Binance Dumps FTX, SHIB Burn Rate up 5,800%, U.S. Lawyer Predicts Date of Ripple Case Resolution: Crypto News Digest by U.Today
Take a look at what happened in the world of crypto over the weekend with U.Today’s top four news stories.
Binance dumps FTX as FTT loses 11% in 24 hours
FTX’s native token FTT saw a drop of 10% yesterday as 23 million tokens worth $580 million were moved to the Binance exchange. Rumors in the cryptocurrency community suggest that this volume represents Binance's unlocked investment in FTT. This move of funds possibly made by Binance itself is a consequence, with its real cause allegedly lying in a recent investigation into the assets of FTX and its affiliated trading firm, Alameda Research. It was revealed that the firm’s balance sheet is fragile, with its biggest asset being FTT, which they use to borrow money from creditors. Binance head CZ liked the investigation on Twitter.
SHIB burn rate up 5,800% as Shiba Inu sets key milestone
With millions of tokens destroyed on Nov. 6, Shiba Inu’s burn rate spiked an eye-popping 5,800%, per the Shibburn website. In particular, 93,876,540 SHIB tokens were sent to dead wallets in nine transactions. This is quite a significant achievement as, in comparison to Nov. 5, only 2.1 million SHIB were burned. In the last seven days, the SHIB burn tracker shows the amount of burned tokens was 197,799,286. Meanwhile, Shiba Inu continues reaching new highs in terms of its holder count: according to WhaleStats, the current number of SHIB holders constitutes 1,237,318. Additionally, the majority of SHIB holders at the moment (97%) are mid- and long-term investors.
Yuri MolchanRipple lawsuit: U.S. lawyer makes striking prediction on case resolution
On Friday, Nov. 4, James K. Filan shared updated scheduling of events in the Ripple lawsuit on his Twitter page. In a subsequent tweet, he stated that he still adheres to his prediction that District Judge Torres would decide both the expert motions and the summary judgment motions at the same time, on or before March 31, 2023. This means that the case will most likely be resolved within the next four months, which is a really optimistic prognosis. The prediction was also supported by another U.S. lawyer, Jeremy Hogan, as he tweeted, "And there you have it. March 31, 2023."
Gamza KhanzadaevDogecoin keeps plunging amid Musk’s early Twitter debacle
One of the leading meme tokens, Dogecoin, dropped 4.71% on Sunday, Nov. 6. At the moment, it has lost more than 24% of its value after reaching $0.158 on the Binance exchange following a triple-digit rally. The reason behind the current nosedive was a report by Platformer about Twitter halting the development of its own cryptocurrency wallet. The market assumed Twitter began scaling back its crypto plans after Elon Musk’s takeover. Meanwhile, the centibillionaire’s tenure in the position of new Twitter head is off to a bad start, which is likely affecting DOGE’s price performance. The meme coin is currently trading at $0.117.
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