Author: shibainu

Author: shibainu

EU Tax for Shiba Inu (SHIB)

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Shiba Inu (SHIB) is a cryptocurrency that has gained popularity in recent years. As more people begin to invest in Shiba Inu, it is important to understand the tax implications of these investments. In this article, we will explore the EU tax implications for Shiba Inu (SHIB) and how to stay compliant with tax regulations.

 

What is Shiba Inu (SHIB)?

Shiba Inu (SHIB) is a decentralized cryptocurrency that operates on the Ethereum blockchain. It was created in 2020 as a playful tribute to the Shiba Inu dog breed, which has gained popularity online in recent years.

Shiba Inu (SHIB) has gained a lot of attention from investors due to its low price and potential for high returns. However, as with any investment, it is important to understand the tax implications of investing in Shiba Inu.

 

EU Tax Implications for Shiba Inu (SHIB)

In the EU, the tax treatment of cryptocurrencies such as Shiba Inu (SHIB) varies depending on the country. However, in general, cryptocurrencies are treated as assets for tax purposes and are subject to capital gains tax.

Capital gains tax is the tax paid on profits made from selling an asset such as Shiba Inu (SHIB). If you buy Shiba Inu (SHIB) at one price and sell it at a higher price, you will need to pay capital gains tax on the profit you made.

The rate of capital gains tax varies depending on the country, but in the EU, it is typically between 0% and 50%. The rate is usually based on the investor’s income, the size of the gain, and the length of time the investment was held.

 

Staying Compliant with EU Tax Regulations

To stay compliant with EU tax regulations, investors in Shiba Inu (SHIB) should keep accurate records of all their transactions. This includes the date of purchase, the price paid, the quantity purchased, and the date of sale (if applicable).

Investors should also keep track of any expenses related to their Shiba Inu (SHIB) investment, such as transaction fees or the cost of a hardware wallet.

It is important to note that tax regulations can change over time, and investors should stay up-to-date with any changes in tax law that may affect their Shiba Inu (SHIB) investment.

 

Taxation of Staking Rewards

In addition to capital gains tax, investors in Shiba Inu (SHIB) who participate in staking may also be subject to income tax on their staking rewards.

Staking involves holding a certain amount of Shiba Inu (SHIB) in a wallet and using it to validate transactions on the blockchain. In exchange for this service, stakers are rewarded with new Shiba Inu (SHIB) coins.

Staking rewards are typically treated as income for tax purposes and are subject to income tax. The rate of income tax varies depending on the country and the investor’s income level.

 

Conclusion

Investing in Shiba Inu (SHIB) can be a great way to diversify your portfolio and potentially earn high returns. However, it is important to understand the tax implications of investing in Shiba Inu (SHIB) and to stay compliant with EU tax regulations.

Investors should keep accurate records of their transactions and stay up-to-date with any changes in tax law that may affect their investment. By taking a thoughtful and strategic approach to investing in Shiba Inu (SHIB), investors can achieve their financial goals and position themselves for long-term success.

What cryptocurrency to invest in

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Asking the question, can you get the best bitcoin loans or what cryptocurrency to invest in, most people immediately answer – in Bitcoin. This is the right answer, but not the only one. Bitcoin is the first cryptocurrency in the world, it was designed as a peer-to-peer payment system. The development of the protocol was completed in 2009, at the same time Satoshi Nakamoto published the code of the program client. Bitcoin’s price is constantly rising. While at the time of its creation, it was worth a fraction of a cent, at its peak in 2022, the price reached $69,000.

For those who have decided to start investing in digital assets, Ethereum (Ethereum or Ether) may be no less attractive. It is not a payment system like Bitcoin. Ethereum was conceived as a platform for launching decentralized online services. This altcoin appeared in 2014. It has the second market rank, which means it comes right after Bitcoin. The level of market dominance of Etherium is 21.07%.

When considering which cryptocurrency to invest in, it is not necessary to focus on the market leaders. There are quite a few other popular altcoins that trade well on exchanges and allow you to earn passively. For example, Cardano (ADA), Ripple (XRP), Dogecoin (Doge), and Polkadot (DOT). Separately, let us mention Binance Coin (BNB) – it is a coin of the cryptocurrency exchange of the same name, it is not only in demand in the cryptocurrency market but also gives its holders a discount on commissions when trading on Binance.

