Top 5 Crypto News Making Headlines This Weekend (September 1 – September 4)

In this edition of “Top 5 Crypto News Making Headlines This Weekend,” we bring you a curated selection of the most significant stories that have been dominating the crypto headlines from September 1 to September 4.

Our carefully chosen top 5 news stories provide you with valuable insights into cryptocurrencies and blockchain. Check the top 5 news below:

1. XRP On-Chain Volume Surges to New Heights

Blockchain analytics firm Santiment has reported a remarkable surge in on-chain activity for XRP, Ripple’s cryptocurrency. As of the start of September, XRP has achieved its highest on-chain volume since February 1st, 2023.

This uptick is accompanied by increased development activities related to XRP. Key metrics show on-chain transaction volume reaching 4.8 billion XRP, with a circulating supply of 2.03 billion XRP. This positive trend positions XRP, the fifth-largest cryptocurrency by market cap, for potential growth.

🧑‍💻 #XRP is seeing major utility spikes to start the month. In addition to today's milestone highs in #onchain transaction volume (4.8B $XRP) and circulation (2.03B $XRP), the development activity for the 5th largest cap asset in #crypto is up big as well. https://t.co/AdWcrUun9n pic.twitter.com/QHQ6U8Q0J5
— Santiment (@santimentfeed) September 1, 2023

2. Shiba Inu (SHIB) Project Milestones and Innovations

Yesterday, Kaal Dhairya, a developer with the Shiba Inu (SHIB) project, released an essential community update. He celebrated the achievement of one million wallets and almost one million transactions within the ShibArmy.

Dhairya emphasised their commitment to maintaining Shibarium as a fast and cost-effective Layer 2 network. Notable updates include the hosted Blockscout explorer on Shibariumscan, enhancing smart contract verification and plans to promote Shibarium projects.

Users can now explore the WBONE contract address, and more tokens like USDT, USDC, DAI, WBTC, and xFUND have been integrated. Additionally, they’re working on third-party bridges and network expansion.

3. Ripple’s Legal Battle with the SEC Continues

Ripple Labs, along with top executives Brad Garlinghouse and Christian A. Larsen, opposes the SEC’s push for an interlocutory appeal. The case, dating back to December 2020, focuses on whether XRP transactions constitute securities.

Judge Torres approved the SEC’s request for an interlocutory appeal, sparking this legal battle. Ripple contends that the appeal conditions weren’t met and criticises the SEC’s application of the Howey test.

🚨NEW: @Ripple files opposition to the @SECGov’s motion to certify interlocutory appeal. 👇🏼https://t.co/uKg4RBCnHC
— Eleanor Terrett (@EleanorTerrett) September 1, 2023

4. Gala Games Co-Founders in Legal Dispute

Co-founders of Gala Games, Wright Thurston and Eric Schiermeyer, are embroiled in two lawsuits. One alleges the theft of $130 million worth of Gala tokens, while the other claims corporate waste.

Schiermeyer, Gala’s CEO, accuses Thurston and his firm of stealing Gala tokens and licences. Thurston counters, seeking damages and Schiermeyer’s removal as Gala director.

5. China’s Digital Yuan Expanding in Retail Payments

Changchun Mu, head of the digital currency research institute at the People’s Bank of China, announced that China’s digital yuan (e-CNY) is expanding for use in all retail payment scenarios. This includes wallet providers like WeChat and Alipay, The Paper reports.

They aim to unify QR code standards and enhance payment tools’ compatibility. While e-CNY trials are ongoing, achieving widespread adoption remains a goal, with plans for interoperability with existing payment systems.