Our column on prices and news in the crypto world continues, and today we will focus on three very important assets in the ecosystem: Cardano (ADA), Tron (TRX) and Shiba Inu (SHIB).
Cardano (ADA) is currently trading at 0.28 USD, with a market capitalisation of 9.8 billion USD. Transaction volume in the last 24 hours was USD 317.5 million, while outstanding supply is ADA 35.2 billion.
The average holding period for this cryptocurrency is 204 days, which shows some stability in its ecosystem.
In terms of popularity, Cardano is currently the seventh most widely known and used cryptocurrency. Cardano’s all-time high price was USD 3.10, indicating its potential growth over time.
In one week, the cryptocurrency has seen a positive change of +13.23%.
TRON (TRX) is currently trading at $0.0926 with a market cap of $8.2 billion. The volume of trades in the last 24 hours was $275.3 million, with an outstanding supply of 88.9 billion TRX.
TRON’s all-time high was USD 0.30, which is a significant benchmark in its price history.
Over the past 7 days, the cryptocurrency has experienced a positive change of +4.72%.
Shiba Inu (SHIB), with a current price of USD 0.00000734, has a market capitalisation of USD 4.3 billion.
Over the past 24 hours, the volume of trades reached $198.4 million, while the outstanding amount of SHIB was $589.3 billion.
Interestingly, the average holding period for this cryptocurrency is 235 days, suggesting significant long-term investor commitment.
In terms of popularity, Shiba Inu currently ranks 16th among the most recognised and used cryptocurrencies, although it is important to note that competition in this space is fierce.
Shiba Inu has reached an all-time high of $0.000032, indicating significant appreciation in the past.
Over a one-week period, the cryptocurrency recorded a positive change of +6.23%.
Radical changes in Cardano (ADA)
The Cardano ecosystem is currently undergoing significant changes, marked by a critical change in staking parameters announced by the Cardano Foundation.
This decision follows an extensive evaluation that included a survey of Stake Pool Operators (SPOs) and in-depth discussions within the Parameters Committee.
The main objective of this network upgrade is to improve both competitiveness and user experience within the Cardano ecosystem.
The Cardano Foundation articulated this fundamental change through its official communication channel, X (formerly Twitter):
“As a result of the SPO-Poll and a subsequent evaluation by the Parameters Committee, the Cardano Foundation has successfully submitted a transaction on the Cardano mainnet to lower the minPoolCost parameter from 340 to 170 ADA.”
This momentous development has sparked a mixture of excitement and strategic thinking in various segments of the Cardano community. In particular, Cardano’s ‘Stake with Pride’ staking pool quickly adapted to the updated parameters, highlighting the reduction of Cardano’s minPoolCost from 340 ADA to 170 ADA.
It also announced its commitment to align its policy with these latest changes, permanently setting its minPoolCost at 170 ADA and temporarily setting its margin at 0%.
This strategic change reflects a deep awareness of the changing market dynamics.
As explained in a 13 September blog post on the Cardano Foundation, the minPoolCost parameter has served a dual purpose since its inception during Shelley’s launch in 2020.
First, it serves as a defence mechanism against Sybil attacks, thereby strengthening the security of the Cardano network. Second, it guarantees a minimum income to pool operators, ensuring the sustainability of their server operations.
The Shiba Inu Burn
The Shiba Inu (SHIB) ecosystem recently experienced a remarkable and rapid increase in the rate of token burning, with over 121 billion SHIB tokens being burned overnight.
This staggering increase of 567% from previous levels has had a profound impact on the overall dynamics of the currency’s supply.
Shibburn’s data shows that this massive burning event brought the total number of SHIB tokens destroyed to a staggering 410,643,987,410,621, leaving 579,861,188,397,103 SHIB tokens in circulation.
This significant reduction in supply not only increased the scarcity of the token, but also contributed significantly to a rapid increase in its market value.
As a result of this relentless reduction in supply, Shiba Inu enthusiasts are eagerly awaiting the possibility of a further price increase.
Currently, Shiba Inu is up a robust 3.48%, valuing each token at $0.000007462. Overnight trading volume has surged by over 128%, with a substantial $256 million traded.
This accelerated pace of growth has sparked discussions about the sustainability of Shiba Inu’s momentum.
Although there are concerns about sustaining this extraordinary growth rate, ongoing developments around Shibarium, Shiba Inu’s promising layer 2 scaling solution, have sparked optimism among enthusiasts.
They believe that the continued expansion of Shibarium could play a key role in further reducing the supply of Shiba Inu tokens in circulation, potentially facilitating sustained growth in the near future.
In conclusion, the dramatic increase in SHIB token issuance coupled with the launch of Shibarium has ushered in a new phase for the Shiba Inu ecosystem.
The skyrocketing issuance rate and the possibility of future supply reduction is creating excitement and optimism among investors and SHIB supporters.