Where is the collateral stored? There are two options for storing collateral:

  • The collateral is held by a third party. This option is offered by platforms that lend with their funds. They get users’ cryptocurrency into temporary possession. This option is also offered by some p2p services that provide a platform for interaction between lenders and borrowers. The borrower transfers the collateral to the address specified by the service, and the lender releases the money. When the loan is repaid, everything happens in reverse order.
  • The p2p platform stores the collateral at the multi-sig address. In this case, the platform acts as a guarantor of the transaction. For each transaction, a new multi-sig address is created from the public keys of the borrower, the lender, and the platform, to which the collateral is transferred. One private key remains with the borrower, one with the lender, and one with the platform. Funds are released when 2 of the 3 keys are entered.
  • Biterest keeps the pledge on the multi-sig address. The platform does not store funds or users’ private keys. Neither party can access the collateral until the transaction is closed.

Under what conditions can I get a loan with cryptocurrency collateral?

Platforms that lend out of their funds and hold users’ assets set terms for loans. They set minimum and maximum loan amounts, interest rates, discounts, loan-to-value (LTV) ratios, and terms. In p2p lending, borrowers and lenders negotiate among themselves and choose their terms. On Biterest users can fully form loan terms without restrictions: the platform has no mandatory requirements for amounts, terms, interest rates, and discounts.

How is the collateral amount determined?

The value of collateral in any type of loan must be higher than the loan amount. The amount of collateral depends on the loan amount, the annual interest rate, the term of the loan, and the discount – the “safety margin” of the collateral.

The discount indicates how much the exchange rate of the collateral currency may fall before the value of the collateral equals the loan amount and the transaction closes (this situation is called the emergence of a margin call). The greater the discount the borrower gives, the greater will be the collateral amount.

PaxFul

  • Cryptocurrencies available: Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
  • Fees: 0.1% – 5%, depending on the payment method (only from the merchant)

The main advantage of the PaxFul exchange is the huge choice of ways to pay for bitcoins, ether, and USDT. These are not only e-wallets and bank cards, but also gift cards, cash, and altcoins. There is no commission charged to the buyer.

There is a special training program to help newbies get started faster and find a reliable merchant. In addition, there is a special button “Find the best offer”, which greatly simplifies and speeds up bidding. Notably, on PaxFul sellers can create their payment methods, so their total number is constantly growing.

LocalBitcoins

  • Available Cryptocurrencies: Bitcoin (BTC)
  • Commissions: 1% from ad creator

LocalBitcoins is an exchange that has been operating since 2012 and has maintained its leadership position throughout that time. It allows you to make an exchange among many destinations in just a few minutes. It provides payment escrow services (escrow) for the security of each transaction. According to the name, only bitcoins can be traded here.

Of the disadvantages, note the fact that with a zero account, it is quite difficult to find a partner for the transaction. You will have to try to pump it up to gain credibility. Also, on the exchange, one can only sell or buy bitcoins (but it supports more than 200 fiat currencies).

The creator of the ad pays LocalBitcoins a commission of 1% of the transaction amount. The commission of the bitcoin network is also taken into account. There are limits on ad placement – a newbie can create no more than five bids – and two ways to set the price: exact or floating.

Cryptocurrency trading

You must be aware that blockchain and cryptocurrencies are already being used in many areas. Without a doubt, speculation is one of the most common uses nowadays. Trading usually involves making profits in the short term. Traders are constantly opening and closing positions. But how do they determine when to enter and exit a trade?

One of the most common ways to understand the cryptocurrency market is through a method called technical analysis (TA). Technical analysts study price history, charts, and other types of market data to find trades with good odds of profit.

What is the best method to buy cryptocurrencies?

Exchangers can be profitable at certain times. P2P exchange services are consistently in high demand. But the most convenient method is a crypto exchange. Top exchanges are regulated, their activity is transparent, and they have good technical support. They provide users with multi-currency wallets and different deposit/withdrawal options, including direct payment from a bank card and prompt transfer to it. Plus, they provide additional features, including stacking.

Conclusion

CoinLoan’s multi-purpose platform includes interest-bearing accounts, instant loans, and a cryptocurrency exchange using an API, giving users full control over the management of their assets.

Get the Inside Scoop on the Tax Treatment of SHIB in Canada!

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Shib Coin is an innovative cryptocurrency that has recently gained significant traction in the Canadian market. As such, it is important for Canadian citizens to understand how shib coin is taxed by the Canadian government.

