As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of bull and bear runs, ICOs, and even the occasional pump and dump schemes. Today, let me walk you through three fascinating stories from the ever-evolving world of cryptocurrencies.
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
Last week saw an extraordinary spike in the burn rate of the Shiba Inu-themed cryptocurrency, with the metric jumping by an astounding 5,975%. As per the Shibburn account, on Sunday, September 22 alone, a staggering 1,729,224 SHIB tokens were destroyed. This surge in burn rate seems to be aligned with the increase in SHIB’s price, which has risen by 2.74% to reach $0.0000147. At present, SHIB is being traded at $0.0000146, marking an uptick of 1.28% over the last 24 hours. This price rise is part of a wider cryptocurrency market upswing, triggered by the Federal Reserve’s recent decision to lower interest rates by half a percentage point for the first time in over four years.
Ripple prepares for stablecoin launch with new burns
Enthusiasts of Ripple’s digital currency, XRP, are anxiously waiting for the debut of Ripple’s stablecoin, RLUSD. As per CEO Brad Garlinghouse, this launch might happen within a few weeks. At present, RLUSD is being tested in beta mode. In the meantime, Ripple has been destroying RLUSD tokens, with recent actions including the destruction of 24 RLUSD on the XRP Ledger and 64 RLUSD on the Ethereum blockchain. Ripple’s stablecoin aims to function seamlessly across both platforms, with plans to potentially expand to other blockchains in the future. The company is aiming to carve out a piece of the projected $2.8 trillion stablecoin market by 2028, even though the overall crypto market cap currently stands at over $2 trillion.
Bitcoin‘s historical trend foreshadows epic rally in Q4
Based on observations by crypto analyst Ali Martinez, Bitcoin’s price trend in 2024 appears to resemble its past behavior in 2016 and 2020. Martinez notes that during Q4 of 2016, BTC rose by 61%, while it jumped by 171% in 2020, hinting at potential for a future major surge like those seen in previous Q4 periods. At present, Bitcoin has experienced nearly a 10% increase in weekly gains, reaching $64,712 due to a rally triggered by the U.S. Federal Reserve’s substantial interest rate cut. Additionally, Bitcoin’s recent halving in April lowered mining rewards and has historically coincided with significant price hikes, as seen following previous halvings in 2012, 2016, and 2020. Market watchers are observing similarities between Bitcoin’s current corrections in price and patterns observed during its earlier halving years, which fuels speculation about a possible rally in the last months of 2024.
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2024-09-24 19:46