Due to recent setbacks faced by popular cryptocurrencies like Algorand (ALGO) and Shiba Inu (SHIB), crypto investors seem to be turning towards Collateral Network (COLT). This blockchain-based platform allows for people to borrow funds against real-world physical assets through the blockchain.
Shiba Inu (SHIB) transfers tokens worth $65 million, causing its token price to drop to $0.00001106
Shiba Inu (SHIB) is in the headlines due to suspicious events occurring across its network. The news suggests that multiple massive cryptocurrency wallets transferred trillions of Shiba Inu (SHIB) tokens. The first series of consecutive transactions involving Shiba Inu (SHIB) was detected by Whale Alert, a bot that tracks large crypto transactions. These transactions amounted to 6,087,952,185.06 Shiba Inu (SHIB) tokens worth more than $65 million.
Another report suggested there was a transfer of Shiba Inu (SHIB) tokens worth $20.51 million. Additionally, an unknown wallet transferred 1,920,298,469,247 Shiba Inu (SHIB) tokens to another unknown wallet. The Shiba Inu (SHIB) whale responsible for the transfer paid $1.37 in transaction fees to move the massive SHIB holding.
This development led Shiba Inu (SHIB) investors and holders to expect a decrease in the token’s value. As of now, Shiba Inu (SHIB) is being traded at $0.00001106, which indicates a decline of 2.59% in the last 24 hours.
Algorand (ALGO) introduces AlgoKit while its token price fluctuates around $0.2204
Algorand (ALGO) has brought a new tool called AlgoKit. Algorand’s (ALGO) new tool aims to accelerate the process of building Web3 applications. Algokit is a set of software tools developed by Algorand (ALGO) to attract developers with traditional programming language proficiency to become part of the ecosystem.
AlgoKit offers a unified and user-friendly package containing all the essential tools for developing, testing, and deploying on Algorand (ALGO). It has a newly introduced command line interface that helps transition to Web3. Algorand (ALGO) developers have designed the tool kit to ensure new projects are successfully deployed across Web3 space.
However, despite this update, Algorand (ALGO) has not performed well on its price charts. Currently, it’s trading at a low price of $0.2205, which is a 1.19% drop within a day. Algorand (ALGO) community is waiting to see a price surge.
Collateral Network (COLT) brings crowdlending into the market, attracting investors’ attention
Collateral Network (COLT) has introduced a web3 crowdlending platform. It enables individuals to obtain loans against real-world tangible assets by utilizing blockchain technology.
Collateral Network (COLT) offers borrowers swift access to blockchain-based loans at competitive rates. It is made possible by generating NFTs supported by the borrower’s tangible assets, which allows the Collateral Network (COLT) community to serve as fractional lenders.
The platform allows Collateral Network (COLT) users to maximize their assets’ potential while maintaining control of their private keys. Users can fully utilize their assets with customized earning and borrowing solutions offered by Collateral Network (COLT).
The platform only allows borrowing against collateral that users currently possess, and not against their future earnings. This ensures users are offered low, and reasonable fees that are predetermined and agreed upon on-chain.
Currently, Collateral Network (COLT) is in the early stages of its presale, where the token is available at $0.014. Experts have predicted a 35x growth in the price soon. Tokens are selling rapidly so now would be an opportune time to purchase tokens at entry level prices.
Find out more about the Collateral Network presale here:
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