The cryptocurrency market has seen significant activity recently, with Bitcoin reaching another all-time high.
Similarly, the Shiba Inu (SHIB) cryptocurrency has been making efforts to reach a new historical peak.
Part of these efforts includes the SHIB community’s continuous attempt to burn SHIB meme coins, aiming to reduce their supply and increase scarcity.
Recent data from the Shibburn tracker indicates that millions of Shiba Inu coins have been burned, showcasing a remarkable surge in the burn rate of 430%.
According to this data, there has been a 429.78% increase in the rate at which SHIB coins are being destroyed, with a total of 15,155,141 meme coins sent to “inferno” wallets across nine transactions.
The most significant transaction moved 10,196,078 SHIB to an unspendable blockchain wallet, followed by smaller transactions moving 1,882,892 and 1,580,028 SHIB to dead-end addresses.
Although this spike in the burn rate is impressive, it’s important to note that the total amount of coins burned in these instances is less than the amount burned in other daily activities within the same week.
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For example, on March 12, a substantial 386,077,185 SHIB were burned, despite the burn rate only increasing by 29.22%.
The most notable burn event recently occurred on March 9, when the SHIB team itself undertook a massive burn of 13,610,153,841 SHIB.
This event was not limited to SHIB coins; it also included the burning of BONE and LEASH tokens, which are crucial to the Shibarium ecosystem.
These burns were facilitated by Shibarium’s layer-2 solution and the gas fees collected by the developers.
Despite the fluctuation in burn activities, SHIB’s price experienced a 7.80% increase within the last 24 hours, trading at $0.00003382 at the time of reporting.
This activity underscores the community’s dedication to influencing the coin’s value through strategic burns, aiming for a tighter supply and potentially higher prices.
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Decentralized physical infrastructure network (DePIN) Dabba plans to boost internet to the unconnected in India via the launch of 100,000 Dabba Lite devices in the country.
Dabba, a blockchain-based company aiming to connect the unconnected with a visionary decentralised physical infrastructure (DePIN) network, announced the launch of its Season 2 campaign in India. The campaign aims to deploy over 100,000 Dabba Lite devices across India this year to offer cheap and accessible internet services.
This follows the Season 1 campaign trial in the most populous country, where it sold all 1,000 Dabba Lite devices within days of launch earlier this year. These campaigns aim to bring super fast and affordable internet to India via its robust decentralized physical infrastructure network (DePIN).
The company has partnered with key investors in this project, including Multicoin Capital, Y Combinator and Borderless Capital, which previously played a key role in helping Google expand its public WiFi and FSOC initiatives.
India, the world’s most populous country with over 1.43 billion people has suffered from poor internet services, and the latest initiative aims to greatly increase the availability of internet services across the country. Less than half of the population has access to internet services with only 30 million Indians enjoying access to fast WiFi services. By providing fast and affordable internet to the country, Dabba aims to unlock this massive potential the country holds in internet and digital assets, as Arul Murugan, Managing Partner at Borderless Capital explained.
“With more than 1.4 billion people and the limitation to expand the fixed broadband connectivity, India represents the largest market for decentralised wireless and WiFi networks, and Dabba is strategically positioned to become a market leader within this space,” Murugan stated.
Providing access to this underserved nation will set Dabba as an industry leader in DePIN services, he further explained. This will be made possible by Dabba building a network of Local Cable operators (LCOs) and deploying its low-cost, proprietary networking hardware to urban and rural areas within the country.
Hotspot owners on the platform are invited to purchase Dabba Lite hardware and choose an LCO, which deploys the device on their behalf. Once the hotspot owners start providing internet services around their area, they can earn token rewards, calculated according to the quantity of data consumed by hotspot users. The hotspot owners will only be paid when hotspot devices are set up in locations where customers pay for WiFi connectivity.
