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Shiba Inu Celebrates 3rd Anniversary of Vitalik Buterin's 410 Trillion SHIB Burn, Ripple Not Suppressing XRP Price, Says Legal Analyst: Crypto News Digest by U.Today

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Fri, 31/05/2024 - 16:21
Shiba Inu Celebrates 3rd Anniversary of Vitalik Buterin's 410 Trillion SHIB Burn, Ripple Not Suppressing XRP Price, Says Legal Analyst: Crypto News Digest by U.Today
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Here are the top three news stories by U.Today from the past day.

Shiba Inu celebrates three years since Vitalik Buterin's epic 410 trillion SHIB burn

In a recent post, the team behind the official Shiba Inu X handle addressed its followers to commemorate a significant date in the project's history. Three years ago, in May 2021, Ethereum cofounder Vitalik Buterin sent 410 trillion SHIB tokens (worth about $6.7 billion at the time) to a dead wallet, permanently removing them from circulation. This huge amount of meme tokens was part of a gift made to Buterin by the Shiba Inu founder, Ryoshi, who sent him 50% of the total SHIB supply. The amount of 410 trillion SHIB represented 90% of the amount sent to Buterin; the remaining 10%, the Ethereum cofounder decided to donate to charity. The commemoration post on Shiba Inu's official X handle gained significant attention from SHIB enthusiasts, scoring 270,000 views and 2,100 likes, which shows that the SHIB community has not forgotten that watershed moment in the project's history.

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Ripple not suppressing XRP price, legal analyst claims

James K. Filan, a defense lawyer who is closely following the development of the Ripple-SEC lawsuit, has provided an update on the case. According to his post, Ripple has filed a reply letter in support of its motion to seal documents in connection with the SEC's motion for judgment and remedies. Ripple stated that it is no longer selling XRP tokens through over-the-counter transactions. Bill Morgan, legal analyst and digital asset enthusiast, replied to Filan's post, writing that the fintech giant's statement is a "crushing blow" to proponents of the FUD that Ripple suppresses the XRP price by dumping tokens on retail investors. "Ripple points out what by now should be obvious. Sales of XRP to ODL customers do not have any of the terms the Court found relevant in deciding over-the-counter contracts were investment contracts such as price discounts. Ripple offers no discounts to ODL customers based on the evidence I have seen and this statement to the Court," Morgan said. 

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Ethereum (ETH) to break $4,100 as falling wedge pattern plays out

Yesterday, prominent crypto analyst Jelle issued his prognosis on Ethereum's future price trajectory on his X page. According to Jelle, the world's second-largest crypto by market cap is continuing to follow the falling wedge pattern, as expected. The analyst then stated that there might be a few more days of fluctuations below the current local highs before the next upward movement. Concluding his post, Jelle suggested that some ETF news next week could potentially push Ethereum's price beyond $4,100 and possibly even to all-time highs. At the moment of writing, Ethereum is changing hands at $3,760, down 0.41% over the past 24 hours, per CoinMarketCap. However, the asset has demonstrated significant resilience, increasing by 25.58% over the past 30 days. This bullish outlook is further bolstered by the latest regulatory developments in the U.S. concerning Ethereum spot ETFs.

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