The recent trading frenzy over a digital token called Shiba Inu — commonly billed as a “meme” or joke coin — has vaulted the canine-themed cryptocurrency into the top ten most valuable digital assets by market value, hitting $40 billion and surpassing its cousin and apparent inspiration, Dogecoin.
Squid's developers have made off with an estimated $3.38m (£2.48m), according to technology website Gizmodo.
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And while proponents tout cryptocurrencies as potentially lucrative alternative investments, few serious financial professionals view most coins — with the important exception of Bitcoin and a few others — as suitable for anything other than pure speculation.
An OpenSea employee used insider knowledge to buy tokens before they appeared on the front page. Alexis Ohanian showed off the NFT he bought for Serena Williams at the Met Gala
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Following these, cryptocurrencies’ market capitalisation have surged over USD 3 trillion, Reuters reported CoinGecko. On the CoinMarketCap platform, cryptocurrency market capitalisation was slightly below USD 3 trillion, the Reuters report.
Typically, meme coins don’t gain on fundamentals. Instead, they are usually driven by an internet-based joke.
Friday’s notice complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes.
Clear regulation would mean the removal of a “significant roadblock for cryptocurrency,” says Wang, since U.S. firms and investors are operating without clear guidelines at the moment.
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The nation’s president Nayib Bukele passed a bill in June that stated that from September 7, Bitcoin can be used in any transaction and all businesses must accept the e-currency as payment.
QUIZ: Do you everything that brands are doing to drive awareness about cryptocurrencies?
Cryptocurrencies work using a technology called blockchain. They are tokens that can be used as a form of payment in exchange for online goods and services. They carry a pre-determined store value of their own, just like any other fiat currency like the US dollar or the Indian rupee. Cryptocurrencies are digitally mined, where very sophisticated computers solve extremely complex computational mathematics problems. Their mining is painstaking, costly and only sporadically rewarding.
One investor who wasn’t deterred was Barstool Sports Inc. founder Dave Portnoy. In May, he announced to his 2.6 million followers on Twitter that he’d bought $40,000 worth, despite saying that SafeMoon could be a Ponzi scheme, a scam in which early investors’ returns are paid with funds coming from later buyers that collapses when new deposits dry up or too many people try to cash out.
All data for the values is being sourced from CoinSwitch, a trusted and popular platform to trade cryptocurrency. This is because crypto prices can vary slightly across providers, so using a single source for this information is very important. Latest Cryptocurrency News on Bitcoin, Litecoin, Ripple, Ethereum and Dogecoin
The plunge occurred at 7:34 a.m. New York time, according to the Binance.US website. Volume on the exchange in that minute was 592.8 Bitcoin, which are worth just shy of $40 million at current prevailing prices.