Here are the top three news stories from the past day presented by U.Today.
Shiba Inu burn rate skyrockets 4,100% as 21,709,094 SHIBs disappear
YesterdayJanuary 8, Shibburn X account reported that a total of 21,709,094 SHIB tokens have been permanently removed from circulation. This resulted in a dramatic increase in the Shiba Inu’s burn rate, which jumped by 4,100%. The increase in token burns is viewed positively by the Shiba Inu community, as it helps reduce the total supply of cryptocurrency. However, despite this positive development, the Shiba Inu price fell by almost 11% during the same period, alongside the decline of the broader crypto market. At the time of writing, SHIB is changing hands at $0.00002066, down 4.04% in the last 24 hours, according to CoinMarketCap.
XRP Sees Unusual 111% Volume Increase Amid Falling Prices
XRP experienced massive salesbeing one of the most liquidated coins in the previous 24 hours, with $16.88 million lost by traders, according to CoinGlass data. Despite this slowdown, XRP has maintained a bullish outlook for trading volume; According to CoinMarketCap, yesterday the asset’s trading volume jumped 111%, with a dollar valuation of $8.81 billion. Interestingly, this increased trading activity was triggered by the XRP price falling by 6.39%, with its price falling to $2.321. This unexpected development indicates that the XRP market has enough liquidity to meet the demands of futures and retail traders. Notably, the recent increase in trading volume could serve as a catalyst for a potential rebound in XRP price.
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BNB adopted as a strategic reserve asset in this country: Ex-Binance CZ
Former Binance CEO Changpeng Zhao, also known as CZ, announced an important step for Binance Coin (BNB) as it gains greater adoption in Bhutan. CZ recently republished an article revealing that Gelephu Mindfulness City (GMC), in the new Special Administrative Region of Bhutan, has decided to include BNB, along with Bitcoin and Ethereum, in its strategic crypto reserves. This initiative positions GMC as one of the first jurisdictions to hold significant digital currencies in its reserves. The city plans to use cryptocurrencies with large market capitalization and high liquidity to ensure ease of buying and selling with minimal impact on prices. CZ expressed his approval of Bhutan’s adoption of GNH, calling it the “happiest country”, saying: “Yes, and a beautiful and intelligent country too!