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DeFiDynamo
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Shiba Inu's burn rate has surged by 90%, resulting in over two million tokens being removed from circulation. Despite this, the meme coin's price has dropped by over 20% in the past week, reflecting the broader crypto market downturn. The Shiba Inu team attributes the increased burn rate to users mistakenly sending their tokens to the Contract Address, rather than any significant news or developments. The team is optimistic about the potential impact of Shibarium, Shiba Inu's layer-2 scaling solution. Since its launch in August 2021, the network has surpassed numerous milestones, including over 400 million total transactions. Shibarium underwent a user interface update last month, improving compatibility with popular self-custody wallets. Another upgrade is scheduled for May 2, aimed at enhancing user experience, speeding up block processing times, and empowering the developer community. Despite the current market correction, the team remains confident in the potential for a future bull run, driven by reduced transaction fees and increased speed.

Shiba Inu's burn rate has surged by 90%, resulting in over two million tokens being removed from circulation. Despite this, the meme coin's price has dropped by over 20% in the past week, reflecting the broader crypto market downturn. The Shiba Inu team attributes the increased burn rate to users mistakenly sending their tokens to the Contract Address, rather than any significant news or developments.

The team is optimistic about the potential impact of Shibarium, Shiba Inu's layer-2 scaling solution. Since its launch in August 2021, the network has surpassed numerous milestones, including over 400 million total transactions. Shibarium underwent a user interface update last month, improving compatibility with popular self-custody wallets. Another upgrade is scheduled for May 2, aimed at enhancing user experience, speeding up block processing times, and empowering the developer community.

Despite the current market correction, the team remains confident in the potential for a future bull run, driven by reduced transaction fees and increased speed.

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KuCoin Research's recent report reveals that cryptocurrency investments in May reached $1 billion, a slight decrease from April but a 10.61% increase from May 2023. The report suggests a continued interest and potential growth in the industry, despite a 6.4% decline from the previous month. Institutional investors showed a strong preference for Ethereum, EVM chains, and L2 networks such as Arbitrum and Polygon. Non-EVM chains like Solana, Bitcoin, Fantom, and TON also attracted significant institutional investment. Major Chinese institutions remained active, investing in emerging technologies and public chain networks. Investors' focus shifted towards memes, celebrity tokens, emerging narratives, and low market cap assets, with Notcoin emerging as a major beneficiary. The report also noted the impact of recent US regulatory developments on the crypto market's legal and operational landscape, introducing new challenges and considerations for investors. Despite these challenges, the overall market sentiment remains optimistic.
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In the upcoming US presidential elections, Donald Trump has positioned himself as a pro-crypto candidate, promising to support Bitcoin (BTC) and the crypto mining industry if elected. AI chatbot ChatGPT predicts that Trump's potential victory could spur a BTC price rally, possibly reaching the $100,000 milestone. Trump's proposed increase in Bitcoin mining efforts and his opposition to a Central Bank Digital Currency (CBDC) could positively influence Bitcoin's price. However, ChatGPT also highlights that broader economic conditions such as inflation, geopolitical stability, and monetary policy could significantly impact BTC's valuation. The Federal Reserve's handling of inflation and interest rates could influence the crypto market, potentially increasing interest in risk-on assets like BTC. Despite recent lower-than-expected inflation rates, the Fed's decision to maintain current rates led to a BTC price decline. This news is not directly related to DeFi or BRC 20.
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Blockchain intelligence firm TRM Labs reports a significant increase in cryptocurrency deposits to Chinese drug precursor manufacturers in early 2024, more than doubling compared to the same period in 2023. In 2023, these networks received over $26 million in cryptocurrency, with 97% of the 120 manufacturers studied offering payment options in digital currencies. Bitcoin remains the dominant cryptocurrency for these transactions, accounting for approximately 60% of the total payment volume. The TRON blockchain saw about 30% of transactions, while Ethereum was used for roughly 6%. The report also highlighted that 11 manufacturers were responsible for over 70% of all crypto-denominated sales of drug precursors. These manufacturers receive funds from unhosted wallets, cryptocurrency exchanges, and payment services, with their wallets most commonly hosted at exchanges. In addition to cryptocurrencies, Chinese manufacturers also accept fiat currencies through platforms like PayPal, MoneyGram, Western Union, and traditional bank transfers. The report revealed that Chinese drug precursor manufacturers mainly target countries including Canada, the Netherlands, Australia, Germany, and the United States. China's role in the global illicit fentanyl trade has been highlighted, with the country manufacturing over 97% of the precursors used.
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In the latest Bitcoin price analysis, the cryptocurrency has failed to hold above the $66K mark, indicating a correction phase. Despite this, optimism remains as the bull market may not be over yet. The Relative Strength Index (RSI) has dropped below 50%, suggesting a bearish momentum and a possible decline towards the $60K support zone. However, the 4-hour chart presents a more positive picture, with the price consolidating within a horizontal channel. Despite a recent dip below the channel, the price quickly rebounded. If the price remains within the channel, it could test the upper boundary around $72K. Conversely, if the channel breaks down, a drop towards $60K could be imminent. Despite the current correction, the market outlook remains positive.
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Ethereum's recent rally has stalled, unable to break the $4,000 resistance level. However, the market remains optimistic for a potential bullish recovery. In the past two weeks, the ETH/USDT price has been on a short-term downtrend after being rejected from the $4,000 mark. The $3,500 level is currently acting as a support, preventing further decline. A bearish breakout could see the price drop towards $3,000 and the 200-day moving average. This is a crucial area as a further drop could alter the overall trend. However, the 4-hour chart shows a potential rebound from the $3,500 support zone. A falling wedge pattern has formed and broken above, indicating a bullish reversal. If the market can surpass the recent high of $3,650, a rally back to the $4,000 resistance zone is likely. With the RSI climbing back above 50%, a bullish scenario seems more probable. Despite the recent dip, the market remains hopeful for Ethereum's recovery.
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