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SHIB Leaps Over ADA into Top 10!
Shiba Inu flipped Cardano in terms of market cap after it surged more than 17% in the last 24 hours.
Danielle du Toit
May 29, 2024
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Here's what we've got for you today:
Shiba Inu Flips Cardano With a 17% Surge to Become 10th-Biggest Crypto as Meme Coin Mania Returns
BlackRock’s IBIT Overtakes GBTC as the World’s Largest Bitcoin ETF
SEC to Pay $1.8M in Fees After Judge Dismisses Debt Box Case
ChatGPT Manufactured Meme Coin Turbo Surges 2,000% in 3 Months
Meme coin Shiba Inu (SHIB) flipped Cardano (ADA) in terms of market cap after it surged more than 17% in the last 24 hours.
ADA saw a small 1% price rise in the past day, but its overall price movement in the past week was very lackluster.
The recent price surge of SHIB boosted its market cap to over $17.02 billion, pushing Cardano (ADA) out of the top 10 cryptocurrencies list.
SHIB also reduced the gap between its market cap and that of Toncoin, which stands at around $22.7 billion after TON recorded a 3% gain in the last 24 hours.
On May 28, BlackRock’s iShares Bitcoin Trust recorded $102.5 million in inflows, while GBTC saw $105 million in outflows.
BlackRock’s spot Bitcoin ETF holds about 288,670 BTC, surpassing Grayscale, which currently holds 287,450 BTC.
A Bloomberg report also revealed that BlackRock’s Bitcoin holdings are valued at $19.68 billion, slightly more than Grayscale's $19.65 billion.
Since their launch in January, BlackRock’s ETF has captured the majority of inflows among all 11 spot Bitcoin ETFs.
The SEC’s case against Debt Box was dismissed just months after a March ruling that found the regulator acted in bad faith regarding a restraining order to freeze Debt Box's assets.
On May 28, Judge Robert Shelby ordered the SEC to pay approximately $1 million for attorney fees and $750,000 for receiver fees.
The order came after a March ruling where the SEC was found to have acted in bad faith with regards to a temporary restraining order to freeze Debt Box's assets.
Despite this win for the crypto community, the SEC is still actively involved in legal battles against several other crypto firms, including Binance, Kraken, Ripple, and Coinbase.
Turbo, a ChatGPT-generated meme coin, now has a market cap of more than $600 million.
The price of Turbo has increased by more than 2,000% over the past three months, and by 550% in the last seven days.
The surge coincides with the growing interest in AI-based projects in the crypto community.
Turbo was created by digital artist Rhett Mankind using GPT-4 with a $69 budget. The token is listed on over 30 crypto exchanges, including OKX, Gate.io, Bitpanda, and Bitget.
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