Ripple Labs will buy back company shares from original investors and employees for $285 million. According to IntoTheBlock data, AVAX Coin whale transactions have made a big jump. Terra (LUNA) published an important announcement regarding NFT projects in its network. And more!
There is news from XRP, SHIB, AVAX Coin and these 3 altcoins…
Ripple (XRP) will buy back $ 285 million in shares
According to Reuters, Ripple Labs will buy back company shares from primary investors and employees for $285 million. This investment, also known as a tender offer, values the company at $11.3 billion. One source states that investors can only sell up to 6% of their shares. Ripple Labs confirmed the tender offer. It also said it plans to spend $500 million on the proposed buyback to cover the cost and taxes of converting restricted stock units into shares. Ripple currently has over $1 billion in cash on its balance sheet. Additionally, there are over $25 billion worth of cryptocurrencies, including multiple XRP coins.
Following the development, the XRP price entered the green zone from the red zone. While the altcoin price was at $0.5528, where it fell during the day, it jumped to $0.57 due to the news. However, XRP later lost some ground. At press time, the token was trading at $0.5664, yielding 1.54% on a daily basis.
XRP daily price chart. Source: CoinMarketCapAvalanche (AVAX Coin) sees huge increase in whale volume
The outlook for the Avalanche (AVAX Coin) network is proving more promising following the impressive jump in large transaction volumes initiated by market whales. According to IntoTheBlock data, AVAX Coin whale transactions recorded a jump of 261.58% in 24 hours. Thus, the whale process volume reached a total of 138.47 million dollars.
AVAX Coin Whale Process Volume. Source: IntoTheBlockWith large processes, IntoTheBlock considers those costing at least $100,000. On the Avalanche network, processes fitting this category were 164 on January 7. This number increased to 484 within 24 hours. To complement this rise, major transaction volume jumped from 1.1 million AVAX to 3.84 million AVAX. In dollar terms, large process volume rose to $138.47 from $33.57 million on Jan. 7.
Terra (LUNA) published an important announcement for NFT Projects
Terra (LUNA) published an important announcement regarding Non-Fungible Token (NFT) projects in its network. Accordingly, Terra warns NFT projects against a new period launched on the Terra network. As stated in the announcement, cross-chain NFTs are coming to Cosmos, powered by cross-chain NFT platform Ark Protocol. Terra will likewise continue to benefit from this new InterChain NFT era.
https://twitter.com/terra_money/status/1745054438119907820?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1745054438119907820%7Ctwgr%5E2fc53aa389a0242af4d0949e 9fce003b863acaf7%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fu.today%2Fterra-luna- issues-important-notice-to-nft-projects-details
This is because Terra NFT-related projects will have the chance to display their NFTs on more than one Blockchain. Ark Protocol will select collections per blockchain for its next phase. Terra CEO Chris Amani drew the attention of NFT creators to this valuable announcement by sharing the exact notification.
Shiba Inu (SHIB) leader rule regarding new listings
Lucie, the official marketing officer of the Shiba Inu group, responded to the numerous posts the SHIB community continues to ask about new listings of the Shibarium gas token BONE. Lucie shared an important rule that Ryoshi set in this regard. She told the community what they should do if they want to see BONE listed on cryptocurrency exchanges.
Lucie made it clear to the community that Shiba Inu developers are not interested in listing Shibarium tokens on crypto exchanges. Lucie emphasized that their focus is on creating a “decentralized future focused entirely on DeFi.” Therefore, he stated that it does not make sense to keep asking the team about new exchange listings for BONE, SHIB or LEASH.
https://twitter.com/LucieSHIB/status/1745065386712645717?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1745065386712645717%7Ctwgr%5E1aedceb67bd7646b1c031d33d 633e5ad5d0d1ff4%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fu.today%2Fcrucial-ryoshi- rule-shared-by-shib-member-as-community-wants-more-bone-listings
Celsius’ principal creditors to return 27.5% of funds
cryptokoin.com As we reported, Celsius bankruptcy administrators filed suit against customers who withdrew large sums from the crypto lender in the 90 days before declaring bankruptcy to return some of the funds or face legal action. Among those affected by the filing are Celsius customers who withdrew more than $100,000 in the 90 days before July 12, 2022, according to a statement released Tuesday.
In a filing filed in the United States Bankruptcy Court for the Southern District of New York, Celsius bankruptcy administrators notified clients that they would receive an email detailing how to resolve their outstanding obligations. The liabilities in question will cover 27.5% of the amount drawn in the affected period. Customers who comply will be eligible for future distributions under the company’s restructuring plan.
Cosmos community votes on critical proposal for ATOM inflation
Cosmos’ community members voted on a proposal that would lower the minimum inflation parameter from the current 7% to 0%. This proposal envisages a fundamental change in the economic policy of the network. New proposal 868 aims to reduce the InflationMin parameter to 0%. This means that if it is approved and total bond ATOM exceeds two-thirds of the supply, inflation will begin to gradually fall to zero.
Bidder Stakelab aims to eliminate inflationary pressures on ATOM. It aims for a manageable inflation rate, especially if more than one cryptocurrency is connected. This comes after the community recently accepted proposal 848 regarding the ATOM supply and set a limit that reduces the maximum inflation rate from 20% to 10% in order to reduce token emissions. The new offer also sets a precedent. If more than 67% of ATOM is staked with validators, the inflation rate is requested to be reduced to zero.
