Welcome back to Altcoins at a Glance. We know that time is precious, so we have prepared a summary of the latest and most interesting news about your favorite altcoins. We aim to keep you updated in under five minutes.
One of the Top L1 Altcoins, Avalanche Partners with Alibaba Cloud
- Avalanche (AVAX), a top Ethereum competitor, partners with Alibaba Cloud to launch the Cloudverse metaverse platform.
- Cloudverse allows businesses to easily customize, launch, and maintain their metaverse.
- This is not the first time the two tech companies have collaborated. In December 2022, the two entities partnered to allow users to launch validator nodes through Alibaba Cloud’s infrastructures.
Bitcoin and PoW Altcoins Face Possible Mining Tax
- The Whitehouse announced a proposed 30% tax on electricity consumed by crypto miners.
- The President’s Council of Economic Advisers (CEA) has argued that crypto is harming the environment because of high power consumption. The 30% tax is meant to minimize crypto’s effect on climate change.
- Proof-of-Work (PoW) crypto assets like Bitcoin will be most affected since they rely on crypto miners to secure and validate the network. Other PoW altcoins are Litecoin (LTC), Dogecoin (DOGE), and Monero (XMR).
- Presidential Candidate Robert F. Kennedy Jr. said that the proposal is a bad idea, and it will just push innovations to other countries.
CBDC Faces Opposition in North Carolina
- North Carolina’s House of Representatives has passed a bill to oppose Central Bank Digital Currency in the state.
- House Bill 690 was passed on May 3, 2023.
- HB 690 prohibits any state agency or the General Court of Justice from accepting payments using CBDCs or participating in any test of a CBDC by any Federal Reserve branch.
- It also limits the Federal Reserve from using North Carolina as a potential venue for CBDC pilot testing.
PEPE the New Meme Coin on the Block
- PEPE, a new popular meme coin, has taken the crypto community by surprise. From obscurity, the token’s total market cap has risen to more than 1 billion dollars.
- Stories of early investors getting 5,000,000% profit have further fuelled the craze. Blockchain analysts have pointed out that an investor who spent $263 buying PEPE has made $3.8 million in profit.
- PEPE is a token based on the popular Pepe the Frog internet meme, created by Matt Furie
Shiba Inu Burn Rate Explodes
- Shiba Inu (SHIB) burn rate has increases to more than 56,000%. A total of 1.6 billion was purged from the circulation.
- Burning of token supply can theoretically lower down the circulation supply, thus making the asset scarcer. A scarcer asset should in theory have a higher value.
- The Shiba Inu ecosystem is currently testing its layer 2 scaling solution Shibarium.
- SHIB is trading 0.00000945 at the time of writing
That is your weekly update. See you next week.
Feature Image from Unsplash
