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Shiba Inu (SHIB) experienced a 7.85% price drop, but burn rate surged 4,822%, as the community incinerated 44,302,985 SHIB in…
The post Shiba Inu Burn Rate Soars 4822% Despite WazirX Hack, Will Price Rebound? first appeared on The Crypto Basic.
The Shiba Inu (SHIB) burn rate is again under the radar following a drastic decline in the number of tokens burned. This development is significant considering the impact that these token burns are known to have on the meme coin. Shiba Inu Burn Rate Crashes By Over 99% Data from the burn tracking website Shibburn shows that Shiba Inus burn rate has declined by 99.44% in the last 24 hours. Only 120,888 Shiba Inu tokens have been burned during this period, which is way low compared to the over 21 million tokens that were burned the previous day. Related Reading: Bitcoin Gets Massive $500,000 Price Tag From Billionaire, Heres Why The instability in the number of Shiba Inu tokens burned daily continues to be a problem for the meme coins ecosystem. This issue is believed to be mainly due to the significant drop in the number of daily transactions on the Shibarium network. The layer-2 network is known to have contributed largely to the 76 billion Shiba Inu tokens that were burned last year. However, Shibarium hasnt had much impact on these token burns since the start of the year with its daily transactions dropping from millions recorded last year to just a few thousand transactions as of late. This development has hindered the network from deploying a part of the transaction fees earned to Shiba Inu burns like it did last year. Meanwhile, while Shiba Inus burn rate has dropped by over 99%, a positive takeaway is that it has increased by almost 15% in the last seven days. This is undoubtedly a welcome development that members of the Shiba Inu community will be glad about. However, the focus remains on sustaining this trend, given the positive impact it could have on Shiba Inus price, especially heading into the latter stages of the bull run. SHIB Price Remains Unaffected Shiba Inus price is currently on an upward trend despite the decline in the burn rate. Data from CoinMarketCap shows that the meme coin is up over 8% in the last 24 hours. Shiba Inus trading volume is also up by over 7% in the last 24 hours, signaling investors bullish sentiment towards the meme coin. Related Reading: Dogecoin Social Sentiment Turns Bearish And Drops To March Levels, What This Means For Price On-chain metrics also paint a bullish picture for the meme coin. Data from the market intelligence platform IntoTheBlock shows that Shiba Inu whales have been accumulating the meme coin in the last few days. Specifically, on-chain analytics platform SpotOnChain revealed a whale that just recently acquired 149.3 SHIB tokens Meanwhile, the Shiba Inu ecosystem has experienced notable network growth, suggesting that new crypto investors are rotating their capital to the meme coin. Shiba Inu will likely continue to record an increased demand, with meme coins projected as one of the leading narratives in this bull run. Featured image created with Dall.E, chart from Tradingview.com
Shiba Inu ecosystem team member and marketing lead Lucie has emphasized the importance of community effort in bolstering SHIB burns.…
The post Shiba Inu Team Says SHIB Lead Has No keys to Burn SHIB, as Any Token Burnt Needed To be Purchased first appeared on The Crypto Basic.
The Shiba Inu burn rate has seen another daily increase, which is a welcome development for the community. However, the figures being burned paint another picture, especially when it comes to participation from Shiba Inu holders in the SHIB burning initiative. Shiba Inu Burn Rate Rises 81% The Shiba Inu daily burn rate saw a [...]
The post Shiba Inu Burn Rate Sees 81% Daily Increase, But Why Is Participation Low? appeared first on Crypto Breaking News.
Blaze Token burned over 3.60 billion SHIB in the past 24 hours and 11.55 billion monthly. Blaze Token has once again grabbed the spotlight with its recent announcement that it has set fire to another 3,601,495,249 (3.60B) SHIB, worth $31,621, in a record-breaking transaction executed about three hours ago. This marks the most significant SHIB […]
The post New Project Burns 3.60 Billion Shiba Inu, 11B in Total first appeared on The Crypto Basic.
