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Understanding Shiba Inu Coin

MNabilAli

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Lately, Shiba Inu Coin has gained significant attention in the crypto market, despite its relatively low value. This article aims to provide insights into the Shiba Inu Coin, its origins, and its potential as an investment. If you’re curious about this cryptocurrency and whether it’s worth investing in, you’ve come to the right place. Let’s delve into the world of Shiba Inu Coin.

The Genesis of Shiba Inu Coin:

Shiba Inu Coin was created in August 2020 by an anonymous individual or group known as Ryoshi. Inspired by Dogecoin, it is an altcoin based on the Ethereum Blockchain network. The coin takes its name from the popular Japanese dog breed, Shiba Inu, and has garnered attention through its dedicated community, memes, and association with a lovable dog.

Understanding Shiba Inu Coin:

Shiba Inu Coin is a decentralized cryptocurrency developed within the Shiba Inu Ecosystem. It operates as a meme coin and has been dubbed the “Doge-Killer.” While it may not have reached the value of Dogecoin yet, Shiba Inu Coin has made significant strides in the crypto market and gained popularity among investors.

Exploring the Shiba Inu Ecosystem:

The Shiba Inu ecosystem is a vibrant community where enthusiasts come together to discuss their love for the breed and exchange information. It encompasses various decentralized applications (DApps), protocols, and platforms built on the Ethereum blockchain. Within this ecosystem, the Shiba Inu token (SHIB) plays a role as an ERC-20 token, parodying Dogecoin. It serves as a means of exchange within the ecosystem.

Considerations for Shiba Inu Investing:

If you are contemplating investing in Shiba Inu, there are several factors to consider. Firstly, align your investment goals with the potential of Shiba Inu Coin. Assess your risk tolerance and evaluate if this investment fits within your financial portfolio. Additionally, keep in mind that Shibas, metaphorically referring to the coin, are known for their willfulness and dominance. So, be prepared for potential market volatility.

Shiba Inu Coin: The “Doge-Killer”:

Shiba Inu Coin gained attention as the “Doge-Killer,” primarily due to its association with Dogecoin. It offers an alternative investment option with faster block times, higher supply, and a lower market cap compared to Dogecoin. While the title “Doge-Killer” carries some speculative weight, it highlights the potential of Shiba Inu Coin within the crypto market.

Popularity Factors:

Shiba Inu Coin has gained popularity for two notable reasons. Firstly, a tweet by Tesla founder Elon Musk expressing interest in owning a Shiba Inu dog created a buzz, leading to a 300 percent increase in prices. Secondly, the coin experienced a price drop of up to 40 percent when Ethereum founder Vitalik Buterin donated a significant amount of Shiba Inu Coins to the India Covid Relief Fund.

Advantages and Disadvantages:

Advantages of the Shiba Inu ecosystem include its user-friendly interface, customizable features, and a focus on security and privacy. However, it’s important to note that the ecosystem may not be available in all countries and is still in development, which may impact its stability and privacy features.

Final Thoughts:

Shiba Inu Coin has emerged as an intriguing cryptocurrency within the crypto market, attracting both attention and investment. While it has gained popularity, it’s essential to thoroughly assess its potential alignment with your investment goals and risk tolerance. Stay informed, exercise caution, and make informed decisions when considering investments in Shiba Inu Coin or any other cryptocurrency.

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at [email protected]

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P2P NFT Trading Platform Faces Breach: Users Urged to Take Immediate Action

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NFT Trader, a peer-to-peer (P2P) trading platform, recently experienced a security breach leading to the unauthorized transfer of significant NFT assets. The attacker, identified as 0x90…8fda, successfully made off with 37 Bored Ape Yacht Club (BAYC), 13 Mutant Ape Yacht Club (MAYC), 4 World of Women, and 6 VeeFriends NFTs, collectively valued at 1,080 ETH (approximately $2.4 million). Users are strongly advised to promptly revoke any authorization granted to the platform.

Initial reports, shared by Chinese crypto news reporter Colin Wu on social media, indicate that the pilfered NFTs were sent to the address 0x909F2159780e64143CF08f32dBBF56Ed19478fda (link to tweet). An on-chain message from the address holder, claiming the role of a “scavenger,” refutes allegations of hacking the P2P trading platform. Instead, they assert rescuing the NFTs with the intention of returning them.

Further information reveals that the alleged real hacker’s address is 0x3dc115307c7b79e9ff0afe4c1a0796c22e366a47b47ed2d82194bcd59bb4bd46.

NFT Trader has acknowledged the security incident and disclosed that the attack targeted old smart contracts. In response, the platform is advising users to remove delegations via Revoke.cash from the following addresses:

  • 0xc310e760778ecbca4c65b6c559874757a4c4ece0
  • 0x13d8faF4A690f5AE52E2D2C52938d1167057B9af

Despite being relatively unknown among NFT traders, NFT Trader’s website identifies its CEO as John Pak, collaborating with co-founders Mattia Migliore and an individual using the pseudonym “Bruckzr” (link to tweet).

