Shiba Inu (SHIB), the meme coin that has been dubbed the “Dogecoin killer”, has seen a remarkable surge in price and popularity in the past 24 hours, as the SHIB community has ramped up its efforts to reduce the circulating supply of the token.
According to Shibburn, a website that tracks the amount of SHIB tokens that are sent to dead-end wallets, the SHIB burn rate has increased by 887.07% in the last day, reaching a total of 37,104,438 SHIB burned. The largest single burn transaction occurred nine hours ago, when 21,540,898 SHIB were removed from circulation. The second largest one happened 16 hours ago, with 9,740,615 SHIB burned. The other three notable burns involved 2,154,873 SHIB, 1,000,000 SHIB and 1,802,613 SHIB, respectively.

The SHIB community has been actively burning tokens since February, when a massive 643,656,418 SHIB were destroyed. The burning process is a way of reducing the inflationary pressure on the token, as well as creating a scarcity effect that could boost its value. SHIB has a total supply of 1 quadrillion tokens, of which 50% were locked in Uniswap and 50% were sent to Ethereum co-founder Vitalik Buterin, who later donated and burned most of his holdings.
The increased burning activity has coincided with a stunning rally in the SHIB price, which has soared by over 70% in the last day, reaching a new all-time high of $0.00008616. The token has gained more than 135% in the past week, making it one of the best-performing cryptocurrencies in the market. SHIB has also climbed up the ranks of the top cryptocurrencies by market capitalization, currently sitting at the 12th spot with a valuation of over $13.3 billion.
Another factor that has contributed to the SHIB rally is the emergence of a “smart whale” who has been accumulating SHIB tokens in the past few days. According to Spot On Chain, a data aggregator that monitors the on-chain activity of cryptocurrencies, the whale has purchased 75.91 billion SHIB on Binance for $1.51 million and transferred them to a private wallet. The whale’s investment has already paid off, as the value of his SHIB holdings has increased to $2.11 million, a 69% profit.
The SHIB community has been celebrating the token’s success on social media, using hashtags such as #SHIBArmy, #SHIBtothemoon and #SHIBburn. Many SHIB fans have expressed their confidence that the token will continue to rise and eventually reach the $0.01 mark, a feat that would require a 45,000% increase from the current price. Some SHIB enthusiasts have also compared the token to Dogecoin (DOGE), the original meme coin that has inspired SHIB and many other canine-themed cryptocurrencies. DOGE, which has a market cap of over $20 billion and a price of $0.14, has been endorsed by celebrities such as Tesla CEO Elon Musk, who has called it his “favorite cryptocurrency”.
However, not everyone is bullish on SHIB, as some critics have warned that the token is a risky and speculative investment that could lose its value as quickly as it gained it. Some skeptics have also pointed out the lack of innovation and utility of SHIB, as well as the potential for market manipulation and rug pulls by the developers or the whales. Moreover, some analysts have cautioned that the SHIB price could be affected by the volatility of the broader cryptocurrency market, which has been experiencing a correction in the past few days.
SHIB, which was launched in August 2020 as an experiment in decentralized community building, has undoubtedly become one of the most surprising and controversial phenomena in the crypto space. Whether SHIB will be able to sustain its momentum and achieve its ambitious goals remains to be seen, but one thing is certain: the SHIB army is not giving up anytime soon.
Source: https://azcoinnews.com/shiba-inu-surges-as-shib-burn-rate-has-increased-by-887.html

Ever since the beginning of the week, the price action of Shiba Inu has been on a consolidation activity. Over the course of the last twenty-four hours, the Shiba Inu community has increased the number of SHIB burn activities, which has resulted in an increase in the burn rate of more than 2,700%. Consequently, this indicates that holders of SHIB have been transferring significant quantities of the meme currency to wallets that cannot be recovered, thereby lowering the overall supply of the meme coin in the middle of efforts to drive up its price.
The Shiba Inu burn rate skyrockets in just twenty-four hours despite the decline in the Shiba Inu.
In the usual course of events, SHIB tokens are burnt in a random fashion. Any investor has the ability to burn tokens by sending them to any of the three SHIB burn addresses. Over the course of the past several months, members of the Shiba Inu team have expanded their efforts to raise awareness in order to raise the burn rate among members of the community.

