Saturday, May 25, 2024
HomeCryptocurrencySHIB Burn Rate Spikes about 50,000%, Shiba Inu Lead Dev Breaks Silence

SHIB Burn Rate Spikes about 50,000%, Shiba Inu Lead Dev Breaks Silence

Shiba Inu (SHIB) has seen a significant increase in its burn rate in the last 24 hours. According to data from Shibburn, a platform that tracks SHIB burns, the burn rate has surged by almost 50,000%. This dramatic increase coincides with a festive message from the project’s lead developer, Shytoshi Kusama.

SHIB Burn Rate Skyrockets

The data from Shibburn reveals that SHIB holders transferred over 87.7 million SHIB tokens to burn wallets. These transfers effectively remove the tokens from circulation, potentially influencing the overall supply and price of SHIB.

Read Also: Shiba Inu Lead Developer: “I think it’s time for my silence to end soon”

The first transaction involved the transfer of 61,908,927 SHIB, while the second transaction sent 25,852,066 SHIB to the burn wallet. There were also other small transactions.

SHIB Burn Rate Spikes about 50,000%, Shiba Inu Lead Dev Breaks Silence
Source: shibburn.com

This significant burning activity follows a similar effort earlier this week. On that day, the burn rate increased by 1,344%. The earlier burn event, which was shared on X, saw 135,451,536 SHIB tokens incinerated in 12 transactions, a larger quantity than the recent burns.

Shytoshi Kusama Reassures Community

Following a period of relative silence, Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, recently addressed the Shiba Inu community on X.

Kusama acknowledged his focus on development after almost missing out on sending seasonal greetings to the global SHIB community. He extended well wishes for various holidays, writing, “HAPPY HOLIDAYS (EASTER, PASSOVER,  EID, & GUDI PADWA/UGADI)!”

Furthermore, Kusama invited SHIB users and developers working on Shibarium, the layer-2 blockchain solution for SHIB, to attend the Blockchain Life Forum in Dubai on April 16. This event presents an opportunity for the community to connect with project representatives.

Kusama added a crucial detail, writing, “Since I’ve been pretty quiet working like a dog.”

Shiba Inu was recently listed on a global crypto exchange, and the community is excited and anticipating new developments that could drive up its price.

<

Read Also: Top Analyst Predicts Possible Breakout of XRP Price to $3.82. Here’s His Chart

Shiba Inu (SHIB) Price Action

SHIB has faced resistance in surpassing the $0.00002950 price point this week. While it briefly touched the level twice, it failed to maintain a closing price above it. Shiba Inu is trading at $0.0000274, down 0.49% after crossing $0.000028 twice in the past 24 hours. However, another attempt at that resistance level could finally see the meme coin through.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
RELATED ARTICLES

Latest News & Articles