XRP Ledger User Accidentally Burns 10,000 Tokens, Elon Musk Praises El Salvador's Impressive Achievements, SHIB Surpasses AVAX: Crypto News Digest by U.Today

U.Today - Take a look at the most important crypto events with U.Today’s top three news stories.

Big mistake: XRP Ledger user accidentally burns 10,000 tokens

As recently reported by XRPscan on X platform, on Oct. 18, a transaction on the XRP Ledger resulted in the burning of 10,000 Drop tokens. The incident sparked speculation among the community regarding whether or not the transaction was intentional. Thomas Silkjaer, Head of Analytics and Compliance at InFTF, suggested that the burn might have been a deliberate decision by the issuer, adding complexity to the situation. As a reminder, Drop is a meme coin on the XRP Ledger that equals 0.000001 XRP. An X post by First Ledger hinted that, in the future, it plans to burn tokens to create scarcity, potentially impacting the market for meme coins on the XRP Ledger and contributing to a recent surge in active wallets on the platform.

Elon Musk’s reaction triggered by Bitcoin El Salvador president: Details

Yesterday, El Salvador's president Nayib Bukele took to X platform to share recent statistics showcasing improvements in various metrics for the country. The statistics included declines in crime, food prices and migration rates, as well as rising metrics in tourism and energy generation. Among the metrics mentioned by the president was Bitcoin, which was marked with an upward arrow; this presumably means either the quantity of BTC accumulated by the country or the value of its BTC holdings, or possibly both. The X post scored a reaction from none other than Elon Musk, the world-famous centibillionaire and head of Tesla (NASDAQ:TSLA). Commenting on Bukele's post, Musk described El Salvador's achievements as "super impressive." In the meantime, the price of Bitcoin managed to surpass the $71,000 level. Currently, BTC is changing hands at $72,128, up 0.69% over the past 24 hours, per CoinMarketCap.

SHIB leaves AVAX behind, is ADA next?

After Bitcoin's incredible rally, which resulted in the flagship crypto soaring past the $71,000 mark, many altcoins on the market followed suit, and Shiba Inu was no exception. Yesterday, SHIB saw a price increase of 11%, with its market capitalization surging 9.3% to $11.02 billion, per CoinMarketCap. These advancements helped Shiba Inu flip Avalanche (AVAX) in terms of market capitalization; at the moment of writing, Shiba Inu occupies 12th place in CoinMarketCap's list of the top cryptocurrencies. The achievement was highlighted by Shiba Inu's marketing lead Lucie in her X post; she also asked her followers in a joking manner, "Wen ADA?" possibly hoping that one day SHIB would be able to surpass Cardano's token as well. Meanwhile, ADA holds 11th place just ahead of SHIB.

This article was originally published on U.Today