As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I must admit that the recent surge in Shiba Inu (SHIB) burn rate has piqued my interest. With millions of tokens being burned in a single day, it’s hard not to be impressed by this significant increase. However, as we all know too well in the crypto world, price action can be unpredictable and influenced by various factors.
Over the past day, the rate at which Shiba Inu tokens (SHIB) are being destroyed or “burned” has skyrocketed by a staggering 28,145%. This means that a significant number of SHIB tokens, estimated in millions, have been transferred to wallets that can no longer be accessed.
As per the SHIB Burn Mechanism, over the last 24 hours, a grand sum of 96,434,994 SHIB coins were destroyed in just two separate transactions. This burning process has resulted in an impressive surge of 28,145.27%.
During Thursday’s market activity, Shiba Inu prices significantly climbed, peaking at $0.00001455, mirroring the surge in the burn rate. This early market response suggests a positive outlook on the burn rate rise. However, this momentum was brief, as the price slightly dipped. As of now, Shiba Inu is being traded at $0.00001411, marking a 0.42% decrease in the past 24 hours.
Over the last day, a grand total of 96,434,994 Shiba Inu tokens have been destroyed, along with 2 separate transactions. For details on the current number of burned Shiba Inu tokens, the circulating supply, and other insights, head over to their official platform.
— Shibburn (@shibburn) August 30, 2024
The minor step back indicates that although the rising burn rate was a favorable sign, the market might require additional triggers or confirmation of continued bullish trends for SHIB. Despite the increase in the burn rate seemingly boosting SHIB’s price, this retracement suggests that other market dynamics are also impacting SHIB’s price fluctuations.
After three straight days of decrease, Shiba Inu started to regain momentum from its low of $0.00001338 on August 27th. This recovery lasted for two days before the bulls met resistance. Currently, the price of Shiba Inu is in a struggle as it navigates through profit-taking in the market.
Shiba Inu launches developer portal
Recently, Shiba Inu unveiled their Developer Hub, a significant step aimed at rewarding their developer community. This hub serves as a platform for both Web3 and traditional Web2 developers, offering them the necessary resources to expedite the creation of dApps on Shibarium.
In simpler terms, the Shiba Inu network is constantly changing, and recent updates have drawn significant attention towards LEASH, a cryptocurrency often referred to as the “Doge Killer,” because of its association with the Shiba Inu community.
This week, it was disclosed by Shiba Inu leader Shytoshi Kusama that LEASH will be pivotal in the forthcoming Shiba State. Holders of LEASH are to serve as vital moderators and safeguarders within the system, thus making LEASH a focal point in the expanding governance framework of Shiba Inu.
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2024-08-30 15:25