ReportWire

Tag: shibarium

  • Meme Coin Blues: Nearly 70% Of Shiba Inu Investors Underwater

    Meme Coin Blues: Nearly 70% Of Shiba Inu Investors Underwater


    Shiba Inu (SHIB), often touted as the “Dogecoin killer,” finds itself at a critical juncture as it grapples with a recent downturn, inviting scrutiny into its stability and future prospects.

    Shibarium Surge Sparks Investor Optimism, Concerns Linger

    Despite some investors maintaining an optimistic outlook, buoyed by recent developments such as the surge in Shibarium, others harbor reservations about the token’s performance and distribution dynamics.

    The red signals flashing for SHIB investors are hard to ignore. A recent analysis by IntoTheBlock reveals that a substantial 67% of investors currently find themselves in the red, indicating that their investments are underwater.

    Source: IntoTheBlock

    This underlines the token’s struggle to gain traction in the prevailing market conditions. Over the past month, SHIB has experienced a 5.86% decline in price, coupled with a lackluster 0.78% decrease in the last 24 hours, currently trading at $0.000009039.

    Adding to the concerns, trading volume has dwindled by 10.03%, signaling diminishing interest and prompting investors to exercise caution. This wariness is further underscored by the fact that only 28% of SHIB investors are currently in profit, with an additional 6% breaking even.

    SHIBUSD currently trading at $0.00000896 on the daily chart: TradingView.com

    Wealth Accumulation, Another Challenge

    The accumulation of wealth within the Shiba Inu ecosystem poses another challenge. Nearly 80% of the total holdings are concentrated in the hands of a small group of large investors. This lopsided distribution raises legitimate concerns about market manipulation and heightened volatility, thereby increasing the risk for average investors.

    However, amidst the prevailing uncertainties, there exists a silver lining in the form of Shibarium. The project’s Layer-2 blockchain solution has witnessed a remarkable surge in activity.

    Source: Shibariumscan

    Within just three days, the number of new accounts on Shibarium skyrocketed by an astonishing 254%, reaching an impressive 63,162. This surge in network usage often foreshadows significant price fluctuations, providing a glimmer of hope for the future prospects of SHIB.

    As the token stands at a crossroads, its future hinges on several pivotal factors. Market sentiment, particularly towards meme coins, could play a decisive role in influencing the token’s price.

    Additionally, the success of any new initiatives or partnerships that enhance SHIB’s utility and adoption has the potential to attract fresh investors and elevate its overall valuation.

    SHIB investors are urged to tread carefully. While the recent performance and wealth concentration raise legitimate concerns, the surge in Shibarium activity suggests a potential avenue for growth.

    Featured image from Adobe Stock, chart from TradingView

    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

    Source link

  • Shiba Inu Burn Rate Spikes Over 2,700% Despite Market Slowdown

    Shiba Inu Burn Rate Spikes Over 2,700% Despite Market Slowdown

    Shiba Inu’s price action has been on a consolidation activity since the beginning of the week. However, the Shiba Inu community has ramped up SHIB burn activities in the past 24 hours, pushing the burn rate up by more than 2,700%. What this means is that SHIB holders have been sending large amounts of the meme coin to unrecoverable wallets, reducing the total supply amidst efforts to push the price up. 

    Shiba Inu Burn Rate Skyrockets In 24 Hours Amid SHIB Decline

    SHIB tokens are normally burned sporadically, and any investor can burn tokens by sending them to any of the three SHIB burn addresses. Members of the Shiba Inu team have increased sensitization efforts in recent months to increase the burn rate of community members. 

    According to information obtained from the official SHIB burn tracker, Shibbburn, the Shiba Inu burn wallets have witnessed an influx of burn transactions in the past day. These burns came in from four major transactions, with the highest being 13,140,241 SHIB tokens burned in one go from address “0xa034”. As a result, the SHIB burn rate spiked by a whopping 2,752% with more than 14.8 million SHIB incinerated in total. This is in stark contrast with the previous day’s figures which came out at around 2.5 million SHIB tokens sent to the burn addresses.

    The Shiba Inu team has been particularly active with SHIB burns, burning a total of 33.8 billion tokens in four transactions this month. In all these, the SHIB community has removed 410.69 trillion tokens from the initial SHIB token supply. At the time of writing, Shiba Inu’s circulating supply stands at 581 million tokens.

