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Crypto Flipsider News – Bitcoin Sentiments; Shiba Burns Spike; Terra Projects Migrate; ADA Whale Accumulation; ETH Staked

Read in the Digest:

  • Bitcoin Reserve Risk indicator at all-time low – social media sentiment at a high.
  • Shiba Inu burn rate spikes 231% as 198 milion SHIB is destroyed in 24 hours.
  • Terra-based projects begin migrating to Polygon following Terra collapse.
  • Cardano whales gulp up 79.1 million ADA shead of the Vasil upgrade.
  • Ethereum staked in ETH 2.0 deposit contract hits new milestone.

Bitcoin Reserve Risk Indicator at All-Time Low – Social Media Sentiment at a High

As the crypto winter continues to linger, the Bitcoin Reserve Risk indicator has declined to an all-time low. The Reserve Risk index is an indicator of longer-term holder confidence in the price of Bitcoin.

With the confidence of long-term holders at its lowest ever level, market analysts have reported that long-term holders are selling their Bitcoin at up to 35% lower price points than their break-even.

While the long-term holder confidence is at its lowest, data tracker, Santiment has revealed that the optimism among social media users is at its highest point.

According to Santiment Feed, social media users are expressing positivity about Bitcoin going into the week, and even the remainder of July. Santiment highlighted that an “ideal setup would be the crowd remaining skeptical as prices climb with little resistance.”

Flipsider:

  • With the U.S. Labor Department set to release inflation data for June later this week, many have suggested that Bitcoin could correct even further.

Why You Should Care

With the price of Bitcoin oscillating between $18,000 and $22,000 during the last three weeks, analysts believe that Bitcoin has bottomed out on the higher timeframes.

3 week price chart for Bitcoin (BTC). Source: CoinMarketCap

Shiba Inu Burn Rate Spikes 231% as 198 Milion SHIB Is Destroyed in 24 Hours 

Since the announcement of the expansion of its ecosystem, Shiba Inu’s burn rate has seen a significant increase. According to burn tracker Shibburn, 196.8 million SHIB tokens have been destroyed over the last 24 hours.

The total amount of SHIB burned in the last 24 hours represents a 231% rise from the previous day, and Shibburn reports that 8,732,925 SHIB were destroyed in a single transaction within the last hour at press time.

The recent spike in the burning of SHIB tokens comes in the wake of the announcement from the Shiba Inu that over 410 trillion SHIB tokens have been burned since the launch of the Shiba burn portal.’ 

On-chain data also shows that whales—wallets holding more than $100,000 worth of SHIB—have increased their activities around Shiba Inu, further driving the possibility of an uptrend for the meme coin.

Flipsider:

  • Despite the burn rate spiking, it proved incapable of inhibiting the downtrend, which saw SHIB drop in value by 5% over the last 24 hours.

The 24 hour price chart for Shiba Inu (SHIB). Source: CoinMarketCap

Why You Should Care

The increase in daily burns is an attempt by the Shiba Army to make Shiba Inu deflationary, and thereby boost the price of SHIB in the long run.

Terra-Based Projects Begin Migrating to Polygon following Terra’s Collapse

Following the collapse of the Terra ecosystem, over 48 different projects built on the failed Terra blockchain have found refuge on Layer-2 Ethereum protocol Polygon (MATIC).

In May, Polygon CEO Ryan Wyatt unveiled a “relatively uncapped multimillion-dollar fund” to assist Terra-built projects in migrating to the Polygon blockchain. Terra projects are now moving to the Polygon Network in search of greener pastures.

Some projects that have moved to Polygon include the Lunaverse (LUV) metaverse platform, metaverse game Derby Stars, and NFT marketplace OnePlanet.

According to the CEO of Polygon, Ryan Wyatt, projects are welcome to join MATIC. He adds that Polygon is working to make migrating a seamless affair by providing the capital and resources required to help the embattled projects thrive.

Flipsider:

Why You Should Care

Rather than watch them go down with the Terra ecosystem, Polygon has extended a helping hand to Terra-based projects, allowing them to shop and continue to provide their services.

Cardano Whales Gulp up 79.1 million ADA Ahead of the Vasil Upgrade

With the much-anticipated ‘Vasil’ hard fork upgrade scheduled to go live on the Cardano mainnet in July, and following its successful launch on the Cardano testnet, whales have begun gulping up ADA tokens.

Smaller wallets, holding between 10,000 to 100,000 ADA, labelled sharks, have been purchasing vast swathes of ADA over the last month. Such wallets have approximately added a cumulative 79.1 million coins to their holdings, which amounts to $37.7 million USD at ADA’s current price.

With sharks lining their wallets with ADA in anticipation of a big uptrend after the Vasil mainnet launch, whales have stopped selling their riches.

The upcoming Vasil upgrade promises to improve scalability for Cardano’s decentralized application (dApp) ecosystem, and to facilitate faster block creation. Interoperability between Cardano’s sidechains will also be introduced.

Flipsider:

  • Data from CoinMarketCap shows that the price of Cardano(ADA) fell to $0.4721 after a 4.99% dip in the last 24 hours.

The 24 hour price chart for Cardano (ADA). Source: CoinMarketCap

Why You Should Care

The potential price surge that is anticipated to accompany the Vasil hard fork, slated for the end of July, is the main reason for the massive accumulation of ADA.

Ethereum Staked in ETH 2.0 Deposit Contract Hits New Milestone

With Ethereum’s transition to Proof of Stake (PoS) expected to happen before the end of the year, more investors are now embracing staking. As a result, the amount of ETH locked on Ethereum’s Eth 2.0 staking contract has hit a new record.

According to data provided by cryptocurrency analytics firm Glassnode, over 13 million Ether (ETH) has now been locked on Ethereum’s Eth 2.0 staking contract.

The current amount of staked ETH now represents 10.9% of the token’s total circulating supply. On Lido, a non-custodial liquid staking protocol for Ethereum, Solana accounts for the largest share of staked ETH (31.8%).

Ethereum is also now one step closer to its transition to a Proof of Stake (PoS) model following the completion of a major ‘Merge’ trial on public test network Sepolia. 

Flipsider:

  • The delays to the PoS transition, and the unprecedented decline in Ethereum’s price have led to 75% of ETH stakers holding losing positions.

Why You Should Care

The increase highlighted by the data illustrates the high level of anticipation held in the Ethereum community for the transition to a more efficient PoS consensus network.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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