Shiba Inu is facing a period of uncertainty and in general showing a bearish tendency despite being in a relatively good spot only a few days ago. However, things are changing rapidly after it dropped below the 100 EMA (represented by the orange line on the chart).

Recent price movement suggests a substantial change in sentiment. Shiba Inu has traditionally found strong support at the 100-day Exponential Moving Average (EMA), but the current dip below this line indicates increasing selling pressure. 

SHIB/USDT Chart by TradingView

The 200-day EMA, a critical long-term support level, is now too close to SHIB due to this movement. Additionally, Shiba Inu's precarious position is aggravated by poor market conditions. Traders and investors are keeping a close eye on the price action of SHIB as it approaches crucial support levels, looking for any indications of a potential recovery or further decline.

There has been a bearish crossover indicated by the 50-day EMA being positioned above the price. Given that the short-term momentum appears to be against Shiba Inu, this situation is frequently interpreted as a bearish signal. There may be a longer-lasting downward trend if the price is unable to quickly regain this level. 

The dynamics of the market today can also be understood by looking at volume trends. The recent spike in trading volume during the downturn suggests that more investors are liquidating their SHIB holdings; apart from that, Bitcoin's drop below $70,000 is most likely causing some panic among investors.

Dogecoin descends

Dogecoin is continuously losing volume and traction on the market after the death of the Shiba Inu dog that inspired the meme. However, it is puzzling that investors are offloading their DOGE holdings, considering its potential for widespread adoption, especially with the anticipated implementation of DOGE in the X payments system.

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Dogecoin is currently testing important support levels as its price has been declining. These technical indicators paint a worrying picture. DOGE has descended below its 100-day Exponential Moving Average. This decline implies that the bears are in control at the moment, pushing the price in the direction of the 200-day EMA, which represents the next important support level at $0.13.

It will be difficult for DOGE to recover its upward momentum given the weakening volume, which indicates a lack of compelling buying interest. As the Relative Strength Index (RSI) approaches oversold territory, there may be a chance for a brief uptick in price. But the general mood of the market is still negative, so any gains might be limited unless there is a big change in the dynamics of the market or investors' sentiment. 

Ethereum's vital support

Ethereum is at a critical level where a single technical support level could define its performance for the upcoming week. The 26 EMA level is currently the key threshold that holds Ethereum from falling toward $3,380.

Significant volatility has been experienced by Ethereum, which has tested several levels of support and resistance. The price is currently circling the 26-day EMA. This level is serving as a crucial support that, if broken, could cause a more significant decline.

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Ethereum is having difficulty keeping its position above the 26 EMA. The price may move toward the next significant support level at $3,380 which corresponds with the 50-day EMA (blue line) if a decline below this level indicates additional bearish momentum.

This could potentially unnerve investors as it would represent a significant decline from its recent highs. On the plus side, Ethereum might regain some bullish momentum if it can maintain above the 26 EMA level. The $3,700 resistance is still a crucial level to keep an eye on. If ETH breaks above this, it might test more resistance levels - possibly as high as $3,900.

Ryan Rasmussen, a senior researcher at Bitwise Asset Management, has noted that Ethereum, the second-largest blockchain network, managed to generate more revenue than major public companies of the likes of Etsy, Yelp, and Reddit in the first quarter of 2021 . 

Ethereum generated more revenue than Robinhood, Etsy, Yelp and Reddit in Q1 2024.Probably nothing. https://t.co/OYYWrYvdZx

— Ryan Rasmussen (@RasterlyRock) June 10, 2024

According to data provided by Coin98 Analytics, Ethereum achieved record transaction fee revenue of roughly $1.2 billion. This marked a 79% increase compared to the previous quarter. 

Ethereum's transaction fees recorded a significant uptick in March due to the major market rally that took place during that month. Bitcoin hit its current all-time high of $73,737 while the flagship altcoin also approached its all-time peak of $4,878 which was logged more than two years ago. 

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Ether is likely to end the second quarter on a high note as well due to the approval of spot exchange-traded funds in the U.S. 

$22K by the end of the decade? 

American investment management firm VanEck recently predicted that the price of the leading altcoin could potentially reach a whopping $22,000 by the end of this decade. 

For Ether to achieve this pie-in-the-sky target, the network has to become cheaper and more efficient. 

Last year, VanEck predicted that Ethereum's revenue could potentially grow to $51 billion on an annual rate in 2030, which is its base case. Its bull case is $136 billion.  

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The company counts transaction fees, including the tip fee, as a revenue line.

VanEck has also predicted that Ethereum could end up becoming a store-of-value asset, evolving beyond merely a transactional currency. This could potentially add “Security as a Service” (SaaS) as a new revenue item. 

