Key Updates on XRP Case, Shiba Inu Burns, and Bitcoin Forecasts

SEC Challenges Ripple in Ongoing XRP Case

The SEC has countered Ripple's objections concerning the request for audited financial statements and contracts related to XRP sales. The regulatory agency argues that its motion is timely and standard in securities law violations. The SEC emphasizes the significance of post-complaint facts in determining remedies, challenging Ripple's stance that such information is irrelevant. The discovery requests, according to the SEC, are procedurally correct and crucial for the case, dismissing Ripple's objections as invalid.

Shibarium Introduces New SHIB Burning Mechanism

Shibarium, the Shiba Inu ecosystem, is set to revolutionize SHIB burning with an automatic and transformative mechanism. This innovative approach aims to strategically reduce the circulating supply by transferring tokens to unspendable wallets. Designed to enhance SHIB's value, the mechanism will undergo testing on Shibarium's testnet, Puppynet, before launching on the mainnet. The SHIB team is focused on improving efficiency and reliability throughout the testing phase.

Arthur Hayes Predicts Bitcoin Price Movement

Arthur Hayes, cofounder and former CEO of BitMEX, has predicted a significant Bitcoin price drop. Analyzing global economic conditions, Hayes anticipates a 30% correction from the Bitcoin ETF high of $48,000, suggesting a potential drop to the $30,000 to $35,000 range. This forecast comes as Bitcoin's price experiences a decline following the SEC's approval of multiple spot BTC ETFs. Currently, Bitcoin trades just below $40,000, reflecting market volatility and investor caution.