Shiba Inu Team’s Record 9.35 Billion SHIB Burn Sends Burn Rate Soaring
January 11 2024 - 3:00PM
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The Shiba Inu burn rate is not slowing down, especially now that
the SHIB team has officially joined the effort. This participation
from the Shiba Inu team has led to some of the largest daily SHIB
burns that have been recorded since the burn initiative started.
And now, once again, the team has carried out another massive burn
that sent the burn rate surging. Shiba Inu Team Burns 9.35 Billion
Tokens In the latest iteration of the Shiba Inu team burn, a total
of 9.35 billion SHIB have now been sent to the burn address. At the
time of the transaction, the 9.35 billion SHIB was worth a total of
$92,953.36. This makes it the largest burn that the team has
carried out since it began burning tokens. Related Reading: Cardano
Price Explosion: Crypto Analyst Predicts ADA Price To Hit $6 The
token burn which took place on January 9 triggered a substantial
surge in the daily SHIB burn rate. According to data from the Shiba
Inu burn tracking website Shibburn, the team’s burn caused the burn
rate to spike by 28,659% in the 24-hour period. This spike
represents the highest spike in the burn rate in 2024 so far,
suggesting a bullish start to the year for the token. However, the
burn rate has since taken a nosedive as the burn figures fell short
of expectations between Wednesday and Thursday. Shibburn data shows
a 99.94% decline in the burn rate at the time of writing, with only
a little over 5.3 million SHIB tokens burned in the last day. There
have also been only four burn transactions carried out in the
24-hour period at the time of writing, following the same trend
from the last few days. SHIB price above $0.00001 | Source: SHIBUSD
on Tradingview.com SHIB Burn Gains Steam Despite the decline in the
burn rate in the last day, the community is still looking at more
significant burns as time goes on. One of the developments that
guarantee these burns is the fact that Shiba Inu burns are now
being automated directly through the Shibarium network. Related
Reading: XRP Whales Make Big Moves Amid Market Volatility The burn
automation was revealed by the Shiba Inu team which revealed that
there will be a two-pronged approach to this process. The first,
which is how the team has been burning tokens, is manually sending
tokens from the deployer wallet to the burn address. The second
approach, which is the most significant, will see an automated SHIB
burn system from Shibarium put in place in January. This automated
burn mechanism has sparked excitement in the SHIB community as some
expect as much as 9.25 trillion tokens to be burned monthly.
Featured image from CoinGape, chart from Tradingview.com
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