U.Today’s daily news digest keeps you informed of the most important updates in the crypto industry
U.Today presents the top four news stories over the past day. Take a closer look at the world of crypto!
Shiba Inu to $0.001: price prints important signal near key support
Shiba Inu has been holding above the $0.000011 level since May 14, resembling the price action it demonstrated in late January 2022. After this, the meme coin surged nearly 100% to highs of $0.000035 on Feb. 7. However, at the time of writing, SHIB is down 7.6%, changing hands at $0.0000108. If it continues trading at this price, the token might spend some more time inside the range between $0.0000104 and $0.000014. The next major move might begin after the price breaks above or below the range.
Meanwhile, Argentina’s soccer team, “El Talita Csyd, ” embraced Shiba Inu by using the canine coin’s logo on its uniform.
Ripple CEO does not expect many cryptocurrencies to survive
Ripple CEO Brad Garlinghouse has recently been interviewed by CNBC in Davos, Switzerland. Talking to the host, the head of San Francisco-based fintech giant shared that he would echo Ethereum co-founder Gavin Wood’s statement about how many cryptocurrencies will not survive. Back in 2019, Garlinghouse made a prediction that 99% of all cryptocurrencies would go to zero. His forecast did not age well, though, since the total number of cryptocurrencies grew to 19,574. Garlinghouse added that some of the Layer 1 technologies are here to stay for sure as they solve different use cases. The Ripple CEO is also certain that the company has reached enough scale to eye a public listing, but its IPO would only be possible after it resolves its long-lasting legal fight with the SEC.
SEC wants to prevent XRP holders from assisting court
According to James K. Filan’s recent tweet, the SEC has filed an objection to an amicus request by XRP holders to participate in a briefing regarding the expert challenge. The agency asks Judge Analisa Torres for an extension of time until June 7 due to the upcoming holiday and other briefing deadlines. Defendants and counsel for amici curiae have no objection to the request, which means that the court will most likely approve it. In October 2021, attorney John Deaton’s motion to intervene was denied. However, the court granted amici status to six XRP holders, which makes it possible for them to assist the court.
As per today’s update to the case provided in U.Today’s article, the court has granted the SEC extra time to submit an opposition to the amicus request filed by XRP holders.
Cardano network has four times more active users than Ethereum in percentage terms
Data provided by Messari on-chain and market tracker shows that, in percentage terms, the number of Cardano active users significantly exceeds that of Ethereum. Such an imbalance could have been caused by two factors. First, the overall number of Cardano wallets is now about 3.6 million, which is less than 5% of the total number of Ethereum wallets opened on the network. This difference is quite unfavorable for Cardano and makes a percentage-based comparison less objective. Second, the percentage of active wallets compared to the total number of wallets is slowly decreasing. This is due to the fact that many wallets are created for interacting with one dApp or testing it during the development process. We will most likely see a decrease in the number of active wallets in the future as Cardano reaches the level of Ethereum.