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These SHIB and XRP Pairs Eye Delisting From Major Exchange, BTC Targets $30,000 Now, SHIB Army Pushes SHIB Burns High into Green: Crypto News Digest by U.Today

Fri, 09/01/2023 - 15:52
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Valeria Blokhina
Take a closer look at the exciting crypto news the last day of August brought with U.Today's news digest!
These SHIB and XRP Pairs Eye Delisting From Major Exchange, BTC Targets $30,000 Now, SHIB Army Pushes SHIB Burns High into Green: Crypto News Digest by U.Today
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Here are the top three news stories from the previous day brought to you by U.Today.

These Shiba Inu (SHIB) and XRP pairs eye delisting from major exchange

According to a recent announcement on its blog, Binance, the world's leading crypto exchange, is going to gradually cease support for BUSD products. As a result of this move, BUSD spot and margin trading pairs will be delisted, including those involving SHIB and XRP tokens. The exchange is now encouraging its users to convert their BUSD assets to other stablecoins available on the platform, prior to February 2024. Notably, the SHIB/BUSD pair is ranked fourth in terms of trading volume across all platforms featuring the Shiba Inu token, while the XRP/BUSD pair holds sixth place. The root of Binance's decision lies in allegations from the SEC, which labeled the exchange's native stablecoin a security. In response to the allegations, Paxos (BUSD issuer) and Binance itself halted further minting and circulation.

Bitcoin (BTC) targets $30,000 now, IntoTheBlock says, but there's a catch

In its recent post on X platform, IntoTheBlock agency estimated the likelihood of Bitcoin reaching the $30,000 price level and presented the factors that could help this happen. The post starts with a reminder that the flagship crypto found itself at the center of attention thanks to Grayscale's recent victory against the SEC. Per IntoTheBlock, Bitcoin's next milestone will likely be climbing to the high of $30,000. Referring to its on-chain data, the agency reported that 6.2 million wallets purchased approximately 2.6 million BTC between its current price and $30,000. Now, Bitcoin has two ways to go. If bearish sentiment expands on the market, it may "trigger a rush to break even," increasing the sell volume of Bitcoin. However, if there is enough strong bullish momentum, Bitcoin may head north to the $30,000 level.

SHIB army burns millions of Shiba Inu, pushing burn rate high into green

In an attempt to reduce Shiba Inu's circulating supply, the Shib community continues sending their meme tokens to dead-end wallets. According to data provided by Shibburn tracker, yesterday, SHIB enthusiasts incinerated a total of 86,928,845 SHIB in 17 transactions. The two largest of them carried SHIB lumps as big as 17,286,998 SHIB and 12,834,567 SHIB. The goal of token burns is to decrease the SHIB supply in circulation so that the token becomes scarce and its price goes to the moon. Meanwhile, Shiba Inu team member Lucie shared an abstract from the "SHIB paper," which stated that Shibarium's launch would guarantee a decrease in the circulating supply of SHIB; however, it cannot ensure that the price will increase. When Shibarium operations are in full swing, trillions of SHIB are expected to be burnt weekly.

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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.