Over the past week, the Shiba Inu cryptocurrency witnessed a remarkable event: more than half a billion SHIB tokens were incinerated. The burned SHIB tokens amounted to a total of 570,455,129, carried out in 110 transactions. This represents a slight surge in the weekly burn rate, up by 71.91%, according to the Shibburn tracker.
Understanding the SHIB Burn Rate
The burn rate indicates the number of tokens removed from circulation, thus reducing the overall supply. Over the past week, this burn rate has seen a slight increase, with over half a billion SHIB tokens removed from circulation. However, the past 24 hours have seen a drop in the daily burn rate, with 86,429,656 SHIB tokens burned in 18 transactions. This represents a decrease of 58.74% in the daily burn rate, according to the Shibburn website.
Recent Market Activity of Shiba Inu
Despite the turmoil in the crypto market due to concerns about FTX liquidating its nearly $3.4 billion worth of crypto assets, Shiba Inu has experienced a steady upward trend. Starting from Monday, Sept. 11, after hitting a low of $0.00000696, Shiba Inu rallied for four consecutive days, peaking at $0.00000757. However, as of the time of writing, SHIB was down 2.14% over the last 24 hours, trading at $0.0000073.
Renouncing the BONE Contract
Shiba Inu developers have begun the process of renouncing the BONE contract. Kaal Dhairya, a Shiba Inu developer, outlined the complexities of minting the remaining BONE and renouncing its contract in a blog post. This process involves a two-step method using a timelock contract, which is under the control of a decentralized multisig wallet. The developers have already initiated this process.
In addition to the burned SHIB tokens, Shiba Inu also saw a large-holder inflow of 305 billion SHIB on Sept. 16, surpassing the previous day’s inflow of 110.82 billion SHIB. This could indicate increased buying activity. According to IntoTheBlock data, SHIB’s large holder inflow has risen by 91.32% over the last seven days.
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