    SHIB market cap currently at $6.146 billion. Chart: TradingView.com

    SHIB Trades In Tight Range

    SHIB, on the other hand, has been trading inside a narrow price range for approximately a week now, with the upper resistance of $0.000011 and the support of $0.00001067 serving as the two main points of contention. There has been a relative lack of reaction to token burns this week, as the cryptocurrency is currently trading at $0.00001054, which is a decrease of 1.5% over the past seven days. According to data from IntoTheBlock, 37.26% of addresses are in profit at the current price, compared to 42% profitability last week.

    A larger 30-day timeframe shows SHIB has mostly reacted positively to the team’s large token burns. The second burn of 8.6 billion SHIB saw the crypto go on a strong spike lasting a few days which pushed its price to $0.00001165 on December 17. Despite the recent correction this week, the token is still holding on to 28.53% of its monthly gain. 

    Featured image from Freepik

    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.

    Scott Matherson

    Source link

  • Shibarium's Activity Surge: Wallet Growth And Elevated SHIB Burn Rate – Bullish Signal For Shiba Inu?

    Shibarium's Activity Surge: Wallet Growth And Elevated SHIB Burn Rate – Bullish Signal For Shiba Inu?

    Shibarium, the Layer-2 blockchain linked to the widely recognized meme coin Shiba Inu, is making notable strides. Recent data indicates a significant uptick in user engagement, marked by a substantial increase in both transactions and wallet growth.

    The Shibariumscan explorer reveals that daily transaction volume on Shibarium has reached roughly 7.84 million, reflecting a steady climb since the beginning of the month.

    Total number of transactions on Shibarium Blockchain. | Source: Shibariumscan

    This uptrend in activity has propelled the total transactions on the platform to 212 million, accompanied by the connection of over 1.3 million Shibarium wallets, signifying a growing network of users.

    Shibarium’s Dynamic December: Wallet Growth Meets Fluctuating User Activity

    Despite the notable growth in wallets, there has been a contrasting trend in active user numbers. While the account numbers have swelled in December, active user engagement experienced a downturn during the same period.

    However, a slight rebound in active users was observed on December 27, hinting at a potential revival in participation. Particularly, Shibarium’s active users surged from a low of 1,878 as of December 23 to an high of 2,802 on the 27th.

    This pattern of fluctuating user activity, juxtaposed with the consistent increase in wallet numbers, paints a complex picture of Shibarium’s current ecosystem dynamics.

    Alongside Shibarium’s transactional growth, the Shiba Inu community has intensified its efforts in token incineration, aiming to reduce the circulating supply of SHIB tokens and potentially boost their value.

    The burn tracker Shibburn reports a 17.59% increase in the daily burn rate, with 13.7 million SHIB tokens recently burned. So far, December has witnessed the burning of roughly 24 billion Shiba Inu tokens, underscoring the community’s commitment to reducing SHIB’s supply.

    Shiba Inu Burn Rate Surges Over The Past Day
    Shiba Inu Burn Rate Surges Over The Past Day. | Source: Shibburn

    This consistent burning strategy is central to the community’s long-term goal of fostering token value growth through supply reduction.

    Shiba Inu Market Resilience Amid Security Warnings

    Meanwhile, Shiba Inu has thrived to continue its month-long bullishness. Despite a 1% decline in the past week, the asset currently shows an upward trajectory increasing by 0.8% in the past 24 hours, with a market price of $0.00001047, at the time of writing.

    Shiba Inu (SHIB) price chart on TradingView
    Shiba Inu (SHIB) price is moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView.com

    In the midst of these developments, the ShibArmy Scam Alerts account on X has raised concerns about the prevalent issue of security in the crypto domain, particularly focusing on Shibarium. The account underscores the risks posed by fraudulent projects that exploit inexperienced investors through deceptive advertising.

    Emphasizing the importance of being well-informed, the ShibArmy Scam Alerts advises thorough research, including scrutinizing white papers, understanding the fundamentals of the asset, and verifying the authenticity of the development team.

    The account also suggests examining media coverage and ensuring active, genuine community engagement on platforms like Discord and Telegram. This comprehensive approach to due diligence is crucial for navigating the crypto space safely and avoiding falling prey to sophisticated scams.

    Featured image from Unspash, Chart from Tradingview

    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.

    Samuel Edyme

    Source link

  • Shiba Inu Just Spiked 12% Overnight – What Sparked The Rally?

    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.

    SHIB triggered a 12.5% increase in the last 24 hours. Source: Coingecko

    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.

    Shiba Inu currently trading at $0.0000108005 territory. Chart: TradingView.com

    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.

    SHIB circulating supply in green. Source: Shibburn

    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.

    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

    Source link

  • Shiba Inu Team Unveils Enhanced SHIB And BONE Burns, What This Means

    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. 

