Touted as ‘Australia’s first #cryptoDINER’, a Shiba Inu themed restaurant called Shiba Wings is set to open on the Gold Coast and will accept crypto payments in exchange for its menu of hot wings, burgers and beers.
A tweet and video by Australian-based SHIB crypto enthusiast SHIB Planet revealed the new restaurant would use the NowPayments platform to accept cryptocurrency as payment. He also suggested the owners were open to future integration with Shibarium — the layer 2 upgrade to improve the scalability of SHIB on the Ethereum blockchain.
Just spoke with the owner of Shiba Wings here in Gold Coast Australia. They're opening REALLY #soon. Fully crypto integrated & links with NowPayments & open to #shibarium integration once available. Hoping to interview them. Will keep you posted. @SHIBQueenie@ShytoshiKusamapic.twitter.com/gNKNXSrDxP
Shiba Inu (SHIB) is considered a ‘meme coin’ — tokens inspired by popular culture and internet jokes— and was created on the back of the success of Dogecoin. Although it seems much of its appeal comes simply from the cute imagery of the Shiba Inu dog breed, SHIB is currently ranked 13 in market value by CoinMarketCap.
Shiba Wings ‘Coming Soon’ to Surfers Paradise
According to Shiba Wings’ social media, the diner will open “soon” and will be located on Cavill Avenue in the Gold Coast suburb of Surfers Paradise. A number of mock-ups of the restaurant’s decor shared online show prominent Shiba Inu and Bitcoin imagery and a market ticker displaying crypto prices.
Mock-up of the inside of the new Shiba Wings store. Source: Shiba Wings Facebook
Other Shiba Inu branded food ventures have been launched around the world including burger joints in Italy and a ‘Shiba food park’ in Venezuela.
In the fallout of the swift and shocking collapse of FTX last week, rival exchange Crypto.com chose to share their cryptocurrency reserves publicly in an effort to shore up customer confidence.
However, this attempt to ease customer concerns backfired when it was revealed just over 20 percent of Crypto.com’s reserves, valued at close to US$500 million, are held in the meme-coin Shiba Inu (SHIB).
This means that Crypto.com holds more SHIB than Ethereum (ETH) and USD Coin (USDC) — in fact, the only cryptocurrency the exchange holds more of than SHIB is Bitcoin (BTC).
What Exactly Does This Mean?
Initially many in the crypto community incorrectly believed that Crypto.com’s large holdings of SHIB were part of an irresponsible meme-coin heavy investment strategy.
It’s since been clarified that the exchange holds so much SHIB because its customers have purchased a lot of the token, the exchange holds 1:1 reserves of customer assets — as a Crypto.com spokesperson explained:
“The reason our Proof of Reserves include Shiba is because we hold customers’ balances 1:1. Thus, our Proof of Reserves are dictated by our customer holdings.”
Crypto.com spokesperson
Crypto.com Sent 320,000 ETH To Wrong Address
In another concerning piece of news, a Twitter user named @jconorgrogan unearthed a transfer of 320,000 ETH from Crypto.com to a wallet on rival exchange Gate.io.
This transfer, representing over 80 percent of Crypto.com’s ETH holdings, occurred on October 21 but it wasn’t until @jconorgrogan noticed it and tweeted that the wider crypto community became aware of it.
Crypto.com says that the transfer was an error, claiming the ETH was accidentally sent to a whitelisted account under its control on Gate.io instead of being transferred to a new cold storage wallet.
Since the accidental transfer occurred, 285,000 ETH have been confirmed to have been returned to Crypto.com, while the remaining 35,000 have been sent to a different address whose ownership is yet to be confirmed.
Crypto.com CEO Kris Marszalek says the incident has been resolved and claims new processes have now been put in place to avoid a recurrence:
In this particular case the whitelisted address belonged to one of our corporate accounts in a 3rd party exchange instead of our cold wallet. We have since strengthened our process and systems to better manage these internal transfers.
This string of bad news has sparked fear among Crypto.com customers, prompting many to move their assets off the exchange and sell their holdings of CRO, Crypto.com’s exchange token. As a result, Crypto.com’s reserves have fallen significantly over the past few days, from close to US$3 billion to just over US$2 billion.
Similarly, the price of CRO has dropped precipitously in the past few days — at the time of writing data from CoinGecko showed it was down over 50 percent since Wednesday, changing hands at US$0.05
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Tron (TRX)
Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment, and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, and driving content creation through financial rewards.
TRX Price Analysis
At the time of writing, TRX is ranked the 13th cryptocurrency globally and the current price is US$0.07827. Let’s take a look at the chart below for price analysis:
TRX accompanied the rest of the market during the Q2 drop, falling nearly 45% from early May until it found a low last week.
Price action formed a weekly support level near $0.06654, which has so far held up the price. The most recent swing low inside this range, near $0.06249, might be the target for any future stop runs. After this low, the swing low near $0.05789 and the gap beginning near $0.05126 mark possible higher-timeframe support.
The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.08892, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.09535, but could reach as high as $0.1173.