In Canada, all income must be declared for tax purposes, regardless of whether it is earned from an employer or generated through investments, including cryptocurrency trading and investing. Therefore, any profits made from selling or exchanging shib coins are subject to taxation according to their respective income tax bracket.

It is important to note that gains made on cryptocurrency transactions are taxable under capital gains provisions and not personal income tax rules. This means that any gain on the sale or exchange of cryptocurrencies like Shib Coin are subject to a different set of taxation regulations than traditional salary income. Specifically, taxpayers will only have to pay taxes at half of their normal rate as per the capital gains exemption legislation in Canada.

Additionally, there are also other taxes associated with investing in and trading Shib Coin. For example, provincial sales tax (PST) may apply when purchasing Shib Coin from a Canadian-based exchange located within the country’s borders. Depending on where you reside and what exchanges you use, this could range from 0% PST in provinces such as Alberta up to 15% PST in Ontario. Furthermore, goods and services tax (GST) may also be applicable when using certain exchanges and payment methods such as credit cards and PayPal; however, GST does not usually apply when using direct bank transfers or alternative payment methods like Interac e-Transfer.

Overall, understanding how taxes work for Shib Coins can help Canadians make informed decisions about their cryptocurrency investments while avoiding costly penalties from the Canada Revenue Agency (CRA). When filing taxes related to your cryptocurreny investments and trades involving Shib Coin, it is best practice to contact a certified accountant or financial advisor who specializes in these matters so they can provide you with personalized advice tailored towards your unique situation. Doing this will ensure that you are maximizing your returns while avoiding potential fines due to misreporting or noncompliance with CRA regulations regarding taxation of digital assets like Shib Coins.

What are taxes in USA when for Shiba Inu?

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As a United States citizen, it is crucial to be aware of the tax implications when owning and selling Shiba Inu or other cryptocurrencies. The IRS classifies these digital assets as property, and therefore any profits or losses from their sale will be subject to capital gains tax.

To correctly calculate the capital gain or loss on Shiba Inu, it’s essential to maintain accurate records of the purchase price and any expenses incurred during the acquisition and holding of the cryptocurrency, such as transaction and storage fees.

If the Shiba Inu is held for less than a year, any gains will be considered short-term and taxed at the same rate as ordinary income. On the other hand, if the Shiba Inu is held for more than a year, the gains will be considered long-term and taxed at a lower rate. Capital losses can also be used to offset capital gains, lowering overall tax liability.

In addition to capital gains tax, self-employment tax may also apply if Shiba Inu or other cryptocurrencies are used as a form of business or trade, currently set at a rate of 15.3%.

It’s worth noting that certain states have their own cryptocurrency tax laws and regulations, so it’s important to check with the state tax agency for any additional taxes that may apply.

When reporting cryptocurrency transactions to the IRS, it’s important to use Form 8949 and Schedule D of the Form 1040. Form 8949 is used to report capital gains and losses from the sale of property, including cryptocurrencies, and Schedule D summarizes this

information and reports it on the Form 1040. It’s also worth noting that virtual currency miners are subject to self-employment tax on the income derived from mining activities, as stated in IRS guidance issued in 2019.

It’s important to keep in mind that the IRS has been actively enforcing compliance with virtual currency tax laws, so it’s essential to report your virtual currency transactions correctly and timely. The IRS has been using various methods, such as sending warning letters to taxpayers who might have failed to report their virtual currency transactions and using third-party data providers to identify taxpayers who might be underreporting or not reporting their virtual currency transactions.

In conclusion, as a United States citizen, you will be subject to capital gains tax when selling Shiba Inu or other cryptocurrencies. The rate of tax will depend on how long you’ve held the Shiba Inu, and you may also be subject to self-employment tax if you’re using Shiba Inu or other digital assets as a form of business or trade. To ensure compliance with all applicable tax laws and regulations, it’s essential to keep accurate records and consult with a tax professional. Additionally, it’s important to be aware of any state-specific laws and regulations regarding cryptocurrency taxes, and to be mindful of the IRS’s enforcement efforts in this area.

Benefits of Shiba Inu (SHIB) Crypto Coin

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Shiba Inu (SHIB) Crypto Coin, which is a decentralized digital currency built on Ethereum. This cryptocurrency has seen a steady rise in popularity over the past few months due to its low supply and high demand from investors. It is currently ranked in the top ten of all cryptocurrencies by market capitalization and is quickly becoming one of the most popular tokens in the space. Explore what makes SHIB unique, how it works and why it’s quickly becoming a favorite among crypto traders.

