As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the rapid evolution of the Shiba Inu community and their unique approach to token burn. The recent surge in SHIB burn rate is nothing short of astonishing, particularly when we consider that it has skyrocketed a mind-boggling 140,000% in just 24 hours! This level of community engagement is truly remarkable and underscores the power of meme culture in driving real-world outcomes.
As an analyst, I’ve observed a staggering surge in the burn rate of Shiba Inu‘s cryptocurrency ($SHIB), propelled primarily by the active members within its community. Over the past 24 hours, more than 100 million tokens have been transferred to an inactive wallet, contributing to this astronomical rise in burn rate – a figure that has skyrocketed nearly 140,000%!
Based on information from the Shiba Inu token burning tracker Shibburn, around 105,981,775 SHIB coins were destroyed in the last 24 hours. This significant increase in burning has boosted the daily burn rate by an astounding 137,411.87% and increased the weekly burn total to about 114.7 million SHIB tokens.
Over the last day, a total of 105,981,775 SHIB tokens have been destroyed through 3 separate transactions. To check the current total number of tokens burned, circulating supply, and additional information, please visit our site.— Shibburn (@shibburn) August 9, 2024
Shiba Inu possesses three uncontrolled addresses within the Ethereum network, similar to those utilized for various other digital tokens. These ‘burn’ addresses serve a unique purpose: when tokens are transferred to them, they essentially disappear from circulation, making them inaccessible and unusable.
According to CryptoGlobe’s latest report, large Shiba Inu coin (SHIB) holders known as “whales” are buying more SHIB, while the top 150 exchange wallets have been reducing their SHIB holdings significantly. Specifically, these exchange wallets have offloaded around 5.53 trillion SHIB tokens. On the other hand, non-exchange whales have been accumulating SHIB at a rate of approximately 6.57 trillion tokens over this period.
Typically, investors keep their cryptocurrencies, such as SHIB, on exchanges for quick trading purposes. A decrease in the amount stored on these exchanges might indicate a lower supply of SHIB that’s readily available for immediate selling.
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2024-08-10 03:29