{"id":517895,"date":"2023-01-29T06:03:55","date_gmt":"2023-01-29T11:03:55","guid":{"rendered":"https:\/\/wncen.com\/?p=517895"},"modified":"2024-06-11T15:08:03","modified_gmt":"2024-06-11T15:08:03","slug":"shiba-inu-observes-highest-rise-in-burn-rate-is-this-normal","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/shiba-inu-observes-highest-rise-in-burn-rate-is-this-normal\/","title":{"rendered":"Shiba Inu Observes Highest Rise In Burn Rate &#8211; Is This Normal?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">SHIB token burn rates are seemingly rising on the Shiba Inu network. The current number of Shiba Inu burn trackers is quite surprising. However, data shows it is due to the degenerative performance of the SHIB burning machine.<\/span><\/p>\n<p><a href=\"https:\/\/www.shibburn.com\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">On-chain data shows<\/span><\/a><span style=\"font-weight: 400\"> that the SHIB burn rate observed a massive 1682.07% increase over the past 24 hours. That is the highest percentage rise in the burn rate on the SHIB network in the past few months.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-517924 size-large aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Screenshot-2023-01-29-145815.png?resize=860%2C497\" alt=\"Shiba Inu Observes Highest Rise In Burn Rate - Is This Normal?\" width=\"860\" height=\"497\"><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/crypto\/us-regulators-warn-about-crypto-activities\/\" target=\"_blank\" rel=\"noopener \">US Federal Regulators Warn About Crypto Activities<\/a><\/div>\n<h2>Why Is SHIB Burn Rate Increasing?<\/h2>\n<p><span style=\"font-weight: 400\">In detail, the number of burnt tokens on the Shiba Inu network did not exceed 1 million SHIB on January 26. Yesterday&#8217;s amount was one of the lowest numbers of assets developers has burned on the network. So, the seeming spike in burn rate could be due to a default in the <\/span><span style=\"font-weight: 400\">SHIB burning<\/span><span style=\"font-weight: 400\"> machine yesterday. <\/span><\/p>\n<p><span style=\"font-weight: 400\">According to analysts, this percentage spike wasn&#8217;t triggered by increased network activity. Also, it didn&#8217;t represent a large number of actually burnt tokens.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Token burns help to reduce the number of coins in circulation. It helps increase an asset&#8217;s scarcity and possibly boost the token&#8217;s price when increased supply pushes it down. <\/span><\/p>\n<p><span style=\"font-weight: 400\">For instance, on January 17, <\/span><span style=\"font-weight: 400\">the SHIB token burn<\/span><span style=\"font-weight: 400\"> surged by 613% within 24 hours, and the coin broke the bearish traders&#8217; expectations, rising above 20% on the day. However, a surge in price did not accompany the recent rise in the token burn rate.<\/span><\/p>\n<figure id=\"attachment_517897\" aria-describedby=\"caption-attachment-517897\" style=\"width: 860px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-517897 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/SHIBUSDT_2023-01-28_21-59-09.png?resize=860%2C499\" alt=\"Increase In Shiba Inu Burn Rate, Does It Signify The Normal?\" width=\"860\" height=\"499\"><figcaption id=\"caption-attachment-517897\" class=\"wp-caption-text\">SHIB price moves in an upward trend l <a href=\"https:\/\/www.tradingview.com\/symbols\/SHIBUSDT\/\" target=\"_blank\" rel=\"noopener nofollow\">SHIBUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Also, some SHIB whale activities indicate that top investors have lost faith in the meme coin as many whales keep moving chunks of Shiba Inu positions on exchanges.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udea8 \ud83d\udea8  3,312,307,240,798 <a href=\"https:\/\/twitter.com\/hashtag\/SHIB?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#SHIB<\/a> (38,257,148 USD) transferred from unknown wallet to unknown wallet<a href=\"https:\/\/t.co\/0mdLkwpPQQ\" rel=\"nofollow\">https:\/\/t.co\/0mdLkwpPQQ<\/a><\/p>\n<p>&mdash; Whale Alert (@whale_alert) <a href=\"https:\/\/twitter.com\/whale_alert\/status\/45250561?ref_src=twsrc%5Etfw\" rel=\"nofollow\">January 26, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">This could mean that short-term traders don&#8217;t believe the asset couldn&#8217;t rise above the resistance level, helping them earn profit.\u00a0<\/span><\/p>\n<h2>New SHIB Whales Emerge &#8211; What&#8217;s Next?<\/h2>\n<p><span style=\"font-weight: 400\">While some whales sell off their tokens, a new address is buying the dip, accumulating large amounts of SHIB tokens, and maybe awaiting the next bull market. <\/span><a href=\"https:\/\/whale-alert.io\/transaction\/ethereum\/0x77977b7fce14d75344d760008d8597d6ae3d67a51d2666dc2c5b41e051fa9ae5\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Data shows<\/span><\/a><span style=\"font-weight: 400\"> that a new crypto wallet became a Shiba Inu whale address on Thursday, January 26, 2022.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/crypto-friendly-bank-silvergate-suspends-dividend-payouts\/\" target=\"_blank\" rel=\"noopener \">Crypto-Friendly Bank Silvergate Suspends Dividend Payouts<\/a><\/div>\n<p><span style=\"font-weight: 400\">The new wallet became a whale address after receiving 3.3 billion SHIB worth about $38.9 million. Etherscan revealed that the sending address moved funds from different wallets before transferring the tokens to the receiver, now the newest SHIB whale. This move further confirms our suspicion that smaller investors are giving up their positions.