SHIB burn rate Archives

5th December 2023

Shiba Inu Burn Rate Surges With Over 8 Billion SHIB Burned, Here’s The Trigger

The Shiba Inu community burn initiative may have just set a new record with the number of tokens burned in the last 24 hours. The community will undoubtedly be brimming with optimism as to the promising future of the meme coin and its ecosystem.

Over 8 Billion Shiba Inu Burned In The Last 24 Hours

According to data from the burn tracking website Shibburn, over 8 billion Shiba Inu tokens have been burned in the last 24 hours. As a result of this record, the burn rate jumped by 7424294.41%. Interestingly, one transaction accounted for the bulk of the tokens burned, with 8,241,856,589 SHIB transferred to a dead wallet.

This development continues a recent trend that has SHIB’s burn rate continuing to spike. Sometime last week, the token’s burn rate rose by 499,416% in a single day, with over 264.2 million SHIB tokens burned. This came after 2.7 million SHIB tokens had just been burned the previous day.

Meanwhile, the single transaction that led to 8.2 billion SHIB tokens being burned was due to the spike in network activity on Shibarium. Shiba Inu’s developer, Kaal Dhairya, noted in an X post that the layer-2 network experienced a continuous rise in gas fees, which led to exponential growth in the burn rate.

Shibarium’s Role In SHIB’s Burn Rate

Shibarium’s significant role in the Shiba Inu burn rate has become evident. Notably, the Shibarium allocates a portion (70%) of the network’s base fees for SHIB burns. The spike in SHIB’s burn rate is expected to be on the rise even as Shibarium continues to enjoy greater adoption. Shiba Inu’s Marketing Lead, Lucie, had once urged the community to use Shibarium so that more SHIB could be burned.

SHIB community members seem to be now heeding her advice as the number of transactions on the network has skyrocketed recently. The layer-2 network is reported to have witnessed a transaction count spike of more than 47,000% in less than a week. In that period, Shibarium has surpassed the milestones of 5 million, 10 million, and 20 million in rapid succession.

Shibarium doesn’t seem to be slowing down anytime soon, as the total transaction count currently stands at over 35 million at the time of writing. The SHIB community will be hoping that this run continues as it is undoubtedly bullish for the meme coin’s price.

In an update posted on the Shib Blog, the correlation between Shibaroum’s transaction volume, gas fees, and Shiba Inu burns was resounded. The author noted that the burn rate would continue to grow exponentially as Shibarium experiences an increase in the number of transactions and a significant increase in gas fees.

Shiba Inu price chart from Tradingview.com (SHIB burn)

21st November 2023

Shiba Inu Sees A Whopping 48,000% Increase In The SHIB Burn Rate, What’s Next?

The Shiba Inu community has again ramped up its SHIB burning efforts, causing a massive burn rate spike. Despite SHIB’s tumbling price in the past seven days, Shiba Inu’s burn rate has recorded a nearly 48,000% increase.

The SHIB community is determined to cut down the Shiba Inu circulating supply, a feat that many believe will positively impact the token’s price.

SHIB Community Intensify Token Burn Efforts Following Slight Decline

According to data from the Shiba Inu burn tracker, Shibburn, the SHIB burn rate has spiked 47,908% in the last 24 hours. The SHIB ecosystem swept 28.129 million SHIB tokens off circulation into the dead wallet on November 21. Over the past seven days, the SHIB burn rate has increased by 26.29%, with over 290 million tokens wiped off circulation.

According to Shibburn’s data, the most notable burn transaction was a whopping 28.15 million SHIB tokens transferred by an unknown address. The large number of SHIB tokens burned by the anonymous wallet attracted the attention of SHIB enthusiasts. Information on the SHIB burn tracking website shows that the burn transaction occurred 15 hours ago.

In all these, the SHIB community has removed 410.66 trillion tokens from the initial SHIB token supply. As of writing, approximately 589.34 trillion coins remain as the total Shiba Inu token supply. Also, Shiba Inu’s circulating supply stands at ~580.4 million tokens.

The Shiba Inu community has long been working to reduce the meme coin’s enormous supply and introduce scarcity. Shiba Inu token burns are often sporadic, and some days may witness more token burns than others. Today’s massive increase comes after a 98.79% decline in the SHIB burn rate observed on November 20.

According to Shibburn’s November 20 report, only 983,884 Shiba Inu tokens were burnt in three transactions. The highest burn transaction was one involving 42,850 SHIB tokens. This figure represented a significant decline from what was observed in the previous days.

Shiba Inu Price Outlook

While members of the Shiba Inu community believe the token burn spree will positively impact SHIB’s price, the meme coin has followed an opposite trajectory. Its price has been in a downturn in the past week, with a seven-day decline of over 1%. As of the time of writing, Shiba Inu trades at $0.000008345, with a 4% 24-hour decline.

