SHIBA Inu coin was down on Monday morning and Bitcoin was up, all while Elon Musk fans on Twitter tried to figure out why he changed his display name there to “Lorde Edge.”
The creator of Dogecoin, Shibetoshi Nakamoto, guessed it’s meant as an anagram for “Elder Doge,” according to Bloomberg.
Meanwhile, Bitcoin was up 5.66 percent on Monday morning, according to Coinbase, and Shiba Inu was down 2.96 percent as of 10am ET.
Shibu Inu is a cryptocurrency token that allows users to hold trillions of them.
Tokens of Shiba Inu feature the same dog as Dogecoin, which has become one of the most popular cryptocurrencies this year.
Meanwhile, analysts say the two largest crypto currencies, Bitcoin and Ethereum, are still cheap when compared to traditional equity markets, according to Barron’s.
Read our cryptocurrency live blog for the latest news and updates…
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SQUID CRYPTO SCAMMERS TAKE OFF WITH MORE THAN $2MILLION
After the SQUID coin launched just last week, its creators pulled the rug on the project and cashed in the coins for real money.
Investors who fell victim to the scam lost an estimated $2.1million.
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BITCOIN LATINUM ANNOUNCES LISTING ON TOP CRYPTO EXCHANGE
Bitcoin Latinum (LTNM) is gaining momentum, as it announced on October 29 that it plans to be listed on HitBTC Exchange, which is a top crypto exchange.
The official trading is expected to begin at the end of this year.
Bitcoin Latinum was developed on behalf of Bitcoin Latinum Foundation, by Monsoon Blockchain Corporation.
The cryptocurrency is expanding its global acceptance, with HitBTC exchange being the seventh exchange to list Bitcoin Latinum.
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BEWARE OF FAKE CRYPTO MINING WEBSITES
One fairly widespread scamming technique is websites that appear to be a new cryptocurrency mining operation or investment opportunity.
These sites encourage investors to wire in money, sometimes offering investment “tiers” and promising greater returns.
But when users attempt to withdraw their cash, they are unable to and told to input even more cryptocurrency.
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CAN YOU TRADE CRYPTO ON ROBINHOOD?
Unlike most of its discount rivals, Robinhood offers 24/7 crypto trading through its platform.
That means you’ll have access to trade major cryptocurrencies including, Dogecoin, Ethereum, and Bitcoin.
Its crypto investors can buy or sell with a market order, which means it’s executed at the current market price.
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WHAT ARE THE MOST VALUABLE CRYPTOCURRENCIES?
Cryptocurrency prices hit record highs earlier this year amid interest from high profile individuals such as Elon Musk and more institutional investment in the sector.
The most valuable coins are Bitcoin and Ethereum but there are lots of alternatives or altcoins aiming to benefit from crypto interest.
Values can be volatile though and regulators have warned that investors could lose all their money.
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CRYPTO VALUES HIT HIGHS THIS YEAR
Cryptocurrency prices hit record highs earlier this year amid interest from high profile individuals such as Elon Musk and more institutional investment in the sector.
Values can be volatile though and regulators have warned that investors could lose all their money.
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EXPERTS ISSUE WARNING ABOUT POLYGON GROWTH
How the price of Ethereum will change in the future is impossible to know for certain.
However, experts and investors have made some predictions.
Charlie Barton, an investment specialist at comparison site Finder, warned in mid-May: “The performance of Polygon has been extremely strong recently, achieving 10,000% growth in the last year.”
“It’s easy to get carried away, but such aggressive growth is highly unlikely to continue forever.”
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WHAT IS POLYGON?
Polygon is an Ethereum token that powers the Polygon Network, which aims to provide faster transactions on the Ethereum blockchain.
It was originally known as the Matic Network when it first launched back in 2017.
Polygon hit its highest ever level on May 18 when it rocketed to $2.4544.
The price has soared by around 9,200% this year – up from $0.01781 on January 1.
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BE ON THE LOOKOUT FOR SCAMS & ‘GUARANTEED RETURNS’
There are no guarantees when it comes to cryptocurrencies, so when someone mentions “guaranteed returns,” they are often scammers.
There is no way to eliminate the element of risk from cryptocurrencies, although scammers may try to convince you otherwise.
Check out these other ways to spot scammers in the crypto space.
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BIDEN AIMS TO CRACKDOWN ON ‘ILLICIT USE OF CRYPTOCURRENCY’
A recent statement from President Joe Biden read: “Cyber threats can affect every American, every business regardless of size, and every community.”
“That’s why my administration is marshaling a whole-of-nation effort to confront cyber threats.”
The White House signaled that the US will gather 30 other countries to discuss responses to cybercrime.
“This month, the United States will bring together 30 countries to accelerate our cooperation in combatting cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency, and engaging on these issues diplomatically,” it read.
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WHAT IS DECENTRALAND?
Decentraland is a metaverse token.
Decentraland uses “MANA,” which is an ERC20 token – meaning it’s based on Ethereum’s blockchain.
Decentraland stands out with its unique trading experience because it operates as a blockchain-based cryptocurrency that models itself as a “world owned by users.”
Users can create scenes, graphics, challenges as well as trade digital assets including LAND, estates, and avatar apparel.
“Even with how nascent this industry is, the serious Decentraland players have managed to create a significant income from buying and selling Nft items,” Patrick Moore, founder and creator of Bitcoin and cryptocurrency information website CryptoWhat, told The Sun.
