Tag: shib burn

Shiba Inu Burn Rate Surges Over 1,400%, As Price Recovers

Shiba Inu, an Ethereum-based meme coin, is presently in the limelight as its burn initiative has witnessed a significant surge in its token burn rate in the past day, suggesting increased engagement from the community.

Shiba Inu Daily Burn Rate Skyrockets

Data from Shibburn reveals that the last 24 hours have seen a notable spike in the Shiba Inu burn rate. The tracker reported that the burn rate has recorded a massive 1,411% increase today, January 30.

According to the platform, over 61 million SHIB tokens have been incinerated in the last 24 hours. The increase in burn rate coincides with a recent rally in the price of Shiba Inu.

Shibburn shows that the present rise in burn rate was caused by two large burn transactions. It was discovered that the two transactions destroyed a total of 48.9 million SHIB in less than one hour.

The first transaction orchestrated by the wallet address 0x85a860003705c56…7eb2f4bcc7 witnessed about 21 million SHIB being destroyed. Meanwhile, the second transaction carried out by another wallet address 0x85a860003705c56…7eb2f4bcc7 saw over 27 million SHIB tokens being burned.

The Shiba Inu burn rate might have been up in the past day, but in the past week, the rate appears to have been down. From the hourly SHIB burn update on X (formerly Twitter), the rate is down by over 48% in the past week. Furthermore, the report noted that over 113.42 million Shiba Inu tokens have been destroyed in the past seven days.

Even though tokens have been burned virtually every day for more than a year now, the burn rate has not made a crater in the supply that is in circulation. So far, Shiba Inu has burned over 410.70 trillion SHIB since the initiative was introduced.

Currently, the overall supply in circulation is about 581.29 trillion SHIB. This indicates more work to be done by the SHIB community before the incineration has a weighty effect.

SHIB Prices Recovers Amid Burn Rate Rise

Shiba Inu price, as of today, appears to have recovered from a lengthy bearish trend it has been struggling with. However, there is no solid proof that the rise in burn rate had any impact on the crypto asset’s recent rally.

As of the time of writing, the price of Shiba Inu was sitting at $0.000009254, indicating a 2.24% rise in the past 24 hours. CoinMarketCap reveals that its market cap and trading volume are up by 2.19% and 45.16% in the past day.

Furthermore, the digital asset is now ranked 17th overall in terms of market cap due to its recent price recovery. With the recovery, SHIB has attracted attention from investors and sparked fresh sentiments over possible long-term growth.

SHIB trading at $0.00000927 on the 1D chart | Source: SHIBUSDT on Tradingview.com

Featured image from iStock, chart by Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Godspower Owie

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January 30, 2024
Shiba Inu Just Spiked 12% Overnight – What Sparked The Rally?
People who are interested in investing in cryptocurrencies are shifting their attention to possible chances in the market as the holiday season draws near. As a noteworthy option for seasonal gains, Shiba Inu (SHIB) has a distinctive combination of appeal, volatility, and prospective returns.

Lead developer of Shiba Inu, Shytoshi Kusama, recently provided insight into the meme coin’s endeavors as it progresses in the cryptocurrency space.

Kusama Unveils Shiba Inu Community’s Ingenuity

Kusama, a well-known figure in the cryptocurrency sector, provided some new perspective into the remarkable efforts made by the Shiba Inu community to improve the token’s complex economics through an engaging series of social media posts.

The thriving and dynamic community that supports SHIB has shown an unwavering dedication to increasing the Shiba Inu token’s overall value and utility.

Through his posts, Kusama revealed a patchwork of projects that aim to strengthen the Shiba Inu ecosystem, from creative staking techniques to decentralized apps (DApps).

The focus on community involvement in tokenomics development demonstrated a shared goal of establishing Shiba Inu as a strong and long-term digital asset.
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SHIB triggered a 12.5% increase in the last 24 hours. Source: Coingecko
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At the time of writing, SHIB was trading at $0.000010, making a surprise increase of 13% in the last 24 hours, and sustaining a 9% gain in the last seven days, data from Coingecko shows.

The announcement by the Shiba Inu (SHIB) community to burn billions of tokens in the near future clearly had a good effect on the meme coin’s price today. Kusama’s emphasis on this action marks a substantial transition for SHIB from its meme-centric beginnings to a global standard in the cryptocurrency and blockchain space.
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Shiba Inu currently trading at $0.0000108005 territory. Chart: TradingView.com
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Interest in SHIB is growing because of the upcoming token burn, which could enhance the community’s dedication to guiding SHIB’s development and raise its perceived value.

The administrator of the Shiba Inu Discord channel, who goes by the handle DaVinci, took to Telegram’s “Shibarium Tech” channel to make a significant statement to the Shiba Inu community.

