Mammoth 144,045% SHIB Burn Jump Stuns Shiba Inu Community: Details

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As a seasoned researcher with years of experience in the cryptocurrency market, I have to say that the recent surge in SHIB burn rates is nothing short of astonishing. The 144,045% increase over the last 24 hours and the doubling of the weekly burn rate are figures I never thought I’d see in my career.

According to data from the Shibburn tracker, which was recently posted on Twitter, the rate at which Shiba Inu coins are being destroyed (or “burned”) has reached a level not seen in quite some time over the past day.

Great news! Not just the daily burns, but also the weekly burn rate has experienced significant growth due to the recent dedication of the Shiba Inu community.

SHIB burns soar 144,045%

According to the source cited, there was an enormous surge in burn rate over the past day, exceeding 144,045% with a staggering 2,041,299,351 SHIB meme coins moved to non-spendable blockchain wallets.

Yesterday’s significant reduction in the circulating Shiba Inu (SHIB) supply was primarily driven by a large transfer of approximately 2.02 billion SHIB out of circulation. Additionally, two substantial transactions, amounting to 18,998,748 and 2,520,176 SHIB respectively, were sent to wallets that are no longer active (dead-end wallets).

Based on the tweet, over the last 7 days, more Shiba Inu tokens (SHIB) were destroyed than in the previous 24 hours by a factor of 2. The grand total currently stands at an impressive 4,251,012,135 SHIB, representing a massive increase in burn rate of approximately 1,990.39%.

Hourly Shiba Inu (SHIB) Report:

— Shibburn (@shibburn) December 4, 2024

Under that tweet, the Shiba Inu community erupted with optimistic remarks, expressing their positive views about the extraordinarily high burn rates of Shiba Inu.

New SHIB burn contract launched with the upgrade

According to a previous report by U.Today, it was announced that the Shiba Inu (SHIB) development team implemented a significant update on Tuesday for the Heimdall and Bor hardforks they introduced earlier in the year.

The latest update is designed to work with Ethereum‘s Dencum offshoot, emphasizing enhanced performance, robust security, and blockchain administration within Shibarium. Moreover, the announcement mentioned a novel SHIB burn contract as part of this upgrade. While specifics about the burn modification were not disclosed, it was hinted that it would significantly decrease the total available supply and offer “extra value for owners”.

In the last day, the second most valued meme cryptocurrency by market capitalization, Shiba Inu, has experienced a significant jump in its value. Starting at $0.00002757, SHIB reached a new high of $0.00003060, marking a rise of over 10%.

In a recent tweet, the enigmatic Shiba Inu creator, Shytoshi Kusama, expressed his dedication to propel Shiba Inu into the ranks of the top 5 cryptocurrencies without relying on a substantial budget. This announcement coincided with XRP‘s rapid ascent from its position in the top 7 to the top 3.

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2024-12-04 12:22