Shiba Inu is the first layer 2 blockchain to join the media and entertainment association to develop blockchain technology for content security and distribution.

SHIB, an interconnected family of digital assets and solutions built on the Ethereum blockchain that includes the popular meme coin Shiba Inu, today said it is partnering with the Content Distribution and Security Association (CDSA) in a release to CoinDesk.

Shiba Inu developers will propose and develop blockchain technology specific to media and entertainment, such as security and content distribution. CDSA is an international nonprofit organization that was founded in 1998 to provide best practices for the delivery and storage of entertainment, software and information technology.

“We look forward to providing a unique and blockchain-first perspective to CDSA’s work in helping media and entertainment executives better utilize these innovative technologies, especially as blockchain and artificial intelligence converge,” Shiba Inu lead developer Shytoshi Kusama said in a message.

Blockchains could help alleviate concerns around deepfakes and plagiarism within the emergent artificial intelligence (AI) sector, Shiba Inu developers said in the release Most AI models are trained on publicly available content, creating a cause of concern among researchers.

SHIB tokens are up 0.69% in the past 24 hours, underperforming the broad-based CoinDesk 20’s 1.7% rise.

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The tokens were up as much as 5% in the past 24 hours, bucking a market-wide trend.

Shiba Inu (SHIB) tokens have been among the top-performing cryptocurrencies over the past week amid some of the lowest volatility conditions for bitcoin (BTC).

The tokens have returned some 20% to investors over the past week, compared to nominal gains on bitcoin and ether (ETH). Among alternative currencies, higher returns were generated only by rollbit (RLB) and unibot (UNIBOT) on varying catalysts.

Trading volumes hit $315 million over a 24-hour period on Thursday, hitting their highest point since February. Crypto analytics firm Kaiko pointed to increased developer activity on Shiba Inu earlier this week, which suggests that the price gains were not without cause.

Traders of the meme coin, which is vying to be a decentralized finance powerhouse, are likely buying tokens ahead of the expected launch of Shibarium, a Shiba Inu-based blockchain, later this month. Some of the recent bullish sentiment came as developers said last week they they would tie digital identity verification to all Shiba Inu developments in the future, including on Shibarium.

Dubbed self-sovereign identity, or SSI, the IDs are the digital alter ego of identity documents, like passports and driver’s licenses. In the digital world, SSI is said to give users more control over their personal data and its distribution online.

The developers said the rising interest in digital identities and data protection in Canada and the European Union could help position Shiba Inu as a more serious – and compliant – project compared to other blockchains.

Developers have previously said Shibarium would have a focus on metaverse and gaming applications especially as the non-fungible token (NFT) sector is expected to heat up in the coming years. A testing blockchain for Shibarium has seen meaningful activity in the past months with 27 million transactions from an estimated 16 million wallets as of July, indicating brisk demand for the network.

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Some early users have turned a few hundred dollars to six figures on the latest meme obsession.

The most degen of Crypto Twitter traders seem to be moving over Shiba Inu-fashioned tokens to those branded after the internet meme Pepe the Frog.

A pepe token (PEPE) launched Sunday ran over 21,000% in the past three days, raking in $30 million in trading volumes on Uniswap and reaching a market capitalization of as high as $33 million on Tuesday morning.

“The most memeable memecoin in existence. The dogs have had their day, it’s time for Pepe to take reign,” the Pepe website says.

Pepe hit 10,000 individual holders on Tuesday, data from blockchain tracker Etherscan shows, meaning the token was quickly purchased by swathes of investors participating in the ongoing frenzy – and pinning hopes on turning a profit.

The tokens have a circulating supply of 420 trillion, a reference to ‘4/20,’ another popular cannabis culture slang. The trading action is rather serious for a token intended to be a complete joke: a trading pool on Uniswap for Pepe tokens locks up over $1.3 million in liquidity, all supplied by providers.

As such, the tokens have no connection to the actual Pepe the Frog meme or Matt Furie, the meme’s original creator.

Furie’s Pepe, a green frog with a humanoid body, originated in the 2005 comic Boy’s Club. It went viral in the years following, becoming a popular part of internet culture.

