23 February, 2024

Shiba Inu’s Burn Rate Skyrockets by 459% Following Massive Whale Movements

1 month ago

22 Feb, 2024

  • Shiba Inu’s burn rate soars dramatically, with a 146.26 million SHIB incineration recorded, signaling a proactive community effort.
  • A substantial whale transaction involving 4.27 trillion SHIB stirs market speculation, hinting at potential shifts in SHIB’s value.
  • AI predictions by Google Bard and ChatGPT offer speculative timelines for Shiba Inu reaching ambitious price milestones.

Shiba Inu, the renowned meme cryptocurrency, has recently witnessed a significant escalation in its token burn rate, according to data provided by Shibburn. An astonishing 459% increase was observed in the last 24 hours, leading to a staggering 146.26 million SHIB tokens incinerated on January 23. This event has captured the global crypto community’s attention and marks a pivotal moment in Shiba Inu’s tokenomics evolution.

The spike in the burn rate coincides with an immense transfer of SHIB tokens to a “dead wallet,” as Etherscan data indicates. This move is widely interpreted as a deliberate strategy by the Shiba Inu community to enhance the cryptocurrency’s market dynamics. The ShibDreamNFT collection has played a notable role in this development, reportedly contributing 100 million SHIB to the burn initiative. This action reflects a burgeoning trend within the Shiba Inu community aimed at improving the overall health and scarcity of the SHIB token.

The cumulative total of SHIB tokens removed from circulation now stands at a breathtaking 410.708 trillion. Despite this, the meme coin has not been immune to market pressures, continuing to experience a downward trend in its price. The Shiba Inu token trades at $0.000008745, marking a 4.04% decline over the past day. This downward trajectory is consistent over the past week and month, with 9% and 18% reductions, respectively.

A notable whale transaction has emerged in these developments, further stirring the crypto market. An enormous 4.27 trillion SHIB was reportedly transferred between anonymous wallets, as tracked by Whale Alert. This activity has led to various interpretations and speculations regarding the future of Shiba Inu.

Despite the bearish market sentiment, the Shiba Inu community remains optimistic, anticipating that the increased burn rate will eventually lead to an uptick in the token’s value. Moreover, the significant whale activity observed has heightened interest in the token’s on-chain dynamics, suggesting a potential shift in market trends in the near future.

Adding to the intrigue, AI chatbots Google Bard and ChatGPT have offered their projections on when Shiba Inu might reach certain price points. These include $0.0003, $0.003, and $0.03. Acknowledging the challenge of precise predictions in the volatile crypto market, Google Bard provides a speculative timeline based on historical data and current trends. 

It estimates that reaching $0.0003 could take about two years, while the $0.003 and $0.03 targets could take considerably longer, potentially spanning decades. ChatGPT offers a more concise outlook, suggesting that Shiba Inu hit $0.0003 in the next two years. According to its analysis, the $0.003 mark could be achievable within four to five years, and reaching $0.03 might take seven to ten years.