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Crypto News Digest by U.Today
Here are the three main U.Today news stories from the past day.
Shiba Inu celebrates three years since Vitalik Buterin’s epic 410 trillion SHIB fire
In a recent post, the team behind the official handle of Shiba Inu addressed his followers to commemorate a significant date in the history of the project. Three years ago, in May 2021, Ethereum co-founder Vitalik Buterin sent 410 trillion SHIB tokens (worth about $6.7 billion at the time) to a dead wallet, permanently removing them from circulation. This huge amount of meme tokens was part of a gift given to Buterin by Shiba Inu founder Ryoshi, who sent him 50% of the total SHIB supply. The amount of 410 trillion SHIB represented 90% of the amount sent to Buterin; the remaining 10%, the co-founder of Ethereum decided to donate to charity. The commemorative post on Shiba Inu’s official
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Ripple does not suppress XRP price, claims forensic analyst
James K. Filan, a defense attorney who is closely following the development of the Ripple-SEC lawsuit, provided an update on the case. According to his sendRipple has filed a reply letter in support of his motion to seal records in connection with the SEC’s Motion for Judgment and Remedies. Ripple said it will no longer sell XRP tokens via over-the-counter transactions. Bill Morgan, legal analyst and digital asset enthusiast, responded to Filan’s post, write that the fintech giant’s statement is a “devastating blow” to FUD supporters who say Ripple suppresses the XRP price by dumping tokens on retail investors. “Ripple points out what should be obvious by now. Sales of discounts to ODL customers based on the evidence I have seen and this statement to the Court,” Morgan said.
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Ethereum (ETH) will move above $4,100 as the descending wedge pattern takes shape
Yesterdayprominent crypto analyst Jelle posted his prediction on the future price trajectory of Ethereum on his X page. According to Jella, the world’s second largest cryptocurrency by market capitalization continues to follow the descending wedge pattern, as expected. The analyst then said that there may still be a few more days of oscillations below the current local highs before the next upward move. Concluding his post, Jelle suggested that some ETF news next week could potentially push Ethereum’s price above $4,100 and perhaps even to all-time highs. At the time of writing, Ethereum is trading at $3,760, down 0.41% over the past 24 hours, according to CoinMarketCap. However, the asset has shown remarkable resilience, rising 25.58% in the last 30 days. This bullish outlook is further strengthened by the latest regulatory developments in the United States regarding Ethereum spot ETFs.