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?

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  • 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

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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.

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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.

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Collin Brown
Collin Brown
Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.
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