Shiba Inu Community Removed 94.58 Million SHIB from Circulation in 24 Hours, Newly-Launched Project Cryptiq Token Leads the Charge. Shiba Inu Community has permanently removed 94,588,560 (94.58 million) SHIB from circulation in the past 24 hours. The feat is achieved through thirty-eight individual transactions. In the past 24 hours, there have been a total of […]
The post New Project Burns 78M Shiba Inu, Total 24H SHIB Burn Surpasses 94M first appeared on The Crypto Basic.
Over 2.73 Billion Shiba Inu (SHIB) burned in the past week. MARSWAP (MSWAP) and Blaze Token emerge as the top SHIB burners of the week. Shiba Inu’s witnessed a decline in its burn rate over the past week as the Community burned 2.73 Billion SHIB. In a recent report, Shibburn.com revealed that the Shiba Inu […]
The post Shiba Inu Community Sets Fire to Over 2.7B SHIB in a Week first appeared on The Crypto Basic.
Shiba Inu’s burn rate skyrockets as the Coinbase-associated wallet burned 200.58 million in a single transaction. The Shiba Inu Community has collectively managed to remove a total of 231,886,112 (231.88M) SHIB from circulation forever in the past 24 hours. This remarkable feat was achieved through eight separate transactions, as revealed by Shibburn data. In the […]
The post Two Wallets Burn Over 231M Shiba Inu in One Day first appeared on The Crypto Basic.
Shiba Inu (SHIB) Tokens Go Up in Smoke as Community Burns Over 814.90 Million in 24-hour Frenzy. The Shiba Inu Community has taken a big step towards reducing the circulating supply of SHIB tokens by burning a staggering 814,901,863 (814.90M) SHIB in seven transactions within the last 24 hours. In the past 24 hours, there […]
The post Shiba Inu Community On Fire Burns 814M SHIB in a Day first appeared on The Crypto Basic.
Shiba Inu (SHIB), also known as “the Dogecoin killer,” is facing difficulties maintaining its position in a challenging market environment.
Shiba Inu has a price goal of $0.001, and some key players have championed burns as a major driving factor; but how efficient are burns in this journey? Shiba Inu (SHIB) has displayed tremendous momentum over the past week. However, the $0.001 objective remains an ambitious target. Key players have noted token burns as one […]
The post How Can Burns Help Shiba Inu Hit $0.001? first appeared on The Crypto Basic.
The never-ending memecoin season, which was started by the leading meme coin Shiba Inu (SHIB), didn’t fail to treat the
Buterin $7B SHIB Burn Among Largest On-chain Transactions Ever. The transaction occurred in May 2021 and involved the majority of Shiba Inu tokens given to Buterin as a gift. Vitalik Buterin’s unprecedented Shiba Inu burn of $7 billion worth of assets is now regarded as one of the most significant on-chain transactions ever. The Ethereum […]
The post Coinbase Director Says Buterin 410T Shiba Inu Burn is Largest On-chain Transaction Ever first appeared on The Crypto Basic.
SHIB Burn, the well-known Shiba Inu (SHIB) decentralized token-burning initiative, is gearing up for the much-anticipated debut of its new
Over 40.87 million Shiba Inu (SHIB) burned in the past 24 hours, 14.62 million by a single wallet. Shiba Inu witnesses a sharp decline in burn rate as over 40.87 million SHIB tokens go up in flames. Coinbase-associated wallet emerges as the top SHIB burner of the day. Shibburn.com data reveals that the Shiba Inu […]
The post 41 Million Shiba Inu Burned in a Day first appeared on The Crypto Basic.
Shiba Inu burn tracker clarifies misconceptions about token burns’ impact on Shiba Inu price, emphasizing demand and uniform investments as key price drivers. In a recent tweet, Shibburn, a Shiba Inu burn tracker that automates transactions, raised a crucial point concerning token burns and their impact on Shiba Inu price movement. To clear up misconceptions […]
The post Shibburn Clarifies Why Shiba Inu Burns Do Not Affect SHIB Price first appeared on The Crypto Basic.
