Crypto News Digest by U.Today

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Take a look at the latest happenings in the world of cryptocurrency with the top three news stories.

### Burn Rate Surges 5,975% as SHIB Price Increases

The Shiba Inu cryptocurrency experienced a significant boost in its token burn rate last week. On Sunday, September 22, a record 5,975% increase was reported, with a total of 1,729,224 SHIB tokens burned. This surge in burn rate coincided with a 2.74% rise in SHIB’s price, reaching $0.0000147. Currently, SHIB is trading at $0.0000146, representing a 1.28% increase over the past 24 hours. This positive trend follows a broader rally in the cryptocurrency market prompted by a recent rate cut from the Federal Reserve, the first in over four years.

### Ripple Prepares for Stablecoin Launch Amid New Burns

Enthusiasts of XRP are eagerly awaiting the upcoming launch of Ripple’s stablecoin, RLUSD, which is expected in the next few weeks, according to CEO Brad Garlinghouse. The stablecoin is currently undergoing beta testing. In the meantime, Ripple continues to burn tokens, with 24 RLUSD tokens burned on the XRP Ledger and an additional 64 RLUSD on another blockchain recently. The stablecoin aims to operate across both networks, with potential future launches on additional blockchains. Ripple is positioning itself to capture a segment of the stablecoin market, which is anticipated to grow to $2.8 trillion by 2028, despite the current total market cap of cryptocurrencies being just over $2 trillion.

### Historical Trends Suggest Major Rally for Bitcoin in Q4

Crypto analyst Ali Martinez has noted that Bitcoin’s price activity in 2024 is reminiscent of its behavior during 2016 and 2020. In Q4 of 2016, BTC saw a 61% gain, and in 2020, it soared by 171%, indicating the cryptocurrency may be ready for another significant rally akin to those past surges. Currently, Bitcoin has posted nearly 10% in weekly gains, peaking at $64,712, buoyed by the Federal Reserve’s impactful rate cut. Additionally, Bitcoin’s recent halving in April has reduced mining rewards, historically correlating with substantial price increases following other halvings in 2012, 2016, and 2020. Observers are detecting emerging patterns in Bitcoin’s price corrections that echo those seen in previous halving years, raising speculation about a potential rally as 2024 draws to a close.