Here are the top five news stories over the past day presented to you by U.Today.
Elon Musk calls Dogecoin "people’s crypto," rejects SHIB
On Sunday, centibillionaire Elon Musk posted a tweet, in which he referred to Dogecoin as the “people’s crypto,” since many employees of Tesla and SpaceX own it. However, Musk has failed to boost Dogecoin since the canine coin is still 63% away from its lifetime peak. His attempt to affect another meme coin turned out to be more successful: after replying to a SHIB Army member that he does not own any Shiba Inu tokens, the SHIB price tumbled 14% (quickly shrugging off Musk’s snub later on, though).
David Gokhshtein: Elon Musk’s negative tweet did not hurt SHIB
According to a recent tweet by PAC CEO David Gokhshtein, canine meme coin Shiba Inu has not been affected by Elon Musk’s post, in which he stated that he does not hold SHIB. Even though the coin's price retraced to $0.00003472, it quickly recovered to the $0.00004 level. Gokhshtein claims that Shiba Inu reached a new all-time high without the centibillionaire pumping it. In Gokhshtein’s opinion, if Musk had tweeted about Dogecoin in the same way, it would most likely have impacted the coin negatively, hinting at at how significant the Tesla CEO’s appraisal is for Dogecoin.
Binance Bitcoin balances are draining
According to CryptoQuant data, Binance cryptocurrency exchange once again faced a massive funds outflow totaling 38,246 BTC. After a significant drop in the Bitcoin balance, the total balance on the sheets is close to 500,000. Previously, notable exchange inflows appeared back in May, when Bitcoin's price retraced from the previous ATH to $29,000. Most retail investors have moved funds from their wallets to the exchanges to take profits.
Cardano’s blockchain partnership in Ethiopia is recognized among the most influential projects of 2021
Atala Prism, a solution created by Input Output in partnership with Ethiopia's Minister of Education, has been recognized on this year's list of most influential projects by The Project Management Institute (PMI). The purpose of the project is to develop a blockchain-powered system aimed at monitoring students' performance in local schools. Atala Prism, which was described as "the biggest blockchain deployment" by Input Output, is expected to launch in early 2022.
SHIB, ELON and DOGE show strong correlation with “Social Dominance” indicator
The charts recently shared by Santiment demonstrate that SHIB, DOGE and ELON coins are moving with a reverse correlation with the so-called "Social Dominance" indicator. Overall, in recent months, Shiba Inu has shown a 490% price increase, Doge is up by 28% percent in the last month and Elon Musk is showing a 889% price increase in the last month only.
The main fuel for these coins is the community rather than institutional investors or use cases, so once communities "forget" about the coins and the indicator starts moving downwards, their price rapidly goes down and retraces back up only when whales are buying them back. But when the community picks up the hype and starts buying in, large addresses are taking profits and putting selling pressure on the asset, which leads to a rapid downward retrace.