As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the remarkable journey of Shiba Inu. The astronomical surge in its burn rate last month is indeed a noteworthy development. However, as someone who has seen the crypto market’s ups and downs like the rise and fall of a phoenix, I remain cautiously optimistic about this trend.
Last month, the Shiba Inu cryptocurrency, inspired by internet memes, experienced a significant increase in its monthly burn rate, jumping approximately 250% to approximately 2.4 billion tokens. Over the past 30 days, the price of this cryptocurrency climbed around 21.9%.
As an analyst, I’ve observed that approximately 2.38 billion SHIB tokens, equivalent to around $42,000, were incinerated throughout the month of September. This was accomplished across 131 distinct transactions. Notably, the majority of these tokens – nearly 2 billion – were torched on September 26th.
2,378,422,108 Shiba Inu tokens were permanently removed from circulation during the month of September through 131 separate transactions. #ShibaInu
— Shibburn (@shibburn) October 1, 2024
Over 410.73 trillion Shiba Inu coins have been eliminated from circulation since its meme-based launch, reducing the total possible tokens from 1 quadrillion. A significant number of these tokens were destroyed by Ethereum co-founder Vitalik Buterin after he received a substantial amount of SHIB coins.
The design of its burning process aims to decrease the total number of SHIB coins available, which could result in increased prices if demand stays constant or increases, given that the supply is reduced. This strategy incorporates both automated and manually triggered token burns.
According to recent findings by blockchain research firm Santiment, it was revealed that Shiba Inu’s investor base is experiencing a high degree of FUD (Fear, Uncertainty, and Doubt). Notably, the largest proportion of the funds are controlled by wallets containing over 1 billion SHIB.
According to Santiment’s analysis, the proportion of the meme-based cryptocurrency Shibaswap (SHIB) that is currently being held in wallets containing less than one billion SHIB is at its smallest point since November 2022.
According to the company, the social chatter about SHIB has been remarkably low since late July and it’s been gradually decreasing throughout the year. The sentiment towards this cryptocurrency leans slightly negative, with smaller individual investors pulling away from the asset at a rapid pace.
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2024-10-04 06:25