1.2 Billion SHIB Burned in Last 7 Days, Terra Spikes 9%, Crypto Will Surge Should Fed Raise Inflation Target: Crypto News Digest by U.Today – U.Today

U.Today presents top four crypto news stories over the past day.
According to data provided by @shibburn crypto tracker, since last Monday, an eye-popping 1.2 billion SHIB have been sent to dead-end addresses in 84 transactions. From that amount, earlier that day, almost 160 million SHIB were removed in a single transaction. Apart from that, on Friday, from the aforementioned 1.2 billion SHIB, a record 328 million SHIB tokens were moved to an “inferno” wallet in a single transaction during a monthly burn event organized by the Travis Johnson SHIB Burn Games Twitter account.

743 Million SHIB Burned in 24 Hours, 575 Million to Be Gone in 2 Days: Details

Yesterday, the price of Terra (LUNA) saw a 9% rise, outperforming the rest of the cryptocurrency market. Moreover, it managed to continue its rally today, changing hands at $94.46 at the moment of writing, as per CoinMarketCap. Meanwhile, TerraUSD (UST), the most popular algorithmic stablecoin inside the Terra ecosystem, recently eclipsed Binance USD (BUSD) in terms of market capitalization. It is presently the third largest stablecoin, trading only behind Tether (UST) and USD Coin (USDC).

Terra Buys Another $176 Million in Bitcoin

Mohamed A. El-Erian, economist and economic advisor at Allianz, explained to viewers of yesterday’s CNBC Squawk Box show why he believes that the price of crypto is likely to go higher than its current levels. In his opinion, the Fed may be pressured to alter the inflation target from 2-3% since they are likely to realize that to achieve the initially announced target of 2% is impossible and failing to do so would jeopardize their credibility. In this case, El-Erian believes that crypto and gold will go higher.

Bitcoin Plunges to $38K as Sell-Off Accelerates

AI innovator SingularityNET, Cardano’s long-term partner, has announced that its core native token AGIX is now seamlessly interoperable with Cardano’s first asset, ADA. This means that two tokens on different blockchains (Ethereum and Cardano) can interact with each other through a purpose-made bridge. The bridge has been undergoing stress tests since December 2021, and yesterday it became available for general public usage in Ethereum and Cardano mainnets.

Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.
Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.


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