SHIB Team Member Shares Initial Reason Behind BONE Creation, Ripple CLO Teases XRP Case Resolution, Max Keiser Says Bitcoin 'God Candle' Coming: Crypto News Digest by U.Today

U.Today - U.Today provides you with an overview of the past day’s crypto events with the top three news stories.

Here's why BONE was made in first place – team member reveals Ryoshi's initial plan

Yesterday, May 8, Shiba Inu marketing lead Lucie took to the X platform to unveil the true plan behind the creation of the BONE token. Initially, SHIB founder Ryoshi wanted to make BONE as a reward token for SHIB holders. However, later, the token's purpose was changed to facilitate SHIB burns using Shibarium, Shiba Inu's layer-2 solution. Lucie did not share whether the decision preceded or followed Ryoshi's departure from the project in May 2022. Currently, BONE tokens are used for powering transactions on Shibarium, serving as a means for paying gas fees. As a conclusion to her X post, Lucie underlined the importance of each token playing its own role in the Shibarium ecosystem.

Ripple CLO teases XRP case resolution: 'We are closer than ever'

According to a recent X post by James K. Filan, in the latest development in the Ripple v. SEC case, the regulatory agency has filed its redacted remedies reply brief and supporting exhibits. The news got the attention of Ripple CLO Stuart Alderoty, who took to social media to comment on these legal maneuvers. Alderoty poured criticism on the SEC for failing to "faithfully apply the law" and attempting to deceive the judge overseeing the case. He then accused the agency of lacking respect for financial regulators outside the U.S. On the optimistic side of Alderoty's post, the CLO hinted at the imminent resolution of the Ripple case, saying that the company is "closer than ever" to putting the lawsuit behind it. However, he added, even though Ripple is nearing the end of its journey with the lawsuit, many companies are, unfortunately, just starting.

Bitcoin 'God candle' coming, Max Keiser says, revealing major reason

In a recent X post, prominent Bitcoin supporter Max Keiser shared an optimistic prediction for the Bitcoin price. Keiser's post comes as a comment on X user @Vivek4real_'s observation, which states that the Bitcoin supply held on exchanges has hit all-time lows, and a "supply shortage incoming." To this, Keiser replied by revisiting his favorite "Bitcoin to $220,000" prediction, saying that this price level is "still in play." However, this time he provided a new reason for believing that this outcome is quite possible; according to the Bitcoin advocate, the asset's "demand shock meets supply shock." Additionally, Keiser stated that he expects $220,000 to be reached as a result of the “God candle” on the Bitcoin chart. At the moment of writing, Bitcoin is changing hands at $62,032, down by less than 1% over the past 24 hours, according to CoinMarketCap.

This article was originally published on U.Today