U.Today has prepared a summary of the top three news stories over the weekend. Don't miss anything important in the crypto industry!
SHIB lead dev Kusama announces big new Shibarium achievement
Shibarium testnet Puppynet continues to print new records, to the great delight of the SHIB community. On July 20, Twitter user "cryptolight Shibarium" shared the news about Shibarium surpassing the threshold of 31 million transactions. The good news attracted the attention of none other than SHIB lead Shytoshi Kusama himself. He reacted by posting a "partying face" emoji in the comment thread, praising this new utility milestone for Puppynet. Per data from the Puppyscan Shibarium explorer, the recent daily peaks of transactions happened on July 4 (277,139) and July 11 (279,814). At the moment of writing, the total transaction count stands at 32,079,764.
XRP forming bullish reversal pattern
According to recent on-chain data, XRP is forming a pattern that could indicate a potential trend reversal. The pattern XRP is shaping is called an inverted double-top pattern, which represents two consecutive lows, hinting at a transition from a downward to an upward trend. The Ripple-associated token seems to be nearing a local top, prompting a localized price reversal. The down pressure on XRP appears to be decreasing, which makes a bounce back from this level very likely. XRP's volume profile is also on a decline, which is encouraging during a bearish rally and indicates decreased selling pressure. The formation of the bullish reversal pattern and the decreasing trading volume indicate that XRP could soon enter a new bullish phase.
Large Shiba Inu holders witness jaw-dropping 923% surge in SHIB outflows overnight
Data provided by IntoTheBlock shows that in the 24 hours of Saturday, the outflow of Shiba Inu tokens from the wallets of large holders saw a rapid increase by 923% from 268 million to 2.47 trillion SHIB. It remains unclear what caused such a sudden surge, considering that SHIB's price did not show any extraordinary dynamics during the same period. At the same time, some of the outflowing tokens were counterbalanced by inflows, but in less significant amounts. The resilience in the light of such outflows implies the possibility of coordinated efforts by centralized entities, as they shifted tokens between wallets in an organized manner.