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Ripple Ally v. SEC Takes New Turn, Elon Musk's Tweet Pushes PEPE up 54%, Ripple Could Burn Its XRP Right Now, Says Former Exec: Crypto News Digest by U.Today

Mon, 05/15/2023 - 16:34
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Valeria Blokhina
The latest crypto news and updates in the U.Today news digest!
Ripple Ally v. SEC Takes New Turn, Elon Musk's Tweet Pushes PEPE up 54%, Ripple Could Burn Its XRP Right Now, Says Former Exec: Crypto News Digest by U.Today
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U.Today provides you with an overview of last weekend’s crypto events with the top four news stories.

Ripple ally v. SEC takes new turn as commission withdraws request for disgorgement

Defense lawyer James K. Filan recently provided an update regarding the LBRY-SEC case. According to the update, the regulatory body has filed a supplemental brief that amends the relief requested in its opposition to LBRY's motion to "Limit the Commission's Remedies." The SEC also stated it has withdrawn its prior request for disgorgement for reasons it cited as "LBRY lack of funds and near defunct status." However, the commision has asked the court to impose a civil penalty of $111,614 and enjoin LBRY from violating Section 5 of the Securities Act and from conducting unregistered offerings of crypto asset securities, at least until LBRY destroys its holdings of LBC and dissolves, as it promised the court it would.

Elon Musk's new meme tweet pushes PEPE up 54%, whales buy trillions of PEPE

On Saturday, Elon Musk, a centibillionaire known for his love for crypto-related memes, shared a funny picture with Pepe the Frog (the symbol of recently emerged trendy meme coin PEPE) with his followers. Following Musk's post, PEPE surged by 54.7%, according to data shared by CoinMarketCap. The official Pepe Twitter account also quoted Elon Musk's tweet, commenting "seize the memes of production $PEPE." This is not the only crypto that saw an increase in its price thanks to Elon Musk last week. On May 11, the Tesla CEO tweeted a meme allegedly related to Milady Meme Coin (LADYS). After that tweet, the recently launched coin's price skyrocketed as much as 12,056%.

Ripple could burn its XRP right now: former executive

Matt Hamilton, Ripple's former director of developer relations, has recently taken to Twitter to join the debate on the fate of Ripple's XRP holdings if the company is required to dispose of them. He made a proposal that could prevent Ripple from flooding the market with XRP. According to Hamilton, Ripple could render all of its future escrow funds inaccessible to anyone, including itself, by disabling the master key on the destination account, thus making them inoperable. This would effectively "burn" the tokens and ensure that they could not be used by Ripple or anyone else.

Close to 2 billion SHIB burned this week, price goes up 2.36% in response

Data provided by Shibburn tracker shows that over the past week, the SHIB community managed to destroy a large number of its meme coins. As tweeted by the aforementioned tracker, a total of 1,740,061,669 Shiba Inu has been burned within the period of the last seven days. However, this is nearly 70% less than was burned a week before. Overall, SHIB burn results this week have been odd. The burn rate occasionally surged to above 30,000%, and several times, it stumbled to 0%. As for the price, SHIB has lost over 13% over the past week, but it managed to gain 2.36% on Saturday. The meme coin is currently trading at $0.00000887, 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.