As a seasoned researcher with over two decades of experience in the financial markets, I find myself captivated by the intriguing developments that have unfolded in the cryptocurrency world this past weekend. The apparent anomaly in the Shiba Inu (SHIB) burn rate is a peculiar occurrence that raises eyebrows and questions about the effectiveness of automated token burning mechanisms. Having witnessed countless bullish and bearish market cycles, I can’t help but be reminded of the old adage, “When all else fails, read the fine print.
Check out the top three news stories from the past weekend presented to you by U.Today.
0 Shiba Inu (SHIB) in 24 hours, what’s happening?
Last Saturday, September 21st, members of the Shiba Inu community noticed something strange in the token burning rate. According to the Shibburn account, no tokens were burned on that day, indicating a very bearish trend for this metric. It’s still uncertain how such an event transpired, especially considering SHIB‘s low price typically encourages token burning. This unusual decrease in destroyed tokens has sparked questions about the performance of the newly launched ShibTorch portal, which was designed to automate the burning process. The concerns are either due to the portal not functioning as planned or because of a drop in network transactions, resulting in fewer tokens being burned. However, as reported by U.Today on the same day, the burn rate later increased dramatically by 547%, with up to 1,746,465 SHIB tokens being burnt.
Satoshi-era Bitcoin wallet activated after 13 years
Approximately 13 years after lying dormant, an old Bitcoin wallet containing roughly $3.8 million worth of Bitcoin became active last Friday, September 20th. This activation occurred around the same time as a significant spike in Bitcoin’s price, causing it to briefly reach over $64,000 for the first time since late August. However, it seems unlikely that this wallet’s reactivation is directly linked to the recent price surge, as no clear pattern has been identified with such occurrences. Interestingly, this marks the first known activation of a Bitcoin wallet that had been inactive for over 13 years this month. On the weekend following this event, another ancient wallet was also activated; according to U.Today, a Bitcoin address containing 50 Bitcoins awakened after being dormant for 14 years on Sunday.
Bitcoin (BTC) BlackRock victory commented on by top Bitcoiner angel investor
Last Friday saw the SEC’s approval of BlackRock’s Bitcoin options, which will be traded on Nasdaq using the IBIT ticker. This event has sparked interest among key players in the crypto world, such as MicroStrategy co-founder Michael Saylor, who applauded the decision, asserting it would speed up institutional adoption of Bitcoin. In essence, this move enables institutional investors to engage with Bitcoin without dealing directly with the cryptocurrency itself. Similarly, angel investor and Bitcoin advocate Anthony Pompliano shared Saylor’s viewpoint, stating that increased institutional adoption could help stabilize Bitcoin’s volatility and limit its extreme price increases. However, Pompliano also urged caution among investors, suggesting they should be mindful of potential future returns, as Bitcoin may no longer deliver the same high returns experienced in the past.
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2024-09-23 19:58