Last updated on May 18th, 2024 at 12:23 pm
XRP has witnessed a substantial burn in the last 24 hours, destroying over 6000 tokens by sending them to burn wallets. This makes it the hottest burn in over two months.
According to data from XRP Scan – a leading explorer for XRP Ledger, XRP Ledger has experienced an impressive surge in its number of burned tokens making it the most significant burn in over 60 days.
Per the data, exactly 6,206 XRP tokens have been sent to burn wallets signaling an increase from the previous day. The tremendous rise, which surpassed any burning activity witnessed in the previous two months, is the focus of attention of this astounding milestone.
The number of burned tokens has been on a steady rise since the beginning of the week. On Monday, the total number of XRP burned eclipsed at 2,853. Tuesday and Wednesday saw 3,403 and 5,995 respectively.
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Source: XRP Scan
Possible reasons for the increased burn
The rise in burn activity not only shows a wide demand for XRP but also raises some questions about the reasons behind the recent surge in activity.
The reasons for the surge may be attributed to several factors including greater transactional activity within the XRP ecosystem and growing market interest. The increase in burn rates could also imply increased involvement and confidence in XRP as a valued digital asset.
As XRP continues to make impressive headlines with its recent performance, investors and other members of the community are eagerly watching for further updates and potential price impact.
XRP price reaction
Source: Coinstats
According to data from Coinstats, the price of XRP today is $0.617408 signifying a 0.63% increase in the last 24 hours. Also, the token has witnessed a 1.86% drop over the last 7 days.
What is more, XRP has a 24-hour trading volume of $711,158,399 ($711 million) and a live market cap of $33,343,492,544 ($33.3 billion). Ultimately, XRP continues to enjoy its spot as one of the top 10 cryptocurrencies in the market with potential for continuous growth.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.