As a researcher with a background in cryptocurrencies and blockchain technology, I find the recent surge in Shiba Inu’s (SHIB) burn rate to be an intriguing development. The fact that millions of SHIB tokens have been burned in the last 24 hours represents a significant increase of 347%, according to the latest data from Shibburn. This comes at a time when the broader cryptocurrency market is experiencing fluctuations, with Shiba Inu seeing a 1.58% rise in the last 24 hours to $0.00001661.
Over the past 24 hours, there’s been a significant increase of 347% in the number of Shiba Inu tokens (SHIB) being destroyed or “burned” from circulation. Approximately millions of tokens have been eliminated from the total supply.
Based on current figures, the Shiba Inu token’s daily destruction rate has surged by a significant 347%. Approximately large quantities of SHIB coins are now being transferred to inactive wallets, where they remain unused and unreachable.
In the latest hourly report from Shibburn’s X handle, it is indicated that approximately 27.76 million tokens have been destroyed over the past 24 hours. This represents a significant increase of 347.32% compared to the previous daily burn rate.
As a researcher studying Shib token dynamics, I’d interpret the hourly update as follows:
— Shibburn (@shibburn) July 10, 2024
The increased rate at which Shiba Inu tokens are being destroyed coincides with market instability in the broader cryptocurrency sector. Shiba Inu, like many other cryptocurrencies, is not exempt from these fluctuations. Currently, SHIB has risen by 1.58% within the last 24 hours to reach a price of $0.00001661.
Shiba Inu has seen a notable increase in value since bouncing back from its low of $0.0000126 on July 5. Over the past six trading days, Shiba Inu has recorded five green days, with today’s session bringing intraday highs of $0.00001688.
Anticipation builds in Shiba Inu community
The excitement among Shiba Inu community members is mounting in the wake of Shytoshi Kusama’s latest declaration.
The Shiba Inu team is preparing for the impending rollout of the TREAT token. According to a recent post on r/ShibInu, the Shiba Inu head announced, “Our community houses multiple tokens such as Shib, Bone, Leash, and soon-to-be-revealed TREAT. Each token serves distinct functions and governance roles. In contrast to Leash, which emphasizes exclusivity, or Bone, which concentrates on technology, TREAT acts as the key to unlocking our system’s advanced features.”
The Shiba Inu team leader unveiled plans for the international “Treat Yourself” tour. Kicking off at the IVS in Kyoto, this tour includes notable stops like the Blockchain Futurist Conference in Toronto. It all builds up to the much-anticipated ShibaCon 2024 in Bangkok.
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2024-07-10 16:16