According to data provided by cryptocurrency analytics firm Santiment, Cardano (ADA) and Bitcoin (BTC) are in the lead when it comes to social media engagement.

As reported by U.Today, Cardano founder Charles Hoskinson announced that the proof-of-stake network was on the verge of the Chang hard fork. The aforementioned hard fork is shaping up to be the most significant update both for Cardano itself and the broader industry, according to Hoskinson.

During the "Voltaire" phase of the roadmap, Cardano will implement a new governance model that will put the community in charge. Hoskinson is convinced that Cardano will have the most advanced governance system among all blockchains. 

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His bullish post ignited strong social media engagement, with most social media users expressing bullish sentiment. However, this buzz has not translated into any meaningful gains for ADA. Cardano's native token is up only a mere 0.5% over the past 24 hours. It remains in 11th place with a market capitalization of $15.6 billion. 

In the meantime, Bitcoin is being discussed precisely due to its recent price action. Last week, the largest cryptocurrency by market cap failed to top the $72,000 level last week due to strong jobs data. At press time, it is changing hands at $69,920, with bulls and bears battling for the pivotal $70,000 level. 

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The flagship cryptocurrency also generated some social media buzz after scoring its second-highest weekly close to date. 

Social media users are also frequently comparing Bitcoin's market cap to major companies such as Apple, according to Santiment. 

DeFi Technologies, a publicly traded company that focuses on Web3 technologies, has taken a page out of MicroStrategy's playbook by announcing its own Bitcoin treasury strategy. 

It has made an initial acquisition of 110 Bitcoins ($7.7 million) after deciding to make Bitcoin its primary reserve asset. 

The company, whose shares are trading on Toronto's Cboe Canada, explained that it had acquired Bitcoin in order to protect the company's assets from currency debasement. Roussy Newton, CEO of DeFi Technologies, is convinced that the company could potentially expand its treasury because of the latest investment. 

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Business intelligence MicroStrategy famously became a trailblazer in the realm of corporate Bitcoin adoption with its audacious bet in August 2020. The bet has paid off, with co-founder Michael Saylor becoming one of the most prominent Bitcoin advocates. As reported by U.Today, the company's stock was recently added to the MSCI World Index after its shares surged by more than 100% in 2024. MicroStrategy remains the biggest corporate holder of the leading cryptocurrency by a large margin with its massive $15 billion Bitcoin fortune.

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After MicroStrategy, Tesla also purchased $1.5 billion worth of Bitcoin in February 2021, but it has already liquidated a substantial portion of that investment. 

Last month, medical technology company Semler Scientific also decided to purchase $40 million worth of Bitcoin. 

Overall, corporate adoption of Bitcoin has failed to take off, with very few non-crypto companies adding the leading cryptocurrency to their balance sheets. However, new accounting rules, which will go into effect next year, are expected to make it easier for companies to buy Bitcoin. 

Take a closer look at the weekend's top three news stories with U.Today.

XRP Ledger ready to adopt tokenized gold, silver in Q3, 2024

As became known from the official X announcement, Meld Gold has established a partnership with Ripple, a San Francisco-based fintech company. As part of the partnership, Meld Gold will launch two new stablecoins backed by silver and gold on XRP Ledger. Per the company's Medium post, each token will represent one gram of the precious metal held by leading custody providers MKS Pamp and Imperial Vaults. The tokens are expected to go live on XRP Ledger in Q3, 2024. Meld Gold CEO Michael Cotton underscored the importance of this release, saying "Integrating XRPL as the second blockchain alongside Algorand is another step towards delivering unmatched access to assets such as gold and silver with industry-leading technologies."

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Cardano on verge of "most significant" milestone in its history

In a recent X post, Cardano founder Charles Hoskinson stated that June will be the month that Cardano Node reaches 9.0. This means that Cardano is ready for the Chang fork, and 70% of stake pool operators (SPOs) are now supposed to install the new node. Then, Cardano can be pushed into the Age of Voltaire with the help of the occurring hard fork. Hoskinson believes that the Voltaire phase is "the most significant milestone in the history of Cardano and for the industry as a whole," as in that phase, Cardano is expected to boost the level of the ecosystem's decentralization and transparency. "Cardano will be a decentralized civilization spanning the entire world with millions of residents. We'll have the most advanced blockchain governance system, annual budgets, a treasury, and the wisdom of our entire community to guide us," wrote the founder.