He gave the SHIB army’s expectation that the 25 billion SHIB on Shibarium would burn earlier this week some context.

Here’s the update on the $SHIB burns from the @Shibariumtech TG pic.twitter.com/7dU1gGsy9v

— Digarch.shib | Shibarium is live (@Digarch) December 15, 2023
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SHIB circulating supply in green. Source: Shibburn
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He said that SHIB burns might occur at any time and that the SHIB crew is hard at work planning them. As “everything has to happen in the correct way,” he advised the people to “take it easy.”

SHIB Burns Surge

Three unique addresses are used to compute burns: tokens transferred to the Genesis address, which lowers the supply, and two dead wallets with no accessible keys.

The SHIB burn rate has increased significantly by 10.07% in the last 24 hours, destroying 1.18 million coins, as of this writing.

Source: Shibburn

The SHIB developers moved an incredible 8 billion SHIB to a dead-end blockchain address earlier this month. Regarding the current SHIB burning, only 1,184,166 SHIB were destroyed in the last day.

⚡️TOP #MEME Tokens by Social Activity $SHIB $DOGE $PEPE $FLOKI $BONK $QUACK #BABYDOGE $TSUKA $VINU $YOOSHI pic.twitter.com/v2n5qMXsxk

— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) December 12, 2023

Meanwhile, SHIB has taken the top spot on the list of meme coins with the highest level of social activity, according to recent research from Crypto Dep.

The information, which comes from the reliable social intelligence site Lunar Crush, highlights how dominant Shiba Inu is in comparison to other well-known meme-based cryptocurrencies like DOGE, FLOKI, and PEPE.

Featured image form Shutterstock

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Christian Encila

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December 16, 2023
Shiba Inu Vs LUNC Burn: Which One Has Had A Better Impact?
Both the Shiba Inu and the LUNC tokens have seen their growth hindered by the fact that their circulating supply is incredibly large. As a way to curb this, both communities have come up with a burn initiative to reduce the supply of the tokens as much as possible. So far, there have been significant amounts of tokens sent to burn addresses by members of the community. But which community’s effort has had the best impact on the token price?

LUNC Community Hits 85 Billion Mark

The LUNC community burn has gained a lot of traction since it began around a year ago. Every week, millions of tokens are being taken out of circulation in an effort to reduce its over 5.8 trillion supply. This has resulted in tens of billions of tokens being burned so far.

According to the LUNC Metrics website, the community has been able to hit the 85 billion tokens burned milestone. This was hit after over 1.7 billion tokens were burned by the community in a single-week timeframe, bringing the total all-time token burned to approximately 85 billion.

On the back of this milestone, the prices of LUNC and USTC have begun to rally once more, suggesting a correlation between the burn and the price performance. Not only the Terra Classic ecosystem tokens are rallying but also the rebranded LUNA token has been on the rise.

The LUNC burn initiative has seen a lot of support from the Binance exchange which continues to burn fees generated from the altcoin’s trading activity. Burning has also extended to the USTC token which sees thousands of coins burned daily.
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SHIB bulls show strength | Source: SHIBUSD on Tradingview.com
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Shiba Inu Burn Sees 2875% Explosion

Compared to the LUNC burn, the Shiba Inu community burn has had more impact on the price. Unlike LUNC, around 45% of the total token supply has been burned. Most of this can be attributed to Ethereum founder Vitalik Buterin who received half of the SHIB token supply in 2021. Buterin eventually burned the majority of the tokens after donating some of it to a COVID relief fund.

The community has, however, not relented in its efforts to reduce the supply. Last week, the burn rate saw one of the most significant spikes after rising over 7.6 million percent in a 24-hour period. This increased burn momentum has continued into the new week with Sunday’s figures coming in over 152 million tokens burned.

This 152 million figure saw the SHIB burn rate rise another 2875%, data from Shibburn shows, starting the week off on a high note. The majority of the burned tokens came from a single wallet which incinerated 107.6 million tokens in a single transaction.

However, unlike LUNC, the spike in the SHIB burn rate hasn’t seemed to have affected the price much with the token trading at near breakeven for the same time period.

Featured image from Analytics Insight, chart from Tradingview.com
Scott Matherson

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December 11, 2023
Shiba Inu Team Unveils Enhanced SHIB And BONE Burns, What This Means
Shibarium’s burning mechanism has been in the limelight of late, especially with the recent record of over 8 billion Shiba Inu tokens burnt in a single day. This burning mechanism seems to have undergone an update, which could further enhance its performance.

Shibarium Undergoes Swift Hard Fork

A screenshot containing a discord message from DaVinci (a member of the Shiba Inu development team) surfaced online recently. In the message, DaVinci mentioned that Shibarium would undergo a hard fork at Block 1962000. That suggests that the upgrade already took place as there are already over 2 million blocks on the layer-2 network at the time of writing.

