XRP is currently hovering at a critical support level of $0.51, facing a period characterized by decreasing volume and technical uncertainty. 

As we examine trading volumes, a decline can be seen, a sign that typically hints at stagnation. Further complicating the outlook is the threat of a "death cross" — a technical chart pattern where the 100-day EMA crosses below the 200-day EMA, often interpreted as a bearish signal for future price movements.

XRP/USDT Chart by TradingView

The RSI is currently below 50, suggesting that the market might be leaning toward bearish sentiment. While the current RSI level does not definitively set a bearish course for XRP, it certainly raises some concerns.

Looking more closely at the price chart, XRP's ability to hold at the $0.51 support level is crucial; this level has historically served as a strong rebound point. However, there is significant resistance at $0.59, a point that has previously acted as a barrier to upward movements. Surpassing this resistance might pave the way to $0.75.

On the downside, if XRP fails to hold the $0.51 support, the next target could be the $0.45 support level, a point that marks the lows of previous major sell-offs. A drop to this level could intensify selling pressure, potentially leading to further declines.

Ethereum faces pressure

Things might turn around for Ethereum as recent patterns on the price chart hint at growing strength in its market trend. We have spotted the so-called "higher low" on the chart, which is when the price drops, but not as low as the previous fall, indicating a potential shift away from bearish sentiment. If Ethereum continues to create these higher lows, it could form a strong trendline to act as support.

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Ethereum is reinforced by an ascending trading volume, a sign of increasing interest and a bullish indicator, meaning that more traders are getting involved and could potentially push prices higher.

Looking to the future, if Ethereum maintains this trajectory and its support holds firm, we might see it take aim at higher resistance levels. The next key resistance lies around $3,400, a breach of which could open up the path toward the $3,500 mark and beyond.

In this scenario, the newly forming trendline will help Ethereum's price, providing that the buying momentum continues. This potential bullish phase would require sustained trading volumes and positive broader market sentiment.

Bitcoin is in tight range

Bitcoin is currently caught in a tight trading range, between its 50-day and 100-day EMAs. This technical situation can often foreshadow a surge in volatility, suggesting that Bitcoin could see significant price movements soon.

As of now, Bitcoin is trading between the 50-day EMA at approximately $64,000 and the 100-day EMA at around $59,500. These levels act as short-term resistance and support levels, respectively.  

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Adding to the potential for volatility is the declining trading volume observed in recent days. Lower volume indicates fewer transactions are occurring, which can sometimes lead to more dramatic price changes if a large order hits the market. This diminishing volume could also signal a decrease in investor interest or uncertainty about Bitcoin's future direction, potentially leading to a substantial outflow from the asset.

If Bitcoin can sustain a breakout above the 50-day EMA, it might target higher resistance near the $70,000 mark. Conversely, a drop below the 100-day EMA could see it testing further support around the $50,000 level. These movements will be critical in determining Bitcoin’s direction in the short term.

However, if Bitcoin fails to maintain its position above the $65,500 support level, it could enter a bearish phase, potentially falling toward lower support at $59,000, exacerbated by the outflow of investments.

Popular meme cryptocurrency Shiba Inu (SHB) has managed to top this week's rankings published by prominent brokerage platform Robinhood. 

The prominent meme coin is up 11% over the past week, significantly outperforming other major coins that are available on the platform. 

Litecoin (LTC) comes in second place with an 8% price spike. Chainlink (LINK) is also in the top 3 after adding 6.1%. 

Aave (AAVE) and Ethereum Classic (ETC) have made it to the top 5 after adding 4.8% and 3.5% over the past week, respectively. 

cardTezos (XTZ), Uniswap (UNI), Ethereum (ETH), Stellar (XLM), and Compound (COMP) have also appeared in the top 10. 

Welcome to New York 

As reported by U.Today, the second-largest meme cryptocurrency is now available for New York residents on the Robinhood platform. 

New York is particularly known for its stringent regulations, with the BitLicense licensing regime making it challenging for companies to operate in the state. 

Shiba Inu initially became available for Robinhood users back in early 2022 after an intense campaign by the community behind the meme coin to get the token listed on the popular brokerage platform. 

Last month, global asset management firm Bernstein predicted that the Robinhood stock would be able to benefit from a "monster" cryptocurrency rally in 2024. The firm predicted that the total cryptocurrency market cap would be able to top a staggering $7.5 trillion this year.   

