'Dogecoin Killer' Shiba Inu's Burn Rate Skyrockets, Trump's Stance On CBDCs, GameStop Memecoin Debut And More: Cryptocurrency Weekly Recap

This week witnessed a flurry of activity in the world of cryptocurrency. From the surprising emergence of a GameStop memecoin to Elon Musk’s tweet causing a stir in the memecoin world, there was no shortage of excitement. Cryptocurrency analysts also predicted a surge for Dogecoin, while Shiba Inu experienced a significant spike in its burn rate. Meanwhile, former President Donald Trump expressed his disapproval of central bank digital currencies (CBDCs). Let’s delve into each of these stories in more detail.

The GameStop Memecoin Debut

Remember the GameStop “meme stock frenzy” of 2021? A GameStop memecoin on Solana has made its debut, using the same $GME ticker. The memecoin managed to amass a market capitalization of over $14 million within its first 24 hours of existence. Memecoins are known for their rapid movements, often swinging between millions or zero in a matter of hours. Read the full article here.

Musk’s Tweet Sends OPTI Token Soaring

Tesla CEO Elon Musk sent the memecoin world into a frenzy with a tweet showcasing his company’s humanoid robot, Optimus. This tweet resulted in a significant surge in the price of Optimus AI OPTI/USD, a memecoin built around Musk’s robot. The market cap of Optimus, which was trading at about 21 cents, surged to about 28 million immediately after Musk’s tweet. Read the full article here.

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Analyst Predicts Dogecoin Price Jump

Cryptocurrency analyst Muro expects a rise in value for Dogecoin, predicting a possible 6% surge to $0.083. The analyst hinted at an optimistic outlook, posting, "Kinda have the feeling that the DOGE DOGE/USD is gonna pop." Read the full article here.

Shiba Inu’s Burn Rate Skyrockets

Shiba Inu SHIB/USD, the self-proclaimed ‘Dogecoin killer’, has seen a spike in the burning of its tokens, exceeding a 1,500% increase within a single day on Tuesday. As a result, 61 million SHIB tokens were eliminated from the actively traded supply. This was due to three unidentified parties transferring 59 million SHIB tokens to a "dead" address, taking them out of circulation. Read the full article here.

Trump’s Stance on CBDCs

During a recent speech in New Hampshire, presidential candidate and former President Donald Trump expressed his disapproval of CBDCs. He believes that the creation of a CBDC would be a “dangerous threat to freedom,” allowing the government to have “absolute control” over money. Despite research by the Federal Reserve into the feasibility of CBDCs, Trump promised, “I will never allow the creation of a central bank digital currency.” Read the full article here.

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Shiba Inu Photo by Dennis Diatel on Shutterstock