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Cryptocurrency News Articles
SHIB Burn Rate Spikes 320% as Shiba Inu Metaverse Update Emerges
Sep 30, 2024 at 09:51 pm
Popular Shibburn tracking platform has spread the word about a significant increase in the SHIB burn rate that took place over the past two hours
A prominent platform that tracks Shiba Inu (SHIB) burns has highlighted a substantial increase in the burn rate over the past two hours, pushing the metric into the high green zone.
According to the latest data shared by Shibburn, the SHIB burn index has surged to 320.33% in about two hours. This marks a significant rise compared to the previous reading.
Over the past 24 hours, the SHIB burn rate has soared to 320.33%, with a total of 10,312,196 SHIB burned by the community.
The meme coin community burned a large batch of SHIB, transferring 6,942,069 meme coins to an unspendable wallet in a single transaction. This transaction alone contributes to a substantial portion of the total SHIB burned.
The largest burn transaction saw 6,942,069 SHIB being sent to an unspendable wallet, while the second biggest carried 3,316,000 SHIB. Overall, only four burn transactions have been processed so far.
The recent transaction that burned 6,942,069 SHIB and transferred it to an unspendable wallet had no specified initiator. However, some users commented on the Shibburn tweet, speculating that the SHIB team may have conducted the burn through Shibarium.
Several comments under the Shibburn tweet suggest that the recent large burn may have been executed by the SHIB team through Shibarium. The innovation, announced in January, now carries out all SHIB burns automatically.
As reported, the SHIB burn mechanism now operates differently with the launch of Shibarium. Initially, a decentralized exchange (DEX) on the blockchain would burn a percentage of SHIB trading fees. However, this practice ended with the emergence of BONE.
The precise mechanism for SHIB burns has changed following the introduction of Shibarium. Previously, a decentralized exchange (DEX) on the blockchain would burn a portion of SHIB trading fees. However, this ended with the advent of BONE.
Now, a portion of BONE tokens is automatically converted into SHIB and sent to dead-end wallets, effectively burning SHIB tokens. This process occurs whenever someone uses the Shibarium protocol to burn another token.
Currently, a portion of BONE tokens is burned in SHIB by converting them into Shiba Inu and sending them to dead-end wallets whenever someone burns another token using the Shibarium protocol.
Shibarium recently announced the integration of Ryoshi Vision (RYOSHI) to burn a percentage of the token with every transaction on the Shibarium blockchain. This move will contribute to the burning of SHIB.
Recently, Shibarium announced the integration of Ryoshi Vision (RYOSHI) to burn a percentage of the token with every transaction on the Shibarium blockchain.
Shiba Inu price continues declining
Meanwhile, the Shiba Inu price has continued to decline since Saturday, moving further away from the $0.00002140 price high reached on that day.
The SHIB price dropped to a new low of $0.00001917 on Sunday morning. At the time of writing, SHIB is changing hands at $0.00001920, down 1.04% on the day and 6.04% over the past week. However, the meme coin is still up 30.06% year-to-date (YTD).
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