SHIB is currently trading at $0.00002535, with its market cap sitting at nearly $15 billion. However, the token is still down more than 70.6% from its all-time high that was achieved in October 2021. 

According to data provided by crypto analytics platform Lookonchain, a cryptocurrency whale deposited $77.7 million into Kraken, one of the leading cryptocurrency exchanges, a few hours ago. 

The whale in question had accumulated $1.7 billion at an average price of $68,051 over the period from March 1 to Apr. 15. 

The price of the largest cryptocurrency is down 1.3% over the past 24 hours, according to data provided by CoinGecko.

A correction on the cards? 

Recent CryptoQuant data shows that exchange inflows from Bitcoin whales have reached the highest level in five months. This shows that large holders are eager to engage in profit-taking. This could be a potential sign of a substantial price correction. 

As noted by Glassnode, Bitcoin investors are currently sitting on the largest paper gains relative to their cost basis as of the day of the halving event. Its data shows that the average unit is holding a paper gain of an impressive 126%. 

With that being said, it is important to note that such metrics can potentially generate false signals, which is why market participants should exercise caution. 

Disastrous ETF outflows 

The cryptocurrency market is currently under renewed bearish pressure due to significant outflows recorded by the biggest Bitcoin exchange-traded funds. 

On Thursday, they recorded $217 million worth of outflows, with Grayscale's GBTC alone bleeding as much as $140 million.

Coupled with unfavorable macroeconomic factors, the outlook for Bitcoin remains uncertain. The largest cryptocurrency is down 0.9% over the past week, struggling to regain momentum.   

Bulls seem unwilling to give up so easily, according to CoinMarketCap.

Top coins by CoinMarketCapDOGE/USD

The rate of DOGE has risen by 0.33% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of DOGE is in the middle of the local channel, between the support of $0.1474 and the resistance of $0.1517. 

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As most of the daily ATR has been passed, ongoing sideways trading around $0.15 is the more likely scenario until tomorrow.

Image by TradingView

A similar situation can be seen on the daily time frame. The rate is far from the main levels, which means that neither bulls nor bears are dominating. In this case, traders can expect consolidation in the zone of $0.1480-$0.1540 until the end of the week.

 Image by TradingView

From the midterm point of view, the price of DOGE keeps falling after a failed attempt to fix above the $0.16 zone. If the situation does not change by the end of the week, the decline is likely to continue to the support of $0.1260.

DOGE is trading at $0.1505 at press time.

X/Twitter user known as “DogeDesigner” (who goes by the alias @cb_doge), who is part of the DOGE and X teams, has issued an important reminder to the crypto community on the X/Twitter platform regarding some of Elon Musk’s largest companies and cryptocurrency.

The post published today states that X, its Grok AI bot, its producer xAI and Tesla are not associated with any cryptocurrency at all. @cb_doge warned X users to stay cautious and beware of cryptocurrency scams.

𝕏, xAI, Grok, and Tesla are not associated with any cryptocurrency.Please stay cautious and safe from crypto scams.pic.twitter.com/pd3zxg3nM5

— DogeDesigner (@cb_doge) April 26, 2024

Elon Musk about to raise $6 billion for further Grok development

As reported by TechCrunch, tech billionaire Elon Musk is negotiating a $6 billion investment into his xAI startup at a pre-money valuation of $18 billion. This amount of funds put into the company would give the investors control over one-quarter of the company.

As reported by The Information, xAI is close to securing $6B in funding, valuing Elon Musk's year-old AI startup at $18B.Notably, on a recent X space, Elon said they'd need 100,000 NVIDIA H100s to train Grok 3.0 (they currently have roughly 20,000) pic.twitter.com/o3TakEEtD6

— Rowan Cheung (@rowancheung) April 26, 2024

The deal is expected to be secured within the coming weeks unless unexpected changes in its terms emerge. Musk launched xAI 10 months ago to compete with OpenAI’s ChatGPT. TechCrunch’s source says that a lot of investor are eager to enter into this deal. Among them are Sequoia Capital and Future Ventures, cofounded by Musk’s friend Steve Jurvetson. He is a board member at SpaceX and used to be the director at Tesla until 2020. Some of the other investors also come from Tesla CEO’s inner circle.

