As an analyst with over two decades of experience in the cryptocurrency market, I must say that the recent surge in SHIB burns is indeed intriguing. The 320% spike in the burn rate within just two hours, as reported by Shibburn, is a significant development that could potentially have a positive impact on the coin’s long-term value.
The well-known Shibburn tracker system has been sharing news about an impressive surge in the rate of Shiba Inu (SHIB) tokens being destroyed or ‘burnt’ during the last two hours. This increase has propelled the burn rate’s indicator strongly into the ‘green zone’.
Over the past few days, I’ve noticed that the price of my Shiba Inu investment has been on a steady decline since it peaked at $0.00002140 on Saturday. It seems to be dipping even lower now.
SHIB burns show 320% spike
In the past day, the data source we’ve mentioned reported a significant increase in the Shiba Inu (SHIB) burn rate. Specifically, it rose to an impressive 320.33% within approximately two hours. This surge was primarily due to the community burning a total of 10,312,196 SHIB tokens over the last 24 hours.
Over the past two hours, approximately 6,942,069 SHIB meme coins were permanently removed from circulation in a single transaction, as they were locked into unspendable wallets. Additionally, another 3,316,000 SHIB were burned in the second largest transfer. To date, just four transactions involving the burning of SHIB have taken place.
As a researcher delving into the latest financial transactions, I can’t definitively identify who initiated the recent transfer of 6,942,069 SHIB to an inaccessible wallet. However, the comments under the related tweet on the Shibburn account seem to suggest that it might be the SHIB team, with some speculation pointing towards an automated burn on Shibarium as the method.
The innovation unveiled in January has taken over the task of burning SHIB tokens, a process that occurs when BONE tokens are transformed into Shiba Inu coins and subsequently transferred to inactive wallets.
SHIB metaverse update
On Sunday, Lucie revealed some updates to give everyone an idea of the progress with the SHIB metaverse. She emphasized that the team plans to debut Shib the Metaverse within a reasonable timeframe.
Lucie subtly indicated that all the recent discussions on Shiba State, forthcoming and ongoing initiatives like TREAT, a layer-3 solution, as well as projects that have been introduced such as Shiboshis and the SHIB Marketplace, will eventually merge in the Shiba Metaverse.
Lucie posted on Twitter that “the Shiba Inu (SHIB) system is preparing to advance to greater heights with its forthcoming metaverse.” She described this space as “the pulsating core of the SHIB community, where creativity, ideas, and teamwork flourish.” She suggested considering the metaverse as “the premier headquarters for SHIB holders,” a place where they won’t be confined by the real world but will have an entire virtual realm at their disposal.
Read More
- USD ZAR PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD PHP PREDICTION
- USD COP PREDICTION
- FLOW PREDICTION. FLOW cryptocurrency
- God of War Ragnarok Mod That Removed PSN Account Requirement Taken Down
- TOWER PREDICTION. TOWER cryptocurrency
2024-09-30 16:52