SHIB Burns Skyrocket 5,154%, Here’s What’s Happening

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As a seasoned researcher with a knack for deciphering cryptocurrency trends, I must admit that the recent SHIB burn event has piqued my interest. With over 61 million coins sent to inferno wallets within 24 hours, it’s clear that the Shiba Inu community is determined to reduce the circulating supply. The massive surge in the burn rate by an impressive 5,154% is a testament to their commitment and coordination.

According to data from blockchain tracker Shibburn, members of the SHIB community have recently transferred large quantities of SHIB tokens into “inferno” wallets in the past day, burning approximately tens of millions of SHIB.

The significant rise in results can largely be attributed to a substantial one-time SHIB token burning event. This occurred concurrently with an intense effort for the SHIB price to climb, although this attempt was unsuccessful, causing the price to revert back to its original level following the surge experienced on Wednesday.

SHIB burns over 5,000% up

Based on recent reports, the Shiba Inu community managed to burn a total of 61,468,595 SHIB tokens within the past 24 hours. This action significantly increased the burn rate, causing it to spike by an impressive 5,154%.

Approximately 80.95% of the total burned Shiba Inu tokens were moved to unreachable digital wallets in seven separate transactions, with the largest transfer containing approximately 48,266,929 SHIB, which occurred about seven hours ago from an unknown source.

In terms of transaction size, it was followed by 6,008,171 and 3,938,558 SHIB transfers.

Important statement issued by the SHIB team

Lately, the Shiba Inu team’s marketing leader, going by the name Lucie, spoke to the Shiba Inu community about exploring options other than investing millions into blockchain ventures. She suggested that unless you’re a crypto tycoon, the most effective strategy is to exercise patience and remain dedicated, regardless of the market conditions at present.

Lucie asserts that it’s important to devote yourself to pursuing your passions sincerely, allowing them to blossom organically. She also points out that investing vast sums in numerous influencers might not lead to any significant results.

As a data analyst, I underscored the significance of persisting with our constructive efforts, rather than focusing on those who may be acting maliciously. Unfortunately, it seems there are far too many individuals taking advantage of situations without contributing substantially to the cause at hand.

SHIB price performance

Yesterday, Shiba Inu, the second largest meme cryptocurrency in terms of market capitalization, experienced a growth of approximately 7.5%, reaching a value of $0.00002652 and surpassing $0.00002467. This impressive increase was subsequently followed by a drop of 4.3%, causing Shiba Inu to decrease in value. As I write this, the well-known meme coin is being traded at around $0.00002539.

Today’s rise was a peak of the 12% increase faced by SHIB since Tuesday.

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2024-11-28 11:52