Algorithmic Stablecoin Neutrino (USDN) Slumps Amidst Manipulation Rumor
Neutrino Dollar (USDN), the Waves ecosystem’s algorithmic stablecoin, has plunged by more than 15%, losing its U.S. dollar peg. Rather than trading 1:1 against the U.S. Dollar, the stablecoin now trades at 1:0.8479.
The five-day price chart of the Neutrino Dollar (USDN). Source: Tradingview
The early price drop was as steep as 40% before the stablecoin recovered above $0.80. The sharp price drop means USDN, which has a circulating supply of 1 billion USDN, has lost more than $1,550 million.
The drop comes as WAVES, the token backing the stablecoin, saw a double-digit price drop. Prior to the drop, Waves users had accused the Waves team of manipulating the price of WAVES through its DeFi lending platform Vires.finance.
Although Waves CEO Sasha Ivanov had dismissed the allegations, many Twitter users referenced the 200% price surge of WAVES in March. Vires.finance has also lost 33% of its liquidity in the last four days in the midst of the controversy.
The 24-hour price chart of Waves (WAVES). Source: Tradingview
The SEC Wants More Control Over Crypto, U.K. Wants to ‘Lead the Way’ in Crypto
As the crypto industry gains more global prominence, the Securities and Exchange Commission Chair, Gary Gensler, has said that the regulator wants more oversight of crypto.
According to Gensler, the SEC will collaborate with the Commodity Futures Trading Commission (CFTC) to supervise the operations of digital asset trading venues.
The regulator lists protecting investors from fraud and illicit activities within the crypto industry as its priorities. The move comes a month after President Joe Biden signed the first-ever executive order on digital assets.
Experts have predicted that clearer, more favorable regulatory frameworks will drive the faster adoption of cryptocurrencies globally.
Intel Launches Second-Gen Bitcoin Mining Chips, Blockscale
Global semiconductor manufacturer, Intel, has unveiled its second-generation Bitcoin mining chip, called “Intel Blockscale ASIC.” The chips are designed to operate on proof-of-work blockchains using SHA-256 encryption.
Intel says the Intel Blockscale ASIC will help miners achieve “both sustainability and hashrate scaling objectives.” Intel adds that its new line of mining chips will offer miners more efficient mining rigs than most models available on the market.
According to the statement released by Intel, each chip will have a hashrate of up to 580 gigahash per second (GH/s). As a result, they will consume between 4.8 to 22.7 watts of power and have an efficiency of 26 joules/terahash (J/TH).
In addition, the chips can be used alone or merged into a single mining unit to increase their output with a maximum of 256 integrated circuits per chain. The sale of the chips will start in Q3 2022.
Intel’s new generation of chips could help miners become more environmental, social, and governance (ESG) friendly.
Dogecoin Spikes as Musk Buys Twitter Shares, Bitcoin of America Supports Shiba Inu (SHIB)
The relationship between Elon Musk and the biggest meme coin, Dogecoin, has once again been highlighted as DOGE spiked 6% after Musk purchased a $2.4 billion stake in Twitter.
The 24-hour price chart of Dogecoin (DOGE). Source: Tradingview
The founder of Tesla and SpaceX announced that he has a $2.9 billion stake in the microblogging platform, Twitter. Musk now owns 9.2% of Twitter, more than four times the stake held by founder Jack Dorsey. Musk will also join Twitter’s board of directors.
The second-largest meme coin, Shiba Inu (SHIB), also has developments to boast of. Bitcoin of America, a leading BTC ATM operator in the United States, has announced the integration of Shiba Inu (SHIB) into its platform.
This means SHIB can now be bought and sold on over 1,800 machines across 31 states in the U.S. According to Bitcoin of America, SHIB was listed because of the growing popularity of the meme coin.
While Dogecoin and Shiba Inu started out as memes, they are now among the top drivers of global crypto adoption.