Crypto News Digest by U.Today

Let’s see what news the past weekend has brought with a summary of U.Today’s top three news stories.

410,749,550,095,727 SHIB removed from circulation as supply takes hit

The supply of the dog-themed meme token Shiba Inu is reducing day by day, thanks to the joint efforts of the SHIB community. According to data from the Shibburn website, so far, 410,749,550,095,727 SHIB have been removed from circulation. The current total supply is now approximately 589,249,930,585,913, down from the original one quadrillion at launch. More than 41% of the initial tokens have been depleted through burns and deflationary mechanisms. In May 2021, Ethereum cofounder Vitalik Buterin burned 410 trillion SHIB tokens, which accounted for 90% of the tokens he had received from the Shiba Inu project. As recently reported by Shibburn’s X account, over the past 24 hours, the burn rate has dropped by almost 100%, with only 2,145,113 SHIB destroyed. In the past seven days, 1,173,881,855 were burned, marking a 1,099.51% rise in the weekly burn rate.

XRP records insane 1,773% liquidation imbalance in one hour

On Saturday, June 14, the XRP futures market saw a liquidation imbalance, triggered by the asset’s price increase from $2.12 to $2.18. According to CoinGlass data, in the course of an hour, short traders lost $151,020 as XRP’s price moved up, while long traders only registered a loss of $8,060 within the same time frame. This suggests that most investors did not expect XRP to recover so quickly from its consolidation phase. At press time, XRP is changing hands at $2.28, up 5.13% over the past 24 hours, per CoinMarketCap. The trading volume is seeing a 30% increase to $3.04 billion, indicating that investors have intensified their activity. If XRP traders ramp up their activity due to the price rebound, the asset is likely to approach the $2.30 resistance level.

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Ultra bullish Bitcoin price prediction shared by Michael Saylor

In a recent X post, Michael Saylor, Strategy executive chairman and vocal Bitcoin supporter, made an extremely bullish prediction. He stated that Bitcoin could reach $1 million per coin since it is unlikely to go to zero. “If it’s not going to zero, it’s going to a million,” reads Saylor’s X post. The post follows Bitcoin’s 4.33% crash experienced on Friday, but later the asset made a 2.35% recovery, landing at $103,660. The Bitcoin community responded with varied predictions; Adam Livingston, the author of the “Bitcoin Age” book, shared that he expects Bitcoin to reach $13 million by 2045. Meanwhile, Bitcoin is trading at $107,461, up 1.72% per CoinMarketCap.