Read about the latest events in the industry in U.Today’s news digest!
The last day of October was quite eventful for the crypto industry. Let’s take a look at the major highlights from yesterday with U.Today’s top four stories.
I’m going out and buying SHIB: David Gokhshtein
In a recent tweet, David Gokhshtein, influencer and founder of Gokhshtein Media, has shared his plans to “go all out and buy more SHIB,” warning his followers not to try and stop him. He then revealed the sum he is going to spend on acquiring additional meme coins, $33: at the current exchange rate, this is worth 2,682,926 SHIB. The purchase followed Gokhshtein’s confession in early October, when the influencer tweeted that he should have gone all in on Shiba Inu. According to the tweet, the only thing that stopped him was his confusion with the tagline “Dogecoin killer” that was attached to SHIB.
Whales move 4.2 trillion SHIB as price sees “hangover reverse”
According to data provided by Twitter user @shibaplay_, yesterday, whales shifted more than 4.18 trillion SHIB in three big transactions worth 3,369,887,165,968; 449,380,140,957 and 417,084,768,611 meme coins. Per Etherscan, the first lump was transferred between anonymous wallets, with one of them belonging to a crypto exchange, as one commentator suggested. The other two transfers were conducted by the Binance exchange internally, Etherscan reported. This impressive amount of SHIB was moved while the coin’s price started to reverse after a recent massive pump: from Oct. 23 to 27, SHIB demonstrated a 17% rise, but yesterday it showed a drop by more than 10%. However, SHIB is now trading up 4.22% over the past 24 hours, at $0.00001273.
Cardano founder on Musk, DOGE and Twitter: “If you’re crazy and rich, you can make it work”
Cardano founder Charles Hoskinson has recently gotten into a discussion on possible DOGE integration into Twitter with Cardano’s former director of architecture John Woods. It all started with Hoskinson’s tweet, in which he suggested that Elon Musk’s acquisition of the social media giant could indeed result in the meme coin merging into the platform. Woods replied, saying that it “would be a real shame” given the engineering advancement of both Cardano and Algorand and hinting at the lack of said advancement on Dogecoin. In a reply to his former colleague, the Cardano CEO tried to provide a possible explanation for Musk’s current actions. He compared the Twitter purchase to building a house in a certain place just because the future owner likes the view, regardless of numerous issues it may cause. “But if you’re crazy rich, then you can make it work,” Hoskinson concluded.
SHIB burn rate spikes 1,720% after Shiba Inu price cools down
Yesterday, the burn rate of Shiba Inu reached an astounding 1,720% after the coin’s quotes cooled slightly. As reported by CryptEye, such a result was reached due to the burning of 44 million SHIBs in a single day, which constitutes 41.9% of all tokens burned in the last week. However, despite the six-digit number of SHIBs sent to “dead” addresses and the three-digit burn rate, their equivalent value is less than $525. Meanwhile, since the start of autumn, the amount of SHIBs burned globally has plateaued. As reported by U.Today, Shiba Inu token burning has fallen by 60.6% since September. According to the one-year graph, this trend is ongoing and represents a normal state of affairs.