Data shows the cumulative amount of XRP tokens burned by the XRP Ledger (XRPL) has crossed 12 million units.
According to statistics from XRPScan, a leading blockchain explorer service for the XRPL, the 12,001,657 has been burned off XRP’s 100 billion max total at the time of reporting.
Panos Mekras, co-founder of Anodos Finance, called attention to this development in a recent statement on X. Citing data from Burntracker.io, Mekras informed the XRP community that the total incinerated XRP tokens have now exceeded 12 million.
The total amount of $XRP burned has now surpassed 12 million. 12m XRP has been burned forever or $6.8m with current prices. pic.twitter.com/M64wkmCHIr
— Panos 🔼{X} (@panosmek) January 10, 2024
Breakdown of the Figure
At the time of Mekras’ disclosure, the total was 12,000,840. However, per Burntracker.io’s estimate at the time of reporting, the burned XRP assets have risen to 12,003,611. This signifies that an additional 2,771 XRP tokens have been incinerated in under 24 hours.
Based on XRP’s market value of approximately $0.6, the burned assets wield a monetary value of at least $7,203,476.
With the 12 million tokens eliminated, XRP’s circulating supply is now 54,210,437,480 (54.2 billion). Emphatically, the wiped tokens account for just 0.02% of XRP’s circulating supply and 0.012% of the total max remaining supply.
Also, the recent data reveals that 299 XRP was burned in the last hour, 10,121 tokens over the past day, and 72,926 in the past week. Additionally, 276,928 XRP has been burned since December 10, and the cumulative figure since last year stands at 1,318,819 XRP.
Furthermore, Burntracker.io statistics indicated that XRP’s burn rate has shown a consistent upward trend for several months.
However, a more pronounced uptrend became evident in the final days of December 2023. This surge was mainly attributed to the rise of spam transactions on XRPL during the frenzy for inscriptions on the network.
XRP burn graph | <span style=font weight 400>Burntrackerio<span>
XRPL Burn Mechanism
Notably, the XRP burn mechanism seeks to destroy a small fraction of XRP through transaction fees, a measure designed to deter network spam.
The burn rate is linked to the quantity of transactions, set at 10 drops per transaction. Considering that 1 XRP is equivalent to 1,000,000 drops, this translates to a burn of 0.00001 XRP per transaction.
Due to the minimal transaction cost, the depletion of the entire XRP supply could extend over several years. At the time of reporting, XRP trades at $6.004, with a 5.81% gain over the past 24 hours.