An increase in the number of burn transactions has been seen in the Shiba Inu burn wallets over the course of the last day, as indicated by the information that was collected from the official SHIB burn tracker, Shibbburn. The most significant of these burns was the burning of 13,140,241 SHIB tokens in a single transaction from the address "0xa034." These burns were the result of four big transactions. As a direct consequence of this, the pace at which SHIB were burned increased by an astounding 2,752%, and a total of more than 14.8 million SHIB were burned. When compared to the numbers from the previous day, which showed that around 2.5 million SHIB tokens were transmitted to the burn addresses, this is a strikingly different quantity.
Over the course of this month, the Shiba Inu team has been very active with SHIB burns, including the burning of a total of 33.8 billion tokens over four transactions. The SHIB community has eliminated 410.69 trillion tokens from the original supply of SHIB tokens as a result of all of these circumstances. At the time of this writing, the total number of Shiba Inu tokens that are currently in circulation is 581 million.
SHIB, on the other hand, has been trading inside a small price range for about a week now, with the upper resistance of $0.000011 and the support of $0.00001067 acting as the two primary grounds of conflict. This has been the case for the majority of the time. Token burns have had a rather low level of response this week, as seen by the fact that the cryptocurrency is presently trading at $0.00001054, which represents a fall of 1.5% over the course of the previous seven days. At the present pricing, 37.26 percent of addresses are profitable, as reported by IntoTheBlock. This is a significant improvement from the previous week's profitability rate of 42 percent.
A more extensive timeline of thirty days reveals that SHIB has, for the most part, responded favorably to the team's big token burns. As a result of the second burn of 8.6 billion SHIB, the cryptocurrency had a significant surge that lasted for several days, which allowed its price to reach $0.00001165 on December 17th. In spite of the latest downturn that occurred this week, the token is still retaining 28.53% of the gain it experienced over the month.
#shibaburn #Shibarium #SHIB💥 $SHIB

LUNC and USTC: Why are they rising and what is the reason behind the recent burn?LUNC and USTC are two tokens that belong to the Terra Classic blockchain, a fork of the original Terra blockchain that suffered a major collapse in May 2022. The Terra Classic community has been working hard to revive the value of its tokens and restore the peg of its stablecoin USTC to the US dollar. In this article, we will explore why LUNC and USTC are rising in price and what is the reason behind the recent burn of these tokens.LUNC is the native token of Terra Classic, and it has two main functions: to absorb the price deviation of USTC and to participate in the governance of the network. USTC is the algorithmic stablecoin of Terra Classic, and it is supposed to maintain a 1:1 peg to the US dollar by minting and burning USTC tokens to balance the supply and demand. However, in May 2022, USTC lost its peg and collapsed, triggering a hyperinflationary spiral that reduced the value of LUNC by 99%. This event was dubbed as the “decoupling” and it wiped out $41 billion from the crypto ecosystem.Since then, the Terra Classic community has been trying to recover from the disaster and restore the value of its tokens. One of the main efforts is to rebind USTC to the US dollar from the code level, consensus level and guidelines, with the ultimate goal of repegging USTC to $1. This proposal, known as “Ziggy: Re-Peg UST (Signal)”, was passed by the community in October 2022.The proposal also involved raising the Tobin tax to 100%, which effectively disabled the minting and redeeming of USTC.This was done to prevent further dilution of USTC and to prepare for the repegging process.The repegging process is being led by two developer teams: the Joint L1 Task Force and the RedlinerDrifter-led Quant team. They have decided to proceed with the repegging of USTC to $1, which will indirectly help boost the LUNC price to the community’s target of $1.The repegging process involves several steps, such as resetting the oracle price feed, adjusting the seigniorage pool, and burning the excess USTC supply. The burning of USTC is one of the reasons why USTC price has been rising in the past few days, as it reduces the supply and increases the demand of the stablecoin. The burning of USTC also benefits LUNC holders, as it increases the value of their collateral and their governance power.Another reason why LUNC and USTC are rising in price is the positive sentiment and confidence of the Terra Classic community. The community has shown strong support and enthusiasm for the revival of the Terra Classic ecosystem, and has been actively participating in the governance and development of the network. The community has also been celebrating the passing of several proposals that aim to improve the functionality and security of the network, such as the v2.3.0 upgrade that incorporates the dynamic validator commission module. The community has also been looking forward to the launch of new projects and applications on the Terra Classic blockchain, such as the Terra Classic Swap, a decentralized exchange that will allow users to trade LUNC and USTC with other cryptocurrencies.Last lunc burn data yesterdayIn conclusion, LUNC and USTC are rising in price because of the ongoing efforts to repeg USTC to $1, the burning of USTC supply, and the positive sentiment and confidence of the Terra Classic community. The Terra Classic ecosystem is showing signs of recovery and revival, and it is expected to regain its former glory and value in the near future.