U.Today has prepared the top three news stories over the past day.
Firstly, XRP and Shiba Inu (SHIB) aim to punish bears, according to Santiment crypto intelligence portal. The token is currently seeing a surge in social dominance, marking the highest level in this metric since May. Santiment analysts emphasized the importance of increased discussion amid a greening price, adding that this trend frequently results in a higher possibility of price escalation. Apart from XRP, the crypto community is actively discussing Bitcoin (BTC) and Shiba Inu (SHIB). The reason for vivid SHIB conversations can be attributed to the much-anticipated release date of Shibarium, the native Layer 2 protocol for Shiba Inu.
Standard Chartered, a major international British bank, has recently shared its forecast regarding the price of Bitcoin. According to the forecast, by the end of this year, the king crypto may surge as high as the $50,000 level. The bank’s analysts also predicted that $120,000 may be reached by the end of 2025. Standard Chartered believes that a potential increase in the price of BTC would prompt Bitcoin miners to start stocking up more of the coins they mint. Overall, since the start of the year, Bitcoin’s price has increased by 83%, outpacing the growth of the S&P 500 index.
Finally, the burn rate of the Shiba Inu (SHIB) token saw 3,808% growth yesterday, per data from Shibburn. This happened as a result of the SHIB army sending a total of 508,958,446 SHIB tokens to dead wallets. The resurgence in the burn rate is evidence that transactions in the Shiba Inu ecosystem are growing at a sporadic rate, as measured by user count on Shibarium. As the new week unfolds, it is expected that the momentum and the rate of burning will be sustained. This combined with rising demand creates a scarcity that may help drive up the asset’s price.
