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XRP and SHIB Aim to Punish Bears, BTC May Hit $50,000 By Year's End, SHIB Burn Rate up 3,808%: Crypto News Digest by U.Today

Tue, 07/11/2023 - 16:18
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Valeria Blokhina
Keep an eye on the latest updates in the crypto industry with U.Today's news digest!
XRP and SHIB Aim to Punish Bears, BTC May Hit $50,000 By Year's End, SHIB Burn Rate up 3,808%: Crypto News Digest by U.Today
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U.Today has prepared the top three news stories over the past day.

XRP and Shiba Inu (SHIB) aim to punish bears, Santiment reveals secret sauce

According to Santiment crypto intelligence portal, the XRP token is currently seeing a surge in social dominance, marking the highest level in this metric since May. Santiment analysts emphasized the importance of increased discussion amid a greening price, adding that this trend frequently results in a higher possibility of price escalation. Apart from XRP, the crypto community is actively discussing Bitcoin (BTC) and Shiba Inu (SHIB). While it is obvious why Bitcoin remains at the center of attention (as it is still the most prominent cryptocurrency in terms of popularity), the reason for vivid Shiba Inu conversations can be attributed to the much-anticipated release date of Shibarium, the native Layer 2 protocol for Shiba Inu.

Investors Turn to SHIB Ahead of Shibarium Launch in August

Bitcoin (BTC) may hit $50,000 by year's end and $120,000 by 2025: Standard Chartered

Standard Chartered, major international British bank, has recently shared its forecast regarding the price of Bitcoin, Reuters reports. According to the forecast, by the end of this year, the king crypto may surge as high as the $50,000 level. The bank's analysts also predicted that higher peaks of $120,000 may be reached by the end of next year, 2024. Standard Chartered believes that a potential increase in the price of BTC would prompt Bitcoin miners to start stocking up more of the coins they mint. Overall, since the start of the year, Bitcoin's price has increased by 83%, outpacing the growth of the Nasdaq Composite index.

Shiba Inu (SHIB) burn rate up 3,808%, here are prospects for week

Yesterday, the burn rate of the Shiba Inu cryptocurrency saw 3,808% growth, per data from Shibburn. This happened as a result of the SHIB army sending a total of 508,958,446 SHIB tokens to dead wallets. The resurgence in the burn rate is evidence that transactions in the Shiba Inu ecosystem are growing at a sporadic rate, as measured by user count on Shibarium. As the new week unfolds, it is expected that the momentum and the rate of burning will be sustained. One of the promising predictions for the week is the SHIB token's return to a positive trading price, as well as all other connected tokens. When combined with rising demand, the burn rate creates a scarcity that may help drive up the asset's price.

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About the author

Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.