Trump Dumps Ethereum, 'Dogecoin Killer' Shiba Inu's Burn Rate Soars And More: This Week In Cryptocurrency

The week brought a whirlwind of crypto news, with some coins soaring, others selling, and a few even burning. Dogecoin’s value spiked, Donald Trump made significant moves in the Ethereum and MAGA Coin markets, a Colorado pastor admitted to fraud charges, and Shiba Inu’s burn rate skyrocketed. Here’s a quick look at what transpired.

Dogecoin Value Surges on Musk’s X App Buzz

Over the weekend, Dogecoin DOGE/USD value soared by more than 10% following the establishment of a dedicated account for the planned payment feature on Elon Musk’s “everything app” X. Pseudonymous cryptocurrency analyst Johnny predicts a rally, with DOGE potentially hitting $0.10. The buzz around the X Payments account has fueled speculation that X/Twitter may soon adopt DOGE as its universal payment method. Read the full article here.

Trump Dumps Ethereum

Former President Donald Trump is reported to have sold more than 1,000 Ethereum ETH/USD, raking in over $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. Read the full article here.

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Pastor Admits Fraud Over Crypto Scam

Eli Regalado, a Colorado-based online pastor and founder of INDXcoin, has admitted to fraud charges. Facing accusations from the Colorado Securities Commission, Regalado confessed in a video that he and his partner Kaitlin Regalado misappropriated $1.3 million. Read the full article here.

Trump Scores Big with MAGA Coin

In addition to his Ethereum trading, Trump reportedly reaped a 15,000% return from the MAGA (TRUMP) coin. According to crypto intelligence firm Arkham Intelligence, Trump’s initial stake of $7,100 in the meme coin has surged to an estimated value of over $1.07 million. Read the full article here.

Shiba Inu’s Burn Rate Soars

The ‘Dogecoin killer,’ Shiba Inu SHIB/USD, has seen a surge in its token burn activity, with an increase exceeding 4,200% within a 24-hour window. This drastic reduction of 15.72 million SHIB tokens from the actively traded supply is attributed to three anonymous entities sending 13 million SHIB tokens to an unrecoverable address. Read the full article here.

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Eivind Pedersen from Pixabay.