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More Coins Than You Can Shake a Shiba At! Understanding Dogecoinâs Inflationary Supply 
Binance
US billionaire Mark Cuban believes that through a combination of inflationary pressure and geopolitical uncertainty, Bitcoin could become a global reserve currency.
Taking to X, the billionaire indicated that Silicon Valleyâs support for former President Donald Trump was a âbitcoin playâ to boost its price. Cuban, who has backed Joe Biden for re-election, stated that lower tax rates and tariffs under Trump could push up Bitcoinâs price.
âCombine that with global uncertainty as to the geopolitical role of the USA, and the impact on the US dollar as a reserve currency, and you canât align the stars any better for a BTC price acceleration,â Cuban wrote.
He added that this will make it easier to âoperate a crypto business because of the inevitable, and required, changes at theâ US Securities and Exchange Commission (SEC).
Questioning how high Bitcoin can go, Cuban didnât give a figure, but wrote âway higher than you think,â adding that this is due to its global status, its 21 million Bitcoin limit, and the fact that the currency has unlimited fractionalisation.
In Cubanâs view, Bitcoin could become a safe haven as countries turn to it as they seek to protect their savings if geopolitical uncertainty continues and the dollar declines as a reserve currency.
While he only indicated that this was a possibility and isnât saying it will happen, he added that itâs already happened in countries facing hyperinflation.
Following Trumpâs injury during an assassination attempt at a campaign rally in Pennsylvania, Musk officially endorsed the former GOP President by saying he plans to commit $45m a month to a new super political action committee backing Trumpâs presidential run.
In March, billionaire Elon Musk indicated he wasnât voting for the Democratic Party in November. The tech mogul who owns Tesla and SpaceX, in addition to X, wrote âI voted 100% Dem until a few years ago. Now, I think we need a red wave or America is toast.â
Ethereum (ETH) transaction fees have hit their lowest levels since 2022, marking a significant milestone for the second-largest cryptocurrency by market capitalization.Â
According to insights from Ryan Selkis, the founder and CEO of Messari, the average fee for transferring ETH stands at $1.83, while the cost of token purchases via Uniswap is approximately $4.17.Â
This decline in gas fees can be attributed to reduced on-chain activity related to Non-Fungible tokens (NFT) sales, meme coin trading, and Telegram bots.
The drop in gas fees has resulted in Ethereum entering an inflationary period. Over the past week, the supply of Ethereum has increased by 4,092 ETH tokens, with a total value of around $6.6 million.Â
In early 2023, Ethereumâs on-chain activity experienced a spike, driven by NFT trading volumes and the buzz surrounding the Blur token airdrop. Since then, however, activity has subsided.
Selkis emphasized the current bearish sentiment in the market, stating:Â âWeâre so deep in the bear that ETH is inflationary again.â This observation highlights the impact of decreased demand and reduced transaction volumes on Ethereumâs overall supply dynamics.
Analyzing the fee and gas usage statistics by Messari, Ethereum recorded $2.24 million worth of fees within 24 hours, with an average fee of $2.59. The gas used during the same period amounted to 108,194,133,311, with an average gas limit of 124,856. These figures provide insights into the transaction volume and activity levels within the ETH network.
The implications of these developments for Ethereum are twofold. Firstly, the decrease in gas fees may benefit Ethereum users by reducing the cost of transactions and interactions with decentralized applications (dApps) built on the Ethereum blockchain. Lower fees can promote wider adoption and increased usage of the network.
Secondly, the shift towards an inflationary period underscores the importance of monitoring supply dynamics and market conditions.Â
As new tokens are issued and supply increases, it may impact the overall value proposition of Ethereum and its ability to maintain scarcity, which has been a significant factor in its price appreciation.
Overall, Ethereumâs transaction fees have reached their lowest levels since 2002, primarily due to reduced on-chain activity related to NFT sales, meme coin trading, and Telegram bots.Â
This decline in gas fees has led to an inflationary period for ETH, with an increase in its supply. Monitoring these developments is crucial for understanding the networkâs performance and implications for Ethereumâs value proposition in the broader cryptocurrency market.
As of this writing, ETH has experienced a decline of over 3% in the last 24 hours, resulting in a trading price of $1,552. Furthermore, this downward trend has persisted across various time frames, with a decrease of 4.5% over the past seven days, and declines of 5.5% and 15% over the fourteen-day and thirty-day periods, respectively.Â
Featured image from iStock, chart from TradingView.com
Per the IMF outlook, resilient demand in the context of declining energy prices can encourage a positive outlook for the UK economy in several ways.
The International Monetary Fund (IMF) said it expects the United Kingdom to avoid a recession and maintain positive growth in 2023. According to a CNBC report, the IMF attributes this positive outlook to resilient demand and declining energy prices, which have encouraged economic growth.
However, the IMF also characterizes the outlook as âsubduedâ, indicating that while growth is expected, it may not be robust.
In the report, the IMF noted that the economic activity in the UK had fallen sharply with inflation remaining at a âstubbornly highâ rate of 10.1% compared to last year. Remarkably, British Finance Minister Jeremy Hunt stated that the task of fighting inflation and improving the UKâs growth prospects is far from done.
He named high energy prices and high inflation as problems facing both the UK and the rest of the world. However, Hunt admitted in an IMF press conference that the government is working towards prioritizing growth for the economy.
Meanwhile, the report follows shortly after the IMF predicted in an earlier review that UKâs growth would contract by 0.3% in 2023, making it the G20âs worst performer. Interestingly, the most recent release appears to indicate an improvement in the UKâs growth forecast.
The new forecast predicts that the UK growth will be 0.4% this year, up 0.7 percentage points from the previous forecast. This points to a more upbeat outlook for the UK economy in the near term. Furthermore, according to the IMF, UK GDP is expected to grow by 1% in 2024.
Looking ahead, the IMF projects growth of around 2% in 2025 and 2026. These projections suggest a gradual improvement in the UKâs economic performance over the medium term.
Interestingly, the IMF report referred to the UKâs continued financial stability as a âglobal public goodâ and recommended evidence-based reforms for London to address the post-pandemic rise in labor inactivity, regulatory uncertainty surrounding business investment, and accelerating the countryâs green transition.
Per the IMF outlook, resilient demand in the context of declining energy prices can encourage a positive outlook for the UK economy in several ways. When energy prices fall, household disposable income typically increases.
This can lead to increased consumer spending on goods and services, boosting economic activity and stimulating economic growth. Increased consumer spending supports businesses, boosts employment levels and contributes to overall economic growth.
In addition, lower energy prices can also improve the competitiveness of UK exporters. Reduced energy costs can increase the competitiveness of UK goods and services in international markets, potentially leading to increased exports and supporting economic growth.
With the UK Government exploring all avenues to bolster its economy, it will take solace in knowing that its biggest ally is also seeing a major meltdown with debt ceiling conversations permeating the horizon.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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The CEO of, the company behind the cryptocurrency XRP, is not a fan of digital meme currency (DOGE).
Brad Garlinghouse believes DOGE is not good for the cryptocurrency market due to its alleged âinflationary dynamicsâ and its unlimited supply.
Global inflation is pushing the price of (BTC) higher but is a warning to Dogecoin fans, Garlinghouse said in a moderated debate by CNBC during the Fintech Abu Dhabi event.
Read the full text on Cointelegraph
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