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SHIB token burn rates are seemingly rising on the Shiba Inu network. The current number of Shiba Inu burn trackers is quite surprising. However, data shows it is due to the degenerative performance of the SHIB burning machine.
On-chain data shows that the SHIB burn rate observed a massive 1682.07% increase over the past 24 hours. That is the highest percentage rise in the burn rate on the SHIB network in the past few months.


Why Is SHIB Burn Rate Increasing?
In detail, the number of burnt tokens on the Shiba Inu network did not exceed 1 million SHIB on January 26. Yesterday’s amount was one of the lowest numbers of assets developers has burned on the network. So, the seeming spike in burn rate could be due to a default in the SHIB burning machine yesterday. 
According to analysts, this percentage spike wasn’t triggered by increased network activity. Also, it didn’t represent a large number of actually burnt tokens. 
Token burns help to reduce the number of coins in circulation. It helps increase an asset’s scarcity and possibly boost the token’s price when increased supply pushes it down. 
For instance, on January 17, the SHIB token burn surged by 613% within 24 hours, and the coin broke the bearish traders’ expectations, rising above 20% on the day. However, a surge in price did not accompany the recent rise in the token burn rate.

Also, some SHIB whale activities indicate that top investors have lost faith in the meme coin as many whales keep moving chunks of Shiba Inu positions on exchanges. 

   3,312,307,240,798 #SHIB (38,257,148 USD) transferred from unknown wallet to unknown wallethttps://t.co/0mdLkwpPQQ
— Whale Alert (@whale_alert) January 26, 2023

This could mean that short-term traders don’t believe the asset couldn’t rise above the resistance level, helping them earn profit. 
New SHIB Whales Emerge – What’s Next?
While some whales sell off their tokens, a new address is buying the dip, accumulating large amounts of SHIB tokens, and maybe awaiting the next bull market. Data shows that a new crypto wallet became a Shiba Inu whale address on Thursday, January 26, 2022.

The new wallet became a whale address after receiving 3.3 billion SHIB worth about $38.9 million. Etherscan revealed that the sending address moved funds from different wallets before transferring the tokens to the receiver, now the newest SHIB whale. This move further confirms our suspicion that smaller investors are giving up their positions.
According to the blockchain whale tracker, Whale Alert, the wallet also received 1 billion PAW tokens a few minutes after sweeping the SHIB token. With the current balance, the new whale is now the world’s 30th-largest SHIB holder.
This recent accumulation came after the world’s 26th-largest SHIB holder swept 150 billion tokens into its wallet. The token sweep occurred through four transaction clusters within three hours on January 23. 
So while short-term investors might be selling their positions due to falling SHIB prices, some could be accumulating in anticipation of future gains from the upcoming Shibarium launch.
Shiba Inu is currently trading at $0.00001188 with a 24-hour increase of 1.28% and a 7-day price surge of 0.2%. In addition, the meme coin has seen a 14-day price surge of 22.1% and a 30-day rally of 41.4%.
Featured Image From Pixabay Kevin_Y, Chart From Tradingview


SHIB token burn rates are seemingly rising on the Shiba Inu network. The current number of Shiba Inu burn trackers is quite surprising. However, data shows it is due to the degenerative performance of the SHIB burning machine. On-chain data shows that the SHIB burn rate observed a massive 1682.07...

newsbtc.com

Shiba Inu Observes Highest Rise In Burn Rate – Is This Normal?

Polygon (MATIC) has continued its strong ascent after over a week-long of volatility. The token is now trading at $1.14 being up 45.3% in the monthly timeframe.
Analysts have been considerably bullish after the token breached $1. 
With solid on-chain development fueling the current bullish sentiment for MATIC, we might see more positive price movement for the crypto in the coming days or weeks.


Polygon’s Weekly Roundup Shows Bullishness
The official Twitter account of Polygon produces what they call Weekly Briefings, a roundup of positive on-chain developments in the ecosystem. 
In this week’s roundup, Polygon successfully hard forked for improved performance. 
According to the video, the upgrade is focused on Polygon’s way of handling reorgs and gas spikes. Reorgs are a temporary copy of the entire blockchain of the ecosystem. Reducing this improves the user experience of the blockchain. 

The Weekly Briefing is HERE. 
We have lots of exciting updates this week. Catch up #onPolygon & all things #Web3 with @ChadHugghins @fractalwagmi @ZenGo @justape_ @theunioverse @unkrakable pic.twitter.com/uKv5JejP9h
— Polygon (@0xPolygon) January 25, 2023

The reduction in gas spikes would enable both users and developers to save on gas fees as the rate climb in times of demand would be a lot smoother.
Fractal, a Web3 game development platform, is also coming to Polygon, further strengthening its reach in the Web3 game industry.


