Shiba Inu (SHIB) Burn Rate Up 30,000%, Ethereum (ETH) Gets Ready For Shapella Upgrade, RenQ Finance (RENQ) Raises $10M Weeks Faster Than Experts Predicted.

The world of cryptocurrency is always abuzz with breaking news, and the past few weeks have been no different. From the soaring popularity of Shiba Inu (SHIB) to the upcoming Shapella upgrade for Ethereum (ETH) and the successful $10 million fundraising by RenQ Finance (RENQ), there is a lot of catching up to do in the crypto world. In this article, we will dive into the latest crypto news and what it means for the industry.

Shiba Inu burn rate up 30000%

Shiba Inu (SHIB) has been making waves in the cryptocurrency world, with its popularity skyrocketing in recent months. One of the latest developments with SHIB is the burn rate, which has increased by an astonishing 30,000%. The burn rate of Shiba Inu ($SHIB) has experienced a massive increase of over 30,000% in the last 24 hours, thanks to the Koyo token project. Data from the Ethereum blockchain indicates that Koyo burned a whopping 1.49 billion SHIB tokens, helping to reduce the meme-inspired cryptocurrency’s massive supply.

This is not the first time Koyo has burned a significant amount of SHIB, as it moved 1.1 billion tokens to a dead wallet earlier this year. Koyo debuted exclusively on the ShibaSwap DEX last month and through various transactions has helped reduce Shiba Inu’s supply by 8.75 billion SHIB tokens.

The increase in the burn rate suggests that there is increasing demand for the token.

Ethereum Gets Ready for Shapella Upgrade

Ethereum (ETH), the world’s second largest cryptocurrency, is gearing up for the long-awaited Shapella upgrade.

The impending Ethereum software upgrade dubbed the Shanghai or Shapella upgrade is poised to cause a significant shift in the ecosystem as Ether holders prepare for what they believe will be a major shake-up. This upgrade marks the biggest change in the blockchain’s protocol since the “Melted” in 2020.

The upgrade, which brings a proof-of-stake consensus mechanism to Ethereum, will allow Ether holders to earn rewards by staking their tokens. However, since users have not been able to retrieve their staked Ether since December 2020, many are eagerly awaiting the implementation of the Shanghai upgrade, which will finally allow them to withdraw their staked Ether.

The expected withdrawal of staking Ether is expected to lead to a massive reshuffling of the ecosystem, as users switch between service providers or move to staking on their own. Analysts predict that in the first five days after the Shanghai upgrade, users will withdraw 1.2 million Ether, valued at nearly $2.3 billion. This massive retreat is expected to be followed by a flurry of re-staking activity as users seek out new service providers.

RenQ Finance raises $10 million weeks faster than experts predicted

RenQ Finance (RENQ), a decentralized finance (DeFi) platform, has raised $10 million in its pre-sale phase, weeks faster than experts predicted. The pre-sale stage was oversubscribed, with investors eager to get their hands on RENQ tokens.

RENQ offers a variety of DeFi services including staking, yield farming and lending/borrowing. Its unique features, such as the NFT launchpad and the user-friendly platform, have attracted a growing community of investors and users. The successful pre-sale is a testament to the strength of the project and the confidence that investors have in its potential for growth and adoption.

Conclusion

The world of cryptocurrency is always evolving, and recent weeks have shown that the industry continues to gain momentum.

From the soaring popularity of Shiba Inu (SHIB) to the upcoming Shapella upgrade for Ethereum (ETH) and the successful fundraising of RenQ Finance (RENQ), there is a lot to keep an eye on in the crypto world. It will be interesting to see how this development plays out and what other exciting news is yet to come.

Click here to buy RenQ Finance (RENQ) tokens.

Visit the links below for more information on RenQ Finance (RENQ):

Website: https://renq.io
White paper: https://renq.io/whitepaper.pdf