U.Today has prepared the top three news stories over the past day.
Almost zero: 320 billion Shiba Inu (SHIB) in 24 hours
According to recent Shiba Inu data, the meme coin’s transaction volume has dropped to only 320.14 billion SHIB in 24 hours. This amount is a strong contrast to previous peaks that often exceeded one or two trillion. On-chain metrics show that heavy transaction volumes are still low, with SHIB’s price struggling near multi-month lows around $0.0001297 USDT. Bears appear to be gaining strength based on the recent breakdown below the 50 EMA and horizontal support. The 200 EMA below may serve as a final defense before a further decline. The decline in whale activity suggests reduced interest from major investors, further dampening prospects for a quick rebound. Overall, without renewed buying interest or a major catalyst, SHIB seems poised to remain in a prolonged downturn.
Elon Musk brings up Bitcoin 1st time in 3 years — “Buckle up,” influencer says
On Sunday, June 1, Elon Musk, world famous centibillionaire and head of Tesla electric car manufacturer, announced the launch of XChat, a new messaging feature on X platform. As stated in the announcement, XChat is built on Rust with “Bitcoin-style” encryption and has “a whole new architecture.” Additionally, the new feature allows making audio and video calls across all platforms without a phone number. This recent post by Musk caught the attention of Pete Rizzo, Bitcoin historian and journalist; he noted that Musk mentioned BTC for the first time in three years. Rizzo recommended that investors “buckle up,” saying that the last time Tesla invested $1.5 billion in Bitcoin, it triggered a 50% surge in BTC’s price. However, some crypto community members doubted the three-year gap in Musk’s Bitcoin mentions, pointing out that he has talked about BTC multiple times over the years in interviews and podcasts. For instance, in 2024, during his appearance on a podcast, Musk stated that he believes there is merit to Bitcoin and some other cryptos.
10,710,000,000 in Dogecoin as open interest returns to peak levels
Recent data provided by CoinGlass shows that Dogecoin has seen a significant rise in open interest, totaling 10.79 billion DOGE, worth around $2.11 billion, in the previous 24 hours. This represents a 1.78% increase over the aforementioned period, signaling growing investor interest. Yesterday, the coin’s price increased by nearly 3% to $0.1955, with trading volume jumping by over 11%. Most bullish DOGE traders are on Gate.io and Binance, holding 24.25% and 22.36% of open interest, totaling $511 million and $471 million, respectively. Other major contributors include Bybit with $330.89 million, Bitget with $219.03 million and OKX with $217.34 million. Recent trading volume spikes and positive price movements suggested that Dogecoin is on a recovery path. However, today’s picture does not look that optimistic; DOGE is currently down 2.21% over the past 24 hours, while its trading volume dropped by 25.86% to $818.91 million, per CoinMarketCap.
