Shiba Inu burn rate: Decentralized meme crypto coin burns 1 billion tokens, mystery wallet fuels rally

Shiba Inu burn rate: Cryptocurrency Shiba Inu (SHIB) burn rate logged a massive 8,470 per cent surge on March 25, after an anonymous wallet carried out a massive token burn. According to data from Shibburn, a well-known community tracker, a mysterious wallet (‘0x55B…182E3’) transferred one billion SHIB tokens to the official burn address in a single transaction today.

According to Binance, the transaction was valued at $13,050, based on SHIB’s market price of $0.00001305 at the time. On-chain data indicates that this wallet has previously executed similar burns. Etherscan records show that the same wallet burned one billion SHIB on March 15 another one billion SHIB on August 7, 2024, and 700 million SHIB on February 10, 2024. Despite the large burns, the wallet still holds one billion SHIB, worth about $13,050.

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Alongside the significant burn, other members of the Shiba Inu community have also contributed to reducing SHIB’s circulating supply. According to Binance data, Shibburn data reveals that a total of 1.004 billion SHIB were incinerated in the past 24 hours through nearly 14 transactions.

About Shiba Inu crypto coin

Shiba Inu token is a decentralized cryptocurrency created in August 2020 by an anonymous person or group using the pseudonym "Ryoshi". It is inspired by Shiba Inu, a Japanese dog breed, which also serves as the mascot for Dogecoin, another cryptocurrency with meme origins. Some categorize Shiba Inu as a “meme coin.”

Concerns have been expressed about the concentration of the coin with a single "whale" wallet controlling billions of dollars' worth of the token, and frenzied buying by retail investors motivated by fear of missing out (FOMO). Shiba Inu was introduced with a branding that positioned it as a potential 'Dogecoin competitor'.

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Shiba Inu price outlook

According to crypto experts, SHIB's future is unknown, even with its excellent expansion possibilities. Technical graphs show from an RSI of 48 that SHIB is neutral since it is neither oversold nor overbought. Shiba Inu is in distributed finance (DeFi) networks and has registered many users; market predictions show its value will drop to $0.00001663 by 2025.

As of Tuesday, Shibburn reports that the price of SHIB is fluctuating around $0.00001344. Experts say staying current in a market where trends continue can prove difficult. SHIB's main obstacle is that it is constructed on hype-based price swings instead of innovative principles, limiting its capacity to lead the market by 2030.

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Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts, consider individual risk tolerance, and conduct thorough research before making investment decisions, as market conditions can change rapidly, and individual circumstances may vary.