As a seasoned crypto investor with over a decade of experience in this volatile market, I must admit that the sudden surge in SHIB burn rate and its subsequent price increase has caught my attention. The astronomical rise of 14,575% in the daily burn rate is nothing short of extraordinary, especially considering the overall bearish sentiment in the crypto market.
Based on information provided by the publicly accessible Shibburn tracking platform, the burn rate for SHIB significantly surged today, experiencing a remarkable increase of approximately 15,000% in the “greed” zone.
Currently, Shiba Inu (SHIB), the second most popular meme-based cryptocurrency by market cap, has experienced a significant surge exceeding 5% within the last day.
Currently, the asset is being traded for approximately 0.00001806 USD, having increased from 0.0000171 USD. This rise is marked by a large ‘green’ candle, indicating significant growth, on an hourly chart.
Burn rate stuns with sudden huge rise
Yesterday saw an enormous increase in the daily burn rate, skyrocketing by an astounding 14,575%. This significant jump occurred following the transfer of a massive 279,650,585 SHIB out of circulation and into non-spendable wallets on the blockchain.
To date today, a total of five SHIB transactions involving burn have taken place. The transaction with the highest value contains approximately 277 million SHIB, while the second largest holds about 2 million SHIB.
SHIB team says fudders “have utility”
In a recent X post, the Shiba Inu lead known to the community under the pseudonym Lucie touched on the topic of fudders in the cryptocurrency world (FUD stands for “fear, uncertainty, doubt”). In particular, she was talking about those who spread FUD about the Shiba Inu ecosystem, including Shibarium and its token trifecta – SHIB, BONE and LEASH.
Lucie thinks that “fudders serve a purpose” because they significantly enhance social interaction. She explained that every time they refer to your strengths, they stimulate more social involvement.
Another intriguing insight offered by Lucie pertained to well-known individuals, often referred to as “hype creators,” who generate buzz around specific meme cryptocurrencies. These individuals aim for the market value of their coins to surpass $100 billion and frequently speak about retail investors purchasing their products amid widespread excitement or hype.
According to Lucie, it appears that they are succeeding because they move around from one group to another, playing a sort of mafia-like strategy. However, she thinks their triumph is temporary.
In my research, I’ve noticed that for solid reputation establishment, it’s crucial that an asset carries a robust and recognized brand within the crypto sphere. This is because retail investors tend to steer clear of risky ventures when it comes to cryptocurrency. Instead, they prefer to associate themselves with those who are legitimate in the industry, ensuring they can enjoy the excitement without encountering unexpected losses, often referred to as a “rug pull”.
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2024-10-14 17:45