Friday, April 19Welcome to Cryptolifedigital

Shiba Inu Burns Rise Despite Token Price Slump

Shiba Inu (SHIB) has experienced a rough start to April, with its price dropping over 11% since the beginning of the month. However, amidst the bearish trend, there’s been a surge in SHIB burning activity by the community.

The most significant burn came from an unknown user who incinerated a whopping 105.46 million SHIB tokens in a single transaction, valued at roughly $2,833. This burn occurred on April 2nd at 5:15 AM UTC. Interestingly, the user’s wallet had been dormant for 141 days before this activity.

Community Steps Up Burning Efforts

Overall, the Shiba Inu community burned a total of 110.47 million SHIB tokens in the past 24 hours, amounting to $2,968. This figure represents a significant increase in burning activity compared to previous months.

Year-to-date, the community has successfully removed 26.33 billion SHIB tokens from circulation. Notably, Shibarium, Shiba Inu’s Layer-2 blockchain, has played a crucial role in facilitating these burns in recent months.

Burning Mechanism and Buterin’s Involvement

Burning reduces the overall supply of SHIB tokens, potentially leading to increased scarcity and a subsequent rise in price in the long run. Since Shiba Inu’s launch in 2020, over 410.72 trillion SHIB tokens have been burned.

It’s worth noting that Ethereum co-founder Vitalik Buterin played a major role in this by burning a staggering 410 trillion SHIB tokens received from the founders in 2021. While Buterin initially anticipated the token to crash, SHIB has defied expectations and emerged as a leading cryptocurrency in terms of adoption.

The Road Ahead

The recent price slump and the large single-user burn highlight the ongoing volatility in the cryptocurrency market. However, the community’s intensified burning efforts demonstrate their commitment to the long-term success of Shiba Inu. Whether these efforts will translate to a price recovery remains to be seen, but they represent a significant step towards reducing the circulating supply and potentially influencing future value.

 


Follow us on Twitter, FacebookTelegram, and Google News

Share this:

Leave a Reply

Your email address will not be published. Required fields are marked *