AXS Token Spikes After Launching of Ronin DEX
AXS (Axie Infinity), the native token of play-to-earn gaming platform Axie Infinity price soared after the launching of its own DEX.
On Nov. 4, Axie Infinity announced the launching of Katana DEX which will enable users on Axie’s native blockchain Ronin to easily swap between the various assets within the Axie Infinity ecosystem. With the launching of Katana DEX, users can now trade between AXS, SLP, USDC, and WETH. And as further stated in the announcement, users can now take part in the liquidity pool as liquidity providers which will reward them with RON tokens, the native token of Katana DEX.
“To incentivize Katana liquidity, 10% of the total RON supply will be rewarded to liquidity providers who stake their deposits in both SLP/ETH and AXS/ETH. The rewards for these pools will be activated later this week. We anticipate that these rewards will create a whirlpool effect, sucking in AXS, SLP, ETH, and USDC to Katana.”
As liquidity providers, users can either supply their AXS (Axie Infinity) and SLP (Smooth Love Potion) paired with ETH (ethereum). 10% of the total Ronin token supply will be given as a reward to all those who will participate in the liquidity pool.
Axie has also warned users of scammers and emphasized that the Ronin token is currently not for sale. Ronin users are given 100 free transactions per day.
In recent data by Crypto.co, AXS (Axie Infinity) is now at $ 150.67 and has dropped by 7.9% from its peak price. SLP (Smooth Love Potion) on the other hand is now at $ 0.100082 and has decreased by 27.37% from its previous price.
Binance to Catch Bad Actors Behind Squid Token Scam
Binance, the world’s leading crypto exchange is now taking action to catch the bad actors behind the $2M Squid Game token scam.
In a report by the Insider, Binance stated that it was “deploying blockchain analytics to identify the bad actors”.
“Our security team has launched an investigation—as a gesture of goodwill.”
The Squid token inspired by the Korean series “Squid Game” tremendously gained traction and was launched in the Binance Smart Chain. From its price of only $0.01, it skyrocketed to 75,000% after crashing on Nov. 1.
The Squid Game token hit an all-time high of $2,856 before crashing to 0. The website including its social media accounts went offline after its price plummeted.
With the surging cases of rug pull scams involving crypto projects, Binance founder and CEO Changpeng Zhao has warned users of the risks of these investments.
“Because these scams are becoming more commonplace as the DeFi space grows, I’d like to take this opportunity to remind users that DeFi is not without its risks, and we hate to see anyone lose their funds due to scams and other cybercrimes.”
But this is not the first time that a crypto project launched on the BSC turned out a rug pull scam after going live. Turtle DEX, a decentralized exchange based in Belgium was a $2.5M scam and Meerkat Finance took off after sacking $30M worth of BUSD (Binance USD) and BNB (Binance Coin).
Investors are now pointing their fingers to media outlets for fuelling the “Squid Game” token craze which has resulted in FOMO and eventually led to the loss of money.
Shiba Inu Token Recovers After Price Plunges After Massive Sell-Off
The price of dog-meme token SHIB (Shiba Inu) has slightly recovered after plunging as a result of a massive sell-off. In recent data by Crypto.co, SHIB (Shiba Inu) is now at $ 0.000051 and is now up by 18% from its previous price of $0.000043 but still down by 7.37% in a 24-hr chart.
SHIB (Shiba Inu) ranked at #11 with its market cap of $ 26,956,751,581. Dubbed as “Dogecoin killer”, the dog-meme token rose to fame and was previously included in the top ten cryptocurrencies before its price plunge.
On Oct. 28, SHIB (Shiba Inu) recorded its all-time high at $0.000089 after it nosedives to $0.000043 following the sell-off. There were speculations that an early adopter of the dog-meme token who has made billions has been dumping the token to take profit. In a report by the Insider, the crypto whale, the second-largest holder of SHIB (Shiba Inu) moved $2.3 billion worth of his tokens on Nov. 4 resulting in a 21% drop in the price of the dog-meme token.
But some analysts have another story to tell. SHIB (Shib Inu) just like other cryptocurrencies like XRP (Ripple), LTC (Litecoin), and NANO (Nano) is a payment-focused coin. And just like these tokens, SHIB (Shiba Inu) may likely lose more than 90% of their value. Also, its trading is emotion-based or momentum-driven which means when the momentum subsides, SHIB (Shiba Inu) will become vulnerable to wild swings and eventually plunges. It is unlikely to be a profitable investment on a long-term basis after all.
But after going on a nosedive, what could be behind its recovery? On Oct. 26, a reported crypto whale purchased 276,592,553,073 SHIB (Shiba Inu) or $11,510,207 USD at that time. This was announced by Shiba Inu’s Twitter account.
BREAKING NEWS: Wow… An Ethereum whale just bought 276,592,553,073 #SHIB token ($11,510,207 USD)
We haven't seen a whale transaction THIS BIG in quite some time.
This is massive and sends a clear signal that He/She knows something is coming.
— Shiba Inu News (@ShibalnuNews) October 26, 2021
Could the crypto whale who made this purchase is now behind the price recovery of SHIB (Shiba Inu)? Your thoughts.
UK Authorities Seize $667,000 of BTC From Silk Road 2 Admin
Thomas White, the admin of Silk Road, the first modern dark web market was ordered to turn over $667,000 to the UK’s National Crime Agency (NCA).
In 2019, White was convicted and was sentenced to five-year imprisonment. It can be recalled that Ross Ulbricht, the founder of the Silk Road 1 was sentenced to double life imprisonment terms plus 40 years with no possibility of parole in 2015. Silk Road 2 (SR2) DNM took over with White taking charge under the names “Cthulhu” and “DPR2.
In a report by Sky News, White who was a college dropout and unemployed was living in a £10,700 plush apartment on Liverpool’s city waterfront. According to investigators, White earned 1% for all the goods traded on Silk Road and 5% on each sale from its thousands of users. Even after he was jailed, the authorities continued to monitor his finances. Tyrone Surgeon of the NCA stated:
“Thomas White was a well-regarded member of the original Silk Road hierarchy. He used this to his advantage when the original site was closed down and profited significantly from his criminal activity.”
He further stated:
“This case proves that crime doesn’t pay – not only has he spent the last two years in prison, he now has to hand over nearly £500,000.”
Will the apprehension and conviction of bad actors using cryptocurrencies particularly BTC (bitcoin) soon put a stop to the association of digital assets to illegal activities like drugs and money laundering? When this happens, will it finally push their further adoption to the real world?