Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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-2.40%Reading
Meme coin Shiba Inu (SHIB) today jumped in price by 20%—a spike seemingly caused by Robinhood today adding support for the asset. At the moment, SHIB is currently trading for $0.00002674, according to CoinMarketCap data, having cooled slightly but still up 16% for the day.
Robinhood is a popular stock and cryptocurrency app that lets anyone (as long as they are an adult) get involved in trading. Today the app added support for SHIB, as well as Solana (SOL), Polygon (MATIC), and Compound (COMP).
The company later announced on Twitter that it is giving away $100,000-worth of the new cryptocurrencies it listed.
Solana, Polygon, and Compound have all also spiked in price, but by less than 5%.
SHIB not only spiked the most, it is the best performing cryptocurrency in the past 24 hours. The token is the 15th biggest digital asset, with a market cap of $14.6 billion. It runs on the EthereumEthereum network and seemingly sprung out of nowhere last year to become a significant player in the crypto world.
As a meme coin, though, it doesn’t have much utility: you can’t really spend SHIB anywhere and it’s not clear what it was created for, other than a joke, much like its predecessor Dogecoin. Meme coins are cryptocurrencies based on an internet joke or popular meme that celebrities or online communities pump.
The price of SHIB is a lot more volatile than other assets with big market caps, such as MATIC, which powers the Polygon network.
Polygon is an Ethereum sidechain that was designed to speed up transactions and ease the load on the main Ethereum network. It's native coin MATIC, which is used to pay for transactions on the Polygon network, is the 16th biggest cryptocurrency by market cap and was trading for $1.43 at the time of writing.
Compound, a decentralized finance (DeFi) project for taking out loans, is currently trading for roughly $129.25 with a market cap of $868 million. Solana, a layer-1 blockchain network that aims to compete with Ethereum, holds the position as the sixth biggest cryptocurrency and is trading for $106.71.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Ding ding ding—we have a winner! A solo miner bagged a reward of 3.173 BTC ($349,028) by mining Bitcoin block number 903,883 late Thursday night. Winners like this don’t come around often; in fact, one expert says an underdog this small will only win every eight years on average. Thursday night’s lucky winner was identified as using Solo CK, a non-profit service that enables Bitcoin miners to attempt to mine solo blocks. By using Solo CK, the miner paid a 2% fee but avoided the overhead required...
A whale who had held onto a Bitcoin fortune for 14 years on Friday started moving the enormous stash of 80,000 BTC—worth $8.6 billion at today's prices. The coins started moving in batches of 10,000 BTC, or about $1 billion in BTC, early morning New York time on Friday, data from Arkham Intelligence shows. By 11 a.m. Eastern Time, the $8.6 billion in crypto had been shifted to new addresses. Eagle-eyed blockchain observers were quick to point out on X that the movements came from an entity tha...
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