Binance Converts All SAFU Assets to USDC, DOGE Might Reach All-Time High After Supply Shock Resolution, Shibarium Skyrockets 160%: Crypto News Digest by U.Today

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Written By Maya Cantina

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Take a look at what’s happening in the world of crypto by reading U.Today’s top three news stories.

Binance converts all SAFU assets to USDC: Details

Yesterday, April 18, Binance announced on its official X handle that it converted its SAFU assets fund into USDC stablecoin. SAFU, or Secure Asset Fund for Users, was established in 2018, its goal to protect the exchange’s users in “extreme situations.” Although the fund’s size is fluctuating due to being composed of different cryptocurrencies, it is typically set at $1 billion. The conversion into USDC will guarantee the stability of the SAFU fund even in the event of market swings, as the stablecoin is pegged to the U.S. dollar. USDC is also often hailed as a safer alternative to Tether’s USDT thanks to its significant focus on regulatory compliance. Chris Holland, partner at compliance firm HM, told Bloomberg that the conversion gives “certainty” to the value of the fund. 

Dogecoin (DOGE) price might achieve all-time high after supply block resolution

Dogecoin price could potentially reach its all-time high, IntoTheBlock’s data reveals. As can be seen from the firm’s analysis, the crucial factor driving this recovery is the absorption of 21.74 billion DOGE, which is now concentrated in the price range of $0.1636 to $0.671. This substantial amount, distributed among 953,590 wallets, currently entails losses for its holders. However, once the supply shock is resolved, DOGE’s price may rise significantly. Although the outlook is optimistic, analysts warn that the absorption process may put sell pressure on the market as the price corridor shifts. At the moment of writing, Dogecoin is changing hands at $0.152, with its peak at $0.74, highlighting the potential for substantial gains.

Shiba Inu’s Shibarium skyrockets 160% as key metric recovers

Data provided by Shibariumscan website shows that yesterday, Shibarium, Shiba Inu’s layer-2 solution, experienced a 160% increase, demonstrating a notable recovery in key metrics. As can be seen on the website, from April 16 to April 17, Shibarium’s daily transactions spiked to 562,980 from a mere 352,000. This comes after a recent drop, when transaction volume plunged from its peak of 958,500 by 63.2%. However, the latest uptick has restored Shibarium’s position, with its daily transactions currently comprising a little below 500,000 – 475,000. In total, since Shibarium’s launch in August 2023, its number of completed transactions has hit 417 million. Another impressive achievement is the growth of the total wallet addresses, 1.783 million.

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