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Ancient ETH whale wakes up, moves money to Kraken

According to Colin Wu's report from Saturday, June 8, an unknown Ethereum whale who received 67,000 ETH from the Ethereum Foundation address back in 2015 transferred 15,200 ETH to Kraken. The transaction occurred on June 7 and is evaluated at $56.1 million. Most of the transfer was immediately exchanged for 4.81 million DAI, averaging $2,725 per ETH. Per Wu's X post, this address received 200,000 ETH (probably participating in the ICO) in the Ethereum Genesis block. Currently, the account still holds about 41,000 ETH worth an astonishing $152.3 million. It was only the third transaction of this account since 2022. In 2020-2021, the account sent a large amount of crypto to centralized exchanges: it moved approximately 150,000 ETH, or about $553 million, in six transfers.

While there are a plethora of reliable applications in the segment of text AI chatbots, this sphere still badly needs a fast and robust instrument for mathematical operations, the Robinhood CEO admits.

Robinhood CEO launches Harmonic math AI lab

Vlad Tenev, CEO of popular trading platform Robinhood, announces the inception of Harmony, a commercial artificial intelligence research laboratory. The initiative will be focused on building Mathematical Superintelligence (MSI), Tenev shared on his X (formerly Twitter) account.

Announcing the formation of Harmonic, a commercial AI research lab building Mathematical Superintelligence (MSI). 1/

— Vlad Tenev (@vladtenev) June 10, 2024

In this case, Mathematical Superintelligence should be considered artificial intelligence with mathematical reasoning capabilities greater than those of all humans.

While modern large language models are capable of producing language that sounds and feels human, they demonstrate much poorer performance when it comes to math operations.

Meanwhile, bringing to life AI-powered mathematical instruments might be of paramount importance to a wide range of scientific disciplines:

Mathematics was invented as a valuable tool by early humans to precisely solve this problem. It allows us to rigorously define and align on a common truth and is the foundation for all scientific discovery.

Instead of addressing growing needs by building "larger and larger language models," Tenev's new initiative will be focused on multi-purpose verifiably accurate tooling.

Robinhood made headlines with Bitstamp acquisition

Tenev introduced Standford's AI veteran and Helm.ai CTO Tudor Achim as the CEO of the new venture. The Robinhood CEO will hold the role of executive chairman.

The new project will be run separately from Robinhood, and Tenev's position will be non-operations, a statement says.

As covered by U.Today previously, Robinhood decided to purchase cryptocurrency giant Bitstamp for $200 million.

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With this acquisition finalized, Robinhood will to leverage Bitstamp's collection of active licenses and registrations around the world.

The market keeps facing a correction, according to CoinMarketCap.

Top coins by CoinMarketCapBTC/USD

The price of Bitcoin (BTC) has declined by 0.14% since yesterday.

Image by TradingView

Despite today's drop, the rate of BTC keeps trading sideways, gaining energy for a further move. However, if buyers lose the $69,000 zone, one can expect a dump to the $67,000-$68,000 range soon.

Bitcoin is trading at $69,458 at press time.

ETH/USD

Ethereum (ETH) has followed the drop of BTC, going down by 0.67%.

Image by TradingView

On the daily chart, the price of ETH is rather more bearish than bullish as it is closer to the support than to the resistance. At the moment, one should pay attention to the $3,600 level. 

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If its breakout happens and the candle fixes below it, the correction may continue to the $3,500 mark.

Ethereum is trading at $3,679 at press time.

XRP/USD

Meanwhile, XRP is the exception to the rule, rising by 0.52%.

Image by TradingView

Despite today's slight rise, the rate of XRP has not accumulated enough strength for a continued upward move. This statement is confirmed by falling volume. In this regard, ongoing sideways trading in the zone of $0.49-$0.51 is the more likely scenario for the current week.

XRP is trading at $0.4997 at press time.

As the cryptocurrency segment demonstrates pale performance, meme coins are underperforming. One of the largest meme cryptocurrencies, Floki Inu (FLOKI), is dangerously close to leaving the top 50 digital assets by market capitalization.

BRETT, FLOKI, BONK amid worst performing top 100 cryptos

Today, June 10, 2024, all of the largest meme coins are in the red zone amid a stable cryptocurrency market. "Based Brett" (BRETT), a flagship meme coin on Coinbase's Base, marketed as "Pepe's friend on Base," is the only top 100 cryptocurrency that lost more than 10% overnight.

Image by Coingecko

Based Brett (BRETT) lost 10.2% in the last 24 hours. Floki (FLOKI) is down by 5.2% and is extremely close to being replaced by The Graph (GRT) as the 50th largest crypto by market cap, CoinGecko data says.

Bonk (BONK), the most overhyped meme cryptocurrency on top of Solana (SOL), is down by 4.3%. Top-tier meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) lost around 1% each, which is close to the market benchmark for today.

Meanwhile, amid the news about Base (BASE) surpassing OP Mainnet by total value locked (TVL), some of its meme coins expanded their rallies.

