Almost All Ripple USD Tokens Were Burned, Launch Soon? 150 Billion PEPE Withdrawn From Binance, SHIB Burns Skyrocket 5,154%: Crypto News Digest by U.Today

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As a seasoned researcher with years of experience in the cryptocurrency market, I must say that today’s news has been quite intriguing. The massive token burn by Ripple USD tokens has certainly sparked curiosity about an upcoming announcement, although the uncertainty surrounding regulatory approval from the New York State Department of Financial Services adds a layer of complexity to the situation.

U.Today presents the top three new stories over the past day.

Almost all Ripple USD tokens were burned; is announcement near?

Based on data from Ripple’s Stablecoin Tracker on their platform, approximately 46 million RLUSD tokens were destroyed on November 27th. This significant token destruction sparked discussions about an upcoming announcement from Ripple regarding their stablecoin launch. It’s worth mentioning that a hurdle in this process is obtaining approval from the New York State Department of Financial Services (DFS). To provide some context, Ripple entered the stablecoin market back in April, seeking to capitalize on the rising demand for dollar-backed cryptocurrencies. Since then, they have been testing their new stablecoin with a select group of enterprise partners. Despite Ripple President Monica Long’s earlier statements suggesting that the stablecoin product would launch this year, the specific date for its official release is still unclear.

150 billion Pepe (PEPE) withdrawn from Binance: What’s up?

According to reports from Lookonchain X account, on November 28th, a freshly minted wallet withdrew approximately 150 billion PEPE tokens, worth around $2.94 million, and 60 billion SHIB tokens valued at $1.52 million from Binance in just an hour. This massive withdrawal has sparked concerns about market sentiment and potential upcoming events involving these tokens.

SHIB burns skyrocket 5,154%, here’s what’s happening

Recent data from blockchain tracker Shibburn demonstrates that over the previous 24 hours, the Shiba Inu community has significantly increased its burn efforts, disposing of over 61 million SHIB tokens. The substantial burn was achieved through seven transfers, the largest of which sent approximately 48.3 million SHIB to unspendable wallets. This triggered a remarkable burn rate surge of 5,154%. These burn efforts coincided with a push for a price surge, which ultimately failed, making SHIB retrace to its previous levels. At the moment of writing, SHIB is changing hands at $0.000026, up 2.91% over the past 24 hours, per CoinMarketCap. The community’s commitment to reducing the circulating supply reflects ongoing efforts to enhance SHIB’s market position.

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2024-11-29 18:29