An Ethereum-based memecoin rumored to be created by the same developer behind Dogecoin (DOGE) competitor Shiba Inu (SHIB) has pulled off enormous gains over the past month while the rest of the crypto markets trade down or sideways.

Since the beginning of August, Dejitaru Tsuka (TSUKA) is up over 300%, going from $0.024 to $0.099 at time of writing.

In the same timeframe, king crypto Bitcoin (BTC) is down 5%.

Dejitaru Tsuka touts itself as a decentralized community centered around meditation, reflection and research.

Pseudonymous developer and creator of Shiba Inu Ryoshi is thought to be the mastermind behind Dejitaru, according to some members of the SHIB community.

SHIB enthusiasts say that some of the writing Ryoshi used regarding Shiba Inu is the same used for Dejitaru Tsuka’s blog. Dejitaru’s Medium page also uses the same image as Ryoshi’s Twitter profile, and Ryoshi is the only account that Dejitaru follows on Twitter.

Members of the TSUKA community also wrote an editorialized version of Ryoshi’s blockchain messages in a Medium post, signaling their belief that the mysterious crypto veteran is behind the new meme coin project.

Shiba Inu was one of the best performing crypto assets in 2021, and even after dropping well below its all-time high, SHIB remains up 23,207,884% from November of 2020.

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Featured Image: Shutterstock/ZinetroN/Andy Chipus

The upcoming ETH Merge remains a highly anticipated and hyped event in the crypto space. Also, it has created different reactions and beliefs among institutional participants. The Merge is a transition to a Proof-of-Stake consensus mechanism from Proof-of-Work. Also, the scheduled launch date is on September 15, 2022.

However, as the date for the Merge draws closer, more sentiments are building on its possible hard forks. A group of miners has been threatening to hard fork the Ethereum mainnet after merging it with the Beason Chain.

Currently, the mainnet is operating as the PoW network that still allows mining activities. The Merge is expected to halt the mining process as the network will completely depend on staking for transaction validation.

The miners that intend to hard fork the main are looking for means to continue earning tokens from the network. The Ethereum mainnet will offer airdrops of ETH PoW tokens with such actions. The forked tokens have less value than the normal tokens, and not all crypto exchanges accept forked tokens.

Holders Could Maximize Their ETH Forked Tokens

But the co-founder of CoinGecko, Bobby Ong, gave some ideas to help token holders maximize their forked tokens. Through a tweet thread, Ong shared personal strategies concerning the Merge.

The co-founder explained that holders would soon receive PoW tokens as airdrops for the Merge. Hence, they need to understand how to maximize their earnings and holdings.

According to Ong, the ETH holders should use crypto exchanges that support forked tokens for their holdings. Alternatively, he suggested that they could use hardware wallets. This will also make the holder eligible to get the forked tokens.

Additionally, the co-founder stated that holders should engage in token bridging to maximize the number of tokens they could receive.

This process means that holders will bridge their holdings to the Ethereum mainnet and proceed to unwrap their Wrapped ETH (wETH). After, they should remove all their Ether liquidity from DeFi protocols and exchanges.

Possible Scams From Token Airdrops

Ong mentioned that not all airdrops are genuine, as there could also be scams. Hence, he revealed that despite his eligibility in getting all forked tokens, he wouldn’t claim all. He warned token holders that some scams would be a means of accessing users’ keys and signatures.

Also, the CoinGecko executive advised users to sell all their forked tokens. He disclosed that forked tokens have no considerable value or growth capacities for the community. They are just some temporary offers to pacify miners for a limited period.

Some platforms, such as OpenSea, an NFT marketplace, and Chainlink, a blockchain oracle, reported that they wouldn’t support forked tokens.

Featured image from Pixabay and chart from TradingView.com

• Dogecoin creator Jackson Palmer said he believes Elon Musk wanted to “destroy” Twitter.

• Palmer made the comments months before Musk decided to back out of the deal.

• On Friday, Twitter said it would take the billionaire to court and force him to buy the company.

Dogecoin Co-Creator Jackson Palmer said he knew Elon Musk would back out of his initial Twitter contract months ago.

“The second I heard he was going to make a bid, I thought that he intended to destroy Twitter,” Palmer said in an interview with the Australian news outlet Crikey on May 30.

On Friday, July 8, Musk said he’s backing out of the $44 billion deal. In a letter, the billionaire’s lawyers accused the social media company of making “false and misleading representations” about the number of bots there are on its platform — an issue Musk has been harping on since the deal was signed in April.

Musk and Palmer did not respond to a request for comment from Insider.

Palmer resurfaced the interview with Crikey on Monday via Twitter in response to a Wired story that said Twitter has fallen into disarray after Musk said he would ditch the deal.

“Musk fucked around with us, fucked with the share price, catalyzed a load of redundancies and cuts,” a Twitter employee, who preferred to remain anonymous due to the company’s media policy, told Wired. “Morale is so fucking low that nobody wants to be here now anyway.”

Insider’s Kali Hays previously reported that several Twitter employees were considering jumping ship after Musk initially agreed to buy the social media company.

In his interview, Palmer said he believes it was Musk’s plan all along to sabotage Twitter from the inside. The Dogecoin creator’s comments came just days after the Tesla CEO said he thinks that about 25% of users on the platform are bots and dissed Twitter CEO Parag Agrawal on social media with a poop emoji.

“He was sowing a huge amount of discord and distrust on the platform, and there are huge amounts of churn and attrition from staff,” Palmer told Crikey in May. “His play is to either dismantle all trust, or maybe he’s delusional enough to think he can build an alternative. The other alternative is that he wants to drive it into the ground at a much lower price, and I think that’s what he’s doing,” he added.

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Palmer took several jabs at Musk during the interview, including calling the billionaire a “grifter” who had trouble running basic code. At the time, Musk promptly responded to Palmer’s diss by saying the Dogecoin creator “never wrote a line of Dogecoin code” and claiming his kids could write better code.

On Friday, Twitter said it would take Musk to court to force him to buy the company. Experts previously told Insider Musk is likely to face a multi-billion dollar bill and could be forced to buy the company after all.

Since Musk announced he did not intend to honor the deal, Twitter’s stock has slid as much as 11% — about 40% below the $54.20 per share price at which Musk agreed to buy the company.

Read the original article on Business Insider