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If Shiba Inu is a ‘shitcoin,’ why are exchanges still listing it

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The era of meme-crypto currencies seems to be far from over. While many rip-offs rallied on the back of Dogecoin‘s success, none have achieved a feat as considerable as Shiba Inu. Ranked 55th on CoinMarketCap, the joke coin already has billions in market capitalization. However, another measure of its success lately has been its debut on many major exchanges.

The latest among them is Binance.US, with the same announcing SHIB’s listing yesterday. While it had to be delayed for a while due to undisclosed reasons, it is now open for trading on the platform. This news came hot on the heels of the Coinbase Pro listing last week. The latter, in fact, fueled a 30% appreciation in its price.

While the most recent listing had hardly any effect on the meme coin’s price, its acceptance by these platforms comes as no surprise. Since its all-time low in November, SHIB’s valuation has gained by 11967223%, marking huge profits for investors. While it is a hugely speculative coin, many see it as a lucrative investment.

In fact, so much so that the cryptocurrency was added to Binance’s Innovation Zone in May – A zone tailor-made for high-risk traders. This was soon followed by rival exchange FTX listing the altcoin when it was at its peak market cap of $13.83 billion. However, its price has since depreciated by 80%, with its price movement slowing down too.

The crypto’s high volatility and speculative nature could make it a point of contention for the SEC. This, especially since even American exchanges like Binance.US and Coinbase are in the crossfire.

While SHIB’s fate is yet to be decided officially, it could prove to be a point of concern for these exchanges.

Moreover, while the OG meme coin DOGE has crypto-proponents like Mark Cuban, Elon Musk, and Vitalik Buterin backing it, along with a revived foundation employing developers, none of this seems to be present for its copycat.

Additionally, over 80% of the total coins are held in whale accounts, with more establishing an entry position by converting their Ethereum holdings until very recently.

This makes the crypto an even riskier investment, with whales having the power to crush the market at any moment.

None of these shortcomings seem to be a deterrent for top exchanges, however, as SHIB is already listed on Huobi and Poloniex too, along with Coinbase Pro and Binance.US now. Additionally, Robinhood has also reportedly been loading up on the digital asset.

While the SHIB community has reacted rather bullishly to this news, it didn’t sit too well with the larger crypto-community. In fact, when the delay in launch was first announced, one user commented,

Others took issue with an exchange like Binance.US listing a “shitcoin.”

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Source: https://ambcrypto.com/if-shiba-inu-is-a-shitcoin-why-are-exchanges-still-listing-it

Blockchain

VET Technical Analysis: Trend Took Crucial Support at $0.1145 to Reverse Itself, Lantern Pattern Forming

VeChain (VET) Technical Analysis: A Great Chance of the Price Fall to $0.09

VeChain (VET) is a blockchain-powered supply chain platform. Begun in 2015 and launched in June 2016, VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some major problems with supply chain management. VeChain is the product of creator and co-founder Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China. Let us look at the technical analysis of VET. Past Performance VET started trading at $0.1191 on 15 October 2021. One week later, it closed on 21 October 2021 at $0.1292 with a change of 8.4%. Source: https://www.tradingview.com/x/f54bO4Fl/ VET Technical Analysis The VET trend took crucial support at $0.1145 to reverse itself. The lantern part of the week saw an uptrend as a result of this. The current trading price of VET is $0.132, which is 2.5% higher than the previous day’s close. OBV is showing that the buying pressure significantly overpowering the selling pressure. This is a bullish indication, meaning the traders may take a long position. RSI is showing an uptrend in its chart, which is again a bullish indication. It is currently at 65.9%. The traders may take a long position here. MACD is showing that the fast and the slow lines have moved from the negative to the positive region. They continue to move in the upwards direction, which is a positive signal. There is no divergence of the MACD graph from the price chart. The traders may take a long position. Day-Ahead and Tomorrow Fib numbers show that the trend reversed itself from the Fibonacci pivot at $0.11. It has crossed the next fib levels successfully. Thus, the VET traders may take a long position. This is because the indicators are showing storing bullish signals. The target can be kept at $1.45 and stop-loss at $1.27. However, as the RSI is close to the overbought region, a trend reversal is also possible.

The post VET Technical Analysis: Trend Took Crucial Support at $0.1145 to Reverse Itself, Lantern Pattern Forming appeared first on Cryptoknowmics-Crypto News and Media Platform.

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VeChain (VET) is a blockchain-powered supply chain platform. Begun in 2015 and launched in June 2016, VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some major problems with supply chain management. VeChain is the product of creator and co-founder Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China. Let us look at the technical analysis of VET.

Past Performance

VET started trading at $0.1191 on 15 October 2021. One week later, it closed on 21 October 2021 at $0.1292 with a change of 8.4%.

TradingView Chart

VET Technical Analysis

The VET trend took crucial support at $0.1145 to reverse itself. The lantern part of the week saw an uptrend as a result of this. The current trading price of VET is $0.132, which is 2.5% higher than the previous day’s close.

OBV is showing that the buying pressure significantly overpowering the selling pressure. This is a bullish indication, meaning the traders may take a long position.

RSI is showing an uptrend in its chart, which is again a bullish indication. It is currently at 65.9%. The traders may take a long position here.

MACD is showing that the fast and the slow lines have moved from the negative to the positive region. They continue to move in the upwards direction, which is a positive signal. There is no divergence of the MACD graph from the price chart. The traders may take a long position.

