Published
8 months ago on
March 15, 2024
The cryptocurrency market has seen significant activity recently, with Bitcoin reaching another all-time high.
Similarly, the Shiba Inu (SHIB) cryptocurrency has been making efforts to reach a new historical peak.
Part of these efforts includes the SHIB community’s continuous attempt to burn SHIB meme coins, aiming to reduce their supply and increase scarcity.
Recent data from the Shibburn tracker indicates that millions of Shiba Inu coins have been burned, showcasing a remarkable surge in the burn rate of 430%.
According to this data, there has been a 429.78% increase in the rate at which SHIB coins are being destroyed, with a total of 15,155,141 meme coins sent to “inferno” wallets across nine transactions.
The most significant transaction moved 10,196,078 SHIB to an unspendable blockchain wallet, followed by smaller transactions moving 1,882,892 and 1,580,028 SHIB to dead-end addresses.
Although this spike in the burn rate is impressive, it’s important to note that the total amount of coins burned in these instances is less than the amount burned in other daily activities within the same week.
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For example, on March 12, a substantial 386,077,185 SHIB were burned, despite the burn rate only increasing by 29.22%.
The most notable burn event recently occurred on March 9, when the SHIB team itself undertook a massive burn of 13,610,153,841 SHIB.
This event was not limited to SHIB coins; it also included the burning of BONE and LEASH tokens, which are crucial to the Shibarium ecosystem.
These burns were facilitated by Shibarium’s layer-2 solution and the gas fees collected by the developers.
Despite the fluctuation in burn activities, SHIB’s price experienced a 7.80% increase within the last 24 hours, trading at $0.00003382 at the time of reporting.
This activity underscores the community’s dedication to influencing the coin’s value through strategic burns, aiming for a tighter supply and potentially higher prices.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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