XRP Rallied 60,000% Last Time This Happened, Here’s How Many SHIB U.S. Government Holds, Ethereum ICO Wallet Moves Millions in ETH: Crypto News Digest by U.Today

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As a seasoned crypto investor with a knack for spotting trends and reading between the lines, these headlines have piqued my interest.

Yesterday, I compiled a summary of the top three crypto news stories to ensure you stay informed about significant global developments in the cryptocurrency sphere.

Last time this happened, XRP price saw 60,000% rally

As a crypto investor, I’ve been closely watching XRP on platform X lately. The monthly Bollinger Bands for this asset are tighter than they’ve ever been, even tighter than before the astounding 60,000% price surge that concluded in 2018, as Tony Severino, founder of CoinChartist and head of research at NewsBTC, has pointed out. When the gap between the upper and lower bands shrinks significantly, like it is with XRP now, it’s a sign that the asset is experiencing unusually low volatility. It’s important to note that such periods of low volatility often lead to a squeeze. XRP enthusiasts are crossing their fingers that this extremely low volatility could be an indication of a substantial price jump. At the moment, XRP is currently trading at $0.6514, having risen 5.75% over the past 24 hours, according to CoinMarketCap.

Here’s how many Shiba Inu (SHIB) U.S. government holds

As more and more people become interested in alternative cryptocurrencies besides Bitcoin, which is the biggest digital currency, traditional financial institutions are taking notice too. One such altcoin is Shiba Inu, and according to recent findings by Arkham Intelligence, the U.S. government owns a staggering 54.897 billion of these meme tokens. This is the only asset among the top 100 that has a quantity in billions. With each SHIB token currently worth $0.00001642, this amount equals approximately $899,210. While the value of SHIB may seem small at the moment, some financial experts think the U.S. government might be hanging onto the meme coin in expectation that its future price will rise before selling it off.

Ethereum ICO wallet transfers millions in ETH

Lookonchain, a well-known platform that disseminates up-to-date cryptocurrency information, has recently reported activity from an Ethereum Initial Coin Offering (ICO) participant who has been inactive for nine years. This significant Ethereum holder, often referred to as a “whale,” transferred approximately 1,111 ETH, equivalent to around $3.7 million, to a newly created wallet. This transfer occurred across four transactions, with amounts of 1,000, 100, 10, and 1 ETH respectively. The whale now holds a total of 2,000 ETH, which were initially obtained at Ethereum’s inception. In the year 2015, each ETH was priced at just $0.31, making the initial purchase cost $620. At present, the value of these 2,000 ETH stands at approximately $6,681,471, representing a massive increase of over 1,077,560% compared to the original purchase price.

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2024-07-31 19:26