Weekly recap: SHIB devs gear up for update, BNB crumbles under selling pressure, Ethereum deposits climb

• Shiba Inu developers are working on a cold wallet, after the release of Shibarium’s Puppynet. 
• Binance coin holders open short positions, increasing selling pressure on the native token of the exchange. 
• Ethereum deposits continue climbing, making new highs over the past two days and reducing ETH in circulation. 

Shiba Inu developers are working on a technical update, a cold wallet according to recent developments. Shiba Inu is therefore likely to recover from its downward trend with the bullish catalyst.

BNB investors have lined up short positions with the Open Campus (EDU) launchpad event. This has increased selling pressure on BNB. 

Also read: Solana outperforms Bitcoin despite taking massive hit after FTX crash

Shiba Inu developers begin work on cold wallet 

As the meme coin narrative fades, SHIB price is struggling to begin its recovery. Nearly 80% of SHIB holders are currently underwater, or sitting on unrealized losses, based on data from crypto intelligence tracker IntoTheBlock.

Read more here. 

Interestingly, SHIB developers are working on a cold wallet. According to a discord update from Shibarium, the team is currently in talks with Huobi exchange, CertiK and looking at possible collaboration in the development of a cold wallet. 

The development could act as a bullish catalyst for Shiba Inu and kick off the asset’s recovery. 

Binance Coin struggles under selling pressure as traders open shorts

Binance exchange’s native token is struggling with selling pressure as BNB holders anticipate the impact of the upcoming token launchpad event and open short positions. 

The anticipation surrounding the launch of Open Campus (EDU) token has resulted in an uncertainty among BNB token holders and there is a decline in the asset’s price. BNB price yielded nearly 2% losses for holders since April 27. 

Binance recently lifted the trading ban on Russia and experts expected the event to act as a catalyst for BNB price. 

Find out more here. 

Ethereum deposits hit new high post Shapella

As Ethereum holders gear up for the next big update after Shapella, the volume of ETH deposited in the Beacon Chain contract makes new highs. Based on data from Nansen, ETH deposited since Shapella made new highs over the past two days, leaving Ethereum bears in disbelief. 

ETH deposits

Find out more about Ethereum’s proto-danksharding update here.

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