The world of cryptocurrency is always full of breaking news, and the past few weeks have been no different. From the growing popularity of Shiba Inu (SHIB) to the upcoming Shapella update for Ethereum (ETH) and RenQ Finance’s (RENQ) successful $10 million fundraising, there’s a lot to catch up on the crypto world. In this article, we’ll dive into the latest crypto news and what it means for the industry.
Shiba Inu burn rate increases by 30,000%
Shiba Inu (SHIB) has been making waves in the cryptocurrency world, with its popularity skyrocketing in recent months. One of the latest developments with SHIB is its burn rate, which has increased by an astonishing 30,000%. The Shiba Inu ($SHIB) burn rate has experienced a massive increase of over 30,000% in the last 24 hours, thanks to the Koyo Token Project. Data from the Ethereum blockchain indicates that Koyo burned a whopping 1.49 billion SHIB tokens, helping to reduce the huge supply of the meme-inspired cryptocurrency.
This isn’t the first time Koyo has burned a significant amount of SHIB, having moved 1.1 billion tokens to a dead wallet earlier this year. Koyo debuted exclusively on the ShibaSwap DEX last month and through several transactions has helped reduce the supply of Shiba Inu by 8.75 billion SHIB tokens.
The increase in the burn rate suggests that there is a growing demand for the token.
Ethereum prepares for Shapella update
Ethereum (ETH), the world’s second largest cryptocurrency, is gearing up for the highly anticipated Shapella update.
Ethereum’s impending software update, dubbed the Shanghai Update or Shapella, is poised to cause significant change in the ecosystem as Ether holders prepare for what they believe will be a major overhaul. This update marks the biggest change to the blockchain protocol since the “Merger” in 2020.
The update, which brings a proof-of-stake consensus mechanism to Ethereum, will allow Ether holders to earn rewards by staking their tokens. However, since users have not been able to get their staked Ether back since December 2020, many are eagerly awaiting the implementation of the Shanghai Update, which will finally allow them to withdraw their staked Ether.
The early retirement of staked Ether is expected to lead to a massive reshaping of the ecosystem as users switch service providers or move to participate on their own. Analysts predict that in the first five days after the Shanghai update, users will withdraw 1.2 million Ether, valued at nearly $2.3 billion. This mass withdrawal is expected to be followed by a flurry of rebranding activity as users look for new service providers.
RenQ Finance Raises $10M Weeks Faster Than Experts Expected
RenQ Finance (RENQ), a decentralized finance (DeFi) platform, has successfully raised $10 million in its pre-sale phase, weeks faster than experts predicted. The pre-sale stage was oversubscribed, with investors eager to get their hands on RENQ tokens.
RENQ offers a wide range of DeFi services including staking, yield farming and lending/lending. Its unique features, such as the NFT platform and user-friendly platform, have attracted a growing community of investors and users. The success of the pre-sale is a testament to the strength of the project and the confidence investors have in its potential for growth and adoption.
conclusion
The world of cryptocurrency is constantly evolving, and breaking news in recent weeks has shown that the industry continues to gain momentum.
From the growing popularity of Shiba Inu (SHIB) to the upcoming Shapella update for Ethereum (ETH) and the fundraising success of RenQ Finance (RENQ), there is a lot to keep an eye on in the crypto world. It will be interesting to see how these developments play out and what other exciting news is yet to come.
Click here to buy RenQ Finance (RENQ) tokens..
Visit the following links for more information on RenQ Finance (RENQ):
Website: https://renq.io
White paper: https://renq.io/whitepaper.pdf
