The XRP community is intensifying its token burning efforts in an attempt to decrease the circulating supply of the digital asset. The total number of tokens burned has reached a new record, surpassing the previous high.
Over 12 million XRP tokens have been burned, according to data from the XRPScan website. Given the current market prices, this equates to more than $6.8 million worth of tokens sent to the burn address by the community collectively.
Despite this figure appearing substantial, it is relatively insignificant when compared to the token’s maximum supply. The maximum supply of XRP is 100 billion, and with only 12 million tokens burned so far, the max supply now stands at 99,987,995,691. This means that only 0.012% of the total supply has been burned to date. This is a small fraction compared to other tokens like Shiba Inu and FLOKI, which have burned more than 50% of their token supply.
However, the burn figure provides a glimpse into the behavior of blockchain investors. Although burns are not a primary concern for the average XRP investor, reducing the total supply indicates a commitment to increasing the value of the digital asset.
The burn rate of the XRP token is not the only metric on the XRP Ledger that has recently reached a new all-time high. The blockchain began the year 2024 with a significant milestone as the total active accounts exceeded the 5 million mark. As of now, the total active account count is 5,007,658, indicating a steady increase as interest in the asset resurfaces.
This development comes amidst expectations that the asset could be one of the next altcoins to receive approval for a Spot ETF following Bitcoin. However, the Ripple team is still dealing with allegations of price suppression from the community, particularly because the crypto firm holds a large portion of the XRP supply in its escrow.
Ripple CTO David Schwartz recently addressed the price suppression allegations on X (formerly Twitter). He stated that there have been no significant changes in the company’s XRP holdings and they have not been selling coins to suppress the price.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | David Schwartz |
| Companies | XRPScan, Ripple, Tradingview.com |
| Currencies | FLOKI, Shiba Inu, Bitcoin, XRP |
| Securities | None |
