As a seasoned researcher with a penchant for cryptocurrencies and an eye for detail, I find myself intrigued by this peculiar occurrence involving SHIB. While the burn rate has dropped to zero, there’s still a significant amount of SHIB coins being moved to inaccessible wallets. This seems like a dance of sorts – a step forward, a step back, but always moving.
As reported by the well-known tracker Shibburn, the rate at which SHIB tokens are being destroyed (or ‘burned’) over the past day has dropped to zero. However, it’s intriguing to note that a significant quantity of meme coins have been moved into wallets where they can no longer be spent.
This coincided with a massive SHIB price surge of more than 7%.
Zero SHIB burn rate sees millions of coins torched
According to data made available by Shibburn, within the last 24 hours, a total of 1,412,571 SHIB tokens have been removed from circulation as a result of team efforts. However, the current burn rate, as indicated by the data source, remains at zero.
One advantage of this situation is that when a zero reading for the burn rate appears, it’s marked in green instead of red. Regularly, this data source may display a zero, and it can be either colored green or red. A potential reason for this could be occasional technical issues affecting the website.
The website’s data shows four burn transactions. The two largest ones carried 1,111,111 and 189,472 SHIB.
According to Shibburn’s most recent tweet, this data is indeed accurate. Additionally, it disclosed that the weekly burn rate has skyrocketed a massive 5,929.22% compared to the daily burn rate, which dropped to zero. In total, over the last week, an astounding 5,753,160,030 SHIB meme tokens were sent to inactive wallets.
Last week, a massive surge in the burn rate occurred due to 5,612,878,479 SHIB being burnt in a single transaction. This chunk of the meme coin was approximately equivalent to $100,000 in conventional currency. The recently launched meme coin project Shiro Neko contributed this significant amount of SHIB for burning.
Various accounts centered around SHIB, such as Lucie – who serves as the primary Shiba Inu marketing representative – expressed a favorable response towards the significant burn event.
Shib team issues big warning
Prior to the unveiling of the enigmatic SHIB burner within the cryptocurrency market, the SHIB group published an advisory, urging the Shiba Inu community to exercise caution towards individuals outside their community who choose to incinerate substantial amounts of Shiba Inu tokens.
That particular day, the burn rate experienced an unprecedented surge of approximately 259,910%, according to the Susbarium X account associated with the meme coin’s team. They suggested this massive burn could serve as a “swift strategy for generating interest.
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2024-11-05 12:13