HomeNewsUp in Smoke: Shiba Inu's Burn Rate Zooms 821% - Will It...

Up in Smoke: Shiba Inu’s Burn Rate Zooms 821% – Will It Blaze SHIB Price to $0.0001?

- Advertisement -
  • SHIB’s burn rate experiences a colossal 821% surge in the last 24 hours.
  • Three primary wallets contribute significantly to this token incineration.

SHIB Ignites: A Deep Dive into the Surging Burn Rate

In a whirlwind 24-hour span, Shiba Inu, the renowned meme token deeply rooted in the Shibarium network, experienced a burn rate that can only be described as astronomical. Based on meticulous data extracted from Shibburn.com, a staggering 79 million SHIB tokens were reduced to ashes by varied investors. What’s riveting is that this magnitude of token incineration can be primarily attributed to a mere three wallets.

Leading the charge was wallet 0x7d0c490. In a recent transaction, just moments before the penning of this report, this wallet eradicated about 1,660,008 SHIB tokens. This isn’t an isolated event; the same wallet has a track record of burning tokens with previous counts being 657k SHIB and a significant 4.8 million SHIB. Aggregating these figures, this wallet alone is responsible for the obliteration of approximately 7 million SHIB. Meanwhile, another player in the ecosystem, wallet 0x009bb72, has wiped out roughly 695.6K SHIB tokens in the same timeframe.

Dominant Burner: Wallet 0x4be2b2c4

However, the token burning crown indisputably goes to wallet 0x4be2b2c4. During this phase, this wallet erased not less than 71 million SHIB. Breaking down this massive number, there were about 14 distinct burn transactions, with the single most substantial burn being a whopping 21.2 million SHIB. To add to this, substantial burns of 8 million and 6 million tokens were also recorded. It’s worth highlighting that this wallet has showcased a voracious appetite for token burning, decimating hundreds of millions of SHIB just in the preceding week.

What makes this rise in burn rate genuinely intriguing is its timing. At a juncture when SHIB’s burn rates were showing signs of dwindling, this spike emerged somewhat unexpectedly. And this hasn’t gone unnoticed in the market. SHIB‘s price dynamics, in light of this burn rate crescendo, have experienced fluctuations. Specifically, within this 24-hour span, SHIB’s price trajectory went from $0.000007565 to $0.00000769, marking an ascent of approximately 1.5%. It’s evident that these recent token incinerations have played their part in steering these slight price shifts.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Marcel Knobloch
Marcel Knobloch
Marcel is the managing partner of ETHNews and is also known as Collin Brown in the crypto community. He is a seasoned Bitcoin investor who entered the crypto scene during its early stages and has since become a veteran trader in both the cryptocurrency and forex markets. His journey began in 2012 when he made his first investment in Bitcoin, marking the beginning of his deep-rooted passion for blockchain technology and digital assets. With a mission to demystify the intricacies of blockchain for the masses, Marcel endeavors to bring the world of cryptocurrencies closer to everyone. His insightful reports are dedicated to shedding light on the latest developments and innovations within the realms of Bitcoin, Ethereum, Ripple (XRP), IOTA, VeChain, Cardano, Hedera, and numerous other cryptocurrencies. Marcel's in-depth analysis and commitment to providing accessible information make him a trusted source for both novice and experienced crypto enthusiasts. Marcel's academic background includes a Master's Degree in Business Education, which has equipped him with a solid foundation in financial markets and investment strategies. Over the past decade, he has amassed invaluable experience working with various startups across the globe, enriching his knowledge and understanding of the ever-evolving cryptocurrency landscape. With his wealth of expertise and dedication to empowering others with crypto knowledge, Marcel continues to be a driving force in the cryptocurrency community. Business Email: marcel.knobloch@hotmail.com Phone: +49 160 92211628