How are the Cardano (ADA), Avalanche (AVAX) and Shiba Inu (SHIB) coins performing within the crypto market?
Below is an in-depth look at the latest news and a price prediction.
Analysis of the Cardano (ADA), Avalanche (AVAX) and Shiba Inu (SHIB) crypto assets
It is worth mentioning that Avalanche (AVAX) is an open source platform based on decentralized blockchain with a proof-of-stake consensus mechanism and support for smart contracts.
Cardano (ADA), on the other hand, is an open source project that focuses on creating a public blockchain-based platform for smart contract execution.
Shiba Inu (SHIB), finally, is a decentralized cryptocurrency that operates on the Ethereum blockchain.
It is considered a “meme-coin,” inspired by the success of other cryptocurrencies with canine themes. Its popularity has been fueled by publicity from some influential figures in the cryptocurrency industry, such as Elon Musk and Vitalik Buterin.
Cardano founder speaks: “watch out for AI-powered crypto scams”
Recently, Charles Hoskinson, the founder of Cardano (ADA), warned the public about the associated risks and the possible use of AI generated content by scammers who try to fool people by posing as someone else and convincing them to part with their cryptocurrencies.
Specifically, Hoskinson shared a screenshot of an email he received in which the sender pretended to be him and tried to induce the recipient to invest in a supposed “first multichain medical platform based on the Cardano blockchain.”
Which, according to the message, would save lives. The news was shared by Hoskinson himself in a tweet today, which read as follows:
Later, Hoskinson posted a video in which he addressed his followers and highlighted the grammatical and stylistic quality of the message, noting that it appeared to be written by an artificial intelligence application such as ChatGPT.
Moreover, he used this example to highlight the dangers of technology as it evolves and becomes more and more like the “real thing.” In fact, as he explained, the email he received from his follower was exactly an example of such a scam:
“It’s called a trust scam, and as a result, millions of dollars worth of ADA and other cryptocurrencies will be stolen. This is the world we are heading towards thanks to generative AI. It’s one of the dark sides and unintended consequences, but scammers are already doing that.”
Avalanche surpasses one million monthly active addresses in May
In May, the crypto Avalanche (AVAX) reached a new milestone by surpassing one million monthly active addresses: the first time the proof-of-stake blockchain has reached this significant number.
According to Artemis‘ Snow Avalanche analysis report, the network surpassed its previous record of 840,000 monthly active addresses recorded in April, thanks to the growth of decentralized finance (DeFi) and stablecoins.
In fact, the increase in stablecoins accounts for a significant portion of this activity, now making up 32% of on-chain users, up from the 6% recorded since the beginning of the year, along with the growing importance of DeFi, which accounts for 33% of daily active users.
In addition, this achievement comes in conjunction with Avalanche’s launch of the web3 AvaCloud platform, which enables companies to create blockchain ecosystems without the need for programming and in a fully managed manner.
Ava Labs CEO Emin Gün Sirer said that AvaCloud represents an important step toward the large-scale adoption of blockchain, as the platform aims to address many of the challenges companies face with this technology.
As we know, before AvaCloud, creating a custom blockchain required a considerable financial investment and years of research with a specialized team.
Today, on the other hand, it is possible to launch one’s own network as a testnet in minutes and deploy a fully functional blockchain in a few weeks, without the need for a large team of engineers.
Focus on the price of the crypto Shiba Inu, how it compares to Cardano and Avalanche
A difficult start to the week for Shiba Inu (SHIB), the second largest meme coin in the cryptocurrency sector. Currently, SHIB‘s burn rate has dramatically reversed, with a 96.38% decrease according to data from Shibburn.
Moreover, in the past few hours, only about 24 million SHIB tokens have been sent to inactive wallets. Logically, this has also affected the price trend.
Currently, SHIB is trading at about $0.000008538, registering a decrease of 1.43% in the past 24 hours. The weekly growth rate has also decreased by 2.80%, signaling a slowdown in sentiment toward the token in the short term.
However, although the short-term growth outlook seems dim, Shiba Inu has promising developments that could reverse its current bearish trend.
One such development is the Shibarium protocol, a major Layer 2 protocol that has yet to be launched on the mainnet.
The team behind the protocol is working diligently to ensure a timely transition from the current test network, called Puppynet Testnet, to the mainnet.