Shiba Inu hits a different high 🐶

Good Morning, Switchers 🌞

👋Welcome to Switch Daily.

Yeah, we know, the crypto market is down again 🥺and this time, the blame is on Bitzlato. Bitz who? Bitzlato is a Russia-based crypto exchange.

The US Justice Department, a.k.a the DOJ, charged Bitzlato Ltd. with money laundering in connection with US$700 million in crypto and arrested its founder, Anatoly Legkodymov, in Miami. 😑

BTW, if you like reading this newsletter, give us a shout-out on Twitter and get your friends to subscribe. It will mean a great deal to us!

Here’s what we’ve got for you today:

• Market pulse

• Shib crosses $2 billion

• Steaming news

• Meme of the day

Market pulse 📈

The market hits the brake 🛑

Weak economic indicators from the US and chatter about a hawkish Fed have sent Nasdaq and the crypto market into the red. The total crypto market cap is hovering around $970B—a 3% day-on-day decrease.

BTC and ETH, too, are down by 2.5% and 3.8%, respectively. As the risk-off sentiment continues, altcoins are witnessing huge selling pressure. The Crypto Fear & Greed Index shed 7 points to touch 45/100.

🐶Shiba Inu crosses $2 billion

There was a moment of excitement when someone from the team posted on slack about Shiba Inu gaining steam. We immediately dropped everything and opened CoinMarketcap to check what was going on.

Shiba Inu gained over 10% in just one hour. As of yesterday, the memecoin gained ~21% in the last 24 hours and up 55% in the last two weeks and has crossed $2 billion in market cap. 🔥🔥🔥

The crypto market has been feeling a green breeze in the past week, yes. But this is a different level of gains.

What’s happening with SHIB?

After enquiring with some of the trading brains in the office, we figured that there are three reasons for this push in SHIB’s value:

1️⃣Ethereum Whale Activity

We told you about this in yesterday’s issue, if you missed it, do check it out. Still, here’s a TLDR; SHIB is the second most accumulated token in the largest Ethereum Whale wallets after ETH itself. They have accumulated around $85 million of $SHIB ahead of the Shibarium launch.

2️⃣Excitement around Shibarium

The Shiba Inu community announced the launch of Shibarium a couple of days ago. This could have steered some excitement in the market, causing a drastic drive in SHIB’s value.

Shibarium is like Polygon, a layer 2 scaling solution for the Ethereum blockchain, developed by the team behind the cryptocurrency Shiba Inu (SHIB). Furthermore, layer 2 will remove tokens from circulation in order to reduce supply and raise the price.

3️⃣Bugatti 🤝🏽 Shiba Inu

The luxury luggage brand ‘Bugatti’ recently announced that it has partnered with the Shiba team to launch an NFT reward program.

They dropped a special NFT mint program on Twitter, and within four minutes of the launch, Shiba said that the collection was sold out.

Good going, SHIB. ⚡️

However, the markets turned red for different reasons this morning, and SHIB also shed ~10% of its value since yesterday.

Yet, the token continues to be profitable for those who bought it a week or a month ago and is still the only token in CoinMarketCap’s top 10 list by capitalization to rise. 😯

Note: None of this is financial advice, and we’re not financial advisors. We’re merely your fellow investors who share information on the go. 

What else is trending? 📻

🦧Yuga Labs New Drop Crosses $4M Volume

Within a few hours of its release, Yuga Labs' new release, Sewer Pass, had surpassed $4 million in trading volume. It allows the holders to discover mysterious surprises.

🐶Dogecoin carbon emissions down by 25%

According to research, Dogecoin was the only memecoin in 2022 to proactively reduce its carbon footprint — a key metric for mainstream adoption — by 25% in one year. This development comes after Elon Musk got closely involved with the project.

🇦🇺National Australia Bank creates stablecoin called AUDN

According to the Australian Financial Review, National Australia Bank has created a stablecoin called AUDN that allows business customers to settle transactions in Australian dollars. The bank plans to launch transactions such as carbon credit trading and remittances by the middle of the year.

Memewhile, SHIB be like…

Thank You,

See you later, folks. 👋

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