{"id":2221,"date":"2024-08-30T08:39:19","date_gmt":"2024-08-30T08:39:19","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=2221"},"modified":"2024-08-30T08:39:19","modified_gmt":"2024-08-30T08:39:19","slug":"shiba-inu-burn-rate-explodes-by-140000-shib-price-rebound-in-the-cards","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=2221","title":{"rendered":"Shiba Inu Burn Rate Explodes by 140,000%: SHIB Price Rebound in the Cards?"},"content":{"rendered":"

TL;DR<\/strong>
\n<\/span><\/p>\n

SHIB\u2019s burning mechanism skyrocketed in the last 24 hours, with almost 100 million tokens removed from circulation. <\/span>
\nOne large transaction comprised over 99% of the entire burned stash.<\/span><\/p>\n

<\/a><\/span><\/h2>\n

The Latest Spike<\/h2>\n

After several days of recording less activity than usual, Shiba Inu\u2019s burning program exploded <\/span>once<\/span> again. Data <\/span>shows<\/span><\/a> that the burn rate skyrocketed by almost 140,000% in the past 24 hours, resulting in over 96 million tokens sent to a null address.\u00a0<\/span><\/p>\n

It is worth mentioning that around 99% of the stash was destroyed after a single transaction approximately 10 hours ago. Further investigation reveals that the wallet has received funds from the crypto exchange Coinbase multiple times in the past, suggesting the owner could be <\/span>user<\/span> of the platform<\/span>.\u00a0<\/span><\/p>\n

Meanwhile, the address had been inactive for <\/span>more than<\/span> five months before burning the SHIB tokens. <\/span>Its latest transaction <\/span>happened<\/span><\/a> 154 days ago <\/span>and<\/span> included the swap of 0.2839 ETH ($715) on THORChain.<\/span>\u00a0<\/span><\/p>\n

While the over 96 million SHIB destroyed in the last 24 hours sound like a substantial amount, their actual USD equivalence is insignificant. However, continuous efforts in that field will make the meme coin scarcer and potentially more valuable in time (assuming demand stays the same or rises).<\/span><\/p>\n

Shiba Inu <\/span>currently<\/span> trades at approximately $0.0000141 (per CoinGecko\u2019s data), a 2% decrease on a weekly scale. Its poor performance coincides with an overall decline of the meme coin sector, with Dogecoin (DOGE), <\/span>dogwifhat<\/span> (WIF), Pepe (PEPE), Bonk Inu (BONK), Brett (BRETT), and many more being deep in the red for the same period.<\/span><\/p>\n

<\/a>SHIB Price, Source: CoinGecko<\/p>\n

Shibarium Embraced a Burning Mechanism, <\/span>too<\/span><\/h2>\n

Earlier this month, Shiba Inu\u2019s layer-2 scaling solution<\/span> \u2013 <\/span>Shibarium<\/span> \u2013 <\/span>adopted<\/span><\/a> a burning program called \u201cBurn Portal.\u201d <\/span>Despite having<\/span> the same ultimate goal as the original Shiba Inu burn mechanism, there are certain differences.<\/span><\/p>\n

The burning program integrated into Shibarium <\/span>is directly tied<\/span> to its blockchain operations. Each time a transaction occurs on the network, a fraction of the transaction fees paid in Bone ShibaSwap (BONE) <\/span>is utilized<\/span> to purchase SHIB tokens from the open market. That stash <\/span>is then transferred<\/span> to a null address.<\/span><\/p>\n

In comparison, the original mechanism mainly relies on community-led efforts and voluntary burns by holders rather than an automatic or protocol-based action.<\/span><\/p>\n

The post Shiba Inu Burn Rate Explodes by 140,000%: SHIB Price Rebound in the Cards?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR SHIB\u2019s burning mechanism skyrocketed in the last 24 hours, with almost 100 million tokens removed from circulation. One large transaction comprised over 99% of the entire burned stash. The Latest Spike After several days of recording less activity than usual, Shiba Inu\u2019s burning program exploded once again. Data shows that the burn rate skyrocketed […]<\/p>\n","protected":false},"author":0,"featured_media":2222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2221"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2221"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2221\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2222"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}