• Coinpaper Digest
  • Posts
  • Shibarium Witnesses Unprecedented 4.04 Million Transactions Surge

Shibarium Witnesses Unprecedented 4.04 Million Transactions Surge

READING TIME: 4 mins 48 secs

Diving deep into today's web3 currents:

πŸš€ Shibarium's Surge: 231% Spike in Transactions Wows Shiba Inu Community

🌐 Binance's New CEO Sparks Excitement: Ripple Connection Hints at Collaboration

🚨 Cryptocurrency Platforms in Crisis: KyberSwap, HTX, and Poloniex Hit by Exploits

πŸ’Ή Raiffeisen Bank and Bitpanda Unveil Retail Crypto Trading

Shibarium, the Layer-2 blockchain associated with Shiba Inu, has experienced a notable 231% surge in transactions, reaching a cumulative total of 4.04 million since its August launch.

This surge coincides with significant price movements in SHIB and BONE tokens within the Shiba Inu ecosystem, prompting speculation about underlying dynamics and potential market influences. Meanwhile, the Manny Pacquiao Foundation plans to integrate Shibarium into its fundraising and operations, marking a significant convergence of blockchain technology and philanthropy. The collaboration aims to scale up charitable initiatives using Shibarium's capabilities.

The appointment of Binance's new CEO, Richard Teng, has unveiled intriguing connections between Teng and Ripple, sparking speculation about potential collaboration and innovation between the two entities.

Teng's background reveals ties to LuLu Finance, which had a strategic partnership with Ripple, and his involvement with the Monetary Authority of Singapore, coinciding with Ripple securing a license to operate in Singapore. The cryptocurrency community is abuzz with anticipation over the potential implications of these connections, wondering if it could lead to closer ties between Binance and Ripple, fostering collaboration and innovation in the industry. Meanwhile, the U.S. SEC's closed-door meeting on November 30 adds to speculation regarding a potential settlement in the ongoing legal battle between the SEC and Ripple.

In a series of recent exploits, cryptocurrency platforms have faced significant losses. KyberSwap, affiliated with Kyber Network, suffered a $47 million loss suspected to be due to rounding and flash loan issues.

HTX (formerly Huobi Global) faced losses of approximately $13.6 million in an exploit targeting the HECO Chain bridge, leading to skepticism and exit scam speculations. Poloniex, owned by Justin Sun, experienced a $114 million hack earlier in the month, with restoration efforts underway. Concerns arise in the crypto community, questioning the nature of these exploits and their impact on the affected platforms.

Raiffeisen Bank is set to introduce retail cryptocurrency trading in collaboration with Bitpanda, with the service launching by January 2024.

Initially available to customers in Vienna, the bank plans to extend the offering to other locations if the launch is successful. The partnership aims to provide an innovative and secure dimension to the bank's product range, enabling customers to accumulate wealth easily. The service will be accessible through the Raiffeisen app on mobile devices, offering a user-friendly experience similar to traditional bank transfers. This move marks Raiffeisen Bank's first significant foray into retail cryptocurrency services, following a strategic partnership with Bitpanda.

Meme of the week

How did you like today's newsletter?

Login or Subscribe to participate in polls.