Shiba Inu Burn Rate Spikes by 2300%, 82 Million SHIB Burned

The Shiba Inu Burn initiative has been one of the most significant developments in the meme coin ecology. With over 549,063,278,876,302 SHIB in circulation, the overall goal is to restrict supply, create scarcity, and ultimately force a price increase.

Positively, February started out with respectable burn figures. Shiba Inu burn rate jumped by 10,000% this month as well. The burn rate, like its price, is nevertheless well known for its volatility.

Also read: Elon Musk’s Twitter Lays off 50 Employees Citing Cost Cuts

Despite the slumping burn rates over the last few days, the burn rate has spiked by 2353.4% in the last 24 hours.

Source: Shibburn

82.85 million SHIB sent to dead wallets

According to the details from Shibburn, the burn rate has skyrocketed in the last 24 hours, with 82.8 million SHIB sent to dead wallets. The majority of the burns happened in millions in over eight transactions.

One notable transaction was worth a whopping 63.8 million, which occurred 13 hours ago. For a very long period, the burn rate and the price of Shiba Inu may have been tied. The burn rate tends to increase when more SHIB are sent to dead wallets as the price of the meme coin increases.

Also read: Top 3 Cryptocurrencies to Watch This Week: VET, ETH, LINK

Source: CoinMarketCap

At press time, SHIB is trading at $0.00001279, with a 2.36% spike in value over the last 24 hours. There has also been a 19.7% spike in the 24-hour trading volume.

  • shib
  • shiba inu
  • Shiba Inu Burn

Comments

Post a Comment

Popular posts from this blog

BabyDoge: Number of Holders Surpass That of Shiba Inu

Image
Meme coins and dog tokens have become popular among investors. Many people have been drawn to the innovations and their immediate benefits. Dogecoin (DOGE) and Shiba Inu (SHIB) may have started the meme coin movement, but a few other coins have since gained popularity. BabyDoge has received a lot of attention recently as a result of recent developments. The team has been working tirelessly on the BabyDoge Swap mainnet launch, which was deployed on September 21, 2022. Even though all meme coins fall under one roof, there is a spirit of hidden competition between each of them. The battle between BabyDoge and Shiba Inu A new piece of information was shared by the Twitter account BabyDoge , which informs the meme coin community of the most recent developments, such as holder information. The most recent tweet states that BabyDoge has gathered over 11 new hodlers in the past 24 hours alone. In the past hour, #BABYDOGE has gained 11 new holders. Th...
Read more

Bitcoin can hit $40K before BTC price sees 'harsh correction' — analyst

Image
BTC price action heads lower on the day, but strength is still there beyond the short term, says Michaël van de Poppe. Bitcoin (BTC) faced selling pressure at the Feb. 21 Wall Street open as United States' stock markets opened down. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price skids lower with US stocks Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to daily lows of $24,324 on Bitstamp. Bearish signals were already in for the pair after it saw swift rejection during its latest attempt to flip $25,000 to support. Amid suspicions over whale movements on exchanges, monitoring resource Material Indicators concluded that the 200-week moving average (MA) at $25,100 needed to become support for Bitcoin to change its long-term trend. "IMO, until we see full candles above the 200 WMA this is still distribution in a bear market rally, and with the bid wall above $24k, shorting from this level has about as much short term risk as long...
Read more

Is LUNC Too Decentralized to Survive? Community Debates Need for a CEO

LUNC is ailing and unable to recover due to the absence of a leadership figure. Crypto analyst argues that fully decentralized blockchains do not succeed. Some members of the LUNC want Binance CEO to take charge of the network. According to experts in the crypto space, the Terra Luna Classic (LUNC) network is ailing and unable to recover due to the absence of a leadership figure in the space. More than once, the LUNC community has pondered bringing Changpeng Zhao (CZ), the CEO of Binance Exchange, to take charge of the LUNC affairs. In a recent YouTube video, prominent crypto analyst Classy Crypto weighed in on the idea of CZ leading LUNC. The crypto analyst first highlighted a recent proposal from the LUNC community about the need for someone to lead the network. Classy Crypto argued that it has been established over the years that fully de central ized blockchains do not succeed. He mentioned that successful networks such as Bitcoin (BTC), Ethereum (ETH...
Read more