Following the release of the US CPI figures, Ethereum and Shiba Inu are on the road to recovery.
The Ethereum community is debating whether ETH is a “security” as the Merge approaches. In a bear market scenario, both Shiba Inu and Ethereum risk additional falls.
Weeks before the Merge—switch Ethereum’s from proof of work (PoW) to proof of stake—the argument over whether Ethereum has erupted once more on cryptocurrency Twitter (PoS). A Bitcoiner named Nick Payton claimed on Twitter that the move to proof of stake is proof that the cryptocurrency is a “security” since the Ethereum community decided to modify the asset’s characteristics.
The creator of Ethereum, Vitalik Buterin, criticized opponents and refuted the claim made by proponents of proof-of-work that voting on protocol settings makes ETH secure. Both in PoW and PoS, nodes reject incorrect blocks. Therefore, the discussion of whether Ethereum is a security is raging on cryptocurrency Twitter as ETH recovers from its decline after the US CPI data release.
The Total Value Locked (TVL) on the Ethereum Network decreased by over 35% in June 2022, according to information from CryptoCompare’s Asset Report that was just made public, showing a dip in interest in the cryptocurrency.
As the debut of the stablecoin SHI and reward token TREAT near, the price of the Shiba Inu started to rise again. The meme currency has recovered all its recent losses. A second announcement with launch dates will shortly follow Shytoshi Kusama’s one regarding development improvements in the Shiba Inu ecosystem.
Like Ethereum’s ecosystem is growing, that of Shiba Inu is also. Shibarium, Shiba Inu’s layer two, and layer-2 scaling solutions for Ethereum help lower transaction costs and boost transaction efficiency.
There is a chance that the price of Ethereum may continue to fall. The bearish thesis has support without a daily close above $1,243, where a triple top occurred. Ethereum’s price is probably a bull trap if it stays below $1,243.
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