ChompCoin (CHOMP) added over 40% in one day, while Basenji (BENJI) is up by 14% and is targeting a $90 million valuation for the first time ever.

AI coins under pressure as well

In total, the category of Base meme coins added 12.1% overnight, CoinGecko data shows.

The segment of AI cryptocurrencies is yet another underperforming segment today. As interest in AI crypto vanishes, they are mostly losing capitalization.

Flagship AI coin Fetch.AI (FET) is down by 2.6%, just like its rival Oraichain (ORAI), while Cardano-linked AI protocol Singularity.NET (AGIX) lost 4%.

Bitcoin (BTC) is changing hands at $69,510, up by 0.8% in 24 hours.

Spot On Chain revealed today that a dormant whale, later identified as TRON founder Justin Sun, has been making large deposits into Binance, the world's largest cryptocurrency exchange. Sun's deposits, totaling a staggering $21 million across four assets, have raised eyebrows and questions about potential market implications.

The deposits included a whopping 93,979 AAVE tokens, worth $11.26 million, and 3,800 MKR tokens, worth $9.3 million, among others. This sudden influx of assets, especially from a prominent figure like Sun, has sparked speculation about the motives behind such a move.

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Cryptocurrency analysts often interpret large deposits into exchanges as a bearish signal, indicating an intention to sell or "dump" the assets. The rationale behind this interpretation lies in the notion that individuals or entities are depositing tokens onto exchanges with the intention of liquidating their holdings, potentially driving down prices due to increased supply.

It turns out to be Justin Sun (@justinsuntron)!In the past 30 minutes, Justin Sun has deposited $21M worth of 4 assets to #Binance, including:• 93,979 $AAVE ($11.26M)• 3,800 $MKR ($9.3M)• 4,178 $COMP ($245K)• 203,623 $LQTY ($217K)Follow @spotonchain and set alerts for… https://t.co/0u9Uo9mpQq pic.twitter.com/jW2OOURRib

— Spot On Chain (@spotonchain) June 10, 2024

Given Sun's history and the substantial amounts involved, many in the crypto community are questioning whether his actions signal an imminent dumping of these assets. As Sun's reputation precedes him, his maneuvers on the market tend to attract significant attention and scrutiny.

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At the same time, the crypto market is just experiencing a general downturn today. The price of the main cryptocurrency, Bitcoin, has fallen by 0.3%, trading below $70,000 per BTC. Ethereum, whose ecosystem includes most of the tokens contributed by Sun on Binance, is also in the red. The market's main altcoin is now valued at $3,669.

The collision of events and market conjecture prompts the question: Is this a strategic move ahead of a market downturn, or does TRON founder have other plans in mind?

Global search interest for non-fungible tokens (NFTs) remains at abysmally low levels despite the ongoing cryptocurrency rally, according to data provided by Google Trends. 

The aforementioned term attracted few search queries compared to "crypto" this year. This indicates cooling demand for the sector that defined the 2021 bull run.  

In March, the term "crypto" reached a value of 100, which indicates peak popularity. The term "NFT" paled in comparison to "crypto" with a value of just 10. 

The same trend could be observed in May, with NFTs failing to attract any substantial interest despite growing crypto prices. 

This marks a sharp contrast with January 2022 when the term "NFT" was actually ahead of "crypto" by a substantial margin (82 and 66, respectively). 

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Other metrics also confirm that the NFT sector is struggling to recover. According to data provided by AltIndex.com, the number of active wallets holding NFT tokens has now dropped to the lowest level since early 2021. In fact, the NFT space has lost more than 90% of users since reaching its current peak in December 2021.

In 2021, NFTs attracted plenty of attention from celebrities and major companies, becoming the talk of the town in the investment community. They also allowed creators to monetize their work. However, due to crypto industry crises and unfavorable market conditions, such investments quickly lost their allure.  

"Web3" is dead

While NFTs are almost dead, the term "Web3" appears to be completely dead. The term, which gained traction in late 2021 and 2022, went out of vogue, attracting very few search queries. 

"Web3" was supposed to become the go-to term for the new iteration of the web with a strong emphasis on decentralization. It has failed to catch up. In May, it attracted only a tiny portion of search interest compared to crypto. 

Shibburn shared recent data that shows astounding growth in one of the key SHIB metrics – the burn rate. Since last morning, it has suddenly skyrocketed.

Meanwhile, a SHIB team executive has shared her take on the potential launch of SHIB ETF in the future. In the meantime, SHIB has failed to recover after a recent price decline.

Shib burn rate explodes

The aforementioned platform, Shibburn, tracks SHIB transactions made to dead-end wallets on Etherscan and then accumulates them on its own website for the Shiba Inu community.

