The Shiba Inu (SHIB) ecosystem recorded an unexpected boom in its burn rate in the past 24 hours, as total assets torched soared. Jumps in the burn rate are not uncommon; however, over the past few weeks, only a few thousand SHIB have been sent to dead wallets, making the current billions of SHIB figure a rare occurrence.
Shiba Inu burn rate blowout
Per data from Shibburn, the burn rate has skyrocketed by 373,961% in 24 hours, with a total of 5,638,786,146 SHIB sent to the dead wallet. This unusual boom in SHIB’s deflationary metric got a significant boost from a single wallet address that incinerated 5,604,733,610 worth of the meme coin.
HOURLY SHIB UPDATE$SHIB Price: $0.0000178 (1hr 0.06% ▲ | 24hr -4.34% ▼ )Market Cap: $10,493,573,542 (-4.10% ▼)Total Supply: 589,263,030,662,505TOKENS BURNTPast hour: 5,581,450,000 (1 transaction) Past 24Hrs: 5,604,733,610 (373969.11% ▲)Past 7 Days: 5,724,974,890…
— Shibburn (@shibburn) October 31, 2024
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The wallet address is linked to a cat meme coin project that claimed to burn tokens worth $100,000. The goal hinges on being friends with theShiba Inu ecosystem.
While the broader market has celebrated this mega burn, users are also receiving cautious messages. According to a post from an X account dubbed Susbarium, most projects try to gain affiliation with the SHIB ecosystem to benefit from its large user base.
The accountnoted that most of these projects try to "pull in the SHIB army with presales or low-quality tokens."
SHIB price reacts unexpectedly
The token burn hyped the broader Shiba Inu ecosystem. However, investors approached this with caution, as reflected in the price of SHIB.
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At the time of writing, the price of SHIB was changing hands for $0.00001734, down by more than 6% in 24 hours,according to CoinMarketCap data. The coin's price saw a denial of itsgolden cross and is in freefall after a weeklong boom that saw it hit its multimonth high above $0.000019.
Beyond this seemingly healthy retracement, the SHIB ecosystem is hyped, and the price of the coin may change course in the coming days.
