The Shib News Recap: Thursday

The Shib Daily’s top headlines this Thursday are highlighted by Shiba Inu (SHIB) experiencing a burn rate increase exceeding 1,300%, DOJ’s probe into President Milei, Bank of America’s announcement regarding a new stablecoin, and a hacking incident involving Pump.fun’s X account.

SHIB Burn Rate Surges to Over 1,300%

The Shiba Inu ecosystem saw an impressive increase in token burns, incinerating nearly 31 million SHIB in just 24 hours. This growth raised the daily burn rate over 1,300%. In total, 30,156,987 SHIB were burned yesterday, surpassing the 142,062,714 SHIB removed over the past week. Community projects like Shib Torch also helped, reporting a total of 547,791,530 SHIB burned, a 14.92% increase from the prior week.

DOJ Begins Investigation Into Javier Milei Over LIBRA Scandal

Argentine President Javier Milei is under investigation by the U.S. Department of Justice regarding his promotion of the LIBRA token. The probe aims to explore Milei’s involvement and that of the project’s founders, including two Argentine entrepreneurs, for possible fraudulent activity. It has been reported that he promoted LIBRA through two posts on X before its failure. He has since claimed he did not endorse the token and initiated an internal investigation.

Bank of America Plans to Launch Dollar-Backed Stablecoin

Bank of America’s CEO Brian Moynihan has announced plans to launch a stablecoin when the U.S. establishes clear regulations for digital assets. He confirmed that the stablecoin will be fully dollar-backed. Moynihan compared stablecoins to money market funds due to their asset-backed structure and lower volatility. He also clarified that stablecoins are distinct from other digital assets like Bitcoin.

Hackers Use Pump.fun X Account to Promote Fake ‘PUMP’ Token

Pump.fun’s official X account was compromised by hackers promoting a fraudulent token named “PUMP,” as confirmed by co-founder Alon Cohen. The platform announced later that day that they had regained access to their account. They reassured users that the breach was confined to the X account and did not affect other systems or assets. Additionally, no confirmation emails were received about any changes during the incident.

Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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