The dog-themed cryptocurrency, Shiba Inu (SHIB), concluded last week with an extraordinary spike in its burn rate, which soared by an astonishing 5,975%. As reported by the Shibburn X handle, on Sunday, September 22, a total of 1,729,224 SHIB tokens were burned. This surge in burn activity coincides with a 2.74% rise in SHIB’s price, which climbed to $0.0000147. Currently, SHIB is trading at approximately $0.0000146, reflecting a 1.28% increase over the past 24 hours. This positive momentum aligns with a broader rally in the cryptocurrency market following the Federal Reserve’s decision to lower interest rates by half a percentage point for the first time in over four years.
Ripple Gears Up for Stablecoin Launch with Ongoing Burns
Ripple is gearing up for the anticipated launch of its stablecoin, RLUSD, which CEO Brad Garlinghouse suggests could occur in the coming weeks. The stablecoin is currently undergoing beta testing. In the meantime, Ripple has been actively burning tokens, with recent actions including the incineration of 24 RLUSD on the XRP Ledger and 64 RLUSD on the Ethereum blockchain. Designed to operate on both networks, Ripple’s stablecoin aims to capture a portion of the projected $2.8 trillion stablecoin market by 2028, despite the current total crypto market cap exceeding $2 trillion.
Bitcoin’s Q4 Historical Trends Suggest Potential Rally
Crypto analyst Ali Martinez has noted that Bitcoin‘s price movements in 2024 bear a striking resemblance to its behavior in previous years, particularly 2016 and 2020. In Q4 of 2016, Bitcoin experienced a 61% gain, while in 2020, it surged by 171%. Currently, Bitcoin has gained nearly 10% over the past week, reaching a high of $64,712. This recent rally has been fueled by a significant rate cut from the U.S. Federal Reserve. Additionally, Bitcoin’s halving event in April reduced mining rewards, a factor historically linked to substantial price increases following previous halvings in 2012, 2016, and 2020. Market analysts are drawing parallels between Bitcoin’s current price corrections and those observed during prior halving years, raising speculation about a potential rally as 2024 draws to a close.
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