NFTs are the early stage of a social network that doesn’t rely on ads or ‘poison marketplaces’ to bring communities together, Solana co-founder Anatoly Yakovenko says

Anatoly Yakovenko
Anatoly Yakovenko

Non-fungible tokens might be all the rage right now, but they’re in fact the early foundations the social networks of the future, according to Solana co-founder Anatoly Yakovenko.

NFTs are often sold as part of a collection, or come as part of a play-to-earn gaming platform, linking up owners all over the world. The sense of community is built in from the get-go and requires no external involvement.

“I think these are the early starts of true web social networks that do not rely on ads for monetization that don’t rely on Google or Facebook to function,” Yakovenko told Insider in a recent interview. 

“They are purely these digital communities that can monetize/self monetize from their own content without the need of any of these external poison marketplaces,” he said. Yakovenko is a long-time critic of some of the advertising and data-privacy strategies of larger social platforms such as Facebook or Google.

Hype around the metaverse, a virtual reality where people can buy land, homes, luxury items that they pay for in cryptocurrency, helped make NFTs November’s best performing digital assets.

In the past week alone, a whopping $275.5 million worth of NFTs have been sold, according to Non Fungible data, thanks in part to rockstars’ avatars hanging out in the likes of Decentraland or the Sandbox with those of ordinary people, as well as digital art sales from the Bored Ape Yacht Club and CryptoPunks NFT collections. Community-based NFTs often bring perks to their members too.

The solana blockchain is a smaller rival to the ethereum network. It too can host decentralized finance applications, like smart contracts, as well as run NFTs, which are unique digital tokens that represent a real-world piece of content, such as artwork, music or video. Unlike cryptocurrencies, they can’t be exchanged like for like, making them a kind of digital collector’s item.

Chainalysis, a blockchain analytics platform, says the success of NFTs is a result of “community and word of mouth growth”. 

They certainly appeal to communities such as celebrity fan bases. K-pop idol band BTS, pop star Katy Perry, along with fashion houses Burberry and Louis Vuitton are just some of the names that have dived into the NFT space. TikTok, a video-sharing social media platform, launched its own NFT collection in October. Snoop Dog even has his own metaverse called the Snoopverse and a fan coughed up $450,000 for a plot of virtual land to be the rapper’s neighbor. 

Even with all the glitz and glamour around NFTs, they’re mainly something ordinary people will own. 80% of all NFT transfers between January and October this year involved people that spent less than $10,000 per transaction. 

“I am really excited to see an NFT community go from – 10,000 people to 100,000 and then a million and then 100 million – that’s unbelievable, right?” Yakovenko said.

 “What does that look like when there’s 100 million people that are all in – the same community that is driven by this digital content?” he said.

Read the original article on Business Insider

Ethereum transaction fees are running sky-high. That’s infuriating users and boosting rivals like solana and avalanche.

Crypto ethereum ether
The ethereum network is at the heart of the modern crypto ecosystem.

  • Ethereum transaction fees are running red hot as people pile onto the network for NFTs and DeFi.
  • Yet the high costs are infuriating users and sending many towards other blockchains such as solana.
  • Developers are scrambling to fix the problem, which could threaten ethereum’s top-dog status.

Transaction fees on the ethereum blockchain are running red hot as NFT-mania clogs up the network.

It’s a problem that’s infuriating people and sending many looking elsewhere, to cheaper blockchains such as solana and avalanche.

Some even think it could be an existential threat to a cryptocurrency network that bills itself as the future of finance.

The ethereum network runs ether, which has a total market value of more than $500 billion, making it the world’s second-biggest cryptocurrency after bitcoin.

But the network is also at the centre of the modern crypto ecosystem. It’s the foundation on which non-fungible tokens (types of crypto collectibles) and decentralized finance are built. Both NFTs and DeFi are now huge industries.

Ethereum is running on surge pricing

On ethereum, people pay a “base fee” to have their transactions verified by other users known as “miners.”

