Trump Dumps Ethereum, 'Dogecoin Killer' Shiba Inu's Burn Rate Soars And More: This Week In Cryptocurrency
Portfolio Pulse from Benzinga Neuro
This week in cryptocurrency saw Dogecoin's value surge due to Elon Musk's X app, Trump sold over 1,000 Ethereum, a Colorado pastor admitted to crypto fraud, Trump profited from MAGA coin, and Shiba Inu's burn rate increased by over 4,200%. Dogecoin may be adopted by X/Twitter as a payment method, Trump's NFTs remain in demand, and Shiba Inu tokens were burned by anonymous entities.
January 28, 2024 | 12:57 pm
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NEUTRAL IMPACT
Donald Trump sold over 1,000 Ethereum, earning over $2.4 million, mainly from royalties for his NFT projects, which remain in high demand.
While Trump's sale of Ethereum could suggest a personal move away from the asset, the continued demand for his NFTs, which are priced in Ethereum, may counterbalance any negative sentiment.
CONFIDENCE 60
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
Dogecoin's value increased by over 10% following news of a dedicated account for a payment feature on Elon Musk's X app, with predictions of reaching $0.10.
The surge in Dogecoin's value is directly related to the potential adoption by Elon Musk's X app, which could significantly increase its utility and demand.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Shiba Inu's token burn rate soared by over 4,200%, with 15.72 million SHIB tokens burned by three anonymous entities.
The significant increase in Shiba Inu's burn rate could lead to a reduced supply and potentially increase the token's value in the short term.
CONFIDENCE 65
IMPORTANCE 65
RELEVANCE 70