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The spike in burns corresponds with whales moving $276 million worth of Shib off exchanges, as well as changes to Shib’s roadmap.
Cover art/illustration via CryptoSlate
Shiba Inu (SHIB) burn rate is up an enormous 8733.78% in the last 24 hours, according to the Shibburn website.
The burn rate of a token corresponds to a portion of the supply being sent to a burn token address, with the idea of putting deflationary pressure on a cryptocurrency’s supply/demand dynamic.
In the case of SHIB, that has led to a total of over 750,000,000 SHIB being sent to a burn address in the last 24 hrs.
SHIB is a meme-themed cryptocurrency that has recently gained attention in the crypto market. The project was launched in August 2020 as an ERC-20 token on the Ethereum blockchain.
The anonymous creators behind SHIB have not been revealed, but the project is backed by a decentralized autonomous organization (DAO) called Shibaswap.
The price of SHIB is currently $0.00001, with a market cap of $6.38 billion and 24-hour trading volume of $327.94 million. The price of SHIB is also up 2.9% in the last 24 hour trading.
The project has — since its founding — faced controversy over allegations of foul play by its developers — leading to a clash within the SHIB community who rallied behind and supported it during its early days.
Speculation is also rampant that a number of DAOs and prominent individuals from within crypto were part of early efforts to pump SHIB — including potentially Sam Bankman-Fried (SBF).
Read more: Shiba Inu community clash over allegations of foul play by developers
More recently, reports have also emerged in the past 24 hours that SHIB whales have been moving millions from exchanges.
According to a data from the market analytics firm Santiment, a total of 6 transactions took place on March 20 — amounting to 406 billion SHIB ($276 million) being transferred from an exchange wallet to a self-custody wallet.
Dorian Batycka is a journalist interested in art and technology. He has previously contributed to CoinDesk, Decrypt, Artforum, Artnet News, the Art Newspaper, and many others. He can be found on Twitter and Instagram @temp_projects, where he often memes his way through current financial and art news, scandals, and events.
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Shiba Inu (SHIB) is a decentralized meme token that aims to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm. According to SHIBA INU, the reasoning behind the creation of SHIBA is that Shibas constantly forget where they bury their treasure.
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