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- Shiba Inu influencer hints that the cold wallet could be launched in a few days.
- Shib records a skyrocketing Total Value Locked (TVL).
The much anticipated Shiba Inu cold wallet with captivating design is expected to be announced this week according to a post by a pseudonymous Shibarium developer Shibarium1. Shibarium1 revealed that the Shiba Inu team would provide an update on the cold wallet in the next few days when things go as planned.
This was confirmed by Lucie, a prominent Shiba Inu community influencer who also tweeted that the cold wallet could be launched this week. However, she was not too sure.
Cold wallet coming this week ( Probably). What is it? A cold wallet, also known as a cold storage solution 1, is a type of cryptocurrency wallet that is not connected to the internet. It securely stores a user’s private keys offline, usually on a physical device, to protect them from potential hacking and theft. With a cold wallet, cryptocurrency investors aim to prevent unauthorized access to their funds. $SHIB.
Shibarium1 also posted a teaser on Twitter featuring an image relating to the cold wallet with the caption “sneak peak”. On the Shibarium Discord server, it was disclosed that the team held general Ask Me Anything (AMA) sessions with crypto exchange Huobi, and leading blockchain company Certik.
According to the statement, the Shiba Inu team is more likely to partner with Huobi and Certik to launch the cold wallet with cutting-edge technology. For now, no official launching date has been announced. Also, the specific features of the wallet have not been disclosed.
The TVL of Shiba Inu Surges by 120%
This initiative is very necessary as the crypto community has consistently re-emphasized the need for cold wallets to prevent the growing incidence of targeted hacks in the Industry. Recently, Certik’s quarterly report disclosed that $320 million in cryptos was stolen by cybercriminals in the first quarter of 2023. Bitrue also lost 172 billion SHIB after a security breach was recorded in its hot wallet.
Shiba Inu’s Total Value Locked (TVL) is also reported to have skyrocketed by 120 percent per year. Its significant surge in TVL has been linked to the liquidity crisis the token is currently facing. Because liquidity is very important in the crypto industry, Annual Percentage Rates (APR) can attract more liquidity providers to solve the issue and also stabilize the Shiba Inu ecosystem. Another reason for the TVL surge is the recent price decline to $0.000009. The price decline likely caused a “series of position liquidations and the unwinding of open Liquidity Provider (LP) positions.”
Recently, Bloomberg Intelligence’s senior commodity strategist Mike McGlone warned that Shiba Inu is a pure “speculation machine” and also expected that Bitcoin would continue to perform.
But 22,000 cryptos and things like Dogecoin, and Shiba Inu… It shows the inflation in the system that needs to be purged. That’s just indicative of what happened in almost every major pump and liquidity we’ve had in the past, up to the 1929 crash that ended in the 30s, up to what happened to 2000, the internet bubble. You got to get rid of that excess of liquidity and risk assets and excess of speculation. And Dogecoin and Shiba Inu are just nothing but pure speculation machines… there are a hundred cryptos that matter and the number one is Bitcoin.
