As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find the recent surge in Shiba Inu (SHIB) both fascinating and intriguing. The overnight price increase of more than 10% within just two hours, as seen on price charts, is something that rarely happens in this fast-paced market. It’s like watching a rocket take off, albeit with a digital token instead of physical materials.
According to data from the Shibburn monitoring tool, as reported in a recent Reddit post, the burn rate of the well-liked meme-based cryptocurrency has experienced an astounding surge of over 10,000 in the last 24 hours.
SHIB’s sturdy price surge overnight
During that timeframe, the Shiba Inu price experienced a significant surge exceeding 10% in just two hours as depicted by the price graphs. This surge was evident with the appearance of a large and smaller green candles on the chart, indicating an astonishing rise over a two-hour span.
Consequently, Shiba Inu (SHIB) moved up from $0.00002523 to $0.00002784 in price. At the moment of writing this, the meme token is being traded at $0.00002732, experiencing a slight drop after an increase that ensued.
Burn rate soars close to 50,000%
According to the previously mentioned data, there was an astonishing surge in the daily consumption rate for Shiba Inu (SHIB), the second largest cryptocurrency by market capitalization that’s dog-themed. As per a recent tweet, this figure has soared by an astounding 49,646%! Additionally, an impressive amount of 175,311,356 SHIB coins were sent to addresses on the blockchain where they can’t be spent.
So far, there have been a total of five instances where SHIB tokens were burned. The largest amount, which amounts to 169,287,021 SHIB, was sent to the burn portal. Additionally, three separate transactions contributed to burning approximately 4,023,335 SHIB, and two more events each destroyed a million SHIB meme coins.
Despite the fact that our weekly burn rate is currently showing a deficit and is below zero, the Shiba Inu community has successfully burned 195,050,744 SHIB over the last week. However, it’s worth noting that the percentage of SHIB being burned has decreased by a significant 69.49%.
1 Hour SHIB Price Update:
— Shibburn (@shibburn) November 23, 2024
Shytoshi Kusama enters “fudder roast mode”
On a Friday, the anonymous SHIB project’s chief developer, known as Shytoshi Kusama, caught the SHIB community off guard with several posts on their Twitter feed. Included in these was a series of tweets where the SHIB leader criticized those spreading negative rumors (FUD), announcing that he had activated “fudder-bashing mode.
Kusama didn’t call out any specific individuals, but he did highlight that these troublemakers tend to erase their tweets following the spread of FUD (Fear, Uncertainty, and Doubt) about Shiba Inu. His message essentially said: “Observe them deleting messages. Before I criticize, I’ll take screenshots first. Carry on… go ahead and use all your alternative accounts.
I am in fudder roast mode. Go ahead give me more fud to lol at during the podcast.
— Shytoshi Kusama™ (@ShytoshiKusama) November 21, 2024
Subsequently, Shytoshi provided some updates to the community, emphasizing that Shiba Inu continues to hold the top spot as the leading token on the Ethereum network and clarifying that the eagerly awaited TREAT token, which will significantly contribute to the Shiba Inu ecosystem, has not been launched yet.
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2024-11-23 15:42