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XRP 12% Reversal More Than Possible, Elon Musk Says 'X' Will Never Launch Native Token, SHIB Lead Shytoshi Kusama Shuts Down Scammers: Crypto News Digest by U.Today

Mon, 08/07/2023 - 16:00
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Valeria Blokhina
What news did the weekend bring? Read U.Today's crypto news digest to find out!
XRP 12% Reversal More Than Possible, Elon Musk Says 'X' Will Never Launch Native Token, SHIB Lead Shytoshi Kusama Shuts Down Scammers: Crypto News Digest by U.Today
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U.Today has prepared the top four news stories over the past weekend.

XRP 12% reversal more than possible, data shows

According to recent data, XRP could see a 12% reversal. Even though the token is going through a bearish period after losing around 20% since reaching a peak around $0.9, there is hope for improvement, as XRP hinges on the 50 exponential moving average (EMA) support level. This position is known for providing support during downturns and may serve as a launchpad for the token's price recovery. This location, coupled with visible signs of recovery, provides a silver lining for investors. However, before making any investment decisions, one should carefully analyze market trends and other influencing factors.

Bitstamp's Epic XRP Announcement Leaves Community Upset

Elon Musk: X will never launch its own native token

Since October 2022, when Elon Musk purchased Twitter (now being rebranded as X), the community has been abuzz with speculation about crypto payments on the aforementioned social media giant. Now, a new rumor about a potential creation of X's native token started circulating, which sparked the attention of Elon Musk himself. On Aug. 6, he went online to put an end to the hearsay, saying that no "X coin" will ever be developed and launched. However, the Dogecoin community is still expecting Musk to introduce DOGE payments on the platform. The centibillionaire currently avoids discussing this topic and has not clarified it yet.

Shiba Inu lead Shytoshi Kusama shuts down scammers

In his ongoing battle with misinformation, Shiba Inu lead Shytoshi Kusama posted another warning for the SHIB community. He replied to a scam-related post, which claimed that the new tokens called TREAT and SHI are about to debut in a few days as part of the "Summer of Shibarium" campaign. Kusama stated that the post is "untrue" and ridiculed the malefactors behind the scam, daring them to "do better." With the "Summer of Shibarium" campaign intensifying and the launch of Shibarium nearing, the number of suspicious posts promoting fraudulent activities is growing day by day. Thus, the Shiba Inu lead often advises meme token supporters to remain cautious and follow the "DYOR" principle.

Shytoshi Kusama Slams Coinbase for Copycatting 'Summer of Shibarium'

Large Shiba Inu (SHIB) transactions witness jaw-dropping 600% surge overnight

Data provided by IntoTheBlock shows that Shiba Inu witnessed an unprecedented surge in large transactions. According to the data, overnight, SHIB transactions valued at $100,000 or more experienced explosive growth of $91 million, or a 600% increase. As a result of this sudden upswing, a staggering 8.71 trillion SHIB tokens have been exchanged, pushing the total daily transactions to an astounding 10.44 trillion. Such an impressive rise in this crucial on-chain metric is largely attributed to the growing anticipation around Shibarium, Shiba Inu's Layer 2 solution. According to Shytoshi Kusama's blog post, Shibarium is scheduled to launch at the Blockchain Futurist Conference set to be held in Toronto in mid-August.

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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.