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Elon Musk intends to train Grok 3.0. During a recent space on X, he stated that xAI requires 100,000 NVIDIA H100s to train Grok 3.0 (while they currently have approximately 20,000 at their disposal). To further train xAI’s chatbot, Elon Musk intends to pull in data from all his other technological companies – Tesla, SpaceX, The Boring Company and Neuralink as well. Potentially, Grok may be implemented in Tesla cars to make them truly self-driving. It may also be built into Tesla’s humanoid robot, called Optimus, in the future.

The X/Twitter app, where Grok is implemented as a paid add-on, owns a stake in xAI, according to TechCrunch. Thus, Musk has made sure that his X company benefits from his AI bot financially as well to compensate for the massive losses in the company’s value Musk has seen since he purchased Twitter for $44 billion in 2022.

Coinbase CFO Paul Grewal has asserted that "Ethereum is a commodity." This claim is not without merit; the characteristics and the use of Ethereum in the digital asset space do somewhat align with the typical attributes of a commodity.

Ethereum serves as "fuel" for decentralized applications and smart contracts, rather than representing an investment in an enterprise, which is a critical distinction in the security vs. commodity debate. Additionally, the Commodity Futures Trading Commission (CFTC), which regulates U.S. commodity trades, has previously suggested that it sees Ethereum as a commodity.

The backdrop to this conversation is the recent lawsuit filed by Consensys against the Securities and Exchange Commission (SEC). Consensys views the SEC's actions as unwarranted overreach into the industry, particularly Ethereum. 

I know ETH is a commodity. You know ETH is a commodity. The CFTC knows ETH is a commodity. It's time for the SEC to admit that it still knows ETH is a commodity too. No more games. Thank you to @Consensys for standing up against the SEC's unlawful expansion of authority. https://t.co/8w7A4PBwUK

— paulgrewal.eth (@iampaulgrewal) April 25, 2024

They argue that the SEC's actions could affect innovation and progress within the industry. This lawsuit underscores the industry's need for clear, consistent and fair regulatory frameworks that do not suppress technological advancement or innovation.

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Ethereum's classification matters greatly. If deemed a security, Ethereum would fall under a different regulatory framework, potentially imposing stricter controls and dampening the openness that has allowed the ecosystem to flourish. Classifying ETH as a commodity supports the idea that Ethereum is a foundational technology, rather than a financial product offered by a central entity.

Consensys' stance is clear: Ethereum is about unlocking a permissionless, decentralized financial ecosystem. This concept is central to the ethos of decentralized technology and stands in stark contrast to the SEC's alleged approach, which some view as attempting to retroactively apply traditional securities laws to a rapidly evolving technology.

We are yet to see the outcome of the upcoming process, but Consensys creates a case that attracts the most prominent personas in the digital assets industry, like Paul Grewal.

U.Today presents the top three new stories over the past day.

SHIB burns skyrocket 2,076% after recent SHIB announcement

Yesterday, as reported by the Shibburn website, the Shiba Inu community succeeded in considerably increasing the SHIB burn rate. By joint efforts, SHIB enthusiasts sent a large chunk of SHIB, which constitutes 40,067,872 SHIB meme coins, to the inferno. Even though the amount of tokens burned is not outstanding, this has driven the burn rate up by a whopping 2,076%. The largest burn incinerated 20,000,000 SHIB, while the second biggest one destroyed 1,693,629 SHIB. The increase in burn rate took place after Lucie, Shiba Inu marketing lead, teased upcoming developments for Shibarium in 2024-2025. The list included ShibaSwap (version 1.75, followed by 2.0), Shibahub, Treat, ShibaEternity P2E, SHIB the Metaverse, K9finance Liquid Staking and Layer-3 testnet.

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XRP brutal reversal: 3 price levels to watch

XRP has recently experienced a brutal rejection at the 200 EMA resistance level. Following an attempt to keep stability, XRP had a sharp reversal from the moving average, indicating a potentially problematic period for the asset. At the moment, XRP is trading at $0.52, a strong support level; in the past, nearly every time the token's price dropped to this level, it has bounced back up. The second price level to watch is $0.47, a longer-term support level. A price decline below this level would pose serious problems for XRP and could signal a deeper and longer-lasting market downturn. The third, yet fragile, price support is located at $0.41 and is considered the last line of defense. If XRP falls to this level, this might lead to a prolonged reversal, which traders hope XRP can avoid. In order to see growth, if XRP is able to hold above these crucial support levels and start rising, it will need to first recover its position above the 200 EMA.

