Floki Inu Soars 25% After Token Burn Proposal

• Floki Inu, a meme coin birthed by fans and the SHIB community, has joined the class of rising coins.
• After the developers proposed a change in governance to burn an enormous number of its circulating tokens, FLOKI saw a massive price increase of 25%.
• Token burn is a means by which blockchain developers remove some coins permanently from circulation to reduce the total circulating token supply and increase the asset’s value.

Floki Inu has recently surged in the crypto market, becoming one of the hottest rising coins. The meme coin was birthed by fans and the SHIB community and has seen tremendous performance over the past few hours after its governing DAO issued an important developmental proposal. Nicknamed the “Shiba Inu-Killer”, Floki is the people’s cryptocurrency, and the proposal issued by its developers aimed to burn an enormous number of its circulating tokens.

The proposal cited potential safety hazards associated with bridges as one of the reasons to burn so many tokens. Reports stated that over $2 billion has been either misplaced or stolen from cross-chain bridges alone in 2022, indicating the risks from such bridges, especially ones with a large amount of tokens. After the proposal, FLOKI saw an immediate surge of 25%, making it one of the hottest digital assets in the market.

The developers’ proposal also included a change in governance that would reduce the tax that users pay for transacting on the network. The token burn is a means by which blockchain developers remove some coins permanently from circulation, aiming to reduce the total circulating token supply and increase the asset’s value. This process is usually successful if the demand for the asset does not change.

Floki Inu’s developers have made it clear that they are striving to make the coin as secure as possible by removing risks from cross-chain bridges. They have also proposed to reduce the transaction fees on the network, making it an attractive investment option. With the proposal’s success, FLOKI is likely to see further price appreciation in the days to come.

SEC vs. Ripple: Judge to Decide Impactful Crypto Case in Coming Months

• Ripple Labs and the U.S. Securities and Exchange Commission (SEC) are currently in a legal battle.
• All documents and reply briefs have been submitted and now it is up to Judge Analisa Torres to make a decision.
• The SEC has filed an objection to a request by “Third Party A” to redact all references to the company and the names of certain crypto trading platforms.

The legal battle between Ripple Labs Inc. and the U.S. Securities and Exchange Commission (SEC) is currently ongoing, with no further deadlines currently scheduled. After two years of legal proceedings, all documents and reply briefs have been submitted and it is now up to Judge Analisa Torres to make a decision based on all the arguments presented.

The SEC has filed an objection to a request by “Third Party A”, an entity declared as an “Investment Banker Declarant”, to hide his name, the company name and his position in it, as well as to redact all references to the company and the names of certain crypto trading platforms. Ripple, in turn, has also filed an objection to this filing.

The situation has sparked much debate within the XRP community, with many waiting to see how the judge will decide on the issue. Ripple CEO Brad Garlinghouse recently commented in an interview at the World Economic Forum in Davos that no one knows how many months it will take for the judge to make a decision, but he is optimistic that sometime in the coming single digit months, the case will be resolved.

At the same time, Garlinghouse is confident that the emails between Ripple’s former general counsel, Brynly Llyr, and former SEC official William Hinman will bring to light the reasons for the SEC’s actions. While the outcome of this case remains to be seen, one thing is certain: it will have a major impact on the future of the cryptocurrency industry.

Cardano Price Surges 30% as Upgrades Strengthen Community

• ADA price has surged nearly 30% since the start of 2021.
• CIP 1694 and the MBO are expected to strengthen the Cardano community.
• Charles Hoskinson has boasted that additional gains are coming with upcoming improvements on the Cardano Network.

The past month has seen the Cardano price hovering around $0.25, but the native token of Cardano has recently fired up with a nearly 30% price surge since the start of the year. This surge has been attributed to several factors, such as the hype around Cardano’s upcoming stablecoin DJED launch and the news of Hoskinson’s new healthcare facility that would accept ADA as payment.

The beginning of the week has seen ADA open with almost a 10% increase in trading price, which has seen Cardano’s founder, Charles Hoskinson, swell with pride. Hoskinson took to Twitter to respond to comments about ADA’s skyrocketing price and he boasted that additional gains are coming with upcoming improvements on the Cardano Network. According to Hoskinson’s response tweet, the proposed CIP 1694 and the MBO will strengthen the Cardano community and the Voltaire upgrade would see millions of people collaborating for the growth and utility of ADA.

