Almost All Ripple USD Tokens Were Burned, Launch Soon? 150 Billion PEPE Withdrawn From Binance, SHIB Burns Skyrocket 5,154%: Crypto News Digest by U.Today
2024-11-29

U.Today presents the top three new stories over the past day.
Almost all Ripple USD tokens were burned; is announcement near?
According to Ripple's Stablecoin Tracker on X platform, on Wednesday, Nov. 27, virtually all Ripple USD (RLUSD) tokens, totaling 46,676,120, were burned. This massive token burn ignited speculation that Ripple's official announcement regarding the launch of a stablecoin could be around the corner. As noted by Vet, a validator on the XRP Ledger, a key challenge remains securing approval from the New York State Department of Financial Services (DFS or NYSDFS). As a reminder, Ripple entered the stablecoin market in April, aiming to tap into the growing demand for dollar-pegged cryptocurrencies. In August, the San Francisco-based company started testing the new stablecoin with a limited number of enterprise partners. Even though Ripple President Monica Long stated earlier that she expected the stablecoin product to be launched this year, the exact timeline for its official release remains uncertain.
150 billion Pepe PEPEUSDT withdrawn from Binance: What's up?
As reported by Lookonchain X account, yesterday, Nov. 28, a newly created wallet withdrew approximately 150 billion PEPE tokens valued at $2.94 million, as well as 60 billion SHIB tokens worth $1.52 million from Binance within an hour. Such large-scale withdrawals often raise concerns regarding market sentiment and whether there are any potential upcoming events related to these tokens. As can be seen on the PEPE chart, PEPE has experienced a strong rally, but a decline in trading volume suggests a possible slowdown despite maintaining a bullish structure. Meanwhile, SHIB has been forming a bullish triangle with crucial support from the 50 EMA, hinting at potential optimism for future price movement. In general, such substantial withdrawals could signify whale accumulation, plans for DeFi utilization or a shift in market sentiment. Traders and investors are advised to closely monitor whale behavior, as it often precedes important market movements.
SHIB burns skyrocket 5,154%, here's what's happening
Recent data from blockchain tracker Shibburn demonstrates that over the previous 24 hours, the Shiba Inu community has significantly increased its burn efforts, disposing of over 61 million SHIB tokens. The substantial burn was achieved through seven transfers, the largest of which sent approximately 48.3 million SHIB to unspendable wallets. This triggered a remarkable burn rate surge of 5,154%. These burn efforts coincided with a push for a price surge, which ultimately failed, making SHIB retrace to its previous levels. At the moment of writing, SHIB is changing hands at $0.000026, up 2.91% over the past 24 hours, per CoinMarketCap. The community's commitment to reducing the circulating supply reflects ongoing efforts to enhance SHIB's market position.