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Nearly $500 million in Ethereum transferred to Justin Sun-linked wallet

According to a recent X post by Lookonchain, yesterday, 0x4359, a wallet allegedly linked to TRON founder Justin Sun, withdrew 7,128 ETH worth $22.34 million from the Binance exchange. Additionally, Lookonchain revealed that since April 8, the wallet in question has acquired 154,570 ETH, valued at $492.23 million, at an average price of $3,177. This significant movement of Ethereum has not only brought attention to Sun's trading activities but also highlighted the bullish sentiment that ETH whales have toward the asset. Despite Ethereum's recent poor performance on the market, with its price trading at $3,116, down 1.05% down over the past 24 hours, whales like Sun continue to show confidence in the cryptocurrency's long-term potential.

Amid major AI announcements, NEAR Protocol (NEAR) reports a notable community and developer accomplishment. Its core native cryptocurrency is also among the best performers in the last seven days.

NEAR Protocol sets new popularity record by this metric

In last 12 months, NEAR Protocol (NEAR) demonstrated the largest user retention rate amid L1 altcoins. For this blockchain, the major adoption metric hits 9,53%, says data provider Artemis.

All competitors of NEAR Protocol (NEAR) demonstrated lower retention metrics in the long run. For instance, Avalanche (AVAX) saw only 8.19% of users returning in 12 months on its C-chain while, for BNB Chain, this metric barely exceeded 7%.

Largest blockchains by TVL, Ethereum (ETH) and Tron (TRX), failed to achieve 5% user retention in last 12 months, data says.

Per DefiLlama statistics, there are 19 active decentralized finance applications (DeFis) on NEAR Protocol (NEAR), with an aggregated TVL of $306 million in equivalent.

Burrow, LiNEAR Protocol and Meta Pool Near are the largest NEAR's DeFis by TVL; they are working in the segments of decentralized lending and liquid staking.

NEAR coin price outperforms all large caps

In the past week, NEAR, a core native cryptocurrency of NEAR Protocol, was the best performing large altcoin, per CoinGecko's data.

Amid all of the top 100 coins, it became the fifth fastest-growing altcoin with 26% growth in seven days. In this ranking, it is only surpassed by leading meme coins FLOKI, BONK and PEPE and Hedera (HBAR) token triggered by an overhyped announcement.

The NEAR rally might be attributed to the potential AI integrations crucial to the usage of NEAR Protocol (NEAR) in this thriving segment.

Amid whispers within the Ethereum community longing for the days of proof of Work (PoW), Ethereum cofounder Vitalik Buterin has decisively put an end to the debate, asserting that PoW was not immune to centralization. With Ethereum's transition to proof of Stake (PoS), Buterin argues that the temporary nature of PoW allowed centralization to remain largely unaddressed.

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Buterin backed his stance by revealing a stark reality: under PoW, a mere handful of mining pools wielded disproportionate control over Ethereum's network. A visual representation showcased that a staggering 76% of ETH mining power was concentrated among just five major pools, with Spark Pool and Ethermine emerging as the primary ones dominating the sector, collectively commanding over half of the altcoin's production.

PoW was also quite centralized. It was just not talked about as much, because everyone knew it was only a temporary stage until PoS.And that doesn't even get into how we probably mostly avoided ASICs only because the upcoming PoS switch meant no incentive to build them. pic.twitter.com/OhaqmRiiGJ

— vitalik.eth (@VitalikButerin) April 26, 2024

The resurgence of debates surrounding Ethereum's switch to staking, fueled in part by ongoing legal battles, notably with the SEC, has been met with Buterin's unwavering defense. The SEC's allegations linking Ethereum's consensus mechanism to security concerns have prompted delays in the much-anticipated launch of Ethereum ETFs, casting a shadow over the cryptocurrency's regulatory landscape.

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On the contrary, the contrasting fate of cryptocurrencies operating on PoW, such as Bitcoin, which have successfully navigated regulatory hurdles to secure ETF approval, alongside the inclusion of Dogecoin, Litecoin and Bitcoin Cash derivatives on leading American crypto platform Coinbase, also adds fuel to the debate.

As Ethereum continues its journey with a PoS consensus, Buterin's resolute stance serves as a definitive response to those nostalgic for the era of mining dominance. Yet, amid this transition, one lingering question persists: Was the shift from mining to staking truly a decision for the better?

A prominent member of the Dogecoin community, Mishaboar, has raised a flag of caution regarding meme coins that claim to own intellectual property (IP). This advisory comes at a critical time when the market is flooded with various meme coins, each vying for investor attention.

