Ripple (XRP) Price Resurgence, Shiba Inu’s (SHIB) Burning Efforts, and More: Bits Recap Jan 3
2025-01-03
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TL;DR
XRP Starts 2025 on the Right Foot
Despite performing quite impressively in Q4 2024, Ripple’s native token experienced a substantial correction just before New Year’s Eve. Its price briefly plunged below $2, while the market capitalization dipped to approximately $115 billion.
However, the bulls stepped in at the start of 2025, pushing XRP back to green territory. The asset is currently worth over $2.40 (per CoinGecko’s data), representing a 15% rise since the first day of the year.
Some factors that might have contributed to the rallyincludethe overall crypto market recovery and the resurgence of some important XRP-related metrics. The asset’s price jump also coincides with the release of monthly XRP tokens from escrow. This time, the company announced the effort with an interesting note:
“January 20th is around the corner. Donald Trump will be in the WH, and we are going to make crypto great again!”
The Republican emerged victorious in the US presidential elections in November last year and will officially become the 47th political leader of America in less than three weeks. The community seems excited about his return to the White House due to his numerous pro-crypto promises. We have yet to see whether he will stick to his word and allow the local digital asset industry to thrive during his rule.SHIB’s Burning Mechanism
The team behind the popular meme coin adopted a burning program in 2022 that allows the community to send tokens to a null address voluntarily. This leads to scarcity and could make SHIB more valuable (assuming demand doesn’t head south).
Earlier this week, the team announced that over 44.6 billion tokens (worth approximately $1 million) were burned throughout 2024.
Initially, SHIB had a total supply of one quadrillion tokens. Years ago, though, half of that amount was sent to Ethereum’s co-founder Vitalik Buterin, who donated trillions of SHIB to charity organizations and burned the remaining stash.
As of the moment of this writing, the meme coin’s circulating supply stands at around 584.1 trillion.BTC Heads North, too
While the primary cryptocurrency dipped to a one-month low of under $92,000 on December 30, it got back to the green track in the following days. The price crossed $97,000 on January 2, while currently, it is set at around $96,300.
Many market observers think 2025 could be another successful year for BTC. The X users Crypto Rover and Doctor Profit are among the optimists, setting targets of $120,000 and $125,000, respectively.
Trader Tardigrade outlined an even more bullish forecast, envisioning a pump to as high as $280,000 sometime this year.
“If you miss the BTC peak in 2025, you’ll have to wait until 2029,” the analyst suggested.