Shiba Inu jumped in price only in a few days and holders had a gain of over 240% based on the time and day of their purchase.

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While many people are gaining large profits, many traders and investors are not sure if they wish to invest in this meme coin while it’s in a super bullish mode.
 
Having gained over 200% of profit in a few days, the SHIB hashtag became a trend on social media. From October 3 to October 7, 2021, this [memecoin ]( https://coinquora.com/tag/meme-coin/) rose by 400%, from $0.00000847 to $0.00003535 before it dropped. At the time of writing this article, SHIB stands at around $0.000025.

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Source : [Tradingview ]( https://www.tradingview.com/symbols/SHIBUSD/history-timeline/) 

This rise was mainly because of Elon Musk’s [tweets ](https://twitter.com/elonmusk/status/1444840184500129797)about the new puppy he has, which is also called a Shiba Inu. This is not the first time that he manipulates the market. [Earlier in February 2021, he renamed his bio to Bitcoin and called DOGE "people’s crypto", ](https://www.unitedbit.com/news/70)which was deemed to be support for Bitcoin and helped surge Dogecoin. However, 10 days after that, on February 15, [he caused Dogecoin to drop significantly after he criticized it. 
](https://www.unitedbit.com/news/73) 

Since DOGE had happy days for some investors, they are less concerned this time about investing in this new memecoin. Musk’s tweets caused a huge surge in the price of DOGE in February 2021, but as time passed, Mr. Musk’s tweets were not that influential in the crypto market as in February. But it doesn’t seem to be the same for Shiba. For example, on Twitter, Shiba followers reached 1 million and the total number of Shiba active holders rose.
 
Shiba was originally suggested as an ‘experimentative token’. Despite that, it will be used in Shibaswap, which is a decentralized exchange, which shows that this token is more functional than DOGE.
 
It’s interesting to know that prior to the Shiba Inu rally on October 4, an anonymous whale purchased over 6 trillion SHIB tokens worth $43M on September 30 and added another 276 billion SHIB tokens on October 2.


Shiba Inu surges more than 240% in a few days, enthralling investors and surprising traders.


The Chinese government is battling cryptocurrencies once again, and to this end, the Chinese central bank is establishing a "coordination mechanism" with state agencies.


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Joining forces to stand against crypto, China is cracking down even more on the crypto industry. It does not seem as if the Chinese change their mind.
 
Last Friday, PBoC (the People’s Bank of China) introduced some new measures to be taken to prevent crypto adoption in this country, among which is enhancing the relationships between departments to restrict crypto-related activities even more than before.
 
In an attempt to hinder any sort of cryptocurrency transactions by crypto enthusiasts, a "coordination mechanism" has been established by PBoC, the Cyberspace Administration of China and the Ministry of Public Security, and 7 other Chinese state authorities. The entities involved in this movement have boosted their crypto monitoring platforms to streamline the detection of illegal cryptocurrency transactions.
 
In this regard, to comply with the national rules, many government agencies are now restricting cryptocurrencies, said PBoC:
 
> **"Financial management departments, cybersecurity and information departments, telecommunications departments, public security departments, and market supervision departments work closely together to cut off payment channels, dispose of relevant websites and mobile applications in accordance with the law."**
 
In an attempt to compete with the cryptocurrency industry, the director of the payment and settlement department at the People’s Bank of China, Wen Xinxiang, asked for taking more measures against cryptocurrencies and stablecoins.
 This, however, was not the first time that the Chinese government had frowned upon the crypto space. They had previously [shut down several mining farms ](https://cointelegraph.com/news/china-shuts-down-crypto-mining-in-anhui-province)and [suspended crypto trading](https://cointelegraph.com/news/banks-fall-in-line-as-china-s-central-bank-cracks-down-on-crypto-accounts)  this year. Chinese regulators had cracked down on crypto earlier in 2017 in which they [banned the exchanges in their country](https://cointelegraph.com/news/breaking-all-chinese-bitcoin-exchanges-must-close-by-september-30) and didn’t let them provide service. Interestingly, after this ban, Bitcoin hit a new all-time high of $20,000.


China tightens its grip more on crypto and its operations 

While the Taliban are taking over Afghanistan, Bookblocks.io is joining forces with a US-based organization to help Afghan women have access to education.