Crypto Twitter has a knack for jumping on memecoins, mainly after the rise of tokens such as dogecoin (DOGE) and shiba inu (SHIB) – which jumped to tens of billions in market capitalization in the previous bull market.

Most of these do not last beyond a few weeks. Last year saw hopefuls bet on articles from the English language to McDonald’s branded Grimacecoins.

Anyone can call a smart contract and issue tokens on Ethereum (or other blockchains) for a few cents, and the presence of decentralized exchanges means tokens can instantly be issued, supplied with liquidity and traded soon after.

Some professional investors have previously told CoinDesk that meme coins and their narratives will always remain a part of the crypto ecosystem.

“Meme coins are huge parts of the crypto trading landscape, whether we like it or not,” James Wo, founder at crypto fund DFG, told CoinDesk at the heights of one such meme obsession. “While the biggest currencies like bitcoin and ether have very low volatility, it’s only natural that traders will look for opportunities elsewhere.”

“Meme trading is a risky way to try to seek excessive return, but when it pans out, the upside can be very huge. So even in a bear market, some of the meme coins will have large up-swing, even if it’s just short term,” Wo explained.

The premise doesn’t matter: if there’s money to be made peddling trendy topics; expect a market for it somewhere in niche “s**tcoin” circles.

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Over 700,000 transactions have been conducted on the testnet so far, which, however, isn’t extremely large relative to the hype.

Shibarium network’s native testnet, Puppynet, is seeing rising activity ahead of a mainnet release planned for later this year.

Blockchain explorer data shows Puppynet testnet has processed over 700,000 transactions from just under 200,000 unique wallets after its launch on March 11. Much of that spike came in the past week, with over 114,000 transactions over a 24-hour period on March 28-29.

While Puppynet’s activity has been brisk so far, upcoming features may boost the value of SHIB and BONE, two Shibarium ecosystem tokens. However, there’s still reason for caution.

“Some might argue that the Shibarium upgrade’s financial impact has been underwhelming. But in our view, its beta test network Puppynet, reached an important milestone of 200,000 wallets in just over a week and while continued work must be done, it’s still considered remarkable,” said Rachel Lin, CEO of SynFutures, in a Telegram message.

“Moreover, Unification, the firm behind Shibarium, announced that it is working on an all-in-one wallet solution that will enable native two-way asset transfers, staking/delegating, as well as include a Shibaswap integration module. These developments suggest that the value of SHIB and Bone, the native token of the Shibarium network, could witness a near-term price spike, but given the current macroeconomic climate, any such movements will likely to be short-lived,” Lin cautioned.

Testnets, such as Puppynet, are blockchain networks designed for testing purposes. They mimic activity on the mainnet and allow developers to debug any issues and monitor network activity ahead of a wider release.

Shibarium is touted as a major development for the Shiba Inu ecosystem, which originally launched as a memecoin fashioned after the popular Shiba Inu dog breed but has since been positioned as a serious blockchain project.

Shibarium is a layer 2 blockchain, which refers to a set of off-chain systems (separate blockchains) built on top of layer 1 protocols that reduce bottlenecks with scaling and data.

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SHIB prices were down 10% in the past 24 hours, data shows.

Shiba Inu (SHIB) prices fell 10% in the past 24 hours amid drama surrounding the codebase of the upcoming Shibarium blockchain.

The much-awaited Shibarium blockchain released its beta version for the layer 2 network last week, as CoinDesk reported. A beta testnet is a blockchain that mimics real-world functioning. Layer 2 refers to a set of off-chain systems (separate blockchains) built on top of layer 1 protocols that reduce bottlenecks with scaling and data.

However, the euphoria surrounding the launch paused on Thursday morning after a top-ranked community member on Shiba Inu’s Discord channel flagged concerns. The concerns came from Shibarium beta testnet using the same Chain ID as an existing blockchain.

“Chain ID is the simplest thing any Blockchain dev looks for first when deploying a Blockchain,” community member Steve wrote. “As using an ID that already exists is just incompetent as your chain wouldn’t work properly and everyone trying to interact with your chain would instead interact with the other chain.”

“Why is it that it looks like shibarium test net has taken rinia testnet genesis file. Changed the name from renia. But forgot to change the chain ID,” Steve added.

