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Ripple excited the XRP community with its massive RLUSD burn on Wednesday. This is the first major token burn since the company recently minted 42 million stablecoins.
This was done as part of an ongoing private beta that RLUSD has been running since early August. With 2 million stablecoins created by Ripple locked in unusable blockchain wallets, the XRP community showed enthusiasm, with a wave of comments encouraging Ripple to continue testing new assets. I reacted.
Ripple burns 2 million stablecoins
According to the Ripple stablecoin tracker account on the X platform, a huge chunk of stablecoins worth R$2,000,000 was burned in the RLUSD treasury within 24 hours.
Earlier this week, the Treasury Department incinerated less than 500,000 Ripple USD stablecoins in approximately four small chunks. Before this cycle of token burn started, Ripple had issued several batches of RLUSD consisting of 42 million coins.
The largest of them comprised 10 million RLUSD, while the others contained just over 6 million stablecoins each.
Major burns. I finally got it into 5th gear!
— Devin (@Dev_Dimmadome) October 9, 2024
Recently, Ripple’s official account warned the XRP community to be wary of scammers who claim that RLUSD is already available and offer to buy RLUSD or link your wallet to a website where you can do so. I warned him to continue.
RLUSD is still in private beta, the company reminded XRP troops.
related
193 million XRP in transit
According to renowned blockchain detective Whale Alert, a large amount of XRP worth nearly 193 million XRP was transferred in multiple large transactions in the past 48 hours.
The aforementioned sources have discovered four large XRP transfers in the past 48 hours. Chunks of 21,160,000 XRP and 19,070,000 XRP were transferred to centralized exchanges Bitso and Bitstamp. The value of these XRP batches was $11,052,822 and $10,107,880, respectively.
100 million XRP worth $53,057,020 was transferred from one anonymous wallet to another anonymous wallet at the time of the initiated transaction. Finally, earlier today, 52,000,000 XRP (valued at $27,373,243) was mysteriously leaked from the Bybit cryptocurrency exchange.
These large XRP transfers indicate increased whale activity as the seventh-largest cryptocurrency in terms of market capitalization size (XRP) has been trading flat over the past week, in a range of $0.52 since October 3. It happened during the transition.
