As a researcher with experience in the crypto market and Shiba Inu specifically, I’m keeping a close eye on the recent surge in the Shiba Inu burn rate. The 434% increase in the last 24 hours is an exciting development for the meme coin community. This trend follows the upward price movement of SHIB, which has gained over 1.69% in the last 24 hours and a weekly growth of 1.67%.
The pace at which Shiba Inu tokens are being burned has picked up significantly after a slow beginning to the week. In just the past day, the burn rate has spiked by over 400%, mirroring the upward trend in Shiba Inu’s market price as the cryptocurrency market experiences a robust rally.
Shiba Inu Sees 434% Spike In Burn Rate
As an analyst, I’ve observed a substantial increase in the number of tokens burned over the past few days compared to the beginning of the week, based on data from Shibburn, a reputable burn tracking platform. In the last 24 hours alone, there have been 18 separate transactions that have resulted in the destruction of approximately 14 million SHIB tokens.
The graph represents a significant jump of 434% compared to the previous day’s figure of 2.6 million. This marks a positive shift after a 67% decrease from Monday’s level. The surge in burn transactions is an encouraging sign for Shiba Inu investors, indicating their increasing engagement to lessen the circulating token supply.
As a researcher studying Ethereum network transactions, I’ve identified eight significant transfers over the past 24 hours that involved more than one million tokens each, all directed to the burn address. These large-scale transfers account for a substantial portion of the total tokens burned during this period. Smaller transactions were also observed but contributed less to the overall token burn volume.
As a crypto investor, I’ve noticed an uptick in the daily Shiba Inu (SHIB) token burn rate recently. However, the weekly burn rate hasn’t kept pace with this increase. According to Shibburn’s data, approximately 42.4 million SHIB tokens have been burned during this period. Yet, this number represents a stark 70.41% decrease from the previous week’s figure. The weekly burn rate seems to be falling short already. Nonetheless, I find it encouraging that SHIB tokens continue to move to the burn address, contributing positively to the ecosystem despite the smaller-than-expected weekly burns.
As an analyst, I’d present the Shiba Inu (SHIB) update in this manner:
TOKENS BURNT
Past 24Hrs: 13,982,741 (434.65% ▲)
Past 7 Days: 42,412,565 (-70.41% ▼)
— Shibburn (@shibburn) May 22, 2024
Can SHIB Burn Send Price To $0.0001?
The Shiba Inu token burn plan aims to boost the price of SHIB by decreasing the number of tokens available for circulation. With over 500 trillion SHIB in existence, this move becomes crucial as the vast supply puts a cap on its price growth potential. By lessening the amount in circulation, supporters aim to spark increased demand.
Despite the anticipation, the SHIB token burn hasn’t progressed as swiftly as projected. Two years have passed since its initiation, and it has not yet reached the milestone of 1 trillion tokens burned. For context, a total of approximately 410.7 trillion SHIB tokens have been burnt thus far. Among these, Vitalik Buterin, Ethereum’s founder, personally burnt around 410 trillion tokens in 2021. This leaves the community collectively responsible for burning roughly 700 billion tokens since the start of the burn mechanism.
As an analyst, I’d assess the situation by saying: The ongoing Shiba Inu burn rate seems insufficient for pushing the SHIB token price up to $0.0001 at this moment. Nevertheless, given the crypto market’s recent surge and Bitcoin approaching a new record high, there is a possibility that SHIB could still reach this milestone – representing approximately a 300% price increase relative to its current level.
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2024-05-22 23:11