The cryptocurrency market has seen some major developments, from Ripple’s latest escrow action to a massive Bitcoin transfer. Here’s a breakdown of what’s happening:
Ripple Secures 700 Million XRP in Escrow
Ripple has locked away 700 million XRP tokens, following its usual practice of managing the coin’s supply. Typically, Ripple releases 1 billion XRP each month, but this time, things were a little different. Instead of the full release, they used existing holdings to create new escrows, ensuring better control over market liquidity. This strategic move aims to maintain price stability while continuing institutional sales and operational expenses.
Shiba Inu Burn Rate Surges Over 12,000%
In the past 24 hours, Shiba Inu’s burn rate exploded by 12,278%, with 115 million SHIB tokens permanently removed from circulation. This drastic increase happened as Shibarium, SHIB’s Layer-2 network, hit a major milestone of over 1 billion transactions. While the burn rate is a positive sign for SHIB holders, the token’s price dipped slightly to $0.00001206.
Mysterious $94M Bitcoin Transfer Raises Eyebrows
A massive 1,097 BTC transfer (worth $94 million) caught the attention of analysts as it moved to Coinbase from an unknown wallet. Initially, the transaction sparked speculation, but further investigation linked it to ARK Invest’s Bitcoin ETF (ARKB). This comes as Bitcoin ETFs saw a $145.58 million outflow in the past 24 hours, indicating potential sell-offs by institutional investors.
With these big shifts in the crypto landscape, all eyes are on the next market moves. Stay tuned for updates!
