U.Today’s daily news digest keeps you informed of the most important crypto industry updates
U.Today presents the four main news stories of the past day. Take a closer look at the world of crypto!
Ethereum’s Vitalik Buterin’s 410 trillion shiba inu (SHIB) burn could be biggest ever: Details
Among the most expensive on-chain crypto transactions, there is one transaction that stands out – the $4.4 billion movement of the Ethereum network between Binance wallets on May 7, 2022, according to Coinbase Director Conor Grogan. Grogan recently shared a list of the most impressive transfers he knows of, and the one mentioned above took the top spot. Second place belongs to a $1.94 billion transfer from Binance to cold storage on Feb. 22, and third to Tron founder Justin Sun’s whopping $1.46 billion transfer to cold storage. Huobi exchange in June 2018. However, if we consider transactions to burn addresses, the massive 410 trillion Shiba Inu burn of Ethereum co-creator Vitalik Buterin might be the biggest ever. This even exceeds the previously reported $4.4 billion ETH transfer between Binance wallets.
XRP price could skyrocket after court ruling, suggests John Deaton
In a recent tweet, a pro-Ripple lawyer John Deton said that in his opinion, XRP has the most attractive risk/reward ratio. He then made a suggestion regarding the fate of the price of XRP from the perspective of two scenarios – Ripple’s victory in the lawsuit and the SEC’s victory. If the regulator wins, Deaton writes, Ripple could appeal the decision, maintaining the status quo. However, if the San Francisco-based fintech giant wins, it could provide much-needed clarity and pave the way for future growth for XRP. It could also mean that Ripple-affiliated crypto will no longer be considered a security and its price increase could be substantial. The court’s decision is expected in the coming weeks, possibly even this week, as Judge Torres has yet to reach the six-month mark since the case was last pending.
I’ll get a Shiba Inu (SHIB) tattoo if this happens: YouTuber “BitBoy Crypto”
Major YouTube crypto blogger Ben “BitBoy Crypto” Armstrong recently took to Twitter to share his views on the billion dollar class action lawsuit filed against him and other influencers for allegedly advertising FTX. In a series of tweets, he wrote several big statements, the first regarding the SHIB cryptocurrency. According to Armstrong, if he breaks even at trial by the time of the verdict, he will get a tattoo of the Shiba Inu token. In his other statement, the YouTuber claimed he viewed a countersuit as an investment, writing that he would “make money on it, legal fees and more.” He also described his mission in the matter as setting a precedent to protect people who cannot fight frivolous lawsuits. Armstrong added in one of his closing statements that he will fight “not for himself, but for the entire crypto influencer industry.”
Shiba Inu (SHIB) starts the week with a massive burn rate peak of 1100%
This week started on a positive note for the SHIB same cryptocurrency as its burn rate increased by 1100% despite poor price performance. Usually, a higher burn rate could have a positive impact on the price of the token as it reduces the supply. However, this relationship was not evident in the case of Shiba Inu, as price performance remained subdued. Recently, the market watcher has noticed a certain trend in the consumption rate of Shiba Inu, where it spikes towards the end of the trading week and remains stagnant over the weekend. Yet this week’s huge 1100% burn rate spike refuted the trend and demonstrated that the Shiba Inu community is still actively burning chips.