Shiba Inu Token Burning Amount Increases by Almost 15,000%

Bittime - SHIB token burning rate, rose drastically. In fact, the SHIB token burn rate rose to 15,000% in just one day. Check out the review here!

Data from tracking platform Shibburn shows that in a short period of time, the SHIB burn rate surged by almost 15,000%, taking the transaction value into the green zone indicating the massive sell-off has turned into aggressive buying.

Amidst these events, the SHIB price also experienced a significant increase of more than 5% in the last 24 hours. When this news was written, the token was trading at level $0,00001831, up from $0,0000171 after printing green candle big on the hourly chart.

A Surprising Surge in SHIB's Burning Rate

SHIB's daily burn rate saw an astonishing 14,575% increase overnight. This increase was caused by the transfer of 279,650,585 SHIB from market circulation into a special non-reusable blockchain wallet. 

This signals a drastic reduction in the number of SHIB tokens in circulation, which in theory could increase the value of the token by reducing supply.

Also read: Can Shiba Inu Make You Profit? Check Here the Analysis!

To date, five arson transactions have occurred. The largest transaction involved 277,587,419 SHIB, while the second largest transaction was much smaller, carrying only 2,000,000 SHIB. This burning action attracted the attention of the community because of the large volume that was suddenly locked.

FUD sebagai "Utility"?

In the latest development, Lucie, leader of the Shiba Inu community on platform X (formerly Twitter), highlighted the phenomenon of spreading FUD (Fear, Uncertainty, Doubt) in the crypto world. 

FUD is a term that describes fear, uncertainty, and doubt that are often spread to reduce the value of certain assets. Lucie, however, sees the positive side of the FUD spreaders.

Also read: Why Shiba Inu Price Is Soaring: Latest Analysis

“FUD spreaders actually have utility," said Lucie. He explains that every time these people mention the Shiba Inu ecosystem, including SHIB, BONE, and LEASH, they indirectly increase social activity and community involvement. 

"Every time they mention your assets, they increase social activity," he added.

Lucie also noted the phenomenon of notorious “shillers”—those who create excessive hype about certain assets, particularly meme coins. These shillers aim to push the value of their assets to $100 billion market capitalization and hope retail investors are swayed by the euphoria.

What are the Next Steps for Shiba Inu?

This sharp increase in SHIB burning has led to speculation that this strategy may be part of an effort to strengthen the Shiba Inu ecosystem ahead of new developments, including the Shibarium update and the adoption of related tokens. 

With aggressive supply reduction, the SHIB community hopes that the value of their token can continue to increase.

At this time, the community and investors are advised to keep an eye on the latest developments, considering that a massive burn move like this could be an early signal for further price movements in the future.

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