Shiba

Burn

Pepe

Bone ShibaSwap

Shiba Inu

TL;DR 
<ul>
 <li>SHIB’s burning mechanism skyrocketed in the last 24 hours, with almost 100 million tokens removed from circulation. </li>
 <li>One large transaction comprised over 99% of the entire burned stash.</li>
</ul>
<h2 id="span-data-preserver-spaces-true-a-href-https-cryptopotato-com-wp-content-uploads-2024-08-shib_cb-26-jpg-data-wpel-link-internal-rel-noopener-noreferrer-nofollow-a-span"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/SHIB_CB-26.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></h2>
<h2 id="the-latest-spike">The Latest Spike</h2>
After several days of recording less activity than usual, Shiba Inu’s burning program exploded once again. Data <a class="editor-rtfLink" href="https://www.shibburn.com/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">shows</a> that the burn rate skyrocketed by almost 140,000% in the past 24 hours, resulting in over 96 million tokens sent to a null address.&nbsp;
It is worth mentioning that around 99% of the stash was destroyed after a single transaction approximately 10 hours ago. Further investigation reveals that the wallet has received funds from the crypto exchange Coinbase multiple times in the past, suggesting the owner could be user of the platform.&nbsp;
Meanwhile, the address had been inactive for more than five months before burning the SHIB tokens. Its latest transaction <a class="editor-rtfLink" href="https://etherscan.io/address/0x713675a02de9eda524a2d7282eb847bb9f9fa1b5" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">happened</a> 154 days ago and included the swap of 0.2839 ETH ($715) on THORChain.&nbsp;
While the over 96 million SHIB destroyed in the last 24 hours sound like a substantial amount, their actual USD equivalence is insignificant. However, continuous efforts in that field will make the meme coin scarcer and potentially more valuable in time (assuming demand stays the same or rises).
Shiba Inu currently trades at approximately $0.0000141 (per CoinGecko’s data), a 2% decrease on a weekly scale. Its poor performance coincides with an overall decline of the meme coin sector, with Dogecoin (DOGE), dogwifhat (WIF), Pepe (PEPE), Bonk Inu (BONK), Brett (BRETT), and many more being deep in the red for the same period.
<figure id="attachment_357001" aria-describedby="caption-attachment-357001" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/SHIB-Price-5.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-357001" src="https://cryptopotato.com/wp-content/uploads/2024/08/SHIB-Price-5.png" alt="SHIB Price" width="588" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/SHIB-Price-5.png 1068w, https://cryptopotato.com/wp-content/uploads/2024/08/SHIB-Price-5-300x204.png 300w, https://cryptopotato.com/wp-content/uploads/2024/08/SHIB-Price-5-1024x697.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/SHIB-Price-5-768x523.png 768w, https://cryptopotato.com/wp-content/uploads/2024/08/SHIB-Price-5-50x34.png 50w" sizes="(max-width: 588px) 100vw, 588px"></a>
 <figcaption id="caption-attachment-357001" class="wp-caption-text">
 SHIB Price, Source: CoinGecko
 </figcaption>
</figure>
<h2 id="span-data-preserver-spaces-true-shibarium-embraced-a-burning-mechanism-span-span-data-preserver-spaces-true-too-span">Shibarium Embraced a Burning Mechanism, too</h2>
Earlier this month, Shiba Inu’s layer-2 scaling solution – Shibarium – <a class="editor-rtfLink" href="https://cryptopotato.com/important-shiba-inu-shib-announcement/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">adopted</a> a burning program called “Burn Portal.” Despite having the same ultimate goal as the original Shiba Inu burn mechanism, there are certain differences.
The burning program integrated into Shibarium is directly tied to its blockchain operations. Each time a transaction occurs on the network, a fraction of the transaction fees paid in Bone ShibaSwap (BONE) is utilized to purchase SHIB tokens from the open market. That stash is then transferred to a null address.
In comparison, the original mechanism mainly relies on community-led efforts and voluntary burns by holders rather than an automatic or protocol-based action.
The post <a href="https://cryptopotato.com/shiba-inu-burn-rate-explodes-by-140000-shib-price-rebound-in-the-cards/" rel="noopener noreferrer nofollow">Shiba Inu Burn Rate Explodes by 140,000%: SHIB Price Rebound in the Cards?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Shiba Inu Burn Rate Explodes by 140,000%: SHIB Price Rebound in the Cards?

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