Shiba Inu (SHIB) is the second largest meme coin and has a special feature compared to Dogecoin: token burns. Hardly any other topic is discussed more frequently in the SHIB community (besides Shibarium) and causes confusion in the process. Everywhere you can read: “Billions of SHIB burned, this is what happens to the price”. But hardly anyone emphasizes that SHIB Burns basically have no significant impact on the price, at least not with the current volumes. Also, because the total circulating supply of SHIB of 589,346,914,631,298.1 SHIB is gigantic, large numbers can quickly create a mirage. The SHIB burn tracker, the most popular service for monitoring SHIB burns, has stepped forward to address the misconceptions and shed light on the factors driving SHIB’s price movements. SHIB Burns X Shiba Inu Price The expert emphasizes the essential role of demand and uniform investments in shaping SHIB’s price, rather than relying solely on token burns. Burning a substantial number of tokens, while seemingly impactful, cannot significantly influence the price without continuous and substantial token purchases to match the current buying rate. As the analyst puts it, “Burning 10 billion tokens in a week will not impact the price when there are far larger transfers being purchased daily and prices have just sustained.” Related Reading: How Did Shiba Inu Price React To 3 Trillion SHIB Investor Accumulation? The crux of SHIB’s price dynamics lies in the fundamental economic principles of supply and demand. Token burning can contribute to scarcity and reduced supply, but it is demand that imparts value to the token. As the burn tracker aptly notes, “A token can burn 90% of their supply, but if there’s no demand for that token, then it holds no value.” In other words, burning alone cannot enhance SHIB’s value; rather, it is the surge in demand coupled with decreased supply that can positively influence its price. The role of major holders, mainly centralized exchanges, also holds significance in the SHIB ecosystem. The tracker points out that “the top 100 accounts (excluding the burn address) for $SHIB hold near 400T of the token’s supply.” These major holders impact liquidity and accessibility for traders, influencing the token’s overall market behavior. While acknowledging the potential impact of token burning, the tracker urges caution against overemphasizing it as the sole driver of SHIB’s price success. Success should be evaluated holistically, and arbitrary price targets should not dictate a token’s journey. As the SHIB tracker suggests, “A token’s success doesn’t always mean reaching a specific price, like ‘$0.01.’ Many have their own price goals.” Instead, long-term growth and adoption, as well as continuous community interest and participation, should be considered as vital indicators of success. Related Reading: 2.4 Trillion SHIB Moved To Unknown Wallet: Bullish Wave Ahead For Shiba Inu? Furthermore, it is crucial to recognize that SHIB is still in its early stages, while with Shibarium launch there is a huge driver coming for higher SHIB burns. As the burn tracker points out, “Crypto is still growing, and we’ve seen significant progress in terms of the number of crypto holders worldwide.” At press time, the SHIB price stood at $0.00000779, continuing the upward trend of the last few weeks (black line), even though the price has recorded a small loss of 0.8% in the last 24 hours. Featured image from Binance, chart from TradingView.com
The Shiba Inu Burn Twitter account, known for its active participation in the crypto community, has been unexpectedly suspended. The
Over 305.77 Million Shiba Inu (SHIB) burned in the Past Week, 19.17 Million in the Past 24 Hours Shiba Inu has witnessed a significant drop in its burn rate over the past week. According to a recent report released by Shibburn.com, the Shiba Inu community has collectively managed to destroy a total of 305,775,533 (305.77M) […]
The post Over 305M Shiba Inu Burned in a Week, 19M in the Past 24 Hours first appeared on The Crypto Basic.
The Shiba Inu community has been actively reducing the supply of SHIB coins through token burns, with a significant amount of 522 million SHIB burned in the past seven days. This move comes as part of the ongoing Shibarium pre-launch campaign, with expectations of even more extensive burns in the future. According to data from […]
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