Advertisement
AD

Main navigation

SHIB Burns Show Unexpected Reverse, Here Are Likely Factors Behind This

Advertisement
Sat, 10/02/2024 - 20:00
SHIB Burns Show Unexpected Reverse, Here Are Likely Factors Behind This
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.

Read U.TODAY on
Google News
Contents
Advertisement

Recent update on the Shibburn transaction tracker shows a positive shift in the SHIB burn rate.

The aforementioned metric staged a rise despite the SHIB price bouncing back after the overnight increase. Some members of the SHIB community are asking questions about whether the transition to automated SHIB burns is still on agenda.

SHIB burns rise almost 128% but questions rise

According to the aforementioned data source, over the span of the last 24 hours, the SHIB burn rate has increased by 127.41%. In the course of three transactions, a total of 17,393,421 SHIB have been burned. Almost all of these SHIB coins were burned in a single transaction, which carried 16,392,146 Shiba Inu.

SHIB burns rise slightly
Image via Shibburn

On Friday, this metric showed a slightly higher figure, 191%, however, the amount of SHIB burned was much smaller: 7,650,000 Shiba Inu.

These recent increases have coincided with the BONE 16% weekly price surge and some Shibarium metrics demonstrating small increases.

Still, overall there have been no burns made by the Shibarium team recently. One of the major SHIB-themed accounts @ShibBPP has published a tweet wondering whether the Shibarium team continues to stash pinch BONE of the transaction fees on the blockchain to make SHIB burns with them later or whether there is a “pause while transitioning to automated burns.”

The reason for this concern was that the total amount of BONE accumulated on Shibarium has not been growing much recently.

According to a screenshot attached to the tweet, there is now approximately 1.4 million BONE accumulated for SHIB burns ($882.919 in fiat). However, the number of daily transactions amounts to merely 1,081,625.

Related
Shytoshi Kusama Stuns SHIB Army by Going to Bitcoin State El Salvador

Shytoshi Kusama goes to Bitcoin state El Salvador

As reported earlier, the X location mark of Shibarium’s lead developer Shytoshi Kusama shows that he is in El Salvador now. This is a small country that in 2021 proclaimed the flagship cryptocurrency Bitcoin as its only national currency, excluding any fiat money or altcoins (except USDT).

If that is true, Kusama’s visit to this country raises eyebrows and questions as to what he maybe up to in this place, where the president and his Bitcoin advisor (BTC maximalist Max Keiser) believe all altcoins, including Ethereum, to be s-coins and securities.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Sui Recognized as 2024 Blockchain Solution of the Year at AIBC Eurasia Awards
ElmonX Unveils ‘The Scream’ NFTs by Edvard Munch For The First Time Ever
World's First Bitcoin Layer 2 Conference to Unite East & West in Hong Kong, April 2024
Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Our social media
There's a lot to see there, too

Popular articles