Daily Crypto Oct. 25: Why Shibarium Transaction Skyrocketing and Andrew Tate Memecoins Crash Over 90%

Welcome to the OLE77 – Asia 1st Multiplatform Crypto Gaming in the Daily Crypto section. This week has seen notable news across the crypto and tech worlds. Shiba Inu’s Shibarium network witnessed a massive 760% surge in daily transactions. Meanwhile, Meta is testing facial recognition to tackle fake celebrity scam ads. Lastly, memecoins endorsed by Andrew Tate have experienced dramatic losses, with some plummeting over 90%.

Why are Shibarium Transactions Skyrocketing?

Shiba Inu’s Shibarium network has seen a 760% surge in daily transactions, sparking optimism for a price rally. From October 18th to 19th, daily transactions jumped from 28,110 to 324,590, marking the highest activity in over a month. This rise could drive further growth in Shibarium’s activity, especially with more SHIB tokens being burned through transaction fees.

Shiba Inu’s Marketing Lead, Lucie, pointed to factors like Shibaswap and Shib the Metaverse as possible drivers behind the spike. Shibaswap, a decentralized exchange on Shibarium, has experienced a rise in trading volume, contributing to the surge in transactions.

Shiba Inu’s burn rate has spiked, with a 941% increase in the past week and over 322 million tokens burned. As of now, after the soar, SHIB’s price seems down a little bit with trading price at approximately $0.00001799 (data by CoinMarketCap, Oct 23rd).

Read more: APECOIN Price Skyrocketing By 90% in A Day

Meta is Testing Facial Recognition Technology

Meta, the social media giant with nearly 4 billion users, is testing facial recognition technology to tackle fake celebrity scam ads on its platforms. Early tests with a small group of celebrities have shown positive results, and Meta plans to expand this to 50,000 celebrities and public figures soon.

The system works by comparing ad images with profile pictures from Facebook and Instagram to detect scams. If a match is found and the ad is confirmed as fraudulent, Meta will block it. This move targets scams involving the impersonation of high-profile figures like Elon Musk and Oprah Winfrey.

Meta also plans to notify celebrities enrolled in this protection program, with an option to opt-out. However, the company must be cautious due to a recent $1.4 billion settlement related to the unauthorized use of biometric data. Facial data used in the scam detection process will be deleted immediately.

Read more: Report: 76% of Wealthy Individuals in Asia Invest in Cryptocurrency

Controversial Andrew Tate-Backed Memecoins Crash Over 90%

Memecoins endorsed by Andrew Tate has experienced dramatic value drops, raising concerns about market manipulation. Tate, known for his controversial online presence, promoted over 10 Solana-based memecoins in June. For instance, $GER (Germany Token) plummeted by 99% within just two months. These tokens, often lacking real utility, are highly volatile.

Other memecoins like Roost (ROOST), Fuck Tristan (FTRISTAN), and Daddy Tate (DADDY) also suffered dramatic losses, those lost over 90% of their value after his endorsement. These sharp declines raised suspicions of market manipulation, particularly as Tate was previously accused of insider trading.

Tate, previously accused of insider trading, his provocative social media posts only fueled concerns. This collapse serves as a reminder of the risks in speculative crypto investments and the urgent need for stricter regulations in the crypto space.