Elon Musk breaks Bitcoin silence
The Tesla CEO views Bitcoin as a fundamental energy-based currency.
- Hot take. Elon Musk called Bitcoin a “fundamental physics-based currency.”
During a recent podcast appearance, Elon Musk, the richest person in the world, has just broken his streak of Bitcoin silence, calling the flagship coin a “fundamental “physics-based currency.”
“Energy is the true currency. This is why I said Bitcoin is based on energy. You can’t legislate energy. You can’t just, you know… pass a law and suddenly have a lot of energy,” Musk said.
Musk has added that it is very difficult to generate energy, or, especially, to harness energy in a useful way. He argues that the Kardashev scale, which categorizes civilizations based on the amount of energy they are capable of using, should be used for framing civilizational progress in terms of energy mastery.
- Death of fiat. Musk predicted that money will eventually disappear as a concept.
Musk has also predicted that money will disappear as a concept in the future. “But, in a future, where anyone can have anything, I think that you no longer need money as a database for labor allocation,” Musk said.
Musk has also suggested that artificial intelligence (AI) and robotics could be big enough in order to satisfy all human needs, thus eliminating the need for money.
SHIB on-chain metrics almost dead
Shiba Inu’s on-chain metrics are taking a hit as activity on the network reaches levels we have not seen in a really long time.
- Low participation. Exchange inflow, outflow, burned supply, transfer count and active addresses show near-zero change over the past day.
Although it may appear neutral on the surface, Shiba Inu’s successful flatlining across key on-chain metrics is typically not a bullish signal. Exchange inflow, outflow, burned supply, transfer count and active addresses are all at or close to zero change over the past day, according to the most recent data at the time of this writing.
The metrics that did move, such as reserve slightly declining and netflow further declining into negative territory, are insufficient to make up for how stagnant everything else has become.
- No action. Weekend low-liquidity hours contribute to inactivity, but sentiment is the bigger factor.
Low-liquidity trading hours are partially to blame for this stagnation, since weekends generally slow down market activity. However, sentiment is the greater issue, meaning meaningful participation in SHIB is simply lacking.
When all of the flow metrics freeze, it typically indicates that no significant cohort is preparing for a breakout, no one is panic-selling, and no one is actively buying.
XRP on-chain activity sees spike
XRP’s on-chain activity is certainly there, which is a great sign when we consider the fact that funding rates are turning toward bulls.
- On-chain activity. Daily XRP payments jumped 30% to over 1,050,000 transactions.
One of the most intriguing on-chain moves of the last few weeks was recently reported by XRPScan: an abrupt 30% increase in daily payments, which pushed the network to more than 1,050,000 transactions in a single day.
This raises the question of who is moving this much value and why, as it represents an increase of about 200,000 payments over the previous day.
- Moving sideways. The spike did not coincide with a price breakout.
First, it is important to recognize that this spike did not occur during a significant price breakout. On the daily chart, XRP is still stuck inside a clear descending channel, with lower highs and lower lows defining the trend.
The price fluctuated between $2.19 and $2.22, signaling hesitancy rather than conviction. The moving averages, particularly the 50-, 100- and 200-day, continue to slope downward, confirming the broader bearish structure, and volume remains muted.
Large spikes in the number of payments on XRP Ledger have historically been driven by two kinds of activity: automated or institutional systems rebalancing liquidity routes, and bursts of retail-level activity tied to payment rails or bot systems testing throughput.
Source: https://u.today/elon-musk-calls-bitcoin-fundamental-currency-shiba-inu-shib-hits-all-zeros-in-key-metrics-xrp
