In a week marked by impressive developments, the cryptocurrency market is buzzing with the latest news about Shiba Inu’s astronomical burn rate, Ripple’s stablecoin plans, and Bitcoin’s historical patterns hinting at a significant Q4 rally. Here’s a breakdown of the key stories you need to know.
Shiba Inu’s Burn Rate Skyrockets by 5,975%
Shiba Inu, the meme-based cryptocurrency, saw a staggering increase in its burn rate, surging by an incredible 5,975% by the end of the week. According to the Shibburn tracker, over 1.7 million SHIB tokens were burned on Sunday, Sept. 22 alone. This unprecedented burn rate coincides with a price increase, pushing SHIB to $0.0000146, up 1.28% in just 24 hours. This rally comes amid a wider crypto market uplift, driven by the Federal Reserve’s decision to lower interest rates for the first time in four years. The Shiba Inu community, long focused on reducing supply, is now eyeing further price gains as momentum builds.
Learn more about Shiba Inu’s burn rate here.
Ripple Gears Up for Stablecoin Launch with Fresh Token Burns
Ripple is preparing to launch its much-anticipated stablecoin, RLUSD, with the crypto world buzzing about its potential impact. CEO Brad Garlinghouse hinted at a launch in the coming weeks, with RLUSD currently undergoing beta testing. Ripple has been actively burning tokens, including 24 RLUSD on the XRP Ledger and 64 RLUSD on Ethereum, in preparation for the launch. The company’s ambition to dominate the stablecoin market is clear, with projections that this sector could reach $2.8 trillion by 2028.
Find out more about Ripple’s stablecoin initiative here.
Bitcoin’s Historical Trends Suggest Epic Q4 Rally
Bitcoin enthusiasts are optimistic as historical patterns point to a potential Q4 surge for the world’s largest cryptocurrency. Crypto analyst Ali Martinez noted parallels between Bitcoin’s price action in 2016, 2020, and 2024, suggesting a major rally could be on the horizon. In both 2016 and 2020, Bitcoin saw significant price increases in Q4, rising by 61% and 171%, respectively. With Bitcoin already up 10% in weekly gains, hitting $64,712, many are speculating that 2024’s final quarter could bring a similar leap, especially following the recent halving in April, which historically boosts BTC prices.
Stay updated on Bitcoin’s trends here.
