SHIB Burns Skyrocket 2,221%, Here's What's Happening
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Public burn tracker Shibburn has revealed that another large SHIB stash has been transferred to a “virtual furnace” over the past day. The burn rate, likewise, has shown a four-digit rise.
Burn rate soars by 2,221%
According to Shibburn, over the past day, the SHIB community kicked a substantial amount of meme coins to unspendable blockchain addresses - 21,000,740 SHIB - which resulted in the overall daily burn rate showing a 2,221% spike.
So far, there have been seven transfers to dead-end wallets. The largest ones, correspondingly, carried 18,973,108 SHIB and 1,000,000 SHIB nine and eleven hours ago, respectively.
Still, many users within the SHIB army have been putting pressure on the SHIB team, demanding much bigger burns than the ones being made now. They claim that the SHIB team should burn from 30% to 90% of the currently circulating supply to unleash the SHIB price and let it skyrocket.
However, the SHIB team always responds that it does not control burn keys and that higher burns can be achieved over a higher utility of Shibarium, the layer-2 solution for SHIB. The more transactions that happen on it, the more gas fees get collected, and a portion of them gets automatically converted to SHIB from BONE and burned.
SHIB market performance
Over the past 24 hours, the price of the second largest meme cryptocurrency by market cap size, SHIB, has succeeded in recovering by almost 6%, coming back to the $0.00002122 price level, thus managing to avoid a critical price breakdown.
On Monday, the prominent meme coin lost more than 9%, falling from $0.00002202 to the $0.000020 mark. On Saturday, SHIB traded at $0.00002273, and since that day, the price drop, which bottomed yesterday, constituted more than 12%.
Yuri MolchanTREAT hitting multiple crypto exchanges upon launch
The Shiba Inu lead developer has shared multiple X posts from leading crypto exchanges, such MEXC, KuCoin, BitGet, SuperEx, etc., announcing the listing of new Shiba Inu ecosystem token TREAT. The official launch date is today, Jan. 14.
This token is designed to enhance network governance (the voice of the SHIB army), to be leveraged for rewards on the ShibaSwap DEX and other utilities within the SHIB network. TREAT will also be used for WOOF Wars: Farming 2.0, a yield farming mechanism that will allow users to increase their earnings to the highest extent possible.
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.
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