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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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
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