Developers and other prominent community members were quick to address the concerns. “There is absolutely no evidence that this is a fork of a chain that launched last month,” wrote one JesusM on the Discord channel. “Code is forked all the time. Moreover, there is no confirmation that it was.”

Discord user “Justinlime,” another network validator chimed in: “Even if some of the code was used in the beta does not mean all of it was. To me it’s very doubtful that it’s a direct fork with nothing changed. Forking, and building upon already established software, is the core foundation of what FOSS(free and open source software) stands for.”

Shiba Inu ecosystem tokens BONE and LEASH were also down more than 10% in the past 24 hours at the time of writing.

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FLOKI prices have rallied more than 100% in the past week.

The Floki Inu community voted in favor of a recent governance proposal that sought to burn 4.2 trillion FLOKI tokens on a cross-chain bridge and reduce transactional tax.

The proposal passed with a 99.97% majority voting in favor of burning the bridge tokens while 0.03% voted against the proposal, developers said. The FLOKI transaction tax will be lowered to 0.3% effective 8 PM UTC on Feb.3, while the 4.2 trillion tokens will be permanently burnt at 8 PM UTC on Feb.9, 2023.

The scheduled token burn is worth over $100 million as of Monday, CoinGecko data shows.

Burning tokens is a way of reducing supply, which subsequently adds value to each token as long as the level of demand remains the same.

As such, the Floki Inu proposal pointed out security risks associated with bridges as another rationale. Last year alone saw over $2 billion lost or stolen from cross-chain bridges, as CoinDesk previously reported.

“More exploits and data have emerged to show how much of a threat cross-chain bridges could pose, especially if they hold a significant amount of a token’s supply,” the proposal stated.

“In Floki’s case, an exploit on our main cross-chain bridge would have a catastrophic impact on the project since this bridge currently holds 55.7% of what FLOKI’s total circulating supply should be. This is a lot of tokens, and that’s more than enough to drain the project’s liquidity pools and essentially destroy the project if exploited,” developers added in the now-assed proposal.

Developers behind Floki Inu, a Shiba Inu dog breed-themed project, previously told CoinDesk the move was part of a broader plan towards positioning Floki Inu as a serious decentralized finance (DeFi) project. The team has launched ongoing projects such as Floki Locker and the metaverse game Valhalla in the past few months.

The Floki bridge

Floki initially issued its token on Ethereum with a total supply of 10 trillion tokens, before eventually expanding to the faster and cheaper BNB Chain in 2021 based on community requests.

The team had to launch another contract on the BNB Chain with its own total supply of 10 trillion tokens. However, this required a cross-chain bridge to ensure that the FLOKI’s total circulating supply at any given time never exceed a total supply of 10 trillion tokens and to allow for users to transfer their FLOKI from Ethereum to BNB Chain and vice versa.

At the time, the team used 600 billion tokens from its treasury on Ethereum and BNB Chain to provide the initial funds for the bridge.

Since then, most holders locked their FLOKI tokens on Ethereum and transferred those out on BNB Chain. “As a result of this, while the majority of the supply is still on the ETH chain there is now such a balance that the absence of a bridge would not threaten the stability of project,” developers wrote in the proposal.

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Crypto markets followed moves in bitcoin amid reports of multimillion-dollar purchases of the asset by a major blockchain entity.

Bitcoin (BTC) held over the $47,000 mark during the European hours on Monday following a surge from Sunday’s $44,700 level, leading to a broader recovery and a 5.4% addition or $100 billion to the overall capitalization of the crypto markets, in the past 24 hours.

Some funds attributed bitcoin’s surge to demand generated by Luna Foundation Guard (LFG). The LFG intends to accumulate $3 billion in bitcoin as a reserve for TerraUSD (UST), a stablecoin pegged to the U.S. dollar, and has purchased $125 million worth of the asset multiple times in the past week.

Major cryptocurrencies displayed gains after over two weeks of staying flat. Solana’s SOL jumped as much as 14%, with similar gains seen on Shiba Inu’s SHIB and Polkadot’s DOT tokens. SOL set monthly highs of $110, data show, while SHIB was in touching distance of its monthly highs of $0.00002788.

