Memecoins
Crypto News Digest by U.Today
Valeria Blokhina
Keep an eye on the latest updates in the cryptocurrency industry with U.Today’s news digest!
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U.Today has prepared the three main news stories of the last day.
Shiba Inu secures elite status in the market rankings among meme coins
The new day brings a new milestone for Shiba Inu, as the dog-themed meme coin stated second place in the VanEck MarketVector Meme Coin Index, behind only Dogecoin. According to data on the index website, the weight of SHIB is equal to 28.28%, while that of DOGE is equal to 30.69%. Other meme coins included in the index are Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and BONK. AS reported from the Wu Blockchain X handle, the Meme Coin Index is currently the best performing index on MarketVector, with a staggering return of 137.96% so far this year. This exceptional result underlined the growing interest and speculative investments in meme coins.
‘Not true, but plausible’: Ripple CTO breaks silence on whether it’s Satoshi
On Wednesday, May 8, user @JeroenXRPmaxi X shared a video from the XRP Las Vegas 2024 conference, featuring Ripple CTO David Schwartz. In the video, Schwartz he was once again questioned whether he is connected to the creation of Bitcoin and whether he is the one hiding behind the mask of Satoshi Nakamoto, anonymous creator of BTC. The CTO strongly denied these assumptions, stating that although he had the skills necessary to create the flagship cryptocurrency, he only discovered Bitcoin in 2011, long after its inception. Additionally, Schwartz pointed out that he was unfamiliar with the Qt interface, a crucial aspect of early Bitcoin code. When asked if he could still be “the protagonist” despite him not having the knowledge of Qt, Schwartz responded: “It’s not impossible. It’s not true, but it’s not impossible.” The video has gained more than 65,000 views so far, demonstrating the interest from the XRP community that Schwartz’s response sparked.
Legendary trader Peter Brandt provides intriguing tips on Ethereum (ETH) price action.
In a recent X postveteran trader Peter Brandt attracted attention to Ethereum’s chart, which he described as “very intriguing.” In his analysis, Brandt examines 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 short pause in an uptrend or downtrend. However, the pattern is too long to be considered a flag, and a channel seems like the most likely label. A channel is formed when the price action is controlled by two parallel, sloping lines and the price has tested each of these lines at least twice. A flag might appear as a small channel after a steep trend, developing in the opposite direction. Whether it is a flag or a channel, both have the potential of a breakout in both directions, whether up or down. “I could go either way with this graph,” Brandt explained.
About the author
Valeria Blokhina
Valeria is the community manager of U.Today. She is a cryptocurrency enthusiast and believes that cryptocurrency is the future of finance. Valeria currently covers the latest news in the world of cryptocurrencies and blockchain.