Yet those fees have rocketed as interest in NFTs has soared, and more people try their hand at DeFi.

Imagine ethereum as a bit like a ride-hailing app that is struggling to add new drivers, in a city that’s just seen a huge influx of people. Now, for each ride (or transaction), people have to pay a huge surge price to get drivers to pick them up.

The average transaction or “gas” fee on the ethereum network rose to as high as $63 in November. That was its second-highest level ever, behind May’s record high of $70, according to crypto exchange Kraken’s analysts.

Read more: A currency strategist at UBS shares the 3 trends he believes will shape the crypto market in the next 12 months

People are regularly paying more than $100 just to deposit, say, $50 worth of cryptocurrency on DeFi platforms – and that’s making many extremely angry.

“Gas fees are insane,” said one user on the ethereum Reddit page. Another said: “If the ethereum network can’t fix its gas fees, it won’t be used by the average consumer.”

Some are looking to solana

Not all crypto fans are upset. Networks such as solana, avalanche, and cardano are positioning themselves to profit.

Solana’s transaction fees are minuscule, just a fraction of a penny. The network is also much faster, handling many thousands of transactions per second, compared with double-digit figures for ethereum.

Solana’s native token sol has risen more than 400% over the past 180 days, according to Coingecko. Avalanche is up more than 500% over the same period, while ethereum has gained around 80%.

“Some of those headwinds for ethereum I think have caused people to ask themselves, ‘What else do I want to own at this point?'” Pete Humiston, head of research at Kraken, told Insider.

Developers are working on it

So why can’t ethereum simply expand the network?

Ben Edgington, a developer at ethereum-focused company ConsenSys, said it’s a philosophical point.

Increasing the capacity of a decentralized crypto network would mean forcing users to deal with ever-increasing data and to upgrade their hardware, he told Insider.

“If we crank up transaction throughput, that will exclude those with more modest resources from participating,” Edgington said. It would then no longer be very decentralized.

Developers are scrambling to work out other solutions, such as expanding a second ethereum layer. That would effectively enable many activities to happen away from the core network, which would remain accessible.

It’s far too soon to say high gas fees are a crisis for ethereum, according to Jack O’Holleran, CEO at ethereum development company Skale Labs. In fact, he said, they’re a symptom of the network’s huge success.

“There’s so much momentum from a developer perspective around ethereum,” he told Insider. “The best quality teams and projects and platforms are all building on ethereum. It’s the system that connects into everything.”

Read the original article on Business Insider

The metaverse ‘is already here’ and will give cryptocurrencies the opportunity to make it better, a Solana co-founder says

Anatoly Yakovenko
Anatoly Yakovenko

  • The metaverse will give cryptocurrencies a chance to wipe out “broken” business models like internet ad platforms, a Solana co-founder said.
  • Anatoly Yakovenko told Insider in an interview believed crypto could make the metaverse better and change how companies use data.
  • Many high-profile investors believe the metaverse could become a trillion-dollar opportunity.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

The metaverse is booming in popularity. Investors are snapping up plots of virtual land and digital luxury items, while companies and sports teams are piling in too. 

Last week, 4 metaverse projects sold $106 million in virtual land, according to DappRadar.  Sandbox, a gaming platform, racked up $86.56 million in digital land sales, while Decentraland recorded $15.53 million in sales of virtual real estate.

While it might feel like this next stage in the evolution of the internet is only just getting started, for Solana co-founder Anatoly Yakovenko, it’s already a reality and one that cryptocurrencies can help improve.

 “The metaverse is already here. It’s just kind of in this low fidelity, low resolution state,” he told Insider in a recent interview.

The metaverse refers to virtual worlds where users can do anything from create and play games, to owning property, buying and selling digital assets, trading cryptocurrencies or even breeding digital animals. 

Yakovenko co-founded Solana with Raj Gokal in March 2020. The solana protocol is similar to larger rival ethereum, in that it boasts the same decentralized finance capabilities, such as hosting smart contracts, and can also run non-fungible tokens, but it does so at greater speed and lower cost than its bigger competitor.

