Shiba Inu Community burns 50.76 million SHIB in a day. The mysterious wallet and SHIB Super Store emerged as the leading contributors.
In a recent report, Shibburn.com revealed that the Shiba Inu Community destroyed 50,763,734 (50.76) SHIB through three separate transactions in the past 24 hours.
In the last 7 days, there have been a total of 3,054,599,199 $SHIB tokens burned and 8 transactions. #shib
The mysterious wallet and SHIB Super Store were recognized as the “Top SHIB Burners of the Day.”
Mysterious Wallet
The mysterious wallet has burned the most SHIB in the past day. The unknown wallet has sent a whopping 39,511,911 (39.51M) SHIB to the dead wallet in a single transaction executed about 19 hours ago from press time.
A few hours later, SHIB Super Store organized its Weekly burn event. In the event, a prominent Community-led burn initiative has set fire to another 10,676,779 (10.67M) SHIB in one significant transaction using the official SHIB Burn Portal.
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SHIB Super Store tweet also confirmed that the project distributed 10.2 million SHIB among the Community as a reward.
Burn/Reward!
10.6M Burned 10.2M Rewarded
Around $185
Little short this week, Mon/Tues. CPM were garbage aside from Candy Trips, but it regained later in the week.
By the end of the week, I should be able to announce what I have been working on!
— SHIB Super Store (@shib_superstore) May 21, 2023
The significant burn activity has propelled the Shiba Inu burn rate to surge by 8627.82% over the last day, where only 575,043 SHIB were burned in a single transaction.
As reported earlier by the Crypto Basic, the Shiba Inu Community has destroyed a staggering 3,054,599,199 (3.05B) SHIB through eight separate transactions in the past week.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Shiba Inu's burning rate increased significantly by over 1,000%, as part of efforts to decrease its supply and enhance value. SHIB's price is up 17% weekly, possibly bolstered by numerous factors such as the advancement of Shibarium.
The second-largest meme coin – Shiba Inu (SHIB) – experienced a significant resurgence of its burning mechanism in March. Data shows that the burn rate for the past month resulted in over 15.5 billion assets destroyed. The biggest spike occurred on March 8 when almost 14 billion SHIB tokens were sent to a null address.
Because Shiba Inu is viewed as one of the most speculative cryptocurrencies out there, it makes sense that its price can surge rapidly. Once early buyers get in, the price increase attracts more attention, creating a positive feedback loop. This momentum can be a powerful force, until it unpredictably ends.
The process of “burning” SHIB, or any cryptocurrency, means permanently removing tokens from circulation. This can potentially increase the price if demand remains constant or grows due to a reduced supply leading to scarcity.
The team behind the popular meme coin – Shiba Inu – keeps removing a substantial amount of tokens from circulation. Data shows that the burn rate has skyrocketed by almost 500% in the past 24 hours and 193% on a weekly scale. This resulted in over 774 million SHIB assets being destroyed.
In January 2024, the Shiba Inu cryptocurrency ecosystem witnessed the burning of approximately 9.9 billion SHIB tokens, a move aimed at reducing the token's circulating supply and potentially increasing its value. This burn removed about $88,348 worth of SHIB from circulation.
The Shiba Inu burn portal has reportedly burnt more than 1.5 billion Shiba Inu tokens in the past 24 hours. Coin burning refers to the process of destruction of a coin so that it cannot be used again.
Can Shiba Inu burn trillions of coins? In 2022, a Shiba Inu community member, who goes by the pseudonym 'Queenie,' projected that the Shibarium burn portal could incinerate a whopping 111 trillion SHIB tokens annually.
About 353 million Shiba Inu tokens have been burned during the past month. That translates to 4.2 billion tokens over the course of one year. At that pace, it would take 140,300 years to burn enough tokens to warrant a price of $1 -- so 2024 is probably off the table.
Despite past price surges, the possibility of SHIB reaching 1 cent is quite remote. Even at its all-time high in October 2021, SHIB would have required a significant increase of 113x in price to reach 1 cent. Despite the unlikely prospect of reaching 1 cent, there is still potential upside for SHIB.
According to our calculations, Shiba Inu might reach an average price of $0.0077 by 2050. Shiba Inu may also face short downturns, with the minimum price level hanging around $0.0074.
By 2025, our price prediction forecasts that Shiba coin price could be worth $0.0000437. With a potential surge the price may go as high as $0.000195 by the end of 2030. How much will Shiba be in 5 years? As per the Shiba Inu price forecast, Shiba Inu's price may trade at an average of $0.0000915 for the year 2028.
Shiba Inu's price is surprisingly struggling despite a massive burning activity by the developers of the meme coin. In the last 24 hours, the SHIB burn rate spiked 23,133% as developers intentionally destroyed more than 13 billion tokens. At current market rates, this amounts to approximately $463,000.
Simply put, there is no way Shiba Inu can rise to $1 in its current state. The community is trying to shrink supply by "burning" tokens, which removes them from circulation forever, but efforts have been futile so far.
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