Crypto Spotlight: Ethereum, Shiba Inu, and Bitgert Performance Review
Ethereum is the second-largest cryptocurrency by market capitalization, after Bitcoin. Ethereum is also the most popular platform for smart contracts and decentralized applications (DApps). Ethereum has undergone a major upgrade with Ethereum 2.0.
Ethereum 2.0 aims to improve its scalability, security, and efficiency. Ethereum 2.0 transitioned Ethereum from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) one. Ethereum 2.0 will reduce its energy consumption and environmental impact.
Ethereum has also been benefiting from the growth of decentralized finance (DeFi) and non-fungible tokens (NFTs), which are mostly built on Ethereum network. Ethereum has a market capitalization of $197.61 billion USD. However, presently, traders are gradually leaving the Ethereum market.
The current open interest stands at its lowest point in the past 13 months, indicating a cautious retreat by traders to safeguard themselves from potential losses on the Ethereum network. A large whale sold off 10,600 Ethereum (equivalent to $17.2 million) at a rate of $1,622, resulting in a loss of approximately $2.9 million. As of August 23, 2023, Ethereum was trading at $1,644 USD.
Alongside the crypto giant Ethereum, we have Shiba Inu on the list. Shiba Inu is a meme-based cryptocurrency that was launched in August 2020 as a "Dogecoin killer". Shiba Inu is named after a Japanese breed of dog Shiba Inu that is also the mascot of Dogecoin.
Shiba Inu has a total supply of one quadrillion tokens. Half of Shiba Inu tokens were sent to Ethereum co-founder Vitalik Buterin as a gesture of trust. Buterin later donated most of his Shiba Inu (SHIB) tokens to various causes, such as Covid-19 relief in India and animal welfare.
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