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Here are the top three news stories by U.Today from the past day.
XRP transactions skyrocket to 2 million: What's happening?
On Tuesday, Feb. 25, XRP saw a notable surge in network activity; according to on-chain data, during that day, 2,054,526 transactions were completed. The cause of this surge remains unclear, but it likely happened due to a transition of funds. Another reason for increased network usage could lie in significant settlements or transactions on the XRP Ledger, with the volume of transactions possibly rising due to new alliances or technological advancements. At press time, XRP is changing hands at $2.09, down 5.31% over the past 24 hours, per CoinMarketCap, still holding above the critical at $2.00. If the asset fails to maintain this level, a test of the lower support at $1.79 could occur. However, if XRP breaks above $2.50 and keeps its current momentum, this could lead to a rally toward $2.75-$3.00.
Coinbase sees mysterious withdrawal of billions of Shiba Inu
Coinbase, one of the largest crypto exchanges in the U.S., recently experienced a large outflow of Shiba Inu tokens. Over the previous four days, about 169.63 billion SHIB, worth approximately $2.5 million, were withdrawn from the exchange's hot wallet. The withdrawal was conducted in four tranches, with the largest carrying 62.783 billion SHIB. Usually, such withdrawals from centralized exchanges suggest that a large investor is buying coins on the most liquid platform and then moving them to non-custodial storage. However, the move could also be an internal operation of Coinbase itself, especially considering recent security breaches in the crypto industry. Notably, according to on-chain exchange flow data from Arkham Intelligence, withdrawals from exchanges are currently not that common, with most SHIB tokens flowing into exchanges rather than out.
Alex DovbnyaSEC drops case against Consensys
As became known from a recent X post by Consensys CEO Joseph Lubin, the SEC has agreed in principle to drop the lawsuit against the company. As a reminder, Consensys, the software developer behind the Metamask wallet, was accused of violating securities laws; the regulatory agency claimed that the wallet was allegedly functioning as an unregistered broker. According to Lubin, the SEC is set to file a stipulation with the court that will effectively close the case. This decision follows the agency's dismissal of a similar lawsuit against Coinbase and investigations into Robinhood and Uniswap Labs. The shift in the SEC's approach comes after the departure of former Chair Gary Gensler, known for his tough stance on crypto regulation. While the SEC has eased its enforcement actions, it still maintains its appeal in the Ripple case, though analysts speculate it may also be dropped soon.
Dan Burgin
Vladislav Sopov