XRP Ledger User Accidentally Burns 10,000 Tokens, Elon Musk Praises El Salvador’s Impressive Achievements, SHIB Surpasses AVAX: Crypto News Digest by U.Today

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As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I find it fascinating to observe these daily developments in the world of cryptocurrencies.

Take a look at the most important crypto events with U.Today’s top three news stories.

Big mistake: XRP Ledger user accidentally burns 10,000 tokens

According to a report from XRPscan on the X platform, a transaction on the XRP Ledger destroyed 10,000 Drop tokens on October 18th. This event has led some members of the community to question whether it was an intentional act. Thomas Silkjaer, who is in charge of Analytics and Compliance at InFTF, proposed that the burning may have been a strategic move by the token issuer, adding layers of complexity. It’s important to note that Drop is a meme coin on the XRP Ledger equivalent to 0.000001 XRP. A post on First Ledger suggests that in the future they might burn tokens to create scarcity, which could influence the market for meme coins on the XRP Ledger and possibly explain the rise in active wallets on the platform recently.

Elon Musk’s reaction triggered by Bitcoin El Salvador president: Details

Yesterday, El Salvador’s president Nayib Bukele took to X platform to share recent statistics showcasing improvements in various metrics for the country. The statistics included declines in crime, food prices and migration rates, as well as rising metrics in tourism and energy generation. Among the metrics mentioned by the president was Bitcoin, which was marked with an upward arrow; this presumably means either the quantity of BTC accumulated by the country or the value of its BTC holdings, or possibly both. The X post scored a reaction from none other than Elon Musk, the world-famous centibillionaire and head of Tesla. Commenting on Bukele’s post, Musk described El Salvador’s achievements as “super impressive.” In the meantime, the price of Bitcoin managed to surpass the $71,000 level. Currently, BTC is changing hands at $72,128, up 0.69% over the past 24 hours, per CoinMarketCap.

SHIB leaves AVAX behind, is ADA next?

Following Bitcoin’s impressive surge and reaching an all-time high above $71,000, numerous other cryptocurrencies mirrored this trend, with Shiba Inu being among them. Yesterday, the price of SHIB jumped by 11%, causing its market capitalization to swell by 9.3% to $11.02 billion according to CoinMarketCap. As a result, Shiba Inu managed to overtake Avalanche (AVAX) in terms of market capitalization and currently ranks 12th on CoinMarketCap’s list of the largest cryptocurrencies. This milestone was celebrated by Shiba Inu’s marketing lead Lucie in a Reddit post, with her playfully asking her followers if SHIB could eventually surpass Cardano‘s token (ADA), which currently holds 11th place just above SHIB.

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2024-10-30 18:49