“Dabba’s strategic alliance with stakeholders essential for connectivity, especially Local Cable Operators (LCOs) marks a pivotal shift in India’s internet landscape,” said Shayon Sengupta of Multicoin Capital. “This innovative model not only enhances connectivity but also drives grassroots economic growth, positioning Dabba as a key player in India’s quest for universal internet access.”
With the recent upsurge in data demand, India’s supply lags way behind and Dabba could be the solution to filling up the demand. Notwithstanding, the country has also witnessed a resurgence in its appetite for cryptocurrencies and digital assets, a powerful combination which could drive Dabba’s mission towards leading the internet supply space in India.
As alluded to, the company successfully completed its first test campaign with 1,000 Dabba Lite devices deployed over the first two months of the year. These devices have, so far, seen a steady consumption of 90-100 TB of paid data per month, showing the rising demand for cheap internet in India. Powered by the Dabba token, Dabba will aggregate and leverage over 150,000 LCOs and help them efficiently scale their operations in remote and suburban areas of India.
On March 14, Bitcoin hit a new all-time high, reaching $73,794 on Bitstamp, as captured by Cointelegraph Markets Pro and TradingView data.
This surge came after a strong overnight rebound, dispelling any previous signs of weakness before the latest Wall Street session.
The resurgence was highlighted by Rekt Capital, a well-known trader and analyst on X (formerly Twitter), who remarked, “Bitcoin dipped again earlier this week and once again successfully retested old All Time Highs as support.”
The excitement was partly fueled by notable supply trends, particularly the impact of the United States’ spot Bitcoin exchange-traded funds (ETFs), which recorded net inflows of $683.7 billion on March 13, as reported by the UK-based investment firm Farside.
These inflows significantly outstripped the day’s outflows from the Grayscale Bitcoin Trust (GBTC), indicating a bullish momentum.
Willy Woo, a statistician and the creator of Bitcoin data resource Woobull, commented on the institutional products’ future, sharing a sentiment similar to Cathie Wood, CEO of ETF provider ARK Invest.
Woo stated on X, “The ETFs are just getting started, institutions and wealth management platforms will take a couple of months to complete due diligence before proper allocation begins.”
This anticipation is visualized in a chart showing Bitcoin network inflows, highlighting the ETFs’ contributions.
Moreover, MicroStrategy, known for holding the largest Bitcoin treasury among public companies, announced plans to acquire more than 1% of the total BTC supply.
Currently owning 205,000 BTC, the company aims to invest an additional $500 million to surpass the 210,000 BTC mark.
Despite some concerns over Bitcoin’s ability to maintain its momentum, bullish sentiment prevailed.
Charles Edwards, founder of Capriole Investments, was among the optimists predicting a significant move for BTC/USD.
He emphasized the role of ETF inflows, stating on X, “Bitcoin’s getting ready for a big move,” and added, “a billion a day keeps the dip away.”
Previously, Edwards had declared the era of “deep value” Bitcoin dip-buying over, concluding, “That ship has sailed. You had 2 years to pick up undervalued Bitcoin.
Instead, an exciting new chapter has begun,” marking a transition to a new phase in Bitcoin’s market dynamics.
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On March 13, a surprising development occurred when a post by Elon Musk, featuring a Pepe meme, captivated the attention of cryptocurrency enthusiasts worldwide.
This particular post on X sparked a notable rise in the value of the meme coin PEPE, contrasting with the recent downtrends observed in other meme cryptocurrencies such as SHIB, DOGE, and FLOKI.
Musk’s engagement with the Pepe meme not only highlighted his interest but also seemed to inject a new vigor into Pepe Coin, a cryptocurrency that blends the world of memes with blockchain technology.
This event came amid speculations about the potential end of the meme coin season, during which several prominent meme coins experienced significant value declines.
The reaction to Musk’s post was immediate, with Pepe Coin experiencing a bullish trend across the cryptocurrency market.
Noteworthy personalities on the platform also engaged with Musk’s post, further amplifying the interest in Pepe Coin.
As a result, the cryptocurrency saw a substantial price increase of 12.82% within 24 hours, trading at $0.000009314.