After the latest update, the web page showed that over the last 24 hours, the SHIB army has succeeded in raising the SHIB burn rate by a whopping 15,654%. Still, there is a catch here, since the amount of meme coins that have been transferred to unspendable blockchain wallets totals merely 1,752,654 SHIB.

Image via Twitter/X

It has taken five transactions to remove this amount of meme coins from the circulating supply. The largest one carried 1,031,814 SHIB to an “inferno” wallet. The second biggest one moved 449,369 SHIB to the same destination to be locked there forever.

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Is SHIB ETF from BlackRock likely?

The official social media marketing lead of the SHIB team, Lucie, has published a post on the popular X platform to share her take on the prospects of a SHIB-based exchange-traded fund (ETF) emerging in the near future.

In her tweet, Lucie suggested that in order for a SHIB-based futures or spot ETF to be launched, financial institutions need to understand “how important SHIB is to people and their future finances.” In particular, the marketing lead mentioned BlackRock (tagging it in her tweet), sharing hope for this leading investment giant to gradually understand “the magic and power of SHIB” and suggested that the community watches them to “see how visionary they are.”

However, Lucie underscored that for the SHIB team the most important thing so far is to “grow and stick to our initial vision.” She explained that they intend to “build something significant,” admitting that “it might not be entirely original” but it will be “significant for the future of decentralized finance.” Lucie added: “It’s for the people and for freedom of choice. No matter who you are – from housekeeping to top management.”

How is the Shib ETF?I honestly don’t know if institutions will understand how important $SHIB is to people and their future finances.I wish @BlackRock would understand the magic and power of $SHIB , but let’s see how visionary they are.The most important thing for us is to… pic.twitter.com/yI7hzQGLVo

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) June 10, 2024

Just at a time when it appears the crypto scam ecosystem is toning down its influence, the Decentralized Finance (DeFi) lending protocol UwuLend fell victim to a major exploit.

UwuLend hack saga

According to insights from crypto intelligence service provider CertiK, the protocol’s wallet has been drained of approximately $19.4 million in locked funds. While details of these exploits are still emerging, UwuLend is reportedly suspected of loopholes that might have made the exploit possible.

#CertiKInsight 🚨We are seeing multiple exploit transactions affecting @UwU_Lend 0x841dDf093f5188989fA1524e7B893de64B421f47 is currently holding ~$19.4m of assets pic.twitter.com/b8KeHdZche

— CertiK Alert (@CertiKAlert) June 10, 2024

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UwuLend is a fork of the Aave protocol that was started by Frog Nation's former CFO, 0xSifu. 0xSifu is the alias of Michael Patryn, the cofounder of the defunct Canadian trading platform QuadrigaCx. To those who know the connection between Patryn and exchange collapses, a trend now appears to be showing itself.

While Aave has not faced any related major exploit, the hack of UwuLend is a testament to how fragile the broader DeFi security system is. While the current prognosis remains unknown, there are instances of hacks and refunds in the crypto ecosystem.

When the Poly Network hack of 2020 took place, the team negotiated a refund with the hacker. With more than $610 million siphoned by the attacker, the entire saga became a celebrated case of Whitehat when a full refund of the stolen money was initiated by the hacker.

Though Poly Network is an outlier in the ecosystem, there have been other related exploits that resulted in permanent losses. 

Be cautious

As the UwuLend team and users navigate this disturbing trend, the cautionary note from different industry leaders is now proving to be more resounding. With the prevalence of Deepfake scams and other forms of exploits, teams from Ripple Labs and Shiba Inu are known to always caution their community to keep anyone from getting hurt.

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While the UwuLend exploit might not be avoidable by users or the team, the advice to be cautious remains the golden rule for investors to follow.

While even the validators in question can still operate on the network, they will not be subsidized by Solana Foundation nonprofit any longer, as explained by Helius cofounder Mert Mumtaz.

Solana Foundation penalized validators involved in sandwich attacks

Starting from today, June 10, 2024, an unknown number of validators was removed from the pool of Solana Foundation for being involved in sandwich attacks against other on-chain SOL accounts. Violators will not be supported by SOL injections from Solana Foundation, seasoned ecosystem dev and entrepreneur Mert Mumtaz (@0xMert_) says on X.

I'm sure a lot of super honest people who have a perfect understanding of MEV on Solana and the Foundation Delegation program will try to misrepresent reality to feel better about their bagsFor those genuinely curious, I'll summarize:- a sandwich attack is a malicious form of… pic.twitter.com/KhfGBgGuyT

— mert | helius | hSOL (@0xMert_) June 10, 2024

Mumtaz explained that the malicious validators were detected thanks to using specific modifications. MEV practices on Solana (SOL) are not allowed natively as its clients do not access mempools.

