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278 Million LUNA Burned, Former Technicolor Exec Joins SHIB Metaverse Team, Scaramucci Takes Large Position in Algorand: Crypto News Digest by U.Today

Wed, 05/25/2022 - 16:51
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Valeria Blokhina
Don’t miss the latest events in the world of crypto with U.Today’s news digest!
278 Million LUNA Burned, Former Technicolor Exec Joins SHIB Metaverse Team, Scaramucci Takes Large Position in Algorand: Crypto News Digest by U.Today
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U.Today presents the top four news stories over the past day.

278 million LUNA burned since Do Kwon posted burning address

Last week, Terra founder Do Kwon shared a LUNA burn address with his Twitter followers. Shortly after posting, the wallet received nearly 280 million LUNA tokens. Interestingly, two days after the wallet publication, Kwon explained that sending LUNA to that address is pointless and leads only to losing tokens. The “revelation tweet” had its effect: 254 million LUNA were sent to the wallet from the time the address was first published, and after Kwon admitted that LUNA burning makes no sense, it received only 25 million. It is worth noting that destroying nearly 300 million tokens had little effect on LUNA's price and market cap. At the moment, LUNA is trading at $0.000193, with the project's market capitalization dangling at $1 billion.

Binance CEO: Luna and UST "Was Just Stupid"

Shiba Inu Metaverse's team adds former Technicolor executive

According to an official announcement posted on Monday, former senior vice president at Technicolor, Marcie Jastrow, has become a part of Shiba Inu Metaverse's team. "It is quite an honor to be a part of such an amazing project," Jastrow said in her statement, promising to help build a place for the whole community to explore and call their home. At her new position, the former Technicolor executive will be primarily responsible for securing brand partnerships.

Shiba Inu Metaverse was introduced in late March, despite being originally announced in February. In early May, SHIB Metaverse users were enabled to start purchasing pieces of land with the help of the SHIB token.

Shiba Inu's Metaverse Project Is Here. These Are the Top Features

Anthony Scaramucci takes large position in Algorand

As reported by Business Insider, head of SkyBridge Capital Anthony Scaramucci took a large position in Algorand (ALGO), praising the project’s technology. Besides, Scaramucci commented on the current state of the market; he believes that since there is no extreme panic in the air, stock market traders are yet to capitulate. When asked about Bitcoin’s price performance, the SkyBridge Capital boss refused to make any predictions, adding though that “anything could happen.” Scaramucci also advised investors to turn to the dollar-cost averaging (DCA) investment strategy. He is certain that there is an amazing buying opportunity for investors in the technology sector now.

Three factors that will favor Bitcoin v. crude oil this decade: Bloomberg’s chief expert

Yesterday, Bloomberg’s Mike McGlone opined on the trajectory of the crude oil price versus that of Bitcoin on his Twitter account. According to the chief commodity strategist, within this decade, Bitcoin is going to rise, unlike crude oil, thanks to three factors: adoption, supply and demand. McGlone stated that, so far, the trajectory on the chart has been unfavorable for crude oil and favorable for BTC, adding that there is a good chance that it will remain the same. Bitcoin acceptance has been rapidly increasing as of late, as more financial institutions and retail investors have been purchasing BTC in order to place long-term bets on it.

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About the author

Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.