Skip to main content
AltcoinsBitcoinBlockchainNewsTechnology

Crypto Weekly News: Meme Token Rises After Achieving 1M Holders, ConstitutionDAO Token Amid Closing Down and More

By November 27, 2021February 24th, 2023No Comments

Shiba Inu Price Spikes as Holders Number Reached 1M

SHIB (Shiba Inu) has recorded a significant increase after its holders reached 1 million. On Oct. 28, the price meme token recorded its newest all-time high at $0.000089. The massive increase in its price has made it the #11 leading cryptocurrency by market cap at that time before slipping to #12 today after its price drop as a result of its large holders taking profits.

According to a report by Coindesk, the crypto market has now switched to a risk-off mode where traders reduce their exposure to digital assets with very high risk.

Today, an announcement was made on Shiba Inu’s Twitter account that the holder of the DOGE (dogecoin) rival has now reached 1 million. 

Also, on Nov. 15, Gemini, a crypto exchange founded by the Winklevoss twins announced that users can now trade SHIB (Shiba Inu) on its platform which has attributed to the rise in its price. Today, SHIB (Shiba Inu) is now at  $0.000039 and has been down by 1.38% in a 24-hr chart. The “dogecoin killer” has a total market cap of  $21,188,309,561 in data by Crypto.co and is just two knots away from its major rival from DOGE (dogecoin), Elon Musk favorite crypto.

ConstitutionDAO Token Skyrockets Recording an All-Time High

ConstitutionDAO PEOPLE token surges recording an all-time high

PEOPLE token, the native token of ConstitutionDAO price soars and recorded an all-time high amid closing down as announced on its website. But surprisingly, the price of PEOPLE, the token of the DAO, soared to almost 200%. In data by Coingecko, the PEOPLE token price surged to $0.053044 recording its newest all-time high from its price of $0.033 early today. 

The ConstitutionDAO was a DAO formed to buy a copy of the U.S. Constitution at the Sotheby’s auction. It was able to raise a total of 10,000 ether ETH (ethereum) or $46 million a day before the auction. Unfortunately, Citadel CEO Ken Griffin won over ConstitutionDAO to become the owner of the rare copy of the US Constitution. 

After its failure to acquire the Constitution, the DAO offered three options to its contributors as stated by Decrypt. 

  • They can either return their PEOPLE tokens to claim a refund in Ethereum (minus the gas fees)
  • They can hold out and receive one new governance token, dubbed “We The People” (WTP) for each of their PEOPLE tokens 
  • They can do neither and simply wait.

On Nov. 23, ConstitutionDAO announced on its website that it was shutting down its operations and stated that the “project has run its course”. The team has also been humble enough that despite their efforts, they are not capable enough to handle a huge and technical project like ConstitutionDAO.

“While we would very much like to have been able to do so, we have determined that building and maintaining an ongoing project is not something that we as a core team are able to support, given the technical and administrative requirements of doing it properly.”

The announcement further stated:

“This project was a landmark event that showed the entire world that a group of internet friends can use the power of web3 to face a seemingly insurmountable goal and achieve incredible results on an impossible timeline. It is our sincere hope that this project will spark many others that take inspiration from the enthusiasm and accomplishments of everyone involved to use the power of web3 to make a positive impact on the world.”

According to reports, the surge in the price of the PEOPLE token could be a result of the rise in traders’ demand as they swap PEOPLE tokens with WTP.

Aussie Regulatory Body Bids to Seize $21M Worth of BTC from an Alleged Scammer

Australian authorities bid to seize more than $20M worth of bitcoin from an alleged scammer

The Australian Securities and Investments Commission (ASIC) is now on the move to seize $29M worth of BTC (bitcoin) from Aryn Hala and his Heidi Walters allegedly store in a cold wallet. 

The couple amassed the money using their company A One Multi by promising annual investment returns of over 20%. They lured their victims to invest their superannuation in a self-managed superannuation fund (SMSF) and then lend the collected money to A One Multi that later ceased operations. 

According to a report by the Sydney Morning Herald, the couple used the investors’ money to buy assets including expensive cars like a Tesla and a Ferrari. But the couple has hired lawyers seemingly to face ASIC’s allegations head-on. 

CoinSpot, one of Australia’s major cryptocurrency trading platforms where the couple reported purchasing cryptocurrencies is now also being questioned by the regulatory body. But the crypto exchange stated that there was no account under the name of Mr. Hala, Ms. Walters, or A One Multi. But after conducting an intensive investigation, it was later revealed that Mr. Hala owns a CoinSpot account and has received around 375.99 BTC (bitcoin) or $29.45 million at the time of the report. 

ASIC believes that the cryptocurrency could have been stored in a cold wallet. The recent development has placed CoinSpot in a tight situation. But the crypto exchange reiterated that it has adhered to AML-CTF despite its initial claim.

“CoinSpot has a cooperative relationship with all relevant regulatory bodies including ASIC. Any lawful requests for information by regulators are treated seriously and with priority.” 

It has further stated:

“In line with our stringent Information Security Management and AML-CTF policies, information relating to a specific request may need to be verified before any information can be shared.”

It has also emphasized that its action was merely to protect its users.

“This is to ensure any requested information is accurate and relevant to the request and to protect the privacy and security of all CoinSpot customers.”

Elon Musk and CZ Word War on Twitter Over Dogecoin Withdrawal

Elon Musk and CZ showdown on Twitter over dogecoin withdrawal glitch

The two well-known crypto personalities, Elon Musk and Binance founder and CEO Changpeng Zhao reportedly had a dispute on Twitter following issues on DOGE (dogecoin) withdrawals on the trading platform.

In a statement by Binance, DOGE (dogecoin) was temporarily down due to technical issues.

Binance also stated that the issue was being encountered by users because the exchange has “a different technical wallet set-up for DOGE.”

From then on, the crypto exchange has released updates on its Twitter account and even stated that they have been receiving support from the dog-meme token network.

“Since the incident occurred, DOGE Network has been providing us with support, but we have to rebuild the wallet entirely, which is causing a delay that we expect may last another week or so.”

But this didn’t sit well with Doge godfather Elon Musk. Tagging the Binance founder in a tweet, Musk stated that the current incident “sounds shady.”

The tweet received a reply from Binance official Twitter account and reiterated that it is “not shady” but rather “frustrating.”

CZ then replied and issued an apology but also included a link to a Tesla software glitch that caused nearly 12,000 Tesla cars to be recalled over safety concerns in his tweet.

In reply to this tweet, Musk stated that he only raised the issue on behalf of DOGE (dogecoin) users on Binance since he personally does not use the crypto exchange.

CZ on his part admitted that he only overreacted because of the word “shady” used by Musk. He went on to encourage him to try to use Binance US for his DOGE (dogecoin) transactions.

Musk replied in a sober mood.

Seems like all’s well that ends well for the two richest men in the world and most influential personalities in crypto.

(Coming Soon)

It’s here! CRCO available at limited quantities. 🚨 Click here to learn more!
This is default text for notification bar
Learn more