In a statement addressing the Dogecoin community, Mishaboar highlighted the risks that might be associated with meme coins that claim ownership of IPs. 

"Dear Dogecoin, an advice for those gambling on tokens. You cannot create or reinforce memes by owning IPs. Memes spread virally and are owned by nobody. They are decentralized, irrepressible and uncontainable," he wrote. 

Dear #Dogecoin, an advice for those gambling on tokens. You cannot create or reinforce memes by owning IPs. Memes spread virally and are owned by nobody. They are decentralized and irrepressible and uncontainable.There are thousands of tokens out there for those who want to…

— Mishaboar (@mishaboar) April 26, 2024

These coins often claim to have ownership over certain IPs, which can be a misleading tactic to attract unsuspecting investors.

Mishaboar added a note of warning: "There are thousands of tokens out there for those who want to gamble. When you see tokens relying on tricks like we own the IP, it’s just bait. It means they got nothing and are trying to lure new buyers with hot air."

Mishaboar's warning comes as a call for diligence for the Dogecoin community and the broader cryptocurrency market. 

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As meme coins continue to proliferate, investors might need to conduct thorough research, verify the genuineness of these tokens and not be drawn away by the allure of quick profits. 

At the time of writing, Dogecoin, the first and largest dog-themed cryptocurrency by market cap, was down 0.53% in the last 24 hours to $0.148, mirroring the lackluster trading action in the cryptocurrency market. 

Dogecoin has decreased for most of the week, for three out of five days since Monday. The waning demand for risky assets such as cryptocurrencies has been influenced in part by lower expectations for Federal Reserve interest rate cuts.

Thomas Jordan, the long-standing chairman of the Swiss National Bank, recently opined that Bitcoin, the largest cryptocurrency by market capitalization, "is not something without risk."

The longest-serving governor of a major central bank is skeptical about recent calls to add Bitcoin to the list of its reserves, Reuters reports. 

Jordan has noted that currency reserves are supposed to be liquid and sustainable. 

Recently, Bitcoin activist Yves Bennaim has started an initiative to pass a constitutional amendment that would allow the SNB to hold Bitcoin as a reserve asset. The activist aims to collect 100,000 signatures in order to trigger a referendum.

He recently told MarketWatch that he expects a referendum vote to fail given how conservative the Swiss people are. However, the self-described "toxic Bitcoin maximalist" wanted to start a broader discussion about the SNB, regurgitating the typical libertarian propaganda.

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It is worth noting that 78% of Swiss voters rejected an initiative by conservative politicians to compel the central bank to expand its gold reserves during a referendum that was held in 2014.  

The SNB reportedly boasts total gold reserves of 1,040 tons, which makes it one of the largest holders of the yellow metal among major central banks. It also holds foreign currency assets and financial assets in Swiss francs. 

In March, Jordan said that he was going to step down from his role after 12 years, in a major shakeup. He became the chairman of the Swiss National Bank back in 2012.

The rates of most of the coins are again rising, according to CoinStats.

SHIB chart by CoinStatsSHIB/USD

The price of SHIB has gone up by 1.50% since yesterday.

Image by TradingView

On the hourly chart , the rate of SHIB is in the middle of the local channel, which means that none of the sides is dominating. 

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In this case, continued sideways trading around $0.00002550 is the more likely scenario until the end of the day.

Image by TradingView

On the bigger time frame, today's fall has not affected the overall technical picture. If today's bar closes around the current prices, we can expect an ongoing consolidation between $0.000025 and $0.000026 until the end of the week.

Image by TradingView

On the weekly time frame, the situation is similar. However, if the weekly candle closes below the previous candle high, the decline may continue to the $0.000020 area.

SHIB is trading at $0.00002549 at press time.

Shiba Inu (SHIB) has been in bullish recovery mode for more than 24 hours. Surprisingly, the token’s whales have shifted as much as 1.5 trillion SHIB in the past 24 hours in hopes of sustaining a generally boosted uptick. At the time of writing, SHIB was changing hands for $0.00002544, up by 2.56% per data from CoinMarketCap.

The meme coin project is now looking at making a reentry into the top 10 coins by market capitalization if it could sustain its growth pace. With the current data, the market capitalization is up by more than 2% to $14,943,256,400, placing it as the 11th largest coin.

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What now stands in between Shiba Inu and the elite ranking is Cardano (ADA). Cardano is currently valued at $16,808,756,296. While the gap between both protocols is still significant, Shiba Inu has a higher growth rate which, if sustained, might help fast-track its ranking bid.

