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33.6 Billion SHIB Destroyed by Shiba Inu Team and Shytoshi Kusama: Details
The official marketing manager of the Shiba Inu team, who prefers to call herself Lucie on social media, has taken to the Twitter/X network to spread the word about the fourth consecutive SHIB burn that was performed by the SHIB team.
Fourth massive SHIB burn, Lucie announced that another chunk of Shiba Inu meme coins has been transferred to unspendable wallets this month — 8,471,583,707 SHIB evaluated at $90,857.
This is the fourth hunk of SHIB transferred out of the circulating supply, and the third one performed this month. According to data provided by the Shibburn tracker, so far in December a total of 25,724,850,362 SHIB have been destroyed, with the burn rate jumping by a staggering 13,983.12% over the past week.
Overall, within the four burns, the Shiba Inu team has eliminated approximately 33.6 billion Shiba Inu worth $363,600. Token burns are a strategy undertaken in an attempt to reduce the circulating supply of a cryptocurrency by locking it away in unspendable blockchain addresses. The aforementioned tremendous burns made by the SHIB team are made using funds earned on transaction fees on the Layer-2 Shibarium blockchain.
Gas fees are charged in BONE, and then part of each fee is set aside. Some of it gets put away for the needs of the team, and the other part gets converted into SHIB and then transferred to dead-end addresses. Last weekend, Shytoshi Kusama took to X to announce that in order to achieve any significant price impact from burns, Shiba Inu and Shibarium must get away from memes and get global adoption and utility. The more investors, developers, users are using Shibarium, the more fees there are, he assumes, therefore, more SHIB burns can be made.
#shib #shibarium #shibburn
Disclaimer: DYOR
The official marketing manager of the Shiba Inu team, who prefers to call herself Lucie on social media, has taken to the Twitter/X network to spread the word about the fourth consecutive SHIB burn that was performed by the SHIB team.
Fourth massive SHIB burn, Lucie announced that another chunk of Shiba Inu meme coins has been transferred to unspendable wallets this month — 8,471,583,707 SHIB evaluated at $90,857.
This is the fourth hunk of SHIB transferred out of the circulating supply, and the third one performed this month. According to data provided by the Shibburn tracker, so far in December a total of 25,724,850,362 SHIB have been destroyed, with the burn rate jumping by a staggering 13,983.12% over the past week.
Overall, within the four burns, the Shiba Inu team has eliminated approximately 33.6 billion Shiba Inu worth $363,600. Token burns are a strategy undertaken in an attempt to reduce the circulating supply of a cryptocurrency by locking it away in unspendable blockchain addresses. The aforementioned tremendous burns made by the SHIB team are made using funds earned on transaction fees on the Layer-2 Shibarium blockchain.
Gas fees are charged in BONE, and then part of each fee is set aside. Some of it gets put away for the needs of the team, and the other part gets converted into SHIB and then transferred to dead-end addresses. Last weekend, Shytoshi Kusama took to X to announce that in order to achieve any significant price impact from burns, Shiba Inu and Shibarium must get away from memes and get global adoption and utility. The more investors, developers, users are using Shibarium, the more fees there are, he assumes, therefore, more SHIB burns can be made.
#shib #shibarium #shibburn
Disclaimer: DYOR
New Wallet Burns Massive 2 Billion Shiba Inu At once
New Mysterious Wallet Burns 2B+ SHIB at Once, Who Could it Be?
The latest burn transaction occurred a few hours after the Cult Punks NFT project incinerated 246 million Shiba Inu tokens.
The Shiba Inu (SHIB) burn rate recently skyrocketed by up to 14,571% in the past 24 hours, following a new mysterious wallet’s incineration of over 2 billion SHIB tokens. Data from Etherscan suggests that the burn transaction occurred today at 15:20 (UTC), involving exactly 2,005,265,274 (2.005 billion) SHIB.
Shibburn @shibburn
As of press time, there is limited knowledge on the team or individual behind the wallet involved. The wallet was recently activated, with only five transactions carried out on it so far. Its first ever transaction occurred today at 11:37 (UTC).
It bears mentioning that the wallet’s transactions reveal an interesting behavior. Notably, the first two transactions on the wallet involved deposits of up to 14 Ether (ETH) tokens. The wallet then swapped 10.8 ETH to 2 billion SHIB, and then burned the 2 billion SHIB tokens.
