{"id":548386,"date":"2023-08-22T23:00:10","date_gmt":"2023-08-22T23:00:10","guid":{"rendered":"https:\/\/ktsl888.com\/?p=548386"},"modified":"2024-06-11T07:51:42","modified_gmt":"2024-06-11T07:51:42","slug":"shib-burn-rate-jump-1100-amid-expectations-of-shibarium-relaunch","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/shiba-inu-coin\/shib-burn-rate-jump-1100-amid-expectations-of-shibarium-relaunch\/","title":{"rendered":"SHIB Burn Rate Jump 1,100% Amid Expectations Of Shibarium Relaunch"},"content":{"rendered":"

Off the back of the much-anticipated Shibarium launch<\/a>, the SHIB burn rate has seen a tremendous rise. This surge in the burn rate comes despite the Layer 2 blockchain running into problems on the day of its launch last week, and still being in private mode. But while it could point to renewed vigor among the meme coin\u2019s investors, something else seems to be driving this accelerated burn rate.<\/p>\n

SHIB Burn Rate Is Up 1,108% In One Day<\/h2>\n

According to data from Shiba Inu burn<\/a> tracking website Shibburn, there has been a remarkable increase in burn rate in the last 24 hours compared to the prior day. In total, there have been over 1.046 billion tokens burned, which translates to a 1,108.78% increase during this timeframe.<\/p>\n

Related Reading: AVAX Price Bucks Under The Pressure Of Upcoming $102 Million Token Unlock<\/a><\/div>\n

This is in stark contrast to the previous day\u2019s figures which came out at around 100 million tokens burned. However, while the jump in burn rate is interesting, the address doing most of the SHIB burn is even more interesting.<\/p>\n

Looking at the burn addresses posted by Shibburn, one address keeps popping up and that is the 0x4be2 address. A quick look on-chain revealed that this address is actually the contract address<\/a> for the MARSWAP (MSWAP) token<\/a>.<\/p>\n

\"SHIB<\/p>\n

Burn rate up over 1,100% | Source: Shibburn<\/a><\/pre>\n
This token seems to dedicate a portion of fees generated from transactions toward SHIB burn and as it gains popularity, the number of SHIB tokens being burned has jumped. So far, Marswap accounts for about 40% of burnt tokens. But a single address, 0xcf6d, which is the ShibaSwap LP Token (SSLP)<\/a> contract address, burned 418,719,732 tokens in what has been the single largest burn event in the last day.<\/p>\n
\"Shiba<\/p>\n
Token price remains highly volatile | Source: SHIBUSD on Tradingview.com<\/a><\/pre>\n
How Is The Token Price Responding?<\/h2>\n
Despite the marked increase in the SHIB burn rate, the price of the meme coin has not responded as positively as expected. The token price seems to be keeping in line with the general crypto market sentiment and continues to trade in the red.<\/p>\n
Related Reading: Bitcoin Liquidations Top $500 Million Amid $1 Billion Crypto Decimation<\/a><\/div>\n
Although there has been a small shift<\/a> in the last hour at the time of this writing, with SHIB\u2019s price moving up a meager 0.16%, its price is still taking losses of 1.48% on the daily chart. Even more concerning is its significant loss of 21.94% on the weekly chart. Given this trend, it is unlikely that SHIB will make a break from the market and rally. Rather, a recovery from here will follow a Bitcoin rise.<\/p>\n
However, one event that could trigger a recovery is the Shibarium relaunch. According to lead developer Shytoshi Kusama<\/a>, the layer 2 network could be gearing up for a relaunch in the coming days.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Analytics Insight, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Off the back of the much-anticipated Shibarium launch, the SHIB burn rate has seen a tremendous rise. This surge in the burn rate comes despite the Layer 2 blockchain running into problems on the day of its launch last week, and still being in private mode. But while it could point to renewed vigor among the meme coin\u2019s investors, something else seems to be driving this accelerated burn rate. SHIB Burn Rate Is Up 1,108% In One Day According to data from Shiba Inu burn tracking website Shibburn, there has been a remarkable increase in burn rate in the last 24 hours compared to the prior day. In total, there have been over 1.046 billion tokens burned, which translates to a 1,108.78% increase during this timeframe. Related Reading: AVAX Price Bucks Under The Pressure Of Upcoming $102 Million Token Unlock This is in stark contrast to the previous day\u2019s figures which came out at around 100 million tokens burned. However, while the jump in burn rate is interesting, the address doing most of the SHIB burn is even more interesting. Looking at the burn addresses posted by Shibburn, one address keeps popping up and that is the 0x4be2 address. A quick look on-chain revealed that this address is actually the contract address for the MARSWAP (MSWAP) token. Burn rate up over 1,100% | Source: Shibburn This token seems to dedicate a portion of fees generated from transactions toward SHIB burn and as it gains popularity, the number of SHIB tokens being burned has jumped. So far, Marswap accounts for about 40% of burnt tokens. But a single address, 0xcf6d, which is the ShibaSwap LP Token (SSLP) contract address, burned 418,719,732 tokens in what has been the single largest burn event in the last day. Token price remains highly volatile | Source: SHIBUSD on Tradingview.com How Is The Token Price Responding? Despite the marked increase in the SHIB burn rate, the price of the meme coin has not responded as positively as expected. The token price seems to be keeping in line with the general crypto market sentiment and continues to trade in the red. Related Reading: Bitcoin Liquidations Top $500 Million Amid $1 Billion Crypto Decimation Although there has been a small shift in the last hour at the time of this writing, with SHIB\u2019s price moving up a meager 0.16%, its price is still taking losses of 1.48% on the daily chart. Even more concerning is its significant loss of 21.94% on the weekly chart. Given this trend, it is unlikely that SHIB will make a break from the market and rally. Rather, a recovery from here will follow a Bitcoin rise. However, one event that could trigger a recovery is the Shibarium relaunch. According to lead developer Shytoshi Kusama, the layer 2 network could be gearing up for a relaunch in the coming days. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from Analytics Insight, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":548409,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[92559],"tags":[83668,86002,89180,89178,83667,89181,89157,84562,84558],"class_list":["post-548386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-shiba-inu-coin","tag-shib","tag-shib-burn","tag-shib-burn-news","tag-shib-news","tag-shiba-inu","tag-shiba-inu-burn","tag-shiba-inu-news","tag-shibusd","tag-shibusdt"],"acf":[],"yoast_head":"\nSHIB Burn Rate Jump 1,100% Amid Expectations Of Shibarium Relaunch<\/title>\n<meta name=\"description\" content=\"Off the back of the much-anticipated Shibarium launch, the SHIB burn 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. 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