Both Sandbox and Decentraland, two of the more developed metaverses, run on ethereum, for example.

Developers in the crypto space are looking for a metaverse that they can own and build a business on. Yakovenko said that developers that understand the nuance of how this all works will build tools for content creators so they can have “their own virtual experiences.” 

“Once that happens, it’s not going to be like a single metaverse Sandbox, it is going to be a bunch of small ones that all kind of work together and a bunch of experiences,” Yakovenko said. 

He believes one of the big advantages of having more activity take place within the metaverse is the virtual world won’t present the same kind of challenges with handling user data and privacy as social media platforms or search engines face right now.

It also could offer cryptocurrencies the chance to break some of Big Tech’s hold on that space, Yakovenko said. 

“I think the opportunity for crypto is to make (the metaverse) better in the sense that the kind of business models that exist on the web right now are broken,”  he said.

“Companies that control the market that steal your data, sell it to advertisers, feed you information that you don’t want and try to force you to consume it, that loop sucks,” he added.

The likes of Sandbox, Decentraland and play-to-earn platform Axie Infinity have their own crypto tokens that users need to purchase virtual items or that they can receive as rewards. Decentraland’s mana token has gained over 16,000% this year, while Sandbox’s sand token has risen around 5,400% and Axie’s axs token has gained over 25,000%. 

Many high-profile investors, like digital asset manager Grayscale and disruptive technology investor Cathie Wood, believe the metaverse could become a trillion-dollar opportunity. 

Read the original article on Business Insider

To the moon? Terra’s luna crypto coin has shot up almost 80% in a week, vaulting past shiba inu and avalanche

Moon's ashen glow, a phenomenon when the Moon's night side is lit by earthshine.
The name “luna” echoes crypto fans’ cry of “to the moon.”

  • Terra’s luna cryptocurrency has gained around 80% in a week, making it bigger than either shiba inu or avalanche.
  • A network upgrade and upcoming changes to how users report their tax liabilities have driven the surge.
  • JPMorgan’s Nikolaos Panigirtzoglou said recently terra’s stablecoin mechanism means it’s good for cross-border payments.

Terraform Labs’ luna is fast becoming one of the crypto market’s best performers, having gained around 80% in value in the last week alone.

The gains have come thanks to a combination of falling supply of tokens, and a series of changes in how the coin is used in its own payment network.

Luna’s even overtaken dogecoin-darling shiba inu and “ethereum killer” avalanche’s avax to become the 11th biggest cryptocurrency by market value, according to data from CoinMarketCap.

The Terra blockchain launched in January 2018 and uses fiat-pegged stablecoins to run its payments system. Its native luna token is then used to stabilize the price of the protocol’s algorithmically-backed TerraUSD stablecoin, UST. According to its whitepaper, luna holders can submit and vote on governance proposals of their own. 

This week, investors voted to allow community funding for an overhaul of the network’s “TrackTerra” tax and reporting app. That will allow luna holders to export transactions to different tax software programs, according to a tweet from developer Terra.

The US government is tightening the rules around tax liabilities stemming from cryptocurrency transactions. This was one of the catalysts that knocked bitcoin, ether and other major coins lower in November, when Joe Biden’s infrastructure bill — which includes regulations for crypto — passed into law. 

Luna has been one of the strongest-performing major cryptocurrencies over the last seven days, much to the enthusiasm of its “LUNAtic” community of supporters. The price was up 7.2% at $67.83 in the 24 hours to 06:45 a.m. ET on Friday, bringing its market capitalization above $26 billion. Earlier in the day, it hit a record $70.46 on the Binance exchange.

Its network rolled out a major upgrade last month, aimed at better maintaining the peg of the TerraUSD to its fiat value. In turn, that resulted in over 93 million luna tokens being “burned,” effectively vanishing from circulation, according to FX Leaders analyst Aiswarya Gopan.

