SHI Stablecoin May Be Launched Soon, Ripple Cofounder's Alleged 30 Million XRP Coinbase Move Worries Community, Another Satoshi-Era Wallet Gets Activated: Crypto News Digest by U.Today

U.Today - U.Today presents the top three news stories over the past day.

SHI stablecoin may be launched soon, SHIB team hints, sharing crucial details

Yesterday, Sept. 26, Lucie, the official marketing lead of the Shiba Inu project, issued an X post devoted to the SHI stablecoin, providing details on its utility and importance in the Shibarium ecosystem. First, Lucie reminded the community that SHI is currently "in works and not yet released." The stablecoin was first introduced by the SHIB creator Ryoshi in 2021; it is designed to function as a stable and decentralized currency. The initial proposal was to peg SHI at $0.01, but the mechanism for achieving this is still to be determined. Lucie emphasized that SHI will enhance liquidity, encourage user engagement on Shibarium and serve as a foundational asset in DeFi applications. Overall, SHI is expected to help stabilize transactions and attract new users by minimizing risks associated with crypto price fluctuations. As to when the highly anticipated stablecoin is likely to be launched, Lucie stated that “the Shib ecosystem aims to integrate SHI when the infrastructure is fully prepared, ensuring stability and utility within decentralized finance.”

Ripple cofounder's alleged 30 million XRP Coinbase (NASDAQ:COIN) move worries XRP community

In a surprising development, on Sept. 20, the wallet of Chris Larsen, one of Ripple's cofounders, became active after 11 years of dormancy, transferring 50 million XRP, worth over $29 million, to an unknown wallet. Following the transfer, XRP enthusiasts started monitoring Larsen's funds' further movements and found out that they were sent to Binance, sparking speculation about their use in Ripple's On-Demand Liquidity (ODL) service. However, it turned out that the purpose of these transfers is different; parts of the XRP were moved to other exchanges, including Bittrex and Coinbase, where 30 million XRP were sent yesterday. Many within the community are concerned about Larsen's intentions, questioning whether he plans to sell the XRP or if it will be utilized for ODL purposes, and some even speculated about a hack. Despite the concerns, Larsen has not commented on the situation yet.

Another Satoshi-era wallet gets activated

The market has seen a significant increase in the activation of ancient Bitcoin wallets over the last couple of days. Yesterday, according to data provided by Whale Alert, a wallet containing 28 BTC, worth approximately $1.8 million, awoke after being dormant for over 13 years. Additionally, on Sept. 24, another early Bitcoin address with 24 BTC reemerged, while on Sept. 22, rare transactions involved some of the earliest mined Bitcoins being transferred for the first time in over 15 years. However, on-chain analysis indicates that these coins are unlikely to be connected to Bitcoin's creator, Satoshi Nakamoto. The Bitcoin community is speculating about the reasons for this surge in activity, with theories ranging from potential hacks to users rediscovering their passwords.

This article was originally published on U.Today