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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Single Wallet Destroys 1.2 Billion SHIB, Burn Rate Surges Over 2,000%

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

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In a display of token destruction, a single wallet has set the Shiba Inu (SHIB) community ablaze by destroying a significant amount of SHIB tokens. According to data from the Shiba Inu burn tracker, Shibburn, the Shiba Inu burn rate is currently up by 2,372% in the past 24 hours due to the burn from one single wallet.

The burn has not only surged the SHIB burn rate but can also be attributed to the current spike in Shiba Inu which is up by more than 2% in the last 24 hours.

Shiba Inu Burn Rate Surges

According to data from Shibburn, over the past 24 hours, the Shiba Inu community has transferred roughly 1.24 billion SHIB to a designated “dead wallet,” forever removing these tokens from circulation. A single wallet burned approximately 1.23 billion SHIB tokens in the past 24 hours.

Related Reading: Shiba Inu All Green Today – What’s The Energy Behind The Glow?

Notably, the identity behind the wallet which burned this huge amount of tokens has been revealed to be the Blaze token team. Out of all the SHIB tokens burned in the last 24 hours, Blaze Token burned a total of 1.23 billion tokens.

Executed approximately 12 hours ago, this colossal burn event has now propelled Blaze Token’s number of burned SHIB to about 7.9 billion in total.

While the recent burn event might have triggered a portion of excitement in the SHIB community, it is worth noting that more is still to come especially with the launch of the Shibarium.

Shibarium is an underlying blockchain technology that plays a crucial role in facilitating the burn mechanism of Shiba Inu. According to the blockchain developers in a recent series of tweets, each transaction on the Shibarium network would result in a burn of the Shiba Inu (SHIB) token.

SHIB Records Upward Momentum

Following the significant burn, the SHIB token price has picked up an upward momentum in the past 24 hours. Over this period, SHIB has surged by more than 2%. The meme coin currently trades at $0.00000905 up from a low of $0.00000885 on Monday. 

Shiba Inu (SHIB) price chart on TradingView
Shiba Inu (SHIB) price is moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView.com

SHIB’s market capitalization has also recorded a slight surge. Over the past 24 hours, more than $100 million has been added to SHIB’s market cap bringing the token total cap to roughly $5.3 billion while still ranking 16th among the largest cryptocurrency by market cap.

Related Reading: Shibarium Developers Say Each On-Chain Transaction Will Burn SHIB Tokens

Interestingly, SHIB trading volume has plunged. The meme coin’s 24-hour trading volume currently stands at $156 million, a drop from the volume high of $186 million seen earlier this morning.

The price uptick from SHIB suggests that the market has responded favorably to the reduction in circulating supply. As supply decreases, the scarcity of SHIB tokens may contribute to increased demand and potential price appreciation in the long run.

 

Featured image from Shutterstock, Chart from TradingView

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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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