Part of luna’s popularity is coming from the rapid evolution of decentralized finance. Along with competitors such as avalanche and solana, terra has been gobbling up market share from leading DeFi blockchain ethereum, thanks to its faster transaction speed and lower “gas” fees.

JPMorgan currency strategist Nikolaos Panigirtzoglou flagged Terra’s advantages relative to some rival protocols in a recent research note. 

“Terra is a stablecoin-issuing platform using a mechanism that minimizes volatility to achieve close peg of the issued stablecoins to fiat currencies,” he said.

“This mechanism, operating via dynamic expansion and contraction of token supply, issues several regional stablecoins that can be swapped, making the Terra platform particularly suitable for cross border payments,” he added.

Read the original article on Business Insider

Grayscale launches solana trust as the ethereum competitor rides an over 10,000% gain in 2021


  • Grayscale Investments is launching a product that will solely and passively invest in solana

Grayscale Investments is launching a product that will solely and passively invest in solana to ride on the eye-popping gains the cryptocurrency has seen since the beginning of the year. 

The Grayscale Solana Trust, the 16th investment vehicle from the world’s largest digital currency asset manager, is available to individual and institutional investors. 

It will be similar to Grayscale’s other single-asset investment trusts, including ones that provide exposure to bitcoin, bitcoin cash, ethereum, and litecoin, among others. The Solana Trust has an investment minimum of $25,000 and an annual fee of 2.5%.

Solana, a layer-one protocol, is widely viewed as a competitor to fellow smart-contract platform ethereum, which has been plagued by high fees and slow transactions.

Its native token, also called solana, is now the fourth-largest cryptocurrency with a market capitalization of over $64 billion and has returned more than 10,000% year-to-date.

“Solana is faster and cheaper, so it’s been a really great on-ramp for folks looking to buy NFTs, DeFi, or various applications being built on top of it,” Grayscale CEO Michael Sonnenshein told Insider.

He added: “We are really seeing it as a platform where the users can learn, experiment, and build in a way that is perhaps more cost-effective than some other blockchain networks like ethereum.”

In November, solana also became the third asset to have a standalone price tracker in the Bloomberg terminal after bitcoin and ethereum, the two largest crypto assets by market cap. Bloomberg partnered with Galaxy Digital to launch the Bloomberg Galaxy Solana Index.

Solana’s rapid ascent may also be attributed to the support of heavyweights such as Sam Bankman-Fried, founder of crypto exchange FTX, who has in the past said solana has the capacity for mass adoption.

Grayscale Investments, founded in 2013, had more than $50 billion in assets under management as of November 26.

Read the original article on Business Insider

Bitcoin tumbles towards $60,000 after China fires another warning at crypto miners and Biden’s $1 trillion infrastructure bill becomes law

China and US
China and US

  • Bitcoin fell 9% towards $60,000, dragging other cryptocurrencies like ether and dogecoin lower.
  • US President Joe Biden signed into law a sweeping infrastructure bill that includes tough crypto tax regulations.
  • Meanwhile, media reports said China had warned state firms against crypto mining, adding more pressure.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Bitcoin tumbled towards $60,000 on Tuesday, after being hit by a combination of bearish factors, including the $1 trillion US infrastructure bill that brings tougher rules on crypto-trading taxes and a new warning to Chinese firms about mining from Beijing.

Bitcoin fell by more than 10% at one point, dropping below $60,000 for the first time since late October. It was last trading at around $60,604, marking a near-8% drop over the last 24 hours by 06:58 am ET.

President Joe Biden’s spending bill is primarily to upgrade America’s public works system.  But it also comes with some new rules for crypto brokers, who must now report transactions worth over $10,000 to the tax authorities. Critics have said the term “broker” is too vague and the new regulations might mean other market participants such as miners, traders and node operators may have to comply with them too. Tax increases on digital assets could raise $28 billion, according to the New York Times. 

