As a seasoned crypto investor with a penchant for meme coins and a soft spot for Shiba Inus, I must admit that the recent 24-hour burn data from Shibburn has left me scratching my head. The zero burn rate is unusual, but I’m hoping it’s just a temporary glitch in their tracking system. After all, I remember the days when a single transaction could cause a flurry of excitement and send the community into a frenzy.
Based on the Shibburn Meme Wallet Tracker, it appears that the Shiba Inu coin burning activity by the community has remained stagnant over the past 24 hours. The data indicates no Shiba Inu coins were burned, resulting in a -100% reading for this metric.
Zero SHIB destroyed in 24 hours
On October 23rd, over 27 million Shiba Inus were moved to non-spendable blockchain locations in just three transactions, significantly increasing the burn rate of Shiba Inu by an astonishing 6,750%. To date, no meme coin has been burned by the Shiba Inu community since then.
It appears that the most common theory is an issue with the Shibburn tracker, but occasionally, no burn data appears on it. Etherscan reveals that the latest burn transaction originated from the OKX exchange and transferred 385,991 SHIB to a wallet that leads nowhere.
As per Shibburn’s data, a collective effort by the Shiba Inu team and community has led to the destruction of approximately 410 trillion SHIB tokens. A significant portion of this, around 400 trillion, was burned by Ethereum co-founder Vitalik Buterin who received these meme coins from the enigmatic Shiba Inu founder Ryoshi in 2021. He then set most of it ablaze in May. The remaining SHIB tokens were transferred to an Indian crypto relief fund for combating the pandemic.
Approximately 583 billion SHIB tokens are currently in circulation, according to the official website. Recently, following a significant update, the Shiba Inu team implemented an automated burning mechanism for SHIB coins. This means that when users execute a specific number of transactions on Shibarium and save enough BONE from transaction fees, the BONE is instantly converted into Shiba Inu and transferred to “inferno” wallets. Once there, it is permanently locked away.
SHIB strives to recover after recent plunge
Yesterday, as a crypto investor, I noticed that Shiba Inu (SHIB), the second-largest meme cryptocurrency by market capitalization, attempted to bounce back with an over 3% rise. However, this gain was almost entirely erased today, as SHIB experienced a 1.59% drop instead.
From October 19th Saturday to October 23rd Wednesday, the well-known digital currency based on dogs experienced a drop of over 10%, moving down from $0.00001935 to $0.00001731 in value. At the moment, SHIB is being traded at approximately $0.00001765 per unit.
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2024-10-24 12:04