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In a rather surprising development, a transaction on the XRP Ledger resulted in the burning of 10,000 tokens, sparking speculation within the cryptocurrency community.
The incident was reported by XRP Explorer XRPscan, who tweeted a “moment of silence” for the transaction where 10,000 drop tokens were burned at once. XRPscan similarly shared a screenshot of the transaction details. The tweet left many wondering if the burn was a mistake or an intentional action.
Thomas Silkjaer, Head of Analytics and Compliance at InFTF, weighs in on the situation and speculates that the post may have been initiated by the publisher itself. This adds an interesting layer to the story and raises questions about the intentions behind the burns.
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Drop, the token involved in this incident, is a meme coin on the XRP Ledger with a market capitalization of over $10 million. To put things into perspective, 1 XRP has 1,000,000 drops, meaning 1 drop is equal to 0.000001 XRP. This decimal number emphasizes the scale of burns, which may seem small at first glance, but can have significant effects over time.
Intentional action?
A recent tweet from First Ledger, a platform that allows users to track, trade, and manage tokens on the XRP Ledger and hosts Drop tokens, indicates that the burn transaction may not have been an accident and was done intentionally. suggests.
If you really think about it over time, we will end up burning so many XRP launch tokens and driving the price so high. That means XRPL meme coins are actually bullish pic.twitter.com/Fk6pm0HXUT
— First Ledger (@First_Ledger) October 28, 2024
First Ledger hinted in a tweet that it intends to embark on a burnout of XRP-booted tokens in order to create scarcity and thereby increase the supply of tokens.
“If you really think about it over time, we’re going to burn so many XRP launch tokens and drive the price soaring, which means the meme coins in XRPL are actually bullish. I do,” Fast Ledger wrote in a tweet.
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At the time of writing, First Ledger had not yet commented on or acknowledged the 10,000 drop token burn, leaving room for speculation.
Over the past week, the number of active wallets on the XRP Ledger has increased significantly, reaching 35,799 unique wallets with at least one transfer per day, the highest level in over three months. Ta. Additionally, 3,858 new wallets were created in one day, the highest number in more than seven months.
