147% XRP Burn Rate Surge at 'Uptober' Close, but Price Stays Down

XRP's burn rate is shooting up toward the end of October, surging 147%. According to data from XRPScan, XRP burned as fees came in at 1,644 on October 30. The burn activity is a representation of the XRP Ledger's deflationary mechanism, which permanently removes small amounts of XRP from circulation every time transactions are processed on the network. Some blockchains have scheduled mechanisms to distribute burned tokens, but XRP burns are automatic through transaction fees. Every transaction on the XRP Ledger requires a fee denominated in XRP and that fee is burned. A total of 14,423,678 XRP, representing 0.014% of its total supply, has been burned so far.

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