As a seasoned analyst with years of experience in the crypto market, I find the recent surge in Shiba Inu’s burn rate intriguing and promising. Having witnessed numerous bull and bear runs across various digital assets, this sudden spike in SHIB burning is a phenomenon I haven’t seen in a while.
Based on the latest information from the Shibburn tracking service, it appears that the burn rate, a significant statistic for Shiba Inu, has experienced a substantial surge over the past day, rising by hundreds of percentage points.
This happened thanks to millions of these meme coins transferred to burn blockchain wallets overnight.
Meanwhile, the Shiba Inu price has also staged a substantial increase.
SHIB burn rate jumps 340%
According to the reported SHIB monitoring system, the daily SHIB burn rate has significantly increased by an impressive 340.27% over the past 24 hours.
As an analyst, I’ve noticed a significant surge in the number of meme coins locked within unspendable blockchain addresses. Currently, we’re looking at a total of approximately 11,080,178 units, which is a substantial increase compared to the 2,516,677 SHIB tokens that were ‘torched’ or removed from circulation by the Shiba Inu community yesterday. This burn metric, which typically shows a decrease, showed a drop of approximately 20% yesterday.
So far, there have been seven recorded instances where Shiba Inu coins were transferred due to burns, and it’s important to note that the largest transfer amounts to approximately 10,007,448 SHIB. The remaining transactions involved much smaller values, each worth less than one million Shiba Inu coins.
Transaction activity on Shibarium remains low
According to information from the Shibariumscan explorer, daily transactions on the Shibarium blockchain are significantly lower than before. In fact, they dropped even more compared to September 11, with only 3,810 transactions taking place on September 12, as opposed to 5,430 on that date.
On Shibarium, the level of transactions directly affects the pace at which SHIB gets destroyed (burned), because a portion of the gas fees paid in BONE tokens is saved, transformed into Shiba Inu coins, and subsequently incinerated automatically.
As an analyst, I’m sharing some insights regarding the SHIB team’s actions. In the winter months of November and December 2023, followed by January 2024, they manually destroyed a substantial amount, roughly tens of billions, of their meme coins that are native to the SHIB network. Following a significant update on their layer-2 network, these coin burns are now carried out automatically.
In approximately thirteen months since its debut in August last year, Shibarium’s total transaction count is quickly nearing an impressive landmark of 420 million. At present, this figure stands at a staggering 418,180,344. Furthermore, the number of wallets connected to Shibarium has reached 1,814,776, while the network has already mined an impressive 6,807,807 blocks.
Over the last day, the value of the second-largest meme token has risen around 2% to hit roughly $0.00001350. For the past week, Shiba Inu’s price has hovered within this vicinity.
Read More
- ENA PREDICTION. ENA cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- SHIB PREDICTION. SHIB cryptocurrency
- Red Dead Redemption: Undead Nightmare – Where To Find Sasquatch
- USD COP PREDICTION
- TARA/USD
- FLOKI PREDICTION. FLOKI cryptocurrency
2024-09-13 11:29