Shiba Inu Burn Rate Skyrockets 4,100%, XRP Sees Unusual 111% Volume Boost Amid Slipping Prices, BNB Adopted as Strategic Reserve Asset in This Country: Crypto News Digest by U.Today

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Here are the top three news stories over the past day presented to you by U.Today.

Shiba Inu burn rate skyrockets 4,100% as 21,709,094 SHIB vanish

Yesterday, on January 8th, the Shibburn X account announced that a total of approximately 21.7 million SHIB tokens were permanently taken out of circulation. This significant boost in token burning has amplified the burn rate by an astounding 4,100%. The rise in token burns is generally seen as favorable within the Shiba Inu community, as it serves to lower the overall supply of the cryptocurrency. However, despite this encouraging news, the price of Shiba Inu has dropped approximately 11% during the same timeframe, mirroring broader trends in the crypto market. Presently, SHIB is being traded at $0.00002066, marking a decrease of 4.04% over the last 24 hours, according to CoinMarketCap.

XRP sees unusual 111% volume boost amid slipping prices

Over the past day, there have been substantial sell-offs of XRP, making it one of the most liquidated cryptocurrencies, resulting in a loss of approximately $16.88 million for traders, based on data from CoinGlass. However, despite this decline, XRP appears to have a positive outlook for trading volume, as indicated by CoinMarketCap. Yesterday, the trading volume surged by 111%, reaching a dollar valuation of $8.81 billion. This surge in trading activity was triggered by a drop of 6.39% in XRP’s price, which fell to $2.321. This sudden event suggests that the XRP market has enough liquidity to cater to both futures and retail traders. Interestingly, this increased trading volume might serve as a trigger for a possible rise in XRP’s price in the future.

BNB adopted as strategic reserve asset in this country: Ex-Binance CZ

Binance Coin (BNB), led by former CEO Changpeng Zhao (CZ), has made a significant stride in its journey as it is now part of the strategic crypto reserves in Gelephu Mindfulness City (GMC) in Bhutan. A recent post by CZ highlighted this development, where GMC, a New Special Administration Region, has chosen to include BNB alongside Bitcoin and Ethereum in their reserves. This move places GMC among the pioneering jurisdictions embracing major digital currencies within their reserves. The city aims to leverage cryptos with substantial market capitalizations and high liquidity for smooth transactions with minimal price fluctuations. CZ applauded Bhutan’s decision to adopt BNB, expressing his admiration by calling it “the happiest country,” adding, “It’s not only beautiful but also smart!

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2025-01-09 19:08