Shiba Inu Burn Rate Skyrockets 5,975% as SHIB Price Jumps
Shiba Inu, the dog-themed cryptocurrency, witnessed an extraordinary surge in its burn rate last week. According to the Shibburn X handle, on Sunday, Sept. 22, the burn rate increased by a staggering 5,975%. During this period, a total of 1,729,224 SHIB tokens were burned. This surge in burn rate coincided with a rise in SHIB’s price, which climbed 2.74% to $0.0000147. Currently, SHIB is trading at $0.0000146, reflecting a 1.28% increase over the past 24 hours. This upward trend follows a broader cryptocurrency market rally triggered by the Federal Reserve’s decision to lower rates by half a percentage point, marking the first rate cut in over four years.
Prepares for Stablecoin Launch with New Burns
XRP enthusiasts eagerly anticipate the launch of Ripple’s stablecoin, RLUSD, expected within the next few weeks as per CEO Brad Garlinghouse. RLUSD is currently undergoing beta testing. Meanwhile, Ripple continues burning the token, with recent burns including 24 RLUSD on the XRP Ledger and 64 RLUSD on the blockchain. Ripple’s stablecoin is designed to operate on both networks, with potential future launches on additional blockchains being considered. Despite the current overall crypto market cap being just over $2 trillion, Ripple aims to capture a share of the stablecoin market projected to reach $2.8 trillion by 2028.
Historical Trend Foreshadows Epic Rally in Q4
Crypto analyst Ali Martinez recently observed that Bitcoin’s price action in 2024 mirrors its behavior in 2016 and 2020. In Q4 of 2016, BTC saw a 61% gain, and in 2020, a 171% increase, hinting at the possibility of another major rally in the coming months. Currently, Bitcoin has experienced nearly a 10% weekly gain, reaching a high of $64,712 amidst a rally fueled by a substantial rate cut by the U.S. Federal Reserve. Additionally, Bitcoin’s recent halving in April, which reduced mining rewards, historically correlates with significant price surges, as seen in previous halving events in 2012, 2016, and 2020. Observers note similarities between BTC’s current price corrections and patterns observed during previous halving years, sparking speculation about a potential rally in the final months of 2024.
Analysis:
These three news stories highlight significant developments in the cryptocurrency market that investors and enthusiasts should take note of:
- Shiba Inu’s remarkable surge in burn rate and price amidst a broader market rally following the Federal Reserve’s rate cut.
- Ripple’s preparations for the launch of its stablecoin, RLUSD, and its strategic approach to capture a share of the stablecoin market.
- Bitcoin’s historical price trend mirroring previous rally patterns, hinting at a potential significant price surge in the final months of 2024, influenced by factors such as the Federal Reserve rate cut and Bitcoin’s recent halving.
These developments underscore the dynamic nature of the cryptocurrency market and the opportunities it presents for investors looking to capitalize on emerging trends and market movements. It is essential for investors to stay informed and monitor these developments closely to make informed investment decisions and navigate the evolving landscape of the crypto market.