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Vitalik Buterin Funded AI Research Grant with Last Year’s Shiba Inu Donation

Back in 2021, Vitalik Buterin received trillions of SHIB tokens, and even though he burned some, he also kept some with the intention to donate. In one of the burning transaction hashes, Buterin explained:

I have decided to burn 90% of the remaining Shiba tokens in my wallet. The remaining 10% will be sent to a (not yet decided) charity with similar values to CryptoRelief (preventing large-scale loss of life) but with a more long-term orientation.

  • One of the initiatives that he apparently funded with some of the donations was the so-called Vitalik Butern Ph.D. Fellowship in AI Existential Safety. 
  • It is designed for students who are starting their Ph.D. programs in 2022 and plan to work on AI existential safety research. It would also include existing Ph.D. students who wouldn’t otherwise receive funding to work on the same matter.

At universities in the US, UK, or Canada, annual funding will cover tuition, fees, and the stipend of the student’s Ph.D. program up to $40,000 as well as a fund of $10,000 that can be used for research-related expenses such as travel and computing.

  • The first group of recipients of the grant has already been selected. It was announced on Wednesday.
  • Notably, Buterin thanked the entire Shiba Inu community, saying that without them, this would not have been possible.

Big thanks to the Shiba Inu community, whose cryptocurrency made these fellowships possible! – He noted.

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Nobody Cares About Shiba Inu (SHIB) Anymore, And There’s a Reason For It (Opinion)

Shiba Inu (SHIB) is the second-largest meme-inspired cryptocurrency. It’s safe to say that it was all the rage for a couple of months back in 2021 when its price reached its all-time high on October 28th, 2021, clocking in at $0.00008616.

While it may not seem like a lot, this is an increase of a few hundred thousand percent in less than a year – Shiba Inu (SHIB) became a worldwide phenomenon where everyone was looking to get in on the hype train.

Fast forward a few months later, the price is down some 90% from its all-time high, social sentiment is practically non-existent, and interest in cryptocurrency has disappeared. In this article, I attempt to provide a few reasons why this happens. But first, let’s start with the numbers.

Nobody Cares About Shiba Inu (SHIB)

This statement in itself could be a bit of a stretch – there are still some people who follow the project. But SHIB’s popularity was so high in the latter half of 2021 that those who are currently involved pale in comparison. And there’s data to back it up.

Google Trends

First off, data from Google Trends reveals that the searches for the “Shiba Inu” keyword are down to levels seen before the hype of October and November last year. Google Trends is a common way to gauge retail interest in a certain topic.

Of course, it’s also worth noting that the term “Shiba Inu” is used to describe a particular dog breed, after which the cryptocurrency is named. Therefore, the people interested in the coin itself are likely even less.

img1_shiba
Source: Google Trends

And while many might argue that this is because of the overall decline in the crypto market (and they would be partially right), Bitcoin didn’t see such a massive decline in retail interest. Data shows that the searches for “bitcoin” are down around 50% from their 12-month peak, whereas searches for “ethereum” are down about 65%. These are notable declines but are nowhere near the 95% crash in interest that Shiba Inu experienced from its 12-month peak.

Social Mentions

Data from the popular analytics resource IntoTheBlock provides further insights into Shiba Inu’s social presence. Based on multiple social indicators, the interest in the cryptocurrency is clearly plummeting. For example, Twitter sentiment is trending downwards for quite a while.

img2_shiba
Source: IntoTheBlock

The same is observed across another community-building platform – Telegram. The members of the SHIB channels are declining and so is the sentiment over there:

img3_shiba
Source: TradingView

Clearly, the interest in Shiba Inu (SHIB) is going down the drain, but why is that?

Why is Interest in SHIB Plummeting?

Well, for once, it has to do with its unsustainable growth that was evidently based mostly on sheer speculation. To support this, CryptoPotato reported back in October 2021 (when the trend was peaking) that SHIB futures trading volume had gone up by a factor of 78x in a matter of seven days.

Futures contracts are used predominantly by speculators who want to leverage higher positions when profitable market opportunities present themselves. Their increasing number is indicative of the massive speculation that was plaguing the market.

At around this time, stories of SHIB-made millionaires started popping left and right. On October 31st, 2021, the cryptocurrency was up 100,000,000% since January that year. That’s right – one hundred million percent. This meant that anyone who had invested as little as $1 on January 1st would have literally been a millionaire, had they hold to the stack.