Sens. Ron Wyden of Oregon, Patrick J. Toomey of Pennsylvania, and Cynthia Lummis of Wyoming had filed an amendment for the term broker, so that it would only apply to people that fit that description in August but it was rejected.

“This legislation is expected to have an indirect impact on the industry, as service providers may begin to charge higher fees to compensate for the taxes levied on them,” Phil Gunwhy, partner at, an non-fungible token platform, said. 

Crypto mining is generally more associated with bitcoin, but a steep slide in the biggest token weighed heavily on smaller rivals. Ether, dogecoin and solana’s sol token all fell between 8.50-9.5% on the day, according to Coinmarketcap.

“Most altcoins have a strong correlation with bitcoin,” Gunwhy said. 

China renewed its tough stance on the crypto market with a new warning to state-owned firms to stop mining tokens, as the government seeks to clean up the sector and limit its carbon footprint. CNN reported that Beijing is considering measures such as raising power prices for any institution found to have broken the rules, for example. 

Adding to the pressure on the crypto market on Tuesday, was a surprisingly cautious interview from Twitter chief financial officer Neg Segal, who told the Wall Street Journal that investing the social media company’s corporate cash into crypto assets “doesn’t make sense right now” and said volatility was a concern

Twitter chief executive Jack Dorsey is a known crypto fan and his payments company Square owns digital assets. 

Finally, the strength of the dollar undermined the crypto market further, as it hit new 16-month highs against a basket of major currencies.

“This can impact bitcoin because it is a risk-on asset, like stocks and commodities, which tend to fall when the dollar rises,” Marcus Sotiriou, sales trader at GlobalBlock said. 

However, Sotiriou said he did not expect bitcoin’s fall to last long. 

“Assuming this is not the end of the bull market, it may not be long until this correction is over,” he said.

Read the original article on Business Insider

Solana becomes the 3rd crypto that can be tracked on the Bloomberg terminal after bitcoin and ethereum


  • Solana is now the third cryptocurrency tracked by the Bloomberg terminal, following bitcoin and ethereum.
  • The cryptocurrency has been touted as the “ethereum killer” for its potential for mass adoption.
  • Solana is the fourth-largest cryptocurrency by market capitalization.

Solana is now the third cryptocurrency to be tracked by the Bloomberg terminal, following in the footsteps of bitcoin and ethereum.

The price tracker, titled “Bloomberg Galaxy Solana Index,” went live on the terminal Monday as “the first institutional grade pricing source for Solana,” wrote Tim Grant, the head of Europe at Galaxy Digital, which partnered with Bloomberg to list the new crypto. Bloomberg did not immediately respond to Insider’s request for comment.

Solana is the fourth-largest cryptocurrency by market cap, behind bitcoin, ethereum, and binance coin, according to CoinMarketCap data

The addition comes amid Solana’s epic year in which it has gained about 1,300% so far, according to the Bloomberg tracker, with much of those gains coming in the last few months alone.

Solana has become a popular coin among those who believe it could overtake ethereum someday as the go-to for smart contracts. For example, Sam Bankman-Fried, the head of crypto exchange FTX, has said solana has the capacity for mass adoption as it can run more transactions per second with fewer fees than ethereum.

And earlier this month, the head of product at, an NFT marketplace built on the solana network, told Insider that the number of decentralized finance applications and non-fungible tokens using solana has been “the ultimate source of boosted demand” for the coin.

Play-to-earn games have also been a source for solana hype

Read the original article on Business Insider

Sam Bankman-Fried discussed the best blockchains for mass crypto adoption, the rise of NFTs, his donations to charity, as well as his biggest regret so far in a recent interview. Here are the 11 best quotes.

Sam Bankman-Fried FTX founder crypto exchange
Sam Bankman-Fried co-founded the crypto exchange FTX in 2019.

