Friday, October 7

20 Billion SHIB Destroyed by Burn Portal, Solana Goes Down, SEC Attempts to Protect Hinman Emails: Crypto News Digest byCryptolifedigital

Take a look at what happened in the crypto firm over the weekend with cryptolifedigital’s top four news stories.

Shiba Inu burn portal records more than 20 billion SHIB burned less than a week after launch

Shiba Inu holders continue showing support for the recently introduced burn portal, wishing to boost their tokens’ price. In the first 24 hours after its launch, a whopping eight billion tokens have been incinerated. Since then, this figure has more than doubled. According to a report released on Saturday, meme token holders have destroyed more than 20 billion SHIB tokens.

Read Also: 2 Trillion Shiba Inu Whales Grab $9 Million in APE: Report

Today, per U.Today’s latest article, the number of burned Shiba Inu tokens increased to 22.5 billion.

Solana goes down (again)

As stated by Solana Labs’ head of communications Austin Federa, on Sunday, Solana suffered seven hours of downtime after its mainnet bet fell out of consensus. The reason behind the “Ethereum killer’s” outage was an “enormous” number of inbound transactions clogging up the network; it strived to process a record record-breaking 100 gigabits of data per second. Thi is not the first time Solana has been through a technical hiccup. In January, the fledgling network went through as many as six outages.

Ripple battle rages on; SEC makes new attempt to protect Hinman emails

In his Saturday tweet, corporate defense lawyer James K. Filan shared that the SEC submitted a letter motion to keep the Hinman emails private from Ripple and the judge, citing attorney-client privilege. According to the regulator, in these emails, SEC attorneys consulted Director Hinman on laws related to securities, so in this case, he is considered their customer. Additionally, SEC lawyers have asked for permission to retain two additional comments in Hinman’s speech draft that were addressed earlier in April.

Ethereum fees jumped 86% in Q1, 2022, $2.1 billion in ETH burned

Experts at Bankless, one of the most insightful podcasts on the blockchain, crypto, and Web3, shared some numbers from its State of Ethereum Q1, 2022, report. First, in comparison to Q1, 2021, the aggregated network hash rate and staked Ethereum amount both increased by 111%. 

Read Also: More Than 37 Trillion SHIB Staked on Decentralized Exchange, ShibaSwap: Report

Second, Ethereum network participants raised $2.48 billion in fees compared to $1.7 billion one year ago. Third, the overall volume of assets locked (TVL) across Ethereum-based Layer 2 solutions rose by 964%. Fourth, and the most impressive piece of data: net trading volume spiked more than 19,200%, from $0.6 billion to $116 billion.

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