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Ripple Reveals Ticker for Upcoming Stablecoin, Shiba Inu Praised by Forbes, Coinbase Sees Over $1 Billion Ethereum Outflow: Crypto News Digest by U.Today

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Thu, 13/06/2024 - 16:30
Ripple Reveals Ticker for Upcoming Stablecoin, Shiba Inu Praised by Forbes, Coinbase Sees Over $1 Billion Ethereum Outflow: Crypto News Digest by U.Today
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Check out U.Today's top three news stories over the past day.

Ripple one step closer to stablecoin launch with ticker reveal

Emi Yoshikawa, VP of Strategy & Operations at Ripple, has recently taken to X platform to reveal the ticker symbol of Ripple's upcoming stablecoin: "RLUSD." The stablecoin's name was initially announced at the XRPLApex summit in Amsterdam, Netherlands, by Ripple CEO Brad Garlinghouse. The fintech giant voiced its plans to launch its own stablecoin in April; however, very few details about RLUSD have been revealed since then. It is known that it will be backed by the U.S. dollar and issued on XRP Ledger. The exact launch date has not been announced yet, as Ripple intends to obtain all required licenses before the stablecoin can officially go live. It is understandable why the company is trying to play it safe: the SEC, Ripple's long-term legal opponent, has already targeted one stablecoin issuer, Paxos, by filing a Wells Notice against it.

SHIB praised by Forbes as "beyond cute," Shiba Inu executive reacts

As recently shared by Shiba Inu's marketing lead, Lucie, on her X handle, Forbes, the top American business magazine, mentioned SHIB token in its article devoted to meme cryptocurrencies. Among other things, such as a recently inked partnership with Zama.ai, Forbes dubbed Shiba Inu the "cutest of all the doges." Yet this is not the only praise the meme token received from leading media; the article reads that Shiba Inu is "a great example of how meme coins are developing real utility and are even setting the technological pace for other digital currencies." Lucie wrote that she was thrilled to see an “objective source recognizing the SHIB developers’ hard work,” with many SHIB community members sharing her enthusiasm in the comments.

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Coinbase sees over $1 billion Ethereum outflow - what's happening?

According to a recent report by CryptoQuant, Coinbase saw the biggest outflows of the year. Data shows that more than 336,000 ETH worth approximately $1.17 billion were withdrawn from the platform yesterday, June 12. The scale and frequency of these withdrawals indicate that the driving forces behind them are whales, or unknown institutional players. The exact reason for this massive withdrawal is still up for debate. However, historical patterns and market behaviors provide some insights. Similar mass withdrawals of Bitcoin were spotted on Coinbase prior to the introduction of Bitcoin spot ETFs earlier in the year. This has led to speculation that the current ETH outflow might be caused by anticipation of potential Ethereum spot ETFs in the near future.

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