Binance Converts All SAFU Assets to USDC, DOGE Might Reach All-Time High After Supply Shock Resolution, Shibarium Skyrockets 160%: Crypto News Digest by U.Today

by

Take a look at what’s happening in the world of crypto by reading U.Today’s top three news stories.

Binance converts all SAFU assets to USDC: Details

Yesterday, April 18th, Binance shared via their official Twitter account that they had transformed their SAFU (Secure Asset Fund for Users) reserves into USDC stablecoin. Established in 2018, SAFU aims to safeguard Binance users during crises. The fund’s value can change due to its cryptocurrency composition but usually hovers around $1 billion. By converting the funds into USDC, the stability of the SAFU fund is ensured amid market volatility since USDC is pegged to the U.S. dollar. Furthermore, USDC is widely regarded as a more secure choice than Tether’s USDT due to its emphasis on regulatory compliance. As per Chris Holland, partner at HM Compliance, this conversion brings “assurance” to the value of the fund.

Dogecoin (DOGE) price might achieve all-time high after supply block resolution

According to data from IntoTheBlock, there’s a possibility that Dogecoin’s price could surpass its previous record high. The reason behind this recovery is the absorption of approximately 21.74 billion DOGE, now held in wallets with prices ranging from $0.1636 to $0.671. This massive amount of Dogecoin, owned by over 953,590 wallets, represents losses for its owners presently. However, once the supply issue is addressed, Dogecoin’s price might experience a considerable increase. It’s important to note that this optimistic view comes with a cautionary note: the absorption phase could put downward pressure on the market as the price range shifts. Currently, Dogecoin trades at around $0.152, while its all-time high stands at $0.74, indicating significant potential for growth.

Shiba Inu‘s Shibarium skyrockets 160% as key metric recovers

According to data from Shibariumscan, Shibarium, the layer-2 solution of Shiba Inu, saw a remarkable surge of 160% in key metrics between April 16 and 17, with daily transactions jumping from 352,000 to 562,980. This rebound follows a significant drop where transaction volume plummeted by nearly two-thirds from its high of 958,500. Presently, Shibarium’s daily transactions stand at approximately 475,000-500,000. Since its launch in August 2023, it has recorded a total of 417 million completed transactions, and the number of wallet addresses has swelled to 1.783 million.

Read More

2024-04-19 19:21