Shiba Inu has retested all major odds in recent times. It has managed to grow from its weekly low of $0.000023 to a high price of $0.000028 before cresting at its current price spot.

Shiba Inu's push for enhanced performance

Besides the move to retest the top 10 coin ranking, Shiba Inu has more pressing ambitions up its sleeves. The meme coin announced recently that it plans to implement a hard fork for Shibarium, its layer-2 scaling solution. This major upgrade is slated to go live on the mainnet on May 20.

It remains unclear how the hard fork will impact the deflationary push of SHIB; however, the core developers have emphasized how the hard fork will help bolster block processing times. Additionally, the unstable fee structure during high traffic times will also be resolved.

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Shiba Inu’s hard fork proponents are optimistic that this upgrade will boost efficiency and drive demand that will be beneficial for SHIB in the long term.

Amid a recent drop in Bitcoin's price, MicroStrategy Chairman Michael Saylor has emphasized the importance of maintaining perspective and focus amid market fluctuations. Bitcoin peaked at $73,798 in mid-March but has since corrected by about 13%, rising 1.34% in the last 24 hours to $64,335. 

Bitcoin fell earlier this week, from highs of $67,225 hit on April 23. The latest drop in Bitcoin's price has prompted concerns, with the cryptocurrency briefly falling to $62,747 before recovering.

Amid this, Saylor recommends that the crypto community "keep an eye on the ball," indicating a long-term perspective amid short-term volatility.

Keep your eye on the ball. #Bitcoin pic.twitter.com/L24aZMB93U

— Michael Saylor⚡️ (@saylor) April 26, 2024

Bitcoin sank to a low of $62,747 in Thursday trading, as bullish Bitcoin traders appeared to reduce their wagers on the world's largest cryptocurrency. The Bitcoin funding rate, which is the premium paid by traders to start fresh long positions in the token's perpetual futures market, has fallen negative for the first time since October 2023. 

Buyers' enthusiasm for the lead cryptocurrency appeared to wane, owing in part to expected delays in the Federal Reserve rate reduction.

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Similarly, investors withdrew a net $218 million from U.S. Bitcoin exchange-traded funds, one of their largest daily outflows, as demand for risky assets was dampened by diminishing optimism for Fed interest rate cuts.

As the dust settles from Bitcoin's latest price movement, Michael Saylor's words resonate with those looking beyond the immediate horizon. "Keep an eye on the ball" might seem like a mindset for navigating the volatile waters of cryptocurrencies.

Prominent Cardano enthusiasts are abuzz with anticipation over the impending Chang hard fork, scheduled for the second quarter of 2024. Positioned as a game-changing moment in Cardano's journey toward decentralized governance, this milestone event marks the inception of minimum-viable community-run governance in the blockchain ecosystem.

Central to the Chang hard fork is its role in initiating the bootstrapping process for Cardano's governance throughout 2024, comprising three main stages.

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The first stage involves the introduction of delegate representatives (DReps), who will serve as elected representatives entrusted with the task of advocating for the interests of the Cardano community. This novel approach to representation empowers users to delegate their ADA holdings, thereby fostering greater engagement and participation.

I hear the Chang hard fork is going to be an absolute game changer for #Cardano. 🔥 https://t.co/r35P28slMb

— Chris O (@TheOCcryptobro) April 26, 2024

Subsequently, the Cardano Constitution Convention will convene in Buenos Aires, bringing together governance representatives from workshops held worldwide. Together, they will collaborate to draft the inaugural version of the Cardano Constitution, laying the foundation for community-led governance principles.

Decentralized constitution

The culmination of this process will be marked by a community-wide vote on the ratification of the Cardano Constitution. Should it be ratified, the constitution will serve as the cornerstone of decentralized governance mechanisms, guiding the future direction of the Cardano blockchain.

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In addition to these governance milestones, the Chang hard fork will introduce two significant upgrades: Chang Upgrade Number One and Chang Upgrade Number Two. These upgrades, outlined in CIP-1694, will facilitate the deployment of governance features, including decentralized voting mechanisms and treasury withdrawals.

Cardano stands at the precipice of a significant breakthrough with the impending Ouroboros Genesis upgrade. This marks a pivotal moment in Cardano's journey toward achieving full peer-to-peer (P2P) node operations, a goal that has been meticulously pursued by its dedicated community and developers.

