Elon Musk Shares Insights on X Payments, DOGE Army Abuzz; SHIB Burn Rate Surges 4,240%; Tesla Reveals Its Bitcoin Holdings: Crypto News Digest by U.Today

U.Today - Read the top three news stories brought to you by U.Today.

Elon Musk spills beans on X payments – Is Dogecoin in mix?

Elon Musk, CEO at Tesla (NASDAQ:TSLA) and world-famous entrepreneur, has shared intriguing insights into the future of the X platform in a recent interview with Ben Shapiro. When asked to describe the future version of X, Musk replied that it is going to be "all things that you would want to use online," adding that the platform would be "what PayPal (NASDAQ:PYPL) should have been." The interview's highpoint was Musk's revelation that the eagerly awaited X payments feature is set to launch later this year. Although details about the feature remain undisclosed, this move has spurred discussions regarding DOGE's possible integration into the payments ecosystem among Dogecoin users. Previously, Musk has included the meme coin as a payment option on Tesla's official merchandise store and still occasionally posts about DOGE on social media.

SHIB burns skyrocket 4,240% after new burn era kicked off

According to recent data provided by the Shibburn tracker’s website, over the previous 24 hours, the percentage of burned SHIB tokens saw a significant spike. The SHIB community has managed to incinerate 15,712,916 Shiba Inu, pushing the burn rate up by an astonishing 4,240%. Meanwhile, the SHIB development team, led by the enigmatic Shytoshi Kusama, has announced the beginning of a "new burn era" for Shiba Inu and started testing a revolutionary new Shibarium mechanism for burning SHIB coins. As stated in The Shib Magazine article, the mechanism will be essential for Shibarium's economic model since trillions of Shiba Inu are intended to be burned through it.

Here's how much Bitcoin Tesla holds

Tesla, an electric vehicle giant, has recently revealed its financial report for Q4, 2023, according to which it recorded a total revenue of $25.2 billion, coupled with an operating profit of $2.1 billion. It is interesting to note that during the quarter, Tesla neither bought nor sold any Bitcoin. The company has held Bitcoin for six consecutive quarters, with its current holding standing at 9,720 BTC. Despite Tesla's unwavering Bitcoin reserves, the company has received mixed reviews on its quarterly performance. In the fourth quarter, automotive revenue saw a mere 1% year-over-year increase, while overall revenue and earnings per share fell slightly short of market expectations.

This article was originally published on U.Today