Shiba Inu 'Burn Portal,' Bitcoin's Breakout, Elon Musk's Dogecoin Plan: Top News From Crypto This Week

This past weekend in the world of cryptocurrency was a whirlwind. From the revelation of a “burn portal” in the works for Shiba Inu, an anticipated directional shift for Bitcoin, to Elon Musk’s ambitious Dogecoin plan, the crypto sphere was buzzing with news.

Further adding to the mix, a crypto analyst projected a significant upside for Dogecoin, while concerns have been raised about the potential collapse of the crypto market. Here’s a recap of what transpired:

Shiba Inu’s “Burn Portal” Under Development

The lead developer of Shiba Inu SHIB/USD, Shytoshi Kusama, confirmed on Monday the development of a “burn portal” for the Shibarium protocol. The revelation came after Lucie, the Marketing Strategist of the Shiba Inu ecosystem, shared a screenshot of Kusama’s response to a community query about the burn portal. Kusama emphasized the primary focus remains on driving the adoption and usage of the Shibarium protocol. Read the full article here.

Bitcoin’s Imminent Breakout?

Glassnode’s latest insights indicate an impending pivotal move for the cryptocurrency market, with Bitcoin’s BTC/USD stagnation around the $25,800 mark, suggesting a potential breakout. This comes ahead of Benzinga’s Future of Digital Assets conference. Jan Happel and Yann Allemann, co-founders of the analytics firm, suggest the cryptocurrency market is set for a significant shift. Read the full article here.

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Elon Musk’s Dogecoin Vision

Walter Isaacson's highly anticipated biography of Elon Musk reveals the tech mogul’s desire for a Dogecoin DOGE/USD social media system that handles both payments and short messages. The book, set for release on Sep. 12, explores Musk’s decision to acquire Twitter and the potential implications for Dogecoin. Read the full article here.

170% Upside for Dogecoin by 2024?

One crypto analyst predicts a 170% upside for Dogecoin by 2024. In a series of tweets, Crypto Tony shared price predictions and emphasized the cyclic nature of financial markets, including the phases observed in the cryptocurrency space. Read the full article here.

Expert Warns of Crypto Market Collapse

DonAlt, a pseudonymous crypto expert, has expressed concerns over the current state of the cryptocurrency market, citing its apparent lack of strength. Cryptocurrencies — Bitcoin, Ethereum ETH/USD — are trading flat with losses of about 0.6% and 0.1%, respectively. Read the full article here.

Bitcoin Photo by BUTENKOV ALEKSEI on Shutterstock

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