Key SHIB Metric Collapses Despite 5% SHIB Price Recovery

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As a researcher with a background in cryptocurrency and blockchain technology, I have closely followed the developments of various meme coins, including Shiba Inu (SHIB). The recent update from Shibburn on SHIB’s burn rate and price trends caught my attention.

The Shibburn tracking tool for Shiba Inu meme coins has announced new information regarding one of its significant indicators: the burn rate. Recently, the SHIB tokens’ burning rate has significantly dropped, reaching a concerning level in the red zone.

Currently, the price of the cryptocurrency with the second largest market capitalization after memes, SHIB, is showing a notable surge instead.

SHIB burns go down

The previously mentioned data source indicates a significant decrease of 74.61% in the SHIB burn rate, resulting in the transfer of a relatively small quantity, approximately 1.15 million SHIB coins, to non-spendable wallets on the blockchain.

The burns recorded by Shibburn are primarily due to actions taken by the SHIB community. This includes individual investors and entrepreneurs who willingly lock up their SHIB tokens indefinitely. Consequently, daily burn rates can range from minimal values to significant amounts reaching millions of Shiba Inu. To date, only two transactions have occurred, transferring 944,911 and 200,000 SHIB tokens respectively, to non-recoverable addresses.

Approximately 410 quintillion Shiba Inu tokens have been incinerated thus far. The vast majority of this sum, around 410 quadrillion tokens, were eliminated in a solitary transaction executed by Ethereum co-founder Vitalik Buterin during the year 2021. At that time, Buterin obtained half of the one-quadrillion Shiba Inu token allocation from the enigmatic founder of Shiba Inu, Ryoshi. Later on, Buterin disclosed that he held skepticism towards SHIB‘s prospects and had no intention of influencing the market price. Consequently, he opted to eliminate those colossal quantities of meme coins from circulation.

There are still 583,385,250,186,054 SHIB coins in circulation on the cryptocurrency market now.

Shiba Inu price surges

In the past 24 hours, the popular meme-driven cryptocurrency SHIB experienced a notable increase of 5.42%, reaching a new price of $0.00001682 after a gain of $0.00001596.

After experiencing a drop of over 8%, Shiba Inu rebounded significantly on Thursday. The cause of this upturn was Bitcoin‘s rise by 5.26% and regaining the $67,380 level following its dip beneath $64,000 the previous day.

Exciting updates have emerged regarding Shiba Eternity, the popular game by SHIB‘s official marketing lead, Lucie. On Thursday, she hinted at a significant Web3 enhancement for the game, which includes the addition of tournament participation for players. This announcement has ignited enthusiasm among the SHIB community.

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2024-07-26 15:37