This invites a certain crowd of investors who don’t care, at the slightest, what they’re investing in. People were rushing in SHIB and SHIB-inspired copycates like crazy and interest was skyhigh. At some point, other memecoins like Floki Inu were advertising on physical locations like the London metro station or some public transport busses.

What’s the problem with that? Well, that’s the kind of unsustainable growth that I was talking about. The problem is that the moment the music stops, the crowd loses interest. In this case, it’s the price – the moment the price stops soaring and charting new all-time highs, people who were in it only for the monetary gains either sell out and never look back again or hold on to their bags in hopes of a miraculous recovery.

Data from IntoTheBlock shows that around 72% of those who hold SHIB are at a loss. Of course, this is to be expected, given that the price is down 90% from its all-time high, but it also shows that many people were chasing pumps long after the price had soared by thousands of multiples.

Usually, only people with massive conviction remain interested at times of peak despair and SHIB’s crowd just didn’t seem to have that… at all.

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SHIB Soars 50% Weekly, Here’s the Next Resistance to Watch (Shiba Inu Price Analysis)

Shiba Inu had a fantastic week so far, rallying by over 50% in the past seven days. However, the upcoming resistance levels may pose some challenges to the bulls.

Key Support level: $0.000010, $0.000008

Key Resistance level: $0.000012, $0.000014

After a significant rally, SHIB is found just under the critical resistance at $0.000012. With momentum somewhat weak, it is unlikely for SHIB to attempt a breakout on a Sunday, but the coming week may surprise us again. The support is found at $0.000010.

SHIBUSDT_2022-06-26_14-24-35
Chart by TradingView

Technical Indicators

Trading Volume: The trading volume was high a few days ago, but once the weekend started, volume faded.

RSI: The daily RSI almost reached 60 points and is firmly on the bullish side with higher lows and higher highs.

MACD: The daily MACD is bullish and the histogram continues to make higher highs, which is a good sign. If buyers continue to show interest, then SHIB could break the current resistance in the coming week.

SHIBUSDT_2022-06-26_14-25-15
Chart by TradingView

Bias

The bias on SHIB is bullish in the short term.

Short-Term Prediction for SHIB Price

Keep a close eye on the key resistance at $0.000012. If broken, then SHIB will have the path open and may rally all the way to $0.000014. The momentum remains bullish at this time, but this has to be confirmed on Monday with a clean break of the current resistance.

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Ethereum Jumped to 10-Day Highs, Shiba Inu Soars 15% (Weekend Watch)

Bitcoin has been relatively calm in the past 24 hours but has remained just over the $21,000 mark. More actions come from some of the altcoins, such as ETH, which has jumped to a 10-day high. Shiba Inu, on the other hand, is the most substantial daily gainer.

ETH, SHIB, SOL on a Roll

The alternative coins have been recovering some of their recently lost value more impressively than BTC in the past several days.

Ethereum is a prime example as it currently trades above $1,200 (at a 10-day high) following an 8% increase in a day. Just a week ago, ETH had plunged to $900.

BNB has tapped $240 after a daily jump of 4%. Similar gains are evident from Cardano, Polkadot, Dogecoin, TRON, and MATIC.

Solana and Avalanche have soared by about 10% once again. As a result, SOL is well above $40, while AVAX has reclaimed $20.

Shiba Inu is the most impressive performer from the larger-cap alts with a massive 15% surge. Consequently, SHIB has increased to $0.000012.

The overall crypto market cap has risen to just over $950 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Crypto/Industry News

Cardano’s Charles Hoskinson testified in front of Congress on regulations regarding the cryptocurrency industry.

Three months after the devastating hack, Axie’s Ronin Network announced when it will restart.

Two hip-hop giants – Eminem and Snoop Dogg – released a new music video that included their personal Bored Apes.

Coinbase announced plans to launch its first crypto derivatives products starting on Monday.

Bitcoin Calm at $21K

The primary cryptocurrency also plummeted hard last week, dumping to an 18-month low of $17,500 on Sunday. As a result, it had lost almost 50% of its value in about a week.

However, the bulls intercepted these adverse moves and started pushing the asset north. During the week, BTC peaked at $21,500 but failed there and retraced following the Fed Chair’s latest announcement about raising the interest rates.

