The Digest

• Shiba Whales Increase Stakes: Shiba is the Most Popular Crypto On CMC

• Polygon Closer to the Top Ten With New ATH and $UST on Market Cap Milestone

• Bahrain Approval granted to Binance; Turkish Subsidiary slapped $750k fines

• The Last 7 Weeks, Gas Fees Have Dropped by 67%

Shiba Whales Increase Stakes: Shiba is the Most Popular Crypto On CMC

Meme coins saw explosive growth as cryptocurrencies gained popularity in 2021. One of the biggest meme coins that have benefited from this growth is (SHIB).

Shiba Inu was able to surpass Ethereum and 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.

Bigger Entertainment hosted a token-burn party to continue a great year. This party was attended by 239 million Shiba Inu tokens, which were worth roughly $9,000.

SHIB Whales are preparing for 2022, after an excellent year. A data tracker shows that 100 Shiba Inu owners bought Shib coins in excess of $20 million within the past 24 hours. In less than one week, Shiba Inu’s total whale holdings have risen from $1.5 billion up to $2 billion.

Flipsider:

• One of Shiba’s biggest competitors, Floki Inu, has started a petition to see the meme coin listed on Coinbase (NASDAQ:), 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 Gets Closer To Top Ten With New ATH and $UST on Terra Sets New Market Cap Milestone

Polygon (MATIC), which saw gains over 16,000% this year, was one of the highest performing cryptos. It is now closer to cracking the top 10. MATIC hit another record-breaking $2.92, on December 27.

MATIC’s gains in the last 7 days have been 37%, and more than 70% over the 30 days. MATIC currently trades at $2.82. Its market capital is now closer to the top 10 than it has ever been. Polygon, now with a market cap of $19.9 million and the 14th biggest crypto-currency, now boasts a $19.9 trillion market cap.

Terra (LUNA), another strong contender for best-performing crypto of 2021 has achieved yet another milestone. UST, a Terra Network decentralized stablecoin, reached a market capital of $10 Billion, marking it as the first decentralized stablecoin ever to accomplish this feat.

A seven-day price chart for Polygon (MATIC). Source: Tradingview

TerraUSD (UST) has a one-year market capital

TerraUSD (UST) is a stablecoin that backs the USD invested with crypto worth more than this dollar. Decentralized stablecoins may be growing but they still have some work to do before being able to compete with USDT, USDC.

Flipsider:

• Traditional stablecoins are less risky than decentralized stablecoins because the underlying crypto asset can be volatile.

Bahrain Approval granted to Binance; Turkish Subsidiary slapped $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 stated that it plans to finish the entire application process to receive a license by the Central Bank of Bahrain. This will mark the completion of the regulatory approval process for Binances in North Africa and the Middle East.

Flipsider:

• The Financial Crimes Investigation Board of Turkey approved the approval of Bahrain. However, it imposed a penalty of 8 million Turkish LiraBinance Turkey – $751,314)

• According to MASAK, Binance Turkey violated liability inspections – for failing to provide customer information in relation to money laundering

Why you should care

Binance is seeking global adoption of its crypto exchange. To do so, it must comply with all applicable regulatory regulations in every country.

In the last seven weeks, Ethereum Gas Fees have fallen by 67%

The exorbitant gas fees of Ethereum is one major drawback that the network’s transition to proof-of-stake is predicted to solve. The PoS transition is delayed until June 2022 but the gas prices on Ethereum are dropping.

This drop in Ethereum gas fees has caused them to reach their lowest levels for 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.

Average transaction fees for the Ethereum Network in 2021

Data from December 27 show that the Ethereum network’s average fee is currently $20.61 per transaction or 0.0051 Ether. The median ether fees, which were $34.28 per transaction in November 9, are now at 0.0032 Ethereum or $10.43.

In 2021, the median transaction fee on Ethereum Network was $21.

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

A dramatic reduction in Ethereum gas prices on Ethereum shows that the problem can be resolved when the network moves to PoS.

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