Crypto News Digest by U.Today
U.Today presents its latest news roundup of the hottest crypto news from the weekend, check it out!
Take a look at what happened in the crypto world over the weekend with U.Today’s top four news stories.
LUNC is doomed as it becomes the most unprofitable crypto among the top 100
According to CoinMarketCap data, Terra Classic, or LUNC, showed the lowest profitability among the 100 largest cryptocurrencies by market capitalization. Over the course of the week, the cryptocurrency lost close to 25% of its value, with the biggest drop on the closing days. The reason for the decline was the disclosure of information about the burning of LUNC on the major cryptocurrency exchange Binance, where the project may have the most liquidity. While many LUNC enthusiasts had expected the implementation of a token-burning tax when a transaction is made with it on Binance, Exchange CEO Changpeng Zhao denied such a decision.
20 Ethereum validators cut in three hours: reasons
Terence Tsao, veteran Ethereum developer, tweeted that on Friday 23 September, a total of 20 validators was cut in just three hours. Validators were penalized due to dubiousness issues. Although the real causes of the problems remain unclear as validator addresses and index deposit data have not been published, Tsao suggested possible reasons for the unusual cut event. According to him, it is highly likely that slashing was induced by duplicate setups and duplicate detection errors. Tsao also emphasized that the penalty for slashing and being offline will be increased with each next upgrade that Ethereum on PoS undergoes.
XRP pumping for several reasons: large XRP army member
During the last week the market saw XRP increasing by a staggering 58%. According to Twitter user Ben Armstrong, investor and holder of XRP, ADA and ETH, there are several reasons for this long-awaited increase, with the main one being that the SEC is giving up trying to prove that the Ripple-linked token is a security. Last weekend, both the regulator and the fintech giant filed motions for summary judgment for Judge Torres to rule in favor of one of the sides. According to data aggregator Santiment, another reason for the recent XRP price increase is an increase in whale XRP movement as staggering amounts of XRP were moved by anonymous addresses over the past week, and Ripple also participated in it.
Shiba Inu (SHIB) returns to important price range: here’s what’s next
Shiba Inu, the famous meme token and Dogecoin rival, is now moving up despite the problematic price performance it saw recently. To reach more significant price levels, the dog coin needs to break the exponential 50-day moving average. After a breakout, SHIB would officially enter an uptrend and bring some profit back to investors. Unfortunately, the outbreak would not bring the Shiba Inu back above the 50% profitability level. SHIB needs to rise above the $0.00002 price level to become profitable again. However, even though the token’s price performance is positive, trading volume is still declining, which is why SHIB’s volatility remains at an extremely low level. Such a tendency is a negative factor for a token that relies heavily on speculative attractiveness.