Nevertheless, bitcoin resumed its offensive trajectory and reclaimed $21,000 yesterday. As of now, it has added a few hundred dollars more and stands close to $21,500 once again. As such, its market cap is above $400 billion, but the dominance over the alts is down to 42.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
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Bitcoin Slips to $20K, Shiba Inu Soars 12% (Market Watch)

After a few days of recovering some of the recent losses, bitcoin has reversed its trajectory and has dropped to around $20,000. Most of the altcoins are in the red as well today, aside from Shiba Inu and LEO, both of which have charted impressive gains.

Bitcoin Down to $20K

Following last week’s massacre that culminated in a new 18-month low at $17,500 on Sunday morning, the cryptocurrency started to recover some gains.

It bounced off that line rather quickly and challenged $20,000 less than a day later. It ultimately broke above that coveted line and kept climbing. As a result, BTC found itself eyeing $22,000 yesterday.

However, it failed at that point and began losing value gradually, resulting in a dip to $20,000. As of now, the asset has managed to sustain above that level and trades just over it.

Its market capitalization, though, has declined to well below $400 billion and its dominance is down to 43.3%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Notable Bitcoin News

Bitfarms, one of the largest crypto miners, had to sell 3,000 BTC and adjust its HODL strategy amid the ongoing market crash.

Gareth Soloway, who predicted BTC’s rise and drop last year, said the asset is not out of the woods yet and could even drop to $10,000 in the next several weeks.

With bitcoin losing almost 50% of its value in just over a week, the number of “bitcoin dead” Google searches skyrocketed to yearly highs.

SHIB Leads the Way

Most of the altcoins have followed BTC south in the past 24 hours. Ethereum is once again among the most substantial losers after a 7% daily decline. Consequently, ETH is back below $1,100.

Cardano, Solana, and Polkadot have declined by similar percentages. As a result, ADA is way beneath $0.5, SOL is at $34, and DOT is at $7.5.

In contrast, Shiba Inu and LEO have soared on a 24-hour scale. SHIB has jumped by almost 12% in a day and currently sits at $0.000009. LEO, on the other hand, is close to $6 after a 7% increase.

The crypto market cap has lost around $30 billion in a day and has dropped below $900 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Altcoin/Industry News

Tether said it will launch its fifth fiat-currency-pegged stablecoin in July, this time backed by the British Pound.

Despite confirming that he still owns bitcoin, Elon Musk asserted that he had not urged people to invest in crypto in the past.

The team behind the Bored Ape Yacht Club said they had partnered with Rolling Stone (again) to launch a special edition digital collection.

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Brazilian Soccer Giant Sao Paulo Embraces Crypto as a Payment Method

One of the most successful Brazilian soccer clubs – Sao Paulo – allowed its fans to purchase match tickets with cryptocurrencies, becoming the first team in the country to do so.

Diving Deeper Into Crypto’s Universe

The 22-time winner of Brazil’s top soccer league – Sao Paulo – teamed up with the cryptocurrency exchange Bitso several months ago. As a result, the company will serve as the club’s sponsor for the next three years.

According to a statement, both parties took their partnership to another level by allowing Sao Paolo’s supporters to buy tickets for home matches with digital assets. This is the first such initiative in Brazil’s soccer sector. It includes numerous cryptocurrencies, including Shiba Inu.

Nonetheless, the first fan to buy a ticket for a soccer match in crypto chose to use bitcoin as a means of payment. His name is Fabio Gloeden Brum, and he was awarded a non-fungible token (NFT) commemorating the pioneering purchase.

Initially, the offering will be available only to registered fans with membership cards. In the near future, it could be introduced to the remaining supporters.

Other Soccer Teams That Partnered With Bitso

Earlier this year, Mexico’s seven-time soccer champion – Tigres – teamed up with Bitso to embrace bitcoin as a payment method for tickets and entertainment events. The club’s President – Mauricio Culebro Galván – assured that similar cryptocurrency endeavors will follow in the future:

“Tigres continues to look to the future, and new initiatives will surely come with Bitso to continue offering greater services.”

Last month, the Spanish RCD Espanyol also joined forces with the exchange. From the start of La Liga’s next season (August 2022), supporters will be able to buy game tickets, merchandise products, and food and beverage in bitcoin, ether, and other digital currencies.

“With this step, we become pioneers in a field that is not the future, but already the present,” RCD Espanyol’s President Mao Ye Wu emphasized.

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Shiba Inu’s Consolidation Likely to End Soon By a Huge Breakout (SHIB Price Analysis)

Over the past bearish weeks, Shiba Inu has formed a large descending triangle, and the price is approaching its apex. The next direction for Shiba Inu’s SHIB will be decided once a breakout occurs.

