The post Despite Huge $11M Ethereum Burn; Smart Money is Favoring Litecoin, XRP & InQubeta appeared first on Coinpedia Fintech News
Crypto enthusiasts have been anxiously monitoring the Ethereum blockchain since the much-touted EIP-1159 upgrade was rolled out in August 2021. It promised to change the game for the second-largest blockchain platform. And now, the change is apparent: Ethereum has reported a burn of an astounding 6,425.96 Ether, equivalent to $11 Million. But as it makes dramatic moves, whales of the crypto world are casting their nets wide, eyeing some top altcoins that show potential for significant returns. One token that has recently drawn considerable attention is InQubeta’s $QUBE.
InQubeta – The best ICO for whales?
Before diving into massive ETH burn activity, it’s imperative to highlight a top ICO in 2023: InQubeta. This project is redefining the interplay between AI technology and blockchain, crafting a platform for democratising investments in AI start-ups. Gone are the days when Silicon Valley giants monopolised such investments. Through its native QUBE token, InQubeta allows individuals to have a stake in budding AI initiatives through some of the coolest NFTs.
The $QUBE token, designed on the ERC20 framework, brings a dual promise: an entry into the lucrative world of AI investments and the potential of an appreciating digital asset. No wonder this top crypto coin has found its place in the portfolios of some of the most astute whales. The platform’s presale milestones (over $2.4 million and counting) and its future prospects, including launching an NFT marketplace and integrating multiple blockchain chains by 2024, make it a favourable bet.
Ethereum Massive Token Burn
Returning to the smart contract giant, Ethereum’s latest burn has showcased the real-world effects of EIP-1159. As of the current evaluation, $11M worth of Ether was taken out of circulation, reinforcing the deflationary nature of the coin.
This action is a direct result of EIP-1159, a proposal that, among other things, changed how Ethereum’s transaction fees work. The base fee, which adjusts according to the demand for block space, gets burned instead of being handed over to miners. This permanent removal reduces the total Ether supply and promises to bring more stability to transaction fees and the overall Ethereum ecosystem.
Whale’s Pick: LTC and XRP
Whales always have their fingers on the pulse of the market. Their investment decisions can offer insights into the future trajectory of various tokens. While Ethereum has always been on their radar, the recent trends suggest a keen interest in other top altcoins, including LTC, XRP, and $QUBE.
Litecoin (LTC) has been around for a while and has always pitched itself as the silver to Bitcoin’s gold. Its faster transaction times and solid community support make it a reliable investment for many.
XRP, despite its regulatory battles, has maintained its appeal. Its primary utility lies in bridging the worlds of traditional banking with decentralized finance, enabling real-time global settlements. This utility has kept it in the good books of many whales, even amidst its challenges.
The Future Landscape
With Ethereum’s latest burn event, the crypto space has once again proven that it remains a rapidly evolving ecosystem. On the other side, the attention garnered by tokens like $QUBE signifies that the market is ready to embrace innovative projects that merge different technological worlds, such as AI and blockchain, in the case of InQubeta.
As we move ahead in this exciting journey, one thing remains certain: the crypto world will offer surprises, opportunities, and a glimpse into the future of decentralized finance.
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