Removing bad validators from the pool supported by Solana Foundation does not mean their termination or further penalties. Instead, the foundation is just stopping backing them with money:

Since people are abusing the system to rob retail and then keep the profits all for themselves, Solana Foundation is not interested in retail users being robbed, especially with their own stake.

To provide context, Mumtaz stressed that Solana Foundation is only responsible for 16% of the validator pool in its consensus.

SOL, Solana's core native cryptocurrency, lost 0.8% in last 24 hours. The asset is changing hands at $158,65 on spot crypto exchanges.

Solana (SOL) still has "ton of other forms of MEV," dev says

The effects of this step by the Solana Foundation are limited as, just as with other permissionless networks, all validators can still do what they want to.

As a result, there are still many possibilities for MEV attacks on Solana (SOL), Mumtaz admitted.

MEV (abbreviation for "maximum extracted value," or "miners extracted value") is a technique that takes advantage of on-chain traders by sniping mempools.

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In the Ethereum (ETH) ecosystem, the largest MEV snipers are spending hundreds of millions on gas, as U.Today previously covered.

The Republic of Georgia, formerly part of the Soviet Union, is taking further steps to digitize its economy through a potential collaboration with Ripple. Representatives from the National Bank of Georgia (NBG) recently met with the crypto company's leadership, including James Wallis, Vice President, and Anthony Welfare, a key figure in the development of the CBDC.

The purpose of the meeting was to identify areas of cooperation in advancing the digitization of the Georgian economy. While specific details remain undisclosed, the discussions represent progress in integrating advanced blockchain solutions into the country's financial infrastructure.

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Moreover, Ripple, with its expertise in digital cross-border payments, serves as the technology partner for the NBG's digital lari pilot project beginning in 2023.

Despite the importance of the recent meeting, the cryptocurrency associated with Ripple, XRP, showed minimal market reaction, with a marginal decline of 0.22% on the daily trading chart, according to TradingView data.

XRP to USD by CoinMarketCapGeorgia is for crypto

The collaboration between Ripple and NBG underscores Georgia's commitment to leveraging technology for financial progress. Notably, Tether, another major crypto company, signed a memorandum of understanding with the government of Georgia almost a year ago. Tether's involvement aims to establish Georgia as a center for peer-to-peer and blockchain technologies, fostering innovation and economic development.

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The collaboration between Ripple and the NBG, along with Tether's involvement, highlights Georgia's pragmatic approach to economic development and points to a promising future for digital innovation in the country.

Ripple chief executive officer (CTO) David Schwartz has published a crucial scam warning for the XRP army and the global cryptocurrency community.

Citing a tweet published by an account that impersonated @loopringorg - the official X handle of the Loopring protocol - the post mentioned a security breach suffered by Loopring and a large amount of customer funds lost to hackers and “user compensation claims.”

Image via X

Schwartz warned that this was a scam message: “Caution! This is a scam post!” By now, the fake account has been quickly suspended by the X team, and the Ripple CTO edited his original post by adding a link to an actual tweet published by @loopringorg. In that tweet, the project’s team shared details of the incident, explaining what really happened.

Caution: This is a scam post! https://t.co/giPUdDVvKY

— David "JoelKatz" Schwartz (@JoelKatz) June 10, 2024

Loopring smart wallets breach

The post published by @loopringorg revealed that a few hours ago some Loopring Smart Wallets suffered from a hacker attack. The hacker falsely posed as the wallet owner, resetting ownership and withdrawing assets from the targeted wallets.

The hacker attack was successful as the culprits managed to compromise Loopring’s 2FA service and gained approval for the above-mentioned recovery from the Official Loopring Guardian. All operations connected with the Guardian service have been suspended for now, while the team is collaborating with Mist security experts as to how the 2FA service was breached.

The Loopring team is now actively working with law enforcement and security experts as they are attempting to track down the hacker. The two hacker addresses were shared in the post as the Loopring team asked the crypto community for assistance: “If you have any information that could help us track down the hacker, please share it with us.”

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Ripple CTO's earlier scam warning

As reported by U.Today last week, Schwartz addressed the XRP community on a similar issue. He shared a screenshot of a direct message received by another X user, from someone who called themselves the X support team.

The message stated that this user’s account was “under investigation for copyright violations” and urged the user to complete a form accessible through the link added to the message. Should the form not be filled out within 24 hours, the scammer claimed, the account would be suspended. The Ripple CTO said that that screenshot was fake.

Shiba Inu (SHIB) ecosystem marketing lead Lucie recently made a significant announcement on X regarding the future of the SHIB Metaverse. She highlighted the potential adoption of fully homomorphic encryption (FHE) privacy layers, a technology that could revolutionize the way users interact in the virtual world.