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Women for Afghan Women’s U.S. country director, Naheed Samadi Bahram believes that the new Afghan generation is optimistic about the future and strives to receive an education. She said: **"This is a generation that grew up hopeful and dreaming about their future through educational opportunities."**
 
Bookblocks.io is a Nonfungible Token (NFT) company and has announced that they will release an NFT ( [What is NFT](https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq) ) on October 5 and that the funds raised will be given to the Women for Afghan Women organization. This organization works for women in both Afghanistan and the United States by giving them access to education and vocational training. This NFT is incredibly interesting. It illustrates a half of a woman’s face which is under one butterfly wing saying **" nothing is impossible to a determined woman."**



The Taliban are an extremist Islamist group that annexed Afghanistan in the 1990s. They banned women from studying and education back then and it seems that they have the same intention this time as they allowed only males to continue education so far. They also claim that education for girls will be available ASAP.
 
In this regard, Women for Afghan Women’s U.S. country director, Naheed Samadi Bahram, said that:
 
> **"This is a generation that grew up hopeful and dreaming about their future through educational opportunities…. We are committed to serving Afghan women and girls in Afghanistan and Afghan refugees arriving in the U.S."**
 
In this charitable act, Bookblocks.io tends to dedicate all the money collected from these NFT sales to this cause as well as an additional % for each future subsequent sale. 2,200 copies of this NFT will be minted in recognition of the reported 2.2 million girls who are deprived of education at Afghanistan's schools. Currently, the NFT is worth 0.025 ETH (almost $75.54 now).
 
Amid this bias, Afghan girls have risen up against the Taliban. They showed their disagreement by coming to the streets to demonstrate against this issue, despite the fact that they know they might get hurt, beaten, and even killed. They have also shown their dissatisfaction on social media. Despite the social and political unrest, a school entitled Code to Inspire, set up to educate Afghan girls in coding and robotics, is carrying on with online classes.



NFT Company helps Afghan women gain access to education

Optimism uncovered its new upgrade while a completion for layer-two scaling solutions is heating up.

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Optimism is the Ethereum Foundation-backed team building developing a layer-two roll-up network. This team is waiting so that Ethereum-native protocols to be launched on its network in just one click by late October said Optimism in a post on 17 of October.

> **“Any tooling that can run on Ethereum will run identically on Optimistic Ethereum.”**

They were also happy to introduce protocol upgrades that will allow one-click deployment on its network.


> **“Anyone who has written code targeting Geth can now deploy without change — even for advanced features like traces and gas.”**


To get to its most lightweight and efficient form possible, Optimism rebuilt its code in an attempt to outperform the Ethereum Virtual Machine (EVM) compatibility and gain “EVM equivalence” via shrinking. 
Over “25,000 lines” of other code were removed along with Optimism’s custom compiler in this upgrade.

> **“Building an EVM-compliant rollup poses an even greater challenge: supporting the entire Ethereum stack within the new science,” the post says. “Re-implementing security-critical EVM features is costly; every additional line of code introduces the risk of vulnerabilities.”**

Using alternative node implementations such as OpenEthereum and Erigon, the Optimism team is hoping to make compatibility easier while they claim that they have complete EVM equivalence with the Geth Ethereum client. They also ensured that their security model remains untouched from the previous model.
The upgrade comes when Ethereum transaction fees are high and therefore not good for its users. And that’s why EVM compatible chains and layer-two scaling solutions step in to reduce the high fees of the aforementioned on Ethereum’s base layer.

The largest Ethereum Bridge by total value, says Dune Analytics, belongs to the Arbitrum rollup network with $2.62 B followed by the Polygon ERC-20, Avalanche Bridge, and the Fantom Anyswap with $2.35 B, $1.86 B, and $476 M respectively.


![zzzz.png](/uploads/zzzz_a0a8619207.png)



Optimism new upgrade: ‘one-click’ roll-up deployment enabled

Binance which is a very well-known exchange has shut down its services temporarily for maintenance on its platform. This occurred when market hits ATH retail interest.

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While Bitcoin is holding onto its current price trying to consolidate, altcoins are seeing sharp rises in their prices, and market being pretty hot, Binance has stated that it has suspended certain major services to run some maintenance.

Here is the notice released on February 11 ;

*“Binance is undergoing temporary system maintenance. Binance has suspended deposits, withdrawals, spot and margin trading, P2P trading, OTC Portal trading, savings & redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts and fiat wallets.”*

Binance states that the Futures trading is excluded from this maintenance and users do not need to worry about their funds since they are untouched and safe.

Binance made an apology regarding this inconvenience and added that they will inform the users once the maintenance is complete and that the users will be given 30 minutes to deposit, withdraw or cancel their orders, or transfer any asset before the trading resumes.

According to CoinMarketCap, at time of this suspension, the 24 hours shocking volume is $219b and the market cap sits at $1,36 Trillion. However, Binance has not provided any ETA for the end of this maintenance.



Crypto Market skyrockets and Withdrawals are frozen and major services suspended by Binance

Binance which is a very well-known exchange has shut down its services temporarily for maintenance on its platform. This occurred when market hits ATH retail interest.