SHIB Burns Plunge to 2 Million in Past 24 Hours, What's Happening?
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 Shibburn tracking platform that keeps an eye on all SHIB burn transactions on Etherscan and then publishes them on its website has announced that in the past 24 hours, the SHIB burn rate has plunged by over 92%.
Only 2 million SHIB removed from circulation
Shibburn shared that the amount of meme tokens transferred to unspendable wallets during the last 24 hours this time was a lot smaller than before that — 2,096,412 SHIB versus 26,071,726 Shiba Inu.
The burn rate today has dropped by nearly 100%. This time only three burn transactions were spotted and published by Shibburn.
It is possible that the tiny amount of destroyed Shiba Inu is down to the launch of the much-expected collectible card game for smartphones, called Shiba Eternity. Today, on Oct. 6, it is the official "download day" of the game.
Yuri MolchanHere's how low burns might be linked to SHIB game
Some believe that there is a chance that Shiba Inu might implement the play-to-earn model (using SHIB tokens for purchasing stuff inside the game), even though it is not known for sure yet.
If that happens, the SHIB army might want to spend their meme coins inside the game rather then burn them away, even though, in theory, these transfers to dead-end wallets may lead to a price surge of SHIB. But it is only likely when nearly all the circulating supply of the token is destroyed.
Related articles
Valeria Blokhina
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya
Vladislav Sopov