See More

Over 80 Million Shiba Inu (SHIB) Burned as Lead Developer Suggests AI Pivot

2 mins
Updated by Bary Rahma
Join our Trading Community on Telegram

In Brief

  • Shiba Inu (SHIB) experienced a notable surge in its burn rate, witnessing a staggering 60% increase over the past 24 hours.
  • Despite this substantial burning activity, SHIB's price remained relatively unaffected, experiencing only a marginal decrease.
  • There are speculations within the market about the Shiba Inu ecosystem's potential pivot towards artificial intelligence (AI).
  • promo

The SHIB token burn rate saw a remarkable surge of around 60% in the past 24 hours, marked by the incineration of approximately 80 million tokens. This notable increase in burning activity follows speculations of a potential shift of the memecoin’s focus toward artificial intelligence.

Data from Shibburn shows that 81.2 million SHIB tokens were burnt during the past day.

Over 80 Million SHIB Burned

Most of the Shiba Inu tokens, amounting to 79,127,027, were burned in a single transaction, funneling them into a dead-end wallet. The other four transfers were less than 2.5 million Shiba Inu tokens, according to the Shibburn dashboard.

The burning event did not have a significant impact on SHIB’s price. The memecoin is down 0.61% during the last 24 hours and more than 5% during the past week. SHIB was trading for $0.000008515 as of press time, according to BeInCrypto data.

Shiba Inu Burn
Shiba Inu Burn Rate. Source: Shibburn

Token burns typically aim to reduce the circulating supply of a coin. A decrease in supply can theoretically lead to scarcity, potentially driving up the price if demand remains constant.

Shibburn’s dashboard indicated that the Shib Army has burned 410.6 trillion SHIB tokens since implementing the burning mechanism. This has reduced its supply to 589.3 trillion as of press time.

Shiba Inu to Venture Into AI?

There’s speculation among market observers that the Shiba Inu ecosystem might be considering a shift toward artificial intelligence. This notion arose from the recent comments from stakeholders within the meme coin ecosystem.

On November 18, lead developer Shytoshi Kusama posted a terse comment in response to former Coinbase chief technology officer Balaji Srinivasan’s advice to the AI industry about transitioning toward decentralization.

Shiba Inu market specialist Lucie further fuelled the speculation by saying:

“Decentralized AI is like a symphony of minds working together, where each note contributes to the melody of innovation, no single conductor, just a harmonious collaboration.”

Should Shiba Inu venture into AI, it would align with its efforts to transform into a versatile utility blockchain network. Notably, the ecosystem achieved a significant milestone with the successful introduction of Shibarium, a layer-2 scaling solution, and the forthcoming launch of SHIB identity on the blockchain.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Oluwapelumi-Adejumo.png
Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
READ FULL BIO
Sponsored
Sponsored