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Crypto Flipsider News – Shrimps Buy BTC; SHIB Overtakes Polygon; Ripple Lawsuit Update; Cardano Pay Expansion; StepN Token Burn

Read in the Digest:

  • Shrimps join whales in buying Bitcoin – BTC predicted to hit new ATH in 24 months.
  • Sustained growth sees Shiba Inu surpass Polygon’s (MATIC) market cap.
  • Lawsuit swings in Ripple’s favor as judge denies SEC’s attorney-client privilege claim.
  • Cardano payments now available for 7 million businesses via new plug-in.
  • StepN renews token burn – Animoca Brands raises $75 million in new round.

Shrimps Join Whales in Buying Bitcoin – BTC Predicted to Hit New ATH in 24 Months

Despite the recent wave of downtrends that sent Bitcoin back to $19k, on-chain data shows that shrimps (investors with < 1 BTC) have now joined whales (investors with > 1,000 BTC) in buying the leading crypto asset.

On-chain data tracker Glassnode reports that Bitcoin shrimps added over 60,400 BTC to their wallets in June, while whales accumulated more than 140,000 BTC over the same period.

The number of shrimps holding over 0.1 BTC has also hit a new all-time high of 3,706,019.

The accumulation of Bitcoin by shrimps and whales is a bullish indicator, a trait further amplified by Meltem Demirors, CoinShares’ chief strategy officer. 

In an interview, Demirors predicted that Bitcoin would reach a new all-time high within the next 24 months. Demirors cites Bitcoin’s cyclical nature of dumping up to 80 to 90% of its historical peaks as the reason for the ongoing crypto winter. 

Flipsider:

  • Despite his long-term bullish outlook, Demirors believe that “there is still room for some downward correction” for Bitcoin, which is 70% down from its November 2021 highs at press time. 

Why You Should Care

The re-entrancy of shrimp BTC holders is a sign of renewed belief in the long-term potential of Bitcoin.

Sustained Growth Sees Shiba Inu Surpass Polygon’s (MATIC) Market Cap

In a bid to transition from the label of “meme coin”, Shiba Inu has become of of the most actively developed projects, with plans being unveiled to add two tokens to its ecosystem. SHIB has also seen an all-time high level of adoption, with Uber Eats now accepting the coin as payment.

The developments have seen Shiba Inu (SHIB) hold firm throughout the crypto winter. In the last 30 days, the price of Shiba Inu (SHIB) has increased by more than 29%, while Polygon (MATIC) is down 8%, and the value of Bitcoin, the leading crypto asset, is down more than 19%.

The 30 day price chart for Shiba Inu (SHIB). Source: CoinMarketCap

The 30 day price chart for Polygon (MATIC). Source: CoinMarketCap

Shiba Inu now has a market cap of $5.6 billion and making it the 14th largest crypto according to CoinMarketCap, and 13th largest by CoinGecko‘s reckoning. Dropping by more than 8% on Wednesday, July 13th, the market cap of Polygon (MATIC) was briefly surpassed by Shiba Inu (SHIB). 

Flipsider:

  • In the last 24 hours, the majority of Altcoins have been experiencing significant drops, and SHIB is down 5% as a result.

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

Why You Should Care

Over the last two months, SHIB has witnessed a significant increase in price thanks to increased activity and adoption around the Shiba Inu ecosystem.

Lawsuit Swings in Ripple’s Favor as Judge Denies SEC’s Attorney-Client Privilege Claim

Ripple appears to have gained the edge in its legal battle with the Securities and Exchange Commission (SEC) after the judge in charge of the case denied the SEC’s attorney-client privilege plea to protect internal documents relating to the Hinman speech.

On Tuesday, July 12th, crypto attorney James K. Filan announced that Magistrate Judge Sarah Netburn had denied the SEC’s claim for attorney-client privilege. Judge Netburn also accused the  SEC of “hypocrisy” in trying to protect the documents.

In 2018, former SEC exec William (Bill) Hinman suggested that Ether (ETH) was not a security. To prevent Hinman’s claims from being used in the ongoing Ripple battle, the SEC filed an omnibus motion to exclude experts from scrutinizing Hinman’s testimony.

The court ruled that “the evidence establishes that the predominant purpose of the communications was not to provide legal advice.” The ruling means that the document can now be used in the ongoing case, in which the SEC alleges that Ripple sold unregistered securities, in the form of XRP.

Flipsider:

  • According to reports, Ripple co-founder Jed McCaleb will be selling 4.215 million units of XRP per day this week to exhaust his stake in the company.

Why You Should Care

The Hinman document, which the SEC attempted to keep under wraps, is considered to be pivotal evidence that could swing the lawsuit in Ripple’s favor.

Cardano Payments Now Available for 7 Million Businesses via New Plug-In

On Tuesday, July 12th, the COTI Network team announced that it had integrated the ADA Pay API, making Cardano’s ADA payment platform available to over seven million e-commerce platforms. 

According to the official blog post, the ADA Pay plug-in was developed as part of COTI’s ‘Project Catalyst’ challenge. The project was launched for Odoo’s (On-Demand Open Object) midsize businesses.

The ADA payment API was designed by Rodolfo Miranda, one of the winners of Catalyst fund 7, to enable merchants and enterprises to accept ADA as a payment option with instant settlement. 

Flipsider:

  • Cardano’s (ADA) price has been in a free-fall despite proving to have immense potential, and one of the most anticipated mainnet events.

Why You Should Care

ADA Pay was created as a gateway solution to bring Cardano’s ADA token to the masses.

StepN Renews Token Burn – Animoca Brands Raises $75 Million in New Round

StepN, the popular “move-to-earn” game, has announced the renewal of its token burn, stating that it would be spending over $6 million from its Q2 profits to buy back and burn its native GMT tokens. 

Despite a tumultuous Q2 for the crypto market, StepN diclosed on Tuesday, July 12th, that it had generated $122.5 million in second-quarter profits. To avoid causing any sudden volatility, StepN explained that the burn “may take a few weeks to complete.”

Another gaming powerhouse, Animoca Brands, has secured $75 million in its latest funding round. The completion of the round has seen the Hong Kong-based company attain valuation of $5.9 billion.

Animoca Brands, the company behind The Sandbox (SAND) metaverse project, remarked that the capital will be used to advance the “open metaverse” through strategic acquisitions, product development, and IP licenses.

Flipsider:

  • A federal judge in New York has frozen the assets of Three Arrows Capital, as the crypto firm’s founders remain underground. 

Why You Should Care

The expansion of services, despite the ongoing crypto winter, reaffirms the company’s long-term commitment to the industry.

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