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SQUARE MIGHT BUILD BITCOIN MINING HARDWARE
Square CEO Jack Dorsey said the company may create a bitcoin mining rig in a recent tweet.
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WHAT IS HBAR CRYPTO?
Hashgraph is similar to a blockchain and was created in 2017 by American computer scientist Leemon Baird.
The Hedera Hashgraph system is a distributed ledger built on Hashgraph and was created by Baird along with Mance Harmon.
HBAR is the cryptocurrency of the Hedera Hashgraph.
The company itself expalins: “HBAR is the native, energy-efficient cryptocurrency of the Hedera public network.”
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WHAT IS ALGORAND?
Algorand is a cryptocurrency of the Algorand blockchain, a public decentralized network on which smart contracts can be built.
It was created in 2019 by Silvio Micali, a professor a the prestigious Massachusetts Institute of Technology (MIT).
The computer scientist has also won the Turing Award for his work in the area of cryptography.
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BE WARY OF CRYPTO AND BLOCKCHAIN SCAMS
Cryptocurrencies operate on blockchain networks.
Scammers often claim their blockchain is “in development” or “about to be released,” but all legitimate cryptos will have an accompanying website to verify the currency.
Users can type the name of the crypto into any search engine with the phrase “blockchain explorer” or “blockchain scan” to find the connected blockchain if it even exists.
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WALL STREET BANKS ON CRYPTO HIRING SPREE
A recent analysis from Bloomberg found that the biggest banks on Wall Street have recently been on a major crypto hiring spree.
Goldman Sachs reportedly hired 82 crypto professionals, Wells Fargo hired 74, Fidelity brought in 68, and JPMorgan brought on 63.
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FORMER CITIGROUP BOSS SAYS ALL MAJOR BANKS WILL CONSIDER CRYPTO TRADING SOON
The former boss of banking at Citigroup, Vikram Pandit, said that all major banks will soon consider getting into cryptocurrencies, according to Bloomberg.
Pandit said in “one to three years, every large bank and, or securities firm is going to actively think about ‘shouldn’t I also be trading and selling cryptocurrency assets.'”
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SOLANA PITTED AGAINST ETHEREUM
Solana’s creators have claimed it is can process more than 50,000 transactions per second.
Myron Jobson, personal finance campaigner at Interactive Investor, told The Sun that, “Solana is pitted against Ethereum which has had a head start when it comes cash injection and time to develop decentralized finance projects.
“In addition, efficiency of Ethereum is expected to improve with upgrades over the long term such as the most recent Ethereum London Hard Fork upgrade.
“Whether Solana can overcome Ethereum’s first mover advantage remains to be seen.”
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WOULD COULD AFFECT SOLANA’S VALUE?
Cryptocurrency values can rise and fall based on regulatory decisions by governments and financial watchdogs.
Comments by high-profile individuals, such as Elon Musk, can also impact prices.
Solana is on the rise following a “milestone scalability test” in October.
It hosted the “Degenerate Ape Academy,” a collection of digital artworks (NFT) on Solanart, a marketplace on the Solana network.
Myron Jobson, personal finance campaigner at Interactive Investor, told The Sun: “The collection of 10,000 artworks reported sold out in under 10 minutes. Each piece was ‘minted’ using the SOL token.”
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CRYPTO FANS TRY TO PREDICT SOLANA’S VALUE
Solana’s price could hit $427 by the year’s end, according to a prediction by website Coin Price Forecast.
Wallet Investor has a lower one-year forecast of $681.868 and a five-year forecast of $2,424.10.
Meanwhile, according to Finder’s panel of 50 fintech specialists, the price of Solana could hit $1,178 by the end of 2025 and then surge to $5,057 in 2030.
“We think that SOL is one of a few smart contract based blockchains that have the technical architecture that will be difficult for Ethereum to compete with on the basis of transaction speed and transaction cost,” crypto hedge fund general partner Gavin Smith said.
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TRACKING SOLANA’S VALUE
In the last 24 hours, Solana is down 3% at $244.15, according to CoinMarketCap.
In comparison, it was worth just $1.8421 on January 1 this year.
The drop today comes after it hit an all-time high of $260.06 over the weekend.
Solana is a challenger to Ethereum as the blockchain of choice for building decentralized applications.
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THE RISKS OF GETTING INTO CRYPTOCURRENCY – CONTINUED …
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
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THE RISKS OF GETTING INTO CRYPTOCURRENCY
Investing in any cryptocurrency is risky – here we round up what you need to know.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
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WILL SHIBA INU HIT $1 IN VALUE?
If you are waiting for Shiba Inu to hit $1, you’ll be waiting a long time.
In fact, it’s “impossible” for Shiba to reach $1 because there “simply isn’t enough money” in the world, according to Don Guo, chief executive of Broctagon Fintech Group.
For the meme coin to hit $1, it’d require a “one quadrillion” market value.
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WHAT WILL SHIBA INU BE WORTH IN 2022?
Plenty of cryptocurrency fans have predicted Shiba Inu’s value for 2022, but you should take it with a pinch of salt as it’s nowhere near guaranteed.
Some crypto forecasters are mixed on the Musk-touted cryptocurrency given the gains it’s seen over the past month.
For example, crypto website Wallet Investor expects Shiba to be valued at just $0.000080 in a year’s time.