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This uptick was accompanied by a 28.53% rise in its 24-hour trading volume and a 13.40% increase in market capitalization, indicating strong bullish sentiment among investors.
Data from Coinglass corroborated this trend, showing a 15.33% rise in open interest for Pepe Coin, which amounted to $125.44 million, while its volume surged by 48.49% to reach $1.38 billion.
These figures suggest a growing interest in PEPE, as investors appear eager to inject new funds into the market, thereby enhancing market activity.
Technical analysis provided by Trading View further supported this optimistic outlook.
The Relative Strength Index (RSI) hovered around 72, suggesting that Pepe Coin might be entering a consolidation phase due to its overbought status.
Nonetheless, the rally induced by Musk’s meme-centric post has ushered in a wave of optimism for the meme coin, suggesting its potential resilience in the face of market fluctuations.
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In 2021, Shiba Inu (SHIB), a meme cryptocurrency inspired by social media trends, experienced an unprecedented surge in its value, peaking at $0.000089 on October 28.
This rise was propelled by the enthusiasm on platforms like Reddit and the broader excitement around cryptocurrencies, especially following Dogecoin’s success.
There’s growing curiosity about SHIB’s ability to mimic its previous year’s performance.
Opinions on SHIB’s future prospects are divided among experts.
Alex Svanevik, CEO of Nansen, remains optimistic about meme coins, including SHIB and Dogecoin, predicting they could outperform other major cryptocurrencies like Cardano.
Conversely, analysts from The Motley Fool are skeptical, cautioning that the gains seen in 2021 may not be repeatable.
They highlight the mathematical challenges in expecting similar explosive growth, indicating “Those hoping for a repeat of 2021 might be disappointed because it would be mathematically impossible.”
Shiba Inu’s journey to replicate its 2021 success faces several obstacles.
With a circulating supply of 589 trillion coins, efforts to significantly impact its value through token burning have been sluggish.
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Moreover, the coin’s practical use cases remain limited, despite initiatives like Shibarium aiming to improve transaction efficiency and reduce costs.
The slow pace of merchant adoption further restricts its utility beyond speculative trading.
However, the Shiba Inu community is actively working to enhance the token’s ecosystem and utility.
Projects like Shibarium and Shiba Eternity, a collectible card game, underscore the community’s commitment to building a more sustainable and valuable network for SHIB.
The future performance of SHIB will also be influenced by the overall health of the cryptocurrency market.
Despite the hurdles related to its supply and utility, the unwavering support from its community and the evolving crypto landscape could play pivotal roles in SHIB’s ability to achieve long-term success.
The debate over SHIB’s potential continues, reflecting the dynamic and speculative nature of the cryptocurrency market.
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Core Scientific (CORZ), a prominent player in the crypto mining industry, experienced a downturn in its annual revenue for 2023, reporting a total of $502.4 million, which marks a significant decrease of $137.9 million from the $640 million recorded in 2022, as revealed in their March 12 earnings release.
This decline in revenue was attributed to the company’s exit from the mining rig sales business and an increase in the global Bitcoin hash rate over the year.
Despite this drop in revenue, Core Scientific saw a notable improvement in its financial health, with yearly net losses reducing to $246.5 million in 2023, down from a substantial loss of $2.14 billion in 2022.
The Q4 2023 results further highlighted this positive trend, showing net losses narrowing to $195.7 million from the previous year’s $434.9 million in the same quarter.
The company also made headlines by being relisted on the NASDAQ on January 23, following a successful emergence from a bankruptcy crisis and a 13-month restructuring effort aimed at addressing $400 million in debt.
This financial turmoil was largely due to declining Bitcoin prices, escalating energy costs, and entanglements with the bankrupt crypto lender Celsius.
Core Scientific’s mining operations yielded a remarkable 13,762 BTC in the last year, positioning it as the top publicly traded mining firm in the U.S. based on Bitcoin mined.
