As a seasoned analyst with over two decades of experience in the financial markets, I find the recent developments surrounding Shiba Inn ($SHIB) quite intriguing. The surge in its weekly burn rate and the subsequent price rally are reminiscent of the meme-stock frenzy we witnessed in traditional equities last year.
Over the past week, the value of the meme-related digital currency Shiba Inn ($SHIB) has witnessed a significant surge in its weekly burn rate, exceeding 95% and reaching almost 3 billion SHIB tokens. This increase coincides with a general upswing in the cryptocurrency market, where the token’s value has risen by approximately 64% over the last month.
Based on Shiba Inu burn rate tracker Shibburn’s latest data, a total of 2.98 billion SHIB tokens were incinerated during the last seven days, marking a significant 95.55% increase compared to the previous period. Moreover, the daily burn rate skyrocketed an incredible 2,540% as a massive 68.1 million SHIB tokens were torched in just one day.
HOURLY SHIB UPDATE$SHIB Price: $0.00003187 (1hr 0.14% ▲ | 24hr 5.72% ▲ )
Market Cap: $18,770,613,239 (5.81% ▲)
Total Supply: 589,257,708,821,824TOKENS BURNT
Past 24Hrs: 68,170,710 (2542.67% ▲)
Past 7 Days: 2,985,633,942 (95.55% ▲)— Shibburn (@shibburn) December 6, 2024
Ever since the creation of the cryptocurrency inspired by memes, approximately 410.74 trillion tokens have been annihilated from an initial stock of 1 quadrillion. The majority of these tokens were eliminated when Ethereum co-founder Vitalik Buterin destroyed them, following his receipt of a significant amount of SHIB’s total supply.
The intention behind its functioning is to decrease the circulation of SHIB coins, thereby lowering the supply. This could result in an increase in price if demand stays constant or grows, assuming that the demand remains steady or increases. The approach incorporates both automatic and manual methods for burning tokens.
Since its initial launch, the scalability solution for the cryptocurrency inspired by memes, known as Shibarium, has continued to expand. Currently, it has facilitated more than 614 million transactions and accommodates over 1.99 million unique wallet addresses.
Based on information from Shibariumscan, the system is handling approximately 4.76 million transactions daily, with transaction costs typically less than a penny for users. Moreover, the typical block confirmation time remains around 5 seconds.
Over the past period, well-known cryptocurrency expert Bluntz Capital predicts that Shiba Inu (SHIB) may soon experience a significant upward trend, symbolized by a large “green” candlestick on its price chart, often referred to as a “God candle.
According to the analyst, retail investors might drive up the price of SHIB again as they re-invest in this “dinosaur coin,” which was popular among them during the massive Bitcoin bull run in 2021.
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2024-12-06 23:25