Elon Musk Suspends BOB-linked Account, Price Plunges 30%; Mastercard Files New Trademark for Crypto Tools; SHIB Soared 18% Last Week: Crypto News Digest by U.Today

Take a look at what's happening in the world of crypto by reading U.Today's top three news stories.

Musk suspends meme coin-linked account, prompting 30% price plunge

The Twitter users holding Bob Token (BOB) and those utilizing the @explainthisbob reply bot are actively voicing their opposition to Elon Musk's recent actions. The centibillionaire has suspended an account linked to BOB, questioning its legitimacy in a tweet that reads, "This sure looks like a scam crypto account. If so, it will be suspended." Shortly after, the suspension followed, leading to a 30% plunge in BOB's value. Some crypto community members who disagree with such strict measures taken by Musk created a hashtag "FREEBOB," demanding a reconsideration of the suspension.

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Mastercard files new trademark for crypto tools

According to a recent tweet by trademark attorney Mike Kondoudis, payment processor giant Mastercard has filed a trademark application for a series of cryptocurrency and blockchain-based tools. As stated in the tweet, Mastercard claims plans for developing software for crypto and blockchain transactions and interconnecting virtual asset service providers for streamlined crypto transactions. The trademark application attached to Kondoudis' tweet shows that the company also aims, among other things, to create downloadable application programming interface (API) software intended for verifying interactions using blockchain networks and processing or exchanging cryptos. This marks a new step in Mastercard's expanding involvement in the crypto industry.

Shiba Inu (SHIB) soared 18% last week: Here's what may happen this time

Recent on-chain data shows that in the past week, the price of the Shiba Inu token increased by 18%. Remarkably, it seems that there was no particular reason behind such impressive price growth. However, despite the lack of significant news about Shibarium or other SHIB endeavors, there might be a hint that explains this occurrence. Jump Trading, a renowned trading firm and market maker, added 364.82 billion SHIB to its wallet between June 12 and 15 alone. What remains to be seen is whether this trend will persist this week. If Jump Trading does not continue accumulating SHIB tokens during this period, it could indicate a potential correlation between SHIB's rate and the broader market.