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Shiba Inu Burn Rate Spikes By Nearly 200% As Price Recovers

Shiba Inu (SHIB), also known as “Doge Killer” within the cryptocurrency space, has experienced a notable increase in its burn rate, with millions of coins taken out of circulation.

Shiba Inu Burn Rate Is On Fire

According to Shibburn, the platform that tracks Shiba Inu’s burn, the burn rate has increased significantly in the past day. Data from the tracking platform shows that the burn has risen by almost 200% in the past 24 hours.

Shibburn revealed that over 7 million SHIB tokens have been burnt in the last 24 hours. As of the time of writing, the number of SHIB destroyed is sitting at 7,648,382, resulting in the burn rate soaring by 191.69%.

Shiba Inu

The increase in burn rate today was triggered by two burn transactions. In less than 1 hour, a total of 7,621,237 Shiba Inu tokens were incinerated by the two transactions, according to Shibburn.

In the first transaction, the unknown wallet address 0xa9d1e08c7793af6…7fb81d3e43 burned approximately 3.60 million SHIB over 8 hours ago. An hour later, a separate wallet address delivered about 4.01 million SHIB to the burn wallet.

Shiba Inu burn initiative aims at reducing the quantity of SHIB tokens in circulation, hence decreasing the token’s total supply. As a result, the crypto asset becomes more scarce and potentially increases the value of Shiba Inu.

Currently, data from Shibburn shows that Shiba Inu has burned about 410.70 trillion SHIB out of the total supply. The digital asset now boasts a circulating supply of 581.35 trillion SHIB from its initial supply of 999.98 trillion SHIB. 

Billions Of SHIB Withdrawn From Coinbase

A recent report has revealed a massive shift in SHIB tokens, leaving the community to ponder on the reason behind the transfer. According to Etherscan, an unidentified wallet address 0xe44755….240090257 moved a whopping 225 billion SHIB from the decentralized exchange Coinbase.

Etherscan shows that the withdrawal was carried out over the course of two days in two transactions. 132.22 billion SHIB tokens were transferred from Coinbase in the first transaction, and another 92.83 billion SHIB were sent from the platform on the next day.

So far, the unidentified wallet address now solely holds about 225,057,952,422 SHIB valued at $2.10 million. This event has piqued the interest of traders and investors in the crypto market, which further coincided with the recent rise in the price of SHIB.

SHIB’s price is up by over 3% in the past 7 days, presently situated at $0.00000936. Meanwhile, its market cap is up by 2%, and its trading volume is down by over 16% in the past day.

Shiba Inu

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Shiba Inu Ecosystem Soars: Shibarium Hits Crucial Milestone

In an exciting turn of events, Shibarium, the Ethereum-based layer 2 blockchain of Shiba Inu, has witnessed yet another crucial milestone in its overall number of transactions carried out on the platform.

Shiba Inu Blockchain Latest Milestone

The total number of transactions on the layer 2 blockchain has skyrocketed since Shibarium was launched, surpassing several crucial milestones. In addition, the blockchain is gaining enormous traction and has seen widespread utilization from its community members.

The Shiba Inu blockchain recently reached another important benchmark after surpassing the 300 million transactions threshold. This achievement comes just five months after Shibarium was introduced by the Shiba Inu team.

Data from Shibariumscan.io reveals that the total number of transactions carried out within the platform is sitting at 304,137,502. These transactions were carried out by approximately 1.3 million wallet addresses.

Shibarium’s performance goes beyond the total number of transactions on the network. The platform shows that over 2.7 million blocks have been processed, totaling 2,788,561.

Despite the development, the network’s activity appears to be slowing down. The data from the network’s tracker shows that the average daily count is sitting at 2.69 million. This is a drop from the average 7 million transaction count it recorded throughout last month.

Shibarium’s latest milestone comes amidst a massive whale transaction that saw over 400 billion Shiba Inu tokens being moved between unknown wallets. According to data from Etherscan, the transaction totalled 419,872,915,864 SHIB, valued at a whopping $3.87 million.

The reports show that the unknown wallet, identified as 0xecfB3971, moved the aforementioned funds to another unknown wallet address, 0xd373B9. The move has since raised speculations around the community because both addresses are still unrecognized.

SHIB Community Celebrates The Latest Heights

Members of the Shiba Inu community have been celebrating the latest achievement as Shibarium transactions have topped 300 million. The team has also shared the accomplishment on the social media platform X (formerly Twitter).

Related Reading: SHIB Roars As Shibarium Hits 100 Million Transactions – Big Things Unfolding

In the X post, the team highlighted that the ShibArmy had taken Shibarium transaction volume to unprecedented heights. The Shiba Inu team has always attributed such heights to its stellar community. 

Furthermore, it stated that the Shibarium rollercoaster only goes in the “UP” trajectory. According to the comment, Shibarium’s transaction volume and other statistics are likely to rise continuously.

The post read:

SHIBARMY is driving Shibarium to new heights. This rollercoaster truly has only one direction: UP.

