Articles Website Announcement website-posts

Weekly Wrap: Bad Month for Crypto? These Altcoins Disagree

Bitcoin, the largest crypto by market cap, fell by over 12% in August, but this didn’t seem to affect certain cryptocurrencies. Some projects in the altcoin market showed significant gains amidst many positive events involving them, even during a bear market. 

Among the top performing altcoins, Chiliz – a token issued by blockchain-enabled sports entertainment platform – was the biggest gainer in August. The network’s CHZ token surged past over 75% in the past 30 days, while received regulatory approval to operate in Italy. 

Another altcoin to outperform the broader crypto market is Cosmos (ATOM) which increased by over 25% in the monthly timeframe. ATOM’s significant rise occurred even as Bitcoin and Ethereum prices tumbled and this may have been due to the development side of ATOM’s roadmap. This includes a plan to make ATOM a primary collateral asset in three new stablecoins that will launch within the Cosmos ecosystem.

Pay your Taxes in USDT & DAI in Mendoza, Argentina

A new step toward cryptocurrency normalization has been taken in Argentina, as the Province of Mendoza’s residents can now pay their taxes using stablecoins. The Mendoza Tax Administration described the new option as a step towards “modernization and innovation,” by giving its two million residents more online payment options for their taxes. Taxpayers can use crypto wallets and pay their taxes in Tether (USDT), and MakerDAO’s DAI (DAI), and the Tax Administration will convert the US-tethered stablecoins into Argentinian pesos for processing the transaction.

Only 5% of Bitcoin’s supply traded last month

According to data from IntoTheBlock, 62% of Bitcoin’s addresses haven’t moved their coins for more than a year, and 32% of investors haven’t moved onto their coins for between one and 12 months. This means that only 5% of Bitcoin’s supply is being traded in the last month. These numbers indicate that most Bitcoin investors are optimistic about the long-term future, helping the biggest cryptocurrency in its recent struggle to stay above the $20K mark.

3.6 billion SHIB burnt in August

The ongoing Shiba Inu’s high burn rates continue, as data indicate that 3.6 billion SHIB have been burnt in August. In crypto parlance, burning means permanently removing a number of tokens from circulation. This is typically done by transferring the tokens to a burn address, or a wallet from which they cannot ever be retrieved. According to Crypto Eye, a portal that compiles detailed statistics on Shiba Inu, the figure of SHIB burned over the summer to 12.67 billion tokens, the equivalent of $154,507. And, the number of SHIB holders has exceeded two million addresses.  

This crypto project may soon be on Solana 

Solana network may soon welcome another project from the crypto space. Recently, the Internet of Things (IoT) blockchain network Helium proposed to transition to the Solana blockchain following a new HIP 70 governance proposal. According to the Helium core developers, the transition may be the right move to “improve operational efficiency and scalability,” in order to scale the network. Other than improving speed, and reliability, developers believe that the transition could make way for more rewards for miners.