#MATIC token is on fire! surged 9.72% in the past 24 hours and is up 37.38% since Dec 31st.
With a spike in daily transactions, Polygon has become the second largest blockchain for daily active users.
Source: @tokenterminal #BNB #ETH #Polygon #Layer2 pic.twitter.com/HtxBrgmroF
— Elite Crypto (@TheEliteCrypto) January 27, 2023

Polygon’s zkEVM upgrade is also around the corner. Polygon Labs Co-Founder Sandeep Nailwal recently tweeted about this upgrade, saying that they already have a mainnet launch date for the upgrade. 
The zkEVM is an Ethereum-compatible scaling solution that would improve compatibility of existing smart contracts built on the Ethereum network. 
With $1 Broken, Investors Should Watch These Levels
At the time of writing, the token is targeting the $1.16 resistance to regain ground lost back in November 10. If the token closes above this resistance, a continuation of the rally might occur or MATIC bulls might try to consolidate above $1.16. 

If the bulls are unsuccessful in achieving one or both, we might see MATIC revert back down to sub-$1 levels or around the $0.9493 support range. 
Investors and traders should also watch the price movement of major cryptocurrencies like Bitcoin and Ethereum. 
As of Saturday, both Bitcoin and Ethereum have been retesting their major resistances. If any of these break through and consolidate, MATIC will follow along with other altcoins.



Positive on-chain developments will also be supporting the current price movement.
Breaking through $1.16 should be the focus of investors and traders. If ever the token faces rejection, $0.9493 will be crucial for the long-term prospect of MATIC. But MATIC bulls can also look at $1.0754 for support. 
Featured image from Ethereum World News


Polygon (MATIC) has continued its strong ascent after over a week-long of volatility. The token is now trading at $1.14 being up 45.3% in the monthly timeframe. Analysts have been considerably bullish after the token breached $1.  With solid on-chain development fueling the current bullish sentim...

bitcoinist.com

Polygon (MATIC) At $1.15 As Strong On-Chain Developments Continue

The Twitter account of top non-fungible token (NFT) project, Azuki, was compromised on Friday, resulting in the loss of over $750,000 worth of crypto assets. Following a takeover of the project’s account yesterday afternoon, hackers posted a wallet drainer link disguised as an invitation for users to participate in a virtual land mint in The Garden, Azuki’s native metaverse platform.
Wallet drainers function as phishing mechanisms designed to trick unsuspecting victims into approving transactions that transfer crypto assets, such as cryptocurrency or non-fungible tokens, from their wallet to that of the hackers. 
According to data by Etherscan, these bad actors drained $751,321, or 81 worth of USDC from one wallet within 30 minutes after the malicious link was tweeted representing the biggest haul of the heist. The attackers also made away with over 3.9 ETH, 11 NFTs, and $6,742.62 in USDC from other crypto wallets. 
Emily Rose, Azuki’s community manager, was the first native authority to confirm the project’s Twitter profile had been hacked. Via a tweet, Emily issued a warning advising users not to click on any link posted by the account.

Azuki Involved Yet In Another Social Media Attack
In the hours following the cyber attack, Azuki has been able to reclaim control of its Twitter account, pulling down the malicious tweets. The management team of the anime-based NFT project also released a statement saying an investigation was already underway while advising its followers to check that any future announcements were posted simultaneously on Azuki’s several media channels to ascertain their validity. 
Interestingly, this will not be the first time the Azuki NFT project was the main character in a social media crypto scandal. Early last year, hackers hijacked several verified Twitter accounts, using them to promote the airdrop of fake Azuki NFTs. Most notable among these accounts was that of the India University Grant Commission, which was promptly retrieved following the breach.

Crypto Market Records Another Cyber Attack For 2023
The news of Azuki’s cyber attack comes two days after the Twitter profile of prominent trading platform Robinhood was also compromised and used to push the sale of a fake crypto token – RBH.
Although the team at Robinhood immediately recovered the account within minutes and deleted the false promotional tweet, the hackers could still steal over $8,000 from naive investors who had fallen for the scam. 
While the losses incurred in the Robinhood attack pale in comparison to that of Azuki, both incidents represent the only major cyber attacks on the crypto market in 2023. 
So far, the crypto market is still maintaining its bullish trend for the year, with numerous assets showing a positive price pattern over the last seven days. According to the data from Tradingview.com, the entire market is trading with a market cap of $1.002 trillion, representing about a 25.78% gain since the start of 2023. 

Crypto Market Cap at $1.002T | Source: TOTAL chart on Tradingview.com



The Twitter account of top non-fungible token (NFT) project, Azuki, was compromised on Friday, resulting in the loss of over $750,000 worth of crypto assets. Following a takeover of the project’s account yesterday afternoon, hackers posted a wallet drainer link disguised as an invitation for user...

Hackers Take Over NFT Project Azuki’s Twitter Profile, Steal Over $750K Worth Of Asset

In a recent tweet Ben Lilly, co-founder of Jarvis Labs, the on-chain analytics and token design firm, gave his analysis of the past, present, and possible future of inflation and how this can affect Bitcoin and the crypto market. 