After burning the Shiba Inu tokens, the address swapped 2.45 ETH to 4.8 billion Blaze (BLZE) tokens. Although the team behind the wallet remains unknown, several proponents have asserted that it belongs to the team behind Blaze Token, a recently-launched project which claims to be on a mission to “burn trillions of SHIB.” However, the Blaze team has not officially taken credit for the burn as of press time.
It is important to note that Levi, a social media influencer and founder of the Blaze project, disclosed earlier today that the project is about to carry out its first burn transaction. Moreover, a look at the official Blaze website shows that the project claims to have burned 2,005,265,274 SHIB so far.
Levi@LeviRietveld
The latest burn occurred shortly after the Cult Punks NFT project incinerated 246 million SHIB tokens earlier today, as previously reported by The Crypto Basic. Consequently, up to 2.259 billion Shiba Inu has been burned in the past 24 hours, with 410.63 trillion tokens burned so far.
source: thecryptobasic
#SHIB #shibburn #crypto #shibainu #dyor
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
The latest burn transaction occurred a few hours after the Cult Punks NFT project incinerated 246 million Shiba Inu tokens.
The Shiba Inu (SHIB) burn rate recently skyrocketed by up to 14,571% in the past 24 hours, following a new mysterious wallet’s incineration of over 2 billion SHIB tokens. Data from Etherscan suggests that the burn transaction occurred today at 15:20 (UTC), involving exactly 2,005,265,274 (2.005 billion) SHIB.
Shibburn @shibburn
As of press time, there is limited knowledge on the team or individual behind the wallet involved. The wallet was recently activated, with only five transactions carried out on it so far. Its first ever transaction occurred today at 11:37 (UTC).
It bears mentioning that the wallet’s transactions reveal an interesting behavior. Notably, the first two transactions on the wallet involved deposits of up to 14 Ether (ETH) tokens. The wallet then swapped 10.8 ETH to 2 billion SHIB, and then burned the 2 billion SHIB tokens.
After burning the Shiba Inu tokens, the address swapped 2.45 ETH to 4.8 billion Blaze (BLZE) tokens. Although the team behind the wallet remains unknown, several proponents have asserted that it belongs to the team behind Blaze Token, a recently-launched project which claims to be on a mission to “burn trillions of SHIB.” However, the Blaze team has not officially taken credit for the burn as of press time.
It is important to note that Levi, a social media influencer and founder of the Blaze project, disclosed earlier today that the project is about to carry out its first burn transaction. Moreover, a look at the official Blaze website shows that the project claims to have burned 2,005,265,274 SHIB so far.
Levi@LeviRietveld
The latest burn occurred shortly after the Cult Punks NFT project incinerated 246 million SHIB tokens earlier today, as previously reported by The Crypto Basic. Consequently, up to 2.259 billion Shiba Inu has been burned in the past 24 hours, with 410.63 trillion tokens burned so far.
source: thecryptobasic
#SHIB #shibburn #crypto #shibainu #dyor
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Though it doesn't perform as some crypto gurus predicted, it's worth keeping an eye on this one.
According to shibburn.com:
"Shiba Inu Supply
410,709,332,962,061 - Total burnt from initial supply
999,982,367,709,922 - Max Total Supply
589,290,667,037,938 - Total Supply
582,392,148,503,792 - Circulating Supply
6,898,518,534,145 - Staked (xSHIB)"
#Write2Earn #shibburn #shib
According to shibburn.com:
"Shiba Inu Supply
410,709,332,962,061 - Total burnt from initial supply
999,982,367,709,922 - Max Total Supply
589,290,667,037,938 - Total Supply
582,392,148,503,792 - Circulating Supply
6,898,518,534,145 - Staked (xSHIB)"
#Write2Earn #shibburn #shib
How Does Shiba Inu Burning Work?
How many Shiba Inu are burned daily? Explore how Shiba Inu's 'burning' strategy increases scarcity and incentivizes community engagement.
Key Points
Shiba Inu employs a "burning" strategy to manage its supply, sending tokens to irreversible "dead wallets."
Burning Shiba Inu tokens can increase scarcity and incentivize community engagement through "burntSHIB" rewards.
Platforms like shibburn.com and the Shiba Burn Tracker provide information about Shiba Inu's burning activities.
