5.6 Billion Shiba Inu Torched in 24 Hours, What’s Happening?

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As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve learned to approach every sudden surge or dip with a healthy dose of skepticism and caution. The recent explosion in Shiba Inu’s burn rate is no exception. While it’s always exciting to see such significant numbers, the fact that a single cat meme coin project could account for billions of SHIB burned raises a few eyebrows.

In the last 24 hours, there was an unexpected surge in the Shiba Inu (SHIB) ecosystem’s burn rate, with a significant increase in the amount of tokens being destroyed. While spikes in the burn rate are not unusual, it’s been quite some time since more than a few thousand SHIB were sent to inactive wallets. The current figure of billions of SHIB being burned is therefore an unusual occurrence.

Shiba Inu burn rate blowout

According to Shibburn’s data, the rate at which SHIB tokens are being destroyed has soared an astounding 3,739.6 times in just 24 hours, with a total of 5,638,786,146 SHIB being sent to an inactive wallet. This unexpected surge in SHIB’s deflationary statistic received a substantial push from a single wallet address that burned or destroyed approximately 5,604,733,610 units of the meme currency.

HOURLY SHIB UPDATE$SHIB Price: $0.0000178 (1hr 0.06% ▲ | 24hr -4.34% ▼ )
Market Cap: $10,493,573,542 (-4.10% ▼)
Total Supply: 589,263,030,662,505

TOKENS BURNT
Past hour: 5,581,450,000 (1 transaction)
Past 24Hrs: 5,604,733,610 (373969.11% ▲)
Past 7 Days: 5,724,974,890…

— Shibburn (@shibburn) October 31, 2024

The wallet address is linked to a cat meme coin project that claimed to burn tokens worth $100,000. The goal hinges on being friends with the Shiba Inu ecosystem. 

Despite the wider market’s jubilation over this major blaze, users are being advised to exercise caution. As suggested in a post by an account known as Susbarium (X), many projects aim to connect with the Shiba Inu ecosystem to leverage its vast user community.

The analysis mentioned that a majority of these projects attempt to attract the Shiba Inu community through pre-sales or offering subpar tokens.

SHIB price reacts unexpectedly

Burning tokens stirred excitement within the Shiba Inu community at large. Yet, investors tread carefully, mirrored by the fluctuation in SHIB’s market value.

Currently, the value of SHIB is being traded at approximately 0.00001734 USD, marking a decrease of over 6% in the past day based on CoinMarketCap’s recent data. The price drop led to a rejection of the golden cross pattern and a steep decline, following a week-long surge that took it to its highest point in several months above 0.000019 USD.

From my perspective as a crypto investor, it appears that the temporary dip in the Shiba Inu market could be just a correction. The buzz surrounding the Shibaswap ecosystem suggests a potential shift in the coin’s trajectory within the upcoming days.

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2024-11-01 13:52