Vitalik donates $1B worth of Shiba Inu coin to India
Firstly a bit of context: last week, Etherum’s co-founder Vitalik Buterin donated $1 billion worth of Shiba Inu coin to a COVID-19 relief fund in India.
But the massive donation spooked buyers, causing Shiba Inu Coin to plummet.
Shib Informer said in a private chat that many people distrust the Ethereum founder, for “no good reason.”
They added that buyers were becoming increasingly concerned that the currency is at the ‘mercy of a millionaire kid now,’ much like Dogecoin is beholden to Elon Musk.
However, SHIB welcomed Vitalik’s actions, saying that he is “not dumping our token” by “acknowledging a humanitarian crisis” in a recent open letter.
Vitalik destroys 90% of his SHIB coins
Vitalik has since burned 90% of his $SHIB wallet, now owning 5% rather than 45%. The currency has since risen approximately 12%.
The owner of the Shib Informer Twitter account said in a private message:
“Imagine that you own half of the dollars in the world, and you put them all in a room put gasoline and burn it. The remaining money in the world will rise in price, right? That is what happened.”
What is Shiba Inu Coin?
The “Shiba Inu coin” also known as SHIB coin or $SHIB is rising in popularity. Much like Dogecoin – it started out as a meme, but now crypto investors are seeing some potential.
Shiba was founded by the mysterious Ryoshi, in 2020.
Shibu Inu coin can be bought as tokens directly from their website, or through popular third parties like the Uni-swap platform.
Mass protests in El Salvador as thousands protest against Bitcoin
Thousands of protesters have taken to the streets in El Salvador, angry at the introduction of Bitcoin as the country’s legal tender
El Salvador President Nayib Bukele remains hopeful that Bitcoin will help the people of his nation that are currently working abroad, transfer money back home.
Protesters however feel the cryptocurrency will bring instability and inflation to the Latin American nation.
During the protests on Thursday demonstrators could be seen setting fire to a brand-new Bitcoin machine, while others spray painted some shop windows.
As of last week, El Salvador officially became the first country to allow the digital currency to be used as legal tender, alongside the US dollar.
The demonstrators, gathered in the capital San Salvador on the 200th anniversary of the country’s independence, brandishing placards reading “No to Bitcoin” and “Respect the Constitution”.
Protesters have accused President Bukele of abusing his authoritative power by allowing Bitcoin to become the country’s legal tender.
How a fake Walmart news post boosted cryptocurrencies
A fake Walmart news release claiming the retail giant would soon accept cryptocurrency has send the digital coin sector into a frenzy
Cryptocurrency Litecoin saw a sudden surge on Monday over the press release, which turned out to be fake.
The release, published through a legitimate press channel, claimed that Walmart would accept the currency through all of the company’s digital stores.
Walmart later told US media outlets the announcement was “inauthentic”
By the time Walmart confirmed that the news release was fake, several major news websites and press agencies had spread the supposed news.
The announcement made it on to Globe Newswire, a service widely used to distribute press material from companies.
The faked release has since been deleted, and did not appear on Walmart’s own website.
A tweet from a verified Litecoin Twitter account linking to the release has also been deleted.
Hours later, the Litecoin Foundation tweeted to confirm that the organisation had no such partnership:
Bitcoin-drop: El Salvador falters in legal tender rollout
Bitcoin plunged as much as 17 per cent to its lowest level in a month as El Salvador’s crypto rollout got off to a rocky start
The largest cryptocurrency fell as low as $43,050 in New York on Tuesday, plunging more than 10 per cent over an hour, before recovering about half the losses.
The Bloomberg Galaxy Crypto Index, which tracks some of the largest digital tokens, lost as much as 19 per cent at one point.
El Salvador has become the first country to accept Bitcoin everywhere
The drop comes as Bitcoin faces one of its biggest test in its 12-year history as El Salvador became the first country to adopt it as legal tender
You can now pay for a burger using bitcoin, as businesses across the nation are advised to accept the digital coins as payment
The Central American nation’s president, Nayib Bukele, said on Twitter that the digital wallet being used in the project can now be downloaded after it was shut down earlier because of technical glitches.
The wallet, known as Chivo, comes pre-loaded with $30 worth of the currency for users who register with a Salvadoran national ID number
Millions of people are expected to download the government’s new digital wallet app.
More than 200 new cash machines are being installed across the country to enable dollars to be converted into Bitcoin.
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