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Shiba Inu (CRYPTO: SHIB) marks its fourth birthday today, as the burn rate spiked 936% in the past 24 hours.
What Happened: Shibburn data shows 8.1 million SHIB have been burned to bring the burn rate above 900%. Within the past 10 hours, three huge transactions were recorded with 2 million, 5 million and one million coins removed from the ecosystem.
Data indicated around 379.5 million coins were burned in July across 178 transactions. The burn rate spiked on four different days.
Marketing lead of Shiba Inu Lucie wished Shiba Inu a happy fourth birthday, extolling its most inspiring achievements. She revealed that 1.4 million SHIB are in the DeFi world, while another 4 million are estimated to be on exchanges.
Among the achievements listed are institutional interest, charitable contributions, an innovative ecosystem and global adoption. She also highlighted the 3.8 million members of the Shiba Inu community who are more than investors.
Also Read: ‘Dogecoin Killer’ Shiba Inu Sees 76% Surge In Q2 Orders On Crypto Payments Platform CoinGate
Why It Matters: In another tweet, Lucie noted that amid a tough market, unstable politics and global conflicts, long-term traders should stay strong and not let short-term fundamentals impact confidence.
Shibariumscan data shows daily transactions doubled to 4,910 as of July 31 from 2,570 as of July 30.
Meanwhile, IntoTheBlock shows a 13.6% increase in large transaction volume and a 14.6% decrease in daily active addresses. Despite price volatility, around 48% of SHIB holders are currently in profit, with 73% concentration by large holders.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Image: Shutterstock
Posted In: $SHIB
