Shiba Inu Burn Rate Skyrockets 4,100%, XRP Sees Unusual 111% Volume Boost Amid Slipping Prices, BNB Adopted as Strategic Reserve Asset in This Country: Crypto News Digest by U.Today
Here are the top three news stories over the past day presented to you by U.Today.
Shiba Inu burn rate skyrockets 4,100% as 21,709,094 SHIB vanish
Yesterday, Jan. 8, Shibburn X account reported that a total of 21,709,094 SHIB tokens were permanently removed from circulation. This resulted in a dramatic increase of Shiba Inu's burn rate, which surged by 4,100%. The increase in token burns is viewed positively by the Shiba Inu community, as it helps reduce the total supply of the cryptocurrency. However, despite this positive development, the price of Shiba Inu has fallen nearly 11% during the same period, going down in tandem with the broader crypto market. At the moment of writing, SHIB is changing hands at $0.00002066, down 4.04% over the past 24 hours, per CoinMarketCap.
XRP sees unusual 111% volume boost amid slipping prices
XRP has experienced significant sell-offs, being one of the most liquidated coins in the previous 24 hours, with $16.88 million lost by traders, according to CoinGlass data. Despite this downturn, XRP has maintained a bullish trading volume outlook; per CoinMarketCap, yesterday, the asset's trading volume jumped by 111%, with the dollar valuation coming in at $8.81 billion. Interestingly, this increased trading activity was ignited by XRP's price drop of 6.39%, with its price falling to $2.321. This unexpected development indicates that the XRP market has sufficient liquidity to meet the demands of both futures and retail traders. Notably, the recent increase in trading volume could act as a catalyst for a potential rebound in the XRP price.
Valeria BlokhinaBNB adopted as strategic reserve asset in this country: Ex-Binance CZ
Former Binance CEO Changpeng Zhao, also known as CZ, has announced a significant milestone for Binance Coin (BNB) as it gains adoption in Bhutan. CZ has recently reposted an article revealing that Gelephu Mindfulness City (GMC) in Bhutan's New Special Administration Region has decided to include BNB, along with Bitcoin and Ethereum, in its strategic crypto reserves. This initiative positions GMC as one of the first jurisdictions to hold major digital currencies in its reserves. The city plans to utilize cryptos with large market capitalizations and high liquidity to ensure ease of buying and selling with minimal price impact. CZ expressed his approval of Bhutan's adoption of BNB, calling it "the happiest country," stating, “Yes, and a beautiful and smart country too!”
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