As an experienced financial analyst, I have closely observed the cryptocurrency market and its trends for several years. The recent surge in Shiba Inu’s (SHIB) burn rate is noteworthy, with over two million tokens being removed from circulation within a day. However, it’s important to note that despite this significant decrease in supply, SHIB’s price remains deep in the red, coinciding with an overall crypto market correction.
TL;DR
- Shiba Inu’s burn rate soared significantly today, with over two million tokens removed from circulation.
However, SHIB’s price remains deep in the red, coinciding with an overall crypto market correction.
The Latest Spike
The rate at which Shiba Inu tokens are being burned significantly escalated on May 1, marking a 90% rise in comparison to the preceding day. As a consequence, approximately two million units of this cryptocurrency have been taken out of circulation.
As an analyst, I’ve uncovered some intriguing data regarding SHIB tokens. Specifically, Shibburn reports that approximately 1.7 billion SHIB tokens were eliminated last month via 204 transactions. The team managing this meme coin disclosed that a majority of the obliterated assets found their way to the Contract Address.
I’ve analyzed the situation and found that contrary to some reports, there isn’t any major news causing the recent losses in investments. Instead, it appears that people have been making simple mistakes by sending their tokens to the wrong addresses, resulting in lost investments. To avoid experiencing this unfortunate situation yourself, make sure to carefully check and double-check where you send your tokens.
The primary objective of the fiery SHIB token reduction plan is to lessen the abundant circulation of these coins, thereby making them rarer and theoretically more valuable in the future. However, the price of this popular meme coin has dropped by over 20% in the past week, mirroring the overall crypto market downturn.
What Else Can Trigger a SHIB Rally?
As a researcher studying the Shiba Inu ecosystem, I’ve observed that the progress of their layer-2 scaling solution, Shibarium, is a significant factor that could fuel future price surges for the asset. Since its official launch in August last year, the network has achieved impressive milestones. The total number of transactions on the network has surpassed 400 million.
Last month, I analyzed the significant UI upgrade undergone by Shibarium. This update brought about improved compatibility with widely-used self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet.
“The team has completely overhauled the platform with a focus on enhancing user experience and optimizing speed for me and fellow investors.”
The L2 blockchain solution will undergo another upgrade on May 2 through a “hard fork.” The development aims to improve user experience, implement quicker block processing times, and empower the community of developers and innovators.
As a Shibarium analyst, I can tell you that our main objective is to set Shiba Inu apart from its competitors in the meme coin market by minimizing transaction costs and enhancing speed. For those who are eager to delve deeper into this new feature, please check out the informative video we’ve prepared below.
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2024-05-02 00:30