Currently, the price of Shiba Inu is still down despite the project’s milestone. SHIB is trading at $0.00000872, indicating a decline of over 4.50% in the last 24 hours.

Data from CoinMarketCap shows that Shiba Inu’s market cap is also down by the same percentage as its price. Meanwhile, although the price of SHIB is down, its trading volume is indicating an over 24% daily increase.

Shiba Inu

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A Bored Ape NFT Sold For 0.75ETH By Mistake. Another Sold For 347ETH, But Wait…

The second most popular NFT collection, Bored Ape Yacht Club, is back on the news. On the one hand, a deadly mistake cost a pseudonymous user more than $250K. On the other, a feelgood story of a diamond-hand holder that minted a Bored Ape seven months ago and just sold it for over $1M. Or did he? The deal is tainted by a suspect second transaction that the community immediately detected. 

Related Reading | The Sandbox Purchase Bored Ape Yacht Club NFT for More Than $2.9 Million

Exciting beginning of the week in the Yacht Club, and NewsBTC has all the juicy details on both stories. 

A Costly-Costly Mistake In The Bored Ape Yacht Club

Maxnaut’s membership to the Yacht Club has been revoked. This person’s distraction while listing his Bored Ape for 75ETH, lead him to actually list it for 0.75ETH. A bot immediately snatched it, paying an extra high transaction fee to ensure the extremely profitable buy. Not only that, the bot listed it for 88 ETH straight away. Forget the Roomba and those goofy Boston Dynamics robots, this is the most useful and effective bot ever created. 

The ex-owner, Maxnaut, told Cnet:

“I list a lot of items every day and just wasn’t paying attention properly. I instantly saw the error as my finger clicked the mouse but a bot sent a transaction with over 8 eth [$34,000] of gas fees so it was instantly sniped before I could click cancel, and just like that, $250k was gone.”

A horror story if we ever heard one. Multitasking takes another victim. 

ETH price chart for 12/13/2021 on Kraken | Source: ETH/USD on TradingView.com
From Diamond Hands To Millionaire, But Wait…

Only 10.000 Bored Apes exist. All of them were minted for 0.08ETH each. The photographer John Knopf was one of the lucky people that believed in the project from the get-go and was greatly rewarded. This is his story. “I bought my ape for .08 on minting night and just sold it for 347 ETH. (…) I am crying so much. Thank you Bored Ape Yacht Club for completely changing my life and everyone in the community!”

I bought my ape for .08 on minting night and just sold it for 347 ETH. I am at a loss for words right now. I am crying so much. Thank you @BoredApeYC for completely changing my life and everyone in the community!!!! And thank you @_jeffnicholas_ for telling us all to buy them! https://t.co/BxeexYDmM7 pic.twitter.com/FuKtrFwhdH

— John Knopf (@JohnKnopfPhotos) December 12, 2021

The person who told him to buy completes the heartwarming story. “Going from degening into Bored Ape Yacht Club because I liked the art, to telling John Knopf to ape in that fateful Friday night (…) I’m so so so happy for you. Massive. Massive for you, and for the BAYC community.”

Going from degening into @BoredApeYC because I liked the art, to telling @JohnKnopfPhotos to ape in that fateful Friday night when he was all 🍄🤪, to this result 8mo later. Wow. @JohnKnopfPhotos I’m so so so happy for you. Massive. Massive for you, and for the BAYC community. https://t.co/bJTE83XLKl pic.twitter.com/snhIlLRi63

— jeffnicholas.eth 🍌🏴‍☠️🙏🏼✨ (@_jeffnicholas_) December 12, 2021

But wait, what is this? The Ethereum blockchain shows that John Knopf sent 230 ETH back to the wallet that bought his Bored Ape.

And then he transfer 230E to the wallet that bought the Ape?

I dont get it pic.twitter.com/f2UgKrKS2W

— !etavares (@Eurico_RT) December 12, 2021

But wait, what is this? The owner of the wallet did send a message to John Knopf through the blockchain asking him to return the funds. Apparently, he was trying to make a bid and made a million Dollar mistake.

Yo yo @JohnKnopfPhotos is not in the WRONG

Buyer fucked up the offer. Chill out y'allhttps://t.co/fPOsXeITnr pic.twitter.com/iiG4mD0Tm0

— jiran.eth | Sherblock Nodes (@Jiran_z) December 12, 2021

The New Bored Ape Owner Shared His Side Of The Story

A few days later, Deepak Thapliyal, the Bored Ape 9452’s new owner, told his story. “I decided I wanted this ape no matter what (…) I knew I wanted it, so originally I moved 655 ETH into my wallet because I was actually prepared to buy it at full ask.”

6/ Here comes the interesting part. The message signed in the blockchain wasn’t the __full story__ on how I mistakenly sent the eth but was the high level overview of it as far as anyone publicly needed to be concerned at the time.

— Deepak Thapliyal (@dt_chain) December 12, 2021

He wasn’t actually making a bid, but checking John Knopf’s wallet activity in Etherscan. However, “After I placed my originally bid, I had to move 230 ETH to another wallet in mobile. I _thought_ the copy button for the address I was sending too was pressed properly. PS: I was multi tasking.” Here we go, multitasking takes another victim. 

