Last week, the crypto market showed significant activity. Two coins, Shiba Inu and XRP, stood out by capturing the community's attention due to their sudden growth and upcoming events.
Sharp Rise of Shiba Inu
The Shiba Inu cryptocurrency concluded last week with an impressive rise. According to data from the Shibburn X handle, on September 22, there was a remarkable 5,975% increase in the number of tokens burned in a day. During this period, a total of 1,729,224 SHIB tokens were burned. This coincided with a rise in Shiba Inu's price, which increased by 2.74% to $0.0000147. Currently, the price of SHIB is $0.0000146, which is 1.28% higher compared to the previous 24 hours. This upward trend comes amidst a broader crypto market rally after the Federal Reserve cut interest rates by half a percentage point for the first time in over four years.
Ripple Prepares for Stablecoin Launch
XRP enthusiasts are eagerly awaiting the launch of Ripple's stablecoin, RLUSD, which could happen within the next few weeks, according to CEO Brad Garlinghouse. Currently, RLUSD is in beta testing. Until then, Ripple continues to burn tokens: recently, 24 RLUSD were burned on the XRP Ledger, and 64 RLUSD were burned on the Ethereum blockchain. Ripple's stablecoin aims to operate on both networks, with potential launches on additional blockchains under consideration. The company seeks to capture a portion of the stablecoin market, projected to reach $2.8 trillion by 2028, despite the current overall crypto market cap being just over $2 trillion.
Bitcoin: Q4 Expectations
According to recent observations by crypto analyst Ali Martinez, Bitcoin's price action in 2024 is mirroring its behavior in 2016 and 2020. Martinez pointed out that in Q4 of 2016, BTC gained 61%, and in 2020, 171%, suggesting that Bitcoin may be poised for another major rally similar to its previous Q4 surges. Currently, Bitcoin has increased nearly 10% in weekly gains, reaching a high of $64,712 amidst a rally driven by a significant rate cut by the U.S. Federal Reserve. Also, Bitcoin's recent halving in April reduced mining rewards, which has historically correlated with significant price increases, following previous halvings in 2012, 2016, and 2020. Market observers notice similarities between BTC's current price corrections and the patterns seen during its previous halving years, sparking speculation about a potential rally in the final months of 2024.
Recent developments in the crypto market suggest major potential changes in the near future. Investors and enthusiasts continue to closely monitor the situation, analyzing the trajectories of various cryptocurrencies and their potential impact on the market as a whole.
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