The XRP Community Burns Over 12 Million Tokens
The XRP community is actively working to reduce the circulating supply of the digital asset by burning tokens. This effort has resulted in a new milestone, with over 12 million XRP coins burned, reaching an all-time high.
According to data from the XRPScan website, the community has collectively sent over $6.8 million worth of tokens to the burn address. However, this amount is relatively small compared to the token’s maximum supply of 100 billion. With only 12 million tokens burned so far, it barely makes a dent, leaving the max supply at 99,987,995,691.
Compared to other cryptocurrencies like Shiba Inu and FLOKI, which have burned more than 50% of their token supply, the XRP burn rate is minute. Nevertheless, the burning of tokens demonstrates a commitment to increasing the value of the digital asset.
Active Accounts Surpass 5 Million
In addition to the token burn rate, another metric on the XRP Ledger has reached a new all-time high. The total number of active accounts on the blockchain has surpassed 5 million, currently sitting at 5,007,658. This signifies a steady rise in interest for XRP.
There are expectations that XRP could be one of the altcoins approved for a Spot ETF following Bitcoin. However, Ripple continues to face allegations of price suppression due to its large holdings of XRP in escrow. Ripple CTO David Schwartz addressed these allegations on X (formerly Twitter), stating that there have been no significant changes in the company’s XRP holdings and no dumping of coins to suppress the price.
Hot Take: XRP Community Pushes Token Burning Efforts
The XRP community is making a significant effort to reduce the circulating supply of the digital asset by burning tokens. While the total number of tokens burned has reached a new all-time high, it still represents a small fraction of the maximum supply. However, this burning activity demonstrates the community’s commitment to increasing the value of XRP. In addition to token burning, the XRP Ledger has also seen a surge in active accounts, surpassing 5 million. Despite allegations of price suppression, Ripple CTO David Schwartz denies any significant changes in the company’s XRP holdings. As interest in XRP grows, it remains to be seen how these developments will impact the future of the digital asset.
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