SHIB Burns Jump 300% but SHIB Army Demands Much Bigger Burns

by

As reported by Shibburn on a recent tweet, within the last 24 hours, a significant number of Shiba Inu coins have been sent by the community to inactive or unused wallets, all with a dog theme.

Currently, a post from a Shiba Inu-focused Twitter account has initiated a survey, urging the Shiba Inu team to quicken the destruction of tokens and eliminate anywhere between 30% and 90% of the total Shiba Inu supply swiftly in the near future.

SHIB burns soar 300%

Over the past day, the SHIB burn rate data shows a significant jump of over 300%. This surge is attributed to the burning of approximately 24,609,003 Shiba Inu tokens.

Two significant transactions moved a total of 17,220,462 Shiba Inu coins (SHIB) and 4,635,583 SHIB to non-spendable blockchain locations, boosting the rapid increase in the coin’s burn rate.

As an analyst, I’d rephrase the statement as follows: “In my analysis, I found that the latest tweet contained data about the weekly burns of the widely used meme cryptocurrency, Shiba Inu. Over the last week, the Shiba Inu community has successfully disposed of approximately four times the daily burn rate of SHIB coins, totaling 89,141,480 tokens. This represents a substantial 60.82% increase in the weekly burn rate compared to previous weeks.

As an analyst, I’m providing an hourly update on Shiba Inu (SHIB):

– The current price is $0.00002372, marking a decrease of 0.06% over the last hour and a more significant drop of 2.13% in the past 24 hours.
– The market capitalization stands at approximately $13,977,981,987, reflecting a decline of 1.97% within the same period.
– The total supply of SHIB tokens is an enormous 589,257,014,659,157 units.

Regarding token burn, there has been notable activity:

– Over the past 24 hours, a total of 24,609,003 SHIB tokens were burned, representing an increase of 300.97%.
– Within the last seven days, a total of 89,141,480 SHIB tokens have been burnt, signifying a rise of 60.82%.

— Shibburn (@shibburn) January 11, 2025

Approximately 584 billion Shiba Inu coins are currently in circulation, while around 5.1 billion Shiba Inu coins are being held in a staking program, as per the information provided on the Shibburn site.

SHIB burn voting poll for community

For now, an account focusing on ShibaInu, @cryptoshibs, has posted a tweet predicting that the value of $SHIB will significantly increase (reach new heights or “go to the moon”) when approximately 90% of the circulating supply is burned. Furthermore, they’ve set up a poll for the community to voice their opinions on whether the ShibaInu team should burn 30% or 90% of the total supply.

ShibaInu token, represented by $SHIB, is expected to soar high into the stratosphere (go to the moon) once they manage to burn 90% of their total supply. However, we need a community vote to make this happen. The options are to burn 35% or 90%. Feel free to express your preference! 💬 🔁 ❤️

Remember, the more you participate in the vote, the higher our chances of reaching the moon with $SHIB! 🚀🌟

— CRYPTO SHIB (@cryptoshibs) January 10, 2025

On the other hand, the Shiba Inu team, specifically their marketing head Lucie and lead developer Shytoshi Kusama, clarified that they don’t control the current SHIB supply in circulation. Consequently, they can’t speed up burns in any fashion. The only method to achieve this, they explained, is by enhancing the utility of Shibarium, which would result in more SHIB being destroyed due to BONE gas fees through the automated mechanism implemented last year.

As a researcher, I’ve been tracking the Shiba Inu (SHIB) team’s updates, and based on their previous tweets, it appears that they’ve successfully burned approximately 300 million SHIB each month.

Read More

2025-01-11 23:12