The Shiba Inu burn rate has experienced a dramatic surge, exploding by an astonishing 7,240% in just one day. This massive surge has led to the removal of over 1.1 billion tokens from circulation, effectively reducing the token’s significant supply. The latest sharp increase in SHIB burns have also caught the attention of the crypto market, bringing focus to the factors driving this substantial surge and its potential impact on the meme coin. What’s Driving The Surge In Shiba Inu Burn Rate Shibburn, a token burn tracker, has reported a massive 7,240.75% increase in Shiba Inu burn rate in the past 24 hours. Astonishingly, this substantial token burn led to the permanent removal of approximately 1,104,706,719 SHIB tokens from circulation. Related Reading: Shiba Inu Burn Rate Sees Major 600% Jump In Only 24 Hours, Will SHIB Price Follow Suit? Notably, the driving force behind this massive SHIB burn was identified to be a single wallet. This anonymous wallet address, ox6d0cf1f…, was responsible for more than 95% of this substantial Shiba Inu burn, sending approximately 1,000,148,675 SHIB tokens to a dead wallet. Following this, another address initiated a 100,000,000 SHIB burn, contributing to a significant amount of the burn activity. These combined efforts from Shiba Inu enthusiasts and community members have significantly impacted the circulating supply of SHIB, increasing the possibilities of a price surge in the meme coin. Typically, token burns are executed with the intention to increase scarcity and potentially drive up the value of a token over time. Since its inception in 2020, a total of 410.74 trillion SHIB tokens have been burnt from its initial supply of 999.98 trillion. Currently, the total supply of this meme coin stands at 589.2 trillion, reflecting a 41% decrease from its original amount. This reduction occurred in less than 5 years, marking a significant milestone for the Shiba Inu ecosystem. If burn rate continues to skyrocket, it could cause further deflation of supply, potentially leading to goals of many Shiba Inu community members, which is to drive the value of the meme coin to over $1. SHIB Price Dips Seen As Golden Opportunity Despite the increase in Shiba Inu’s burn rate, its price has remained unaffected, even declining by over $8.3% in the past week. The doggy-themed meme coin crashed from its previous high above $0.00002 to $0.0000186 as of writing. Related Reading: Shiba Inu Price Gearing Up To Fly After Lows, Here’s The Target While Shiba Inu faces this bearish trend, a crypto analyst SHIB Bezos, has highlighted the significant buying opportunities investors could take advantage of during this time. The analyst suggests that at some point, Shiba Inu will become oversold, and sellers will eventually get “exhausted”, leading to a rise in the price of the meme coin. Ahead of this increase, SHIB Bezos urges investors to take advantage of dip opportunities to buy more SHIB tokens at a discount and HODL for a long term growth potential of about 5-10 years. Featured image from Unsplash, chart from Tradingview.com
Shiba Inu is starting to reverse some of its price losses in December as the crypto industry reacts after Bitcoin’s recent break above the $100,000 psychological level. This has seen the activity of Shiba Inu increase notably in the past few days. According to data from Coinmarketcap, the trading volume of Shiba Inu has increased […]
The Shiba Inu ecosystem has witnessed an increase in SHIB burning endeavors in the 24 hours leading up to Christmas day. According to data from Shibburn.com, Shiba Inu’s burn tracker, the meme coin has witnessed a 41.87% increase in the number of Shib tokens burned when compared to the previous 24-hour timeframe. Although this increase […]
The Shiba Inu burn rate has seen a turnaround, skyrocketing by 1,068% despite the meme coin’s recent price decline. This unexpected Shiba Inu burn recovery comes amid a bearish market trend, with indicators suggesting the potential for further SHIB price corrections. However, the sharp increase in burn rate could indicate a renewed interest from investors, […]
The Shiba Inu burn rate is facing new challenges amidst a corresponding lull in the Shiba Inu price. According to data from Shiba Inu burn tracker Shibburn.com, the number of SHIB tokens burned in the past 24 hours has declined noticeably, which gives rise to a concern about the activity surrounding Shiba Inu and whether […]
