• The Shiba Inu (SHIB) token burn rate is increasing on the network due to a degenerative performance of the SHIB burning machine.
• On-chain data shows that the SHIB burn rate observed an increase of 1682.07% over the past 24 hours, which is the highest percentage rise in recent months.
• While some whales sell off their tokens, a new address is buying the dip and accumulating large amounts of SHIB tokens.
Understanding Shiba Inu Token Burn Rate
What is Shiba Inu?
Shiba Inu (SHIB) is a meme cryptocurrency created by an anonymous developer in August 2020 as part of a joke about Dogecoin. It has since become one of the most popular cryptocurrencies around the world, with its own fan base and community. It uses an Ethereum-based blockchain that allows users to transfer and store digital assets securely and quickly.
Why Is SHIB Burn Rate Increasing?
The current number of Shiba Inu burn trackers is quite surprising, but data shows it is due to the degenerative performance of the SHIB burning machine. On-chain data shows that over the past 24 hours, there was a massive 1682.07% increase in its burn rate – this being one of its largest percentage increases ever seen on this network in recent months. This spike wasn’t triggered by increased network activity nor did it reflect a large number of actual burnt tokens, but rather indicates potential malfunctioning or error from within its system.
Token burns help to reduce the number coins in circulation which increases asset scarcity, often helping boost prices when supply decreases accordingly – for example, on January 17th 2021 there was 613% token burn surge which resulted in price rising above 20%. However this time around no such increase followed suit as investors have seemingly lost faith in this asset after noticing continuous whale activities moving chunks positions away from exchanges – leading us to believe short term traders didn’t see profit opportunities here any longer..
New SHIB Whales Emerge – What’s Next?
Despite some whales selling off their tokens there are new addresses buying into dip whilst accumulating large amounts of these tokens suggesting they are awaiting next bull market – Thursday Jan 28th saw new crypto wallet become whale address with 1 million $SHIB already stored inside it! This could be promising sign for investors who think price will eventually recover once amount burned stabilizes again as well as when other indicators like trading volume pick up again too!
Are There Any Risks Involved?
As with any investment there are always risks involved especially when it comes to volatile markets such as those associated with cryptocurrencies so if you decide invest be sure do your own research first before taking plunge into unknown waters! Also bear mind that majority investments made today will take some time show returns so patience key here too!
Overall we can see how quickly things can change within crypto space especially regarding token burns like ones experienced recently during Shiba Inu’s (SHIB) network – we’ve seen huge spikes occurred seemingly out nowhere indicating either errors errors occurring within system or simply just high levels speculation taking place between traders trying make quick profits off each other! Despite all this though there still optimism amongst newcomers entering market hoping capitalize these fluctuating prices while also embracing all potential risks come along way too!