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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Shiba Inu Burn Rate Surges 1500% In 24 Hours, Yet Price Continues To Struggle In Red

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Shiba Inu (SHIB)

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While Shiba Inu (SHIB) token appears to be getting rivaled by another currently hyped meme coin called PEPE, the latest update shows SHIB still has a strong community devoted to its growth. 

In the last 24 hours, the SHIB community continues to fulfill its burning commitment and surged SHIB’s burn rate by more than 1500%. However, despite the surge in burn rate, SHIB has continued to struggle in the red. 

Interestingly, the burn rate surge was executed via a single wallet burning 246.7M SHIB tokens.

Related Reading

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Shiba Inu Community Destroys 3.26 Billion SHIB in April Amid Price Decline

2 years ago

Shiba Inu Burn Rate Surges

According to data from Etherscan.io, a wallet tagged “cultpunks.eth” has burned a staggering 246.74 million SHIB in a single transaction executed about four hours ago. 

In the past day, the overall Shiba Inu burn rate has skyrocketed by 1549.47%, a result of the recent move made by “cultpunks.eth.” This marks the second time in the past 30 days that this wallet has burned a significant amount of SHIB. The first instance was on April 15th, when the wallet burned a staggering 230,799,740 (230.79M) SHIB in one transaction.

The CultPunks team has committed to utilizing a portion of their raised funds upon sellout to burn SHIB tokens. In addition to this, they have also dedicated 1% of their funds to the ShytoshiKusama’s fund, which aims to empower women in blockchain, and 2% to the buyback and burn of CULT tokens.

The CultPunks is a set of 10,000 exclusive and randomly produced NFTs that were launched through a partnership with Soupsea, an NFT marketplace on Modulus. These NFTs were created on April 15th, 2023, and have become increasingly popular among NFT enthusiasts.

Despite the increase in the burn rate, the SHIB token price continues to struggle, and the cryptocurrency remains in the red. This is a significant contrast to the price rally the token experienced a few weeks ago.

Related Reading

PEPE Binance

Here’s What PEPE And SHIB Have In Common, But Can It Catch Up To Shiba Inu?

2 years ago

Price Action: Shiba Inu Downtrend

The SHIB token price has been in a downtrend in the past few days. With the meme coin struggling to hold above key support levels. SHIB is currently trading at $0.00000996, down 12.8% over the past two weeks. The token has a market capitalization of $5.8 billion, making it the 16th largest cryptocurrency by market cap.

Shiba Inu (SHIB) price chart on TradingView
Shiba Inu (SHIB) price moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView.com

The downtrend in the SHIB token price can be attributed to the overall bearish sentiment in the cryptocurrency market. Bitcoin, the leading cryptocurrency by market cap, has been in a downtrend, which has negatively impacted the prices of other cryptocurrencies, including SHIB. 

Furthermore, the recent increase in the SHIB burn rate is yet to have a significant impact on the token price. However, with more significant tokens being burnt over time, SHIB’s price could get impacted hugely and record new highs in the long run.

 

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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