KEY POINTS
- SHIB broke through the $0.000010 price level Wednesday morning, trading at $0.00001043 from its previous price of $0.000009408
- This represents a nearly 11% gain in the past 24 hours
- The Shiba Inu community burned 8.35 billion SHIB, which led to a 7.6 million% surge in the burn rate
With the broader crypto market enjoying what seems like a bull season led by Bitcoin, Shiba Inu has showcased an impressive feat as it "eats a zero." The dog-themed altcoin's burn rate surged over 7 million% after its developers destroyed more than eight billion SHIB.
The Shib Army – the fierce and ever-loyal members of the Shiba Inu community – is in a festive mood as the long-awaited surge in the value of SHIB, the native cryptocurrency of the Shiba Ecosystem, happened this week.
SHIB broke through the $0.000010 price level Wednesday morning, trading at $0.00001043 from its previous price of $0.000009408. It recorded a nearly 11% gain in just a matter of over an hour.
Though the spike could be attributed to the positive sentiment in the broader cryptocurrency market, led by Bitcoin, the Shiba Inu community and developers may also have something to do with this massive gain in SHIB's value this week.
Following a successful burn campaign in the past week, the Shib Army made another spectacular initiative, which by far, recorded the biggest burn rate in the entire ecosystem since the mechanism was introduced.
According to Shibburn, the community has burned 8.35 billion SHIB, which led to a 7.6 million% surge in the burn rate.
HOURLY SHIB UPDATE$SHIB Price: $0.00000942 (1hr 0.18% ▲ | 24hr 4.74% ▲ )
— Shibburn (@shibburn) December 5, 2023
Market Cap: $5,559,478,379 (5.02% ▲)
Total Supply: 589,328,318,580,484
TOKENS BURNT
Past 24Hrs: 8,348,898,658 (1767753.15% ▲)
Past 7 Days: 8,576,583,242 (2567.68% ▲)
But who is behind this massive burning activity that destroyed around $74,000 worth of SHIB?
Data shows that a single address, "0xc7d0455," sent 8,241,856,589 tokens to a SHIB burn address, which according to Etherscan, is known as the Shiba Inu: Deployer 2.
8.2 Billion #Shib was burned by the Shiba team.#Woof https://t.co/YPt06f3HJu pic.twitter.com/KyPKJuuuDs
— Vet KUSAMA ™ (@vetkusama) December 4, 2023
"The rise in burn rate and the reduction in Shiba Inu supply indicate that developers are working to make the token more valuable and sustainable. It's important for the community to help spread the word about Shibarium and participate in adoption. Together, in our unity, we can guide Shiba to amazing results," a Shiba Ecosystem and Shibarium Tech marketing specialist, who uses the X handle @LucieSHIB, told International Business Times.
The Shiba Inu development team, especially its pseudonymous lead developer Shytoshi Kusama, had been the target of massive "coordinated" FUD (fear, uncertainty, doubt) over the past months as some expected the burn rate would immediately increase following the launch of Shibarium in August.
With the recent surge in value, SHIB secured the 16th spot in the global cryptocurrency rankings by market capitalization, flipping Litecoin and Dai along the way.
SHIB's 24-hour trading volume was up by 130.71% at $795.81 million Wednesday morning. The price action represented a 16.68% increase in its value in the past 24 hours and a 19.8% gain in the last seven days.
Data from CoinMarketCap showed that SHIB's circulating supply sands at 589.35 trillion SHIB, with its value continuously climbing by 16.81% at a $6.15 billion market cap.
