Single Wallet Destroys 1.2 Billion SHIB, Burn Rate Surges Over 2,000%
23 May 2023 - 11:00PM
NEWSBTC
In a display of token destruction, a single wallet has set the
Shiba Inu (SHIB) community ablaze by destroying a significant
amount of SHIB tokens. According to data from the Shiba Inu burn
tracker, Shibburn, the Shiba Inu burn rate is currently up by
2,372% in the past 24 hours due to the burn from one single wallet.
The burn has not only surged the SHIB burn rate but can also be
attributed to the current spike in Shiba Inu which is up by more
than 2% in the last 24 hours. Shiba Inu Burn Rate Surges According
to data from Shibburn, over the past 24 hours, the Shiba Inu
community has transferred roughly 1.24 billion SHIB to a
designated “dead wallet,” forever removing these tokens from
circulation. A single wallet burned approximately 1.23
billion SHIB tokens in the past 24 hours. Related Reading: Shiba
Inu All Green Today – What’s The Energy Behind The Glow? Notably,
the identity behind the wallet which burned this huge amount of
tokens has been revealed to be the Blaze token team. Out of all the
SHIB tokens burned in the last 24 hours, Blaze Token burned a total
of 1.23 billion tokens. Executed approximately 12 hours ago, this
colossal burn event has now propelled Blaze Token’s number of
burned SHIB to about 7.9 billion in total. While the recent burn
event might have triggered a portion of excitement in the SHIB
community, it is worth noting that more is still to come especially
with the launch of the Shibarium. Shibarium is an underlying
blockchain technology that plays a crucial role in facilitating the
burn mechanism of Shiba Inu. According to the blockchain developers
in a recent series of tweets, each transaction on the Shibarium
network would result in a burn of the Shiba Inu (SHIB) token. SHIB
Records Upward Momentum Following the significant burn, the
SHIB token price has picked up an upward momentum in the past 24
hours. Over this period, SHIB has surged by more than 2%. The meme
coin currently trades at $0.00000905 up from a low of $0.00000885
on Monday. SHIB’s market capitalization has also recorded a
slight surge. Over the past 24 hours, more than $100 million has
been added to SHIB’s market cap bringing the token total cap to
roughly $5.3 billion while still ranking 16th among the largest
cryptocurrency by market cap. Related Reading: Shibarium Developers
Say Each On-Chain Transaction Will Burn SHIB Tokens Interestingly,
SHIB trading volume has plunged. The meme coin’s 24-hour trading
volume currently stands at $156 million, a drop from the volume
high of $186 million seen earlier this morning. The price uptick
from SHIB suggests that the market has responded favorably to the
reduction in circulating supply. As supply decreases, the scarcity
of SHIB tokens may contribute to increased demand and potential
price appreciation in the long run. Featured image from
Shutterstock, Chart from TradingView
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