The digital asset SHIB, also known as the Shiba Inu, gained significant attention amidst the cryptocurrency boom of 2021. It operates as a decentralized meme token and employs the strategy of "burning" to effectively manage its token supply, much like many other cryptocurrencies in existence. Let’s first understand why few cryptocurrencies go through a burning mechanism.
What Is a Token Burn?
Token burn refers to the intentional removal of a certain number of tokens from circulation in a cryptocurrency ecosystem. This process involves permanently eliminating tokens from the total supply, reducing the overall quantity of tokens available in circulation
Why Are Tokens Burned?
Tokens are typically burned for a couple of key reasons. Firstly, burning helps to control inflation by reducing the supply of tokens in circulation. Secondly, it creates a form of supply management, allowing the creators or community to influence the token's scarcity. In Shiba Inu's case, the decision to burn often arises from community actions or major holders like Buterin.
What Is the Shiba Inu Coin Burn Mechanism?
Burning in the context of Shiba Inu coins refers to the process of permanently removing tokens from circulation. This is done by sending these tokens to addresses, often called "dead wallets" or the "Black Hole," from which they can never be retrieved.
Ethereum Co-Founder Burns SHIB
A noteworthy event in the history of burning Shiba Inu coins occurred in 2021 when Ethereum co-founder Vitalik Buterin burned a significant amount of SHIB tokens. He burned 410.24 trillion SHIB, which represented about 50% of the total supply.
What’s The Benefit Of Burning Shiba Inu?
The primary advantages of burning Shiba Inu tokens revolve around market economics and strategic community engagement. Here, we'll explore the mechanism and its potential benefits in detail.
SHIB’s Price Reaction to Burn
Burning Shiba Inu tokens directly contributes to increasing the scarcity of SHIB in the market. The burning mechanism involves the permanent removal of a certain number of tokens from circulation, thereby reducing the total supply. In principle, if the quantity of a token decreases while demand remains steady or grows, it is plausible that the token's price will rise due to its increased scarcity. However, the actual outcome is not assured and hinges on a range of market factors.
Shiba Inu Community’s Strategy Behind SHIB Burn
The Shiba Inu community uses the burning mechanism as a strategic tool for fostering value growth. By encouraging and conducting burn events, the community seeks to positively influence SHIB's market dynamics. The shared goal of increasing the token's value can contribute to community cohesion and active participation in Shiba Inu's ecosystem.
What Are "burntSHIB" Tokens?
As part of the burning mechanism, SHIB owners who burn their coins receive "burntSHIB" tokens. These tokens serve as a reward and an incentive for users to participate in the burning process. By rewarding users who burn their SHIB, the Shiba Inu ecosystem promotes active community involvement in managing the token's supply. Moreover, these "burntSHIB" tokens can be staked to earn further rewards, adding another layer of incentive for users to engage in and support the burning process.
The concessions of burning Shiba Inu tokens span from potential price appreciation to enhanced community engagement. However, as with any investment strategy, it is essential for participants to understand the potential risks and rewards and consider market conditions when participating in the burning process.
What Is the Shiba Inu Coin Burn Schedule?
Interestingly, there is no fixed schedule for burning Shiba Inu coins. Instead, burning is event-driven, with SHIB being burned during specific activities like games or "burn parties" organized by the community. The amount of SHIB burned can vary significantly from month to month, influenced by factors such as market conditions and community sentiment.
How to Track Shiba Inu Coin Burn?
Information about burning Shiba Inu tokens can be found on dedicated platforms such as shibburn.com and the Shiba Burn Tracker. These platforms provide comprehensive data including:
Daily SHIB burns
SHIB price, market cap, and volume
The current supply
Burn rate
These resources enable users to keep a close eye on the state of the SHIB token and understand the impact of burning activities on the token's economy.
Will Burning Shiba Coins Increase Value?
The Shiba Inu burn mechanism is a vital part of the cryptocurrency's strategy for managing supply and influencing value. It has the potential to drive price increases by creating scarcity, although various factors can affect its effectiveness. As with any cryptocurrency strategy, the burning of Shiba Inu tokens comes with its own set of risks and rewards. It's crucial to understand these nuances when participating in the SHIB community or investing in the token. The transparency offered by tools like the Shiba Burn Tracker can help users make more informed decisions about their involvement in the ecosystem.
