Last week, the rate at which Shiba Inu tokens were being burned noticeably slowed down, mirroring the decrease in the coin’s value. Fewer tokens were destroyed daily, resulting in a significant drop in the burn rate. However, as the week comes to an end, there has been a shift in the trend, with the Shiba Inu burn rate experiencing a substantial increase. This surge was instigated by the project’s lead developer.
Shiba Inu Burn Rate Climbs 48,554%
Based on information from the Shiba Inu token burn monitor, Shibburn, there has been a significant rise in the quantity of SHIB coins transferred to the burn address. Over the past 24 hours, a grand total of 87.76 million tokens have been destroyed, resulting in an astounding 48,554.74% surge in the burn rate.
It’s intriguing to note that the entire supply of tokens burned originated from just two wallets. The first transaction took place on Wednesday and was initiated by the “0xb8001c3” wallet, transferring a sum of 61.9 million SHIB tokens to the burn. Approximately two hours later, the “0xa9d1e0” wallet made the second transaction, contributing 25.85 million SHIB tokens to the burning process.
On the previous day, just one transaction had resulted in the burning of 180,375 tokens within a 24-hour period, which was a small fraction compared to the significant difference that followed. As a result, the Shiba Inu’s burn rate experienced a dramatic decrease of approximately 99.6%, with only a tiny percentage of tokens being burned.
In the past week, Shibburn’s data indicates a decrease of 4.63% in the number of tokens burned, amounting to 275.57 million tokens. This weekly burn rate is still underperforming compared to the previous week, despite an uptick in burning activity over the last day.
What Triggered The Surge In The SHIB Burn Rate?
The causes for an increase in token burns can be diverse, such as enhanced public perception or actions taken by the Shiba Inu team itself. But this occasion seems different, as the recent surge appears to be driven more naturally, without any apparent external influences.
Reducing the supply of Shiba Inu tokens could lead to a surge in demand and subsequently, an increase in price. This might be good news for investors as it could indicate a shift in positive sentiment towards SHIB.
The price of SHIB is now experiencing a slight increase of 0.32%, following the completion of burn transactions. Nevertheless, due to Bitcoin‘s volatile nature and tendency towards decreasing trends, any potential recovery might not last long.
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2024-04-11 18:11