Key Support level: $0.000010, $0.000008

Key Resistance level: $0.000011, $0.000014

With the key support at $0.000010, SHIB’s price will approach a critical point. The descending triangle – marked blue on the following chart – is only days away from reaching its apex. This pattern is textbook bearish (70% breakout to the downside), however, a bullish breakout is also something to keep in mind.

SHIB will likely surpass the key resistance at $0.000011 and target higher if broken above.

SHIBUSDT_2022-06-05_13-29-07
Chart by TradingView

Technical Indicators

Trading Volume: The trading volume is almost nonexistent right now, mainly because of the weekend.

RSI: The daily RSI failed to move above 50 points and is currently making lower highs. This is somewhat bearish.

MACD: The daily MACD remains bullish, but the histogram mirrors the volume with lower highs.

SHIBUSDT_2022-06-05_13-29-21
Chart by TradingView

Bias

The bias on SHIB is neutral, and a break of this triangle is needed in order to change this bias.

Short-Term Prediction for SHIB Price

With most of the market being flat, whereas Bitcoin consolidates between $28-30K, it is expected that SHIB will consolidate until the anticipated triangle’s breakout.

The mentioned-above indicators also provide mixed signals, so it is best to prepare for the worst outcome or breakout and hope for a positive breakout if you’re a SHIB holder.

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Crypto Price Analysis June-3: Ethereum, Ripple, Cardano, Tron, and Shiba Inu

This week, we take a closer look at Ethereum, Ripple, Cardano, Tron, and Shiba Inu.

cryptopost_friday_1

Ethereum (ETH)

During these past seven days, Ethereum has consolidated in a range between $2,000 and $1,700. For this reason, the price remained relatively flat compared to last week and registered a 2.3% loss. The cryptocurrency also appears to have formed a descending triangle (represented in blue in the below chart).

Should buyers be unable to defend the critical support at $1,700, then ETH will be more likely to drop to the next key level found at $1,450, which was also the all-time high from January 2018. Whenever a triangle is formed, the price will break away from this formation once it moves about 70% across the triangle, on average.

Looking ahead, Ethereum appears weak since it was unable to turn resistance levels into support and may break below the descending triangle. Buying pressure is also fading despite the bounce at the end of May, and this might embolden bears to take over.

ETHUSD_2022-06-03_13-45-26
Chart by TradingView

Ripple (XRP)

XRP’s price failed to rally and made a lower high. Because of that, the price action is currently bearish, as indicated by the descending triangle similar to ETH. The key support at $0.38 held well at the end of May but may be retested soon. Overall, in the past seven days, XRP’s price has remained relatively flat with no significant change.

The key resistance is found at $0.43, and in the coming week, XRP may attempt to break away from this triangle. It is too early to call for a direction, but the bull case is rather weak. The indicators on the daily timeframe and below are turning bearish again, which may lead to a breakdown if sellers are able to maintain the pressure.

If the key support is not defended well, then the cryptocurrency could fall lower and reach 30 cents in the coming weeks.

XRPUSDT_2022-06-03_13-57-31
Chart by TradingView

Cardano (ADA)

Cardano managed to consolidate above $0.55 this past week after making some significant gains in late May. This is somewhat bullish, but to gain more confidence, ADA has to move above the key resistance at $0.65 and turn it into support. Nevertheless, this cryptocurrency had a good week registering an increase of 16%.

Since the overall market appears to give some bearish signals on shorter timeframes, ADA could fall to the next key support at $0.50. The indicators on the 12-hour timeframe are also starting to lean bearish.

Looking ahead, ADA may have found a local bottom at $0.50, and it is crucial for buyers to defend this level at all costs. Any failure here would open the way for a significant loss in the future.

ADAUSDT_2022-06-03_14-03-58
Chart by TradingView

Tron (TRX)

Tron’s uptrend and parabola have been broken. This is a major bearish signal. Moreover, the indicators on the daily and lower timeframes are turning bearish. At the time of this post, the price registered barely any change compared to seven days ago, but this may quickly change if this leads to a significant correction.

The next key support level for Tron will be found at 7 cents. The current resistance at just under 9 cents has so far rejected any attempts for the price to break away. With the parabola broken, it seems rather unlikely for TRX to test this resistance any time soon.

Looking ahead, Tron appears to have entered a cooldown period with bears dominating the chart. The bias based on this price action leans negative and will only be revisited once TRX finds support again.