Shiba Inu lead developer Shytoshi Kusama has addressed inquiries regarding the ambitious goal to burn 99% of the circulating SHIB token supply. Kusama initially engaged with the community by inviting questions for his podcast, stating, “What a topic or question you want to hear answered on my podcast? #shyspeaks.” Burning 99% Of Shiba Inu Tokens ‘Can Be Achieved’ This call to engagement set the stage for subsequent discussions about the potential token burn strategy. Fang Zhang, Chief Financial Officer at LSP Finance, directly queried the feasibility and strategic planning behind such an extensive burn: “The timeline and roadmap of burning 99% Shib Token in circulation, pls.” Responding to Zhang’s inquiry, Kusama provided an explanation of the challenges and considerations involved in burning 99% of SHIB tokens. He acknowledged the historical improbability of such an endeavor, noting, “Burning 99% of Shib seemed impossible just a few years ago, but with many projects banding together to achieve this monumental task it can actually be achieved.” Related Reading: Shiba Inu ‘To The Moon’: Lead Kusama Unveils Key Catalysts Kusama elaborated on the necessary conditions for this outcome, emphasizing the adoption of the Shib tech stack by multiple projects, particularly large-scale ones, to facilitate the burn. “More and more projects or a few mega large ones have to adopt the Shib tech stack,” the SHIB lead dev stated. Kusama highlighted several significant obstacles to achieving the burn target. He explained that if the burning process begins to accelerate, it could drive up the price of SHIB as investors anticipate a surge, making the burn more expensive and thereby slowing the process. “Assuming things started spiraling to a huge burn, people will buy considering that the price will moon. In this case, it would be more expensive to burn Shib, slowing down burning,” Kusama stated. Related Reading: Shiba Inu Could See A 53% Surge If This Resistance Breaks, Analyst Explains Additionally, he emphasized that the strategic intent behind the burn is as crucial as the actual burning process itself, saying, “It’s not the burning that matters, it’s [the] intention.” Moreover, Kusama pointed out that token burns are not the sole pathway to SHIB’s success. He articulated that the development of utility for the memecoin is equally important, noting, “Finally, burns are not the only way Shib wins. If I say oh I approximate, that would take ANY LENGTH OF TIME, it’s not short enough for fudders. So we find other ways to give a memecoin utility and ensure we get to a point through viral distribution that people don’t want to burn the token anymore.” He stressed the importance of enhancing SHIB’s utility through mechanisms like staking and developing new use cases for associated tokens such as BONE, LEASH, and Treat. The proposed burn of 99% of SHIB’s total supply would create extreme scarcity. Should demand remain stable or increase, the reduced supply could lead to a significant rise in the value of each remaining SHIB token. This shift has the potential to elevate SHIB from its current status as a low-cost meme token to a more valuable asset. However, Kusama clarified that such a burn would be a gradual process, driven by the adoption and integration of SHIB’s technology across various projects probably over several years, rather than an immediate reduction. As of press time, SHIB is attempting to breach the 0.5 Fibonacci retracement level at $0.00002823. This technical level is derived from the March 5 high of $0.00004567 and the local low of $0.00001067 observed on August 5. In the short-term, a successful breakout above the 0.5 Fib level could pave the way toward the 0.618 Fib target at $0.00003235. Featured image created with DALL.E, chart from TradingView.com
The Shiba Inu burn rate faces new challenges, as it has recorded a massive 82% decrease. This decline comes amid a period of recovery and positive momentum for the SHIB price, raising questions about whether the meme coin can still achieve its 2021 All-Time High of $0.00008. Shiba Inu Burn Rate Plummets In the last 24 hours, Shiba Inu’s burn rate has crashed by 82.32%. The Shibburn wallet tracker has reported this significant drop, revealing that only 81,937,558 SHIB tokens have been sent to dead blockchain wallets. Related Reading: Dogecoin Price To $1 Soon? Textbook Weekly Golden Cross Shows What’s Coming Next This severe decrease in burn activity contrasts significantly with previous periods when millions of Shiba Inu tokens were burned daily. Shiba Inu achieved a historic feat not too long ago, burning $100,000 worth of SHIB tokens in one transaction. The SHIB burn mechanism is a procedure that involves sending a portion of tokens to an inaccessible or “dead” wallet to reduce supply, increase scarcity, and potentially trigger a bullish surge in the price of the coin. These burns, recorded by Shibburn, a dedicated burn tracker for the Shiba Inu ecosystem, are primarily driven by the SHIB community. While the drop in Shiba Inu burn rate may be a challenge, this development comes at a surprising time. The SHIB price has been showing signs of recovery this week, bouncing back from previous lows. The Shiba Inu price has surged 16.28% in just one day and appears to be on a continued bullish momentum. Additionally, whale volume has seen a spike, suggesting that investors are accumulating SHIB tokens. Despite the recent price recovery and whale activity, Shiba Inu’s rise to $0.00008 could be compromised by its recent decline in burn rates. This decline appears to be severe, as SHIB has not recorded any notable burns over the past week. Shibburn reports that in the last 77 days, burn rates have been down 88%. For Shiba Inu to surge to its $0.00008 ATH, the cryptocurrency will need to be driven by several bullish