Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. GRASS the ‘Most Distributed’ Solana Airdrop: The GRASS token airdrop became the largest on Solana, with nearly 1.5 million addresses claiming tokens, surpassing Jupiter's previous record.

2. Kraken New Co-CEO and Potential Layoffs: Kraken appointed Arjun Sethi as co-CEO with David Ripley, indicating structural reforms for efficiency. Reports suggest Kraken may have laid off 15% of its workforce, following a previous 30% reduction in 2022.

3. 📈Technical Analysis Masterclass - Is Shiba Inu gearing up for a breakout? Watch UseTheBitcoin’s latest Youtube video “Massive Shiba Inu Rally Coming? (SHIB)” to see if a bullish move may be on the horizon or join our Official Telegram Channel for more alpha!

4. 💡Feature of the Day - Kazakhstan CBDC Pilot: Kazakhstan’s National Bank launched a digital tenge pilot, reducing VAT refund times from 70 days to just 10-15 days, with plans for instant processing.

   
   All this and more in today’s headlines!

📰 News Highlights:

GRASS the ‘Most Distributed’ Solana Airdrop [Source][Source][Source]

The GRASS token airdrop has become the largest on the Solana blockchain, with close to 1.5 million unique addresses claiming tokens, according to data from Dune Analytics.

This airdrop has surpassed the previous record set by Jupiter, a decentralized exchange on Solana, which had 639,000 claimants.

GRASS, the governance token for the DePin project on Solana, is designed to incentivize users who share their bandwidth, making this the first time such contributors are rewarded with network ownership.

Despite the impressive reach, the GRASS airdrop faced criticism from some in the industry who felt that the ease of claiming tokens allowed for bot farming, raising concerns over the true decentralization of the distribution.

GRASS’s launch wasn’t without technical hiccups; the token drop led to an outage of Phantom, Solana's largest wallet.

Kraken New Co-CEO and Potential Layoffs [Source][Source][Source][Source]

In a significant leadership shakeup, crypto exchange Kraken has appointed Arjun Sethi as co-CEO alongside David Ripley and announced plans for structural reforms aimed at improving efficiency.

Sethi, a board member at Kraken since 2021 and co-founder of Tribe Capital, brings substantial experience in venture capital to his new role.

The company emphasized the need for a “leaner and faster” organization, citing that too many managerial layers had inadvertently fostered misaligned incentives among team leaders.

As part of these restructuring efforts, unconfirmed reports suggest Kraken may have cut up to 15% of its workforce, following its previous layoff of 30% of staff in November 2022.

 📈Technical Analysis Masterclass:

Massive Shiba Inu Rally Coming? (SHIB)

Key Resistance Zone: 200-Day Moving Average

• Consolidation Below 200MA: SHIB is hovering just below the 200MA, which acts as a barrier that must be broken to confirm a bullish trend.

• Retracement Potential: A temporary dip to the 20-day moving average (MA20) could build support, strengthening the potential for a sustainable breakout above the 200MA.

MACD Indicator: Bullish Momentum Signal

• Imminent Crossover: A MACD crossover is forming, which would indicate growing buying momentum.

• Buyer Attraction: A confirmed MACD crossover could attract more buyers, increasing the likelihood of breaking through the 200MA and entering an uptrend.

RSI Indicator: Positive Momentum Shift

• RSI Above 50: With the RSI currently above 50, buying pressure is dominant, which can support upward movement.

• Building Momentum: If RSI continues rising, it could fuel buying interest, adding to the momentum needed for a 200MA breakout.

Trading Strategy for Shiba Inu (SHIB)

1. Entry Point: Look for a breakout above 0.000019. Waiting for strong bullish momentum can help avoid false breakouts.

2. Stop Loss: Place at 0.000017, just below the MA20, allowing flexibility for minor fluctuations while managing risk.

3. Take Profit: Target 0.000021, which aligns with previous resistance levels where selling pressure could emerge.

💡 Feature of the Day: 

Kazakhstan CBDC Pilot [Source][Source]

Kazakhstan’s National Bank has unveiled a pilot program using the digital tenge CBDC to significantly expedite VAT refund processing.

Collaborating with the Ministry of Finance, the bank demonstrated that by marking VAT in business transactions through the digital currency, the usual 70-75 day refund period could be cut down to just 10-15 days, with future plans aiming for instant reimbursements.

Currently, about 40 billion tenge (roughly $81 million) circulates digitally, and the pilot has demonstrated potential uses for both retail and wholesale transactions.

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😂 Crypto Meme of the Day: 

And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com