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    Home»Markets»5.6 Billion Shiba Inu Torched in 24 Hours, What's Happening?
    5.6 Billion Shiba Inu Torched in 24 Hours, What's Happening?
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    5.6 Billion Shiba Inu Torched in 24 Hours, What's Happening?

    By Godfrey BenjaminNovember 1, 2024No Comments3 Mins Read
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    5.6 Billion Shiba Inu Torched in 24 Hours, What's Happening?

    Cover image via www.freepik.com

    Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

    The Shiba Inu (SHIB) ecosystem recorded an unexpected boom in its burn rate in the past 24 hours, as total assets torched soared. Jumps in the burn rate are not uncommon; however, over the past few weeks, only a few thousand SHIB have been sent to dead wallets, making the current billions of SHIB figure a rare occurrence.

    Shiba Inu burn rate blowout

    Per data from Shibburn, the burn rate has skyrocketed by 373,961% in 24 hours, with a total of 5,638,786,146 SHIB sent to the dead wallet. This unusual boom in SHIB’s deflationary metric got a significant boost from a single wallet address that incinerated 5,604,733,610 worth of the meme coin.

    HOURLY SHIB UPDATE$SHIB Price: $0.0000178 (1hr 0.06% ▲ | 24hr -4.34% ▼ )
    Market Cap: $10,493,573,542 (-4.10% ▼)
    Total Supply: 589,263,030,662,505

    TOKENS BURNT
    Past hour: 5,581,450,000 (1 transaction)
    Past 24Hrs: 5,604,733,610 (373969.11% ▲)
    Past 7 Days: 5,724,974,890…

    — Shibburn (@shibburn) October 31, 2024

    Related

    Shiba Inu (SHIB) Exec Warns Crypto Community: 'Be Investor, Not Gambler'

    The wallet address is linked to a cat meme coin project that claimed to burn tokens worth $100,000. The goal hinges on being friends with the Shiba Inu ecosystem. 

    While the broader market has celebrated this mega burn, users are also receiving cautious messages. According to a post from an X account dubbed Susbarium, most projects try to gain affiliation with the SHIB ecosystem to benefit from its large user base.

    The account noted that most of these projects try to “pull in the SHIB army with presales or low-quality tokens.”

    SHIB price reacts unexpectedly

    The token burn hyped the broader Shiba Inu ecosystem. However, investors approached this with caution, as reflected in the price of SHIB.

    Related

    SHIB Endorsed by Robinhood in Recent Major Tweet

    At the time of writing, the price of SHIB was changing hands for $0.00001734, down by more than 6% in 24 hours, according to CoinMarketCap data. The coin’s price saw a denial of its golden cross and is in freefall after a weeklong boom that saw it hit its multimonth high above $0.000019.

    Beyond this seemingly healthy retracement, the SHIB ecosystem is hyped, and the price of the coin may change course in the coming days.





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