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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Shiba Inu Burn Rate Surges Over 1,300% In 24 Hours

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Shiba Inu

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The Shiba Inu (SHIB) token is one of the prominent meme tokens in the crypto market today, having a community of over 3.6 million followers. Liked by many and aiming to be more than just a meme token, the SHIB army committed to a burn mechanism in which they’d have to burn some SHIB tokens to reduce its massive supply.

The latest burn, which happened earlier today, is massive compared to the recent SHIB burns. According to data from the SHIB burn tracking site, Shibburn.com, a total of 37,400,646 SHIB have been burned in the last 24 hours, accounting for a surge in burn rate of 1,395.89%. 

The More SHIB Burned, The Higher The Token’s Value?

The SHIB token burn has been a thing that has been going on for a while now, and though every burn doesn’t result in a spike in SHIB’s price, with some burns comes a price movement. 

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This latest burn resulted in an upside in SHIB of nearly 5%. The price of SHIB between the happening of the SHIB burn had some notable gaps. SHIB was trading at a price of $0.00000832 before the burn and then spiked to nearly 0.00000900 after the burn. 

Though the total SHIB burned today wasn’t anywhere near the figure burned at the end of last year and the beginning of this year, it is still a notable spike from the total of 2.5 million SHIB burned the day before. The previous burn didn’t result in any significant price movement on the SHIB price chart. 

Overall, with more SHIB burned over time and more demand than supply, SHIB’s value could appreciate more than expected. Besides, the SHIB price chart shows liquidity at higher highs which need to be taken sooner or later. 

Details On The Latest SHIB Burn

The latest burned SHIB happens to be done with two separate transactions, both with the same aim but different amounts. The first transaction of the SHiB burned was done at 1:26 AM UTC. 

According to data from Etherscan, we saw the first transaction send a total of 16.7 million SHIB tokens to the burn address. The address which sent the SHIB burned currently holds no SHIB but only about 125 BONE.

The second transaction, on the other hand, executed at exactly 3:57 AM UTC, burned a total of 14.9 million SHIB tokens. The address which imitated the transaction currently holds only 0.01 SHIB, according to Etherscan data.

While this latest burn means the SHIB army is maintaining its commitment to burning SHIB, another point indicating the community’s seriousness of burning SHIB is the recent Shibarium update. 

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Though the Shibarium layer 2 blockchain is yet to launch, the official Twitter page announced on Saturday a burn mechanism will be introduced. This burn mechanism will be to burn SHIB tokens with each on-chain transaction executed on the Shibarium blockchain. 

SHIBUSDT price chart on TradingView
SHIB price is moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView.com

As of writing, SHIB is enjoying a rally to the upside alongside the majority of the crypto market. The token is up by 5% in the last 24 hours with a market price of 0.00000877 and a total circulating supply of roughly 562 trillion SHIB tokens.

Featured image from freepiks, chart from TradingView.com
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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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