2. Neo (NEO)
NEO bills itself as a “rapidly growing and developing” ecosystem with the goal of becoming the foundation for the next generation of the internet – a new economy where digitised payments, identities and assets come together. As well as drawing a worldwide community of developers who create new infrastructure for the network and lower barriers to entry, the team behind this project operates an EcoBoost initiative that’s designed to encourage people to build decentralised apps and smart contracts on its blockchain.
NEO Price Analysis
At the time of writing, NEO is ranked the 54th cryptocurrency globally and the current price is US$12.54. Let’s take a look at the chart below for price analysis:
After creating a second equal low during May, NEO has gained nearly 20% into resistance that starts near $13.24.
Aggressive bulls looking for a continuation to the nearest cluster of relatively equal highs around $14.33 might look for bids near $13.86. More significant resistance rests above, near $14.85. A group of significant swing highs at $15.36 and $17.29 give possible targets if this resistance breaks.
A stop run on the recent low at $12.09 into possible support beginning near $11.63 might see stronger bidding. This area also has a confluence with the previous monthly low.
A bearish market shift could reach the swing low at $10.30 into possible support beginning near $9.84.
3. Shiba Inu (SHIB)
Shiba Inu SHIB coin was created anonymously in August 2020 under the pseudonym “Ryoshi”. The meme coin quickly gained traction and value as a community of investors was drawn in by the cute charm of the coin, paired with headlines and tweets from personalities including Elon Musk and Vitalik Buterin.
SHIB Price Analysis
At the time of writing, SHIB is ranked the 17th cryptocurrency globally and the current price is US$0.000009129. Let’s take a look at the chart below for price analysis:
SHIB performed well during Q1, reaching over 45% from the first week of February into the resistance near $0.00002542.
For the past several days, the price has been moving in a falling wedge and appears to be flipping old support near $0.000009042 to resistance. If this level breaks – perhaps due to the tempting daily equal lows below – the next support begins near $0.000008329.
Bulls entering at these levels could set their first target near the previous resistance near $0.00001280. Beyond this level, probable targets include the new monthly highs near $0.00001324 and the resistance above near $0.00001452.
A break of this resistance later this month could continue to the new highs near $0.00001682 and $0.00001824.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Luxury high-end international fashion brand Gucci is set to accept various cryptocurrencies including Bitcoin, Ether, and even Dogecoin in some of its stores in North America.
Gucci will start accepting cryptos in five of its stores across the US later this month. The locations are New York City (Wooster Street), Los Angeles (Rodeo Drive), Miami (Design District), Atlanta (Phipps Plaza), and Las Vegas (The Shops at Crystals).
The stores will accept include Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin, Shiba Inu, and five stablecoins that are pegged to the US dollar.
Crypto Provides an ‘Enhanced Customer Experience’
According to Marco Bizzarri, president and CEO of Gucci, the brand is “always looking to embrace new technologies when they can provide an enhanced experience for our customers”. He added:
Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.
Marco Bizzarri, president and CEO, Gucci
Gucci has been active in the Web3 and NFT space and recently established a Web3-focused team and released a couple of NFTs. The brand is also extending its crypto efforts to the metaverse where it is developing digital real estate in the decentralised blockchain game The Sandbox. Further, Gucci is building a virtual “Gucci Vault” for Gucci-themed NFTs.
More and More Companies Accept Crypto Payments
Gucci joins a raft of companies that accept crypto as payment. Last year, Crypto News Australia reported that a real estate company in Los Angeles would allow its tenants to rent properties with Bitcoin, starting with the Grove shopping centre and other LA properties.
Many companies in Australia are also accepting cryptocurrencies as payments. You can now order a custom-built PC, buy dog food, design a custom home, get solar power and pay for almost everything in Bitcoin.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Smooth Love Potion (SLP)
Smooth Love Potion SLP tokens are earned by playing the Axie Infinity game. This digital asset serves as a replacement for experience points. SLP are ERC-20 tokens, and they can be used to breed new digital pets known as Axies. The cost of breeding begins at 100 SLP but increases gradually, rising to 200 SLP for the second breed, 300 for the third, 500 for the fourth, 800 for the fifth, and 1,300 for the sixth. Axies can be bred a maximum of seven times, and the seventh breed costs 2,100 SLP. This limit exists in order to prevent hyperinflation in the marketplace.
SLP Price Analysis
At the time of writing, SLP is ranked the 370th cryptocurrency globally and the current price is US$0.02127. Let’s take a look at the chart below for price analysis:
SLP‘s 120% rally during February ran into 48% retracement near $0.01715. Since then, the price has been consolidating in a 40% range between $0.02124 and $0.02562.
Just below the late-December low, $0.01724 is the first level likely to provide substantial support. If the price breaks down through this level, overlapping levels near $0.01658 might cap a run on the lows near $0.01532 and $0.01475.
The higher-timeframe analysis points to the area near $0.02851 as the next substantial resistance. Significant selling has been occurring here on the daily chart. If this level breaks, the swing highs near $0.03127 and $0.03460 may be the next targets.
