SHIB Burns 324 Million Tokens in One Week, XRP Ledger Sees Huge Spike in Active Wallets, Vitalik Buterin Unveils Four Major Milestones for Ethereum: Crypto News Digest by U.Today

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As a seasoned analyst with over two decades of experience in the crypto markets, I find myself intrigued by the current trends unfolding. The surge in Shiba Inu’s burn rate is quite remarkable, and it underscores the power of community-driven projects. However, as someone who has seen numerous tokens rise and fall, I remain cautiously optimistic about SHIB‘s long-term prospects.

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

SHIB torches 324 million tokens in one week with 1,020% burn rate surge

Based on information from Shibburn X account, there has been a significant rise in key performance indicators for Shiba Inu over the last week, with a notable spike in its burn rate being one of the most remarkable increases. On October 21st, this particular metric jumped by an impressive 389%, equating to 6,314,537 SHIB tokens being transferred to inactive wallets. Over the same seven-day period, the burn rate soared by a staggering 1,020%, resulting in a total of 324,982,323 SHIB tokens being destroyed. This robust growth suggests a strong community commitment towards reducing the coin’s supply and serves as a reliable sign of SHIB’s market durability. In summary, the increase in the burn rate has been beneficial for maintaining SHIB’s price stability. At this moment, one SHIB is trading at $0.00001822, marking a 0.55% decrease over the past 24 hours, according to CoinMarketCap.

XRP Ledger sees huge spike in active wallets

In the last few weeks, the number of active XRP wallets has experienced a substantial increase, reaching 35,799 – the highest in three months as reported by Santiment. Moreover, this ledger saw a day-to-day peak in new wallet creation since March 14. The cause behind this surge in activity is still undetermined. It’s worth noting that this rise in activity follows the SEC’s appeal in the Ripple case, which resulted in a sharp decline in XRP’s price and an uptick in negative sentiments related to the asset. Currently, XRP is trading at $0.53, showing a minor 2.03% decrease over the past day, indicating that the rise in wallet activity did not have a substantial impact on the token’s price. Interestingly, a small group of significant wallets is responsible for most transactions, with approximately 10 wallets handling about 58% of all transaction activity.

Vitalik Buterin unveils four major milestones for Ethereum

In his latest talk at the Shanghai gathering, Vitalik Buterin detailed four major milestones Ethereum aspires to hit in the upcoming years. The first objective is to process over 100,000 transactions per second via layer-2 technologies, enhancing Ethereum’s scalability and productivity for decentralized applications (dApps). Secondly, he aims to make cross-chain transfers almost instantaneous by allowing them to be completed in under two seconds. Thirdly, a consistent user experience across the entire ecosystem is desired, with new standards like ERC-7683 protocol minimizing mistakes during cross-chain transactions. Lastly, Buterin emphasized that ensuring cross-chain security for the Ethereum Virtual Machine (EVM) is crucial to its success. Meeting these targets could boost Ethereum’s standing in the market and encourage more developers and institutional investors.

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2024-10-22 20:10