Shiba Inu Burn Rate Soars By 5,000%, Here’s Why
26 December 2023 - 3:30AM
NEWSBTC
The Shiba Inu burn initiative begins the week with a positive
sentiment as the project has witnessed a significant increase in
its token burn rate over the last 24 hours. Shiba Inu Burn Rate
Sees Notable Uptick On Monday, December 25, over a 5,000% increase
in the last 24 hours has been observed in the Shiba Inu burn rate.
According to data from Shibburn – the platform that tracks SHIB
token burns, the burn rate recorded a substantial 5,043% increase.
The tracker reveals that over 53.13 million SHIB tokens have been
burn over the past 24 hours. The surge in burn rate was due to two
substantial transactions that consisted of over 20,000,000 SHIB
each. Related Reading: Shiba Inu Burn Rate Rises Rapidly In One
Week, What’s Been Driving It? Data from Shibburn shows that the
address 0x6081258689a75d2…887239fe80 sent a total of 20,000,000
Shiba Inu tokens to the SHIB burn wallet. Meanwhile, the second
transaction which was carried out by the same address saw about
25,000,000 SHIB sent to the burn wallet. The Shiba Inu burn rate
has been witnessing significant surges over the past few days. The
rise in burn rate appears to have generated a wave of speculative
excitement throughout the cryptocurrency market. Despite the
increase in burn rate, the Shiba Inu price is currently
experiencing a bearish price action. The token is currently down by
1% in the last 24 hours, according to CoinMarketCap. The recent
rise in burn rate coincides with a massive whale transaction
reported by on-chain tracker Whale Alert. The on-chain tracker
revealed that the transaction saw a whopping 4.25 trillion SHIB
being transferred to an unknown wallet. Whale Alert reported that
the wallet address identified as 0x3ce6bed2…87d896c59f sent the
aforementioned SHIB to the unknown wallet address
0x9c570088…a22fd8b51b. Another aspect to identify is the low gas
fee used to initiate this huge transaction, which was less than $3.
The Project’s Team Made Another Massive Burn On Friday, December
22, a report revealed that the Shiba Inu team burned a massive 8.47
billion SHIB. Currently, the total number of SHIBs burned by the
team has reached a whopping 33.8 billion SHIBs. Related Reading:
Shiba Inu Team Unveils Enhanced SHIB And BONE Burns, What This
Means It is worth noting that the team had previously burned
another 8 billion SHIB hours before on the same day. Earlier that
day, the team sent approximately 8,533,564,693 SHIB valued at
$90,285 as of that time, to a dead wallet. The total number of SHIB
tokens burned by the team that day was approximately 17 billion.
The most recent burn marks the fourth time this month alone that
the crew has carried out a burn this size. The overall supply of
SHIB is beginning to feel the weight of these systematic
burns. This has also been confirmed by Lucie, the marketing
head and part of the project’s team, on X (formerly Twitter). The
most recent burn was shared by Lucie in her post, highlighting that
it was the fourth instance of the procedure. Shiba Inu is
currently trading at $0.000010, with its trading volume also
declining by over 30% to approximately $184.65 million. Meanwhile,
its market cap is also down by 1% to $6 billion as of the time of
writing. Featured image by iStock, chart by Tradingview.com
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024