According to Lily, inflation has cooled in recent months based on the latest Consumer Price Index (CPI) reports. The numbers might suggest that the economy seems to be in the process of a slow recovery. 
However, Lilly states that he is not convinced that the problem has been solved and that inflation might have new phases of spikes that can wreak havoc on global markets.
How Can The Future Of Inflation Affect Bitcoin And The Crypto Market?
In the chart below, Ben Lilly suggests that in the late ’60s and early ’70s, the CPI was recovering after years of recession, with lulls or calming periods before new spikes, but as seen in the following years on the chart, the CPI spiked years later, putting the global market into a new phase of economic depression. 

Lily suggests that we may be in the first lull, which means that inflation will persist. However, he admits it will be more significant when the second wave comes.
In addition, an analyst at Jarvis Labs, in an article published on January 24th, titled “Don’t get caught by the inflation tides,” suggests that we may be entering a “Triple Wave” period of inflation, similar to a period that occurred 50 years ago. 
TD, the analyst’s pseudonym, states that what the markets are experiencing now is a temporary pause between the inflation tide theory explained above. While the market has been in a bullish trend since the beginning of 2023, and CPI shows that inflation is moderating rapidly, there is a potential for a spike in inflation which can negatively impact the price of Bitcoin. 
The Rebirth Of The Bear Market In a Second Tied 
Theoretically, we are in a first lull. Inflation can reverse investor sentiment and prices, with two possible tides coming for the global economy, not only for the U.S. but for all traditional markets and cryptocurrencies. 
Bitcoin has been on cloud 9 in 2023, and so have the majority of cryptocurrencies aiming for new annual highs. Still, with this scenario being a possibility, it can reverse into a new phase of a bear market and unchained inflation. Without the certainties of a wholly healed economy, this should be noted by investors and the crypto industry.

Bitcoin is currently trading at $22,880, with a negative performance of -1.6% in the last 24 hours, still having a profitable week with a growth of 8.3% in the last seven days, climbing to new levels and testing previous support levels that have now turned into resistance walls.

With bearish divergences for Bitcoin and Ethereum in the daily time frame, it could take the market to a significant correction. With throbbing inflation on the horizon, the market could test the 2022 lows and even record new lows. The analyst concluded:
(…) Inflation seems to be tamed – for now. From the markets’ reaction, investors seem to believe we have reached peak inflation, and the Federal Reserve (FED) will resort back to rate cuts and quantitative easing to resuscitate a faltering economy. But not so fast, there are inflationary pressures still hiding underneath the waves.


In a recent tweet Ben Lilly, co-founder of Jarvis Labs, the on-chain analytics and token design firm, gave his analysis of the past, present, and possible future of inflation and how this can affect Bitcoin and the crypto market.  Related Reading: These Altcoins Could Be Ones To Watch For, Santim...

Inflation May Be In A Lull, What Does That Mean For Bitcoin?


Introducing ARMOC – the revolutionary utility token that will change the way you conduct business. As a leader in the $72 billion global market for manufacturing and armoring vehicles, Armoring Products has developed ARMOC, an active and public Utility Token on the Ethereum blockchain network that allows for secure, traceable, and auditable transactions to be completed in seconds.



With ARMOC, the civilian and military vehicle armor sector can now conduct negotiations, supply networks, and product marketing with greater ease and efficiency. No longer will these processes be bogged down by bureaucracy and time constraints. ARMOC provides security and guarantees for commercial transactions, allowing customers to enjoy top-quality products and state-of-the-art technology at a more competitive and affordable price.



ARMOC utility tokens also provide membership in the ARMOC program, with three tiers to choose from – GOLD, SILVER, or BRONZE – based on the number of tokens you possess. As members, you will have access to a wide range of benefits and discounts through our network of partners, as well as the opportunity to participate in the evolution of our ecosystem’s roadmap.



In addition, these tokens can also be used to reduce the cost of products and services from Armoring Products and their network of partners by up to 30%. When a customer transfers ARMOC to Armoring Products, the amount of ARMOC used is burned, providing balance in the ecosystem and protection against uncontrolled issuance of the token. 



This ensures the security of ARMOC holders, who can freely trade their tokens, as well as the security of all Armoring Products partners. Don’t miss out on this amazing opportunity – ARMOC sales begin on February 8, 2023. Visit the official website https://armoc.armoringproducts.net to learn more and acquire your tokens today. With a limited supply of 3,000,000,000 ARMOC available, act fast to secure your share. 



And with the help of the commercial support team at Armoring Products, you’ll have all the guidance you need to make the most of your ARMOC. Join the future of business transactions with ARMOC – Armoring Coin.
The post Armoring Products Launches Revolutionary ARMOC Token appeared first on BeInCrypto.


Introducing ARMOC – the revolutionary utility token that will change the way you conduct business. As a leader in the $72 billion global market for manufacturing and armoring vehicles, Armoring Products has developed ARMOC, an active and public Utility Token on the Ethereum blockchain network tha...

LEO Token price	$3.62
Low - High 24H	$3.62 - $3.98
Market cap	$3.38B
Volume 24H	$844,830.00
All time high	$8.14 -55.44% February 8th 2022
All time low	$0.799859 353.25% December 24th 2019
Genesis date	N/A

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