Take a look at what happened in the world of crypto by reading U.Today’s top three news stories.
Shiba Inu burn rate skyrockets 5,975% as SHIB price jumps
Shiba Inu dog-themed cryptocurrency ended last week with a remarkable surge in its burn rate; according to the Shibburn X handle, on Sunday, Sept. 22, this metric registered a rise by an astonishing 5,975%. Over that period, a total of 1,729,224 SHIB tokens were burned. The increase in burn rate coincides with a rise in SHIB's price, which has climbed 2.74% to $0.0000147; currently, SHIB is changing hands at $0.0000146, up 1.28% over the past 24 hours. This upward trend follows a broader cryptocurrency market rally after the Federal Reserve lowered rates by half a percentage point for the first time in more than four years.
card
Ripple prepares for stablecoin launch with new burns
XRP enthusiasts have been eagerly anticipating the launch of Ripple's stablecoin, RLUSD, which could occur within the next few weeks, according to CEO Brad Garlinghouse. Currently, RLUSD is in beta testing. Until then, Ripple continues burning the token, with recent activities including the burning of 24 RLUSD on the XRP Ledger and 64 RLUSD on the Ethereum blockchain. Ripple's stablecoin aims to operate on both networks, with the potential for future launches on additional blockchains still under consideration. The company seeks to capture a share of the stablecoin market, projected to reach $2.8 trillion by 2028, despite the current overall crypto market cap being just over $2 trillion.
card
Bitcoin's historical trend foreshadows epic rally in Q4
According to a recent observation by crypto analyst Ali Martinez, Bitcoin's price action in 2024 is mirroring the crypto's behavior in 2016 and 2020. Martinez pointed out that in Q4 of 2016, BTC gained 61%, and in 2020 171%, suggesting that Bitcoin may be poised for another major rally similar to its previous Q4 surges. Currently, Bitcoin has increased nearly 10% in weekly gains, reaching a high of $64,712 amid a rally influenced by a significant rate cut by the U.S. Federal Reserve. Also, Bitcoin's recent halving in April reduced mining rewards and has historically correlated with significant price increases, following previous halvings in 2012, 2016 and 2020. Market observers are noticing similarities between BTC's current price corrections and the patterns seen during its previous halving years, which sparks speculation about the possibility of a rally in the final months of 2024.
