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DOGE Transactions Go Parabolic, XRP Holders' Lawyer Predicts FOMO Will Start at $2, SHIB Burn Rate Jumps 1,450%: Crypto News Digest by U.Today

Tue, 05/30/2023 - 17:10
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Valeria Blokhina
U.Today's daily news digest keeps you informed of the most important updates in the crypto industry
DOGE Transactions Go Parabolic, XRP Holders' Lawyer Predicts FOMO Will Start at $2, SHIB Burn Rate Jumps 1,450%: Crypto News Digest by U.Today
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Take a look at the most important crypto events with U.Today's top three news stories.

Dogecoin (DOGE) transactions go parabolic

Dogecoin has recently seen its transaction volume spiking to outstanding heights. According to on-chain data, on May 25, DOGE's transaction count hit 1.152 million, went slightly up to 1.162 million the following day and finally broke the two million mark on May 27. This made Dogecoin's transaction volume reach a new all-time high, making it the first time the meme coin outperformed Bitcoin's peak transaction volume in 14 years. The reason behind such growth lies in the rampant minting of DRC20 tokens on the Dogecoin chain. Thanks to Dogecoin's low transaction fees, there was a frenzy of activity that resulted in a flood of transactions.

XRP holders' lawyer predicts FOMO will start at $2: details

John Deaton, prominent XRP holders' lawyer, has taken to Twitter to comment on the price of the Ripple-affiliated token. Deaton wrote that while XRP's price is sitting at $0.48, it is crazy to think about how many people who hesitate to purchase the asset now are going to buy it over $1. What is more crazy, Deaton continues, is that many will FOMO in when the price of XRP is at or above $2. Since XRP was trading at an all-time high (ATH) above $3.84 more than five years ago, according to data from CoinMarketCap, the coin has every reason to retest the resistance around $2.

Ripple v. SEC: XRP Sales Dilemma Unraveled by Legal Expert

Shiba Inu burn volume jumps 1,450%, price shows weekly rise

According to data shared by Shibburn, yesterday, the SHIB army removed a total of 225,049,340 SHIB from the supply circulating on the market. This amount of SHIB is worth approximately $2,000. Thanks to these successful efforts, Shiba Inu's burn rate has surged by 1,447%. In the meantime, over the weekend, SHIB network activity saw a significant rise as thousands of new Shiba Inu wallets emerged in a single day. However, despite this upward movement, SHIB only increased by 2.28% over the past week. At the moment of writing, SHIB is changing hands at $0.00000868, per CoinMarketCap.

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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.