11/ I finally took spaces out manually via a mobile phone (took a few mins) then missed a space and had to do it again (mind you I’m moving quickly to try to get the message out ASAP). Finally getting the message out but no funds were sent back. Thankfully I found Johns Twitter.

— Deepak Thapliyal (@dt_chain) December 12, 2021

Deepak found Knopf’s on Twitter, and “I tweeted at him and he followed so I could DM him. I explained my story and told him how I wanted his ape. He quickly informed me he had no intentions to keep my money and would send it back. He asked if I wanted the ape still which I said “yes”.” They agreed on a price and the rest is history. “Funny story to tell my kids one day when I give them this ape.  Thanks to John for being a standup guy and returning my ETH.”

14/ Odd way to start but very nostalgic to “aping in” as it goes. Funny story to tell my kids one day when I give them this ape. Thanks to John for being a standup guy and returning my ETH and giving me a discount of what I was prepared to spend already.

— Deepak Thapliyal (@dt_chain) December 12, 2021

Facts And Burning Questions

And that’s pretty much it. Do you buy Deepak Thapliyal’s story? Was it an innocent mistake? Or do you think he and Knopf were up to something? The high price buy raises all of the Bored Ape’s prices, specially Bored Ape 9452’s value. However, the blockchain doesn’t lie and Knopf ended up with 347 ETH total.

Related Reading | Miramax Sues Quentin Tarantino Over “Pulp Fiction” NFTs. Tarantino Moves Forward

You have all the facts and every side of the story. Reach your own conclusions.

Featured Image: Screenshot from the Bored Ape’s website | Charts by TradingView

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Kraken Supports Ethereum 2.0 Clients Team Alongside Five DeFi Projects With A $250K Donation Each

Kraken and five other DeFi projects contribute $250,000 each to support the teams that work on the Ethereum upgrade. In addition, they donated the sum to the ETH Foundation to develop the network’s version 2.0.

Open-source developer teams like Erigon, Besu, Nimbus, Geth, and Nethermind will join the ETH Foundation in the donation.

1/ A diverse execution-layer client ecosystem is at the heart of all that we’re building together.

Today, we're excited to announce that @compoundgrants, @krakenfx, @LidoFinance, @synthetix_io, @graphprotocol & @Uniswap are donating $250K each to support #Ethereum client teams.

— Ethereum (@ethereum) August 24, 2021

The Ethereum Foundation announced the source of the donations. They mentioned that the tips came from crypto exchange Kraken, Synthetix, the Graph, Compound Grants, and Uniswap Grants.

Related Reading | Blockchain Startup In Pakistan Dubbed Bazaar Secures $30 Million In Funds

The donations will add to the funds the Foundation provided earlier back the layer teams of ETH execution.

The Funds Aim To Empower The Ethereum Team

The Foundation of what we build together incudes the various client ecosystem of Ethereum. It consists of the consensus layer clients and the execution layer; both are vital aspects of future Ethereum mergers. The announcement also reads:

“The donation sums up to $1.5 million and goes to open-source developer teams like Nimbus, Besu, Geth, Erigon, and Nethermind”.

The developer team is to make provision for the network’s critical infrastructure to see the transition of ETH. The ETH is to transit to proof-of-stake mechanism from a proof of work. An August 24th post on the Ethereum web page reads:

“In the heart of what we are developing together is a broad execution-layer client ecosystem. So today, we gladly announce that Kraken-fx, Uniswap, synthetix_io, graph-protocol, compound-grants, LidoFinance, and donates $250K each to support ETH 20 client teams.”

ETH is trading in a sideways momentum on the daily chart | Source: ETHUSD on TradingView.com

Jesse Powel, the co-founder and CEO of Kraken, says that the company is proud to give back to valiant builders who work hard on cutting-edge crypto innovation.

Kraken proposed that the exchange users would have staked up to 800,000 ETH in Eth2 by July. This is worth about $2.5 billion with current prices. The network platform had given out 25,300ETH as rewards emerging from staking when it started initially.

Related Reading | Kraken To Re-Enter The European Market By Applying For A New License

This project portrays an effort to ensure the security of Ethereum’s consistent growth and decentralization. Each of the elements is exemplified by the diversity of clients, our belief in Ethereum’s continued success, and the strength of the teams. The announcement revealed.

Etherscan Reports

The ETH Improvement Proposal (EIP) 1559 upgrade was launched early this month. It introduces a burning mechanism as an aspect of its regulated gas fee structure.

According to Etherscan data, about 4.85 ETH worth almost $15,300 are burned every minute as of writing. Over 70,000 Ethereum (ETH) has been burned or removed from the network’s circulation.

Etherscan is a Block Explorer and Analytics Platform for Ethereum, a decentralized smart contracts platform. As of August 12, 31,792.48 ETH has been burned via Etherscan, amounting to $99,871,306.11.

Featured image from Pixabay, chart from TradingView.com