SHIB Burns Skyrocket 1,837% With Close to Half Billion SHIB Burned

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As a seasoned crypto investor with a decade-long journey under my belt, I must say that the recent SHIB burn activity has piqued my interest. The sudden increase in burn rate by a staggering 1,837% and the mysterious whale transaction of over 400 million SHIB is certainly noteworthy. It’s like watching popcorn popping on the blockchain!

Over the last 24 hours, approximately half a billion SHIB tokens have been torched due to an unexpected surge in burn actions within our crypto community. It appears that an enigmatic ‘whale’ has played a significant role in this massive token burn, as suggested by the data from Shibburn. As a crypto investor, it’s exciting to witness such developments and their potential impact on the value of my SHIB holdings.

At this point, there was a significant surge in the value of SHIB, exceeding 24% over its previous price, and reaching an impressive new level at approximately $0.00002753.

463.4 million SHIB torched; burn rate up 1,837%

According to Shibburn’s tracking platform, there’s been a significant surge – approximately 1,837.49% – in the burn rate of SHIB tokens since this morning. The data indicates that a total of 463,450,468 SHIB tokens were burned in this process.

In the past 24 hours, seven transactions have been carried out that have enabled this remarkable destruction of the coin. Among these transactions, one particularly large one caught our attention – it involved 412,144,084 SHIB tokens. This substantial amount of the meme-based cryptocurrency was moved by an unidentified digital wallet.

Approximately 46,754,762, 3,000,000, and 1,240,000 Shiba Inu coins were sent to addresses on the blockchain that cannot be spent in another transaction.

SHIB marketing lead shares important statement

Recently, the marketing specialist for Shiba Inu, who goes by the name Lucie online, shared some insights regarding DeFi, BONE, and Shibarium via a tweet.

Lucie took to her X account to discuss “the core goal of decentralized finance (DeFi).” She defined it as self-custody, which allows people to have full control over their coins without having to rely on centralized intermediaries. She claimed that centralized cryptocurrency exchanges expose users to various risks, including “data breaches, surveillance, and even manipulation.”

The primary objective behind Decentralized Finance (DeFi) is empowering individuals with complete asset management, eliminating the need for centralized intermediaries. By doing so, DeFi aims to minimize risks associated with centralized platforms such as data breaches or unauthorized access to user information. In other words, DeFi promotes financial independence and security by putting control directly into users’ hands. This could be referred to as “The Bureau of Networked Empowerment” (Shibarium B.O.N.E.).

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) November 11, 2024

The reason for those risks is the major fact that they control users’ wallets and crypto stored in them, while DeFi is about totally different things, such as “decentralization, privacy, and real ownership.”

Instead of pursuing “exchange integration,” platforms could prioritize providing users with a direct option to purchase cryptocurrency using traditional money (fiat) on the blockchain itself. This method ensures safety, affordability, speed, and protects users’ crypto assets from potential third-party surveillance.

The primary objective of DeFi (Decentralized Finance) should be to develop decentralized solutions that empower users to securely purchase cryptocurrencies anonymously, and retain ownership over their data and assets. For platforms to be successful, they must adhere to the core principles of blockchain technology. Simultaneously, it’s crucial to ensure these systems don’t inadvertently infringe upon the very liberties that blockchain was designed to uphold.

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2024-11-11 15:50