Pros:

– Low supply and high demand from investors

– Growing popularity over the past few months

– Ranked in top ten of all cryptocurrencies by market capitalization

– Quickly becoming one of the most popular tokens in the space

Cons:

– Extreme volatility due to its low supply and high demand may lead to price crashes or sharp rises, making it a risky investment for inexperienced investors.

– Unregulated nature of cryptocurrency means that SHIB is subject to fraud, scams and other crimes which can put investor’s money at risk.

Shiba Inu is quickly becoming one of the most popular cryptocurrencies, and it has a lot to offer investors. Its low supply and high demand make it attractive for those looking to capitalize on its potential growth in value. However, like with any cryptocurrency investment there are risks involved due to its unregulated nature which can lead to fraud or scams. For experienced crypto traders this may be worth taking into account when deciding whether SHIB is an appropriate choice for their portfolio. Ultimately, only you can decide if Shiba Inu’s pros outweigh the cons and will be a profitable addition to your holdings.

 

 

8.5 Trillion Shiba Inu Moved; SHIB Burn Rate Declines

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Shiba Inu coin (SHIB), the world’s second-largest meme cryptocurrency, has experienced a significant increase in value over the last week.

Shiba Inu (SHIB), the world’s second-largest meme cryptocurrency, has experienced a significant increase in value over the last week. As per the recent tweet from whale alert, an unidentified whale transferred nearly 3 trillion Shiba Inu tokens between wallets, valued at $26.3 million.

Both addresses are inactive and relatively new. These wallets contain no other tokens besides SHIB. Notably, SHIB is no longer the largest holding among the top 100 largest Ethereum whales, according to WhaleStats.

As per the ShibBurn data, the Shiba Inu coin burn rate is down by 41% in the last 24 hours. The burn rate coin declines despite the massive transfer of SHIB among whale wallets. Recently, SHIB developer ‘Shib Trophias’ shared an update about the project’s completion without naming it. The developer also stated that the project will be launched in phases to aid in the content flow. SHIB transfer from one wallet to another can be linked with the recent announcement.

According to WhaleStats’ on-chain data, the top 1,000 ETH whales own a total of $32.1 million in SHIB. Their next largest holding is Oracle blockchain Chainlink (LINK), which is worth $11 million, and gaming metaverse protocol Decentraland (MANA), which is worth $6.7 million.

As per the coinmarketcap data, the live Shiba Inu price is $0.000009 USD, and the 24-hour trading volume is $83,113,182 USD. SHIB price has increased by 1.70% in the last 24 hours, with a live market cap of $5,112,441,649 USD. It has a total circulating supply of 549,063,278,876,302 SHIB coins. There is insufficient supply.

SHIBA INU will reach $ 0.000007689

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According to our current SHIBA INU price prediction, the value of SHIBA INU is predicted to drop by -18.32% and reach $ 0.000007689 by December 11, 2022. According to our technical indicators, the current sentiment is Bearish while the Fear & Greed Index is showing 25 (Extreme Fear). SHIBA INU recorded 13/30 (43%) green days with 8.70% price volatility over the last 30 days. Based on our SHIBA INU forecast, it’s now a bad time to buy SHIBA INU.

Shiba Inu Records Trillions In Whale Accumulation

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The crypto market saw a massive recovery as whales grab the opportunity to buy the dip. Whales accumulated over 1 trillion Shiba Inu tokens in the last 24 hours, with trading volume also reaching to trillion. The move comes as the World Economic Forum invites Shiba Inu to work together as part of metaverse (MV) global policy.

As a result, the SHIB price soars almost 10% in the last 24 hours, with the current price trading at $0.0000090.

Shiba Inu Soars 10% Amid Massive Whale Accumulation

Shiba Inu’s core developer Shytoshi Kusama in a tweet on November 23 announced the World Economic Forum wants to work with Shiba Inu. Thus, Shytoshi Kusama created a poll to let the community decide whether Shiba Inu should work with the World Economic Forum on metaverse policy.

“We would be at the table with policy makers and would help shape global policy for the MV alongside other giants like FB (bye Zuck), Sand, Decentraland etc. And please don’t ask my opinion, you already know.”

Almost 63% have voted to work with the World Economic Forum, citing reasons such as increasing adoption and opportunity for SHIB. Meanwhile, most community members agree to first finish work on the Shibarium upgrade.

