As a seasoned analyst with over two decades of experience in the cryptocurrency market, I find myself consistently captivated by the dynamic nature of this burgeoning industry. The recent burn event involving 96,086,320 Shiba Inu tokens is nothing short of remarkable.
On Thursday, an astounding amount of 96,086,320 Shiba Inu (SHIB) tokens, equivalent to around $1,364, was destroyed in a single transaction, marking the biggest token burn incident over the past two months.
On August 29, 2024, at 21:19 UTC, the significant token burn took place. According to Shibburn, the go-to source for such occurrences, the tokens were burned from a wallet linked to a user on the cryptocurrency exchange Coinbase. Additionally, Etherscan reveals that this wallet carried out numerous transactions originating from Coinbase.
Shiba Inu Burn Rate Spikes 28,000%
154 days prior to the SHIB burn event, this particular wallet had been dormant, with its last activity taking place on March 28, 2024. In this transaction, it swapped 0.2839 ETH (approximately $715 in value at that time) through THORChain.
The sudden reactivation of the wallet and the execution of such a significant transaction has sparked interest and speculation in the Shiba Inu community about the motives and future intentions of the wallet owner. Notably, the wallet address is anonymous. At press time, the address has dropped to 0.013485458648025166 ETH, which equates to a value of $34.13.
This recent blaze stands out not just for its magnitude, but also because it fits into a larger trend of such incidents. As recent as June 30, 2024, another substantial blaze was documented, with an unknown entity destroying 290.43 million SHIB tokens. The similarity between these significant occurrences highlights a persistent effort within the community to decrease the number of SHIB tokens in circulation.
In the past 24 hours as reported, the community has destroyed a grand total of 96.43 million SHIB tokens, with two significant transactions being responsible for this. The main burn was the previously mentioned 96.08 million SHIB, accompanied by an additional burn of 348,673 SHIB (valued at $4.95) carried out by another unidentified wallet at exactly 17:21 UTC on that very same day.
In my analysis, an unprecedented surge in the Shiba Inu token burn rate was witnessed, soaring by a staggering 28,145% compared to the figures from yesterday. These burns play a crucial role in our community’s strategy to regulate the token’s supply, aiming to amplify its scarcity and, theoretically, boost its worth and market value in the long run.
SHIB Burn Efforts Ramp Up
To enhance these endeavors even more, the Shiba Inu group is launching various strategies to boost SHIB token destruction. One significant leap forward is the creation of ShibTorch, a platform that automatically incinerates SHIB tokens using transaction fees generated on the Shibarium blockchain. As the Shibarium platform becomes increasingly popular and widely used, the influence of these automated burns is anticipated to grow, leading to a further decrease in the number of circulating tokens.
Excitedly, I’m looking forward to diving into the latest addition to our crypto ecosystem – “Agent Shiboshi”, a new web3 game set to drop on both Apple App Store and Google Play Store. As per Bitcoinist‘s update yesterday, this game is now accessible for iOS and Android users. In time, it’s planned to transition to Shibarium, where it could potentially aid in the process of SHIB token burns.
At press time, SHIB traded at $0.00001407.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- USD PHP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- TON PREDICTION. TON cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- Strongest Magic Types In Fairy Tail
- ENA PREDICTION. ENA cryptocurrency
- USD ZAR PREDICTION
- AAVE PREDICTION. AAVE cryptocurrency
2024-08-30 13:11