U.Today’s news digest helps you stay tuned to the most recent events in the crypto world
Check out the top four news stories over the past day presented to you by U.Today.
New memetoken “supported” by Vitalik Buterin emerges
Ethereum co-founder Vitalik Buterin has recently suggested creating a new crypto project that would be called “THE Protocol” so that bots mention “THE” every time they use their common shilling phrases on Twitter. One enthusiast loved Buterin’s idea so much that he or she created a real project out of it. Shortly after the tweet, the token contract for $THE was created and added 1,000% to its value. To thank Buterin for the idea, the token creator sent the Ethereum co-founder 10% of the total supply of THE. Even though a couple of popular investors bought the token, some large addresses have already dropped their holdings. Numerous on-chain and market researching platforms released DYOR warnings when describing the token.
BabyDoge price soars on this new listing
According to an official announcement by Vietnamese exchange ONUS, it has extended its list of supported coins by adding Baby Doge Coin. The meme coin was listed under the ticker BABYDOGE1M. From now on, ONUS exchange users will be able to trade and convert BabyDoge against USDT and VNDC, as well as make off-chain transactions with the meme coin. Due to a low conversion rate of VNDC to BabyDoge, one BABYDOGE1M will be equal in value to 1,000,000 BabyDoge. The coin spiked on the news, jumping from $0.000000001181 to $0.000000001266 on Oct. 15. Currently, BabyDoge is trading at $0.00000000117.
Here’s why this Bitcoin bear market is different, according to leading trading firm
According to trading firm Cumberland, this Bitcoin bear market cycle is different from previous ones due to the high trading volume. The firm noted that despite the largest cryptocurrency’s price being significantly down from its 2021 high, spot and derivatives volumes regularly top $50 billion every day, signaling that the market is still extremely healthy. Per Cumberland’s conclusion, this time is really different since Bitcoin continues to see strong trading activity. As reported by U.Today, BTC remains on the ropes, currently trading below the $20,000 level. Bitcoin failed to recover despite the U.S. stock market’s two-day bullish streak.
SHIB burning extremely different since start of fall
The SHIB burn rate has slowed since the beginning of fall in comparison to the summer season. In the three months of summer, the SHIB Army managed to destroy about 12 billion SHIB (approximately 4 billion tokens per month on average), while in the past month and a half, only 2.36 billion SHIB were sent to “dead” addresses. Thus, the possible reduction in SHIB’s burn rate since the beginning of fall (early September) is 60.6%. It is also worth noting that the price of the Shiba Inu token declined as the pace of SHIB burning did. Thus, since the beginning of September, SHIB is down 15.5%. So far, 41.038% of the Shiba Inu offering (410.38 trillion tokens) has been burned.