U.Today – Top Crypto News Stories

Shiba Inu Burn Rate Skyrockets 5,975% as SHIB Price Jumps

The Shiba Inu dog-themed cryptocurrency ended last week with a 5,975% surge in its burn rate, according to the Shibburn X handle. On September 22, a total of 1,729,224 SHIB tokens were burned. This increase coincides with a 2.74% rise in SHIB’s price to $0.0000147. Currently, SHIB trades at $0.0000146, up 1.28% over the past 24 hours, amidst a broader rally following the Federal Reserve’s rate cut.

Ripple Prepares for Stablecoin Launch with New Burns

XRP enthusiasts eagerly await the launch of Ripple’s stablecoin, RLUSD, which is in beta testing and could launch within the next few weeks, as stated by CEO Brad Garlinghouse. Meanwhile, Ripple is burning tokens, including 24 RLUSD on the XRP Ledger and 64 RLUSD on Ethereum. The stablecoin aims to operate across both networks, targeting a share of the projected $2.8 trillion stablecoin market by 2028, even as the current crypto market cap exceeds $2 trillion.

Bitcoin’s Historical Trend Foreshadows Epic Rally in Q4

Crypto analyst Ali Martinez has noted that Bitcoin’s price action in 2024 resembles that of 2016 and 2020. In Q4 of 2016, BTC gained 61% and in 2020, 171%. Currently, Bitcoin has increased by nearly 10% weekly, reaching a high of $64,712, influenced by a recent U.S. Federal Reserve rate cut. The recent halving in April reduced mining rewards, historically correlating with significant price increases. Observers note similarities between BTC’s current trends and those during its previous halving years, stirring speculation about a potential rally in late 2024.

This article was originally published on U.Today.