Musk Named New Fake Board Chairman of Dogecoin, SHIB Network Activity Drops, SHIB Amazon Petitions Gain 173,373 signatures: Crypto News Digest by U.Today

Here are the summaries of the top five news stories over the past day:

Elon Musk named a new fake board chairman of Dogecoin

Elon Musk’s request to take a high-ranked position for Dogecoin did not fall on deaf ears. Yesterday, Doge co-founder Billy Markus appointed Tesla CEO a fake chairman of the meme cryptocurrency. Even though this is not the post Musk desired, he seemed to be satisfied with Markus' decision and responded with a smiling emoji.

It was not only Musk who received a top fake Doge position. His Shiba Inu puppy, Floki, was picked as fake president of Dogecoin, and Kabosu, the symbol dog of DOGE, has been chosen as the new fake chief executive of the top meme crypto.

Kraken kicks the can down the road on Shiba Inu listing

It looks like Kraken is taking its time to list the Shiba Inu cryptocurrency. According to a statement by the San Francisco-based exchange, there is more work to be done and it will consider listing the meme coin in the future.

Previously, Kraken's product lead Brian Hoffman challenged the Shiba Inu community to like the post about listing SHIB at least 2,000 times, promising to add support for the token if they manage to do it. Despite the SHIB Army smashing the target in mere minutes, the listing did not take place.

Three SHIB petitions for Amazon adoption gained 173,373 signatures

After Elon Musk rejected SHIB, the Shiba Inu community decided to search for another influential patron to take interest in the meme coin. The choice fell on Jeff Bezos, the CEO of Amazon. So, canine coin enthusiasts have launched three petitions in an attempt to get the world’s largest online retailer to accept SHIB. Currently, the petitions on Change.org have collected approximately 173,373 signatures overall.

Despite the fact that the initiative is gaining steam, some speculate that it will result in nothing. Later this year, Bezos plans to step down as the Amazon CEO. Besides, Jeff has not yet been caught tweeting anything about crypto.

Shiba Inu investor who turned $8,000 into $5.7 billion started moving SHIB

According to Etherscan data, the biggest Shiba Inu wallet has come out of hibernation and started moving funds, prompting concerns about immense selling pressure. The investor started buying SHIB tokens back in April 2020 and famously turned $8,000 into $5.7 billion in only 19 months. So far, the new billionaire has transferred about 10 trillion SHIB tokens ($2.7 billion in fiat equivalent) to four empty addresses.

Shiba Inu network activity drops to summer levels

Yesterday, Shiba Inu's transactional activity dropped to post-pump levels with less than 25,000 transactions made. Experts believe that the decrease in transactions was caused by the rally cool-off and the fact that the meme-based token is progressively losing popularity. 

Another confirmation of a major plunge in network activity is the significant volume drop on all large exchanges. According to yesterday’s TradingView data, trading volume has dropped by approximately 90%, reaching 9.8 SHIB.