Shiba Inu (SHIB) Burn Rate Skyrockets Nearly 70,000%: Will This Trigger A Long-Awaited Price Explosion?
2024年6月11日 - 12:00PM
NEWSBTC
In an unexpected turn of events, the Shiba Inu (SHIB) burn rate has
witnessed an ‘astronomical’ increase, propelling the metric by over
68,000% within 24 hours. This surge, captured by Shibburn, a
platform dedicated to tracking SHIB token burns, has sparked
significant attention within the cryptocurrency community. Related
Reading: Shiba Inu Price Could Skyrocket By 1,100%, Predicts
Analyst Unprecedented Surge In Shiba Inu Burns – Details Shibburn’s
latest data highlights a massive spike in SHIB burns, initiated by
a collective effort from the Shiba Inu community. Over the past
day, seven wallet addresses contributed to a burn of 7.6 million
SHIB tokens, dramatically escalating the burn rate to approximately
68,316%. Notably, three transactions from these addresses were
particularly significant, with one wallet identified as ‘0x60’,
burning roughly 4.3 million SHIB alone. This wallet, responsible
for the largest single transaction, also recorded another major
burn, bringing its total to over 5 million Shiba Inu burned in the
past day. The second wallet, identified as ‘0xc6,’ also contributed
notably, burning 1.5 million SHIB tokens just an hour ago, although
this was a smaller amount than the first. The substantial increase
in burned tokens has pushed the total number of Shiba Inu removed
from circulation to approximately 410.7 trillion, with the current
circulating supply at 589.2 trillion. The continuous removal of
Shiba Inu from circulation aims to create scarcity, potentially
driving up the price in the long term, although the immediate
effects on market price remain subdued. Market Challenges And
SHIB’s Vision For DeFi Despite the significant burn activity,
SHIB’s market price has not mirrored the enthusiasm in the burn
metrics. Over the last 24 hours, SHIB’s price has declined by 0.5%,
setting the price at $0.00002325. This decrease is part of a
broader downward trend, with SHIB experiencing a nearly 6% fall
over the past week. Amid these market activities, Lucie, the SHIB
team’s social media marketing lead, shared insights on Elon Musk’s
social media platform, X, earlier today about the potential for a
SHIB-based exchange-traded fund (ETF). She expressed concerns about
whether financial institutions would recognize the importance of
SHIB for future financial planning. Lucie hoped for a broader
understanding from major financial entities like BlackRock,
emphasizing the “unique value” SHIB brings to the market. She also
stressed the team’s commitment to their original vision and growth,
highlighting their efforts to build something meaningful for the
future of decentralized finance (DeFi). Related Reading: Shiba Inu
Open Interest Returns To February 2024 Levels, What Happened Last
Time? According to Lucie, their initiatives aim to “empower
individuals” across all levels of society, promoting freedom of
choice and inclusivity in financial participation. Concluding her
statement, Lucie rallied the community: “All Hail Shibarium.” How
is the Shib ETF? I honestly don’t know if institutions will
understand how important $SHIB is to people and their future
finances. I wish @BlackRock would understand the magic and power of
$SHIB, but let’s see how visionary they are. The most important
thing for us is to… pic.twitter.com/yI7hzQGLVo — 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO
(@LucieSHIB) June 10, 2024 Featured image created with DALL-E,
Chart from TradingView
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