2. Shiba Inu (SHIB)
Shiba Inu SHIB coin was created anonymously in August 2020 under the pseudonym “Ryoshi”. The meme coin quickly gained traction and value as a community of investors was drawn in by the cute charm of the coin, paired with headlines and tweets from personalities including Elon Musk and Vitalik Buterin.
SHIB Price Analysis
At the time of writing, SHIB is ranked the 15th cryptocurrency globally and the current price is US$0.00002474. Let’s take a look at the chart below for price analysis:
SHIB performed well during February, reaching over 60% from the first week of the month into the resistance near $0.00003542.
For the past several days, the price has been moving in a falling wedge and appears to be flipping old support near $0.00002342 to resistance. If this level breaks – perhaps due to the tempting daily equal lows below – the next support begins near $0.00002129.
Bulls entering at these levels could set their first target near the previous resistance near $0.00002980. Beyond this level, probable targets include the new monthly highs near $0.00003324 and the resistance above near $0.00003652.
A break of this resistance later this month could continue to the new highs near $0.00003782 and $0.00003824.
3. Internet Computer (ICP)
The Internet Computer ICP is the world’s first blockchain that runs at web speed with unbounded capacity. It also represents the third major blockchain innovation, alongside Bitcoin and Ethereum – a blockchain computer that scales smart contract computation and data, runs them at web speed, processes and stores data efficiently, and provides powerful software frameworks to developers. By making this possible, the Internet Computer enables the complete reimagination of software, providing a revolutionary new way to build tokenised internet services, pan-industry platforms, decentralised financial systems, and even traditional enterprise systems and websites.
ICP Price Analysis
At the time of writing, ICP is ranked the 35th cryptocurrency globally and the current price is US$19.17. Let’s take a look at the chart below for price analysis:
During March, ICP also turned the corner, breaking a key swing high. This move could suggest a longer-term bullish trend.
The swing high near $25.24 stands out as a bullish target and marks an area of probable resistance. Further continuation could reach into possible resistance starting near $29.35.
Even if the bearish trend continues, a stop run at the recent swing low near $17.00 into possible support beginning near $16.47 is reasonable. If the price reaches further down, the swing low and possible support near $15.97 might provide another downside target.
The area near $14.25 could also provide support. However, a drop this far could suggest a stop run below the higher-timeframe relatively equal lows near $13.82 into possible support beginning around $13.00.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Shiba Inu (SHIB)
Shiba Inu SHIB coin was created anonymously in August 2020 under the pseudonym “Ryoshi”. The meme coin quickly gained speed and value as a community of investors was drawn in by the cute charm of the coin, paired with headlines and tweets from personalities including Elon Musk and Vitalik Buterin.
SHIB Price Analysis
At the time of writing, SHIB is ranked the 14th cryptocurrency globally and the current price is US$0.00003041. Let’s take a look at the chart below for price analysis:
SHIB performed well during February, reaching over 55% from the first week of the month into the resistance near $0.00003432.
For the past several days, the price has been moving in a falling wedge and appears to be flipping old support near $0.00002842 to resistance. If this level breaks – perhaps due to the tempting daily equal lows below – the next support begins near $0.00002729.
Bulls entering at these levels could set their first target near the previous resistance near $0.00003380. Beyond this level, probable targets include the new monthly highs near $0.00003524 and the resistance above near $0.00003692.
A break of this resistance later this month could continue to the new highs near $0.00003722 and $0.00003854.
2. Tron (TRX)
Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, driving content creation through financial rewards.
TRX Price Analysis
At the time of writing, TRX is ranked the 25th cryptocurrency globally and the current price is US$0.06582. Let’s take a look at the chart below for price analysis:
TRX accompanied the rest of the market during the January drop, falling nearly 43% from its mid-December high until it found a low early in February.
Price action formed a weekly support level near $0.05954, which has so far held up the price. The most recent swing low inside this range, near $0.05739, might be the target for any future stop runs. After this low, the swing low near $0.05629 and the gap beginning near $0.05155 mark possible higher-timeframe support.
The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.06922, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.07335 – but could reach as high as $0.07837.
3. SushiSwap (SUSHI)
SushiSwap SUSHI is an example of an automated market maker (AMM). An increasingly popular tool among cryptocurrency users, AMMs are decentralised exchanges that use smart contracts to create markets for any given pair of tokens. SushiSwap aims to diversify the AMM market and also add features not previously present on Uniswap, such as increased rewards for network participants via its in-house token, SUSHI.
SUSHI Price Analysis
At the time of writing, SUSHI is ranked the 123rd cryptocurrency globally and the current price is US$4.26. Let’s take a look at the chart below for price analysis:
After retracing nearly 55% from its December high, SUSHI set a low near $4.10 as it formed its current range.
Last week, the price swept highs near $4.30, which now also marks the previous monthly high. Relatively equal daily highs near $4.39 provide a reasonable target, although resistance beginning near $4.47 could cap the move. A break of this resistance is likely to target the swing high near $4.66 into higher-timeframe resistance beginning near $4.93.
The current area near $4.17 could provide support, although bulls may be more likely to buy near the price fractal near $4.06 if a retracement reaches this level. A break of this area could continue down to sweep the low near $3.89 into possible support beginning near $3.82.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
