Shiba Inu Leaves Trillionaire Club, Ripple CTO Puts End to XRP Usage Concerns, Litecoin ETF Hype Triggers Unexpected Inflow: Crypto News Digest by U.Today

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As a seasoned crypto investor with over a decade of experience in this wild and unpredictable market, I’ve learned to take each piece of news with a grain of salt and a dash of skepticism. Today, let’s dissect some headlines that have caught my attention.

Here are the top three news stories by U.Today from the past day.

Shiba Inu (SHIB) out of trillionaire club for today

Yesterday’s on-chain data reveals a decrease in Shiba Inu’s total trading volume to 895.12 billion SHIB, which has led to the meme coin exiting the trillionaire club. This turn of events can be attributed to a significant drop in whale-sized transactions, with large trades hitting a 24-hour low of 44. With less activity from big investors, Shiba Inu’s near-term future looks uncertain as these large players typically offer vital price support through substantial purchases. As the market now relies more on individual traders, the absence of whale involvement makes it challenging for SHIB to reach its previous highs. Technical analysis suggests that Shiba Inu is approaching significant support levels and is showing few positive signs, which could indicate potential downward trends unless whale investors decide to re-enter the market and stimulate trading activity once more.

Ripple CTO puts end to XRP usage concerns

With the upcoming launch of Ripple’s stablecoin RLUSD, some members of the XRP community have been questioning if XRP continues to be necessary on the XRP Ledger (XRPL). These concerns reached Ripple’s CTO, David Schwartz, who recently addressed this topic in a blog post. In his explanation, he emphasized that XRP is crucial for maintaining the network’s security against spam attacks. He explained that public ledgers require a limited asset like XRP to ensure only legitimate transactions are processed. If each transaction didn’t require XRP, the XRPL could be flooded with excessive requests, potentially leading to instability within the ledger. In summary, Schwartz’s comments make it clear that despite the introduction of RLUSD, XRP’s role remains essential and unaltered on the XRPL, even as new assets are added.

Litecoin ETF hype triggers unexpected inflow, what next?

Over the past week, there’s been a notable surge in investments towards Litecoin (LTC), currently ranked as the 19th-largest cryptocurrency. This increase is primarily due to anticipation surrounding the possible launch of a Litecoin Exchange-Traded Fund (ETF). As a result, LTC attracted $1.8 million in fresh investments last week, bringing the total for the month to $4.5 million and the yearly total to an impressive $43 million. This inflow has boosted the total assets under management to $151 million.

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2024-10-29 18:43