Shiba Inu Burn Rate Spikes After A Few Stagnant Days
23 May 2023 - 2:45PM
NEWSBTC
After a few days of stagnation, the Shiba Inu community seems to
have picked up its token-burning mechanism. A report from Shiba
Inu’s token burn aggregator, Shibburn, indicates that the SHIB Army
has significantly raised the burning rates within the past 24
hours. The data showed that the community destroyed 50.18 million
SHIB tokens in 24 hours. SHIB Burn Rate Picks Up After Some Days Of
Decline The SHIB burn rate surged 8,627% over the past 24 hours
compared to the previous day. The burning process was
completed through two transfers: the burn of 39,511,911 and
10,676,779 SHIB tokens. Cumulatively, the community moved about
3.09 billion SHIB tokens to the dead wallet within the past week.
As of Saturday, May 20, the Shiba Inu burn rate for the week showed
a surge of 666% for the past week. Related Reading: Bitcoin Price
Double Fractal Points To “Extended” Parabolic Rally Further, the
Shiburn website shows the Shiba Inu community collectively
destroyed 410,642,087,431,967 SHIB tokens. Currently, the meme
coin has about 574,308,140,003,340 SHIB coins as its total
circulating supply. Shibarium Token Burn Details Excites The SHIB
Army The layer 2 solution network of Shiba Inu, Shibarium, has made
tremendous progress while still in the beta-test phase. The Shiba
Inu team, under the leadership of the pseudonymous Shytoshi Kusama,
disclosed the SHIB burning mechanism on Shibarium. According to
details, fees for all transactions completed on Shibarium are paid
in BONE. The basic fees for all transactions are locked on a
contract on the network, while the validators will get priority
fees. The network will set aside a total of 30% of the fees for
maintenance purposes. However, it will burn the remaining 70% of
the fees. A Twitter user, SHIB INFORMER, shared a screenshot
of Sharium’s interface of the network’s token burning mechanism.
Related Reading: Why Bitcoin May Have Completed The “Perfect”
Pullback Users can initiate a burning process if the locked BONE
exceeds 10 BONE. The network will automatically convert the locked
tokens to SHIB coins and transfer them to the protocol’s dead
wallet. SHIB Price Gains, Increasing Whale Activities At the time
of writing, Shiba Inu is trading at $0.00000890, indicating an
increase of 1.46% over the past 24 hours. The value of SHIB saw a
slight gain over the weekend after it fell from $0.00000873 to
$0.00000871 on May 19. The meme coin has been trying to sustain its
hold throughout the bearish wave on Sunday. Following Shiba Inu’s
price gain during the weekend, data from analytics firm,
IntoTheBlock revealed that more SHIB whales amassed the
token. According to the data, investors grabbed over 26.2
trillion SHIB tokens over the past weeks. Also, some whales sold
their Shiba Inu holdings, with a cumulative value of 300 billion
SHIB coins disposed of. -Featured image from Pexels and chart from
Tradingview.com
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