factors and positive market sentiment. A combination of heightened market demand, increased burn rates, and strong momentum could catalyze Shiba Inu to its ATH milestone. However, with the burn rate currently down, SHIB’s ongoing growth trajectory to a new ATH is now in question. Related Reading: Bitcoin Price Signals Bullish Continuation With SuperTrend Rising, Here’s The Next Target After Beating $81,000 SHIB Price Jumps 63% In One Week Amidst the low burn rate and broader market conditions, the SHIB price has been on a major upward momentum, recording price gains as it traces the bullish trend experienced by the Dogecoin price. CoinMarketCap data reveals that Shiba Inu increased by 63% in the past week and 62.35% in the last month. The meme coin is also trading at $0.000028 as of writing, after recording another surge in its value today. Although Shiba Inu is witnessing new gains, its daily trading volume appears to be mute, decreasing by about 11.23%. Featured image created with Dall.E, chart from Tradingview.com
Meme coin Shiba Inu has seen a renewed surge in its price over the past 24 hours as it aims to breach the $0.000020 mark. This upward movement reflects some positive sentiment among investors, but a closer look at on-chain metrics paints a more complex picture. On-chain data suggests that the optimism might not be […]
The Shiba Inu burn rate skyrocketed by 252,910% as $100,000 worth of SHIB tokens was burnt in one transaction. This typically presents a bullish outlook for the Shiba Inu price, but the scam detector platform Susbarium has explained to investors why they should be wary of such token buns. Shiba Inu Burn Rate Skyrockets, But […]
The Shiba Inu price has been on a rampage alongside many other cryptocurrencies. Over the past 24 hours, Shiba Inu has increased by about 4.4% amidst significant investor interest. Recent on-chain data points toward the possibility that this rally may be far from over, as key indicators signal sustained enthusiasm for SHIB. Notably, the SHIB […]
Shiba Inu burns have become a staple in the industry after the community sponsored burning began around two years ago. Every month, community members have been sending millions to billions of SHIB tokens to the burn address in a bid to reduce the total supply. The month of August 2024 has been no different as […]
The Shiba Inu (SHIB) burn rate has again tumbled with the number of tokens burned in the last 24 hours, painting a bearish picture for the meme coin. Shiba Inu’s burn rate has continually fluctuated since the start of the year, with a lack of a catalyst to sustain a significant amount of tokens burned […]
Shiba Inu (SHIB) is again catching the attention of crypto whales as on-chain data shows a 240% spike in this crucial metric. Thanks to the surge in this on-chain metric, a massive price rally for the second-largest meme coin by market cap might be on the horizon. Shiba Inu Records 240% Surge In Large Transactions […]
Recent price action indicates that Shiba Inu (SHIB) is currently underperforming compared to other major cryptocurrencies. Over the past seven days, SHIB has experienced a significant decline of 7.26%, and in just the last 24 hours, the token has fallen by an additional 2.58%. This downturn is particularly noteworthy when compared with the performance of […]
The Shiba Inu burn rate has seen a notable recovery over the last day as the number of tokens being sent to the burn address has increased drastically. This recovery comes at a time when the crypto market has started to move into the green once again, and digital assets such as Shiba Inu are […]
The Shiba Inu burn rate has seen a notable spike over the last 24 hours, following significant burns from the community. This is a notable change from the prior week’s slow and disappointing burn rate, showing a return of bullish sentiment among investors. Shiba Inu Burn Rate Spikes 3,275% According to data from the Shiba […]
The Shiba Inu burn rate has accelerated once again after a lackluster start to the week. The burn rate has surged over 400% in the last 24 hours alone, signifying a move alongside the Shiba Inu price as the crypto market rally continues. Shiba Inu Sees 434% Spike In Burn Rate The burn rate, over […]
As the bearish pressures of the crypto market catches up to Shiba Inu, it has begun to manifest in other metrics of the meme coin. The most prominent in recent times is the SHIB burn rate, which has taken a significant nosedive during this time. Shiba Inu Burn Rate Crashes 91.94% In a surprising turn […]
In an interesting turn of events, the Shiba Inu burn rate has received a massive boost in the last day. This is a welcome change to the slow momentum which the burn initiative had recorded over the last week, proving that the SHIB community is coming back to the table to burn more tokens. Shiba […]
The Shiba Inu burn rate has turned negative after a rather good week of momentum. This downturn in the burn rate is a deviation from the established trend this week and could have something to do with the decline in the SHIB price during this time. Shiba Inu Burn Rate Drops 28% The burn rate […]