Michael Saylor Shares Crucial BTC Advice, Shiba Inu Burn Rate Surges 12,842%, Cardano Spikes 162% in Trading Volume: Crypto News Digest by U.Today

Published 19/06/2024, 17:38
Michael Saylor Shares Crucial BTC Advice, Shiba Inu Burn Rate Surges 12,842%, Cardano Spikes 162% in Trading Volume: Crypto News Digest by U.Today

U.Today - Take a look at what's happening in the world of crypto by reading U.Today's top three news stories.

Michael Saylor offers critical piece of advice as BTC price struggles

Bitcoin enthusiasts in Prague have recently had a chance to get a crucial piece of BTC advice from Michael Saylor, MicroStrategy's former CEO, during his recent appearance at the BTC Prague event as a speaker. The topic of the billionaire's speech was "21 rules of Bitcoin," apart from other important theses that Saylor wanted his audience to remember, such as "You will never be done learning about Bitcoin" or "Bitcoin is for everyone." In Saylor's opinion, everyone who is holding Bitcoin should never sell it. "You do not sell your Bitcoin. What do I mean? Bitcoin is energy. Bitcoin is life. Don't squander your life. Conserve your energy…Don't let the fire go out. When the fire is what keeps your family from freezing, do not let the fire go. Don't throw yourself off a cliff," he stated.

SHIB skyrockets 12,842% in burn rate with unexpected price pivot

According to the latest data provided by the Shibburn tracking platform, the burn rate of Shiba Inu tokens saw a notable surge within the previous 24 hours. The surge occurred as a result of 12,047,795 SHIB being transferred to dead-end wallets by the SHIB community, with the three largest transactions carrying 5,072,279; 5,078,720 and 1,000,000 SHIB. This pushed the burn rate up by an impressive 12,842.37%. The increase in burn rate took place despite a dramatic drop in the SHIB price that was observed since Monday morning. However, at the moment of writing, the meme token managed to recover a little, trading at $0.00001813, up by 2.86% over the past 24 hours, per CoinMarketCap data.

Cardano (ADA) soars 162% despite $435 million market downturn

Data provided by CoinMarketCap demonstrates that yesterday, Cardano's trading volume spiked by 162%, reaching $574.9 million. This spike is noteworthy, particularly in light of the overall market downturn, which has resulted in $435 million in crypto liquidations. There could be a number of causes for the spike in ADA trading volume, but one possibility is that investor positioning is at play. Higher volatility frequently leads to higher trading volume as a result of traders buying and selling in large quantities. According to reports, Cardano has recently garnered popularity among institutional investors, which may also explain the increase in trading volumes. Currently, ADA is trading at $0.384, up 3.18% over the past 24 hours, per CoinMarketCap.

This content was originally published on U.Today

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