  • FTX CEO Sam Bankman-Fried discussed why he thinks solana is superior to ethereum in a recent interview.
  • He talked about how institutional investors may still be years away from widely adopting crypto.
  • And he talked about what steps his company takes to make sure newcomers to crypto don’t think FTX is a scam.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Crypto billionaire Sam Bankman-Fried, who heads up the FTX exchange, recently discussed the current cryptocurrency climate, including the outlook for institutional investment, the rise of non-fungible tokens and how a badly placed ad can make rookies question the legitimacy of a crypto exchange.

29-year old Bankman-Fried took part in Yahoo Finance and Decrypts’s “Crypto Goes Mainstream” virtual conference on Tuesday.

Here are Bankman-Fried’s best quotes, lightly edited and condensed for clarity:

  1. “Solana is one of the few currently existing public blockchains that has a really plausible roadmap to scale millions of transactions per second at fractions of a penny per transaction, which is a scale that you need for this.” – on discussing rivals to the ethereum network.
  2. “Actual institutional adoption inflows themselves have not driven very much – the anticipation of them have. But the inflows themselves have not yet materialized. You talk to most major institutions, they will tell you they’re getting into crypto and they will tell you that it is not happening tomorrow.” – on the flows driving the rise of cryptocurrencies.
  3. “It’s gonna take you know, a year for many of these places, sometimes multiple years, the amount of work that a compliance department has to do to get acquainted with the cryptocurrency ecosystem to become comfortable with it is fairly significant. ” – on institutional adoption of crypto.
  4. “I think that (is the) sort of timeframe that we imagine transformation happening on, you know, both in terms of what technology can accomplish, the adoption you can get and the institutional support it can get, I think every year, those time frames shorten a little bit. And we see things turning over faster and faster and getting adopted faster.”
  5. “There is some excitement from newcomers and there’s a huge amount of excitement from partners to build out new products involving non-fungible tokens, which I think could be really exciting.”
  6. “NFTs have had an absolute explosion in usage over the last six months, but it is still predominantly driven in most places by the crypto industry rather than by newcomers.”
  7. “I think one thing to note is that I’m not super liquid as far as these things go. You can sort of look at – mark to market – valuations and things like that, but all my worth is just wrapped up in like the equity valuations – like FTX’s valuation, which means my bank account is certainly under a million.” – on how much he keeps in his bank account.
  8. “I have probably given $30 million or so this year. Some of that has been talked about more than others.” – on his charitable donations.
  9. “We certainly don’t have 100 million users and what this means is that when someone is looking to get involved in the crypto ecosystem for the first time, especially if it’s monthly, there’s a good chance they haven’t even heard of us yet.”
  10. “Crypto companies you’ve never heard of run ads on Google or Facebook. It’s not very compelling. You probably assume it’s basically just a scam.” – on why FTX doesn’t place ads on big platforms.
  11. “The biggest mistake I made, which is only sort of an answer to the question, is not getting involved sooner.”
Read the original article on Business Insider

Crypto fever has gripped markets this year, making stars out of dogecoin, shiba inu and solana, with investors pouring a record $8.9 billion into digital coins – more than in all of 2020: CoinShares

Crypto coins circle
crypto coins circle

  • Investors have poured a record $8.9 billion into crypto products this year, more than the $6.7 billion for all of 2020.
  • Bitcoin, ether and a number of other altcoins have hit record highs this month, driven by growing investment.
  • Even dogecoin spin-off shiba inu made headlines with a meteoric price rise and a growing fan base.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Investors have poured more money into crypto so far in 2021 than they did for the whole of 2020, with record amounts flowing into bitcoin and ether, as well as smaller altcoins like sol and ada, according to CoinShares.

In the year to November 5, some $8.9 billion have flowed into crypto products, topping the $6.7 billion in inflows for the whole of last year, data from CoinShares, one of the largest crypto platforms in Europe, showed on Tuesday.

Bitcoin has seen $6.5 billion inflows in the year to date while ether has seen $1 billion in flows. Solana token sol has logged $154 billion inflows, making it the third most popular crytocurrency of 2021, while cardano’s ada has seen $92 billion worth of inflows.

