SHIB Burns Skyrocket Despite Bearish Market Performance, Shytoshi Kusama Shares Message

Tracking platform Shibburn, popular within the SHIB community, has reported a massive surge in the SHIB burn rate, noticed within the period of the last 24 hours.

SHIB burns have skyrocketed over the past 24 hours, reaching five digits with over ten million meme coins destroyed, according to tracking platform Shibburn. This surge comes despite a drastic 15% decline in the SHIB price since yesterday morning.

The massive increase in the burn metric is due to large transfers of SHIB to unspendable blockchain wallets, totaling 12,047,795 SHIB. This metric now shows a staggering 12,842.37% increase.

There have been seven burns in total within the last 24 hours, with the first made 24 hours ago and the last one performed three hours ago. The three largest transfers, which destroyed nearly all of the 12.8 million SHIB, carried 5,072,279, 5,078,720, and 1,000,000 SHIB to “inferno” wallets. The first two transactions were made from the same unidentified wallet.

On Monday, this metric showed a plunge of more than 62%, with less than 100,000 SHIB burned overall.

SHIB burns are a way for members of the SHIB army to reduce the circulating supply of the meme coin and, in theory, drive up its price. However, SHIB has been performing poorly on the market lately.

After showing a slight increase in the past week, reaching a local high of $0.000021 on Jan. 23, SHIB has been mostly declining in value. As reported by Finbold at the time, the second largest meme coin had burned through 423,333 SHIB at a value of $6.19.

As of press time, the second largest meme cryptocurrency in terms of market value had shown an astounding plunge of 15.77%, dropping heavily from $0.00002096 to the $0.00001765 price level.

The largest part of this dip was seen in the form of a massive single red candle on an hourly chart, which pushed SHIB down by 7.77%. After that, a small rebound followed, and SHIB managed to add 3% and regain the $0.00001825 price tag.

SHIB insider shares Shytoshi Kusama's message

As reported by U.Today, on Monday, a representative of the SHIB team, Lucie, shared a message from the enigmatic lead of the team – Shytoshi Kusama – while talking positively about the SHIB team building the future, together with users and those who are building on Shibarium.

She quoted Kusama, who stated that after the moat to protect the castle was built, now they are building the castle itself. Lucie also revealed that the SHIB team is eyeing collaborations with several big players in the cryptocurrency space.

“There is so much more to come,” Lucie hinted.

News source：https://www.kdj.com/cryptocurrencies-news/articles/shib-burns-skyrocket-bearish-market-performance-shytoshi-kusama-shares-message.html

The above is the detailed content of SHIB Burns Skyrocket Despite Bearish Market Performance, Shytoshi Kusama Shares Message. For more information, please follow other related articles on the PHP Chinese website!