Urgent Message to SHIB Army Issued by Shytoshi Kusama, Ripple CTO Shares Clues on XRP and XLM Price Correlation, 16.33 Billion ADA in 24 Hours: Crypto News Digest by U.Today
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Let's see what interesting news the last weekend of August brought in the summary of the top three news stories by U.Today.
Shiba Inu lead issues urgent message to SHIB holders
Shiba Inu lead Shytoshi Kusama has once again reminded the SHIB community about the importance of being careful in the world of crypto, secure on one hand and scam-infested on the other. In a recent X post, Kusama wrote: "If I didn’t RT, I didn’t co-sign. Be careful frens," meaning that any information or endorsements that were not directly retweeted (RT) by the SHIB lead should be approached with caution. Considering how often fake accounts pretending to be SHIB team members or official Shiba Inu X handles emerge and how quickly misinformation spreads online, this warning could not have come at a better time. Proving the point is the existence of ShibArmy Scam Alerts X account, dedicated to exposing SHIB-related scams; every day it informs the community of suspicious accounts, groups or channels on social media.
Ripple CTO drops clues on XRP and XLM price correlation
Interesting insights about the correlation between XRP and Stellar's token, XLM, have recently been shared by Ripple CTO David Schwartz. Schwartz noted: "The only real objective data point I have is that XRP tracks the price and market cap of XLM incredibly well over all time frames." This comment by the CTO suggests that XRP and XLM share a closely linked trajectory, despite the complexity of factors influencing price action. XRP and XLM have similar roots, with XLM being created by Jed McCaleb, a cofounder of Ripple who later left the company and went on to establish Stellar. Another similarity between the tokens is that both of them are intended to facilitate cross-border payments. The correlation pointed out by Schwartz suggests that market forces impacting one of these tokens frequently affect the other. However, the exact reasons for this correlation remain uncertain, as Schwartz himself indicated the lack of clarity regarding the exact factors influencing XRP's price. "I have no idea what factors drive the price of XRP," he admitted.
Alex Dovbnya16.33 billion Cardano (ADA) in 24 hours, Are bulls back?
On Saturday, Aug. 31, Cardano saw a surge in activity, with large transactions skyrocketing to 16.33 billion tokens. This move sparks speculation about the impending arrival of bulls, which could change the game. The rise in ADA transaction volume followed the announcement regarding the Chang hard fork date; as reported by U.Today, the hard fork team agreed to upgrade the mainnet on Sept. 1. With Cardano moving toward community-driven governance, major investors should expect a positive impact on ADA. This could be one of the factors causing an increase in on-chain activities. As of now, the Chang hard fork has been successfully launched. However, despite the excitement surrounding this important milestone, the price of ADA was not affected. At the moment of writing, ADA is trading $0.333, down 1.86% over the past 24 hours, per CoinMarketCap.
Arman Shirinyan
Alex Dovbnya
Dan Burgin