Read U.Today’s crypto news digest to make sure you don’t miss any of the latest industry happenings!
Take a look at what’s happening in the crypto world by reading the top four news stories from U.Today.
SHIB Price May Have Bottomed, Here’s What’s Next
Following the collapse of the FTX crypto exchange, shiba inus fell to levels last seen in the early summer of this year. However, this time SHIB price suffered slightly less: after another round of capitulations in the crypto market, the token did not drop below the area around $0.000009, which may signal that SHIB has hit bottom again. Two factors can trigger the rise in the price of the meme coin. The first is Shibarium, the ecosystem’s own Layer 2 protocol, which is expected to dramatically increase the utility of SHIB and lead to increased demand, trade volumes, and burn rate of SHIB. The second factor is the overall crypto market environment. After the FTX crash, investor confidence may take a long time to return and even longer for tokens like SHIB, which are not in the foreground.
The Ripple CBDC hackathon is over, here are the winners
According Ripple official announcement, CBDC Innovate, the hackathon organized by the fintech giant to reaffirm its commitment to strengthening its positions in the stablecoin segment, has come to an end. Experts have shared the names of the winners in three nominations: interoperability, financial inclusion and retail apps. For each nomination, a prize of $150,000 was awarded. The winners of the nomination for interoperability are the PeerPay payment app and the P2P-CBDC peer-to-peer lending machine. The Checksum and conFIEL B2B platforms have become leaders in the financial inclusion path. Finally, SpendTheBits and Community Loans received corporate and individual awards in the retail apps category. As covered by U.Today, Ripple’s competition for projects using XRPL-based CBDCs started in July-August 2022.
SHIB Metaverse: launching a technology hub inspired by major universities
Just 24 hours after revealing concept art for its scenic dunes, the Metaverse SHIB the team unveiled another one. This time it is the technological trench center that was created in ancient times and yet evolved into a hyper-technological avenue. While working on this concept art, the team was inspired by the architectural designs of leading universities and schools of technology around the world, such as Yale University (USA), Otemon Gakuin University (Japan) , the Rolex Learning Center (Switzerland) and many others. . To get much-needed feedback from the Shiba Inu community, the team will be hosting the Tech Trench Fireside Chat today at 8:00 PM EST / 5:00 PM PST on the official Shibtoken Discord.
XRP trading volume exceeds its market capitalization by $18 billion, what is the cause of the anomaly?
The XRP Community could recently see an anomaly in trading volumes, as they exceeded the current cryptocurrency market capitalization by 33%. With the combined value of all XRP at $18.56 billion, in the last seven days the trading volume turned out to be $25 billion. USDT and BUSD stablecoins show similar figures. The abnormal pattern in XRP transaction volumes is most likely due to the token being actively used by Ripple in its ODL business, basically as fuel for technology. According to recent reports, the company has seen an increase in the use of ODL, both because the business of old partners is growing and because new ones are joining.