Key Takeaways
- Shiba Inu appears to have a bright future, although its tokens have lost more than half of their value.
- As the asset's price fell below $60,000, Bitcoin's "whales" bought 59,000 coins in a week.
- Cryptocurrency exchange Coinbase has purchased crypto wallet startup BRD to improve its own-custody capabilities. The native token of the wallet, on the other hand, has risen by over 720 percent in a day.
Since the official Shiba Inu Twitter account tweeted a shoutout late on Nov. 25, the news of the milestone and daily price increase has energized the community.
The price of SHIB has risen 11.4 percent in the last 24 hours, trading at $0.00004237 on Coingecko, since the project reached this milestone. At the time of writing, Etherscan lists 1,002,021 SHIB owners.
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As of this writing, SHIB is trading below its Oct. 28 high of $0.00008190, which may be due to SHIB whales selling off their positions to take advantage of the recent price increase
In a Week, Whales Purchased 0.29 Percent of Bitcoin's Total Supply, Accelerating Bitcoin Accumulation
For over a week now, Bitcoin's price has been trading below $60,000, which has allowed some whales to increase their holdings in the asset. Long-term holders and whales have purchased 0.29% of the total supply in the last week, according to on-chain data.
It has been on a downward spiral since November 10th, when the price of bitcoin hit $69,000, when it fell below $56,000 just a week later. However, long-term holders (LTHs) and whales are unaffected by the sharp drop in price over such a short period.
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According to the analytics firm Santiment, the latter group, which is typically considered entities containing 100 to 10,000 BTC, has been on a buying spree. It was during these seven days, during which BTC's price remained below $60,000, that they took advantage of the lower prices to buy bitcoin, and as a result, they amassed around 59,000 coins.
Bitcoin Cash (BCH) skyrockets 724 percent after Coinbase buys Bitcoin Reserve (BRD)
Founders Adam Traidman and Aaron Voisine announced in a statement to the BRD community on Wednesday, in which they said they'll be working at Coinbase to "bring the power of decentralization" to "even more users around the globe."
Official Twitter account for Coinbase confirmed the news by saying that the team's expertise in self-custody wallets will help Wallet make it possible for more people to safely and securely access the decentralized world of cryptocurrency.
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There will be a "special gift" for BRD users if they migrate to Coinbase Wallet in the future, according to the BRD team.
For now, the BRD wallet app will remain unchanged and your funds will remain safe and secure," the company said in a statement.
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