This Thursday's Top Headlines: Shiba Inu (SHIB) Burn Rate Surges, DOJ Investigates President Milei

The Shib Daily's top headlines this Thursday are highlighted by Shiba Inu (SHIB) experiencing a burn rate increase exceeding 1,300%, DOJ's probe into President Milei

The Shib Daily’s top headlines this Thursday are highlighted by Shiba Inu (SHIB) experiencing a burn rate increase exceeding 1,300%, DOJ’s probe into President Milei, Bank of America’s announcement regarding a new stablecoin, and a hacking incident involving Pump.fun’s X account.

Shib Burn Rate Surges to Over 1,300%

The Shiba Inu ecosystem displayed an impressive surge in token burns, with nearly 31 million SHIB being incinerated in just 24 hours. This growth pushed the daily burn rate over 1,300%. In total, 30,156,987 SHIB were burned yesterday,surpassing the 142,062,714 SHIB removed over the past week. Community projects like Shib Torch also contributed, reporting a total of 547,791,530 SHIB burned, a 14.92% increase from the prior week.

DOJ Begins Investigation Into Javier Milei Over LIBRA Scandal

Argentine President Javier Milei is currently under investigation by the U.S. Department of Justice (DOJ) concerning his involvement in promoting the LIBRA token. This probe aims to scrutinize Milei’s actions and the founders of the project, including two Argentine entrepreneurs, for any fraudulent activity. It has been reported that he touted the LIBRA token in two posts on X before its collapse. However, Milei has since stated that he never endorsed the token and has launched an internal investigation to identify who used his image for such purposes.

Bank of America Plans to Launch Dollar-Backed Stablecoin

Bank of America’s CEO Brian Moynihan has announced plans to launch a stablecoin once the U.S. establishes clear regulations for digital assets. Confirming that the stablecoin will be fully dollar-backed, Moynihan elaborated on its structure, comparing it to a money market fund due to its asset-backed nature and lower volatility. He further distinguished stablecoins from other digital assets like Bitcoin, noting that they are fundamentally different assets.

Hackers Use Pump.fun X Account to Promote Fake ‘PUMP’ Token

Pump.fun’s official X account was reportedly compromised by hackers, who used it to promote a fraudulent token named “PUMP,” as confirmed by co-founder Alon Cohen. The platform announced later that day that they had regained access to their X account. They informed users that the breach was limited to the X account and did not affect other systems, assets, or services. Moreover, no confirmation emails were reportedly received about any changes during the incident.