Shiba Inu Sees 105% Burn Rate Spike and Price Surge
The Shiba Inu community continues its push to reduce the SHIB meme coin supply, achieving a 105% increase in the burn rate. The second-largest canine-themed cryptocurrency saw its price rise by nearly 8% in the same period. The Shibburn tracking platform reported that the SHIB community burned 1,877,749 coins in the last 24 hours. A single transfer accounted for 1,000,707 SHIB, significantly impacting the overall burn rate. Over the past year, the community eliminated a staggering 44.6 billion SHIB, worth just under $1 million. Despite these efforts, many SHIB enthusiasts remain skeptical. They argue that the burns are too small to significantly reduce the circulating supply within a year or two. Source: Shibburn Burn Efforts and Goals Token burns aim to reduce the total supply, increasing scarcity and potentially driving up the price. However, SHIB still has a long way to go. Only half of its initial quadrillion supply has been burned so far. In 2021, Ethereum co-founder Vitalik Buterin burned a massive portion of SHIB after receiving it from SHIB’s founder, Ryoshi. Related article: Shiba Inu Market Stability Amid 99.5% Whale Activity Decline Last December, SHIB fans sent 2.67 billion coins to dead-end blockchain wallets. While these efforts contribute to the burn initiative, the pace needs acceleration to make a noticeable difference soon. SHIB Price Sees Unexpected Growth In the last 24 hours, SHIB’s price surged by nearly 10%, climbing from $0.00002084 to $0.00002270. The meme coin mirrored Bitcoin’s performance, as BTC rose 3.81% since January 1, reaching $96,520. Related article: Shiba Inu on Edge: Can It Survive Below 67 Trillion SHIB Level? SHIB, like many cryptocurrencies, closely follows Bitcoin’s price movements. This connection underscores the broader market’s influence on SHIB’s performance. While SHIB’s community-driven burn efforts continue, the coin’s price remains tied to the volatility of the larger crypto market. With both burns and price spikes drawing attention, the SHIB community remains hopeful for long-term growth.
Shiba Inu Burn Rate Skyrockets by 319,571% – What’s Fueling the Surge?
The SHIB community has recently shown remarkable commitment to reducing the circulating supply of meme coins, with a massive surge in the SHIB burn rate. According to data from Shibburn, the burn rate has spiked by an astonishing 319,571.27%. Over the past 24 hours, a total of 35,713,674 Shiba Inu tokens were burned, permanently locking them in unspendable wallets. This significant burn activity indicates the community’s strong effort to enhance SHIB’s scarcity. Top SHIB Burns and Major Transfers Among the many burns, three large transfers stood out, each removing millions of SHIB from circulation. The biggest of these transfers included 15,546,918 SHIB, followed by 11,196,225 SHIB and 8,804,670 SHIB. The community continues efforts to reduce SHIB’s supply, aiming to boost its long-term value. Weekly burn data shows a 94.31% decline, though 138,987,010 SHIB were still burned, offering hope. Despite the drop, the community has burned a significant 138,987,010 SHIB over the past week. Related article: Shiba Inu (SHIB) Ranks High on MetaMask Despite Slowing Rally This decline contrasts with the efforts made on Monday, when an anonymous whale sent 20,035,968 SHIB to a dead wallet in a single transaction. Such moves continue to play a crucial role in reducing the overall circulating supply. SHIB’s Price Performance Amid Bitcoin’s Surge Meanwhile, Bitcoin has reached a new all-time high of $107,780, drawing attention in the crypto market. However, despite Bitcoin’s surge, SHIB’s correlation with BTC seems to have weakened. Related article: Shiba Inu Faces Mixed Signals: Rising Price but Declining Burn Rate SHIB, which had a solid recovery of over 22% last week, has since been struggling to break past the resistance at the $0.00002822 level. As of now, SHIB trades at $0.00002738, reflecting a slight 2% increase today but still following a downward trend from its recent highs. While SHIB’s price and burn activities show some volatility, the community’s dedication to reducing the token supply continues to grow, fostering hopes for future price improvements.
