The Shiba Inu selling wall hinders price rise, Ripple stablecoin reduces token supply, Cardano founder criticizes Ripple and SOL - Crypto Assets news summary.

The price of Shiba Inu faces significant resistance from a large-scale selling wall, with a circulating supply of approximately 81.5 trillion SHIB in exchanges creating ongoing supply pressure. Despite around 500 billion SHIB flowing out each year, this reduction is minimal relative to the total supply, making it difficult to maintain a sustained upward momentum. Meanwhile, Ripple USD (RLUSD) has taken proactive measures to reduce its holdings by destroying 500,000 tokens worth $500,000 to an empty address on Ethereum. This on-chain burning has reduced the circulating supply of this stablecoin, which has a market capitalization of nearly $1.33 billion. Additionally, reports indicate that the NIGHT token debut on the Cardano-based Midnight network performed remarkably, with a 24-hour trading volume reaching $4 billion, surpassing XRP and Solana (SOL). Charles Hoskinson, CEO of Input Output Global, praised the launch as a “huge success” and expects the network's Total Value Locked (TVL) and Monthly Active Users (MAU) to grow significantly.