Day-Ahead and Tomorrow

Fib numbers show that the trend reversed itself from the Fibonacci pivot at $0.11. It has crossed the next fib levels successfully.

Thus, the VET traders may take a long position. This is because the indicators are showing storing bullish signals. The target can be kept at $1.45 and stop-loss at $1.27. However, as the RSI is close to the overbought region, a trend reversal is also possible.

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Source: https://www.cryptoknowmics.com/news/vet-technical-analysis-trend-took-crucial-support-at-0-1145-to-reverse-itself-lantern-pattern-forming/

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Blockchain

London Stock Exchange Posts 7.1% Higher FX Revenue in Q3

Total revenue from the FX operations came in at £56 million.

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The London Stock Exchange Group (LSEG) on Friday published a trading update for the third quarter of the ongoing fiscal, reporting a strong performance across all divisions.

As per the official figures, the total income of the group jumped by 7.6 percent in the quarter to £1.69 billion. The gross profit came in at £1.55 billion, which is a yearly increase of 7.3 percent.

The group saw a growth in demand across all its business segments: data analytics, capital markets, and post-trade.

Forex revenue, which falls under the capital markets, also echoed the overall growth to bring £56 million in quarterly turnover. That was a year-over-year jump of 7.1 percent.

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Demand in All Markets Jumped

Income from equities trading surged by 15.4 percent to £60 million, whereas fixed income, derivatives and others gained 21.1 percent year-over-year to £195 million.

Data analytics and post-trade services also saw a surge in their business demand. Data analytics revenue for the quarter jumped by 6 percent, while the post-trade revenue jumped by 11.5 percent, bringing a total income of £218 million, 2.3 percent higher than the previous year.

“The Group has delivered a strong Q3 financial performance with revenue growth across all divisions,” said LSEG CEO David Schwimmer.

“We are making excellent progress on the integration of Refinitiv and are comfortably on-track to achieve £125 million of cost synergies in 2021, ahead of our original phasing. We continue to execute across a number of workstreams to deliver the target revenue synergies. The Group is well placed as we make targeted investments in product and technology enhancements to help us meet the needs of our customers and capitalize on the growth trends driving change across our industry.”

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Source: https://www.financemagnates.com/forex/london-stock-exchange-posts-7-1-higher-fx-revenue-in-q3/

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Blockchain

XRP Lawsuit: Court Grants Two Motions for both parties each. Here’s how it’s a win-win for Ripple?

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The latest update in the XRP lawsuit explains the need for the formerly granted extension. Judge Netburn partially granted two motions, one for both parties. First, the Defendants’ Motion to Compel the SEC to produce interrogatories responses, regarding SEC’s Howey Test blanket application theory. Second, the Plaintiff’s Motion seeking a protective order under FRCP 26(c)(1), relieving the plaintiff of any obligation to respond to the 29,947 requests for admission (RFAs). Judge Netburn explains that the discovery sought in both motions overlap in certain respects, and therefore these applications are resolved together.

Court grants majority motions from the Interrogatories Dispute

Judge Netburn specified that the parties’ conflict over the application of Howey and its progeny do not render Ripple’s interrogatory improper and therefore has ordered the SEC to answer Ripple’s interrogatory No.2, identifying the specific terms of the “investment contract” from XRP sales, along with Interrogatories 11, i.e., Ripple’s move to compel the SEC to state whether it contends that “efforts by Ripple were necessary to effect any increase in the price of XRP.”

Followed by Interrogatories 1 & 11, the Court also granted Ripple Interrogatory No. 6, i.e., the defendants move to compel the SEC to state whether it contends that “Bitcoin and/or Ether are securities within the meaning of Section 2 of the 1933 Securities Exchange Act.”. Furthermore, Judge Netburn granted most of the Defendants’ motions to compel answers on other interrogatories, except Defendants’ motion regarding Larsen Interrogatory No. 5 on when XRPL was fully functional. The judge denied it without prejudice for being “too vague”.

SEC “irrelevance” argument discarded, while “burdensome” stance gets protection from Court

In the RFAs dispute, where the SEC sought a protective order, Judge Netburn has ordered the SEC to answer most of the RFAs while granting protection from one. Specifically, the Court has discarded SEC’s “irrelevance” argument in the case. The court Orders the SEC to produce responses for the Fourth Set requests, seeking to authenticate documents for admissibility under Rule 36(a)(1)(B) that regards the use of RFAs to establish the authenticity or genuineness of a document.

Furthermore, Judge Netburn denies SEC’s “irrelevant” contention to the Fourth Set of Requests regarding Defendants’ “fair notice” argument. The judge stated that disputes over interpretations of law are not a proper objection to a request for admission. Additionally, the court suggested the responding party either admit or deny the statement presented. The court orders the SEC to make a “reasonable inquiry” to secure such information “as are readily obtainable”, further denying the motion for a protective order to the Fourth Set of requests.

However, the court granted a protective order to the SEC for the Sixth Set of Requests regarding the disputed issue of whether Defendants’ sales of XRP constitute “investment contracts” under Howey, where the Defendants required the SEC to consider over 1,500 contracts and answer 13 preliminary questions. The Judge writes “it is hard to view this stunt as anything more than Theatre” to Defendants’ extensive 28,849 RFAs and granting protection to the plaintiff on burden grounds.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/xrp-lawsuit-court-grants-two-motions-for-both-parties-each-heres-how-its-a-win-win-for-ripple/

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