#shibaInu #shiba #shibarmy #shibburn #cryptoburn
Key Points
Shiba Inu employs a "burning" strategy to manage its supply, sending tokens to irreversible "dead wallets."
Burning Shiba Inu tokens can increase scarcity and incentivize community engagement through "burntSHIB" rewards.
Platforms like shibburn.com and the Shiba Burn Tracker provide information about Shiba Inu's burning activities.
The digital asset SHIB, also known as the Shiba Inu, gained significant attention amidst the cryptocurrency boom of 2021. It operates as a decentralized meme token and employs the strategy of "burning" to effectively manage its token supply, much like many other cryptocurrencies in existence. Let’s first understand why few cryptocurrencies go through a burning mechanism.
What Is a Token Burn?
Token burn refers to the intentional removal of a certain number of tokens from circulation in a cryptocurrency ecosystem. This process involves permanently eliminating tokens from the total supply, reducing the overall quantity of tokens available in circulation
Why Are Tokens Burned?
Tokens are typically burned for a couple of key reasons. Firstly, burning helps to control inflation by reducing the supply of tokens in circulation. Secondly, it creates a form of supply management, allowing the creators or community to influence the token's scarcity. In Shiba Inu's case, the decision to burn often arises from community actions or major holders like Buterin.
What Is the Shiba Inu Coin Burn Mechanism?
Burning in the context of Shiba Inu coins refers to the process of permanently removing tokens from circulation. This is done by sending these tokens to addresses, often called "dead wallets" or the "Black Hole," from which they can never be retrieved.
Ethereum Co-Founder Burns SHIB
A noteworthy event in the history of burning Shiba Inu coins occurred in 2021 when Ethereum co-founder Vitalik Buterin burned a significant amount of SHIB tokens. He burned 410.24 trillion SHIB, which represented about 50% of the total supply.
What’s The Benefit Of Burning Shiba Inu?
The primary advantages of burning Shiba Inu tokens revolve around market economics and strategic community engagement. Here, we'll explore the mechanism and its potential benefits in detail.
SHIB’s Price Reaction to Burn
Burning Shiba Inu tokens directly contributes to increasing the scarcity of SHIB in the market. The burning mechanism involves the permanent removal of a certain number of tokens from circulation, thereby reducing the total supply. In principle, if the quantity of a token decreases while demand remains steady or grows, it is plausible that the token's price will rise due to its increased scarcity. However, the actual outcome is not assured and hinges on a range of market factors.
Shiba Inu Community’s Strategy Behind SHIB Burn
The Shiba Inu community uses the burning mechanism as a strategic tool for fostering value growth. By encouraging and conducting burn events, the community seeks to positively influence SHIB's market dynamics. The shared goal of increasing the token's value can contribute to community cohesion and active participation in Shiba Inu's ecosystem.
What Are "burntSHIB" Tokens?
As part of the burning mechanism, SHIB owners who burn their coins receive "burntSHIB" tokens. These tokens serve as a reward and an incentive for users to participate in the burning process. By rewarding users who burn their SHIB, the Shiba Inu ecosystem promotes active community involvement in managing the token's supply. Moreover, these "burntSHIB" tokens can be staked to earn further rewards, adding another layer of incentive for users to engage in and support the burning process.
The concessions of burning Shiba Inu tokens span from potential price appreciation to enhanced community engagement. However, as with any investment strategy, it is essential for participants to understand the potential risks and rewards and consider market conditions when participating in the burning process.
What Is the Shiba Inu Coin Burn Schedule?
Interestingly, there is no fixed schedule for burning Shiba Inu coins. Instead, burning is event-driven, with SHIB being burned during specific activities like games or "burn parties" organized by the community. The amount of SHIB burned can vary significantly from month to month, influenced by factors such as market conditions and community sentiment.
How to Track Shiba Inu Coin Burn?
Information about burning Shiba Inu tokens can be found on dedicated platforms such as shibburn.com and the Shiba Burn Tracker. These platforms provide comprehensive data including:
Daily SHIB burns
SHIB price, market cap, and volume
The current supply
Burn rate
These resources enable users to keep a close eye on the state of the SHIB token and understand the impact of burning activities on the token's economy.
Will Burning Shiba Coins Increase Value?
