Shiba Inu’s Burn Rate Plummets While Prices Surge: A Detailed Update
Shibburn, a well-known Shiba Inu portfolio tracker, has recently provided an update on one of Shiba Inu’s key metrics: the burn rate. The report reveals a significant decline in SHIB’s burn rates, pushing them deep into the red zone.
While the burn rate drops, the price of SHIB, the second-largest meme cryptocurrency by market capitalization, is performing quite the opposite, showcasing an impressive surge.
SHIB Burn Rate Declines
The latest data shows a notable decrease in SHIB’s burn rate, with only a small amount of the meme coin, precisely 1,144,911 SHIB, being transferred to unspendable blockchain wallets. It’s important to note that the burns tracked by Shibburn are solely the result of efforts from the SHIB community. These consist of individual investors and entrepreneurs who voluntarily choose to lock up their SHIB forever. As a result, the daily burn rates often vary, ranging from extremely low amounts to impressively high figures, sometimes reaching tens of millions of Shiba Inu. So far, there have been only two transactions, totaling 944,911 and 200,000 SHIB, sent to dead addresses.
To date, a cumulative total of 410,727,769,591,999 SHIB has been burned. The vast majority of this amount was destroyed in a single transaction by Ethereum co-founder Vitalik Buterin in 2021. At that time, Buterin received half of SHIB’s quadrillion supply from Shiba Inu’s mysterious founder, Ryoshi. Buterin later admitted that he did not believe in SHIB’s potential and did not want to influence its price in any way, leading him to burn hundreds of trillions of SHIB tokens. Currently, there are 583,385,250,186,054 SHIB tokens circulating in the cryptocurrency market.
Shiba Inu Prices Surge
Over the past 24 hours, SHIB, the popular meme-inspired cryptocurrency, has seen a substantial increase of 5.42%, climbing from $0.00001596 to $0.00001682. This rise follows a more than 8% drop that Shiba Inu experienced on Thursday. The recent surge in Shiba Inu’s price is attributed to a 5.26% increase in Bitcoin, the world’s leading cryptocurrency, which recovered from $67,380 after dipping below $64,000 the previous day.
Adding to the excitement, Lucy, an official from SHIB’s marketing team, announced an upcoming major update for the Web 3 game, which will now feature player tournaments. This news has generated significant enthusiasm among the SHIB Army.
Read more Exciting Web3 Upgrade for Shiba Inu Game Announced
Further good news came on Thursday, as SHIB’s official marketing executive announced a major update to the game, adding to the wave of positive developments for the Shiba Inu community.
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