The move saw whales accumulating trillions of SHIB tokens. Recently, a whale scooped up over 432.30 billion SHIB and another whale added 1.29 trillion SHIB tokens.

Moreover, there have been a total of 134,952,334 SHIB tokens burned in 10 transactions in the past 24 hours. In fact, a single burn of 127,821,443 SHIB tokens was reported by ShibBurn.

SHIB Price Soars 10%

Shiba Inu (SHIB) price soars nearly 10% in the last 24 hours. The SHIB price is currently trading at $0.0000090. The 24-hour low and high are $0.0000082 and $0.0000090, respectively.

The trading volume saw a record 7.2 million percent jump as whales accumulated trillions of SHIB tokens. The SHIB price is reaching resistance near $0.0000092. If the price jumps over the level, SHIB will regain the $0.000010 level without much resistance.

SHIBA INU (SHIB) Price Prediction

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According to our current SHIBA INU price prediction, the value of SHIBA INU is predicted to rise by 4.64% and reach $ 0.000008666 by November 27, 2022. According to our technical indicators, the current sentiment is Bearish while the Fear & Greed Index is showing 22 (Extreme Fear). SHIBA INU recorded 13/30 (43%) green days with 12.99% price volatility over the last 30 days. Based on our SHIBA INU forecast, it’s now a bad time to buy SHIBA INU.

Are Cronos And Shiba Inu The Next FTX And Solana?

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I believe last week is going to go down as one of the most important in crypto history. The collapse of FTX (FTT-USD) is likely going to create ripple effects throughout the rest of the crypto market and it could potentially even have an impact on traditional finance. The logical question now is who is next? Over the summer, we saw the collapse of Terra (LUNC-USD) result in a contagion effect that also took out 3 Arrows Capital, Voyager Digital (VGX-USD)(OTCPK:VYGVQ), and Celsius Network (CEL-USD).

The FTX collapse has weighed heavily on the entire crypto industry over the last week. While the bear case for FTX Token is self-evident at this point, one coin that was hit particularly hard because of FTX was Solana (SOL-USD). While there is good reason for that, if Solana’s network metrics were performing better, SOL may have shown better resiliency. Crypto investors are now looking at other centralized custodians and wondering if we may see history repeat. Much of the noise online about the next potential shoe to drop has been popular exchange Crypto.com (CRO-USD). The token has taken a beating because of that speculation.

On the chart, we can see $0.10 has served as support during this big downturn following the liquidation events from this summer. That support has broken and CRO appears to be entering a freefall as well. There’s actually good reason to wonder if Crypto.com is having problems. We know from recent reporting by Ad Age the company has been scaling back ad-spending and cutting its staff.

In the months that followed, Crypto.com quietly downsized many of the partnership deals intended to garner mainstream attention for the brand, and in some cases the firm has attempted to pull out from these deals altogether, according to details shared by former and current employees at the company who spoke with Ad Age on the condition of anonymity.

This is not a good look but it doesn’t mean the company is going out of business. It could actually be an indication that Crypto.com has been trying to be more responsible with expenses given the broad market declines of the last several months.

Like FTX, Crypto.com is a well-known centralized crypto exchange. Also like FTX, the company has committed a lot of money through its marketing department. Crypto.com owns the naming rights to the arena where the NBA’s Lakers, Clippers, and NHL’s Kings play. This is among other sports sponsorship deals that include FIFA and Formula 1. Just like FTX before, we’re starting to see funds moving out of known Crypto.com wallet addresses. These are just the Ethereum (ETH-USD) addresses associated with Crypto.com:

After a big spike in fund flow on Friday, we’ve seen three consecutive days of outflow and the worst of it is actually within the last 24 hours – with over $121 million coming out of Crypto.com just in the last day. However, while there are some similarities with FTX from both a marketing strategy and asset outflow problem, we are told there are key differences as well.

On one hand it probably isn’t fair to assume Crypto.com is structured as poorly as FTX simply because it’s a crypto business. On the other hand, how many times do market participants need to learn the same lesson on self-custody? Early this morning Crypto.com CEO Kris Marszalek did an AMA and explained how Crypto.com is different from FTX:

We are not a hedge fund. We do not trade customers’ assets. We also kept reserves 1:1 and that’s very true today.