November has brought a wave of bullishness to the cryptocurrency market. Bitcoin and ether have hit new highs near $70,000 and $5,000, respectively, this week, while smaller tokens have shot higher, bringing the total value of the crypto market to $3 trillion for the first time.

Sol touched a record $260 over the weekend, thanks to its links to decentralized finance applications that are growing in popularity.

Crypto coins and products have become more widely accepted across the world. The fact more key exchanges in the US, Europe and even Australia accept crypto products has fueled the rise in investment activity over the year, according to James Butterfill, CoinShares investment strategist.

Another key factor in drawing in capital flows has been the approval of bitcoin futures-backed exchange traded funds (ETF), Butterfill added. ProShares and Valkyrie got the green light from the Securities and Exchange Commission in late October to list those products.

“It all points to regulatory acceptance,” Butterfill explained.

A lack of clarity around the regulation that governs the market has been one of the obstacles standing in the way of wider adoption of cryptocurrencies, particularly from institutional investors. But recent steps towards creating a tax framework, for example, may help pave the way.

CoinShares’ flows data doesn’t cover so-called meme coins like dogecoin and spin-offs such as shiba inu, both of which have made headlines this year, thanks to their huge popularity among retail traders that have pumped the tokens to record levels. But these tokens have benefitted from the push into bigger rivals such as bitcoin.

Shiba inu has a market capitalization of $30.6 billion despite only launching in August last year – making it the 11th biggest crypto by value, while dogecoin is two rungs above, having gained an eye-watering 9,000% over the past 12 months, based on Binance US data.

“That meme investing theme seemed to have played into the crypto investing world,” Butterfill said.

Read the original article on Business Insider

Crypto exchange Kraken promises to list shiba inu on Tuesday, and asks the SHIBarmy to vote on it

Shiba Inu
Shiba Inu

  • Kraken said it would list shiba inu on its platform on Tuesday if the idea got 2,000 Twitter “likes”.
  • The SHIBarmy of fans quickly hit the target, but the coin has not yet appeared on the crypto exchange.
  • The dogecoin-inspired token’s price has shot up recently, thanks in part to Elon Musk’s tweets.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Crypto exchange Kraken plans to list shiba inu on its trading platform on Tuesday, it signaled by asking fans of the meme coin to vote on Twitter.

The company called on the token’s fans to back the idea in a poll posted to Twitter Monday. Kraken product lead Brian Hoffman would add shiba inu to its cryptocurrency roster if it got 2,000 “likes,” it said.

@brianchoffman said if we get 2,000 likes we will list $SHIB tomorrow – but he doesn’t think we can do it. #SHIBArmy where you at?” the company said in the tweet.

The SHIBarmy – the die-hard fans who have driven the token’s record-setting rise – showed up in full force with more than 58,700 likes and 14,500 retweets as of Tuesday morning. They hit the target in less than 20 minutes.

However, shiba inu did not appear to have been added to Kraken’s platform yet. The online crypto exchange, one of the biggest in the world, already lists 93 assets from market leader bitcoin to popular altcoins cardano and solano.

The dogecoin-inspired token’s fans on Twitter urged people to “make some noise” for Kraken, welcomed newcomers to the army and said they expect shiba inu to rally more.

Investors have been riding high on shiba inu’s epic recent rise. The dogecoin-inspired token’s price has risen more than 900% in the past month, lifted by the enthusiasm of fans and in part by tweets from Tesla CEO Elon Musk, who owns a shiba inu puppy.

On Tuesday, though, its price was down 2.4% from 24 hours ago, to stand at $0.00006973.

Not everyone in the crypto space thinks shiba inu is a great investment.

“Memes are more like lottery tickets than an investment,” James Butterfill, investment strategist at crypto product platform CoinShares, told Insider.

He said shiba inu completely lacks any fundamentals or potential end-use, and therefore should not be taken seriously.

“We believe it is very difficult to grasp when the meme will capture the imagination of investors, and should therefore be looked at with extreme caution,” he added.

Read the original article on Business Insider