Peer-to-peer (P2P) networking is critical to blockchain's long-term decentralization, security and resilience, allowing participants to communicate, synchronize data and reach consensus. The move from the existing hybrid model to full P2P networking for Cardano has been gradual; however, the transition is already underway.

In March 2023, Dynamic P2P automated the peer selection procedure. The node v.1.35.6 update improved communication between distributed nodes, simplified the operation of the relay and block-producing nodes, and eliminated the need for static configurations and manual input from stake pool operators (SPO).

The final waypoint in the journey towards full P2P node operations is planned to arrive with the upcoming Ouroboros Genesis release. If you are a stake pool operator, a DApp, or exchange developer here is what you need to know👇@therealdisasm #Cardano360 #P2P pic.twitter.com/BNLQzHunNC

— Input Output (@InputOutputHK) April 26, 2024

According to Cardano builder Input Output Global (IOG), the next and final waypoint on the path to full P2P node operations is expected to arrive with the impending Ouroboros Genesis release. 

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Ouroboros Genesis will be deployed as part of the Chang upgrade, which is expected to take place this summer. This enables nodes to self-bootstrap from the live Cardano network.

Currently, initial network entry necessitates synchronizing with a secure, trusted validator, typically a trusted fellow SPO or another entity. Once synchronized, nodes use Ouroboros Praos to operate in a decentralized way. 

Ouroboros Genesis is expected to further simplify the process when using Cardano-node's P2P capabilities, making the process completely autonomous and eliminating the need for human interaction.

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Furthermore, the transition to full P2P node operations is anticipated to increase the Cardano network's scalability and throughput, allowing it to accommodate a wider range of applications and use cases.

In a recent poll assessing the impact of Elon Musk's acquisition of Twitter, Dogecoin creator Billy Markus, known by the nickname Shibetoshi Nakamoto, provided insights into the platform's transformation. Markus, reflecting on the two-year anniversary of the billionaire's merger agreement with Twitter, indicated a positive shift in his experience, citing financial gains.

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Markus's remarks shed light on the benefits experienced by content creators since the takeover. He emphasized a notable improvement in his financial standing, stating that previously he "didn't get money," but now, under Musk's ownership, he is "getting money."

yabefore i didn’t get money and now i get money

— Shibetoshi Nakamoto (@BillyM2k) April 25, 2024

The acquisition of Twitter by Elon Musk marked a pivotal moment in the platform's evolution. It appears that the primary motive behind the move was to capitalize on Twitter's widespread influence, potentially turning it into a super app with a strong financial base.

Since the change in ownership, content creators have reported enhanced rewards, particularly through increased visibility and engagement with their content.

Notably, a comprehensive subscription system was introduced, allowing content creators to monetize their output effectively. Markus himself has embraced this model, offering exclusive content to subscribers for a nominal fee of $3 per month.

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However, Musk's tenure as Twitter's owner has not been without controversy. His views on censorship, political stances and eccentric speeches have sparked intense debate within the community. Critics argue that Musk's influence could potentially shape the platform's content moderation policies and editorial direction, raising concerns about free speech and neutrality.

Bitcoin's pseudonymous creator Satoshi Nakamoto has long captivated the imagination of the cryptocurrency community and beyond.

His disappearance in 2011 remains one of the most enduring mysteries in the cryptocurrency world. After laying the groundwork for Bitcoin's development and guiding its early growth, Satoshi abruptly ceased all communications and vanished without a trace, leaving behind a legacy of innovation and speculation. This event would now mark its 13th anniversary.

Thirteen years ago, on April 23, 2011, Bitcoin creator Satoshi Nakamoto sent his final emails to fellow developers, stating he had "moved on to other things" and that the cryptocurrency was in "good hands." Three days later, on April 26, 2011, he would completely disappear.

✨ Exactly 13 years ago, #Bitcoin's creator signed over this cryptographic key, then disappeared forever 💫 pic.twitter.com/gux7pVeEE9

— Rizzo (@pete_rizzo_) April 26, 2024

As one of his final acts before disappearing, Satoshi handed over a cryptographic key he had used to send network-wide alerts.

The cryptographic key in question was not just any piece of digital information. It was a powerful symbol of trust and authority within the Bitcoin network, allowing Nakamoto to broadcast messages to all participants. The decision to relinquish this key was a clear message: Bitcoin was no longer under the control of its creator; it belonged to the community.

