As a seasoned crypto investor with a soft spot for meme coins, I’ve been closely following the developments in the Shiba Inu (SHIB) community. The recent news about the substantial increase in SHIB burns and the subsequent price surge has caught my attention once again.
The Shibburn tracker has reported new data indicating that the Shiba Inu community was able to destroy a significant amount of SHIB tokens during the night. Concurrently, the value of the coin surged by over 12% in the market.
SHIB burns spike over 1,000%
Since this morning, there’s been a staggering 1,009% rise in the SHIB burn rate on the mentioned data platform. A significant amount of 29,199,627 SHIB meme coins have been removed from circulation.
The two largest burn transfers this time contained 14,943,135 and 10,006,280 Shiba Inu.
On Friday, as reported by U.Today, the jump in the burn rate constituted 616%.
At the outset of 2024, the SHIB team initiated tests for a novel mechanism on the Shibarium testnet, designed to automatically burn SHIB tokens. During these trials, developers inadvertently torched tens of billions of SHIB tokens due to accrued gas fees savings. Transactions in Shibarium are remunerated with BONE, and a portion of these fees gets transformed into SHIB for transfer to unspendable wallets as part of the process.
As a researcher studying the Shiba Inu (SHIB) community, I’ve noticed that there have been no recent updates regarding the automated burn mechanism. Consequently, community members frequently inquire when the developers plan on initiating another round of token burning. Recently, Lucie, the marketing lead for the SHIB team, addressed these concerns, attributing the lack of burning to the words of SHIB’s founder, Ryoshi. According to Lucie, Ryoshi had burned his burn keys, meaning that in order for tokens to be burned, they must first be bought. Thus, she encouraged community members to increase their engagement and transactions within the ecosystem to facilitate token burning.
SHIB price soars overnight
In an unexpected turn of events, Shiba Inu, the second largest meme coin, has experienced significant growth in the past 24 hours. The price has surged by over 12%, reaching a new high of $0.00002550.
One factor fueling this significant increase was Kraken Pro, a well-known US cryptocurrency exchange, adding SHIB to its platform and introducing new margin pairings, among which are those derived from SHIB and other meme coins like PEPE.
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2024-05-04 23:09