SHIB Burn Rate Surges as 20 Million Coins Removed from Supply
The SHIB community burned over 20,035,968 Shiba Inu (SHIB) coins in the past 24 hours, data from Shibburn reveals. Their collective efforts spiked the burn rate by 1,987% overnight. Despite this activity, SHIB’s price remained unaffected, even as Bitcoin surged to a record high of $106,488. Instead, SHIB’s value declined by nearly 4% within the same period. Two Major Transactions Lead the Burn Effort The total burn of 20 million SHIB was powered by two major transfers. The largest transaction destroyed 11,196,225 SHIB, while the second-largest burned 8,804,670 coins. These burns significantly contributed to the daily removal of tokens from the circulating supply, reinforcing the community’s ongoing commitment to increase SHIB’s scarcity. While daily burns saw a significant spike, the weekly burn data revealed a contrasting picture. Over the past week, SHIB’s burn rate plunged by 92.69%. Related article: SHIB Adoption Surges as Bitget Wallet Integrates Shibarium for 40M+ Users However, the total number of tokens burned during the week was still significantly higher than the 24-hour total, with 175,061,914 SHIB burned in the past seven days. This figure is nine times greater than the amount burned in the last 24 hours. SHIB Burn Progress Since Inception Since its launch, the SHIB community has successfully burned a massive 410.74 trillion SHIB from its initial supply of one quadrillion. This achievement is attributed to efforts from the SHIB community and support from Ethereum co-founder Vitalik Buterin, who contributed to early burns. Related article: SHIB Price Prediction: Analyst Forecasts 150% Rally to $0.000074 Currently, 584.02 trillion SHIB remain in circulation. Many SHIB holders continue to press the developer team to increase the burn rate, believing that a smaller supply will boost the token’s value. The goal for many in the community is to see SHIB’s price reach $1 per token. However, lead developer Shytoshi Kusama and the SHIB team have reiterated that burn speeds depend on Shibarium’s activity levels. As Shibarium’s utility increases, more gas fees are paid in BONE, and more SHIB tokens get burned as part of those fees. The SHIB community’s ongoing burn efforts aim to create a more scarce and valuable asset. While recent daily burn figures are impressive, weekly data indicates a slowdown. Nevertheless, with more community participation and increased utility on Shibarium, SHIB’s burn rate may accelerate, moving closer to the community’s ambitious $1 price target.
Shiba Inu Faces Mixed Signals: Rising Price but Declining Burn Rate
The cryptocurrency market is witnessing renewed growth, with the combined market cap rising 5.06% to $3.62 trillion. Shiba Inu (SHIB), the second-largest meme coin, is riding this upward trend. SHIB’s price increased by 7.05% in the last 24 hours, reaching $0.00002926, according to CoinMarketCap. However, while SHIB’s price shows promise, there’s a notable twist in its growth narrative. Disparity in Trading Volume and Burn Rate Data reveals a discrepancy between SHIB’s trading volume and its burn rate. On one hand, SHIB’s trading volume surged 7.6% to $1.46 billion. On the other hand, Shibburn’s data shows a significant drop in the burn rate, with only three million SHIB tokens burned in 24 hours. Related article: Shiba Inu (SHIB) Shows Signs of Recovery After Recent Price Dip This represents a steep 78% decline in the burn rate. Since the burn rate reflects the community’s long-term commitment to reducing supply, its slowdown could hinder SHIB’s rebound potential. A robust burn rate often sustains investor optimism, which, in turn, supports the token’s price momentum. Market Recovery Amid Whale Activity Shiba Inu’s overall market activity shows signs of recovery after a tough week marked by widespread sell-offs. Earlier panic selling, driven by SHIB whales, temporarily shook investor confidence. However, the gradual return of these whales is now driving renewed demand for SHIB. This shift is contributing to the broader price recovery in the market. Growing anticipation for upcoming product launches has further bolstered community engagement. Shytoshi Kusama’s messages on X (formerly Twitter) continue to inspire hope within the ShibArmy community, keeping investors optimistic. Related article: Shiba Inu Eyes Critical Resistance as Market Volume Declines Unlike traditional meme coins driven by hype, Shiba Inu’s ecosystem has evolved significantly. The launch of Shibarium, a layer-2 scaling solution, showcases SHIB’s progress toward offering real-world utility. Through products like staking and a more robust blockchain infrastructure, SHIB aims to establish itself as a serious player in the crypto space. With these innovations, SHIB seeks to achieve its next major milestone and drive further price surges. For now, investors remain watchful as trading activity and the burn rate continue to play pivotal roles in its future trajectory.
SHIB Burn Rate Skyrockets: Can It Boost the Price?
The Shiba Inu (SHIB) community has significantly increased the burn rate of the meme coin, as revealed by Shibburn, a data tracker. Over the past 24 hours, the burn rate has skyrocketed by over 2,500%, with 68,170,710 SHIB removed from circulation. This dramatic increase has sparked anticipation among the SHIB community, which is closely watching the coin’s price movements as it attempts to surpass the $0.000033 resistance level. Major Burn Transactions Drive Surge Most of the burned tokens were destroyed in two significant transactions. The largest burn recorded involved 53,423,510 SHIB, while another transaction saw 14,742,910 SHIB sent to dead wallets. These transactions collectively contributed to the noteworthy rise in the burn rate. Just two days earlier, Shibburn reported an even larger increase in SHIB burns. The burn rate soared by 144,045%, with 2,041,299,351 SHIB permanently removed from circulation. Related article: Shiba Inu Supply Shrinks as Whale Burns Boost SHIB Value Among these, 2,020,624,700 SHIB were burned in a single transaction by @Shibtoshi_SG, the founder of SquidGrow cryptocurrency. Over the past week, the community has managed to burn a total of 2,985,633,942 SHIB coins, showcasing its commitment to reducing the circulating supply. Price Movements Amid Burning Activity Despite the aggressive burning, SHIB’s price has struggled to maintain upward momentum. Over the last 24 hours, SHIB’s value declined by approximately 8.55%, dropping from $0.000033 to $0.000030. This followed a 24% surge earlier in the week, during which SHIB made a second attempt to break above the $0.000033 resistance. Related article: Shiba Inu Lead Clarifies Role in Hawk Tuah Airdrop Controversy The recent burn activities demonstrate the community’s dedication to supporting SHIB’s long-term growth. Although the current price stands at $0.00003014, the repeated efforts to surpass key resistance levels indicate optimism. Investors remain hopeful that these burns will reduce supply and positively impact SHIB’s price in the future. As the week progresses, SHIB enthusiasts continue to monitor both burning metrics and price movements closely, expecting the coin to gain upward momentum soon.
