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Shiba Inu has witnessed a surge in incineration activity, with the incineration rate rising by 3,194% in the past 24 hours. According to statistics from burn tracker Shibburn, over 521.6 million SHIB tokens were permanently eliminated from circulation during this timeframe. This sudden and steep increase in the incineration rate has sparked optimism within the SHIB community, though the token’s price fluctuations are struggling with positive sentiment.
Significant Transactions Lead SHIB Burn Activity
As indicated by data from Shiba Inu’s burn tracking platform Shibburn.com, the recent burn wave was marked by several substantial transactions. A prominent contributor was the wallet address starting with “0xdb6,” which alone facilitated incinerations totaling over 500 million SHIB across multiple transactions directed to the BA-1 burn address. One of its largest single incinerations reached 310,744,788 SHIB, closely followed by another 107,333,061 SHIB, and then another 103,276,575 SHIB.
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Other wallets also took part, including “0x28be” and “0x6176,” with each sending SHIB tokens into various incineration addresses such as CA and BA-2. These contributions, while not on the same scale as the leading whale wallet, collectively helped raise the day’s total incineration count to over 521 million SHIB. Altogether, these burn events mirror a drive within the Shiba Inu community to amplify SHIB incinerations, which had previously been lacking significant burns in recent weeks.
In Spite of Incineration Efforts, SHIB Supply Still Confronts Challenges
While 521 million SHIB tokens is a notable amount for a single day, it hardly makes a significant impact on the meme token’s extensive circulating supply, which presently exceeds 589 trillion SHIB tokens. This context highlights the difficulties faced by the current Shiba Inu tokenomics. Despite certain bursts of aggressive burns like the one observed in the last 24 hours, the token’s massive supply continues to hinder its long-term price growth aspirations.
Nevertheless, the increase in incineration rate remains a favorable signal, especially from a sentiment perspective, particularly since the Shiba Inu price is navigating through a challenging sentiment phase. With SHIB currently trading within a narrow range between $0.00001225 and $0.0000119, additional Shib incinerations over the upcoming week could positively influence its price trajectory in the future.
At the time of writing, Shiba Inu trades at $0.00001192, down by 1.7% in the last 24 hours. Despite the significant rise in incineration activity, the market’s response is somewhat subdued. However, there may be more developments occurring behind the scenes.
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A member of the Shiba Inu community recently shared on the social media platform X, suggesting that the project’s lead developer, Shytoshi Kusama, still has “numerous aces up his sleeve” for the Shiba Inu community. Though no further specifics were provided, previous developments like the launch of Shibarium have impacted price trends. Hopefully, future announcements could rekindle interest and propel the Shiba Inu price token to new peaks.
Featured image from Unsplash, chart from TradingView
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