29 February, 2024

Rising SHIB Burn Rate Sparks Optimism as Price Makes a Comeback

4 weeks ago

26 Feb, 2024

  • SHIB’s 660% token burn spike correlates with a remarkable price recovery, reflecting community dedication.
  • Unidentified whale burns 111M SHIB, leaving Shiba Inu enthusiasts speculating about its impact.
  • Shiba Inu embraces automated token burns on Puppynet, signaling a shift towards enhanced efficiency.

The Shiba Inu (SHIB) community has witnessed a significant surge in the burn rate of its tokens. According to the Shibburn dead-wallet transaction tracker, an impressive total of 115,766,995 SHIB tokens found their way to oblivion in the last 24 hours through four distinct transactions. This activity marks a substantial increase, propelling the burn rate up by a staggering 660.52%.

Moreover, this uptick in token destruction coincides with a notable recovery in the SHIB price. After a period of downturn, the cryptocurrency’s value has made a commendable comeback. This positive shift in market dynamics follows closely on the heels of a revealing tweet from a Shiba Inu team member. The tweet hinted at the developers’ dedication to fulfilling Ryoshi’s vision for SHIB and Shibarium by year-end.

Additionally, the largest of these burn transactions, involving 111,669,458 SHIB, came from an unidentified whale. Shibburn’s efforts to pinpoint the source remained fruitless. This marks the second consecutive day of increased burn activity. Just the day before, the rate had already jumped by 219%.

Significantly, SHIB’s team announced a groundbreaking shift towards automated token burns, transitioning from manual methods. They are currently piloting this innovative system on the Shibarium testnet, known as Puppynet.

Furthermore, the transition of Puppynet from the Ethereum network’s Goerli to Sepolia is underway. This move aims to enhance transaction speeds and reduce costs, among other improvements. Consequently, the SHIB community remains abuzz with excitement. These developments promise to bolster the ecosystem’s efficiency and appeal. As of the latest update, Shiba Inu is trading at $0.000009049 reflecting a 1.88% growth in the last 24 hours.

Hence, the Shiba Inu cryptocurrency continues to evolve. It is not just a meme coin but a project with serious technological undertakings. The recent increase in the SHIB burn rate and the accompanying price rally underscore the community’s commitment to the coin’s long-term viability. As the year progresses, all eyes will be on the implementation of Ryoshi’s plans and the anticipated impacts on SHIB’s market performance.



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