Terra Stablecoin Supply Surges by $5B In Under A Month, Bitcoin in Macro’s Clutches, SHIB Added to Balance Sheet
Meanwhile, net ETH emissions for November recorded the lowest ever since EIP-1559’s implementation in early August.
As cryptocurrencies go mainstream, Canadian online healthcare company Ask The Doctor has added $1.5 million worth of Shiba Inu to its balance sheet. The company said on Twitter it would also support SHIB for payments.
The company purchased these 31.24 billion SHIB tokens through the crypto exchange Kraken.
Just last month, publicly-traded company Tokens.com Corp also bought 833 million SHIB tokens worth about $50k to provide its investors with exposure to the meme cryptocurrency.
Hopefully your team will be able to get $shib listed and the wallet launched!
— Ask The Doctor ® 🇺🇸🇨🇦 (@askthedr) December 2, 2021
But Ask The Doctor is not done buying dog coins as on Wednesday, it said, they are planning to add another $1.5 million worth of crypto assets to its balance sheet on the dip.
“Ask The Doctor has love for all “dog tokens” and all crypto. We believe in financial / health inclusion for everyone globally. This is why we as a company are striving to get lots of utility for doge shib and floki.”
SHIB is a $23.68 billion market cap coin trading at $0.00004315, down 50% from its all-time high just over a month ago. Meanwhile, Dogecoin, which has a market cap of $29 bln, is trading at $0.22. SHIB 1.72% Shiba Inu / USD SHIBUSD $ 0.00
$0.001.72% Volume 673.23 m Change $0.00 Open $0.00 Circulating 10 t Market Cap 6.77 b 1 y ETHBTC Hits New 2021 High, Dogecoin and Ethereum Price Leading Google Trends in 2021 1 y Terra Stablecoin Supply Surges by $5B In Under A Month, Bitcoin in Macro’s Clutches, SHIB Added to Balance Sheet 1 y Twitter CEO & Bitcoiner Jack Dorsey is Out, Ethereum Is In DOGE -2.52% Dogecoin / USD DOGEUSD $ 0.09
$0.00-2.52% Volume 626.57 m Change $0.00 Open $0.09 Circulating 132.67 b Market Cap 12.09 b 1 y Ray Dalio says, Bitcoin Is An “Alternative Money” While NFTs An Investment; May Also Become A Type of Money 1 y Dogecoin Foundation Working with Ethereum Co-Founder Vitalik for DOGE Staking Proposal 1 y DOGE Sucking Liquidity from Crypto Market Again, Tesla to Accept Dogecoin Again For Merch
While dog coins are resting after enjoying an uptrend in the last quarter, in Q4, Ether is the leading cryptocurrency showing strength. ETH is slowly closing in on its ATH, currently trading just above $4,500. ETH -2.81% Ethereum / USD ETHUSD $ 1,635.43
-$45.96-2.81% Volume 9.6 b Change -$45.96 Open $1,635.43 Circulating 122.37 m Market Cap 200.13 b 1 y Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 1 y A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 1 y The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022
Monthly ETH emissions have also started to decline, with net ETH emissions for November being the lowest seen since EIP-1559 was implemented in early August.
So far, 1.086 million ETH worth $4.2 billion has been burned, with Uniswap and OpenSea remaining the top contributors toward the ETH burn besides ETH transfers.
Terra (LUNA) meanwhile hit a fresh all-time high today at nearly $65, and though it pared some of its gains, LUNA is still at almost $62. LUNA 21,296.88% Luna Coin / USD LUNAUSD $ 1.20
$255.1021,296.88% Volume 343.36 K Change $255.10 Open $1.20 Circulating 1.71 m Market Cap 2.04 m 1 y Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum 1 y UST Grows 55x to Become the 4th Largest Stablecoin, Terra DeFi Ecosystem Amasses $18B in Assets 1 y Is This The Beginning of the Santa Rally? Markets Jump in Asia Session
In mid-November, LUNA’s circulating supply saw a sharp spike, caused by an increase in the amount of LUNA burned, Approximately 88.675 million LUNA, from the community pool over a period of two weeks, according to Delhi Digital.
Terra’s stablecoin UST’s market cap has also climbed to $7.69 billion, up from $2.89 billion less than a month back. UST is on track to exceed a $10 billion market cap by the end of the year, as predicted by Terra co-founder Do Kwon.
The greens in the crypto market have a total crypto market cap keeping above $2.7 billion. Bitcoin, however, continues to struggle as it trades around $56,000, 18.6% away from its $69k ATH just last month. BTC -2.37% Bitcoin / USD BTCUSD $ 23,332.42
-$552.98-2.37% Volume 30.79 b Change -$552.98 Open $23,332.42 Circulating 19.28 m Market Cap 449.86 b 1 y SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 1 y A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 1 y Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum
As Bitcoin becomes bigger, a trillion-dollar asset, it is affected by macro factors, unlike the rest of the crypto market. So, this week, as the Federal Reserve Chair Jerome Powell’s hawkish comments sent stock markets for a spin, Bitcoin took a hit as well.
While the Fed will not stop expanding its balance sheet, it is accelerating the rate at which they plan to decrease their monthly purchases, which would also mean interest rates will get hiked sooner than later.