Meanwhile, the main purpose of this hard fork is to enhance the network’s burning mechanism. This will enable support for multiple burn tokens, with BONE and SHIB (the governance tokens of Shibarium) being the main focus. DaVinci also mentioned to node providers that a Genesis update would be required since it was a hard fork.

Further Clarification On What The Hard Fork Entails For Shiba Inu

Shibarium had earlier provided clarification of what this new era of the network entails. A blog post published on the Shibarium site mentioned that Shibarium’s burning mechanism will initially be manually managed as part of this upgrade. This is to ensure alignment with the network’s health and sustainability. In this phase, the burn process will be managed by the official deployer.

Once that is done, Shibarium will apparently transition to an automated system starting in January. As part of this transition, Shibarium is expected to witness further upgrades in a bid to “enhance efficiency and reliability.” According to the network, the automated burn process “will operate based on predefined rules,” although it didn’t provide further details on this.

Node provider NOWNodes noted in a blog post that this upgrade will also facilitate mass adoption for Shibarium. That could explain why there is a need to enhance the burning mechanism as part of the upgrade. Considering that there is a correlation between the transaction volume and token burns, Shibarium needs to be well prepared to handle the number of tokens that need to be burnt following a potential increase in transaction count.

The layer-2 network is currently flying high as the total transaction count on it continues to skyrocket. According to data from the Shibarium Explorer, the total transactions on the network stand at over 58 million at the time of writing. Shibarium has surpassed the milestones of 5 million, 10 million, 20 million, and 35 million mark in just about a week.
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SHIB price reclaims $0.00001 | Source: SHIBUSD on Tradingview.com
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Featured image from Crypto News, chart from Tradingview.com
Scott Matherson

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December 8, 2023
Shiba Inu Burn Rate Rises Rapidly In One Week, What’s Been Driving It?
The rise in the Shiba Inu burn rate has no doubt been one of the most notable developments in the community. At the start of the week, the burn rate rose over 7,000,000% after more than 8 billion tokens were burned in a 24-hour period. This trend has not slowed down either given that the burn figures have continued to rise daily.

Shiba Inu Burn Surge Continues

Earlier in the week when the Shiba Inu burn saw one of its highest daily spikes, the total number of tokens burned had come out to just over 8 billion. At the time, this was a significant figure given that the burn rate had been slowing down over the last year. However, there has been a steady rise in the number of SHIB tokens that are being burned lately, which raises the question of what is driving the burn.

After a dip in the burn rate following the 8 billion daily burn, the community is back at it again and their zeal has been rewarded once more. On Thursday, the burn tracker Shibburn reported that the 24-hour figure had crossed 10 million once again. This shows a steady recovery from Wednesday’s figures which had tanked significantly.
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Source: Shibburn
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As Shibburn data shows, the 10.34 million SHIB that were burned in the last 24 hours amounts to an 803.4% increase in the burn rate compared to the previous day. The majority of the burns have, however, come from a single wallet address. The address sent a little over 10.2 million SHIB to the burn address.

This recent spike in the BURN rate has also added to the total amount burned on a weekly basis. The figure comes out to 8.497 billion, which is a 1,969.72% increase from the previous week’s figures.
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SHIB bulls struggle to maintain control | Source: SHIBUSD on Tradingview.com
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What Is Driving The SHIB Burn?

The most significant burn for the week was the 8.2 billion burn, most of which came from a single address. This address was the ShibaSwap deployer wallet, which meant that the SHIB team was the one burning the tokens.

The spike in the burn rate coincides with the increased usage of the Shiba Inu layer 2 blockchain Shibarium, which marked multiple milestones this week. As the usage has risen and more fees were collected on the network, the amount of SHIB to be burned rose drastically.

Daily transactions on Shibarium have consistently come out above 7 million this week, bringing the total transactions on the network above 51 million. If this continues, then the burn rate could continue to rise as more usage of the L2 means more fees being burned.
Best Owie

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December 7, 2023
Shiba Inu Community Project Calls Out Founders For Refusing To Burn 103 Trillion SHIB
Shiba Inu (SHIB) burn tracker, Shibburn, has called out the creator of the meme coin, who goes by the pseudonym “Ryoshi”. The community project seemed to suggest that Ryoshi wasn’t acting in the best interest of the SHIB ecosystem.

How “Ryoshi” Has Hampered SHIB’s Burn Rate

In a series of posts on their X (formerly Twitter) platform, Shibburn alleged that the founders of the token haven’t always been honest in their dealings. Specifically, the platform suggested that the founders have forestalled the token’s burn rate by refusing to burn over 103 trillion SHIB. This particular allegation stemmed from their statement about Ryoshi’s SHIB holdings.

