0 Shiba Inu (SHIB) in 24 Hours, What’s Happening?

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As a seasoned crypto investor with years of experience navigating the volatile digital asset market, I must say that the recent shift in Shiba Inu’s burn rate has left me scratching my head. Given the historically low price of SHIB, one would expect to see a surge in burnings, not a sudden halt as we’ve seen in the past 24 hours. It’s like watching a dog refuse to chase its tail – it just doesn’t make sense!

To those watching crucial Shiba Inu (SHIB) performance trends, it will immediately become obvious that at least some tokens are always involved in key performance metrics. The twist is what is now obvious, as the burn rate has shown a neutral shift in the trailing 24-hour period.

Shiba Inu burn rate milestone

Based on figures from Shibburn, no Shiba Inu tokens were destroyed, which is quite unusual given the trend. The reason behind this is unclear, especially since the value of SHIB is very low, a circumstance that often leads to burning. However, it’s still not clear why this didn’t happen in this case.

After zero tokens were read, the number of Shiba Inu coins that have been permanently removed from circulation remains at approximately 410 billion, with a total supply of around 583 billion Shiba Inu coins still in circulation.

Over the last 24 hours, a significant turn of events in the Shiba Inu system has raised an alarm bell about the recently launched ShibTorch portal. The purpose of this portal was to eliminate some SHIB tokens from circulation automatically. This new method, ShibTorch, replaced the old manual process where community members needed to transfer their burning-destined SHIB tokens to a typical burn wallet manually.

Given the current situation, it’s reasonable to conclude that ShibTorch may not be operating as initially anticipated. Additionally, there appears to be a trend of decreasing transactions on the network, resulting in the reduction of a larger number of tokens compared to their supply.

Getting back groove

As a researcher delving into the world of meme coins, I find myself constantly observing the dynamic landscape, particularly with regards to Shiba Inu. The competitive landscape in this niche has become increasingly dense, putting pressure on projects like Shiba Inu. Despite maintaining its position as the second largest meme coin, the necessity to consistently innovate remains a top priority for its dedicated developers, including Shytoshi Kusama.

So far, SHIB is attempting to redefine the standards with Shibarium, its Layer-2 scalability solution. From a hard fork to DAO governance, this system seems poised to play a significant role in shaping the upcoming decentralized finance (DeFi) landscape.

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2024-09-21 15:33