U.Today – Take a look at what's happening in the world of cryptocurrencies by reading the top three news stories from U.Today.
Burn Rate Soars 5,975% as SHIB Price Rises
The Shiba Inu dog-themed cryptocurrency ended last week with a notable increase in its burn rate; according to the username Shibburn X, on Sunday, September 22, this metric registered a staggering increase of 5,975%. During that period, a total of 1,729,224 SHIB tokens were burned. The increase in the burn rate coincides with a rise in the price of SHIB, which is up 2.74% to $0.0000147; currently, SHIB is changing hands at $0.0000146, up 1.28% over the past 24 hours. This upward trend follows a broader cryptocurrency market rally after the Federal Reserve cut rates by half a percentage point for the first time in over four years.
prepares for stablecoin launch with new burns
XRP enthusiasts have been eagerly awaiting the launch of Ripple’s stablecoin, RLUSD, which could happen in the coming weeks, according to CEO Brad Garlinghouse. Currently, RLUSD is in beta testing. Until then, Ripple continues to burn the token, with recent activities including the burning of 24 RLUSD on the XRP Ledger and 64 RLUSD on the blockchain. Ripple’s stablecoin aims to operate on both networks, with the possibility of future launches on additional blockchains still under consideration. The company is looking to capture a share of the stablecoin market, which is projected to reach $2.8 trillion by 2028, despite the overall cryptocurrency market cap today being just over $2 trillion.
's historical trend portends epic rebound in Q4
According to a recent observation by cryptocurrency analyst Ali Martinez, Bitcoin’s price action in 2024 mirrors the cryptocurrency’s performance in 2016 and 2020. Martinez noted that in Q4 of 2016, BTC gained 61% and in 2020, it gained 171%, suggesting that Bitcoin may be poised for another major rally similar to its previous Q4 gains. Currently, Bitcoin is up nearly 10% in weekly gains, hitting a high of $64,712 amid a rally influenced by a significant rate cut by the U.S. Federal Reserve. Furthermore, Bitcoin’s recent halving in April reduced mining rewards and has historically correlated with significant price increases, following previous halvings in 2012, 2016, and 2020. Market observers are noticing similarities between BTC’s current price corrections and the patterns seen during its previous halving years, sparking speculation about the possibility of a rally in the final months of 2024.
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