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XRP Shows Dangerous Pattern, SHIB Burn Rate Spikes 1,318%, XRP Holders to Receive Airdrop from Major Crypto Exchange: Crypto News Digest by U.Today

Thu, 03/16/2023 - 15:37
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Valeria Blokhina
Keep an eye on the crypto industry’s happenings with U.Today’s news digest!
XRP Shows Dangerous Pattern, SHIB Burn Rate Spikes 1,318%, XRP Holders to Receive Airdrop from Major Crypto Exchange: Crypto News Digest by U.Today
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Contents

U.Today presents the top four crypto news stories over the past day.

XRP holders to receive long-awaited airdrop from major crypto exchange

According to a recent Twitter announcement by MEXC crypto exchange, holders of XRP and SOLO tokens will be able to participate in the airdrop of xCORE, an option token of Coreum’s native token CORE. XRP and SOLO owners will get a total of 50 million xCORE with a strike price of $10. The airdrop will take place on May 15, but a snapshot of XRP and SOLO holders will be made on March 24 at 4:00 a.m. UTC. xCORE can be exchanged for CORE if the price of the latter reaches or remains above the $10 mark for 10 consecutive days, or expires on March 24, 2025. After the expiry date, xCORE can also be exchanged for CORE on a one-to-one basis via the Coreum blockchain. Per Nomic’s data, at the moment of writing, xCORE is changing hands at $0.97.

SHIB burn rate jumps 1,318% after PuppyNet launch; half a billion Shiba Inu gone in single burn

Data provided by the Shibburn rate tracking website shows that, yesterday, almost half a billion SHIB tokens, 452,950,434 SHIB to be precise, were destroyed by the SHIB community. This impressive result was reached in merely three transactions, with the biggest one carrying 451,061,150 SHIB. As a result, the overall burn rate of SHIB increased by an astonishing 1,318%. Over the past few days, market watchers spotted massive SHIB burns following the launch of Shibarium beta test network, Puppynet. On Monday, just two days after SHIB lead dev Shytoshi Kusama announced the release of testnet Puppynet, the burn rate of Shiba Inu was bolstered by 2,452%. Back then, a total of 602.5 million meme tokens were incinerated within 24 hours.

XRP shows dangerous pattern

Ripple-affiliated token XRP is currently demonstrating a concerning trend on the market. The price of XRP is consistently falling, despite an increase in trading volume over time, which might portend a continuation of the negative trend in the near future. There are two worrying signs to consider, with the first one being a consistent increase in trading volume paired with a downward trend in price. This could indicate that there are more sellers than buyers, which causes the asset’s price to keep declining. The second sign is the formation of the descending channel that XRP has been stuck in for the last few months, and there is a strong possibility that it could break down below the lower threshold of this channel. Other factors that could have contributed to the aggravation of the downtrend on XRP are the liquidation of SVB, the USDC depegging and the general crackdown on the crypto industry.

270 billion Shiba Inu (SHIB) sold by bankrupt crypto broker, here's how price reacted

As reported by PeckShieldAlert yesterday, Voyager, a bankrupt crypto lender, transferred over $27.7 million worth of crypto assets to Coinbase. The Voyager-labeled addresses moved 270 billion SHIB, worth over $3 million; 17,000 ETH worth nearly $19 million and 12 million VGX worth over $5 million. It seems that the bankrupt crypto lender timed its sale of Shiba Inu tokens, this time occurring at a local top. A short-term barrier might be gradually building in the range of $0.00001169 to $0.00001189 following SHIB's rejection a second time in the past week around this range. At the moment of writing, SHIB is changing hands at $0.00001046, down almost 3% over the past day, according to CoinMarketCap.

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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.