What we don’t know yet is what Crypto.com’s corporate obligations are. Marszalek said in the AMA that we can expect liabilities clarity in the next few weeks and he also said the company doesn’t collateralize the CRO token. I’d say these are generally positive signs for the customers of the Crypto.com platform. But it still does require trust in both Marszalek and the platform itself to justify keeping assets stored there. To its credit, Crypto.com has worked with Nansen to provide a live dashboard of the company’s self-reported crypto wallet addresses. This allows anyone to see the assets the company has in reserve. It is good transparency, but it does raise another question:

A big concern I see on this token allocation is nearly 22% of the company’s $2.3 billion assets in Shiba Inu (SHIB-USD). SHIB is yet another dog-money meme coin that I personally wouldn’t recommend going anywhere near. But if you are bullish SHIB and worried about Crypto.com’s solvency, this revelation could be cause for concern.

Even though I don’t personally see a need to have SHIB exposure, there are others who disagree. For them, the crypto.com position in Shiba Inu becomes more interesting. With a $2.3 billion balance sheet and 21.74% exposure to SHIB, Crypto.com’s SHIB position is roughly $500 million – or a little under 10% of SHIB’s fully diluted market valuation according to CoinMarketCap. Crypto.com and its users have a very large ability to move the SHIB price lower if those assets get sold. This isn’t quite as large as Binance’s FTT position as a percent of FTT’s market cap a week ago, but it’s bigger than Alameda Research’s SOL position was.

Alameda Research had a $1.2 billion SOL position while Solana’s fully diluted cap was about $17 billion at the end of June. Since Alameda Research had such a large position in SOL and needed to liquidate assets to defend its FTT position, SOL’s price experienced more than a 60% drawdown over the course of just a few days. In this morning’s AMA, Kris Marszalek said Crypto.com’s SHIB position is so large because that’s what the customers on the platform are buying and the company needs to allocate to that asset accordingly in its reserves so that when customers want their SHIB, the company actually has it.

If we trust Marszalek isn’t acting nefariously, there shouldn’t be as much risk in Crypto.com defaulting on customer obligations if the company truly has a 1:1 reserve ratio even if the run on assets on Crypto.com continues and customers start taking self-custody of their SHIB. Even if Crypto.com does actually have solvency problems like FTX, I don’t necessarily see a Solana-like risk here for Shiba Inu unless Crypto.com starts selling the SHIB without customer permission. But that would be an indication of much more severe problems and I view that outcome as very unlikely despite what we just witnessed last week from a peer.

I’ve covered CRO before for Seeking Alpha. That coverage was not positive of the token because staking the asset in Crypto.com’s earning ecosystem had become far more expensive than it was previously. Since that article, the rewards have increased slightly on the lower tiered Visa (V) cards but it still isn’t economical to take advantage of that offer in my view. That may be why CRO makes up such a small portion of Crypto.com’s token allocation. Clients aren’t holding it anymore because there isn’t much reason to.

Just 3.7%, or $54 million, of the $1.5 billion Ethereum-based assets on crypto.com are CRO token. Even though I don’t see much purpose as an exchange token, CRO is still utilized in the Cronos ecosystem.

Despite the large declines in the price of the coin, the TVL measured in CRO is actually now at an all-time high after spiking from 6.75 billion CRO to over 10.42 billion CRO in the last 5 days. Still I would exercise a lot of caution before buying the CRO dip. 54%, or $360 million, of the TVL on Cronos is attributable to one protocol: VVS Finance (VVS-USD), an entity that appears to be a classic high-APY, yield farming protocol destined to fall apart.

Summary

If you’re a Crypto.com user, I recommend using it as an on-ramp not as an asset custodian – at least not with a significant portion of your funds. Crypto.com’s token has been taken to the woodshed over the last few days and you could argue the selloff is overdone given the severity of the decline. But I’d caution buying CRO for its potential utility on the Cronos blockchain. With 75% of the blocks coming from just three entities, the blockchain validation is highly centralized and the DeFi footprint looks to be mostly attributable to the kind of risky protocols that Alameda Research was playing with.

While we don’t know what the other side of Crypto.com’s balance sheet looks like, even if the company is solvent I don’t see a big reason to buy CRO. I’m not a fan of SHIB either but I don’t think SHIB will get the same treatment from Crypto.com that SOL got from Alameda Research.

Bear market. Crypto Winter. Whatever the label; Bitcoin has struggled in a macro environment of interest rate hikes and balance sheet tightening. Despite those struggles, a balanced approach to crypto can work right now. An equal weighted allocation to my Top Token Ideas in BlockChain Reaction is beating a dollar cost averaged Bitcoin position.