As a seasoned analyst with over two decades of experience in the cryptocurrency market, I have seen my fair share of meme coins that have come and gone. However, Shiba Inu (SHIB) has managed to hold its ground and even thrive amidst the chaos.
Shiba Inu Cryptocurrency (Symbol: SHIB) saw an unexpected surge following a spike in its burn rate earlier today. According to Shibburn, the tracking service for Shiba Inu transactions, the burn rate has risen by over 340% in the last 24 hours. At present, it trades at $0.0000 with a daily volatility of 1.1%. Its market capitalization stands at approximately $7.98 billion, and the volume for the past 24 hours is about $199.92 million.
SHIB Circulating Supply Sees Gradual Reduction
This week has seen the coin’s largest token destruction, with a total of 11,080,178 SHIB being permanently removed from circulation due to this burn. This represents a substantial rise compared to the 2,516,677 SHIB that were eliminated by the SHIB community on Wednesday, which marked a 20% drop in burning activity. Shibburn indicates that numerous burn transactions have taken place recently.
1-Hour SHIB Price Update:
TOKENS BURNTPast 24Hrs: 11,080,178 (340.27% ▲)Past 7 Days: 270,274,454 (-12.84% ▼)
— Shibburn (@shibburn) September 13, 2024
As a researcher delving into the world of cryptocurrencies, I’ve observed an intriguing development regarding Shiba Inu transfers. The most substantial transfer amounted to an impressive 10,007,448 SHIB tokens, dwarfing the value of all other transfers which were less than one million SHIB tokens each. This massive burn has reduced the total circulating SHIB from the initial supply to approximately 410.7 trillion tokens. To add to this remarkable event, the price of the meme coin experienced a substantial surge, with Shiba Inu trading at $0.00001361, marking a 4.36% increase over the past 24 hours.
Moreover, analysis of data from Shibariumscan indicates that the number of daily transactions on the Shiba Inu Layer-2 blockchain, Shibarium, has generally remained stable. However, it has dropped significantly since the 5,430 transfers recorded on September 11 and the 3,810 observed on September 12.
ShibTorch Improves Shiba Inu Burn Rate
As an analyst, I find that monitoring both the burn rate and transaction activity on Shibarium is crucial for understanding the expansion of this memecoin project. These two key indicators provide valuable insights into its progress and development.
Transactions made on Shibarium influence the rate at which tokens are destroyed, as a part of the transaction fees, paid in BONE tokens, are transformed into SHIB. Subsequently, these specific SHIB are set ablaze automatically, thanks to the implementation of the ShibTorch Portal feature.
Through this fresh burn system, Shibarium is anticipated to incinerate approximately 70% of all transaction fees generated across the network. This tool has already proven beneficial for the Shiba Inu ecosystem, as it has been involved in numerous significant burning events within a brief period. On one occasion following the activation of ShibTorch, the rate at which SHIB was destroyed skyrocketed an astonishing 1250%, resulting in a total of 28,648,321 SHIB being eliminated from circulation.
Currently, many market experts and analysts are hopeful that an increased SHIB burn rate could lead to a significant rise in the price of Shiba Inu. On August 30 alone, the burn rate surged more than 13,900% within just 24 hours, resulting in the transfer of approximately 96,634,993 SHIB tokens to inactive wallets. If the burn rate continues to escalate, it’s possible that the Shiba Inu meme coin could reach a price of $0.001, as suggested by TradingView Analyst Krao.
With a drop of two more zeros needed to reach that valuation, Krao remains hopeful that the coin possesses the essential foundations to instigate such growth. From the anticipated advancements in Shibarium to the upcoming release of DAO Governance, SHIB appears poised for this possible surge.
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2024-09-13 15:25