The CIP 1694 seeks to bring Cardano into the Voltaire Era and enable a smooth transition into a fully decentralized governance system. The Cardano improvement proposal (CIP) was proposed by Jared Corduan, a software engineering lead on Input Output Global, Cardano’s developer company, and it is set to be adopted and voted in November 2022.

The MBO (Multi-Blockchain Optimization) is another initiative that Cardano is aiming to implement. The initiative will enable users to work with multiple blockchains in the same environment, allowing for enhanced scalability and interoperability.

The recent positive developments in Cardano’s project have seen its price surge, and with further upcoming improvements, it is likely that its growth will continue. It is unclear what the future holds for Cardano, but with a dedicated team of developers and an engaged community, the project looks set to succeed.

Crypto Industry Outlook: Optimism Despite Bear Market on Christmas 2021

• Bitcoinist launched a Crypto Holiday Special to provide perspective on the crypto industry and its highs and lows of the year.
• They spoke with institutions to get their perception of 2022 and their outlook for the coming months.
• Material Indicators, a market data and analytics firm, discussed the difference of the crypto market today compared to Christmas 2021, with a focus on market sentiment and liquidity.

This year, Bitcoinist launched a Crypto Holiday Special to provide some insight into the highs and lows of the crypto industry. This initiative has brought together multiple guests to discuss and understand the trajectory of the crypto industry for the coming year and beyond.

One of the guests that Bitcoinist spoke with was Material Indicators, a market data and analytics firm dedicated to creating trading tools for the nascent sector. During their discussion, they focused on the difference between the crypto market today and Christmas 2021. They provided a view of the market sentiment and liquidity beyond the prices of Bitcoin, Ethereum and other digital assets.

The team at Material Indicators pointed out that, while tradfi (Traditional Finances) have yet to price in earnings contraction for the last leg down, the market is already close to bottoming sentiment-wise. They also discussed how the market has been able to maintain its liquidity despite the current bear market, which has been a positive sign for the industry.

In addition to speaking with Material Indicators, Bitcoinist also spoke with institutions to get their perception of 2022 and their outlook for the coming months. The institutions had a range of views, with some being optimistic about the future of the industry and others being more cautious due to current market conditions.

Overall, the Crypto Holiday Special has provided an interesting perspective on the state of the crypto industry and its future trajectory. While the market is currently in a bearish trend, the conversations with Material Indicators and institutions have provided some optimism that the industry is still on the right path. As more investors and institutions enter the space, it will be interesting to see how the industry evolves in the coming months and years.

Metaverse Narrative Crashes Hard, Privacy Coins Shine in 2022

• Metaverse, the killer narrative of 2021, turned out to be the biggest loser in the crypto sector this year, with a drawdown of 89%.
• Privacy coins were the best performing sector, with a drawdown of 47%.
• Meta, one of the biggest proponents of Metaverse, has also performed badly since the company switched its name from Facebook and pivoted towards this next level of the internet.

The digital asset market of 2022 has been a rollercoaster of a year, with various narratives and trends coming and going. One of the biggest narratives of 2021 had been Metaverse, and it seemed to be heading towards becoming the biggest game-changer of the crypto sector, but it turned out to be one of the biggest losers in the crypto sector this year.

As per the year-end report by Arcane Research, both the alternative layer 1s craze and the Metaverse hype of last year came crashing hard in 2022. The report notes that the privacy coins outperforming the others is likely because of Monero’s sustained utility in darknet transactions. Year-to-date, XMR itself is down 35%. The biggest loser this year was Metaverse, with the sector seeing a massive drawdown of 89% since the start of the year. It would appear that all the hype surrounding the mythical digital parallel world couldn’t survive in this harsh bear market, despite all the momentum it seemingly built up last year.

Meta, one of the biggest supporters of Metaverse, has also seen its fair share of losses since the company switched its name from Facebook and pivoted towards this next level of the internet. The company also participated in mass layoffs earlier this year, causing further distress to the narrative.

The biggest winner of the year has been the privacy coins sector, which saw a drawdown of 47%. This is likely due to the sustained utility of Monero in darknet transactions, where the coin has been a driving force.

Overall, the digital asset market of 2022 has been an interesting year, with various narratives and trends coming and going. While some narratives have seen a decline, others have seen an increase in value. However, one of the biggest stories of the year has been the decline of Metaverse, which started out as one of the biggest narratives of the year, only to see a massive drawdown of 89 percent. This has been a major blow to the narrative, and it will be interesting to see how it performs in the coming year.