U.Today presents the top three news stories over the past day.
Mysterious new whale pulls 260,000,000 DOGE out of Robinhood
According to blockchain transaction data, yesterday, May 20, 260 million DOGE were spotted leaving Robinhood, a major U.S.-based brokerage platform. The value of the moved funds stands at over $57 million. The funds were transferred to an unknown wallet in two transactions, with the first one carrying the majority of coins, 210 million DOGE worth at $46 million and the second moving another 50 million DOGE to the same address. Currently, the final destination wallet holds around 420 million DOGE valued at nearly $92 million. Notably, the receiving wallet is not linked to any known exchange or custodial platform, and it has recently seen a steady increase in incoming Dogecoin. The transactions are part of a bigger trend of Dogecoin moving away from exchanges and into long-term storage, though the exact purpose of these transfers remains unclear.
XRP ETF delayed by SEC; When will it be approved?
The U.S. SEC has delayed its decision on 21Shares’s proposal to launch a spot-based XRP ETF. However, this should not be viewed as a negative sign, given that it is a standard practice for the agency. The proposal review period can last up to a total of 240 days, during which the SEC gathers public opinions and analyzes pertinent data. The 21Shares filing was originally submitted on March 11, which means the delay notice falls within the normal time frame. Earlier this year, the agency also delayed applications from Franklin Templeton and Bitwise. However, it should be kept in mind that Bitcoin and Ethereum ETFs faced similar postponements before eventual approval. Despite the delays, industry experts and market analysts remain optimistic; according to Bloomberg, spot-based XRP ETFs are expected to receive approval by the end of the year. However, there is also a chance they could be approved as soon as June.
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137% Shiba Inu (SHIB) surge in 24 hours: What’s happening?
Shiba Inu has experienced a remarkable 137% surge in a single day, driven by increased large transaction activity that has brought the meme coin back into focus. Despite this, the price remains near $0.000014, just above a key support level at the 100 EMA, which triggered its recent breakout, but it is close to losing the 26 EMA, a short-term trend indicator. Technical analysis shows declining volume despite the price holding near highs, suggesting potential buyer exhaustion or an upcoming reversal, especially given the high concentration of large holders. On-chain signals and retail interest are still bearish, with a decreasing number of Telegram users and mixed metrics, though liquidity remains strong with over $36 million in trading volume. SHIB could retest $0.000016 if the volume resurges and it bounces off the 100 EMA, but if support fails, it could drop to $0.000012 or lower.