealed that Banco de México (the Central Bank of Mexico) will implement a CBDC in the country’s financial system by 2024.

The authorities outlined the importance of such a move, saying it could be of “great value to advance financial inclusion” in the nation.

During an interview for a convention hosted by S&P Dow Jones Indices, Jonathan Heath – Deputy Governor of Banco de México – confirmed the news, stating:

“We are working on a project, we even have a timeline where we think that perhaps by the end of 2024 at the latest, we should have it operating perfectly well (CBDC).”

A CBDC is quite different than decentralized cryptocurrencies such as bitcoin. The former is a digital version of a fiat currency. It is fully centralized and controlled by an entity like a central bank. On the other hand, bitcoin is decentralized as there’s no central authority behind it.

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Mexico has shown some pro-bitcoin stance in recent months. A few weeks ago, the largest supermarket chain in the country – Elektra – allowed customers to pay their bills in BTC instead of fiat currencies.

In addition, Mexico’s third-richest person – Ricardo Salinas Pliego – compared the primary cryptocurrency to gold and advised people to invest in it as soon as possible.

Who Else Is Racing Towards a CBDC?

Launching a central bank digital currency has been a target for many nations around the globe.

In line with its communist regime, the People’s Republic of China – the country with the most hostile stance towards cryptocurrencies – has made numerous attempts to promote its digital yuan over the last 12 months. At some point, the authorities announced they will even allow athletes and foreign visitors at the 2022 Beijing Winter Olympics to employ the financial product.

Earlier this month, Indonesia also revealed plans to issue a digital form of its national currency. The nation’s central bank believes that a CBDC is a more reliable option than bitcoin, ether, and other digital assets.

“A CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more credible than crypto,” the financial institution stated.

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MicroStrategy Remains One Step Ahead With $94M Bitcoin Purchase

by NEWSBTC

MicroStrategy has once again doubled down on its bitcoin holdings with another purchase. This time around, the company spent almost $100 million to add more BTC to its mammoth holdings. The company which has been buying bitcoin since 2019 has stuck to its promise to invest heavily in the digital asset and has been the only company to continue buying through the dips.

MicroStrategy Buys More Bitcoin

MicroStrategy announced that it has bought more bitcoins to add to its balance sheet. The publicly listed company had bought a total of 1,914 BTC between December 9th and 29th. Each of the BTC was bought at an average of $49,229 and the total cost of the bitcoins purchased came out to $94.2 million.

Related Reading | Bitcoin Only Works For The Wealthy, Senator Elizabeth Warren

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MicroStrategy’s CEO Michael Saylor, took to his Twitter account to share the news of the purchase with his followers. Saylor who is a vocal bitcoin proponent is one of the reasons the company had begun purchasing the digital asset after he disclosed his holdings to the board and demonstrated his returns.

The company also published a disclosure that made the sale known. Funds for the recent bitcoin purchase were apparently raised from selling shares of the company, which MicroStrategy has done at various points in the past to raise money for its buying sprees.

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Bitcoin price chart from TradingView.com

BTC recovers to $47K | Source: BTCUSD on TradingView.com

The Sole Driver Behind Corporate Investing

MicroStrategy has made a name for itself as being the public company with the largest bitcoin holdings in the globe. However, lesser-known is the fact that it remains one of the top drivers of institutional investment in the digital asset.

Bitcoinist reported that MicroStrategy alone accounted for about 71.4% of all BTC holdings by companies. With its most recent purchase, the company has no doubt pushed this figure even higher, widening the gap between it and other companies who currently bitcoin on their balance sheets.

Related Reading | The Year Of Alt Season: Altcoins Dominate Market In 2021

The company has spent about $3.75 billion on BTC in the past two years. This investment has paid off handsomely as the company’s total bitcoin holdings now sit above $6.1 billion, indicating that it has been a lucrative investment for them. The company now holds a total of 124,391 BTC on its balance sheet with its most recent purchase.

Its announcement of its bitcoin strategy earlier in the year had prompted other companies such as Tesla, Square, Aker, and Meitu to also disclose their bitcoin holdings. However, MicroStrategy is the only company that has continued to purchase BTC, buying an average of 3,000 BTC per month in the third quarter of 2021.

Featured image from Bitcoin News, chart from TradingView.com

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Eminem Buys Bored Ape Yacht Club Ethereum NFT for $450K

by Decrypt

The legendary Detroit rapper Eminem has aped in to the Bored Ape Yacht Club (BAYC). 

He purchased one of the Ethereum-based Apes for 123.45 ETH ($452,000) on Thursday night and has since made the ape his profile picture on Twitter. Meanwhile, he appears to have collected at least 15 NFTs so far on OpenSea under the name Shady_Holdings. 

Eminem is one of the best-selling musical artists of all time, having sold more than 220 million records worldwide. He’s also the only rapper to have ever won an Academy Award and a Golden Globe Award for Best Original Song, which he won for “Lose Yourself” in the movie “8 Mile.” He’s also won numerous American Music Awards and 15 Grammy Awards.

Fellow BAYC member GeeGazza sold the blonde ape to Eminem, announcing today that the sale becoming a reality is “madness” and remarking, “I’m living in a simulation.” Eminem has not yet commented publicly on the sale.

GeeGazza had in fact been hoping to sell this ape to Eminem for months now. Back in November, he said, “I still think Eminem is destined to buy my Bored Ape one day.” He also admitted, “You don’t understand how long I’ve been manifesting that Eminem buys my ape.”

