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XRP Ledger Sees 10,000 Token Burn, Sparking Speculation

29/10/2024 20:39

According to U.Today, a recent transaction on the XRP Ledger has resulted in the burning of 10,000 tokens, causing a stir within the cryptocurrency community. The incident was highlighted by XRP Explorer XRPscan, which tweeted about the transaction, noting the significant burn of 10,000 drop tokens. This event has led to speculation about whether the burn was accidental or intentional. Thomas Silkjaer, Head of Analytics and Compliance at InFTF, suggested that the burn might have been initiated by the issuer, adding an intriguing dimension to the situation. Drop, the token involved in this incident, is a meme coin on the XRP Ledger with a market cap exceeding $10 million. To provide context, one XRP is equivalent to 1,000,000 drops, making one drop equal to 0.000001 XRP. Although the burn might seem minor due to the fractional value, it could have significant long-term implications. A tweet from First Ledger, a platform for tracking, trading, and managing tokens on the XRP Ledger, hinted that the burn might have been a deliberate move to create scarcity and drive up the token's value. First Ledger suggested that continuous burning of XRP launching tokens could eventually lead to a price increase, indicating a bullish outlook for meme coins on the XRPL. However, First Ledger has not yet commented on or acknowledged the 10,000 drop token burn, leaving room for further speculation. In the past week, the XRP Ledger has seen a significant increase in activity, with 35,799 unique wallets making at least one transfer in a single day, the highest number in over three months. Additionally, 3,858 new wallets were created in a single day, marking the highest amount in over seven months.

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