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Shiba Inu (SHIB) Subreddit of r/ShibArmy Exceeds 200k Subscribers

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Shiba Inu (SHIB) Subreddit of r/ShibArmy Exceeds 200k Subscribers
  • The Shiba Inu subreddit community of r/Shibarmy has exceeded 200k subscribers
  • r/Shibarmy now has over 201,521 members
  • ShibaSwap is now listed on DappRadar’s DeFi rankings coming in at number 11 with $1.49 billion in total value locked
  • SHIB/USDT has bounced off the $0.0000057 support zone to post a local high of $0.00000653

The Shiba Inu (SHIB) subreddit community of r/Shibarmy has hit a new milestone in terms of subscribers by exceeding 200k members. The remarkable growth of the r/Shibarmy community was identified by the team at @ShibToken through the following tweet.

Congratulations r/ShibArmy for your 200,000 members!https://t.co/Fb9UIrxmjy

— Shib (@Shibtoken) July 18, 2021

r/Shibarmy Subscribers Started to Increase Rapidly in Mid- April

A quick glance at SubRedditStats.com reveals that the r/Shibarmy community now has 201,521 members. Additionally, subscribers to the Subreddit community have grown at a rapid rate since mid-April as highlighted in the chart below courtesy of the tracking website.

Shiba Inu (SHIB) Subreddit of r/ShibArmy Exceeds 200k Subscribers 17

ShibaSwap is Now Listed on DappRadar’s DeFi Rankings

Also worth mentioning is that ShibaSwap is now listed on DappRadar’s DeFi rankings.

At the time of writing, ShibaSwap is now ranked 11th with a total value locked of $1.49 Billion. The screenshot below courtesy of DappRadar, further highlights ShibaSwap’s position relative to other popular DeFi protocols such as Pancakeswap, Yearn Finance and SushiSwap.

Shiba Inu (SHIB) Subreddit of r/ShibArmy Exceeds 200k Subscribers 18

Shiba Inu Bounces off the $0.0000057 Support

With respect to price action, Shiba Inu (SHIB) is currently trading at $0.00000641 after bouncing off the $0.00000570 support to post a local high of $0.00000653.

However, Shiba Inu’s reversal is yet to inspire bullish confidence as SHIB continues to trade below the 50, 100 and 200 moving averages on the 6-hour chart that can be found below.

Shiba Inu (SHIB) Subreddit of r/ShibArmy Exceeds 200k Subscribers 19

Also from the 6-hour SHIB/USDT chart, the following can be observed.

  • The 6-hour MACD has crossed in a bullish manner below the baseline
  • The 6-hour MFI and RSI are in neutral territory, but hinting of a bullish environment
  • The 50 moving average on the 6-hour chart coincides with the $0.000007 resistance area
  • The 100 and 200 moving averages also highlight another resistance area around $0.0000077

As with all analyses of altcoins such as Shiba Inu, the fate of SHIB is tied to Bitcoin providing the ideal environment for the token to thrive. Consequently, SHIB could continue moving higher if Bitcoin can maintain a value above the crucial $31k support.

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Ethereum

Binance Reduces Daily Withdrawals for Unverified Accounts to 0.06 BTC

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Binance Reduces Daily Withdrawals for Unverified Accounts to 0.06 BTC
  • Binance has reduced daily withdrawal limits for unverified accounts from 2 BTC to 0.06 BTC
  • Binance has also reduced leverage on new futures accounts to 20x
  • There is also a new tax reporting tool on Binance for users who are obligated to report their capital gains
  • The exchange has implemented the new changes as it works towards complying with regulators globally

The popular crypto exchange of Binance has lowered the daily withdrawal limits for accounts that are not fully verified, from 2 BTC to 0.06 BTC.

The team at the exchange made the announcement of the new changes earlier today further explaining that they will take effect immediately for new accounts, and be implemented gradually for existing ones.

Existing users who have not verified their accounts will see their daily withdrawal limits adjusted to 0.06 BTC starting ‘ from 2021-08-04 00:00 AM (UTC) and completed by 2021-08-23 00:00 AM (UTC).’ Furthermore, verification was encouraged by the team at Binance for it would increase the daily withdrawal limits to 100 Bitcoin.

Leverage on Binance Futures Reduced to 20x For New Users

Hours ago, the exchange had also announced new limits on the amount of leverage available for new futures accounts. According to the official announcement, futures accounts that are less than 60 days old will have a maximum leverage limit of 20x.

Existing accounts that fall under this category will see their leverage reduce effective immediately. Existing trading positions will maintain their leverage until closed after which leverage will drop to 20x.

The leverage limits for new accounts will begin to increase gradually after 60 days.

Binance Introduces a New Tax Reporting Tool

Also today, Binance announced the launch of a new tax reporting tool that will assist traders in declaring capital gains or losses to their respective regulatory bodies. The new tax reporting tool is available via the ‘Account > API Management‘ feature on both the Binance website and mobile application.

Binance Implements Changes to Adhere to Various Regulatory Bodies

The aforementioned changes at Binance come in the wake of the exchange being pressured by various global regulatory bodies, to abide by existing rules in the various jurisdictions. Chances are, that Binance will continue to add new changes and policies in the days to follow.

