This week has been remarkable for the crypto industry as several positive developments have taken place. The prominent news of this week includes the completion of much awaited Shanghai upgrade of the Ethereum blockchain. Most importantly, Ethereum has surpassed the price level of $2000 while closing the Shapella upgrade. In addition to this, the FTT token has witnessed a price rise as bankrupt FTX intends to come back. Moreover, Binance has effectively burned BNB tokens of above $676M worth in quarterly burns. Furthermore, the burn rate of Shiba Inu has escalated by 30,000% with the burn of 1.5B tokens.
Ripple Collaborates with Central Bank of Montenegro to Structure Pilot Project for a Digital Currency
A collaboration has recently occurred between the crypto exchange Ripple and the Central Bank of Montenegro (CBCG). The purpose of the partnership is to make a plan and pilot project for the launch of the initial digital currency for Montenegro. The currency to be launched is a central bank digital currency (CBDC) that will operate as a stablecoin.
Ripple will offer complete help to the central bank during the respective project and it will detect the practical use causes of a national stablecoin or a digital currency. Radoje Žugić, the Governor of CBCG, stated that the organization is determined to maintain an effective financial system by using the latest technology. In general, the collaboration indicates a significant move taken by Montenegro toward the digital revolution.
Ethereum Surpasses $2000 Due to Shapella Upgrade
The supportive crypto market conditions have resulted in the launch of the Shapella upgrade (the most significant upgrade of Ethereum that took place this week on the 12th of April). While the upgrade was closing in, the price of Ether (the native token of Ethereum) rose beyond the threshold level of $2,000 just in a few hours.
This remarkable price performance of Ethereum is credited to the hype circulating in the crypto community. The news as well as the announcement by Tim Beiko (the leading developer on the Ethereum Network) about the launch of the upgrade played a significant role in igniting that price rise.
FTT Token Rises in Value as FTX Plans a Comeback
FTT, the native token of the embattled crypto exchange FTX, has recently been witnessing a significant price rise as the rumors regarding the platform’s comeback keep on circulating. The crypto exchange platform had reportedly redeemed some funds thus it is allegedly considering restarting its services for the compensation of the creditors and the impacted consumers.
On the 13th of April, the FTT token rose to $2.1 and witnessed a 70% increase in its price just within 24 hours. In addition to this, the token’s trading volume elevated by 2000%, displaying an upsurge of 2000%. As stated by the attorneys belonging to Sullivan & Cromwell, almost $7.3B worth had been recovered by FTX in the form of crypto.
Binance Burns BNB Tokens of More than $676M Worth in Quarterly BNB-Burn
The prominent crypto exchange Binance has recently organized the twenty-third quarterly BNB burn and incinerated a stunning amount of BNB tokens (equaling $676M). During its functional period of 6 years, the methods utilized by the crypto exchange for the execution of such burning events have revolutionized.
The recent event denotes a 1.27% proportion of the cumulative token supply of the exchange. The token-burn procedure indicates the permanent elimination of tokens from the platform’s circulating supply. The crypto exchange is determined to eradicate more than 100M BNB tokens through this process by conducting it every quarter via the Auto-Burn formula.
Burn Rate of Ethereum-based Shiba Inu Sees a 30,000% Spike with the Burning of 1.5B SHIB Tokens
Following the recent burn of 1.5B Shiba Inu tokens, SHIB’s burn rate has witnessed a staggering increase of 30,000%. This upsurge takes place at a time when the overall crypto industry is witnessing a recovery spree. This may be an indication of a restoration of the network activity within the whole market.
A regular burn rate of more than 1.5B SHIB coins has the possibility of significantly decreasing the token’s supply. In line with the great number of SHIB coins being circulated within the market (nearly 573 trillion), no significant effect was seen by Shiba Inu’s price in recent years. However, the regular burn rate of approximately 1B SHIB would be impactful.
