Ramping Up the Shiba Inu Burn Rate
The Shiba Inu community has recently witnessed a significant uptick in the burn rate of SHIB tokens. This initiative, which aims to reduce the supply of the meme coin, has gained momentum in the past day, indicating a resurgence of interest among community members to burn more tokens.
Exploring the History of the Shiba Inu Burn Rate
The Shiba Inu burn initiative was launched over a year ago with the objective of tackling the massive supply of over 500 trillion SHIB tokens. This abundant supply has posed challenges to the coinโs value, making an ascent to $1 seem unattainable. To address this, community members started sending tokens to a burn address in a bid to enhance the tokenโs value.
- Steady burns ensued post-initiation, with some days experiencing billion-token incinerations due to increased participation
- Recent stagnant participation levels saw only modest token burns daily
- Current resurgence sees Shiba Inu holders intensifying their token burns, signaling renewed interest
Recent Surge in SHIB Token Burns
The latest data from the Shiba Inu burn tracking platform, Shibburn, indicates a notable surge in burned tokens over the past day. Approximately 40 million SHIB tokens were burnt, marking a substantial 2,076% increase in the burn rate compared to the previous day. This surge was driven by burns from eight wallets, with one wallet accounting for a significant 20 million token burn.
- 40 million SHIB tokens were burnt in the recent surge, representing over 2,000% increase in burn rate
- Multiple wallets contributed to the burn, with one wallet recording a substantial 20 million token incineration
- The weekly burn rate now stands at 446.9 million tokens, reflecting the communityโs intensified burning activities
Assessing the Total Burned SHIB Tokens
Despite the sustained Shiba Inu burn initiative spanning over a year, the amount of burnt tokens still falls short of the circulating supply. Notable burns include Ethereum founder Vitalik Buterinโs incineration of 40% of the supply sent to his wallet in 2021. Out of the total 999,982,361,420,479 SHIB supply, 410,726,050,797,386 tokens have been burnt, constituting roughly 41% of the total supply.
- 41% of the total SHIB supply has been burnt, leaving a substantial circulating supply and staked xSHIB tokens
- Sustained burning efforts may be required to achieve a meaningful impact on the supply and potentially aid in price recovery
Current SHIB Price and Market Cap Status
As of the latest update, the SHIB price stands at $0.000025 following an 8% decline in value over the last day. This dip has led to a decrease in the market cap to $14.77 billion, positioning SHIB as the 11th largest cryptocurrency based on market capitalization.
Hot Take: Increases in Shiba Inu Burn Rate Show Positive Signs โก๏ธ
Recent spikes in the Shiba Inu burn rate mark a positive development for the SHIB community, reflecting a renewed commitment to reducing the token supply. With intensified burning activities and increased community participation, there is hope for a meaningful impact on the circulating supply, potentially aiding in price recovery in the future.
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