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The decision to hand over the cryptographic key aligns with Satoshi's overarching vision for Bitcoin as a decentralized and trustless system, free from centralized control or authority. This would signal a fitting conclusion to Satoshi's journey, symbolizing the transition from centralized leadership to community-driven stewardship of the world's first cryptocurrency.

Present-day Bitcoin is a decentralized system with no single, centralized location or controlling authority. Its technology and infrastructure do not rely on centralized entities, like banks and governments, to manage it.

Satoshi also removed his name from the software's copyright claim, releasing the source to all "Bitcoin developers."

An Arkham Intelligence report shows which entities are now on the top 10 list of SHIB holders, and who holder number one is.

Meanwhile, cryptocurrency whales have transferred billions of SHIB between exchanges.

Largest SHIB holder on market revealed

Arkham Intelligence has shared that in first place on its list of the top SHIB holders sits none other than the burn SHIB address. It holds 410,418,816,901,215.06 SHIB evaluated at more than $10 billion. That is 41% of the entire Shiba Inu supply.

Centralized crypto exchange Crypto.com sits in second place, holding 37,570,344,005,265.1 – 3.76%, worth $968,560,000 million in fiat. This is one of the platform’s hot wallets; these addresses are connected to the Internet and are vulnerable to security breaches.

A Binance cold wallet comes in third on this list, and it holds 3.5% of the circulating SHIB supply – 35,000,000,000,000 SHIB equal to $902,300,000. It is followed by a cold wallet of Robinhood trading app, which holds 31,753,251,930,362.97 Shiba Inu worth $818,600,000.

The Shib team’s wallet comes 10th on this list, and there are 6,397,162,264,908 SHIB meme coins worth $164,920,000 in it.

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Whales transfer billions of SHIB

According to the above-mentioned source, over the past few hours, almost 17 billion Shiba Inu coins have been shifted by cryptocurrency whales.

The transactions were mainly conducted as billions of SHIB were withdrawn from Kraken and deposited to OKX.

Upcoming Shibarium hard fork announced

In a tweet published earlier today, the official Shiba Inu X/Twitter account teased the approaching “hard fork” scheduled on May 2. However, this seems to be merely a major upgrade since hard forks traditionally assume the emergence of a new blockchain with an entirely new coin.

The X/Twitter post revealed that the upgrade will allow faster block production on the Shibarium layer-2 blockchain, the transaction fees will become more predictable after the new update is integrated.

Still, nothing seems to have been said about the automated burn mechanism that has been tested on testnet Puppynet since January.

SHIB burns are still being conducted manually, mostly by the SHIB army, with the developer team sometimes joining in when it manages to collect enough BONE off Shibarium transaction fees.

Over the past 24 hours, the burn rate has been negative, going into the red 88.96% with merely 4,422,643 SHIB removed from the circulating supply.

MicroStrategy's involvement with Bitcoin is a foundation of institutional crypto exposure. Recently an unrealized profit of the company, it has hit the $6.2 billion mark. MicroStrategy's purchase strategy may seem random and somewhat archaic, but there is logic behind it.

The company has systematically increased its Bitcoin holdings through calculated purchases. These buying strategies are marked by timing the market to optimize entry points and significantly investing during price drops.

BTC/USD Chart by TradingView

MicroStrategy’s purchases often coincide with price dips, exemplified by the accumulation spots highlighted on their portfolio's performance chart. These strategic buys are somewhat similar to a popular dollar-cost averaging strategy, where investors slowly increase their holdings as the price of an asset goes down, averaging the dollar cost of their position.

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MicroStrategy's active buying strategy has been considered as a driving force for the market numerous times . Their significant market inflows often provide a boost to Bitcoin's market sentiment, creating a ripple effect that can be felt across the ecosystem. By consistently increasing its Bitcoin holdings, MicroStrategy not only reinforces its portfolio but also solidifies the market positioning of Bitcoin.

Bitcoin's price performance

Taking a look at Bitcoin’s price chart, we can see resistance forming at around the $65,000 level, a point where upward momentum has struggled. The push past this resistance provides potential for further growth, possibly targeting the next resistance level near $68,000. Support, on the other hand, appears firm around the $60,000 mark, which has served as a springboard for price recoveries in the past.

If MicroStrategy continues its buying spree, we may see Bitcoin surpass current resistance levels thanks to fresh inflows. Any substantial purchase from the company tends to coincide with increased investor confidence and improved sentiment, which is what BTC really needs right now.