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Crypto News Digest by U.Today
Valeria Blokhina
Keep an eye on the latest crypto industry updates with U.Today’s news roundup!
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U.Today prepared the three main news stories from the previous day.
Shiba Inu Secures Elite Status in Market Rankings Among Meme Coins
The new day brings a new milestone for Shiba Inu, as the dog-themed meme coin claimed the second place on VanEck MarketVector’s Meme Coin Index, second only to Dogecoin. According to data from the index website, SHIB’s weight is 28.28%, while DOGE’s is 30.69%. Other meme coins included in the index are Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and BONK. As reported by the Wu Blockchain X identifier, the Meme Coin Index is currently the best performing index on MarketVector, with an astonishing return of 137.96% so far this year. This excellent result highlighted the increase in interest and speculative investment in meme coins.
“Not true, but plausible”: Ripple CTO breaks silence on whether he is Satoshi
On Wednesday, May 8, user @JeroenXRPmaxi a video of the XRP Las Vegas 2024 conference, featuring Ripple CTO David Schwartz. On video, Schwartz was once again asked if he is linked to the creation of Bitcoin and if he is the one hiding behind the mask of Satoshi Nakamoto, anonymous creator of BTC. The CTO firmly denied these assumptions, stating that although he had the skills necessary to create the leading cryptocurrency, he only discovered Bitcoin in 2011, long after its inception. Furthermore, Schwartz emphasized that he is not familiar with the Qt interface, a crucial aspect of the early Bitcoin code. When asked if he could still be “the main guy” despite having no knowledge of Qt, Schwartz replied, “It’s not impossible. It’s not true, but it’s not impossible.” The video has garnered over 65,000 views so far, showing the XRP community’s interest sparked by Schwartz’s response.
Legendary trader Peter Brandt gives an intriguing tip on Ethereum (ETH) price action
In a recent X postveteran trader Peter Brandt caught attention to the Ethereum chart, which he described as “very intriguing.” In his analysis, Brandt analyzes two chart patterns to determine Ethereum’s potential trajectory. One of the patterns, in his opinion, resembled a flag, which is a continuation pattern that often appears during a brief pause in an uptrend or downtrend. However, the pattern is too long to be considered a flag, and a channel seems to be the most likely label. A channel forms when price action is controlled by two parallel, sloping lines and the price has tested each of these lines at least twice. A flag may appear as a small channel after a sharp trend, which develops in the opposite direction. Whether it’s a flag or a channel, both have the potential for a breakout in either direction, up or down. “I could go either way with this chart,” Brandt explained.
About the author
Valeria Blokhina
Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news from the world of cryptography and blockchain.