Lucie suggested that the SHIB Army might consider incorporating fully homomorphic encryption (FHE) privacy layers into its operating system. She mentioned that FHE technology, specifically Zama in their case, allows data analysis to be performed directly on encrypted data without revealing the private data to the analyzing party. Lucie added that this technology could be applied in the SHIB Metaverse to ensure that users' interactions remain both private and secure by embedding FHE technology within the virtual world.

One technology the $SHIB Army could adopt in its operating system is the use of fully homomorphic encryption (FHE) privacy layers. FHE technology ( @zama_fhe in our case) enables data analysis to be run directly on encrypted data, without the private data being exposed to the… pic.twitter.com/QpAhrmaxkf

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) June 10, 2024

While the option for public interaction will remain, the addition of FHE technology will allow users who prefer to build and engage privately to do so without compromising their data security. This dual approach is expected to enhance the overall user experience, catering to a broader range of preferences within the community.

Excitement around Shiba Inu Metaverse

Lucie’s tweet also recalled her earlier excitement in March, when she hinted at significant plans for the Shiba Inu Metaverse, including the introduction of a new token, TREAT. Notably, TREAT is set to play a crucial role in the ecosystem, designed to serve multiple purposes, including providing rewards within the SHIB Metaverse.

The development and integration of TREAT are anticipated to bring substantial benefits to the Metaverse, fostering engagement and incentivizing participation. As the Shiba Inu Metaverse continues to evolve, these technological advancements and strategic developments underscore Shiba Inu’s commitment to creating a secure, rewarding and inclusive virtual environment for its community.

The incorporation of FHE technology, developed by Zama, into the SHIB Metaverse could also set a precedent for other virtual worlds and ecosystems to follow. As privacy concerns continue to grow in the digital age, the project’s proactive approach to data security and user privacy could position it as a leader in the space. The Shiba Inu community, known for its enthusiastic and supportive nature, is likely to welcome these advancements with open arms.

PlanB, a renowned crypto analyst and creator of the stock-to-flow (S2F) model, has given his year-to-end predictions for Bitcoin's (BTC) price. The analyst's forecast covers five years, beginning from 2024 to 2028. 

PlanB’s year-end Bitcoin price prediction

“My best guess Bitcoin scenario 2024-2028: 2024 (EOY): $0.15million, 2025: $0.8million, 2026: $0.4million, 2027: $0.3million, 2028: $0.4million,” noted PlanB. The analyst used the S2F model to compare Bitcoin’s trend with previous cycles, highlighting that it perfectly aligns with the S2F^3 power law model.

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From the analyst’s chart, Bitcoin is projected to reach $150,000 by the end of this year and $800,000 by 2025. Bitcoin reaching $800,000 by next year translates to an increase of more than 10 times its current price. PlanB acknowledged that this Bitcoin price prediction sounds unreal but claims 800K would be in line with the best fitting, highest R2, historical data model.

However, PlanB highlighted hacks, scams, defaults, forks and crackdowns as risks that could interfere with this bullish forecast for Bitcoin. Jeroen Blokland, founder of the Blokland Smart Multi-Asset Fund, commented that Bitcoin at $0.8 million means a market cap close to that of gold.  

Will PlanB’s prediction come to fruition?

Whether PlanB’s bullish price prediction for Bitcoin will hold true will be determined by several factors. First, investors' sentiment surrounding the leading digital asset would determine its future price movement. Price increases usually follow positive sentiment from the market. 

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As disclosed in an earlier U.Today report, PlanB says Bitcoin will continue to see accumulation from investors in 2024-2025. If this analogy continues, the analyst's Bitcoin prediction could come to pass. 

Another key factor that could push Bitcoin's price higher is increased adoption from institutional players through spot Bitcoin ETF products.

Even though he could not pronounce it correctly the first time, Elon Musk confirms he is aware of Dogwifhat, the meme token launched on the Solana network. Musk referred to it as "Dog-WiFi-hat" during the stream, showing that even the tech mogul is not immune to the quirks of the crypto meme.  

A few months ago, one of the most popular memes was Dogwifhat, which is represented by the symbol WIF. Thanks to its humorous branding, its popularity skyrocketed. 

But recently its value and attention had decreased, much like that of many meme tokens. The token was briefly back in the news after Musk's recent comment, which caused some market movement. However, it's was not significant, and WIF is not showing any signs of investors FOMOing into it.

Bitcoin/USD Chart by TradingView

It is commonly known that Musk has a significant impact on the cryptocurrency market. Previous price spikes for assets like Dogecoin and Bitcoin have been triggered by his tweets and comments.  

Even when he offers humorous twists to his endorsements, investors frequently respond to them swiftly. Previously, Musk has not really mentioned any smaller meme coins and has mostly stuck to meme industry giants like Dogecoin and Shiba Inu.

