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PEPE May Signal Trouble for BTC, Here's Most Popular Answer to 'Wen Shibarium,' DOGE Sees Massive Spike in Network Activity: Crypto News Digest by U.Today

Tue, 05/16/2023 - 15:46
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Valeria Blokhina
Keep an eye on the crypto industry's happenings with U.Today's news digest!
PEPE May Signal Trouble for BTC, Here's Most Popular Answer to 'Wen Shibarium,' DOGE Sees Massive Spike in Network Activity: Crypto News Digest by U.Today
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U.Today presents the top three crypto news stories over the past day.

Pepe, new meme coin on the block, may signal trouble for Bitcoin

According to a recent report by Bloomberg, Pepe might be signaling trouble for Bitcoin. The latest surge of the frog-themed token, mostly driven by FOMO among investors, has had a considerable effect on the crypto market, which may have caused the current decline in the price of Bitcoin. As soon as the initial excitement surrounding such tokens fades, their value may drop, leaving investors to deal with potentially substantial losses. With Bitcoin's price taking a hit, these concerns are becoming more real. At the moment of writing, BTC is trading at $26,969, far from the much-coveted $30,000 level. Such a decline in the flagship crypto's price might be a direct result of the speculative mania surrounding brand new cryptocurrencies like Pepe.

SHIB army keeps asking "wen Shibarium," here's most popular answer

After awaiting the launch of the Shibarium mainnet for a long time, the SHIB community keeps wondering if it will see it going live. While Shiba Inu lead Shytoshi Kusama stopped commenting on the matter, SHIB fans in the official "Shibarium Tech" Telegram channel have an answer to this question. The most popular joke answer has now become "soon," or even the quippy "soonday," followed by ROFL emojis. One user, IntroduceTheBugs, referred to an exclusive interview Shytoshi Kusama gave in April with International Business Times. According to the interview, Shibarium could roll out in "two to four months." This is not guaranteed, but "that's clearly their target," IntroduceTheBugs states. The Telegram user then added that the news has been out for many weeks, and they are surprised that people continue asking the same question over and over.

Dogecoin sees massive spike in network activity: what's behind the surge?

Dogecoin has recently seen a dramatic increase in daily transactions, with their number reaching 650,000, a new ATH, thus surpassing both Bitcoin and Litecoin. This unexpected boost in activity is linked to increased interest in minting DRC20 tokens, a new type of digital asset, on the Dogecoin network. Previously, Dogecoin developer Patrick Lodder had hinted at a significant increase in network activity. Even though the surge was noteworthy at the time, it was nowhere near today's unprecedented levels. However, some concerns have been raised about the increased activity potentially congesting the Dogecoin network. DOGE enthusiast Mishaboar suggested that such activities should ideally be handled through dedicated Layer 2 solutions to avoid clogging the main network.

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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.