SHIBUSD price chart

SHIB candles in the past week are below the median band of the Donchian Channel (DC), suggesting a possible decline ahead for the asset. If it drops to the lower band, then the bears may take full control of its price action and could facilitate more downturns.

But the good news is that SHIB still holds nearly 20% of its past month’s gains. This could mean there is hope for a rebound since the market shows some bullish activity.

25th October 2023

Shiba Inu Burn Rate Falls 80%, Is It Time To Sell?

The Shiba Inu community burn rate has seen a significant decline over the last few days. The burn rate which had been on a tear earlier in the month started to recede and has fallen double-digits in the last 24 hours alone. Given that this burn initiative was implemented to reduce supply and increase the price in the process, this decline in burn rate could have an impact on SHIB’s price performance.

Shiba Inu Burn Rate Down Over 80%

As data from the Shiba Inu burn tracking website, Shibburn, shows, the Shiba Inu burn rate is down more than 80% in the last day. The reason for this decline is lower participation in the burn rate, as investors have turned their focus to the surging crypto market prices.

At this time, only 29.98 million SHIB have been burned. Compared to the figures from earlier in the month which often came out above 100 million tokens burned, it shows a serious lack of participation from the Shiba Inu community members.

Shiba Inu burn rate

Burns have come from over 40 wallets but the number of SHIB each transaction was carrying was very small, hence the lackluster burn rate recorded at this time. However, on the weekly time frame, the burn rate is faring much better, as the burn tracker revealed on X (formerly Twitter) that it has seen a 61.82% increase. This means that over 362.4 million tokens were incinerated in the seven-day period.

Will This Affect The SHIB Price?

A look at the Shiba Inu price chart shows that the meme coin has seen a slowdown in its rally over the last day. But this has not completely eliminated the bullish tendencies that the SHIB price has shown. For example, whales are not giving up on the crypto and are instead choosing to accumulate through the twists and turns.

As Bitcoinist reported, Shiba Inu whales picked up 4.52 trillion tokens from the market, which saw the price rally resume once more. This shows that these large players expect the price to continue to rally, especially in the short term, making it a good time to be in the cryptocurrency.

However, there has been a significant decline in the excitement and participation in the SHIB token. CoinMarketCap data shows a 20.94% decrease in its daily trading volume, which suggests that sellers may be gaining ground.

Nevertheless, Shiba Inu has done a good job of sticking with the Bitcoin rally. And if the leading cryptocurrency continues its upward march, Shiba Inu’s tendency to follow the same path will see its value rise despite the decrease in burn rate.

Ethereum price chart from Tradingview.com (Ethereum whale)

16th October 2023

Shiba Inu Starts Off Strong With An Explosive 233% In SHIB Burn Rate

The Shiba Inu ecosystem has started out the new week on a particularly positive note. The burn rate, which is a community initiative to reduce the massive supply of the token, has seen a significant jump as the price of the meme coin has recovered.

SHIB Burn Rises 233%

A Monday report by Shiba Inu burn tracking website Shibburn showed that the SHIB burn rate has seen an impressive 233% climb. This puts a turn on the particularly slow weekend which saw burn rates decline rapidly.

As the new trading week opens up, the total SHIB tokens burned during this time has crossed 56.98 million. This was the result of tokens being sent to the burn address across 29 addresses, with more than 3.7 million tokens sent to the burn address in the last hour as of the time of this writing.

Shiba Inu SHIB burn rate

The token burn also led to an increase in the burn rate for the last week as well. Monday’s burn figures saw the weekly burn total rise above 316.7 million. This is a 26% increase in the burn rate compared to the previous seven days.

Some of the largest burns came from the ‘0x909a9’ and ‘0x4be2’ addresses. Both addresses burned a total of 7,119,784 million and 8,095,490 million tokens respectively. The total comes out to over 15 million tokens, accounting for around 27% of the total burns for the day.

Shiba Inu price chart from Tradingview.com (SHIB burn rate)

Shiba Inu Sees Price Recovery

On Sunday, the price of Bitcoin surged toward the $28,000 level, and in response, the rest of the crypto market followed the flagship cryptocurrency. Shiba Inu was no different and finally saw a reversal in its bull stretch since the month began.

Shiba Inu rose around 1.24% in the 24-hour period and although this is not as impressive as some of the recoveries mounted by other assets, it has helped the cryptocurrency to secure its support at $0.000007. This gives bulls some wiggle room as they regain their bearings in the market.

However, Shiba Inu is still seeing small losses of 0.59% on the weekly chart. This suggests that the bulls’ hold on the asset is weak and bears could regain control if momentum slips. This battle for control is mirrored by the daily trading volume of the crypto which is up 25.85% and sitting at $101.7 million, according to data from CoinMarketCap.

So far, there doesn’t seem to be any special event pushing the price of SHIB besides the Bitcoin recovery. Given this, if the Bitcoin rally ends, then SHIB will most likely follow and fall into losses again.