Crypto News: Shiba Inu Burn Surge, Ripple's Stablecoin Plans, and Bitcoin's Potential Rally

Shiba Inu Burn Rate Soars

The Shiba Inu cryptocurrency has experienced a significant surge in its burn rate, escalating by an impressive 5,975%. This increase occurred as Shiba Inu's price rose by 2.74% to $0.0000147, aligning with a broader cryptocurrency market rally. The market's positive momentum follows the Federal Reserve's decision to lower interest rates by half a percentage point, marking the first such decrease in over four years. The Shiba Inu token's current trading price reflects an increase of 1.28% over the last 24 hours.

Ripple's Stablecoin Preparations

Ripple is on the verge of launching its anticipated stablecoin, RLUSD, which is currently in beta testing. This initiative has garnered attention from XRP enthusiasts, with the launch potentially occurring in the coming weeks. Meanwhile, Ripple continues the process of burning RLUSD tokens across the XRP Ledger and Ethereum blockchain, with recent burns of 24 and 64 RLUSD, respectively. The stablecoin is designed to operate on both networks, with the potential for expansion to additional blockchains. Ripple aims to capture part of the stablecoin market, projected to reach $2.8 trillion by 2028.

Bitcoin's Anticipated Q4 Rally

Bitcoin's recent price movements suggest a potential rally in Q4, drawing parallels to its behavior in 2016 and 2020. Historically, Bitcoin gained 61% in Q4 of 2016 and 171% in 2020, prompting speculation of another substantial surge. Recent weekly gains have seen Bitcoin's price reach $64,712, influenced by the Federal Reserve's rate cut. Additionally, Bitcoin's halving event in April, which traditionally correlates with price increases, has added to the optimism. Analysts observe similarities between current price corrections and those during previous halving years, fueling expectations for a potential rally by the end of 2024.