In an important update, XRP Scan, the renowned explorer of XRPL and XRP-related data, has unveiled crucial insights into the daily fee burn chart and daily XRP payment volume chart.
This latest revelation is set to reshape our understanding of XRP tokenomics, providing a closer look at the dynamics behind the scenes of the popular digital asset.
According to fresh data, the daily burn of XRP tokens has witnessed a steady ascent since May 2022, from when the first figures on burns are available. Presently, the burn rate oscillates between 2,000 and 3,000 XRP daily as fees on XRPL.
However, what captures attention are the periodic spikes, with the most recent surge occurring in early November 2023, when a staggering 43,000 XRP tokens were incinerated in a single day. Such a significant spike could be attributed to large exchanges clearing out old XRP accounts, echoing a similar scenario in June when Poloniex's account purge led to the burning of 60,000 XRP.
Crucially, once XRP undergoes the burning process, it is irrevocably subtracted from the total supply, leaving a lasting impact on XRP's future pricing dynamics.
In parallel, the newly revealed data on daily XRP payment volume presents a more stabilized picture. Displaying a sinusoidal pattern on the graph, the payment volume between accounts fluctuates between 300 million and 2 billion XRP.
This consistent ebb and flow underscores the resilience and reliability of the token's transactional capabilities.
As XRP continues to evolve, these revelations shed light on the hidden forces shaping its market dynamics.