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 SHIB community has shoveled another large Shiba Inu chunk to dead-end wallets, pushing the burn rate metric five digits up.
Meanwhile, the chart shows that the second-largest meme cryptocurrency, SHIB, is forming a bull flag with a potential price surge to follow later. Besides, the SHIB lead, Shytoshi Kusama, has finally released the SHIB AI whitepaper promised earlier this year.
Burn rate jumps 41,016.02%
According to data provided by the popular wallet tracker Shibburn, over the past day, the SHIB community has been able to dispose of a significant amount of SHIB meme coins, propelling the burn rate up to a mammoth daily high.
Over the past 24 hours, as a recent tweet states, the SHIB burn metric has staged an increase of 41,016%. But even though this surge was impressive, this can hardly be said about the meme coin stash that was burned this time. It comprises 2,265,904 SHIB.
Over the past day, the two largest SHIB burn transfers have helped remove 1,000,000 and 850,808 SHIB from the circulating supply.
As for weekly burns, the situation here is totally different. From the point of view of the percentage value, the metric is currently deep in the red, showing minus 89.53%. However, in terms of the number of meme coins burned, it surpasses the daily burns roughly 50x, with a total of 111,334,233 SHIB destroyed over the past week. It should be said here that the majority of that huge amount was burned in a single move when, on Friday, 100,138,071 SHIB were kicked out of the circulating supply in a single burn transfer, according to the details provided by Shibburn.
SHIB price soars as new SHIB AI whitepaper comes out
Over the weekend, the SHIB price has demonstrated several upward and downward movements on an hourly chart, which seem to form a Bull Flag pattern, which can potentially push SHIB to a breakout.
This aligned with the mysterious SHIB lead developer, Shytoshi Kusama’s, release of the SHIB AI whitepaper, much anticipated by the community. However, in this document, Kusama painted a gloomy cyberpunk model of what humanity expects when AI gets integrated deeply into the life of humanity. He also, metaphorically, claimed that he was able to travel in time and see the things he described in the whitepaper with his own eyes.
Vladislav Sopov
U.Today Editorial Team