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Meme tokens can always take advantage of technological benefits. Even though Musk's remark was met with initial enthusiasm, it is important to take into account the volatility that frequently follows such events. Meme tokens are especially vulnerable to sudden fluctuations in value, which are caused by speculative trading and social media hype. 

Currently, Solana is going through a tough period, and its meme coin industry is mostly fueled by tokens launched by celebrities like Iggy Azalea. Unfortunately, the profitability of those tokens is far from the levels of proper digital assets like Bitcoin or Ethereum.

Australian rapper Iggy Azalea is set to enhance the utility of her recently launched cryptocurrency, Mother Iggy (MOTHER), by integrating it into a new telecommunications venture. This initiative, announced less than a month after the token's release, aims to allow users to purchase phones and services with MOTHER tokens, marking a significant step in the token’s evolution.

Azalea shared her excitement on X, revealing that she would be relaunching the telecommunications company she cofounded. She mentioned that customers would be able to purchase phones or month-to-month cell plans using MOTHER or Solana (SOL), with an ad campaign and rollout planned for later in the week. This statement indicates a strategic expansion of MOTHER token's applications, potentially increasing its adoption and value.

Tomorrow I’m finally relaunching the telecommunication company I co-founded and you will be able to purchase phones, or month to month cell plans using $MOTHER or Sol 🥳Ad campaign n rollout to follow late this week. Exciting 🙊

— IGGY AZALEA (@IGGYAZALEA) June 9, 2024

In a follow-up tweet, Azalea specified that Unreal Mobile would be the service provider for these phones. She mentioned a variety of phones would be available for purchase if required. Sphere Labs, responsible for the payment infrastructure, will manage the transactions, although it currently does not have its own native token.

Unreal Mobile is a service provider.Of course we offer a selection of phones for purchase if needed but it’s secondary in nature. we love what @aeyakovenko is developing and aim to eventually have it in our avail phone options. https://t.co/cW3O6ZqPTY

— IGGY AZALEA (@IGGYAZALEA) June 9, 2024

MOTHER token’s trajectory

Introduced in late May on the Solana blockchain, the MOTHER token initially experienced volatile trading due to uncertainty about its true issuer. Despite this, the token has started to gain traction, bolstered by strategic moves and utility expansions. The launch of a MOTHER merchandise store last week contributed to a rally in the token’s value.

This latest development has further boosted MOTHER’s market performance, with the token appreciating 20.96% in the past 24 hours, surpassing gains in the broader meme coin sector, according to CoinMarketCap data. The coin is currently trading at $0.1835, and it has surged by 837.07% since its launch last month.

The relaunch of Azalea’s telecommunications company with MOTHER token integration could significantly enhance the token’s practical use, transforming it from a speculative asset into a functional currency. If successful, this initiative could set a new standard for other celebrities and influencers looking to embed their cryptocurrencies into real-world products and services.

The current Shiba Inu price action suggests that the dog-themed cryptocurrency might be approaching a critical support level of 40 trillion SHIB tokens.

According to IntoTheBlock data, 40.08 trillion SHIB are being held by 51,350 addresses in the range between $0.000019 and $0.000023, very close to Shiba Inu's current trading price of $0.0000232.

Support levels are crucial in technical analysis as they represent price points where buying interest tends to be strong enough to prevent further declines.

Global In/Out of the Money, Courtesy: IntoTheBlock

For SHIB, the 40 trillion token range has emerged as a critical support. If this support holds, it could serve as a foundation for a potential price rebound. Conversely, if it fails, SHIB could experience further downward pressure, possibly to $0.000014.

Currently, the market is witnessing a fierce battle between bulls and bears, each vying for control and attempting to push the price in their favor. Market sentiment is mixed, with some traders accumulating SHIB at current levels, while others might be selling to mitigate potential losses.

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The 40 trillion SHIB support level is currently in the spotlight as bulls and bears engage in a high-stakes tussle. The outcome of this battle could set the tone for SHIB’s short-term price direction. Whether the bulls will successfully defend the support or the bears will push through remains to be seen.

Bulls and bears tussle

Shiba Inu has been trading in a narrow range since Friday's drop to a low of $0.00002142. In the wake of the price drop, Shiba Inu has returned to trade below its daily SMA 50 at $0.0000245, raising the prospect of consolidation or range trading in the short term.

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The first indicator of strength would be a break above the daily SMA 50 ($0.0000245). In this case, if the Shiba Inu price breaks and closes above $0.0000263, it may signal that bulls are attempting a return. Shiba Inu could cross the $0.0000294 overhead barrier.

However, if the SHIB price falls below the current range support line at $0.0000227, Shiba Inu may retest the $0.0000214 low.