As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market fluctuations and cryptocurrency trends. However, the recent events surrounding Shiba Inu (SHIB) have caught my attention, primarily due to the unique approach taken by its pseudonymous lead, Shytoshi Kusama.
Shytoshi Kusama, who is known for leading the SHIB project under a pseudonym, recently shared an enigmatic post on his verified account on the well-known social media platform X (often referred to as Twitter in the past). This message was intended for the global Shiba Inu community.
Kusama posts bullish anime GIF as SHIB breaks out
Following his typical approach heavily influenced by Eastern cultures, especially Japanese aesthetics, which blend Eastern wisdom with anime style, Kusama shared an amusing anime-styled GIF. This animated scene depicts a character gazing at their smartphone screen and flashing a sly smile.
It appears that Kusama’s optimistic and enthusiastic feelings are evident as the Shiba Inu meme coin’s price is experiencing a significant increase – over the past 24 hours, the second largest cryptocurrency with a canine theme, in terms of market capitalization value, has skyrocketed by an astonishing 27.30%.
— Shytoshi Kusama™ (@ShytoshiKusama) September 26, 2024
SHIB’s price currently stands at $0.00001917, which means it’s just about touching a new milestone – approaching the point where it could potentially drop another decimal place from its price.
Regarding its cost, Shiba Inu (SHIB) is mimicking the global leader and pioneer in cryptocurrency, Bitcoin. Last night, it experienced a 4% surge, pushing its value from around $62,900 to above $65,400 as of today.
SHIB burns show crazy overnight growth
Additionally, it’s worth noting that one significant indicator associated with Shiba Inu has shown an impressive increase in the past 24 hours – this is the rate at which SHIB tokens are being burned, according to the information provided by Shibburn.
Over the last morning, the Shiba Inu community has successfully gotten rid of an enormous number of coins – approximately 1.88 billion SHIB. This represents a staggering 33,818.39% surge overnight. Notably, over the past year, this massive volume of SHIB tokens was burned in one transaction by just one entity – the Shiba Inu developer team.
Due to the latest update on Shibarium, which occurred in August and introduced a new Bor component, an automated burn mechanism has been activated. This mechanism takes a portion of the gas fees paid in BONE within Shibarium and converts them into SHIB automatically. The converted SHIB tokens are then burned (or transferred to addresses that can’t be spent) and kept locked there permanently.
Over the last day, as reported by Shibburn, a total of eight transactions have occurred that incinerated Shiba Inu (SHIB) coins. The most significant one eliminated around 1.8 billion SHIB tokens, whereas the two largest among the remaining ones destroyed about 2.84 million and 5.04 million SHIB each. Additionally, there were three burn transfers valued at roughly 1 million SHIB each.
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2024-09-27 10:06