According to data shared by the Shibburn tracking platform with public access, the red value of the SHIB burn was suddenly pushed into the greed zone today, with an astonishing rise of almost 15,000%.
In the meantime, the second largest meme-themed cryptocurrency in terms of market capitalization value, SHIB, has printed a substantial increase of more than 5% over the past 24 hours.
At the time of this writing, the asset is changing hands at $0.00001806 after rising from $0.0000171 by printing a massive green candle on an hourly chart.
Burn rate stuns with sudden huge rise
The aforementioned data source shared that, overnight, the daily burn rate surged by a mammoth 14,575%. This came as a result of a 279,650,585 SHIB lump being transferred out of the circulating supply and locked in unspendable blockchain wallets.
Image via Shibburn
So far, today, there have been five burn transactions performed, with the largest one containing 277,587,419 SHIB. The second biggest one, though standing miles away from the first one, carried 2,000,000 SHIB meme coins.
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SHIB team says fudders "have utility"
In a recent X post, the Shiba Inu lead known to the community under the pseudonym Lucie touched on the topic of fudders in the cryptocurrency world (FUD stands for “fear, uncertainty, doubt”). In particular, she was talking about those who spread FUD about the Shiba Inu ecosystem, including Shibarium and its token trifecta – SHIB, BONE and LEASH.
Fudders actually have utility—do they help the value? No, but they’re great for social engagement. Every time they mention your assets, they boost social activity 😜Be positive and understand they’re playing a role too! 🥰
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) October 14, 2024
Lucie believes that “fudders actually have utility” since they greatly increase social engagement. “Every time they mention your assets, they boost social activity,” she concluded.
One more interesting observation made by Lucie was about “famous shillers,” who create hype around certain meme cryptocurrencies. They are striving for their coins to reach a $100 billion market cap and talk about retail investors “buying their stuff with mass hype.”
The only reason why they may seem to be “winning,” though, per Lucie, is “they play their mafia cabal game, jumping from one chain to another.” Their success is short-lived, though, she believes.
Lucie pointed out that for real reputation building, an asset needs to have a well-established brand since normal retail investors prefer not to gamble on crypto. They prefer to “check who’s legit in the industry—they’ll love the fun, but they also don’t want to wake up rugged.”
