Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Here are the top three news stories over the past weekend presented to you by U.Today.
Major Korean crypto exchanges suddenly rename XRP: What's going on?
On Friday, Feb. 7, three major South Korean exchanges, Coinone, Upbit and Bithumb, announced the renaming of the XRP token from its previous association as Ripple coin. From now on, the Korean name of the token on these three exchanges is officially XRP (XRP) and not Ripple (XRP). All three platforms referenced the official press release by Ripple from Jan. 27, in which the company called for the correct use of term for the XRP digital asset. As stated in the press release, Ripple wants to avoid confusion between the name of the virtual asset, "XRP," and the company, "Ripple," explaining that XRP is separate from Ripple, and Ripple does not manage, control or solely own XRP. The confusion roots back to times when the token was called "Ripple," so it seems like the old association is starting to be rectified on the South Korean crypto market.
Dan Burgin3,368,549,976,020 Shiba Inu in one minute, What's happening?
Data provided by Whale Alert shows that a large SHIB transaction was spotted on Friday, Feb. 7. The transaction details reveal that an astonishing 3,368,549,976,020 SHIB were moved from one unknown wallet to another in just one minute. The value of this massive transfer stands at $51,151,431, making it one of the most significant single whale transactions since the beginning of the year. The cause behind the move might lie in balancing portfolios, but the large transfer still managed to ignite cautious sentiment among the crypto community. Some believe that the recent transfer of 3.3 trillion SHIB tokens may be linked to exchange activities. In the meantime, the meme token is currently changing hands at $0.00001587, up 0.35% over the past 24 hours, per CoinMarketCap.
Dogecoin open interest jumps 9.2 billion in 24 hours, What's next for DOGE price?
As the crypto market shows signs of recovery, Dogecoin is experiencing an increase in its open interest data. According to data by CoinGlass, on Saturday, Feb. 8, Dogecoin open interest pared off its losses, measuring 9.16 billion DOGE in committed assets by futures traders. Over $2.2 billion has been committed to futures trading, indicating renewed interest in Dogecoin following a significant market slowdown. The interest in major exchanges, such as Gate.io, Binance, Bybit, Bitget and OKX suggests that a breakout for DOGE might be close. Gate.io hosts substantial DOGE investors, boasting the highest exposure on the futures market, with a total commitment of $754.73 million; this accounts for 32.9% of the market share. The price of DOGE has seen a modest 0.73% price increase over the past 24 hours, to $0.2527. Investor optimism persists, bolstered by the potential launch of a DOGE ETF product, which could stimulate future price rallies.
Denys Serhiichuk
Godfrey Benjamin
Dan Burgin
Vladislav Sopov