The digital agency Six has taken credit for the BAYC NFT sale to Eminem, writing on Twitter that their creator-focused agency helped secure the ape, which they are calling the “EminApe.” (Indeed, the ape does look like the rapper.) The agency has previously worked with the rap group Wu-Tang Clan and electronic artists Tycho and Galantis on other projects.

eminem in hat like bored ape

With his new EminApe, Eminem has officially joined the second-largest NFT project on OpenSea by volume. The BAYC has traded 11,705.97 ETH ($43 million) so far in secondary sales, and the floor price is currently sitting at 60 ETH ($220,000). Eminem has joined the many other celebrities who have aped in so far, including NBA star Stephen Curry and talk show host Jimmy Fallon.

BAYC recently surpassed CryptoPunks in overall OpenSea ranking and floor price, a huge achievement for a project that just started in April 2021.

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Bitcoin (BTC) Flashing Mixed Metrics As Its Price Stays Stagnant: Santiment

by Dailyhodl

Crypto analytics firm Santiment says that a recent spike in the number of daily active Bitcoin (BTC) addresses indicates BTC’s price might be about to swing to the upside.

The market insights agency tells its 120,700 Twitter followers that Bitcoin activity has picked up after nearly a month of sluggish data.

“With Bitcoin continuing its $46k to $48k range, we’re seeing a trend of rising address activity.

Dec. 28th marked the highest address activity in 4 weeks, and these high spikes in DAA [daily active addresses]/price ratio historically correlate with price rises.”

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Source: Santiment/Twitter

Santiment offers a more in-depth analysis of Bitcoin’s relative strengths and weaknesses in its latest Insights blog post.

As BTC struggles to recapture and hold the $50,000 level, the firm says of retail sentiment,

“It’s as good as it can look.

Seems like many people are quite disenchanted and in disbelief about breaking above 50k.”

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Source: Santiment

The crypto insights firm says that while funding rates are mostly neutral, many people are selling their BTC due to fears that it won’t go up during 2022.

“People selling now because they believe it can dump lower.

It’s a sign of bearishness.

There are enough people that believe BTC will not go higher the whole next year.

They sell now because they don’t feel confident holding BTC.”

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Source: Santiment

Santiment is also concerned by the downtrend in whale activity.

“Pretty significant chunks of money are being offloaded by these addresses.

It’s hard to be bullish when whales are acting like this.”

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Source: Santiment

The data firm concludes its Bitcoin analysis by noting that BTC’s daily circulation has been declining over the past month and a half.

“Every week since November we are seeing a lower high in terms of daily circulation. Amount of Bitcoin being used over the network is clearly declining.”

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Source: Santiment

At time of writing, Bitcoin is up 1% on the day to $47,025.

The flagship cryptocurrency last breached the $50,000 mark back on December 11th.

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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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Crypto Giant Grayscale Details Top Altcoins Held by Institutional Investors As 2022 Begins

by Dailyhodl

The world’s largest digital asset manager is offering a look at which crypto assets institutional investors are most interested in.

Grayscale just detailed a complete breakdown of its crypto assets under management (AUM), which amounts to a staggering $40+ billion.

The vast majority of Grayscale’s holdings are in the Bitcoin (BTC) Trust, which accounts for $30.37 billion.

Leading smart contract platform Ethereum (ETH) is in second place with $11.49 billion AUM.

The firm also offers trusts for a dozen altcoins, with holding amounts as follows:

  • Ethereum Classic (ETC): $418.1 million.

  • Litecoin (LTC): $229.8 million.

  • Bitcoin Cash (BCH): $136.6 million.

  • Decentraland (MANA): $60.6 million.

  • Zcash (ZEC): $51.1 million.

  • Horizen (ZEN): $38.6 million.

  • Livepeer (LPT): $25.2 million

  • Stellar Lumens (XLM): $20.6 million.

  • Solana (SOL): $9.6 million.

  • Basic Attention Token (BAT): $7.2 million.

  • Chainlink (LINK): $6.2 million.

  • Filecoin (FIL): $3.4 million.

Grayscale holds an additional $508.3 million in its Digital Large Cap Fund, as well as $10.6 million in the DeFi fund.

The firm recently released a 27-page report about the future of decentralized finance (DeFi) and its impacts on both the crypto and traditional finance industries.

The report states,

“Crypto creates an internet owned by its users and DeFi empowers those users to own a piece of that financial ecosystem. DeFi is the third wave of crypto cloud economy growth and the next wave of fintech [financial technology] innovation.

The Internet expanded access to information and DeFi has the power to do the same for banking. DeFi seeks to transform the way people establish trust on the internet and provide 33 million U.S. underbanked households, 1.7 billion underbanked adults globally, and 4.6 billion internet users a new banking alternative.”

With DeFi accounting for less than 2% of the $8 trillion worldwide financial services industry, Grayscale believes it’s still “early innings” for the nascent ecosystem.

The report highlights how cryptocurrencies are filling a void created by the high fees and low-interest rates consumers encounter with traditional banking.

When it comes to potential risks, Grayscale mentions government regulation, vulnerability to hackers and overall crypto volatility as potential speed bumps.

“DeFi’s regulatory environment is still highly uncertain, and it remains to be seen how [the] US or other regulators will enact policy affecting the ecosystem.

DeFi protocols have been hacked or experienced bugs that have resulted in the loss of user funds or smart contracts not executing as they were intended due to coding errors.

Negative fluctuations in the value of a DeFi protocols’ crypto holdings may materially harm the DApps [decentralized applications] usage, fees revenue, governance utility, and, ultimately, token value.”

You can read the entire Grayscale DeFi report here.

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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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Bitcoin (BTC) $ 27,407.34 0.83%
Ethereum (ETH) $ 1,642.26 1.56%
Litecoin (LTC) $ 64.24 3.13%
Bitcoin Cash (BCH) $ 228.45 7.78%