Latest crypto news on Cosmos, Shiba Inu and Polygon

Our column dedicated to in-depth analysis of the crypto world continues, and today we are going to analyze the prices and related news of the assets of Cosmos (ATOM), Shiba Inu (SHIB) and Polygon (MATIC). 

Prices and market statistics of the Cosmos, Shiba Inu, and Polygon crypto assets

Let’s refer to a less-positive day for these three assets, which scored somewhat negative results when compared to their potential. 

Starting with Cosmos, the token has a price of US$6.45, down 4.73% in the last 24 hours. Correspondingly, its market capitalization has also dropped, coming in at $2.3 billion. 

In terms of daily volume, we are talking about $92.8 million. In contrast, the circulating supply is 363.9 million ATOM, with an average holding time of 154 days. The crypto is in position 19 among the most popular assets. 

Similarly, Shiba Inu has also suffered heavy losses, falling about 7.7% in the past 24 hours, bringing its price down to 0.00000710. 

The famous meme crypto has a market capitalization of $4.2 billion and a daily trading volume of $107.5 million. The circulating supply of 589.3 trillion SHIB remains very high, with an average holding time of 226 days. 

Similar talk for the MATIC crypto, which totaled -6.6% over the past day, bringing its price down to US$0.50. 

In parallel, its capitalization also fell to $4.7 billion, with trading volume in the past 24 hours of $209.2 million. 

The circulating supply is 9.3 billion MATIC, with a holding time of 95 days. 

Let’s now turn to the news that has affected or may affect in the future the price of such important assets in the ecosystem. 

Cosmos update is very close

Cosmos, the blockchain project renowned for its innovative approach to interoperability, is preparing for a significant update with the upcoming release of v12. 

Scheduled for distribution on 13 September, this update involves a profound development with the introduction of the Liquid Staking Module (LSM). 

Despite the downward trend in the price of ATOM, the anticipation of a turnaround is palpable within the Cosmos community.

The significance of this update is the integration of the Liquid Staking Module, an innovative addition that promises to improve network liquidity and unlock ATOM tokens valued in the millions. 

This advancement underscores Cosmos’ commitment to strengthening the DeFi capabilities of its ecosystem across multiple chains.

Prop 821, a crucial component of this transformative upgrade, was recently approved. 

Its scope includes the replacement of existing staking, distribution, and penalty modules, ushering in a new era for ATOM. 

Rigorous testing, including end-to-end evaluations, integration evaluations and differential testing, has been carried out to ensure the reliability and resilience of the v12 release.

On 13 September, at 16985500, the Cosmos network will undergo this major transformation. The implications of this upgrade go beyond simple technical improvements; it has the potential to revitalize the blockchain staking ecosystem. 

Recent data from Staking Rewards reveal a worrying decline in the total amount of ATOM staked since August 2023.

Despite difficulties in price performance, ATOM maintains a staking ratio of more than 68% and a market capitalization of more than $1.65 billion. 

In addition, more than 905,000 staking wallets demonstrate the enduring support for ATOM within the Cosmos community.

Shibarium’s important achievements

Shibarium, the Layer-2 blockchain that has been making waves since its relaunch less than a month ago, is about to reach a remarkable milestone. 

Daily transactions on Shibarium are rapidly approaching two million, demonstrating the platform’s growing popularity among users.

Shibariumscan explorer data reveal a steady increase in transaction activity as the user base continues to expand. 

Currently, the transaction count hovers just below the coveted two million threshold. Despite the increase in transactions, the number of connected wallets remains relatively stable at 1,125,603. 

In addition, the number of mined blocks has increased, crossing the half-million mark to an impressive 572,760.

The relaunch of Shibarium took place about three weeks ago, due to the inability to handle the excessive influx of traffic during the initial launch on 15 August at the Blockchain Futurist Conference in Toronto. 

This second attempt to launch the Layer-2 solution was made possible through the collaboration of several teams, including SHIB and the Unification Fund, with support from Polygon.

Meanwhile, the Shiba Inu community has witnessed a substantial increase in the burning of SHIB tokens in the past 24 hours. 

A total of 181,859,002 SHIB meme coins were transferred to non-functioning blockchain addresses, a remarkable 333% surge in the burning rate, as reported by explorer Shibburn. 

Specifically, the largest amounts of SHIB tokens burned were 68,999,999 SHIB and 41,082,889 SHIB, followed by 19,137,508 SHIB and 15,412,592 SHIB.

Reflecting on the past, the Shibburn community reviews the major burn of Shiba Inu coins by Ethereum co-founder Vitalik Buterin in May 2021. Buterin’s actions had a profound impact on SHIB’s price trajectory. 

Had the SHIB tokens not been sent to Buterin and instead been sold, it is speculated that the price of SHIB could have reached $0.00004225, significantly different from the $0.00008845 level reached on 28 October 2021. 

These historical events continue to shape the narrative of SHIB’s meteoric rise and the role of key influencers in its path.