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- Shiba Inu community incinerates over 115 million SHIB, driving changes in market dynamics.
- Remarkable increase of 660.22% in Shiba Inu burning rate, pointing to a strategy to influence its value.
Ever wondered what makes the world of cryptocurrencies so fascinating? Well, if you keep track of Shiba Inu, you’ll understand why. This Friday, something extraordinary happened: the burn rate of Shiba Inu, that memecoin we love so much, skyrocketed more than 600%. Yes, you read that right. More than 115 million SHIB disappeared in the digital flames. The result? A flurry of speculation and chatter in every corner of the crypto market.
For those not yet familiar with the term, “burning” in the cryptocurrency world means sending tokens to an inaccessible wallet, thus reducing the supply in circulation. And when we talk about Shiba Inu, we’re talking about a coin that is not only popular, but also moves in the Ethereum ecosystem, one of the most robust and secure blockchains on the planet.
The decision of the Shiba Inu community is clear: by reducing the supply, they seek to increase the value of the token. And it’s not just any reduction; we’re talking about a burn rate that increased by 660.22% just today, February 2. Think about it, in the volatile world of cryptocurrencies, these kinds of moves are a statement of intent.
who is behind this massive burn?
According to Shibburn, the platform that tracks these activities, most of the tokens burned come from the Shiba Inu community. The transfer of 111.66 million SHIB to a “dead wallet” is a collective effort to positively impact the token economy. In addition, there are two other addresses that contributed significantly to this burn. Address 0xc608… burned 2.1 million SHIB, while 0xa9d… removed 1.66 million.
And what about the memecoin price?
Well, it’s no surprise that it experienced a jump. This is due to basic supply and demand dynamics. By reducing the supply of SHIB and maintaining or increasing demand, the price tends to rise. It’s a basic economic principle, but in the world of cryptocurrencies, these movements can be dramatic and rapid.
Not only does this phenomenon appeal to regular traders and investors, but it also ignites the spark of curiosity among those who have yet to dive into the fascinating world of cryptocurrencies. Will this be the time for more people to become interested in the potential of Shiba Inu?
What is clear is that the Shiba Inu community does not play on a small scale
We are witnessing a strategy to influence the market, a showcase of how collective power can have a real impact on the economics of a token. And in a space where news flies faster than light, these kinds of events take center stage.
This event is not only a show of strength by the Shiba Inu community, but also a reminder of the dynamic and sometimes unpredictable nature of cryptocurrencies. With each token burned, a new page is written in the history of this cryptocurrency, keeping investors on the edge of their seats.
