SHIB Burns Show Unexpected Reverse, Here Are Likely Factors Behind This

Sat, 10/02/2024 – 20:00

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Contents

  • SHIB burns rise almost 128% but questions rise
  • Shytoshi Kusama goes to Bitcoin state El Salvador

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Recent update on the Shibburn transaction tracker shows a positive shift in the SHIB burn rate.

The aforementioned metric staged a rise despite the SHIB price bouncing back after the overnight increase. Some members of the SHIB community are asking questions about whether the transition to automated SHIB burns is still on agenda.

SHIB burns rise almost 128% but questions rise

According to the aforementioned data source, over the span of the last 24 hours, the SHIB burn rate has increased by 127.41%. In the course of three transactions, a total of 17,393,421 SHIB have been burned. Almost all of these SHIB coins were burned in a single transaction, which carried 16,392,146 Shiba Inu.

SHIB burns rise slightly
Image via Shibburn

On Friday, this metric showed a slightly higher figure, 191%, however, the amount of SHIB burned was much smaller: 7,650,000 Shiba Inu.

These recent increases have coincided with the BONE 16% weekly price surge and some Shibarium metrics demonstrating small increases.

Still, overall there have been no burns made by the Shibarium team recently. One of the major SHIB-themed accounts @ShibBPP has published a tweet wondering whether the Shibarium team continues to stash pinch BONE of the transaction fees on the blockchain to make SHIB burns with them later or whether there is a “pause while transitioning to automated burns.”

The reason for this concern was that the total amount of BONE accumulated on Shibarium has not been growing much recently.

According to a screenshot attached to the tweet, there is now approximately 1.4 million BONE accumulated for SHIB burns ($882.919 in fiat). However, the number of daily transactions amounts to merely 1,081,625.

Shytoshi Kusama goes to Bitcoin state El Salvador

As reported earlier, the X location mark of Shibarium’s lead developer Shytoshi Kusama shows that he is in El Salvador now. This is a small country that in 2021 proclaimed the flagship cryptocurrency Bitcoin as its only national currency, excluding any fiat money or altcoins (except USDT).

If that is true, Kusama’s visit to this country raises eyebrows and questions as to what he maybe up to in this place, where the president and his Bitcoin advisor (BTC maximalist Max Keiser) believe all altcoins, including Ethereum, to be s-coins and securities.

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