The Shiba Inu community has remained consistent in burning SHIB tokens.In a week, it sent a whopping 1,748,403,277 SHIB tokens to the project’s dead wallet.The burning mechanism is part of the processes that the Shiba Inu uses to maintain stability in its ecosystem.It is a strong measure to reclaim the value of the SHIB token as it removes more coins from circulation.
Community Burns 1.74B Tokens Through 20 Different Transactions According to data from the Shiba Inu burning portal, Shibburn, over 1.74 billion SHIB coins were burned within 7 days.The community completed the burning mechanism for the week through 20 different transactions.Related Reading: Bitcoin Tweets Surpass Dogecoin Despite Meme Coin Craze However, Shibburn disclosed that the Shiba Inu burn rate for the week decreased by 69.48% as against the previous week.
The token burning data for the previous week showed that 3.98 billion SHIB tokens were sent to the dead wallet.The process was completed through 19 separate transactions by the community.The 24-hour token burning record has about 11.42 million Shiba Inu coins destroyed.This indicated a drop of 11.21% in the burn rate over the past day.Furthermore, Shibburn highlights the week’s top 3 SHIB token burners: Mysterious Wallet, Blaze Token, and SHIB Super Store.The Mysterious Wallet is among the top players in SHIB token burn as it destroyed 11.42 million SHIB coins through a single transaction.The wallet has been a major contributor to the SHIB token-burning mechanism.
Besides its massive destruction of SHIB tokens, the wallet still holds over 335.79 billion SHIB worth more than $2.96 million.The prominent Shiba Inu Community-led burn project, SHIB Super Store, is the next top token burner.
It sent about 10.45 million SHIB tokens to the protocol’s dead wallet on May 8 through a single transaction.Blaze Token plays the highest contributory role, with the largest number of burned SHIB tokens for the week.The new token destroyed over 1.69 million SHIB coins through a single transaction on May 8.Shiba Inu (SHIB) Price Action The Shiba Inu community has kept removing lots of SHIB tokens from circulation through the burning process.But SHIB’s value is yet to mark a remarkable recovery.The entire crypto market has been battling with the influence of the bears pushing most assets’ prices to the bearish zone.At the time of writing, SHIB is trading at around $0.886, indicating a slight gain of 0.80% over the past 24 hours.
Its market cap is $5.22 billion, with a 24-hour trading volume of $96 million.Its 7-day and 30-day price actions indicated a drop of 1.40% and 20.74%, respectively.Featured image from Pexels, chart from Tradingview.com Mike D.Mike is an enthusiastic online journalist.
He is curious about how the tech world works, and he is always amazed by the abrupt growth of blockchain technology.Leave a Reply [Cancel reply](/shib/shiba-inu-token-burn-hits-1-74-billion-in-one-week-whats-the-current-status/#respond) Leave a Reply Shiba Inu (SHIB) has seen its burn rate skyrocket to impressive heights.This incredible surge in burn rate is causing many to speculate that a price reversal may be on the horizon, as the token’s value continues to experience significant volatility.As the burn rate of Shiba Inu continues to soar, the cryptocurrency’s fate remains uncertain, leaving investors and enthusiasts alike wondering what the future holds for this meme-inspired token.
Will Shiba Inu be able to maintain its momentum and reach new heights, or will the current volatility lead to a dramatic price u-turn? Shiba Inu Burn Rate Climbs, Signaling Potential For Price Reversal Shiba Inu, the popular cryptocurrency inspired by the Shiba Inu dog breed, has experienced an astonishing 30,940% surge in burn rate at the time of writing, according to Shibburn’s data at the time of writing.But what exactly does “burn rate” mean in the context of cryptocurrencies? In simple terms, the burn rate refers to the amount of tokens that are permanently removed from circulation.When a cryptocurrency “burns” tokens, they are essentially destroyed, which can have the effect of increasing the value of the remaining tokens.
In the case of Shiba Inu, the massive surge in burn rate is an indication that more tokens are being removed from circulation than ever before, which could potentially lead to a supply shortage and a subsequent increase in value.
