Shiba

Burn

Shiba Inu

The <a href="https://bitcoinist.com/shiba-inu-scam-security-threats/">Shiba Inu community</a> is on a rampage when it comes to burning SHIB tokens. After an incredibly successful burn campaign last week, the community is back to incinerating massive amounts of SHIB. This time around, the SHIB burn rate has seen perhaps its highest increase in burn rate since inception. 
<h2 class="p2" id="shib-burn-rate-jumps-over-7-000-000">SHIB Burn Rate Jumps Over 7,000,000%</h2> 
In a 24-hour period, the Shiba Inu has <a href="https://www.shibburn.com/" rel="nofollow noopener" target="_blank">burned</a> an impressive 8.35 billion SHIB tokens. As well as being one of the highest number of tokens ever burned in a single day period, it has also triggered one of the highest increases in burn rate that the community has seen. 
According to data from Shibburn, the website in charge of tracking the amount of tokens burned each day, the 8.35 billion burn figure has led to a 7.6 million percent increase in the burn rate. Naturally, this <a href="https://bitcoinist.com/shiba-inu-lead-dev-clarifies-how-burns-work/">massive jump in burn rate</a> has raised a lot of questions as to what is behind the burn. 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-267913 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-05-at-07.04.28.png?w=631&amp;resize=631%2C420" alt="Shiba Inu burn" width="631" height="420" srcset="https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-05-at-07.04.28.png?w=2372 2372w, https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-05-at-07.04.28.png?w=631&amp;resize=631%2C420 631w, https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-05-at-07.04.28.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-05-at-07.04.28.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-05-at-07.04.28.png?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-05-at-07.04.28.png?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-05-at-07.04.28.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2023/12/Screenshot-2023-12-05-at-07.04.28.png?w=1140 1140w" sizes="(max-width: 631px) 100vw, 631px" data-recalc-dims="1"> 
Apparently, only a single address is responsible for the majority of the burns so far. Shibburn data shows that the “0xc7d0455” address sent a total of 8,241,856,589 tokens to the <a href="https://bitcoinist.com/shiba-inu-partner-something-big/">SHIB</a> burn address. Upon a deeper dive, Etherscan <a href="https://etherscan.io/tx/0x72aaf2cc7f1c437eb545be5f65b810a412e67aa4a9a2a40b30dba8d171584edb" rel="nofollow noopener" target="_blank">data</a> identifies the sending address as Shiba-swap.eth, also known as the “Shiba Inu: Deployer 2” address. 
This single burn event incinerated over $74,000 worth of tokens. Then in addition to the other burn events, the total burned in the last 24 hours has come out to a little over $75,000 burned. The massive burn also triggered a rise in the weekly burn rate. Shibburn shows that in the past seven days, the <a href="https://bitcoinist.com/shiba-inu-bullish-shib-burn/">SHIB burn rate</a> is up 2,564% with more than 8.5 billion tokens burned. 
<blockquote class="twitter-tweet"> 
 HOURLY SHIB UPDATE<a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">$SHIB</a> Price: $0.00000897 (1hr -1.23% ▼ | 24hr -5.44% ▼ ) Market Cap: $5,282,688,364 (-2.38% ▼) Total Supply: 589,328,318,580,484 
 TOKENS BURNT Past 24Hrs: 8,349,329,301 (7686774.46% ▲) Past 7 Days: 8,576,583,242 (2564.83% ▲) 
 — Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1731946557853884607?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">December 5, 2023</a>
</blockquote> 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/Sx0i8fQb/" alt="Shiba Inu price chart from Tradingview.com (SHIB burn)" width="2650" height="1530"> 
<h2 class="p2" id="shiba-inu-price-reacts-to-burns">Shiba Inu Price Reacts To Burns</h2> 
While the burn rate has exploded in the last day, the <a href="https://bitcoinist.com/shiba-inu-price-shib-burn-1300/">Shiba Inu price</a> has gone in the other direction. After starting off the week on a strong note and reaching a local high of $0.0000094, the meme coin’s price began to retrace. 
At the time of writing, <a href="https://bitcoinist.com/shibarium-44700-shiba-inu-price/">the SHIB price</a> is down almost 5% and has struggled to hold above the $0.000009 resistance once again. This means that bulls will have another battle ahead of them to beat this level. Taking the price from $0.0000089 toward $0.00001 is the major struggle right now. 
Additionally, the Shiba Inu daily trading volume has seen a 31.2% decline in the same timeframe, suggesting that interest in the token has fallen. Unless there is a <a href="https://bitcoinist.com/shiba-inu-volatility-at-60/">recovery in investor sentiment</a>, it stands to reason that the SHIB price will continue to decline from here.

Shiba Inu Burn Rate Explodes 7,686,774%, What’s Going On?

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