A recent tweet issued by the Shibburn tracking platform shows that over the past day, the community has managed to scorch an impressive amount of meme coins, which exceeds a quarter of a billion SHIB. The majority of this amount was burned in a single move by an anonymous whale.
In the meantime, the meme coin’s price continues it attempts to surpass the $0.000033 resistance level. After adding roughly 5.21% over the past 24 hours, the second largest meme coin in terms of market capitalization is changing hands at $0.00003105.
250 million SHIB torched in one go after 3-billion burns
Shibburn has reported that during the last 24 hours, the community has transferred a cumulative 273,823,767 to dead-end blockchain addresses, thus pushing the daily burn rate up 412%.
On the list of the burn transfers here one transaction particularly stands out as it made possible the staggering burn rate surge; 250,000,000 were shoveled to an unspendable wallet in one move from an anonymous address.
Mysterious SHIB burner revealed
his 250-million burn was followed by transactions that destroyed 17,009,546, 138,066 and 6,676,155 Shiba Inu. The chunks of 250 million and 17 million were burned by the same whale, according to the details provided by Shibburn.
A commentator under the tweet revealed that the 250,000,000 SHIB were burned by the @1cDream X user, founder of the CENT meme coin.
This is the third time over the past week that tremendous amounts of have been destroyed by creators of other cryptocurrencies. As reported by coindatacap earlier, roughly 3,000,000,000 were transferred to dead-end wallets by the founder of the SquidGrow crypto Shibtoshi.
Definition
Shiba Inu is a token designed to be an Ethereum-compatible alternative to Dogecoin (DOGE). Like DOGE, is intentionally abundant — with an initial circulating supply of one quadrillion coins. The Shiba Inu ecosystem also supports projects such as an NFT art incubator and a decentralized exchange called Shibaswap.
One of the biggest crypto stories of 2021 was the rise of Dogecoin (DOGE) — which an avid online community (and fans including Elon Musk and Mark Cuban) helped grow from an meme-based joke into a household name with a market cap in the tens of billions of dollars.
Like Bitcoin and Ethereum, Dogecoin runs on its own distinct blockchain — limiting its ability to interact with other kinds of protocols. The creators of the DOGE-inspired Shiba Inu token saw potential in that limitation, and launched a new dog-themed memecoin that runs on the Ethereum blockchain in August 2020.
Because is issued as an Ethereum token, it’s compatible with the vast Ethereum ecosystem. Advantages include compatibility with Ethereum wallets like Coinbase Wallet or Metamask, availability on decentralized exchanges (or DEXs) like UniSwap, the potential for to be incorporated into ETH-based DeFi applications like lending and savings products and NFT marketplaces. Shiba Inu is a token designed to be an Ethereum-compatible alternative to Dogecoin (DOGE). Like DOGE, is intentionally abundant — with an initial circulating supply of one quadrillion coins. The Shiba Inu ecosystem also supports projects such as an NFT art incubator and a decentralized exchange called Shibaswap.
One of the biggest crypto stories of 2021 was the rise of Dogecoin (DOGE) — which an avid online community (and fans including Elon Musk and Mark Cuban) helped grow from an meme-based joke into a household name with a market cap in the tens of billions of dollars.
Like Bitcoin and Ethereum, Dogecoin runs on its own distinct blockchain — limiting its ability to interact with other kinds of protocols. The creators of the DOGE-inspired Shiba Inu token saw potential in that limitation, and launched a new dog-themed memecoin that runs on the Ethereum blockchain in August 2020.
Because is issued as an Ethereum token, it’s compatible with the vast Ethereum ecosystem. Advantages include compatibility with Ethereum wallets like Coinbase Wallet or Metamask, availability on decentralized exchanges (or DEXs) like UniSwap, the potential for SHIB to be incorporated into ETH-based DeFi applications like lending and savings products and NFT marketplaces.
How does It work?
Shiba Inu operates on the Ethereum blockchain, leveraging its technology for transactions and smart contract functionality. Here’s a breakdown of how it works:
Built on Ethereum:
- the Shiba Inu token, is an ERC-20 token, meaning it runs on the Ethereum blockchain. This provides several benefits:
- Security: Inherits security from the well-established Ethereum network.
- Smart Contract Functionality: Enables the creation of decentralized applications (DApps) on the Shiba Inu ecosystem.
Shiba Inu Token Supply:
- There’s a massive initial supply of tokens: 1 quadrillion (1,000,000,000,000,000). However, half of this supply was burned upon launch by sending it to an inaccessible wallet. This burning aimed to create scarcity and potentially increase the value of the remaining tokens.
Transactions:
- Transactions involving tokens occur on the Ethereum network. Users pay gas fees associated with Ethereum transactions.
ShibaSwap Decentralized Exchange (DEX):
- A key aspect of the Shiba Inu ecosystem is ShibaSwap, a DEX launched in 2021. This platform allows users to:
- Swap tokens for other cryptocurrencies.
- Provide liquidity (lock up crypto assets) to earn rewards.
- Participate in yield farming (earn interest on crypto holdings).
LEASH and BONE Tokens:
- ShibaSwap also introduced two other tokens: LEASH and BONE.
- LEASH has an uncapped supply and is seen as a long-term hold.
- BONE is the governance token of ShibaSwap, allowing holders to vote on proposals for the platform’s development.
Criticisms:
- The massive initial token supply and dependence on hype cycles lead some to question inherent value.
- The focus on community-driven hype and social media trends can contribute to price volatility.
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