Wednesday, February 8, 2023

Burn rate of meme coin Shiba Inu increased by 889 percent

The burn rate of Shiba Inu, one of the popular meme coins, has increased by about 889 percent in the past day. This is due to the burning of large quantities of it at the end of last week. Around 65 crore SHIBs have been burnt since Sunday last week. Earlier on Saturday, 83,69,636 coins were sent to inactive wallets.

Shibburn Tracker shows that the burning of this meme coin in September has been low. Last week around 27.2 crore SHIB Only burnt. SHIB game developer Travis Johnson tweeted that Amazon Burner removed nearly three billion SHIBs. Johnson has burned about 2.9 billion SHIB in the past year. He had burned around 51 crore SHIB in a single transaction at the end of last week. He uses Amazon’s program for burning. This gives them a chance to buy and then burn this meme coin with commission.

David Gokhshtein, one of the influencers in the crypto segment, said last week that LUNC is trending daily and SHIB is trending steadily. Gokhshtein, a supporter of Shiba Inu, complains that LUNC is also trending day by day. Gokhshtein said that there is nothing in the LUNC project. Earlier in a tweet, he asked users not to tag him on Twitter about LUNC. Gokhshtein believes that it is like a lottery ticket. He said that it is like the old game of musical chairs, in which when the music stops, each person has to find a chair to sit on but the number of chairs is always one less than the number of people.

The team of Shiba Inu has introduced the game related to it, Shiba Eternity. With this the interest of Ethereum whales has increased regarding this token. Data from WhaleStats shows that SHIB is among the most used smart contracts for its large holders. Ethereum whales tend to intensify their buying when new information about the Shiba Inu emerges. SHIB is also being accepted by many retailers as a payment option.

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