The Shiba Inu Community Witnessed an Impressive Spike in Token Burning
The Shiba Inu community recently experienced a significant moment as a record-breaking number of tokens were burned within a day. Shibburn, a burn tracking website, reported that the burn rate skyrocketed by 499,416%, with over 264.2 million tokens burned in the last 24 hours. This surge in burn rate surprised the community, especially considering that the previous day’s figures were only 2.7 million tokens.
Interestingly, the 2.7 million token burn on Sunday already indicated a 5,000% increase in the burn rate, hinting at renewed interest. However, what followed was even more astonishing. By Monday morning, approximately 264.2 million tokens had been burned, resulting in a staggering rise of 499,416%, making it one of the highest spikes in SHIB burn history.
A Single Transaction Contributed to the Massive Spike in Burn Rate
The surge in burn rate can be attributed to 13 transactions that sent tokens to a dead (burn) wallet. However, the most significant transaction occurred on Monday when a single transaction from Coinbase sent a staggering 261.4 million tokens to the burn address. This one transaction alone accounted for approximately 98% of all tokens burned so far and was responsible for the substantial spike in burn rate. Other transactions during this period involved less than one million tokens, with the highest being 777,777 SHIB burned in a single transaction.
Will This Spike Drive the SHIB Price to $0.1?
The purpose of the Shiba Inu community burn is to reduce the total supply of tokens in circulation and subsequently increase their value. While over 50% of the total SHIB supply has already been burned, there is still a long way to go. With more than 500 trillion tokens still in circulation, it would take decades at the current burn rate to reach a point where the price could realistically reach $0.1. However, this does not rule out the possibility of price increases for this digital asset.
The Shiba Inu community remains highly optimistic, boasting one of the strongest communities in the market. During a bull market, it is expected that the price will once again reach its all-time high of $0.00008, which would represent a 10x increase from its current price.
Hot Take: The Shiba Inu Community Witnesses Historic Spike in Token Burning
The recent surge in token burning within the Shiba Inu community has garnered significant attention. With a staggering increase in burn rate by 499,416%, over 264.2 million tokens were burned within just one day. This unexpected spike can be attributed to a single transaction that sent 261.4 million tokens to the burn address, accounting for nearly 98% of all tokens burned so far.
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