Market Update: SHIB Burns Soar, Institutional Investment Trends, Ripple’s Investor Drought

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MicroStrategy’s Saylor Pitches $600 Million Bitcoin Buy to Jeff Bezos, Almost No New XRP Investors Coming, SHIB Burns Jump 936%: Crypto News Digest by U.Today

Yesterday, December 23, saw a significant surge in Shiba Inu (SHIB) burn activity. A staggering 6,690,287 SHIB coins were incinerated by the community, resulting in an extraordinary 936.52% increase in daily burn rates.

The two largest transactions accounted for a substantial portion of this mass burning event, with transactions worth 3,507,923 and 2,300,437 SHIB, respectively.

Despite this remarkable surge in burning activity, the weekly burn figures have taken a downturn, showcasing a nearly 60% decline. Shockingly, it has been reported that over the past seven days, an astonishing 62,381,241 SHIB coins were locked into unspendable wallets, further emphasizing the community’s commitment to reducing supply.

As for market performance, SHIB is currently trading at $0.00002303, showcasing a notable 8.05% increase in value over the past 24 hours, according to CoinMarketCap.

It is also worth noting that there have been some interesting developments on the institutional side of things. MicroStrategy’s CEO Michael Saylor reportedly pitched a massive $600 million Bitcoin buy to none other than Jeff Bezos, which has left many wondering what this means for the future of institutional investment in the space.

In somewhat contrasting news, it seems that Ripple is struggling to attract new investors, with almost no influx of new capital in recent times. This significant decline in investor interest has led to a substantial decrease in daily trading volume.

Stay tuned for more updates and insights from the world of cryptocurrency!

Source: u.today