The popular meme coin Shiba Inu (SHIB) is back on the whales’ radar. Meanwhile, over half a billion SHIBs went to the burn wallet last week. Ethereum rival Cardano remains Charles Hoskinson’s biggest passion. John Deaton predicts shocking things in the Ripple case. Leading altcoin Ethereum continues to underperform as Merge fades.
Critical developments for Shiba Inu, Cardano, Ripple and Ethereum
Over half a billion SHIB went to burn wallets last week
According to the Shibburn Twitter account, more than half a billion SHIB went to dead wallets in the past week. This adds to the hundreds of millions of SHIBs burned since the beginning of August.
https://twitter.com/shibburn/status/15620144764728152
Last week, 582,646,458 SHIB tokens went to the burn wallet in 106 transactions. The platform reported that the amount of SHIB burned in the previous week was more than 711 million. In recent hours, there have been several transactions that have caused an increase in the burn rate of SHIB. According to the Shibburn website, the SHIB burn rate increased by 272.56% at press time. Also, in the last 24 hours, 86,410,488 SHIB went to the burn wallet. Meanwhile, in the past hour, an unknown address has sent 60,775,594 SHIB tokens to Shibburn in a single transaction.
WhaleStats reports that SHIB is back in the top 10 purchased tokens among the top 500 ETH whales in the past 24 hours. Whales have once again continued to accumulate after the latest profit take that led to a significant drop in the price of the Shiba Inu. Meanwhile, the individual holder collected SHIB, which was abandoned by major investors. However, the current whale uptake has not yet been felt in the overall balance of the top 100 SHIB holders due to previously taking profits.
Cardano remains Charles Hoskinson’s greatest passion
In a recent Twitter thread, Input Output CEO Charles Hoskinson says it remains Cardano’s “biggest passion”. Hoskinson claims he ‘went nowhere’, underscoring his commitment to the project. The Cardano inventor says Cardano could potentially change the lives of ‘billions’ of people.
His comments came amid the controversy surrounding the Cardano test-net. The Cardano developer recently stated that the node was ‘catastrophically’ broken due to a bug discovered in version 1.35.2. Hoskinson recently covered the test-net discussion of Vasil’s hard fork. He noted that there was no ‘quality problem’ in this context. Looks like the team has now fixed the problem. Share pool operator Andrew Westberg also confirmed that his team of developers has fixed the issue.
Ripple lawsuit: John Deaton predicts the shocking thing
CryptoLaw Founder John Deaton makes a bold prediction of what might happen after summary decision briefings go public. “When summary resolutions become public, we will see evidence that we are not currently aware of, including statements from Ripple CEO Brad Garlinghouse, Co-Founder Chris Larsen, Ripple CTO, David Schwartz, and former Ripple employees. It includes statements from Hinman and other SEC officials,” he said.
Also, John Deaton added, “I anticipate that we will also see why it is so important for XRP holders to have their voices heard.”
When the Summary Judgment motions are public we will see evidence we are currently unaware of, including testimony from @bgarlinghouse, @chrislarsensf @JoelKatz and former @Ripple employees. It includes testimony from Hinman and other SEC officials (ie Amy Starr, Valerie S, etc).
— John E Deaton (219K Followers Beware Imposters) (@JohnEDeaton1) August 20, 2022
Ethereum continues to underperform as Merge fades
Leading altcoin Ethereum extended its fall over the weekend. ETH hit an intraday low of $1,523 on the Binance exchange on Saturday. The Bitcoin rival has hit its lowest level since July 27, erasing its previous gains.
On Sunday, Ethereum hit an intraday low of $1,562. ETH, which later rose, is trading at $1,623, up 3.32% at press time. The leading altcoin is still about 66% down from its peak price of $4.9k. Ethereum saw a significant drop above $2,000. This came despite tons of positive news surrounding the upcoming “Merge” upgrade. cryptocoin.comAs you follow, Ethereum will switch to the PoS consensus mechanism in September.
