20,035,968 SHIB Torched in 24 Hours – What’s Going On?

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As an analyst with years of experience in the cryptocurrency market, I find the recent developments with Shiba Inu (SHIB) quite intriguing. The massive increase in SHIB burn rate and the subsequent reduction in its circulating supply is a strategy that could potentially drive up the price if the demand remains constant or increases.

Information from the Shibburn monitoring tool indicates that a significant quantity of meme coins have vanished permanently from the market within the past 24 hours, as per recent transactions.

The significant increase in Shiba Inu tokens being destroyed and the burn rate soaring exceptionally high last night may have contributed to this development. Meanwhile, despite Bitcoin reaching a record-breaking new high of $106,488 recently, the price of Shiba Inu has shown resilience, experiencing a decrease of approximately 4% over the past day.

SHIB burn rate jumps 1,987%

According to the previously mentioned data provided by the SHIB community, there’s been an astounding surge of approximately 2000% in the burn rate of the second largest digital coin with dog themes over the last 24 hours, when considering its market capitalization value.

20,035,968 Shiba Inu coins left the circulating supply due to the combined efforts of the Shiba Inu community. The largest transaction involved over half of that amount (11,196,225 SHIB) being sent to an inactive wallet, while another significant transfer burned 8,804,670 Shiba Inu coins.

1-hour Shiba Inu (SHIB) update:

— Shibburn (@shibburn) December 16, 2024

Regarding weekly burn rates, there’s been a substantial decrease of approximately 92.69%. Yet, the quantity of SHIB tokens burned over the past week surpasses that from the previous day by nearly nine times. Specifically, 175,061,914 SHIB were torched in the last week compared to 20,035,968 SHIB burnt in the last day.

Approximately 410 trillion Shiba Inu coins, representing a significant portion of the original supply, have been removed from circulation, or “burned”, largely due to the collective actions of the Shiba Inu community and contributions by Ethereum co-founder Vitalik Buterin.

SHIB burn dilemma 

584 billion Shiba Inu coins are currently in circulation, and members of the SHIB community are encouraging the development team to quicken the burn process. As the coin’s supply decreases, it becomes increasingly scarce, which could significantly increase its price and make reaching the desired $1 per SHIB coin more attainable.

Instead, it’s important to note that the Shiba Inu (SHIB) team, including their enigmatic lead developer Shytoshi Kusama, has stated repeatedly that the speed of token burns is not solely dependent on their actions but rather on the level of activity within Shibarium. The more utility this platform provides, the greater the gas fees paid in BONE, which in turn leads to more SHIB being burned from these fees.

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2024-12-16 15:21