A jump in SOL prices made it costly for traders betting against higher prices of the asset. Data show nearly $30 million in liquidations occurred on SOL-tracked futures. Bitcoin futures racked up $172 million in losses, the most among all cryptocurrencies, while ether futures followed with $139 million.

The losses added to nearly $455 million in overall liquidations in the crypto market. Liquidation occurs when a trader has insufficient funds to keep a leveraged trade open.

Traders say $50,000 is the next target for bitcoin

Analysts cautioned against euphoric sentiment for bitcoin as sentiment indicators suggested a correction could be on the cards.

“The Crypto Fear and Greed index has reached 60 which is classified as Greed – the last time it reached this level Bitcoin was around $60,000,” explained Marcus Sotiriou, analyst at crypto broker GlobalBlock, in an email to CoinDesk. The fear and greed index calculates investor sentiment, with “greed” readings leading to a high probability of an imminent correction and “fear” readings preceding a period of the uptrend.

But Sotiriou expects prices to move much higher in the coming days. “Bitcoin is facing heavy resistance, but if it is able to hold above the $46,000 level (which roughly marks the yearly open) for several days, I expect a move to $52,000, which is the next key resistance,” he said in the email.

Several other analysts shared similar price targets for bitcoin.

“A sustenance of the current growth track can push the price of BTC above $50,000 before the end of the week and between the $50,000 to $55,000 range before mid-April,” said Alexander Mamasidikov, co-founder of mobile digital bank MinePlex, in a Telegram message.

Vasja Zupan, president of Matrix Exchange, seconded that sentiment. “It could be a sign that markets are beginning to recover from the initial shock of the Ukraine war,” he said in a Telegram message. “Bitcoin will disconnect from the tech stock markets and serve as a hedge in an inflationary environment as digital gold. The first goal is $50,000.”

Crypto entrepreneurs like Zupan are back to much higher estimates of bitcoin’s future prices. “I wouldn’t be surprised if we hit 100k before the end of the year, regardless of the geopolitical situation,” he said.

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HUSKYX, which has a market cap of $1.8 billion, is a deflationary token which means the total supply is always decreasing, making it increasingly rare.

Little known cryptocurrencies rising and falling thousands of percentage points within hours is becoming the latest trend right now. This also points to the risks and volatility in trading based on cryptocurrencies.

Recently, Kokoswap, a not so well known cryptocurrency, went from $0.01005 to $7.22 in just 24 hours on November 10, up 71,000%. Shiba Inu, an internet celebrity, also witnessed an incredible protest.

The latest to join this trend is HUSKYX, another cryptocurrency that is little known to ordinary investors. The cryptocurrency has seen a massive 45,000% rally in just 24 hours, jumping from a low of $0.000000004089 to $0.0000001878, coin market data shows. At 5pm (IST) on Monday, the coin is currently trading at $0.00001828.

HUSKYX is a deflationary token which means the total supply is always decreasing, making it increasingly rare. Every HUSKYX transaction is taxed and a small percentage of the coins are burned, but in the end the holding is rewarded.

HUSKYX token is deployed on Binance Smart Chain, combining rebase function and dividend reward.

Rebase, also known as elastic arc, works in a way to increase or decrease the circulating supply through a function known as recovery. When a rebase occurs, the tokens may decrease but nevertheless, they will remain the same relative to the token’s market capitalization and the value of the tokens will remain constant.

Rebase will be used when there is a drop in the chart to counter any drop and keep the chart looking healthy.

HUSKYX says it aims to go above and beyond for its community, by providing investors and re-tracements alike with ample opportunities on the Binance Smart Chain.

Cryptocurrency craze among investors is increasing day by day as more and more individuals become aware of its reliability and viability.

The digital asset market, which has been around for more than a decade, has recently nearly quadrupled from its late 2020 value, as investors have become more comfortable with established tokens. Establishments like Bitcoin and networks like Ethereum and Solana continue to upgrade and attract new functions.

Recently, the overall market capitalization of cryptocurrencies has reached $3 trillion, with Bitcoin leading the way as the largest digital asset.

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