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Despite these achievements, Core Scientific’s stock experienced a decline, closing at $3.54 a share on March 12, which further slipped to around $3.40 in after-hours trading.
This market reaction did not overly concern the company, as a spokesperson pointed out the general downturn in the market sentiment towards publicly traded Bitcoin miners, citing similar trends in peers like Marathon Digital and Riot Blockchain.
Analysts attribute the falling share prices of mining companies to investor caution ahead of the Bitcoin halving, an event that will reduce mining rewards by half, potentially affecting profitability.
However, with Bitcoin’s price reaching $72,000, predictions suggest these firms will remain profitable post-halving, assuming stable hash rates and Bitcoin prices.
Core Scientific remains optimistic about its future, especially with the upcoming Bitcoin halving. The company is updating its fleet with the latest Bitmain S21 models and aims to enhance its hash rate utilization.
This confidence is echoed by analysts and investment firms, with HC Wainright and Compass Point upgrading their ratings of Core Scientific to “buy,” reflecting a growing interest in the crypto mining sector amid a resurgence in BTC and cryptocurrency values.
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In late 2023, Coinbase Wallet, the self-custody crypto wallet service from Coinbase, significantly enhanced its security by incorporating the Blockaid security tool.
This strategic move, unveiled in a joint announcement to Cointelegraph on March 13, aims to fortify the digital assets of Coinbase users by introducing an additional layer of protection.
The collaboration between Coinbase Wallet and Blockaid has led to the safeguarding of over $75 million in user funds from potential theft.
This achievement was made possible by the integration of Blockaid’s technology, which effectively intercepted nearly 800,000 dubious wallet connections to harmful decentralized applications (DApps), after scrutinizing 114 million transactions and DApp interactions.
Ido Ben Natan, Blockaid’s CEO, shared with Cointelegraph the methodology behind quantifying the protected funds.
By analyzing the malevolent transactions at the wallet level and evaluating the transaction values at the time, Ben Natan affirmed, “We are able to confidently say that the minimum number of funds saved for users is over $75 million.”
Raz Niv, Blockaid’s CTO, referred to this figure as the “lower band” of detected scams for Coinbase Wallet users, emphasizing the calculation process based on transaction warning screens provided to users, which prevented these transactions.
An essential feature introduced through this integration is the enhanced transaction simulation capability, which predicts the outcomes of transactions before their execution on the blockchain.
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This technology is crucial for averting cryptocurrency scams and thefts, as it enables users to foresee the implications of their transactions.
This predictive feature is bolstered by the use of three Blockaid application programming interfaces (APIs), enhancing security during the navigation of DApps, executing Web3 protocol transactions, and on-chain messaging.
The partnership has notably improved transaction simulation capabilities across seven blockchain networks, including Ethereum and six Ethereum Virtual Machine (EVM) compatible chains like Base, Optimism, and Polygon, as highlighted by Chintan Turakhia, Coinbase’s senior director of engineering.
Despite the advancements in transaction simulation technology, the report underscores the necessity of validation to ensure comprehensive protection against malicious activities, adding an extra layer of security by alerting users about potentially harmful transactions.
The adoption of Blockaid’s security measures is not exclusive to Coinbase Wallet.
MetaMask, another major EVM wallet, incorporated Blockaid’s security alerts in November 2023 and expanded its default security features to several blockchains by February 2024, marking a significant step forward in the collective effort to enhance the security of cryptocurrency transactions across the industry.
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Shiba Inu ($SHIB) and Dogecoin ($DOGE) are set to deliver strong gains to their loyal holders in 2024, despite already rallying by well over 100% in the last 30 days.
Dogami (DOGA), another dog-themed token, is also likely to deliver massive gains in 2024 – and with a market cap of just $6.5 million – it arguably has more potential than the other, more established memecoins.
$SHIB, $DOGA and $DOGE Price Prediction
Shiba Inu is up by 2.4% in the last 24 hours according to CoinMarketCap data, and despite facing some resistance recently, it remains over 200% up over the last month.
