Shibburn Sizzles 26,450%, Massive Burn Shatters Yearly Record

One considerate SHIB holder set the bar high with 3 billion Shiba Inu meme tokens set aflame in one go.

Shiba dog on fire looking over at the burning coins whist being in a city thats also on fire.
Created by Kornelija Poderskytė from DailyCoin
  • Linda Yaccarino followed SHIB on Twitter, sparking social mentions.
  • Only one on-chain signal is bullish across $SHIB, $BONE, and $LEASH.
  • 3,016,073,367 $SHIB tokens were set ablaze in a single transaction.

The Shiba Inu (SHIB) community is gathering its forces to erase the zero added to its price on May 1st, 2023. This is apparent in the shattered record for SHIB burns. The Shibburn tracker reports only two transactions during the last 24 hours, but one of them was huge.  A generous SHIB holder sent a colossal 3,016,073,367 $SHIB tokens to the eternal fire. The donor’s transaction on EtherScan suggests that the value of these tokens was $26,571.61 at the time of execution.

The excitement from the Shiba Inu community also comes amid rumors regarding soon-to-be Twitter CEO Linda Yaccarino. Compellingly, the enormous burning transaction occurred one day after Yaccarino appeared to be following SHIB Token’s official Twitter handle. In response, several SHIB holders asked Ms. Yaccarino about Shiba Inu’s implementation into Twitter. 2.0, or ‘X.’

Can Shiba Inu Delete a Zero?

Ultimately, this has spiked the daily SHIB Burn rate by 26450.21% in continuing efforts to maintain Shiba Inu’s price. At press time, the #16 ranked SHIB trades at $0.00000877, according to CoinGecko

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Sliding down by 1.3% in value over the last 24 hours, Shiba Inu shows no signs of bullish divergence with three bearish on-chain signals in large transactions, concentration, and net network growth, according to IntoTheBlock blockchain data analytics.

Large transactions dropped by 4.02%, while only 18% of SHIB holders profit from the current price. Nevertheless, the on-chain metrics indicate that a full reversal at the $0.000009 price range could break the bullish divergence for SHIB.

On The Flipside

  • A fair amount of Shiba Inu holders on Twitter and Discord say that these burns are a drop in the ocean for a journey to the moon.
  • According to that theory, trillions of Shiba Inu tokens must be set ablaze daily to significantly alter Shiba Inu’s price.

Why You Should Care

Shiba Inu has been acclaimed as one of the most solid memecoin projects with a vast community across social platforms.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.