Crypto News Digest from U.Today

The first weekend of September proved to be a significant one for the cryptocurrency sector. Here are the top four stories you shouldn’t miss.

Shibarium Surpasses One Million Wallets as SHIB Burn Rate Increases
On Saturday, September 2, Shibarium, a Layer 2 solution, reached a remarkable milestone by exceeding one million wallets. According to data from Shibariumscan, the number of wallets grew by approximately 300,000 in just one day, currently standing at 1,100,823. The transaction count also saw a notable surge, climbing from 700,000 on Friday to nearly 990,016 at the time of this report. Additionally, the SHIB community contributed to the burn by sending over 43 million SHIB tokens to dead-end wallets, resulting in a burn rate increase of over 71%.

Vitalik Buterin Executes Mysterious Large ETH Transfer
Ethereum co-founder Vitalik Buterin made headlines over the weekend with significant financial activity. Reports indicate he transferred approximately $1.63 million between prominent Ethereum addresses. Additionally, he sold 500 Maker (MKR) tokens for 353.4 ETH, valued at around $580,000, later moving the ETH to another address. The motivations behind Buterin’s transactions remain unclear, prompting speculation about potential future market implications.

SHIB Lead Developer: Shibaswap Launch Is Not Imminent
The lead developer of Shiba Inu shared an update regarding the progress of key project components through his Telegram channel. He confirmed that the Wrapped Bone (WBONE) token, essential for making BONE compatible with smart contracts and dApps on Shibarium, has been completed, along with verified contracts. However, he cautioned that the launch of the Shibaswap decentralized exchange should not be expected "immediately," as the team aims to allow other Shibarium-based projects to establish themselves first.

Bitcoin Price History Raises Concerns Ahead of Halving
With the Bitcoin halving event less than 220 days away, analyst Benjamin Cowen highlighted some worrisome trends concerning the flagship cryptocurrency. In August, Bitcoin recorded a -11.31% return, closely mirroring the -11.71% average observed during the two previous pre-halving years. Cowen pointed out that historical data shows an average return of -17.29% for Bitcoin in September during pre-halving years, with a typical price around $21,400. Only the last two Septembers displayed milder losses, at -5.66%, with an average price of $24,400. According to Cowen’s analysis, Bitcoin generally exhibits negative price movements leading up to halving events.