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Crypto News Digest by U.Today
Valeria Blokhina
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U.Today gives you an overview of the past day’s crypto events with the top three news stories.
This is why BONE was made: a team member reveals Ryoshi’s initial plan
Yesterday, May 8, Lucie, marketing manager of Shiba Inu, arrived on the X platform reveal the real plan behind the creation of the BONE token. Initially, SHIB founder Ryoshi wanted to create BONE as a reward token for SHIB holders. However, later, the purpose of the token was changed to facilitate SHIB burns using Shibarium, Shiba Inu’s layer-2 solution. Lucie did not share whether the decision preceded or followed Ryoshi’s exit from the project in May 2022. Currently, BONE tokens are used to power transactions on Shibarium, serving as a means to pay gas fees. As a conclusion for her X postLucie highlighted the importance of each token playing its own role in the Shibarium ecosystem.
Ripple CLO anticipates resolution of the XRP case: “We are closer than ever”
According to a recent post on X by James K. Filan, in the latest development in the Ripple v. SEC, the regulatory agency submitted its drafted remedy brief and supporting evidence. The news attracted the attention of Ripple CLO Stuart Alderotywho took to social media to comment about these legal maneuvers. Alderoty criticized the SEC for failing to “faithfully apply the law” and for attempting to deceive the judge overseeing the case. He then accused the agency of disrespecting financial regulators outside the U.S. On the optimistic side of Alderoty’s post, the CLO hinted at the impending resolution of the Ripple case, saying the company is “closer than ever ” to put the case behind us . However, he added, even as Ripple is nearing the end of its journey with the lawsuit, many companies, unfortunately, are just getting started.
Bitcoin’s ‘God’s candle’ is coming, says Max Keiser, revealing the main reason why
In a recent X postshared well-known Bitcoin advocate Max Keizer an optimistic forecast for the price of Bitcoin. Keizer’s post comes as a comment on user Keizer responded by revisiting his favorite “Bitcoin to $220,000” prediction, saying that this price level is “still in play.” However, this time he has provided a new reason to believe that this outcome is entirely possible; according to the Bitcoin proponent, “demand shock meets supply shock” of the asset. Furthermore, Keiser said he expects the “God candle” on the Bitcoin chart to reach $220,000. At the time of writing, Bitcoin is changing hands at $62,032, down less than 1% over the past 24 hours, according to CoinMarketCap.
About the author
Valeria Blokhina
Valeria is the community manager of U.Today. She is a cryptocurrency enthusiast and believes that cryptocurrency is the future of finance. Valeria currently covers the latest news in the world of cryptocurrencies and blockchain.