Check out the weekend’s top crypto news in U.Today’s latest news digest!
U.Today has summarized the top four news stories over the past weekend; take a look!
Shiba Inu (SHIB) “Worldpaper” unveiled as foundation for new era
After long months of anticipation, the SHIB community all over the world was finally presented with an abridged version of the “SHIB Paper” authored by Shytoshi Kusama. The paper, which is available in 30 languages, starts with the introduction of the “Shiba Inu state” concept, defining it as a digital utopia for collective prosperity. The state’s foundational scripts are called “The Great Canine Code” and “The Hound’s Constitution,” which aim to guide the behavior of Shiba Inu’s citizens. Then readers are introduced to 22 principles of SHIB and 15 crypto problems solved by the Shiba state. The paper ends with 10 global problems solved by the Shiba state, including centralization of power and wealth and data privacy concerns.
Dogecoin Foundation mourns passing of famous Shiba Inu
In a touching news release, the Dogecoin Foundation has commented on the passing of Balltze, a shiba inu dog that inspired a worldwide-known meme called “Cheems.” The DOGE team expressed their condolences, cherishing the memory of the dog. Balltze, affectionately nicknamed “Ball Ball,” passed away Aug. 18, 2023 at age 12, during a thoracentesis surgery, following an earlier diagnosis of a cancerous tumor. Balltze’s popularity started with a photo captured by his owner in 2017, in which the dog was seemingly expressing unease. The photo then went viral, inspiring numerous other memes, with one of them being “Swole Doge vs. Cheems.” The latter depicts a swole version of Kabosu, another Shiba Inu dog, which became the inspiration behind the Doge meme and consequently, the Dogecoin cryptocurrency.
Full XRP support and reserves confirmed by major platform’s CEO
As shared by Uphold’s CEO Simon McLoughlin in a recent interview, the company has witnessed impressive inflows of funds from retail crypto investors, with a notable emphasis on XRP-related transactions. According to the CEO, Uphold owes this success to unwavering support for the XRP community. Statistics on Uphold’s website show that every asset on the platform is collateralized at 101.9%, with liabilities totaling $1.9 billion and equivalent reserves of $1.936 billion. In particular, the company’s XRP holdings constitute liabilities of $1.233 billion, meticulously backed by corresponding reserves. Per the data, XRP-involved transactions contribute considerably, making around 28.41% of Uphold’s total turnover.
Premine Ethereum whale wakes up after eight years of silence
On Saturday, Aug. 19, Whale Alert tracking platform informed its followers that a long-dormant premine Ethereum address has awakened after 8.1 years of being asleep. The awakening of the address, which previously contained 191 Ethereum tokens worth about $317,724, ignited waves of speculation within the crypto community, as this could potentially suggest the beginning of bearish market trends. This belief has been validated by recent historical trends. For example, after a similar whale reactivation in July, the price of Ethereum dropped by a whopping 20.24%. Another confirmation of this trend is the ETH price’s behavior from May to mid-July, during which weekly awakenings of such dormant wallets precipitated a 17.3% decrease. At the moment of writing, ETH is trading at $1,670, per CoinMarketCap.
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