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the blockchain whale tracker, <\/span><a href=\"https:\/\/twitter.com\/whale_alert\/status\/45250561\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Whale Alert<\/span><\/a><span style=\"font-weight: 400\">, the wallet also received 1 billion PAW tokens a few minutes after sweeping the SHIB token. With the current balance, the new whale is now the world&#8217;s 30<\/span><span style=\"font-weight: 400\">th<\/span><span style=\"font-weight: 400\">-largest SHIB holder.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This recent accumulation came after the world&#8217;s <\/span><span style=\"font-weight: 400\">26<\/span><span style=\"font-weight: 400\">th<\/span><span style=\"font-weight: 400\">-largest SHIB holder swept 150 billion<\/span><span style=\"font-weight: 400\"> tokens into its wallet. The token sweep occurred through four transaction clusters within three hours on January 23. <\/span><\/p>\n<p><span style=\"font-weight: 400\">So while short-term investors might be selling their positions due to falling SHIB prices, some could be accumulating in anticipation of future gains from the upcoming Shibarium launch.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Shiba Inu is currently <\/span><span style=\"font-weight: 400\">trading at $0.00001188<\/span><span style=\"font-weight: 400\"> with a 24-hour increase of 1.28% and a 7-day price surge of 0.2%. In addition, the meme coin has seen a 14-day price surge of 22.1% and a 30-day rally of 41.4%.<\/span><\/p>\n<p><em>Featured Image From Pixabay <a class=\"hover_opacity\" href=\"https:\/\/pixabay.com\/users\/kevin_y-23743878\/\" rel=\"nofollow\">Kevin_Y<\/a>, Chart From Tradingview<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SHIB token burn rates are seemingly rising on the Shiba Inu network. The current number of Shiba Inu burn trackers is quite surprising. However, data shows it is due to the degenerative performance of the SHIB burning machine. On-chain data shows that the SHIB burn rate observed a massive 1682.07% increase over the past 24 hours. That is the highest percentage rise in the burn rate on the SHIB network in the past few months. Related Reading: US Federal Regulators Warn About Crypto Activities Why Is SHIB Burn Rate Increasing? In detail, the number of burnt tokens on the Shiba Inu network did not exceed 1 million SHIB on January 26. Yesterday&#8217;s amount was one of the lowest numbers of assets developers has burned on the network. So, the seeming spike in burn rate could be due to a default in the SHIB burning machine yesterday. According to analysts, this percentage spike wasn&#8217;t triggered by increased network activity. Also, it didn&#8217;t represent a large number of actually burnt tokens.\u00a0 Token burns help to reduce the number of coins in circulation. It helps increase an asset&#8217;s scarcity and possibly boost the token&#8217;s price when increased supply pushes it down. For instance, on January 17, the SHIB token burn surged by 613% within 24 hours, and the coin broke the bearish traders&#8217; expectations, rising above 20% on the day. However, a surge in price did not accompany the recent rise in the token burn rate. Also, some SHIB whale activities indicate that top investors have lost faith in the meme coin as many whales keep moving chunks of Shiba Inu positions on exchanges.\u00a0 \ud83d\udea8 \ud83d\udea8 3,312,307,240,798 #SHIB (38,257,148 USD) transferred from unknown wallet to unknown wallethttps:\/\/t.co\/0mdLkwpPQQ &mdash; Whale Alert (@whale_alert) January 26, 2023 This could mean that short-term traders don&#8217;t believe the asset couldn&#8217;t rise above the resistance level, helping them earn profit.\u00a0 New SHIB Whales Emerge &#8211; What&#8217;s Next? While some whales sell off their tokens, a new address is buying the dip, accumulating large amounts of SHIB tokens, and maybe awaiting the next bull market. Data shows that a new crypto wallet became a Shiba Inu whale address on Thursday, January 26, 2022. Related Reading: Crypto-Friendly Bank Silvergate Suspends Dividend Payouts The new wallet became a whale address after receiving 3.3 billion SHIB worth about $38.9 million. Etherscan revealed that the sending address moved funds from different wallets before transferring the tokens to the receiver, now the newest SHIB whale. This move further confirms our suspicion that smaller investors are giving up their positions. According to the blockchain whale tracker, Whale Alert, the wallet also received 1 billion PAW tokens a few minutes after sweeping the SHIB token. With the current balance, the new whale is now the world&#8217;s 30th-largest SHIB holder. This recent accumulation came after the world&#8217;s 26th-largest SHIB holder swept 150 billion tokens into its wallet. The token sweep occurred through four transaction clusters within three hours on January 23. So while short-term investors might be selling their positions due to falling SHIB prices, some could be accumulating in anticipation of future gains from the upcoming Shibarium launch. Shiba Inu is currently trading at $0.00001188 with a 24-hour increase of 1.28% and a 7-day price surge of 0.2%. In addition, the meme coin has seen a 14-day price surge of 22.1% and a 30-day rally of 41.4%. Featured Image From Pixabay Kevin_Y, Chart From Tradingview<\/p>\n","protected":false},"author":584,"featured_media":517896,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-517895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\n<title>Shiba Inu Observes Highest Rise In Burn Rate - Is This Normal?<\/title>\n<meta name=\"description\" content=\"SHIB token burn rates are seemingly rising on the Shiba Inu network. The current number of Shiba Inu burn trackers is quite surprising. 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The current number of Shiba Inu burn trackers is quite surprising. 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