The past week has been filled with exciting developments in the world of cryptocurrency. From the surge in Dogecoin’s value to Donald Trump’s moves in the Ethereum and MAGA Coin markets, here’s a quick recap of the top stories.
First up, Dogecoin saw a significant increase in value following the establishment of a dedicated account for the planned payment feature on Elon Musk’s “everything app” X. The buzz around the X Payments account has fueled speculation that DOGE may soon become the universal payment method for X/Twitter. Pseudonymous cryptocurrency analyst Johnny predicts a rally, with DOGE potentially hitting $0.10.
Former President Donald Trump made headlines as well, as he sold over 1,000 Ethereum, earning more than $2.4 million. The Ethereum mainly came from royalties for Trump’s non-fungible token (NFT) projects. Despite the sale, the NFTs remain in high demand, with the cheapest one listed for over $600, a significant increase from the original $99 price.
In a less positive development, a Colorado-based online pastor and founder of INDXcoin, Eli Regalado, admitted to fraud charges. Regalado and his partner misappropriated $1.3 million, according to accusations from the Colorado Securities Commission. This case serves as a reminder to be cautious when investing in cryptocurrencies and to thoroughly research any projects before getting involved.
On a more positive note for Trump, he reportedly saw a 15,000% return from his investment in the MAGA (TRUMP) coin. His initial stake of $7,100 in the meme coin has surged to an estimated value of over $1.07 million. This highlights the potential profitability of investing in the cryptocurrency market, but it’s important to remember that investing always carries risks.
Lastly, Shiba Inu, often referred to as the “Dogecoin killer,” experienced a surge in its token burn activity. Within a 24-hour window, the token burn rate increased by over 4,200%. This significant reduction in the actively traded supply of SHIB tokens is attributed to three anonymous entities sending 13 million SHIB tokens to an unrecoverable address. This move is part of a new plan to automate the burn process for Shiba Inu.
Overall, the past week has been eventful in the cryptocurrency world. From the surge in Dogecoin’s value and Donald Trump’s trading activities to the fraud charges against a Colorado pastor and the token burn rate increase for Shiba Inu, there is no shortage of interesting news. As always, it’s important to stay informed and approach cryptocurrency investments with caution.