    Shiba Inu price chart from Tradingview.com

    SHIB price reclaims $0.00001 | Source: SHIBUSD on Tradingview.com

    Featured image from Crypto News, chart from Tradingview.com

    Scott Matherson

    Source link

  • Shiba Inu Whales Bet Big As Shibarium Grows, Road To $0.1?

    Shiba Inu Whales Bet Big As Shibarium Grows, Road To $0.1?

    Shibarium has had quite the adoption and growth since its launch. The layer-2 solution has grown in various metrics over the months, demonstrating strong momentum. Shibarium is closely approaching the 4 million milestone in total transactions. At the same time, whales are increasing their activities, as large transactions spiked in the past week. 

    Shibarium Nears 4 Million Transactions

    The momentum behind Shiba Inu’s own scaling solution is growing at an incredible pace. Shibarium has taken off and become the preferred method for SHIB whales and retail investors alike to buy and sell SHIB tokens.

    According to NOWNodes, Shibarium was one of the best-performing networks this month, as the blockchain node provider reached 66 million processed requests to Shibarium. In less than three months after its launch, the network is now approaching four million total transactions and shows no signs of slowing down.

    Data from Shibariumscan puts the total transaction count at the time of writing at 3.81 million, with a total of 1.51 million blocks mined. The number of daily transactions is also at 13,700 in the past 24 hours, and the number of wallet addresses has recently surpassed 1.26 million.

    At the same time, Shiba Inu whales have upped their activity. Data from IntoTheBlock has shown the Shiba Inu ecosystem saw a 45% jump in large transaction volume, which totaled $46.12 million as October came to a close.

    SHIB market cap currently at $4.839 billion. Chart: TradingView.com

    Road To $0.1 For Shiba Inu?

    Past news around Shibarium has always positively affected the price of SHIB. Each new milestone and benchmark reached in developing Shibarium generates excitement and drives up the price of SHIB. At the time of writing, SHIB is trading at $0.000008154 and only 22.14% of holders are currently making a profit.

    A cross over the four million milestone in Shibarium could lead to another hype in the Shiba Inu ecosystem, even if only temporarily. This could propel Shiba Inu past the current resistance of $0.0000082 and towards its August high of $0.00001072.

    As more SHIB holders discover the benefits of Shibarium, like lower fees and faster transaction speeds, the rate of adoption will only accelerate. At the same time, various developments have pointed towards sustained price growth for SHIB. 

    Shytoshi Kusama, SHIB’s lead developer, recently unveiled a naming service on Shibarium to convert complex Shibarium addresses into simple human-readable names. A $0.1 price point at this moment seems very unrealistic, but updates like this indicate a starting point for sustained price growth.   

    Featured image from Pexels

    Scott Matherson

    Source link

  • Shiba Inu Promising Developments Point Toward Sustained Price Growth

    Shiba Inu Promising Developments Point Toward Sustained Price Growth

    The layer-2 network Shibarium continues to make great strides, as recent happenings in the ecosystem suggest. These developments have also further reignited the bullish sentiments among many in the Shiba Inu community as they predict an upward momentum in the token’s trajectory. 

    Shibarium Standing Strong

    Shibarium has continued to make great strides since relaunching after its botched launch. The network recently launched its name service, which provides an easier and more seamless way for users on the network to transact. 

    The network also seems to be generating a lot of buzz and utility as the node provider NOW Nodes recently announced that Shibarium was one of the best-performing networks in their ecosystem in recent times. 

    According to them, they have processed over 66 million requests to Shibarium since launching shared access to the Shibarium RPC full nodes in September. Meanwhile, they also highlighted plans to bring Shibarium to “big exchanges and wallets.” 

    As part of these plans, the next step includes finding liquidity providers that will help these exchanges and wallets “fully integrate Shibarium.” One such exchange could be the Australian-based GroveX, which announced that they were in the process of integrating the network into their platform. 

    Meanwhile, on-chain activity on the network continues to rise. According to data from the network explorer Shibariumscan, the network is close to hitting the four million mark in terms of transactions processed. Shibarium is also currently seeing an average of 14,000 daily transactions. 

    From all indication, there is no doubt that the network’s team are putting in “true work,” as Shiba Inu’s lead developer, Shytoshi Kusama, once pinpointed it as what was needed if the community members were going to see a significant increase in SHIB’s price. 

    Shiba Inu is currently trading at $0.00000792 territory. Chart: TradingView.com

    Atomic Wallet Reportedly Adds Support For Shibarium 

    In a post shared on her X (formerly Twitter) platform, Shiba Inu’s marketing lead, Lucie mentioned that some token holders in the Shibarium community informed her that the decentralized wallet Atomic Wallet had allegedly added Shibarium to their platform. 