It’s currently trading at $0.00003231, and SHIB bulls are currently targeting the $0.00004 level after establishing $0.000032 as support.
By the end of 2024, Shiba Inu is likely to hit $0.0001, delivering a 3x return at the current entry price.
Meanwhile, Dogami is up over 15% in the last 24 hours according to CoinMarketCap data, currently trading at $0.01878.
If DOGA can break through the $0.02 barrier and maintain momentum, it could quickly surge past the $0.03 mark and then target $0.05.
Dogami coin is in a good position to breach $0.15 by the end of this year, delivering an almost 10x return at the current entry price.
Finally, Dogecoin is up by 7.4% in the last 24 hours, and has rallied by 106% in the last month.
Trading at $0.1793 and facing strong resistance, DOGE could hit $0.30 by the end of 2024 – and it could potentially surge considerably higher depending on how much support Elon Musk throws behind it.
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Retail cryptocurrency investors are currently the most bullish on Zap Protocol (ZAP), Render Network (RNDR) and DefiDo (DEFIDO), according to crypto analysis platform Market Prophit.
In a tweet posted on 14 March, Market Prophit revealed that crypto investors had the strongest bullish sentiment on the aforementioned three tokens, despite other, more popular tokens – like Bitcoin (BTC), Ethereum (ETH), and Shiba Inu (SHIB) – dominating the headlines.
All three tokens – namely $ZAP, $RNDR and $DEFIDO – have enjoyed strong runs thus far in March, with further gains on the horizon.
The bullish sentiment regarding Render Network’s token was stoked by news that the project would be speaking on stage at the upcoming Nvidia AI conference.
Meanwhile, Zap Protocol’s token has been gaining momentum amid growing anticipation about the coin’s potential to return to its all-time high during the next bull run. This would deliver a return of over 100x, at the current entry price.
Zap token has already surged over 390% in the last month, while Render has rallied by over 130% in the last 30 days.
However, Zap has much more potential to rise, given the fact its market cap remains under $3 million, while Render’s is already above the $4.5 billion mark.
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MicroStrategy, along with its Executive Chairman Michael Saylor, remains committed to expanding their Bitcoin (BTC) portfolio, revealing plans for a new $500 million convertible note offering intended for further Bitcoin acquisitions.
Announced on March 13, this initiative marks another significant step in the company’s transition from a business intelligence entity to a “Bitcoin development” firm.
The offering, set to be privately issued as senior convertible notes, may also allocate a portion of its funds towards general corporate endeavors.
In the past two weeks alone, MicroStrategy has launched offerings totaling $1.3 billion, including a recently finalized $800 million senior convertible note offering.
This latest endeavor initially aimed to raise $600 million, but the target was subsequently increased to $700 million, plus an additional option for a $100 million aggregate principal amount under certain conditions.
These funds contributed to MicroStrategy’s acquisition of an additional 12,000 BTC, boosting its Bitcoin reserve to 205,000 BTC, valued at $15 billion.
This investment has yielded a 117% return, or a profit of $8.1 billion for the company.
MicroStrategy is nearing a milestone of owning at least 1% of Bitcoin’s theoretical maximum supply, needing just 5,000 more BTC to reach this goal.
With the current market prices, the proposed $500 million investment could secure approximately 6,850 Bitcoin.
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The terms of MicroStrategy’s senior convertible notes, which are debt instruments convertible into equity or cash, include semi-annual interest payments and a maturity date of March 15, 2031.
These can be converted into cash, shares of MicroStrategy’s class A common stock, or a combination of both, depending on specific conditions.
Following this announcement, MicroStrategy’s stock (MSTR) saw a significant rise, increasing 10.85% to $1,766 on March 13 as per Google Finance.
Since February 6, the stock has surged by 254%, making it one of the Nasdaq’s top performers this year.
This uptick in MSTR’s stock price aligns with Bitcoin’s recent price rally, which recorded a 46.1% increase over the last month, reaching $73,050 according to CoinGecko.
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