SHIB Burns Skyrocket 1,253% After Three-Day Pause

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As a seasoned crypto investor with a penchant for meme coins and a soft spot for adorable canines, I find myself intrigued by the recent surge in SHIB burns. Having witnessed the crypto market’s volatility over the years, I’ve learned to appreciate the significance of such events as they often serve as indicators of community engagement and project development milestones.

The Shibburn data monitoring system, responsible for keeping tabs on coin burns within the Shiba Inu network, recently released updated numbers indicating that the SHIB community is once again actively destroying their meme tokens.

Burns have resumed after a pause that lasted several days, while the SHIB price began to break out.

Massive SHIB burn surge detected

Over the past day as an analyst, I’ve observed a significant event within the Shiba Inu (SHIB) community: they’ve incinerated approximately 28 million of their meme coins, totaling 28,648,321 SHIB. This massive burn has propelled the daily burn rate metric by an astounding 1,253.14%.

So far, there have been 13 transfers involving the burning of tokens, with the largest one consisting of approximately 24.78 million SHIB tokens being sent to a wallet on the blockchain that cannot be spent. This transfer took place 14 hours ago by an unknown large-scale investor or “whale.”

SHIB Burns Skyrocket 1,253% After Three-Day Pause

1,330,000 and 1,377,000 units of SHIB were sent to inactive wallets approximately 22 hours ago, making them the second largest transfers by size.

According to data from Shibburn, a single burn transaction for 70,000 SHIB took place on Thursday. Before this, no such transactions were recorded. Similarly, Etherscan did not show any. Consequently, it appears that the burning of Shiba Inu tokens has restarted following a prolonged halt.

Shiba Inu’s market performance

In the last day, Shiba Inu, the second largest meme cryptocurrency by market value, has seen a nearly 3% increase, moving from $0.00001402 to $0.00001442. However, a small drop that ensued has caused SHIB to trade slightly lower at the current price of $0.00001435.

In simpler terms, the popular meme-based cryptocurrency has seen a significant increase over the past week, jumping approximately 10% since Monday.

The surge occurred around the point when Shibarium, the layer-2 solution for the SHIB community, marked its one-year milestone. Launched at ETHToronto last year amidst a large gathering, Shibarium was unveiled for the first time during this annual event. Notably, the enigmatic figure leading the Shiba Inu team, Shytoshi Kusama, made his initial public address on that occasion. However, he chose to do so remotely through software without physically appearing or disclosing his identity.

Following that milestone, over 418 million transactions have now been completed on Shibarium, and more than 1.8 million wallets are linked to this blockchain. In a recent jubilant message on social media, the head of SHIB extended heartfelt congratulations to both the team and the community for achieving this significant accomplishment.

#shibarium

— Shytoshi Kusama™ (@ShytoshiKusama) August 22, 2024

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2024-08-23 15:43