Shiba

Ethereum

Shiba Inu

<div class="watcher-guru">  
 <p>The official team behind the widely popular meme coin, Shiba Inu (SHIB), has recently publicized the burning of a considerable amount of Ethereum (ETH). The disclosure conveyed through a post on X from the Shib account revealed that 200 ETH had been intentionally burnt within one month. With the current value of ETH standing at $2,376.37, this translates to a substantial $475,366.00 being permanently taken out of circulation.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">🔥 Is it getting hot in here? Oh wait, it's just us burning some $Shib In just about a month, we've incinerated nearly 200 ETH worth.<br><br>TX details in the first comment below. pic.twitter.com/YVEzb7SEPJ</p>— Shib (@Shibtoken) January 9, 2024
   </blockquote> 
  </div>
 </figure> 
 <h4 class="wp-block-heading" id="h-anticipatory-sentiments">Anticipatory Sentiments</h4> 
 <p>The announcement evoked diverse responses within the Shiba Inu community, with some members expressing excitement and anticipation for more substantial burns in the future. One Twitter user confidently asserted, </p> 
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add">
   <div data-fuse="22560828227"></div>
  </div> 
 </div> 
 <p><strong>“This is just the beginning. Shiba Inu will burn trillions soon, marking the initiation of a major upswing.” </strong></p> 
 <p>Such optimistic expressions indicate a growing enthusiasm and confidence in SHIB’s initiatives among its dedicated user base.</p> 
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div id="primisContainer" class="add"></div> 
 </div> 
 <p><strong>Also Read: Shiba Inu: Millions of Bitcoin ETF Profits Might Flow Into SHIB</strong></p> 
 <h4 class="wp-block-heading" id="h-swift-surge-in-burn-rate">Swift Surge in Burn Rate</h4> 
 <p>The tweet also brought attention to a notable surge in Shiba Inu’s daily burn rate. According to Shibburn, the burn rate reached an impressive 27503.25%. This signals a significant acceleration in the rate at which SHIB tokens are being directed to the so-called “dead wallet.” This has effectively eliminated them from circulation. A reported 9,352,492,391 SHIB tokens have been sent to the dead wallet over the last 24 hours.</p> 
 <figure class="wp-block-image size-full">
  <img decoding="async" width="932" height="560" src="https://cdn.thebittimes.com/images/2024/01/11/8a7e693634961b50f0b1da2c778f0e10.webp" alt class="wp-image-124192" srcset="https://thebittimes.com/image/getimage/?url=https://watcher.guru/news/wp-content/uploads/2024/01/Screenshot-2024-01-10-at-10.59.47 AM.png 932w, https://thebittimes.com/image/getimage/?url=https://watcher.guru/news/wp-content/uploads/2024/01/Screenshot-2024-01-10-at-10.59.47 AM.png 300w, https://thebittimes.com/image/getimage/?url=https://watcher.guru/news/wp-content/uploads/2024/01/Screenshot-2024-01-10-at-10.59.47 AM.png 768w, https://thebittimes.com/image/getimage/?url=https://watcher.guru/news/wp-content/uploads/2024/01/Screenshot-2024-01-10-at-10.59.47 AM.png 380w, https://thebittimes.com/image/getimage/?url=https://watcher.guru/news/wp-content/uploads/2024/01/Screenshot-2024-01-10-at-10.59.47 AM.png 550w, https://thebittimes.com/image/getimage/?url=https://watcher.guru/news/wp-content/uploads/2024/01/Screenshot-2024-01-10-at-10.59.47 AM.png 800w" sizes="(max-width: 932px) 100vw, 932px">
  <figcaption class="wp-element-caption">
   Source
  </figcaption>
 </figure> 
 <h4 class="wp-block-heading" id="h-impact-on-the-market">Impact on the Market</h4> 
 <p>Despite a recent 9% decline in Shiba Inu’s value over the past few days, the revelation of the substantial Ethereum burn appears to have contributed to a modest recovery in the meme coin’s price. At the latest update, SHIB is being traded at $0.000009587, indicating a 0.82% daily increase. This price movement suggests that, despite market fluctuations, the Shiba Inu community remains optimistic about the coin’s future. This could be partly driven by the ongoing burn initiatives.</p> 
 <p><strong>Also Read: Shiba Inu [SHIB] Mid-January Price Prediction</strong></p> 
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="publift-ad add">
   <div data-fuse="22560828233"></div>
  </div> 
 </div> 
 <p>The decision by Shiba Inu’s official team to burn 200 ETH in a month has ignited enthusiasm within its community. This is further accompanied by predictions of even more significant burns in the future. The heightened burn rate and the substantial quantity of SHIB tokens directed to the dead wallet imply a concerted effort to diminish the coin’s supply. It could potentially lead to increased demand. As Shiba Inu maneuvers through the unpredictable <a rel="dofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> market, the impact of its burn initiatives and the unwavering support from its community will play a pivotal role in determining its trajectory in the months ahead.</p> 
</div> 
<div class="cs-entry__tags">
 <ul>
  <li>cryptocurrency</li>
  <li>ethereum</li>
  <li>shib</li>
  <li>shiba inu</li>
  <li>Shiba Inu Burn</li>
 </ul>
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/shiba-inu-burns-200-ethereum-eth-a-prelude-to-trillions-tbt76235.html">https://thebittimes.com/shiba-inu-burns-200-ethereum-eth-a-prelude-to-trillions-tbt76235.html</a></p>

Shiba Inu Burns 200 Ethereum ETH: A Prelude to Trillions?

TheBitTimes

Other articles published on Jan 11, 2024

Father and son sentenced for laundering millions in Bitcoin

Is Injective Going Down? INJ Price Drops 4% as New Mining Coin Secures $8.1 Million

How safe is your digital asset? Smart contract vulnerabilities in NFTs

XRP Ledger Introduces Cross-Chain Bridge and Decentralized Identity Features

Cathie Wood has $1.5 bull case for Bitcoin price by 2030

First Spot Bitcoin ETF Begins Pre-Market Trading in the US

Join our free newsletter for daily crypto updates!