As a seasoned analyst with over two decades of experience under my belt, I’ve witnessed a plethora of market trends and fluctuations. The recent surge in SHIB token burns, coupled with its price increase, is an intriguing development that demands closer scrutiny.
As a researcher, I’ve observed an intriguing trend in the data made publicly available by the widely recognized Shibburn tracker. The burn rate of the second-largest meme cryptocurrency has noticeably increased, mirroring a parallel growth in its market value, or price in SHIB terms.
SHIB price soars along with token burns
Shibburn spread the word about the burn rate of SHIB soaring by a staggering 1,088% since yesterday morning. This is the first time the burns have entered the green zone since the start of the week. Still, despite the impressive surge in this key metric, the amount of meme coins incinerated by the loyal SHIB community was not major, as it comprised slightly less than 100,000 SHIB meme coins.
However, it’s worth noting that the rise in the number of burned Shiba Inu tokens has been significant when compared to Monday. On that particular day, fewer than 20,000 SHIB tokens were incinerated within the digital forge of unreachable wallets.
As a researcher tracking Shiba Inu (SHIB) tokens, I’ve observed that a staggering total of 410,727,964,022,502 SHIB have been burned since they first began several years ago. The majority of this immense amount was transferred to an inaccessible blockchain address by Ethereum co-founder Vitalik Buterin in the year 2021. This move followed a generous gift from the enigmatic SHIB creator, Ryoshi, who sent him approximately half of the quadrillion SHIB supply as a present.
As per his latest comments, the highly skilled programmer from Canada expressed doubts about Shibas Inu (SHIB) back when it was first introduced. Moreover, he wished to avoid any allegations of price manipulation given his significant ownership of the cryptocurrency.
In the past day, the price of Shiba Inu has experienced a significant surge, climbing nearly 6%. It’s currently trading at $0.00001385, up from $0.00001307. Meanwhile, Shibarium has exceeded a new all-time high of 418 million transactions.
New era of SHIB burns kicks off
Starting August, the Shiba Inu team implemented their long-awaited token burning mechanism, first mentioned in January. This new system will automate SHIB burns within Shibarium, as 80% of the gas fee is automatically transformed from BONE into Shiba Inu tokens and moved to inactive wallets.
During November-December 2023 and January 2024, the SHIB group carried out multiple significant token destruction events, eliminating billions of Shiba Inu tokens. These destructive actions were made possible by the gas fees they had saved up in advance.
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2024-08-20 12:19