TRXUSDT_2022-06-03_14-14-09
Chart by TradingView

Shiba Inu (SHIB)

Shiba Inu has returned to the key support level at $0.000010 after an attempted rally at the end of May. This failure to sustain a higher price is bearish and if sellers maintain their pressure, SHIB may fall even lower. In the past seven days, the price of SHIB has remained flat.

This price action calls for caution, and a bullish rally in SHIB seems unlikely at this point. The indicators on the daily timeframe and below are turning bearish. Therefore, bulls will likely have a difficult time in the next couple of days.

So far, SHIB has lost almost 90% of its price since the all-time high. It could continue to fall even lower before sentiment changes.

SHIBUSDT_2022-06-03_14-22-24
Chart by TradingView
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The Anonymous Creator of Shiba Inu (SHIB) Deletes All Tweets and Blogs

Ryoshi, going by the Twitter handle of Ryoshi Research – is known as the person (or group of people) who’s behind one of the most popular memecoins – Shiba Inu. Now, it appears that the account has deleted all of its tweets and Medium blog posts.

  • The Twitter account of the founder of Shiba Inu – Ryoshi Research – has apparently deleted their entire activity on the platform.
  • It’s worth noting, though, that this account doesn’t seem to have been active since this time last year.
  • Coincidentally or not, the last tweet by Ryoshi was made on May 29th in 2021 – data from Wayback Machine reveals.
  • The Medium posts that Ryoshi posted also appear to be gone at the time of this writing.
  • Moreover, there doesn’t seem to be any information coming from any of the official accounts associated with the memecoin.
  • This, of course, doesn’t necessarily mean that the founder (or founders) has abandoned the project – many speculate that the move is in preparation for a larger reveal.
  • Yet, at the time of this post, nothing seems to have been confirmed, and speculations are running rampant.
  • The price of SHIB isn’t massively affected by the news. Even though it has been dipping in the past couple of hours, the same can be said about the broader market.
img1_shib
Source: Binance, powered by TradingView
  • SHIB remains over 4% up for the past day.
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Swiss Luxury Watchmaker Tag Heuer Accepts Bitcoin, Shiba Inu, Stablecoin Payments in the US

LVMH-owned Swiss luxury brand Tag Heuer announced earlier this week that it will accept a total of twelve major cryptocurrencies plus five stablecoins as payment options on its US website. The globally renowned watchmaker had previously revealed that it would soon allow digital currency payments on all websites.

An Early Push into Web3

Tag Heuer’s latest adoption of digital currencies came into reality by collaborating with the payment service provider BitPay. It made it possible that users could choose major digital currencies, like Bitcoin, Ethereum, stabelcoins, and more, to pay for luxury products.

The new payment route accepts Exodus Wallet, Ledger Wallet, and many other crypto wallets and allows up to $10,000 per transaction with no requirements on minimal spending.

Tag Heuer CEO Frédéric Arnault said the company had paid attention to Bitcoin since its birth and that the recent ups and downs of the crypto market did not change its view of digital currencies as a transformative technology. He touted that the announcement was just the beginning of the giant’s push into Web3:

“Tag Heuer would adopt what promises to be a globally integrated technology in the near future despite the fluctuations – one that will deeply transform our industry and beyond…This new crypto payment feature is just the beginning of many exciting projects for Tag Heuer in the Web3 universes.”

It’s worth noting that Tag Heuer’s adoption of cryptocurrencies should not come as a surprise since Arnault, son of billionaire LVMH chairman Bernard Arnault, is known for his favorable opinions on NFTs and Web3. The 27-years-old Tag Heuer boss personally owns NFT collections like Clone X PFP by Rtfkt through a collaboration with Takashi Murakami and an Invisible Friends by Markus Magnusson.

Luxury Fashion Industry Embraces Crypto

Italian high-end luxury fashion house Gucci announced earlier that it will accept digital currencies in a selection of US stores this month. The CEO said the pilot program was “a natural evolution for those customers who would like to have this option available to them.”

Though Tag Heuer does not accept digital currencies in its physical stores yet, the company noted that this option might arrive in the future, but it isn’t a priority for now.

Due to the exponential growth of NFTs in the past years, well-known luxury brands find stepping into the field as a critical strategy for their development. In February, Gucci developed a virtual concept store, dubbed “Gucci Vault,” for Gucci-themed NFTs on the Sandbox, and it was seen as its foray into the Metaverse.

Featured Image Courtesy of Loop-CN