On social media, an NFT collector (@dingalingts) has urged traders to “revoke approval to their contract ASAP” for those who have engaged with NFT Trader previously. The stolen digital assets, which exceed $2 million in value, include 37 BAYC, 13 MAYC, 4 World of Women, and 6 VeeFriends.

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Uphold Exchange Announces Evernode Airdrop for XRP Holders

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Uphold exchange has revealed its support for the upcoming Evernode Airdrop. The airdrop, exclusively for XRP holders, promises to reward participants with EVRS tokens.

The Evernode Airdrop: What You Need to Know

Scheduled for September 1, 2023, at 6:00 PM AEST (8:00 AM UTC), the Evernode Airdrop snapshot is poised to capture the XRP holdings of participants. This snapshot is a pivotal moment as it forms the basis for determining the proportion of EVRS tokens that qualifying XRP holders will receive. It’s important to note that this snapshot will consider XRP holdings up to a limit of 50,000 XRP tokens, ensuring a level playing field for all participants.

The fairness and equality of the distribution process is a core principle of this airdrop. Uphold is keen on ensuring that participants receive EVRS tokens in a manner that reflects their XRP holdings accurately. This approach not only promotes inclusivity but also reflects Uphold’s dedication to creating value for its user base.

Factors Influencing Airdrop Date and Availability

While the snapshot is scheduled for September 1, the airdrop date itself remains contingent on various external factors. Particularly, the launch of the new Xahau Network holds sway over the timeline. Uphold is steadfast in keeping its users informed about any updates regarding the airdrop’s timeline. Participants should be aware that initial access to EVRS tokens on the Uphold exchange might be limited. Uphold’s stringent listing criteria and liquidity requirements must be met before the tokens become fully tradable.

Qualification and Distribution Process

Participating in the Evernode Airdrop is refreshingly straightforward. To qualify, users need only hold XRP in their Uphold accounts at the time of the snapshot. The distribution of EVRS tokens to eligible participants will occur once the Evernode project finalizes the airdrop date and completes the process. This ensures that participants who met the qualification criteria during the snapshot will receive their rightful share of EVRS tokens.

Exploring Ripple XRP: A Unique Blockchain Perspective

As the Evernode Airdrop garners attention, it’s an opportune moment to delve into Ripple XRP’s distinct blockchain characteristics. Unlike many other cryptocurrencies, XRP is not mined. Instead, all 100 billion XRP tokens were created when the blockchain was established. This approach fosters stability and predictability within the XRP ecosystem.

One of XRP’s primary use cases is its role as a bridge currency for cross-border transactions. Ripple’s network and technology enable seamless and efficient cross-border payments, transcending the limitations of traditional systems. The platform’s speed and low transaction costs position it as a viable alternative to conventional remittance methods.

Additionally, XRP’s consensus mechanism deviates from the energy-intensive proof-of-work (PoW) approach used by Bitcoin. XRP employs the consensus protocol to validate transactions, enabling faster transaction settlement times and energy efficiency.

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Vietnam’s Crypto Crackdown: Authorities Investigate Pi Network

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Vietnamese authorities have launched an investigation into the activities surrounding the Pi cryptocurrency, citing concerns over its complex and unregulated nature. The Department of Cybersecurity and High-Tech Crime Prevention expressed apprehension regarding the high-income potential and multi-level marketing resemblances associated with cryptocurrency models like Pi.

According to Vietnam Express, the investigation aims to address the risks posed by such ventures and protect investors from potential fraud and data breaches. This article delves into the recent developments surrounding the Pi cryptocurrency in Vietnam and the concerns raised by authorities.

Le Xuan Minh, the head of the Department of Cybersecurity and High-Tech Crime Prevention, highlighted the increasing complexity and unmanaged nature of cryptocurrency models like Pi. He noted instances where individuals have been coerced by cryptocurrency promoters into participating in business models resembling multi-level marketing schemes. Multiple police forces across localities are actively investigating activities related to the Pi cryptocurrency. Authorities caution the public against investing in cryptocurrency models offering abnormally high profit margins or employing multi-level marketing strategies due to the associated risks.

The Pi Network, which emerged in 2019, experienced a surge in popularity in Vietnam during 2021. However, concerns have been raised regarding the lack of transparency exhibited by the cryptocurrency. Experts in the field of blockchain have emphasized the potential for Pi to be misused for fraudulent activities or unauthorized data collection. Despite these concerns, many individuals still hold faith in Pi, often under the assumption that they have nothing to lose by participating. However, they unknowingly expose themselves to the risk of personal data theft.

Cryptocurrencies are not recognized as legal tender in Vietnam. Engaging in activities such as issuing, trading, or using cryptocurrencies for payment can lead to penalties of up to VND100 million (US$4,240). The ongoing investigation into Pi cryptocurrency serves as a reminder that individuals should exercise caution when participating in unregulated crypto ventures.

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