The official team behind the widely popular meme coin, Shiba Inu (SHIB), has recently publicized the burning of a considerable amount of Ethereum (ETH). The disclosure conveyed through a post on X from the Shib account revealed that 200 ETH had been intentionally burnt within one month. With the current value of ETH standing at $2,376.37, this translates to a substantial $475,366.00 being permanently taken out of circulation.
The announcement evoked diverse responses within the Shiba Inu community, with some members expressing excitement and anticipation for more substantial burns in the future. One Twitter user confidently asserted,
“This is just the beginning. Shiba Inu will burn trillions soon, marking the initiation of a major upswing.”
Such optimistic expressions indicate a growing enthusiasm and confidence in SHIB’s initiatives among its dedicated user base.
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Swift Surge in Burn Rate
The tweet also brought attention to a notable surge in Shiba Inu’s daily burn rate. According to Shibburn, the burn rate reached an impressive 27503.25%. This signals a significant acceleration in the rate at which SHIB tokens are being directed to the so-called “dead wallet.” This has effectively eliminated them from circulation. A reported 9,352,492,391 SHIB tokens have been sent to the dead wallet over the last 24 hours.
Impact on the Market
Despite a recent 9% decline in Shiba Inu’s value over the past few days, the revelation of the substantial Ethereum burn appears to have contributed to a modest recovery in the meme coin’s price. At the latest update, SHIB is being traded at $0.000009587, indicating a 0.82% daily increase. This price movement suggests that, despite market fluctuations, the Shiba Inu community remains optimistic about the coin’s future. This could be partly driven by the ongoing burn initiatives.
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The decision by Shiba Inu’s official team to burn 200 ETH in a month has ignited enthusiasm within its community. This is further accompanied by predictions of even more significant burns in the future. The heightened burn rate and the substantial quantity of SHIB tokens directed to the dead wallet imply a concerted effort to diminish the coin’s supply. It could potentially lead to increased demand. As Shiba Inu maneuvers through the unpredictable cryptocurrency market, the impact of its burn initiatives and the unwavering support from its community will play a pivotal role in determining its trajectory in the months ahead.