SHIB Burns 324 Million Tokens in One Week, XRP Ledger Sees Huge Spike in Active Wallets, Vitalik Buterin Unveils Four Major Milestones for Ethereum: Crypto News Digest by U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

U.Today presents the top three news stories over the past day.

SHIB torches 324 million tokens in one week with 1,020% burn rate surge

According to data provided by Shibburn X account, over the past week, Shiba Inu has witnessed a major increase in key metrics, particularly its burn rate. On Monday, Oct. 21, this metric surged by 389%, with 6,314,537 SHIB sent to inactive wallets. Meanwhile, within the past seven days, the burn rate skyrocketed by 1,020%, resulting in 324,982,323 SHIB being burnt in total. This strong performance indicates the community's commitment to reducing supply and served as a reliable indicator of SHIB’s market resilience. Overall, the surge in the burn rate has contributed positively to SHIB's price stability. At the moment of writing, SHIB is changing hands at $0.00001822, down 0.55% over the past 24 hours, per CoinMarketCap.

XRP Ledger sees huge spike in active wallets

The XRP Ledger has recently logged a significant rise in active wallets, with unique active wallets rising to 35,799, the highest level in three months, according to Santiment. Additionally, the ledger recorded a peak in newly created wallets in a single day since March 14. The reason for this sudden activity surge remains unclear. Meanwhile, the jump in activity follows the SEC's appeal in the Ripple case, which caused a sharp price drop for XRP and led to increased negativity around the asset. At the moment, XRP is trading at $0.53 with a small drop of 2.03% over the past 24 hours, which shows that the increase in wallet activity has not affected the token's price significantly. Notably, a few major wallets dominate transaction activity, with 10 wallets accounting for 58% of all transactions.

Vitalik Buterin unveils four major milestones for Ethereum

In his recent speech at the Shanghai event, Vitalik Buterin outlined four key benchmarks that Ethereum aims to achieve in the coming years. The first benchmark, reaching over 100,000 transactions per second through layer-2 solutions, would greatly improve Ethereum's scalability and efficiency for decentralized applications (dApps). Second, enabling cross-chain transfers in under two seconds would allow cross-chain transactions to become nearly instantaneous. The third benchmark is ensuring a uniform user experience throughout the ecosystem, highlighted by new standards like the ERC-7683 protocol to reduce errors in cross-chain transactions. Last but not least, the Ethereum Virtual Machine (EVM) is subordinated to cross-chain security. According to Buterin, achieving robust cross-chain security is of utmost importance. Successful implementation of these goals could positively influence Ethereum's market position and attract more developers and institutional investors.