SHIB Burn Rate Soars: Massive 144,045% Spike Stuns Community
Shibburn tracker data reveals a dramatic spike in Shiba Inu’s burn rate over the last 24 hours. The SHIB community witnessed a staggering increase of 144,045%, marking a significant milestone not seen in recent months. In total, 2,041,299,351 SHIB tokens were sent to unspendable wallets, effectively reducing the circulating supply. Weekly Burn Rate Doubles The recent burn rate extended beyond daily metrics. Over the past seven days, the total burn reached an impressive 4,251,012,135 SHIB. This surge represents a weekly increase of 1,990.39%, highlighting the community’s intensified efforts. Many SHIB enthusiasts responded enthusiastically to these developments, sharing optimistic predictions and expressing bullish sentiments on social media. The SHIB development team recently rolled out a significant upgrade for the Heimdall and Bor hardforks, previously integrated this year. This latest update aligns with Ethereum’s Dencum fork, focusing on enhanced performance, security, and blockchain management within Shibarium. Related article: Shiba Inu Price Falls 13%: What’s Next for SHIB Investors? The team also introduced a new SHIB burn contract. While they withheld detailed specifics, the announcement promised a considerable reduction in the circulating supply, aiming to add value for SHIB holders. Price Surge Follows Burn Event Following the burn news, Shiba Inu’s price saw a notable increase. SHIB’s value jumped by over 10%, rising from $0.00002757 to $0.00003060 within 24 hours. This price movement aligns with the growing optimism surrounding SHIB’s future prospects. Related article: Shiba Inu Price Rebounds: Will It Sustain Momentum? Shytoshi Kusama, SHIB’s enigmatic founder, recently expressed ambitious plans to elevate Shiba Inu into the top five cryptocurrencies. He emphasized a commitment to this goal, despite a limited budget. Kusama’s statement came shortly before XRP’s surprising leap from seventh to third place in market capitalization, further fueling speculation and excitement within the community. These developments reflect the SHIB community’s determination to drive growth and create long-term value through strategic initiatives and community engagement.
SHIB Burns Surge Over 5,000%: Can It Fuel a Price Rebound?
The Shibburn tracker reported a major surge in SHIB coin burns over the past 24 hours. The community sent 61,468,595 SHIB tokens to “inferno” wallets, removing them from circulation. This effort pushed the burn rate up by an astonishing 5,154%. A single transaction of 48,266,929 SHIB, accounting for nearly 81% of the total burn, fueled this spike. The wallet responsible for this transfer remains unidentified, adding intrigue to the event. Following this, two smaller burns occurred, involving 6,008,171 and 3,938,558 SHIB, respectively. Altogether, these transactions highlight the SHIB community’s ongoing commitment to reducing the token’s supply. SHIB Price Struggles After Brief Surge Despite the burn, SHIB’s price attempted a rally but failed to sustain momentum. Initially, the token climbed by 7.5%, hitting $0.00002652. This marked a peak in a 12% increase since Tuesday. Related article: Shiba Inu Price Plummets: Can It Regain Bullish Momentum? However, SHIB soon dipped by 4.3%, falling to $0.00002539 at the time of writing. The price fluctuation underscores SHIB’s volatile nature despite community-driven supply reduction efforts. SHIB’s Lead Marketer Urges Patience Lucie, Shiba Inu’s marketing lead, addressed the community with a message of patience and perseverance. She discouraged pumping millions into projects or influencer campaigns, emphasizing organic growth. According to her, unless one is a crypto billionaire, the best strategy involves staying committed to long-term goals. Related article: Shiba Inu Price Rebounds: Will It Sustain Momentum? Lucie advised SHIB holders to “focus on doing what you love” and let projects grow naturally. She also cautioned against shady individuals profiting without adding value, urging the community to ignore negativity and continue building. The SHIB community’s dedication to burning tokens highlights its determination to impact the coin’s supply. However, price volatility remains a challenge. As the SHIB team pushes for long-term growth and discourages shortcuts, the community’s patience will likely play a key role in shaping the token’s future.
