Massive Spike in SHIB Token Burns
Data from Shibburn, the burn tracker on Shiba Inu’s ecosystem, shows a significant increase of 779,000% in the number of SHIB tokens burnt in the past 24 hours. This could potentially set a new record for the most tokens burned in a day. Over 8 billion SHIB tokens have recently been transferred to inactive wallets, indicating a large burn event.
Over 8.6 Billion Tokens Burned In 24 Hours
Burning SHIB tokens has become an important aspect of the Shiba Inu ecosystem, as investors believe it can lead to price spikes. Any investor can burn these tokens, permanently removing them from circulation and decreasing the supply of SHIB. In the past day, 8.62 billion SHIB were burned, with the majority being transferred to a dead wallet in a single transaction. This burn was carried out by the Shiba Inu team.
Shiba Inu Team’s Commitment to Burns
The recent burn event is the second of its kind conducted by the Shiba Inu team. Lucie, Shiba Inu’s marketing lead, announced that more burn events will take place in the future. On December 4th, over 8 billion SHIB tokens were burned from accumulated network fees on Shibarium. Developers have pledged to use around 70% of these fees for SHIB burns.
Shytoshi Kusama’s Hints at Future Burns
Shytoshi Kusama, Shiba Inu’s lead developer, has hinted at upcoming burns that could remove SHIB worth over $1.2 million from circulation. Kusama believes that as SHIB adoption continues to grow in 2023, more burns will occur. However, impactful burns require worldwide adoption from leaders in the decentralized web industry and the community.
Shiba Inu’s Price Movement
In the past 24 hours, SHIB experienced a 10% price spike, reaching its highest point in four months. Currently trading at $0.00001072, the recent burn events have had little impact on SHIB’s total supply of 589 trillion tokens. While the Shiba Inu ecosystem has grown significantly, there is still room for price growth, with standard burns expected to play a crucial role.
Hot Take: Shiba Inu Burns Tokens at an Unprecedented Rate
Shiba Inu’s burn events have reached new heights, with a massive spike in the number of SHIB tokens burned in just 24 hours. This highlights the commitment of the Shiba Inu team to decrease token supply and potentially drive price spikes. With billions of SHIB tokens already burned and future burn events planned, investors are eagerly watching for further developments in the Shiba Inu ecosystem.
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