As a researcher with a background in blockchain and cryptocurrencies, I find the recent surge in SHIB burns to be an intriguing development. The massive increase in the burn rate, despite a decline in the SHIB price, is a clear indication of the community’s commitment to reducing the circulating supply of SHIB tokens.
As a researcher studying the SHIB community and tracking platform, I’ve recently observed an extraordinary increase in the SHIB burn rate within the past 24 hours. According to Shibburn, a staggering number of over ten million SHIB tokens have been destroyed during this timeframe, resulting in a five-digit reading on the burn rate metric.
As a researcher, I’ve noticed an unexpected surge in the Shibburn rate, which is the rate at which SHIB tokens are being burned or removed from circulation. This development occurred even though there was a significant 15% drop in the SHIB market price since the previous morning.
SHIB burns skyrocket
The SHIB community has moved an impressive amount of SHIB tokens, specifically 12,047,795 coins, into unreachable wallets on the blockchain. This significant transfer has substantially increased the SHIB burn rate, leading to a remarkable surge of 12,842.37% as detailed in the latest report.
In the past 24 hours, there have been a total of seven burn transactions. The first one occurred exactly 24 hours ago, while the most recent one took place three hours ago. Among these transactions, three large ones stand out, accounting for approximately all the 12.8 million SHIB tokens. These transfers moved 5,072,279, 5,078,720, and 1,000,000 SHIB to wallets labeled as “inferno.” Notably, the first two significant transactions originated from a single unidentified wallet.
On Monday, this metric showed a plunge of more than 62% with less than 100,000 SHIB burned overall.
SHIB bearish market performance
Over the last day, the second largest meme cryptocurrency in terms of market value, Shiba Inu, has experienced a significant drop. The price has fallen by approximately 15.77%, going from $0.00002096 to $0.00001765.
On the hourly chart, a vast red candle represented the majority of this dip, causing SHIB to drop by approximately 7.77%. Following this significant decline, SHIB experienced a minor recovery and gained around 3%, reaching the $0.00001825 mark once more.
SHIB insider shares Shytoshi Kusama’s message
According to U.Today’s report, on Monday, Lucie, a representative for the SHIB team, relayed a message from their mysterious leader, Shytoshi Kusama. In this communication, he expressed optimism about the collaborative efforts between the SHIB team and its users, as well as those developing on Shibarium.
According to Kusama’s declaration, once the moat was constructed to safeguard the castle, efforts have since shifted towards building the castle itself. In simpler terms, after securing protection with a moat, they are now focusing on constructing the castle. Regarding Lucie’s update, she disclosed that the SHIB team is actively pursuing collaborations with notable figures in the crypto industry.
“There is so much more to come,” Lucie unveiled.
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2024-06-18 11:53