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Cardano, VeChain, Shiba Inu Record Network Growth Despite Market Selloff as Bitcoin Declines Further

Cardano

After a mild rebound to intraday highs of $42,237, Bitcoin dipped to fresh lows of $40,505 on Jan. 8 upon further declines. Bitcoin is set to mark the 7th straight day of selling pressure with no respite.

The downward pressure trickled into the altcoin market, with nearly all the tokens in the top 100 trading in red at press time. Stablecoins and assets such as Internet Computer (ICP, +2.41%), Dash (DASH, +1.56%), Gnosis (GNO,+ 8.94%) were trading in green at press time, according to CoinMarketCap data.

2022 has kicked off on a mixed note in terms of price action. Bitcoin defies the ”first week of the year effect” with the broad-based market selloff witnessed in the first week of 2022. Amid this, several assets are ignoring the market action to reach new milestones in network growth and adoption.

Bitcoin traded at $40,701 at press time.

Cardano, VeChain, Shiba Inu Record Network Growth

Cardano (ADA)
In the itinerary of events, 2022 will see Cardano move firstly into Basho and then into Voltaire. The Basho phase is focused on optimization, scaling, and network growth. According to IOHK CEO, Charles Hoskinson, over 175 projects are currently building on Cardano with a dozen projects expected to launch in Q1.

These have the potential to increase by hundreds of thousands, new users coming into Cardano over the coming months. This might lead to significant traffic on the Cardano network amid the launch of new decentralized applications (DApps), especially in the early days and weeks.

To accommodate this ongoing growth, Cardano announced it is starting to make a series of adjustments to its network parameters. Along these lines, the Cardano Node version 1.33.0, a performance-focused release, bringing significant improvements in sync time, block propagation time, and reduced memory usage was released on Jan. 7.

Disclosing this in a thread of tweets, IOHK, Cardano’s parent company states ”We have some exciting months ahead. Expect FUD too. We’ll continue to bring you regular updates throughout early 2022 as we continue to add capacity and increase secure throughput”.

ADA trades at $1.14 at press time.

VeChain (VET)
VeChain Foundation kicked off 2022 with a major announcement surrounding its newly launched stablecoin VEUSD. It says:

”Happy to announce that VeUSD, VeChainThor’s first native StableCoin, will soon go live! Users & enterprises will be able to easily create/burn fully backed USD-based stablecoins, opening VeChain up to DeFi, web3, and novel real-world use cases”.

The foundation further says ”With our global aims and ambitions, launching our stablecoin token at the dawn of 2022 aligns with our projected ‘Growth phase’”.

Ongoing developments include plans to integrate a widget directly into the VeChainThor wallet in Q1 2022 to allow users to have easier access to USD minting and redemption functions.

It also discloses plans in the coming weeks to launch a VeChain hackathon to incentivize and spur the development of tools and functions on VeChainThor with prizes to be paid in USD.

VeChain trades at $0.073 at press time.

Shiba Inu (SHIB)
Shiba Inu’s network continues to grow with the current total holder count at 1,127,703, according to WhaleStats. Meanwhile, SHIB’s token burn continues at a steady rate. According to Shibburn, 410,300,742,108,254 SHIB have been burned out of the initial 1 quadrillion.

Crypto record label, Bigger Entertainment says it has officially burned 1 BILLION SHIB since launching its burn campaigns less than 3 months ago.

SHIB trades at $0.000027 at press time

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