U.Today's Top Three News Stories: Shiba Inu Burn Rate Skyrockets 5,975% as SHIB Price Jumps

Shiba Inu dog-themed cryptocurrency ended last week with a remarkable surge in its burn rate; according to the Shibburn X handle, on Sunday, Sept. 22

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Shiba Inu burn rate skyrocketed 5,975% last week as SHIB price rose

Shiba Inu meme coin ended last week with a remarkable surge in its burn rate. According to the Shibburn X handle, on Sunday, Sept. 22, this metric registered a rise by an astonishing 5,975%. Over that period, a total of 1,729,224 SHIB tokens were burned. The increase in burn rate coincides with a rise in SHIB's price, which has climbed 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 lowered rates by half a percentage point for the first time in more than four years.

Ripple prepares for stablecoin launch with new burns

XRP enthusiasts are now awaiting the launch of Ripple's stablecoin, RLUSD, which could take place in the next few weeks, according to CEO Brad Garlinghouse. At the moment, RLUSD is in beta testing. In the meantime, Ripple continues burning the token, with recent activities including the burning of 24 RLUSD on the XRP Ledger and 64 RLUSD on the Ethereum blockchain. Ripple's stablecoin is set to operate on both networks, with the possibility of future launches on additional blockchains still being considered by the company. They are aiming to capture a share of the stablecoin market, which is projected to reach $2.8 trillion by 2028, despite the current overall crypto market cap being just over $2 trillion.

Bitcoin's historical trend points to epic rally in Q4

According to a recent observation by crypto analyst Ali Martinez, Bitcoin's price action in 2024 is mirroring the crypto's behavior in 2016 and 2020. Martinez highlighted that in Q4 of 2016, BTC gained 61%, and in 2020 171%, suggesting that Bitcoin may be poised for another major rally similar to its previous Q4 surges. Currently, Bitcoin has increased nearly 10% in weekly gains, reaching a high of $64,712 amid a rally influenced by a significant rate cut by the U.S. Federal Reserve. Also, 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, which sparks speculation about the possibility of a rally in the final months of 2024.

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