Over the past 24 hours, the Shiba Inu (SHIB) protocol has seen an extraordinary surge in the rate at which it burns SHIB tokens. This sudden increase in token burns has had a noticeable impact on SHIB prices.
Unprecedented 821% Increase in Shiba Inu Burn Rate
Shiba Inu, a renowned meme token affiliated with the Shibarium network, has witnessed an astonishing 821% surge in its token burn rate within the last 24 hours. Data from Shibburn.com reveals that various investors incinerated a total of 79 million SHIB tokens during this time frame. Remarkably, only three distinct wallets burned a significant portion of these tokens.
Key Wallet Activities
One of the wallets, identified as wallet address 0x7d0c490, played a significant role in these token burns. This wallet burned approximately 1,660,008 SHIB tokens just minutes before the publication of this report. It had previously executed several token burns, totaling 7 million SHIB, including burns of 657k SHIB and another 4.8 million SHIB.
Another wallet, 0x009bb72, contributed to the surge in token burns by incinerating around 695.6K SHIB tokens during the same period.
However, the most significant contributor to the burn rate was wallet address 0x4be2b2c4, responsible for burning at least 71 million SHIB tokens. This wallet conducted approximately 14 burn transactions, with the largest single burn totaling 21.2 million SHIB. Additionally, numerous burns involving 8 million and 6 million tokens each were attributed to this wallet.
Ongoing Token-Burning Activity
Wallet address 0x4be2b2c4 has been actively participating in a token-burning spree, consuming hundreds of millions of SHIB tokens over the past seven days. This continued burn activity has become a significant factor in the recent upsurge of the token burn rate.
Market Impact of Shiba Inu Burn
The sudden surge in the burn rate of SHIB tokens has had a notable impact on SHIB prices. Despite earlier indications of depleting burn rates, this recent upsurge has led to a slight increase in SHIB prices.
Over the past 24 hours, SHIB has seen its price rise from $0.000007565 to $0.00000769, representing a surge of approximately 1.5%. These recent token burns are believed to be the driving force behind these slight price increases.
The Shiba Inu (SHIB) community has witnessed an unprecedented increase in the rate of token burns, primarily fueled by a few key wallets. This surge in burning activity has had a modest but noticeable impact on SHIB prices, which have experienced a slight upswing. These developments in the SHIB token burn rate remain an intriguing aspect of the cryptocurrency market to watch.
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