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- Cryptocurrencies
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The world of cryptocurrency is always abuzz with breaking news, and the past few weeks have been no different. From the soaring popularity of Shiba Inu (SHIB) to the upcoming Shapella upgrade for Ethereum (ETH) and the successful $10 million fundraising by RenQ Finance (RENQ), there's a lot to catch up on in the crypto world. In this article, we'll dive into the latest crypto-breaking news and what it means for the industry.
Shiba Inu (SHIB) has been making waves in the cryptocurrency world, with its popularity skyrocketing in recent months. One of the latest developments with SHIB is its burn rate, which has gone up by an astounding 30000%.The burn rate of Shiba Inu ($SHIB) has experienced a massive surge 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 meme-inspired cryptocurrency's vast supply.
This is not the first time that Koyo has burned a significant amount of SHIB, as it moved 1.1 billion tokens to a dead wallet earlier this year. Koyo debuted exclusively on the ShibaSwap DEX last month, and through various transactions, it has helped to reduce Shiba Inu's supply by 8.75 billion SHIB tokens.
The surge in the burn rate suggests that there is increasing demand for the token.
Ethereum (ETH), the world's second-largest cryptocurrency, is preparing for the highly anticipated Shapella upgrade.
The impending software upgrade of Ethereum dubbed the Shanghai or Shapella upgrade, is poised to cause a significant shift in the ecosystem as Ether holders prepare for what they believe will be a major shake-up. This upgrade marks the biggest change to the blockchain's protocol since the "Merge" in 2020.
The upgrade, 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 been unable to retrieve their staked Ether since December 2020, many are eagerly anticipating the implementation of the Shanghai upgrade, which will finally allow them to withdraw their staked Ether.
The anticipated withdrawal of staked Ether is expected to lead to a massive reshuffle in the ecosystem, as users switch between service providers or move to stake on their own. Analysts predict that within the first five days after the Shanghai upgrade, users will withdraw 1.2 million Ether, valued at nearly $2.3 billion. This massive withdrawal is expected to be followed by a flurry of re-staking activity as users seek out new service providers.
RenQ Finance (RENQ), a decentralized finance (DeFi) platform, has successfully raised $10 million in its presale stage, weeks faster than experts predicted. The presale stage was oversubscribed, with investors eager to get their hands on RENQ tokens.
RENQ offers a range of DeFi services, including staking, yield farming, and lending/borrowing. Its unique features, such as the NFT launchpad and the user-friendly platform, have attracted a growing community of investors and users. The successful presale is a testament to the strength of the project and the confidence that investors have in its potential for growth and adoption.
The world of cryptocurrency is always evolving, and the breaking news in the past few weeks has shown that the industry is continuing to gain momentum.
From the soaring popularity of Shiba Inu (SHIB) to the upcoming Shapella upgrade for Ethereum (ETH) and the successful fundraising by RenQ Finance (RENQ), there's a lot to keep an eye on in the crypto world. It will be interesting to see how these developments unfold and what other exciting news is yet to come.
Visit the links below for more information about RenQ Finance (RENQ):
Website: https://renq.io
Whitepaper: https://renq.io/whitepaper.pdf
