Shiba Inu meme currency burn rates have increased by more than 2,000% overnight, according to statistics recently given by the Shibburn Explorer, along with the SHIB price.
Other cryptocurrencies are involved besides SHIB. The cryptocurrency market is jubilant following Ripple’s recent legal victory over the SEC, which has sent XRP up almost 66% and Bitcoin and Ethereum up 3% and 7%, respectively.
SHIB burn rate shows massive gains
The aforementioned source has demonstrated that a total of 40,547,842 SHIB meme coins have been destroyed, with the burn rate reading increasing by 2,057.94%.
The largest of all six SHIB transactions, totaling 31,715,170 SHIB, was sent to a dead-end wallet in a single transaction. 5,794,705 Shiba Inu were transported by the second-largest.
SHIB burns have increased overall this year. As previously reported by U.Today, the Shiba Inu community has disposed of 26,434,092,232.30 SHIB during the last six months. 1,861,261,930.05 SHIB have been taken out of this meme token’s supply over the previous month.
According to the CryptEye analytics portal, the burn efforts of the previous week resulted in 907,536,441.64 Shiba Inus.
SHIB tokens totaling 38,228,861,576.43 have been sent to non-spendable wallets in the past year.
The same source states that 16,408 new users joined Shiba Inu in the previous week.
Shiba Inu is now trading at $0.000007949, up 6.32% in price. In addition, the second-largest meme currency has climbed from 19th to 17th, where it had previously been pushed.
Ripple scores major win against SEC in XRP case
The partial victory of Ripple in the XRP litigation against the SEC, which has been ongoing since late December 2020, is being celebrated by the whole cryptocurrency sector. Ripple’s institutional sales of XRP constitute securities, according to Judge Analisa Torres. They contributed $728 million to Ripple Labs. Programmatic and other XRP sales, however, are not thought of as securities. For Ripple, this came to a total of $1.366 billion.
However, the announcement caused the price of XRP to first increase by 16% on Thursday, and now that several significant exchanges are relisting the token (Bitstamp, Coinbase), the price has risen past the 63% mark. XRP is now trading at $0.7705, according to information from CoinMarketCap. With the price increase, the coin’s market capitalization worth increased by more than $4 billion.
According to many cryptocurrency supporters and influencers on Crypto Twitter, this is a significant victory for Ripple as well as the whole cryptocurrency industry.
As many people assume, the U.S. Securities and Exchange Commission has recently been attempting to take control of the cryptocurrency market within the country, primarily by exerting legal pressure on exchanges like Gemini and Kraken. The SEC sued Binance and Coinbase in the most recent development on this subject, alleging that they had transacted cryptocurrencies as unregistered securities in violation of U.S. securities laws.
