Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Crypto Flipsider News – SHIB Most Popular Crypto, Polygon Nears Top 10, UST Reaches $10 Billion, Binance Gains Bahrain Approval, Ethereum Gas Fees Drop by 67%

CryptocurrencyDec 27, 2021 08:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Crypto Flipsider News – SHIB Most Popular Crypto, Polygon Nears Top 10, UST Reaches $10 Billion, Binance Gains Bahrain Approval, Ethereum Gas Fees Drop by 67%

Read in the Digest

  • Shiba Most Popular Crypto on CMC, Another SHIB Burn, Shiba Whales Increase Stakes
  • Polygon Inches Closer to Top 10 With New ATH, $UST on Terra Sets New Market Cap Milestone
  • Binance Gains Bahrain Approval, Turkish Subsidiary Slammed $750k Fines
  • Ethereum Gas Fees Drop By 67% in the Last Seven Weeks

Shiba Most Popular Crypto on CMC, Another SHIB Burn, Shiba Whales Increase Stakes

As the adoption of cryptocurrencies increased in 2021, meme coins recorded explosive growth. Shiba Inu (SHIB) is one of the major meme coins to benefit from the growth.

As a result, Shiba Inu outperformed Bitcoin and Ethereum to become the most viewed cryptocurrency on CoinMarketCap. In 2021, Shiba recorded more than 188 million views compared to Bitcoin’s 145 million and Dogecoin’s 107 million views.

Continuing what has been an already stellar year, Shiba has completed a token burn party organized by Bigger Entertainment. The party saw 239 Million Shiba Inu tokens burned worth approximately $9,000.

After a good year, SHIB whales appear to be preparing for 2022. According to a data tracker, in the last 24 hours, 100 Shiba Inu holders bought Shib coins worth over $20 million. As a result, the total holdings of Shiba Inu whales have increased from $1.5 billion to $2 billion in less than a week.

Flipsider:

  • One of Shiba’s biggest competitors, Floki Inu, has started a petition to see the meme coin listed on Coinbase (NASDAQ:COIN), making it easily available for trading and holding in the U.S.

Why You Should Care

Shiba Inu’s growth comes as its use cases increase, and people now see it as more than a meme coin.

Polygon Inches Closer to Top 10 With New ATH, $UST on Terra Sets New Market Cap Milestone

One of the best performing cryptos of the year, Polygon (MATIC), with gains of over 16,000%, has moved closer to breaking into the top 10. On December 27, MATIC set another all-time high at $2.92.

In the last seven days, MATIC has gained 37% and over 70% in the last 30 days. At this time, MATIC now trades at $2.82, and its market cap is closer than ever to the top 10. Polygon now has a $19.9 billion market cap and is now the 14th largest crypto.

Terra (LUNA), another solid contender for the best performing crypto of 2021, has set yet another milestone. UST, a decentralized stablecoin on the Terra network, has reached a market cap of $10 billion, making it the first decentralized stablecoin to achieve the feat.

The seven days price chart of Polygon (MATIC). Source: Tradingview

The one year market cap of TerraUSD (UST).

The stablecoin TerraUSD (UST) backs the invested dollar with cryptocurrency worth more than that dollar. While decentralized stablecoins are growing, they have a lot of catching up to do before competing with USDT and USDC.

Flipsider:

  • Decentralized stablecoins pose more risks than traditional stablecoins as the underlying crypto asset is volatile.

Binance Gains Bahrain Approval, Turkish Subsidiary Slammed $750k Fines

The world’s leading crypto exchange by trading volume, Binance, has received an in-principle approval from Bahrain’s central bank to operate as a crypto-asset service provider.

Binance has announced that it intends to complete the full application process in due time to acquire a license from the Central Bank of Bahrain. If completed, it will be the first regulatory approval for a Binance within the Middle East or North Africa.

Flipsider:

  • While receiving approval in Bahrain, the Financial Crimes Investigation Board of Turkey has slammed a fine of 8 million Turkish Lira ($751,314) on Binance Turkey
  • According to MASAK, Binance Turkey violated liability inspections – for failing to provide customer information in relation to money laundering

Why You Should Care

To achieve the global adoption that Binance seeks, the crypto exchange needs to meet regulatory guidelines in different countries.

Ethereum Gas Fees Drop By 67% in the Last Seven Weeks

The exorbitant gas fees of Ethereum is one major drawback that the network’s transition to proof-of-stake is predicted to solve. However, while the PoS transition has been delayed until June 2022, the gas fees on the network is already dropping.

The drop has seen Ethereum gas fees hit their lowest level in the past six months. In the last seven weeks, the Ethereum network has seen a 67% drop in the average price of transaction fees – from $62 on November 9 to $20.61 on December 27.

The average transaction fees on the Ethereum Network in 2021

On December 27, metrics show the average fee spent on the Ethereum network is now $20.61 or 0.0051 Ether per transaction. On the other hand, the median ether fee which was $34.28 per transaction on November 9 is now 0.0032 ETH or $10.43.

The median transaction fees on the Ethereum Network in 2021

Flipsider:

  • While the transaction fees on the Ethereum network is reducing, Layer 2 scaling solutions are cheaper – with Loopring offering as cheap as $0.16 per ether transfer.

Why You Should Care

The drastic reduction of Ethereum gas fees on Ethereum proves that it is possible for the problem to be solved when the network migrates to PoS.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Crypto Flipsider News – SHIB Most Popular Crypto, Polygon Nears Top 10, UST Reaches $10 Billion, Binance Gains Bahrain Approval, Ethereum Gas Fees Drop by 67%
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email