Read in the Digest
- Shiba Most Popular Crypto on CMC, Another SHIB Burn, Shiba Whales Increase Stakes
- Polygon Inches Closer to Top 10 With New ATH, $UST on Sets New Market Cap Milestone
- Binance Gains Bahrain Approval, Turkish Subsidiary Slammed $750k Fines
- Gas Fees Drop By 67% in the Last Seven Weeks
Shiba Most Popular Crypto on CMC, Another SHIB Burn, Shiba Whales Increase Stakes
As the adoption of cryptocurrencies increased in 2021, meme coins recorded explosive growth. (SHIB) is one of the major meme coins to benefit from the growth.
As a result, Shiba Inu outperformed and Ethereum to become the most viewed cryptocurrency on CoinMarketCap. In 2021, Shiba recorded more than 188 million views compared to Bitcoin’s 145 million and Dogecoin’s 107 million views.
Continuing what has been an already stellar year, Shiba has completed a token burn party organized by Bigger Entertainment. The party saw 239 Million Shiba Inu tokens burned worth approximately $9,000.
After a good year, SHIB whales appear to be preparing for 2022. According to a data tracker, in the last 24 hours, 100 Shiba Inu holders bought Shib coins worth over $20 million. As a result, the total holdings of Shiba Inu whales have increased from $1.5 billion to $2 billion in less than a week.
- One of Shiba’s biggest competitors, Floki Inu, has started a petition to see the meme coin listed on Coinbase (NASDAQ:), making it easily available for trading and holding in the U.S.
Why You Should Care
Shiba Inu’s growth comes as its use cases increase, and people now see it as more than a meme coin.
Polygon Inches Closer to Top 10 With New ATH, $UST on Terra Sets New Market Cap Milestone
One of the best performing cryptos of the year, Polygon (MATIC), with gains of over 16,000%, has moved closer to breaking into the top 10. On December 27, MATIC set another all-time high at $2.92.
In the last seven days, MATIC has gained 37% and over 70% in the last 30 days. At this time, MATIC now trades at $2.82, and its market cap is closer than ever to the top 10. Polygon now has a $19.9 billion market cap and is now the 14th largest crypto.
Terra (LUNA), another solid contender for the best performing crypto of 2021, has set yet another milestone. UST, a decentralized stablecoin on the Terra network, has reached a market cap of $10 billion, making it the first decentralized stablecoin to achieve the feat.
The seven days price chart of Polygon (MATIC). Source: Tradingview
The one year market cap of TerraUSD (UST).
The stablecoin TerraUSD (UST) backs the invested dollar with cryptocurrency worth more than that dollar. While decentralized stablecoins are growing, they have a lot of catching up to do before competing with USDT and USDC.
- Decentralized stablecoins pose more risks than traditional stablecoins as the underlying crypto asset is volatile.
Binance Gains Bahrain Approval, Turkish Subsidiary Slammed $750k Fines
The world’s leading crypto exchange by trading volume, Binance, has received an in-principle approval from Bahrain’s central bank to operate as a crypto-asset service provider.
Binance has announced that it intends to complete the full application process in due time to acquire a license from the Central Bank of Bahrain. If completed, it will be the first regulatory approval for a Binance within the Middle East or North Africa.
- While receiving approval in Bahrain, the Financial Crimes Investigation Board of Turkey has slammed a fine of 8 million Turkish Lira ($751,314) on Binance Turkey
- According to MASAK, Binance Turkey violated liability inspections – for failing to provide customer information in relation to money laundering
Why You Should Care
To achieve the global adoption that Binance seeks, the crypto exchange needs to meet regulatory guidelines in different countries.
Ethereum Gas Fees Drop By 67% in the Last Seven Weeks
The exorbitant gas fees of Ethereum is one major drawback that the network’s transition to proof-of-stake is predicted to solve. However, while the PoS transition has been delayed until June 2022, the gas fees on the network is already dropping.
The drop has seen Ethereum gas fees hit their lowest level in the past six months. In the last seven weeks, the Ethereum network has seen a 67% drop in the average price of transaction fees – from $62 on November 9 to $20.61 on December 27.
The average transaction fees on the Ethereum Network in 2021
On December 27, metrics show the average fee spent on the Ethereum network is now $20.61 or 0.0051 Ether per transaction. On the other hand, the median ether fee which was $34.28 per transaction on November 9 is now 0.0032 ETH or $10.43.
The median transaction fees on the Ethereum Network in 2021
- While the transaction fees on the Ethereum network is reducing, Layer 2 scaling solutions are cheaper – with Loopring offering as cheap as $0.16 per ether transfer.
Why You Should Care
The drastic reduction of Ethereum gas fees on Ethereum proves that it is possible for the problem to be solved when the network migrates to PoS.
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