In a surprising development, the burn rate of Shiba Inu (SHIB) tokens has skyrocketed by over 68,000% in just 24 hours.
This dramatic increase, monitored by Shibburn, a platform specializing in tracking SHIB token burns, has generated considerable interest across the cryptocurrency community.
Shiba Inu (SHIB) Burn Rate Surges Dramatically
Shibburn’s latest data reveals a staggering increase in SHIB token burns, spurred by collective efforts within the Shiba Inu community. In just one day, seven wallet addresses collaborated to burn a total of 7.6 million SHIB tokens, resulting in an unprecedented burn rate spike of approximately 68,316%.
SHIB transactions from these addresses
Among these transactions, three wallets stood out prominently. The wallet ‘0x60’ alone burned approximately 4.3 million SHIB, marking the largest single contribution to the burn. This wallet also executed another significant burn, totaling over 5 million SHIB within the past day.
Another notable contributor was wallet ‘0xc6,’ which burned 1.5 million SHIB tokens in a separate transaction, albeit a smaller amount compared to ‘0x60.’
With these substantial burns, the total amount of Shiba Inu tokens removed from circulation has now reached about 410.7 trillion, leaving the current circulating supply at 589.2 trillion.
The ongoing reduction of SHIB tokens aims to enhance scarcity, potentially exerting upward pressure on its price over the long term, although immediate market impacts remain subdued.
SHIB Market Performance and Community Insights
Despite a notable surge in SHIB token burns, reflected in recent metrics, the cryptocurrency’s market price has not mirrored this enthusiasm. Over the past 24 hours, SHIB’s price declined by 0.5%, settling at $0.00002325. This decline contributes to a broader downward trend, with SHIB experiencing nearly a 6% decrease over the past week.
SHIB burn activity, Source: TradingView
Amid these market activities, Lucie, the SHIB team’s social media marketing lead, shared insights on Elon Musk’s social media platform, X, earlier today regarding a potential SHIB-based exchange-traded fund (ETF). She expressed concerns about the recognition of SHIB’s significance by financial institutions for future financial planning. Lucie hoped for broader understanding from major entities like BlackRock, highlighting the unique value SHIB brings to the market.
Lucie emphasized the team’s commitment to their original vision and growth, focusing on building something meaningful for the future of decentralized finance (DeFi). She indicated that their initiatives aim to empower individuals across all societal levels, promoting freedom of choice and inclusivity in financial participation.
In conclusion, Lucie rallied the community with a call to action: “All Hail Shibarium,” underscoring the team’s dedication and the community’s role in shaping SHIB’s future.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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