XRP Price Weak But XRP20 Coin Pump Incoming – 5% Token Burn Event Lights Fuse For Weekend Gains
Friday, August 25, 2023 – The XRP price is off 1% in the past 24 hours, but stake-to-earn XRP20 coin could be about to explode after a 5% burn event was announced to take place today. There could be a big weekend of gains ahead for XRP20.
Stake-to-earn XRP20 began trading on the Uniswap decentralized exchange (DEX) on Tuesday, August 22.
Its price since then has proven remarkably resilient against the background of general crypto market weakness triggered by a decline in the bitcoin price.
Yesterday the XRP20 team announced on the project’s Twitter and Telegram accounts that 5% of the total token supply will be burned today.
XRP20 is already a deflationary coin because 0.1% of all transactions are burnt, providing ongoing price support, as fewer coins in supply create greater scarcity, thereby underpinning the asset’s value.
The impact of the 0.1% transaction burn and the 5% burn event today will reduce the total supply, which the community can see going down on the token smart contract address page.
A burn address is a special ’null’ address that does not have a ‘send’ function, effectively removing the tokens from the overall supply.
Now, in addition to the transaction-triggered burn, 5% of all tokens will be burnt at 4pm UTC today.
Like XRP, XRP20 has a 100 billion supply, although that’s where the resemblance to Ripple’s XRP ends. XRP20 is not affiliated with Ripple Labs or any of its products.
Hopes that the SEC might have made a strategic mistake in appealing a judge’s decision that XRP is not a security when sold to retail investors has so far done little to bolster the price of XRP. Neither have persistent rumors that Robinhood intends to relist the XRP token.
Nevertheless, both developments could help to stall the
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