Shiba Inu Leaves Trillionaire Club, Ripple CTO Puts End to XRP Usage Concerns, Litecoin ETF Hype Triggers Unexpected Inflow: Crypto News Digest by U.Today
2024-10-29

Here are the top three news stories by U.Today from the past day.
Shiba Inu SHIBUSD out of trillionaire club for today
On-chain data from yesterday demonstrated that Shiba Inu's overall volume decreased to 895.12 billion SHIB, thus resulting in the meme coin leaving the trillionaire club. The cause of such a turn of events was the drop of whale-tier trading volumes, with large transactions falling to a 24-hour low of 44. The decrease in whale activity threatens the near-term prospects of Shiba Inu, as large investors usually provide crucial price support through significant buy-ins. Now that the market is relying more on individual traders, the lack of whale involvement makes it harder for SHIB to reach its previous highs. Technical analysis shows that Shiba Inu is close to important support levels and does not have strong positive signals, indicating possible downward trends unless whale investors reenter the market to boost trading activity.
Ripple CTO puts end to XRP usage concerns
As Ripple is getting ready for the launch of the RLUSD stablecoin, many in the XRP community started wondering whether XRP was still needed on the XRP Ledger (XRPL). The community's concerns came to the attention of David Schwartz, CTO at Ripple; in a recent X post, he explained that XRP remains essential for maintaining the network's security against spam attacks, as public ledgers require a limited asset to ensure that only valid transactions are processed. If XRP were not necessary for each transaction, the XRPL could face an overwhelming number of requests, potentially destabilizing the ledger. Schwartz's remarks clarify that despite the introduction of RLUSD, XRP's role is vital and unchanged. Overall, his comments reaffirm that XRP is still central to the operations of XRPL, even with the addition of new assets.
Litecoin ETF hype triggers unexpected inflow, what next?
Litecoin (LTC), currently ranked as the 19th-largest cryptocurrency, has seen significant inflows recently, mainly due to excitement about a possible Litecoin Exchange-Traded Fund (ETF). In the past week, LTC attracted $1.8 million in inflows, helping bring the total for the month to $4.5 million and for the year to $43 million, which has raised the total assets under management to $151 million. The interest in Litecoin grew after Canary Capital filed a registration with the SEC to create an LTC ETF, causing LTC's price to rise by 7.5% following the announcement. Additionally, Litecoin has reached an important milestone by having the highest average transaction count among top cryptos over the last six months. These developments indicate strong community support and a positive outlook for Litecoin, especially with the potential approval of the ETF.