The Shiba Inu burn mechanism is a vital part of the cryptocurrency's strategy for managing supply and influencing value. It has the potential to drive price increases by creating scarcity, although various factors can affect its effectiveness. As with any cryptocurrency strategy, the burning of Shiba Inu tokens comes with its own set of risks and rewards. It's crucial to understand these nuances when participating in the SHIB community or investing in the token. The transparency offered by tools like the Shiba Burn Tracker can help users make more informed decisions about their involvement in the ecosystem.
#shibaInu #shiba #shibarmy #shibburn #cryptoburn
🔥🔥🔥 $SHIB Burns See 887% Surge After 634 Million SHIB Destruction in February
Shibburn, a SHIB transaction tracker, has alerted the community to a significant surge in the SHIB burn rate observed since yesterday. Concurrently, the same source has disclosed an impressive amount of SHIB tokens destroyed over the past month.
In the past 24 hours alone, the collective efforts of the SHIB community led to the incineration of 37,104,438 SHIB meme coins, marking an astonishing 887.07% increase in the burn rate. Among these burns, the largest transaction occurred approximately nine hours ago, torching 21,540,898 SHIB to unspendable cryptocurrency wallets. The second-largest burn saw 9,740,615 SHIB obliterated, happening 16 hours ago.
Additionally, three other substantial transfers accounted for 2,154,873 SHIB, 1,000,000 SHIB, and 1,802,613 SHIB, with the latter taking place less than an hour ago.
On Friday, less than 4 million SHIB were sent to unspendable #blockchain addresses, as per data provided by the #shibburn website. Moreover, over the course of February, the SHIB community disposed of a staggering 643,656,418 SHIB meme coins in total.
In tandem with these burns, Shiba Inu has witnessed an extraordinary surge of over 70% in the last 24 hours, reaching a high of $0.00002502, a level last seen in April 2022. Spot On Chain analytics data aggregator highlights three major SHIB purchases contributing to this price surge.
Leading the purchases, a savvy #whale acquired a remarkable 75.91 billion SHIB on Binance for $1.51 million and withdrew them, currently enjoying a profit of $614,000 (69%). The second significant purchase was made by the founder of Maker DAO, @RuneKek, who acquired 7.41 billion SHIB for 100,000 USDT.
Finally, a blockchain wallet linked to the UPbit exchange amassed 2.13 trillion SHIB over the past 24 hours, becoming the seventh-largest SHIB address, holding 12.45 trillion Shiba Inu worth $247 million at the time of writing.
Source - u.today
#CryptoNews🔒📰🚫 #BinanceSquareTalks
Shibburn, a SHIB transaction tracker, has alerted the community to a significant surge in the SHIB burn rate observed since yesterday. Concurrently, the same source has disclosed an impressive amount of SHIB tokens destroyed over the past month.
In the past 24 hours alone, the collective efforts of the SHIB community led to the incineration of 37,104,438 SHIB meme coins, marking an astonishing 887.07% increase in the burn rate. Among these burns, the largest transaction occurred approximately nine hours ago, torching 21,540,898 SHIB to unspendable cryptocurrency wallets. The second-largest burn saw 9,740,615 SHIB obliterated, happening 16 hours ago.
Additionally, three other substantial transfers accounted for 2,154,873 SHIB, 1,000,000 SHIB, and 1,802,613 SHIB, with the latter taking place less than an hour ago.
On Friday, less than 4 million SHIB were sent to unspendable #blockchain addresses, as per data provided by the #shibburn website. Moreover, over the course of February, the SHIB community disposed of a staggering 643,656,418 SHIB meme coins in total.
In tandem with these burns, Shiba Inu has witnessed an extraordinary surge of over 70% in the last 24 hours, reaching a high of $0.00002502, a level last seen in April 2022. Spot On Chain analytics data aggregator highlights three major SHIB purchases contributing to this price surge.
Leading the purchases, a savvy #whale acquired a remarkable 75.91 billion SHIB on Binance for $1.51 million and withdrew them, currently enjoying a profit of $614,000 (69%). The second significant purchase was made by the founder of Maker DAO, @RuneKek, who acquired 7.41 billion SHIB for 100,000 USDT.
Finally, a blockchain wallet linked to the UPbit exchange amassed 2.13 trillion SHIB over the past 24 hours, becoming the seventh-largest SHIB address, holding 12.45 trillion Shiba Inu worth $247 million at the time of writing.
Source - u.today
#CryptoNews🔒📰🚫 #BinanceSquareTalks