    However, this move is yet to be confirmed as the decentralized wallet hasn’t released any statement about such integration neither does Shibarium seem supported on the wallet as the time of writing.

    Back in January this year, Atomic had mentioned that they were going to support Shibarium upon the layer 2 network launching, but nothing has been said to that effect since then.

    If eventually confirmed, such news will undoubtedly be bullish for the ecosystem. Such a move could see Atomic’s 5 million plus registered users get onboarded into the network and further increase the demand for the ecosystem’s utility tokens. 

    Shiba Inu is currently trading at around $0.000007893, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

    Featured image from Shutterstock

    Scott Matherson

    Source link

  • Shiba Inu News: ShibaSwap And Pawzaar Unleash New Features

    Shiba Inu News: ShibaSwap And Pawzaar Unleash New Features

    In a significant development for the Shiba Inu community, the much-anticipated upgrades for ShibaSwap 2.0 have been teased with fresh details, and NFT marketplace Pawzaar has announced a new approach to SHIB burns that aims to bridge tokens from Shibarium back to Ethereum. Here’s the latest Shiba Inu news.

    New Features For ShibaSwap 2.0

    The Shiba Inu ecosystem is abuzz with anticipation as the marketing lead Lucie hinted at innovative features for the upcoming release of ShibaSwap 2.0. In a statement that caught the attention of crypto enthusiasts, Lucie said:

    Shibaswap 2.0 is more than just a regular DEX; it’s a complete portal experience. As for why it can’t be produced like other DEXs in week, it involves intricate development and features. Additionally, Shiba Name Service is one of our pioneering features. Next week coming another feature. #shibarium x BONE X SHIB

    Expected to revolutionize the decentralized exchange landscape, ShibaSwap 2.0 remains under development, with the specific launch date still shrouded in secrecy. Although speculative mentions of an October release have emerged (which turned out false), the team’s strategic silence on an official date underscores their cautionary approach to community expectations.

    Lucie’s previous comments in April brought to light that ShibaSwap 2.0 will not only facilitate token swaps but also serve as a crypto portal — a comprehensive platform offering news, statistics, charts, and trends. Alongside the informational gateway, the DEX will boast new designs that are yet to be unveiled. This level of development suggests a qualitative leap, aiming to enhance user engagement and provide value-added services within the Shiba Inu ecosystem.

    Pawzaar Implements New Approach To SHIB Burns

    Turning to the SHIB burn debate, Pawzaar, a burgeoning NFT platform on Shibarium, declared a key operational upgrade today:

    We have finished upgrading our platform! All SHIB burns now go to a wallet that will bridge the tokens from Shibarium to Ethereum. As addressed by Lucie, we have complied to the request for burns to take place on Ethereum. We will begin adding collections onto the platform!

    The platform is aligning with Lucie’s guidance, ensuring burns contribute to the SHIB’s total supply reduction on Ethereum’s Layer-1 network. The clarification came after Shib CoOp’s inaugural SHIB burn on Shibarium sparked a hotly discussed debate, emphasizing the need for a protocol that accurately impacts the SHIB supply. The community-driven burn tracker, Shibburn, laid out the technicalities, “If you burn a token like SHIB on an L2 chain, you are not actually burning the original token on the L1 chain.”

    Lucie further explained the burning process across both layers, emphasizing the necessity for burns to occur on the Ethereum network to affect the original SHIB token supply genuinely. She explained that Shibarium projects which wish to burn tokens, have to make sure to bridge the SHIB back to the Ethereum network and then send it to the dead wallet.

    Pawzaar’s implementation of this directive is a first on Shibarium and showcases their commitment to the community’s consensus on token burns. Remarkably, the NFT platform launched only on October 24 and saw a massive influx of users thanks to the SHIB Dreams collection. The high demand was too much for the node provider and prompted the Pawzaar team to stop minting new NFTs for a while.

    Recently, Pawzaar also announced: “We will be adding collections and providing details on the upcoming PAWPASS. Expect announcements of some upcoming partnerships and PAW (PAWZONE) utilities on the platform. Keep building Shibarium NFT creators and supporting SHIB burns collectors! The fun is about to begin.”

    At press time, Shiba Inu traded at $0.000008, just above the 20-week EMA (at $0.00000798).

    SHIB struggles with the 200-week EMA, 1-day chart | Source: SHIBUSD on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com

    Jake Simmons

    Source link

  • Shiba Inu Burn Rate Performance Plummet For The Month Of October | Bitcoinist.com

    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

    Source link