Based on the data presented, the Shiba Inu ecosystem is experiencing exponential growth in the number of total transactions, resulting in a significant transfer of 2,254,093,318 SHIB tokens to inactive or “dead” wallets overnight.SHIB total market cap at 5.8 billion on the daily chart at TradingView.com The sudden transfer of tokens to dead wallets is believed to be a response to the rapid surge in transaction activity within the ecosystem.The data highlights two specific addresses that were responsible for a large portion of the transaction volume.One address was used to “burn” 2,005,265,274 SHIB tokens, effectively removing them from circulation permanently.The other address burnt 246,743,138 SHIB tokens, contributing to the overall reduction in circulating supply.Where Shiba Inu Stands Right Now At the time of writing, the price of SHIB on CoinMarketCap stands at $0.00001005, with a 24-hour rally of 0.83%, while experiencing a decline of 2.37% over the last seven days.
Despite the massive surge in the burn rate of Shiba Inu tokens, the price of SHIB has shown little movement.Source: CoinMarketCap One possible explanation is that the market has already priced in the impact of the burn rate, and therefore, the current token burn rate is not enough to move the price significantly.
Another factor could be the current market conditions, which have been unfavorable to many cryptocurrencies, including Shiba Inu.
Furthermore, the sheer number of SHIB tokens in circulation could be another contributing factor to the price stagnation.With a circulating supply of over 394 trillion SHIB tokens, any changes in the token burn rate would need to be substantial to affect the overall supply and demand dynamics of the market.-Featured image from Picography After the transition from proof-of-work (PoW) to proof-of-stake (PoS), Ethereum’s annual issuance rate has been reduced to negative 0.057%, according to statistics 158 days after The Merge.The metrics indicate that more ethereum tokens have been removed than issued, and if the chain were still under PoW consensus, 1,823,678 ether would have been minted to date.Ethereum’s Negative Annual Issuance and Unlocked Ether in March Could Shift Equilibrium Statistics from the analytics website ultrasound.money show that the Ethereum network is deflationary these days.
More than 1.023 million ether is removed from circulation annually, according to metrics following the London hard fork’s implementation of EIP-1559.Since the transition from proof-of-work (PoW) to proof-of-stake (PoS) known as The Merge, the current annual issuance rate is negative 0.057% or -29,797 ether.The data shows that more ethereum (ETH) is currently being removed from circulation than is being issued.If Ethereum were still using PoW, the issuance rate would increase by about 3.49% annually.As of 10:30 a.m.
(ET) on Feb.20, 2023, data indicates that 1,823,678 ethereum tokens would have been added to the number of coins in circulation under PoW consensus.As of 10:55 a.m.(ET) on the same day, approximately 120,491,331 ethereum (ETH) tokens are in circulation.At that same time, 16,763,815 ether is locked into the Beacon chain contract, and when the Shanghai update occurs in March, many of those coins could be released from their locked state.
The locked ether represents $28.61 billion of the second-largest cryptocurrency’s $205.77 billion market valuation, or 13.91% of the circulating supply and market value.According to statistics from ultrasound.money, Ethereum’s current annual issuance rewards are 4.1%, and the burn rate for non-stakers is 1.8% per year.Tags in this story Altcoins, Annual Issuance Rate, Beacon Chain, Blockchain, Burn Rate, Change, circulating supply, crypto assets, Cryptocurrency, Cryptography, Decentralized, deflation, deflationary, EIP-1559, ETH issuance rate, Ethereum, future, inflation, inflation rate, issuance, issuance rate, Locked Ether, London Hard Fork, Market Valuation, merge, metrics, Non-Stakers, PoS, PoW, Proof of Work, Proof-of-Stake, Rewards, Shanghai Update, Smart Contracts, The Merge, Tokens, Ultra Sound Money, ultrasound money What do you think the future holds for Ethereum’s issuance rate and circulating supply as the network continues to transition to proof-of-stake and implement updates like the upcoming Shanghai update? Share your thoughts in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.
Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: ultrasound.money Disclaimer: This article is for informational purposes only.
It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.
Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Benefits There’s An Insatiable Urge To Burn Crypto — A Look At Why Projects Burn Tokens And The Benefits In recent times, cryptocurrencies that burn tokens have been very popular and a number of well known blockchain projects have destroyed large sums of digital assets.While a number of crypto projects have different burn schemes, the overall effect is usually the same, as destroying tokens reduces the circulating supply.Blockchain Projects Burn Tokens for Specific Benefits and Objectives Burning tokens has been a popular trend and articles often highlight specific projects like Ethereum, Terra, Shiba Inu, and many more that have destroyed large sums of native tokens.$SHIB burn portal is a huge success!👺🔥 — Shiba Inu to $1 (@ShibInform) April 28, 2022 Six days ago, Bitcoin.com News reported on the Shiba Inu (SHIB) developers launching a burn portal, which allows shiba inu holders to burn their stash of SHIB.In that particular case, SHIB burners are rewarded for destroying their tokens.SHIB currently has a burn rate of around 180.18% during the past 24 hours.
1/ The on-chain votes for proposals 133 and 134 to burn the 88.675 million Pre-Col-5 $LUNA in the Community Pool (~$4.5 billion), swapping for $UST using the on-chain swap, and reducing the oracle_rewards_pool distribution window from 3 to 2 years have now passed! — Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) November 10, 2021 During the first week of November 2021, the Terra (LUNA) team of developers burned 88.7 million LUNA and projects like Ethereum (ETH) burn native tokens every minute of the day.For instance, after the implementation of the Ethereum Improvement Proposal (EIP) 1559, more than 2.17 million ether has been destroyed forever.76,100 #BNB ($35,060,900) has been burned since the BEP-95 real-time burning upgrade 🔥 — BurnBNB (@BurnBNB) April 27, 2022 Just like SHIB, Ethereum has a burn rate as well, as metrics show over the last 60 minutes, 135 ether was burned and during the last 24 hours, 4,477 ETH has been destroyed.
The Binance digital asset BNB has a scheduled burn process and the project has destroyed coins to reduce the overall supply.Burning Crypto Simply Means Sending Tokens to a Null Address The process has been leveraged by a number of cryptocurrency network developers and the community has grown fond of the process.Burning tokens, however, does not mean the tokens get engulfed in flames in the literal sense.Most projects burn tokens by simply sending the digital currencies to a dead address.
The address is simply a black hole of funds as no one has the private keys to the addresses used in the destruction process, which is simply sending coins to the null address.Once the tokens are sent to the null address, the coins are unretrievable and will never be used again.Digital currency burn schemes have been around for years and the project Counterparty is one of the oldest to deploy the burn mechanism idea.Counterparty’s Proof-of-Burn In fact, Counterparty burned bitcoin (BTC) to bootstrap the project.
“All XCP that will ever exist were given out proportionally to those who recognized Counterparty’s value and were ready to “burn” their bitcoins to participate in Counterparty,” the project explains in a blog post about the proof-of-burn process.Burning tokens includes a number of benefits, and some algorithmic stablecoin protocols leverage the burn process to distribute stablecoin assets in an autonomous fashion.While Counterparty used a proof-of-burn to bootstrap XCP, most blockchain projects burn coins to reduce the token’s overall supply.In a way, burning tokens is similar to a share buyback in traditional equity markets.Removing coins from the circulating supply makes the crypto asset scarce and the scarcity aims to make the rest of the coins in circulation more valuable.Tags in this story Benefits, BNB Burn, Burn Addresses, burn crypto, Burn Portals, Burn Rate, Burning, Burning Tokens, Counterparty, Dead Address, Destroying Coins, EIP-1559, ETH burn, Ethereum Burning, Luna Burn, Null address, Proof-of-Burn, Removing Coins, Shib Burn, Shiba Inu Burn Portal, XCP What do you think about crypto asset projects that employ the proof-of-burn process or burn tokens to reduce the coin’s overall circulating supply? Let us know what you think about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.
Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Top posts ETH2 hours ago Breaking Above This Level Might Trigger A Bullish Momentum For Ethereum Price Ethereum managed to surpass the $1,800 price level initially, but it has been experiencing a period of consolidation recently.In…
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