Holders play a significant role in the success of a crypto project. They discourage massive selloffs and showcase a bright future for a crypto ecosystem. Much like whales, studying the trend of digital asset holders is essential. If holders increase, a project is more likely to flourish shortly. However, if the holding wallets of a given Web3 platform reduce, the ripple effect affects the overall price, causing a shockwave of bearish trends. Recently, on-chain analysis from blockchain explorers shows long-term Shiba Inu holding wallets are cashing out SHIB tokens and buying BTCS tokens.
Why is Shiba Inu down so much?
Shiba Inu is a meme token developed as an ERC-20 token on the Ethereum mainnet. Despite an impressive performance in 2022, the platform is docile with the ongoing bearish market sentiments caused by the collapse of a significant crypto empire under Sam Bankman Fried and increased regulatory pressure from financial watchdogs, especially the US Securities and Exchange Commission. Shiba Inu’s lack of utility has also contributed to its poor performance in 2023. Having lost over 90% of its intrinsic value, the downturn has caused Shiba Inu investors to look for an alternative investment vehicle with more lucrative returns. Some of these investors have landed on a crypto gem called Bitcoin Spark.
Bitcoin Spark Review: The cryptocurrency of the future
By rewriting Bitcoin’s history, Bitcoin Spark sits at the forefront of the most promising crypto project. The platform boasts advanced technology and improved features, making it a lucrative investment deal for enterprising netizens. The project sets the pace for other Bitcoin alternatives with old-generation blockchains by employing a new consensus mechanism to house a stable and secure network for community members.
Bitcoin Spark has showcased its dedication to promoting transparency and accountability by undergoing intensive smart contract and KYC approval audits from different and independent auditing organizations. The project stands out due to its proposed mining feature under the proof of process consensus mechanism.
Instead of a centralized approach where selected node operators mine the network, Bitcoin Spark has adopted a more improved mining ecosystem powered by a decentralized atmosphere in which everyone participates. Unlike most proof-of-work powered networks, Bitcoin Spark’s proof-of-process eliminates significant entry barriers, allowing anyone to mine BTCS tokens. By accommodating an increased number of node operators, Bitcoin Spark sets the pace as a decentralized mining platform with a reduced risk of a single miner taking over the mining activities of the network and subsequently sabotaging the network.
The platform’s developers are working to integrate revenue streams through the Bitcoin Spark functionalities to reinforce mining reward allocation. The algorithms set in place to oversee the allocation process will supplement and reduce the mining rewards so long as the income from the revenue streams continues to flow. Network participants will, therefore, continue to see profitability through the limited BTCS supply.
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Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.