U.Today provides you with an overview of the past day’s crypto events with the top four news stories.
Shiba Inu shows double-digit weekly social performance
According to LunarCrush’s social performance metrics, Shiba Inu remains a highly popular project for at least the last week. The stats show double-digit growth of such social metrics as mentions (+45.1%) and dominance (+35%). Yet, if we take a closer look at the provided data, we can also see 63.6% growth in the amount of spam concerning SHIB. Other LunarCrush metrics regarding Shiba Inu demonstrate contradictions that have been accompanying the project from the start. For example, with almost equal values around the project, both bullish (+45.5%) and bearish (+53.4%) sentiments prevail, but bears still hold the lead.
SHIB’s price has not been able to leave the 0.00001-0.000013 corridor since May 11, and neither announcement about SHIB being adopted as a payment method nor burning records helped Shiba Inu break away from this upsetting trend.
SEC investigating $60 billion Terra implosion
The Terra implosion is being investigated by the U.S. Securities and Exchange Commission, Bloomberg reports. The regulator is looking intoTerraform Labs, the developer of the failed blockchain, to find out whether it violated federal investor protection rules. This is not the only legal trouble faced by Terraform Labs. On Wednesday, Terra co-founder Do Kwon lost an appeal to block the SEC’s subpoenas over another ongoing investigation into the Mirror Protocol. The court ruled that the agency’s subpoenas are valid, making Terraform Labs cooperate with the regulator. South Korean authorities have also aimed at the failed cryptocurrency project. The local police are investigating embezzlement allegations against an unnamed employee.
RippleNet's general manager is stepping down
Asheesh Birla has made an announcement about leaving his position of general manager at RippleNet. According to CEO Brad Garlinghouse, RippleNet and RippleX will now be run by Monica Long, another long-time executive. Birla has not yet decided on how his future career will develop, but he is definitely going to stay in the crypto field. Meanwhile, the former general manager will become a member of Ripple's Board of Directors, joining former U.S. Treasurer Rosie Rios and JPMorgan veteran Sandie O'Connor. Birla joined Ripple back in 2013. As a member of the company's founding team, he was responsible for developing blockchain-powered cross-border payment solutions.
Dogecoin price returns to peak 2017 levels
In a recent tweet, CEO of Gokhshtein Media David Gokhshtein stated that Dogecoin seems to be journeying toward its 2017-2018 peak levels. In early March 2017, DOGE recorded its first astounding price rally. Then, within 70 days, the coin spiked more than 1,890% from $0.00021 to $0.0042, on May 21. Shortly after, Dogecoin fell 75% due to a two-week market correction that hit all cryptocurrencies. In the first seven days of 2018, Dogecoin surpassed $0.02, a 380% increase over the previous peak. But then, in just eight days, the asset’s price plummeted by nearly 70% to $0.0047. In 2021, Dogecoin got a powerful boost from Elon Musk, Mark Cuban and others. However, at the moment, the meme cryptocurrency remains down 89.17% from its all-time highs of $0.74 reached in May 2021. The meme coin is now trading at $0.077, per CoinMarketCap.