The XRP community is ramping up its efforts when it comes to the burning of tokens in a bid to reduce the circulating supply of the digital asset. Following the consistent burns, the total number of tokens burned has crossed a new milestone, touching a new all-time high.
More Than 12 Million XRP Burned
According to data from the XRPScan website, the total number of XRP coins that have been burned so far has crossed the 12 million mark. At current market prices, this means that the community has collectively sent over $6.8 million worth of tokens to the burn address.
However, while this figure may seem significant, it is quite small when compared to the maximum supply of the token. The XRP max supply is 100 billion, and with only 12 million tokens so far, it is barely making a dent with the max supply now sitting at 99,987,995,691.
This amount of burned tokens also means that only 0.012% of the total supply has been burned so far. This is minute compared to the likes of Shiba Inu and FLOKI, which have seen more than 50% of their token supply sent to burn addresses.
Nevertheless, the burn figure offers an insight into how investors on the blockchain are operating. Even though burns are not front and center for the average XRP investor, reducing the total supply suggests a commitment toward increasing the value of the digital asset.
Token price at $0.59 | Source: XRPUSD On Tradingview.com
Active Accounts Cross 5 Million
The burn rate of the XRP token is not the only metric on the XRP Ledger that has reached a new all-time high recently. The blockchain started out in the year 2024 with a bang after the total active accounts crossed the coveted 5 million mark. At the time of writing, the total active account count is sitting at 5,007,658, showing a steady rise as interest returns for the asset.
This comes amid expectations that the asset would be one of the altcoins that could receive approvals for a Spot ETF next after Bitcoin. However, the Ripple team continues to field allegations of price suppression by the community, especially given that the crypto firm holds a large portion of the XRP supply in its escrow.
Ripple CTO David Schwartz recently took to X (formerly Twitter) to address the price suppression allegations. According to him, there have not been any significant changes in the XRP holdings of the company and they have not been dumping coins to suppress the price.