Shib's Burn Rate Surges Dramatically by 116,757% - Unraveling the Mystery
In a significant development for the Shiba Inu (SHIB) community, over 1.007 billion SHIB tokens have been burned over the past 24 hours, marking a 116,757% increase in the burn rate. This substantial surge in token burns was primarily driven by an active community effort to reduce the circulating supply and enhance the token's value through deflationary pressure.
The majority of the burned SHIB (approximately 1 billion) was transferred to an unspendable wallet in a single move by an anonymous crypto whale. This significant burn was facilitated through the community burn portal, ShibTorch, and is linked to the Shibarium network.
The Shibarium layer-2 network plays a crucial role in the burning process, converting a portion of gas fees into SHIB and then removing them from circulation. In addition, large whale transactions contribute significantly to the burn rate, as evidenced by a recent instance where a whale burned over 13 million SHIB.
The Shibarium/BONE updates account (@Shibizens) reported another significant burn of 1,338,380,740 SHIB last week. However, it's worth noting that the current burn rate is not specified in the available information.
Despite the recent surge in token burns, the price of Shiba Inu has demonstrated a relatively modest increase of 2.3% since Monday, rising from $0.00001153 to $0.00001179. The price jump followed a 3.45% price decline that took place right before it.
SHIB's top executive, Lucie, has commented on the meme coin's price drop, stating that if SHIB is on the floor, it doesn't mean it has no value - it means someone dropped it. Lucie also cautioned that many projects have claimed to be the "next SHIB" in the past, but they are all dead now.
As with any investment, it's essential for readers to conduct their own research by contacting financial experts before making any decisions. The article also states that the opinions expressed by the writers do not represent the views of U.Today, and that U.Today is not liable for any financial losses incurred while trading cryptocurrencies.
In conclusion, the Shiba Inu community's recent massive burn of over 1 billion SHIB tokens in 24 hours is a testament to the community's commitment to reducing the circulating supply and boosting deflationary pressure. However, the current burn rate and its impact on the token's price are not yet clear.
- The recent surge in Shiba Inu (SHIB) token burns was primarily driven by an anonymous crypto whale who transferred over 1 billion SHIB tokens to an unspendable wallet.
- The Shibarium layer-2 network facilitates the burning process by converting a portion of gas fees into SHIB and removing them from circulation.
- Large whale transactions, such as the one where a whale burned over 13 million SHIB, significantly contribute to the burn rate.
- Despite the recent surge in token burns, the price of Shiba Inu has demonstrated a relatively modest increase, suggesting that the current burn rate and its impact on the token's price are not yet clear.