Shibburn mentioned that Ryoshi lied about how much SHIB they held. They stated how the SHIB founder had, in their own words, claimed to hold “0 SHIB” as doing otherwise could bring about a conflict of interest. Meanwhile, that turned out to be a lie, as Ryoshi apparently holds over $1 billion worth of SHIB.

The founders have apparently gone to great lengths to hide their holdings as they keep moving them across separate wallets. In doing so, Shibburn believes that they have impeded the ecosystem’s growth as some of these tokens are meant to be burnt. Shibburn went as far as alleging that Ryoshi didn’t care about SHIB’s development and was only out for themselves.

Shiba Inu Founders Only Out To Enrich Themselves

As part of the shocking revelations, Shibburn mentioned that Ryoshi may not be who many think of them as. Instead, they are said to be a “group of greedy investors” who are just looking to profit off the community. To achieve this, SHIB is said to be their “golden goose,” which they use as a means to enrich themselves.

Besides Ryoshi, SHIB’s lead developer, Shytoshi Kusama, was also caught up in the mix. Shibburn accused the developer of not being a “real dev” and suggested that Shytoshi was also out to make profits off the community. One instance that they alluded to was how the developers allegedly rewarded themselves with a “large amount of $BONE” when ShibaSwap was created.

Shibburn hinted that was the reason why BONE was made a gas token for Shibarium, possibly in a bid to increase the token’s utility and make it more valuable. Shytoshi has yet to respond to these allegations neither has anything been posted on the official announcements blog, where the developers are known to give regular updates.

Shiba Inu also seems unfazed by these allegations. At the time of writing, the meme coin is trading at around $0.000008189, up in the last 24 hours, according to data from CoinMarketCap.
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SHIB price stalls as bulls vie for control | Source: SHIBUSD on Tradingview.com
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Featured image from Coins.ph, chart from Tradingview.com
Scott Matherson

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November 24, 2023
Shiba Inu Burn Rate Performance Plummet For The Month Of October | Bitcoinist.com

According to records from Shibburn, it appears that Shiba Inu‘s burn rate for the month of October saw a significant decline in the total number of Shiba Inu tokens that were destroyed in comparison to the total number that was destroyed in September.

Shiba Inu’s Burn Rate Fell Significantly

Shibburn has revealed that the Shiba Inu community burnt approximately 1,461,135,923 (1.46 billion) SHIB tokens from circulation in October. The record was revealed on October 28, when a whopping 250 million SHIB were sent to an address that was deemed inaccessible.

The 1,461,135,923 (1.46 billion) SHIB tokens that were destroyed by the Shiba Inu community were carried out in 753 distinct transactions.

The post read:

1,461,135,923 $SHIB tokens have been burned in October with 753 transactions.

However, it may seem the number of SHIB tokens eradicated in the previous month is huge, but it indicates a decrease of 37.12% in its burn rate performance compared to September.

Shiba Inu is currently traded at $0.0000079 | Source: SHIBUSDT on Tradingview.com

The platform’s burn rate might indicate a decline in community engagement in the SHIB burn. In September, its marketing specialist Lucie once told the community in September that SHIB burns are a collective effort from both the community and devs since it is based on transaction activity and real engagement from within the platform.

According to the monthly burn records, the total number of SHIB tokens burnt in September was approximately 2,323,834,085 (2.32 billion) SHIB tokens. This whopping number of SHIB tokens burnt was carried out in 426 discrete transactions.

Community Reactions On SHIB Burn Rate

So far, the crypto community has not been impressed by Shiba Inu’s burn rate performance for a while now. Some users have expressed their displeasure and disappointment with the burn rate.

In response to the October monthly burn rate post, a certain X (formerly Twitter) user expressed his disappointment in the platform’s current burn rate speed. According to the user, it will take approximately 100 years to burn 1,462,000,000,000 (1.4 trillion) SHIB tokens, whereas the current circulating supply of SHIB is 589,000,000,000,000 (589 trillion).

Related Reading: Shiba Inu Team Member Explains The Importance Of These Latest SHIB Updates

He further added that SHIB holders are likely not to survive to see the price and laugh about it in the future.

“At this speed, you can burn 1,462,000,000,000 in 100 years, but the number of coins is 589,000,000,000,000. In the future, the holder probably won’t live to see the price and laugh,” the user stated.

Another user also pointed at the platform’s hesitation to make a move, due to PEPE destroying over 4 trillion tokens in just one day, while Shiba Inu is destroying 1.4 billion in a month.

Nonetheless, the program’s successful completion is thought to be a bullish element that could fuel a rise in the price of SHIB. According to CoinGecko, SHIB has increased by about 5% over the past seven days and 12% over the past two weeks.

Featured image from CryptoGlobe, chart from Tradingview.com

Godspower Owie

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November 2, 2023