The Shiba Inu Burn initiative starts the week with a positive sentiment as the project has witnessed a significant increase in token burn rate in the last 24 hours.
Shiba Inu burn rate sees a remarkable increase
On Monday, December 25, a more than 5,000% increase in Shiba Inu burns was observed in the past 24 hours. According to facts from Shibburn – the platform that tracks the burning of SHIB tokens, the burn rate recorded a significant increase of 5.043%.
The tracker reveals that more than 53.13 million SHIB tokens have been burned in the past 24 hours. The increase in the number of incinerations was due to two substantial transactions, each consisting of more than 20,000,000 SHIB.
Shibburn’s data shows that the address 0x6081258689a75d2…887239fe80 sent a total of 20,000,000 Shiba Inu tokens to the SHIB Burn wallet. Meanwhile, the second transaction, which was carried out by the same address, sent approximately 25,000,000 SHIB to the Burn Wallet.
The number of Shiba Inu burns has increased significantly in recent days. The increase in burn rate appears to have caused a wave of speculative excitement in the cryptocurrency market.
Despite the increase in burn rate, the Shiba Inu price is currently experiencing bearish price action. According to CoinMarketCap, the token is down 1% in the past 24 hours.
The recent increase in combustion rate coincides with a huge increase whale transaction reported by on-chain tracker Whale Alert. The on-chain tracker revealed that the transaction transferred as much as SHIB 4.25 trillion to an unknown wallet.
Whale Alert reported that the wallet address identified as 0x3ce6bed2…87d896c59f sent the aforementioned SHIB to the unknown wallet address 0x9c570088…a22fd8b51b. Another aspect to identify is the low gas fee used to initiate this huge transaction, which was less than $3.
The project team suffered another massive burn
On Friday, December 22, a report revealed that the Shiba Inu team had burned a whopping 8.47 billion SHIB. Currently, the total number of SHIBs burned by the team has reached a whopping 33.8 billion SHIBS.
It’s worth noting that the team had burned another 8 billion SHIB hours earlier on the same day.
Earlier that day, the team sent approximately 8,533,564,693 SHIB, worth $90,285, to a dead wallet. The total number of SHIB tokens burned by the team that day was approximately 17 billion.
The latest burn marks the fourth time this month alone that crews have performed a burn of this magnitude. SHIB’s entire offering is starting to feel the weight of this systematic burns.
This has also been confirmed by Lucie, the head of marketing and part of the project team, on X (formerly Twitter). The most recent burn was shared by Lucie in her post, highlighting that this was the fourth instance of the procedure.
Shiba Inu is currently trading at $0.000010, with trading volume also declining by over 30% to approximately $184.65 million. Meanwhile, its market capitalization is also down 1% to $6 billion at the time of writing.
Featured image by iStock, chart by Tradingview.com
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