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Ethereum 2.0 Now Has Over 200k Validators, 6.42M ETH Staked

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Ethereum 2.0 Now Has Over 200k Validators, 6.42M ETH Staked
  • The Ethereum 2.0 network now has over 200k validators
  • The Ethereum 2.0 deposit contract now has 6.42 million ETH staked worth $14.857 Billion
  • Kraken is the largest single depositor with 12.5% of all ETH in the contract
  • Ethereum is back to trading above the 200-day moving average and could keep pushing higher with the London Upgrade on the 4th of August

The Ethereum 2.0 network how has over 200k validators. The chart below courtesy of CryptoQuant further illustrates the increment of validators on the Ethereum 2.0 network since December 2020.

Ethereum 2.0 Now Has Over 200k Validators, 6.42M ETH Staked 17

Over 6.42 Million ETH is Currently Staked on the Ethereum 2.0 Deposit Contract

Furthermore, deposits to the Ethereum 2.0 contract continue to increase as the switch to a Proof-of-Stake algorithm, progresses on the network.

According to Etherescan, there is a total of 6,420,866 Ethereum on the ETH 2.0 deposit contract worth $14.857 Billion. The growth of deposits to the ETH 2.0 contract has been visualized through the following chart courtesy of CryptoQuant.com.

Ethereum 2.0 Now Has Over 200k Validators, 6.42M ETH Staked 18

Kraken Is the Single Largest Depositor of ETH to the Ethereum 2.0 Contract

In a similar analysis of the amount of Ethereum validators and deposits to the ETH2.0 contract, the team at Weiss Crypto Ratings pointed out that Kraken is the single largest depositor of ETH as explained in the following statement.

The largest depositor by far is Kraken which stakes 12.5% of all ETH. In fact, exchanges have deposited 24.9%, staking pools 21.8%, and whales 10.1% of all ETH into ETH2.

Ethereum Reclaims the 200-day Moving Average as Support

With respect to price action, Ethereum has benefited positively from Bitcoin’s impressive push to the $40.5k price ceiling earlier this week. The push to $40.5k by Bitcoin resulted in Ethereum hitting a local peak value of $2,433 and thus managing to recapture the crucial 200-day moving average as support.

Ethereum’s impressive rebound in the crypto market has been highlighted in the following ETH/USDT chart.

Ethereum 2.0 Now Has Over 200k Validators, 6.42M ETH Staked 19

At the time of writing, Ethereum is trading at the $2,300 price area with its bullish climb most likely to continue due to the following observations from its daily chart.

  • Ethereum is in bullish territory, trading above the 50-day moving average and the 200-day moving average
  • Trade volume is in the green for the last week
  • The daily MACD, MFI and RSI are yet to show exhaustion as investors anticipate the London Upgrade on the 4th of August
  • The 100-day moving average (yellow) provides an area of resistance around the $2,500 price area

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Zilliqa-Ethereum Bridge To Be Launched After ETH’s London Hard Fork

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Zilliqa-Ethereum Bridge To Be Launched After ETH’s London Hard Fork
  • Zilliqa’s bridge to Ethereum will wait for the successful launch of ETH’s London hard fork before going live
  • This is because the London hard fork changes Ethereum’s fee structure
  • Once implemented, the team at Zilliqa will observe the London hard fork before upgrading the Zilliqa mainnet to support the bridge
  • ZIL/USDT has escaped from the jaws of a descending triangle but still remains in bearish territory below the 50-day, 100-day and 200-day moving averages

The highly anticipated bridge between the Zilliqa network and Ethereum will go live after the successful launch of ETH’s London hard fork. This is according to the President at Zilliqa, Amrit Kummer who announced this fact through the following Tweet.

PSA: The $ZIL$ETH bridge unfortunately cannot go live before the Ethereum London hardfork currently scheduled to be around Aug 4, 2021.

— Amrit Kummer (@maqstik) July 25, 2021

The London Hard Fork Changes Ethereum’s Fee Structure

Mr. Kummer went on to explain that the delay till after the London hard fork, was due to the fact that the upgrade changes the fee structure on the Ethereum network. Consequently, the team at Zilliqa will wait till the London upgrade is implemented then observe the Ethereum network, before upgrading the Zilliqa mainnet to support the bridge.

He went on to Tweet the following timeline and steps before the Zilliqa-Ethereum bridge can go live.

Next steps to $ETH$ZIL bridge:

1⃣ Ethereum London hardfork (around Aug 4, 2021)

2⃣ Observe London hardfork

3⃣ Upgrade Zilliqa mainnet to support bridge

4⃣ Bridge 🚀

— Amrit Kummer (@maqstik) July 25, 2021

Zilliqa Breaks Above a Descending Triangle but Remains in Bearish Territory

With respect to price action, Zilliqa is trading at $0.06734 after a brief two days below a bearish descending triangle that had formed since mid-May. However, Zilliqa remains in bearish territory as ZIL/USDT is still trading below the 50-day, 100-day and 200-day moving averages as highlighted in the following chart.

Zilliqa-Ethereum Bridge To Be Launched After ETH's London Hard Fork 15

Also from the chart above, it can be observed that ZIL’s trade volume has been in the green for the last five days. In addition, the daily MACD confirms the renewed buying interest with a bullish cross below the baseline. The daily MFI and RSI are in neutral territory at values of 43 and 45, thus hinting at a possible continuation of ZIL’s current trajectory to higher levels.

Consequently, the 50-day moving average becomes a potential resistance zone at the $0.80 price area. If a pullback occurs during the weekly close, Zilliqa could find support at $0.059 which happens to be the base of the earlier identified descending triangle.

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